10-K vs 10-Q: annual and quarterly reports explained

The 10-K is a company's audited annual report; the 10-Q is its quarterly report. What's in each and when they're due.

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10-K

The 10-K is the annual report: the business, risk factors, management's discussion of results, and audited financial statements. Larger companies file it within 60 days of their fiscal year-end; smaller ones get 75 or 90 days.

10-Q

The 10-Q covers each of the first three fiscal quarters. Its financial statements are reviewed, not audited. It's due within 40 or 45 days of quarter-end, depending on the company's size.

Where to look

Many readers check the risk factors for anything new, the cash and debt on the balance sheet, and the results discussion. On Filing Radar, Pro 10-K reports pull out the key numbers and what changed in the risk factors from last year.

Quick answers

Is a 10-Q audited?

No. 10-Q financials are reviewed by the auditor, not audited; the 10-K's are audited.

How many 10-Qs does a company file?

Three a year, for the first three quarters; the fourth is covered by the 10-K.

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