10-K vs 10-Q: annual vs quarterly SEC reports
On 10-K vs 10-Q, the two are the annual and quarterly reports every US public company files with the Securities and Exchange Commission (SEC). The 10-K is the audited, comprehensive annual report. The 10-Q is a lighter, unaudited update filed for each of the first three quarters. Same purpose of keeping investors informed, different depth and timing. This guide compares 10-K vs 10-Q across scope, audit, and deadlines. It is not investment advice.
Definition
A 10-K versus a 10-Q
are the annual and quarterly SEC reports of a US public company. The 10-K is the audited annual report covering the full fiscal year. The 10-Q is an unaudited quarterly report covering one quarter. Annual and audited versus quarterly and reviewed. Source: SEC.
What does each report cover?
The 10-K is the full annual picture: business description, risk factors, management's discussion, and audited financial statements for the year. The 10-Q is a condensed quarterly update: unaudited financials, management's discussion for the quarter, and market-risk and controls disclosures. Across a year a company files one 10-K and three 10-Qs, since the fourth quarter is absorbed into the annual report.
How do they differ?
The differences come down to scope, assurance, and speed.
| What to check | 10-K | 10-Q |
|---|---|---|
| Frequency | Once a year | Three times a year |
| Period covered | Full fiscal year | One quarter |
| Financial statements | Audited | Unaudited, reviewed |
| Depth | Comprehensive | Condensed |
| Deadline | 60 to 90 days after year-end | 40 to 45 days after quarter-end |
1 audited, 3 reviewed
Annual reports (10-K) and quarterly reports (10-Q) a US company files each year
Source: SEC
Which one should you read?
It depends on the question. For the full, audited picture of a year, read the 10-K, especially its risk factors and financial notes. For the most recent read on the business, the latest 10-Q lands closer to the period it covers. Reading the two together, the annual report for depth and the latest quarterly for recency, gives more than either alone. Between these scheduled reports, a company files an 8-K for material events.
Both reports sit on the SEC's EDGAR system, free to read. Flock reads disclosure filings and keeps each one dated and linked to its SEC source, so you can move from a summary to the original filing in one step. What any of it means for your money is your call to make.
Frequently asked questions
What is the main difference between a 10-K and a 10-Q?
A 10-K is the audited annual report covering a full fiscal year. A 10-Q is an unaudited quarterly report covering one quarter. The 10-K is broader and audited; the 10-Q is narrower, faster, and only reviewed. Source: SEC.
How many 10-Ks and 10-Qs does a company file each year?
A US public company files one 10-K and three 10-Qs each year. The fourth quarter has no separate 10-Q because it is folded into the annual 10-K. Source: SEC.
Which is more reliable, a 10-K or a 10-Q?
Both are regulated filings, but the 10-K's financial statements are audited by an independent firm, while the 10-Q's are only reviewed. For assurance the 10-K is stronger; for timeliness the 10-Q lands closer to the period it covers. Source: SEC.
Are 10-K and 10-Q filings public?
Yes. Both are filed on the SEC's EDGAR system and are free to read. You can find every annual and quarterly report a company has filed by searching its name or ticker. Source: SEC EDGAR.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.