Glossary
Form 10-Q
The quarterly report US public companies file with the SEC for each of the first three fiscal quarters, with unaudited statements.
On this page
Form 10-Q is the quarterly report a US public company files with the SEC after each of the first three quarters of its fiscal year. The fourth quarter has no 10-Q; it is covered by the annual Form 10-K. The 10-Q gives investors updated financial statements, management's discussion of the quarter and any important changes in risks, legal proceedings or share repurchases between annual reports.
What is inside
Part I holds the condensed financial statements, the notes, management's discussion and analysis (MD&A), market-risk disclosures and the controls assessment. Part II covers legal proceedings, updates to risk factors, unregistered share sales and buybacks, and exhibits. Statements are reviewed by the company's auditor but not audited, a lighter level of assurance than the 10-K's.
Deadlines: 40 days after quarter-end for large accelerated and accelerated filers, 45 days for others.
How to use it
- Compare the quarter and year-to-date columns against the same periods last year; seasonal businesses cannot be read quarter to quarter.
- Read the risk-factor update in Part II for anything new since the 10-K.
- Check the share-count and buyback table, which shows how much stock was repurchased each month.
10-Qs are free on EDGAR, usually filed alongside or soon after the earnings release.