10-K vs 10-Q: Annual and Quarterly SEC Filings Compared
Short answer. A 10-K is the full annual report a US-listed company files with the SEC, with audited financial statements and detailed business and risk disclosure. A 10-Q is a shorter quarterly update with unaudited statements, filed for the first three quarters of each fiscal year. The fourth quarter is covered by the 10-K.
Side by side
| 10-K (annual report) | 10-Q (quarterly report) | |
|---|---|---|
| Frequency | Once a year | Three times a year (Q1, Q2, Q3) |
| Financial statements | Audited by an independent auditor | Unaudited, but reviewed by the auditor |
| Length and depth | Long: business description, risk factors, full notes | Shorter: condensed statements, management discussion, updates |
| Risk factors | Full section | Only material changes since the 10-K |
| Filing deadline (large accelerated filers) | 60 days after fiscal year-end | 40 days after quarter-end |
| Management discussion | Full year, with multi-year comparison | Current quarter and year to date |
| Best for | Understanding the business and its risks | Tracking trends between annual reports |
Which one fits you?
Lean towards 10-K (annual report) if…
- you are researching a company for the first time
- you need audited numbers, segment detail and risk factors
Lean towards 10-Q (quarterly report) if…
- you want the latest results and trends
- you are checking whether the story in the 10-K is still intact
Frequently asked questions
Is there a 10-Q for the fourth quarter?
No. The fourth quarter is included in the 10-K, which covers the full fiscal year.
Which should I read first?
Start with the latest 10-K for the business and risks, then read later 10-Qs for what has changed.
Where do I find them?
Free on the SEC’s EDGAR database and on most companies’ investor-relations pages.
General education, not personal financial advice. Figures are typical US examples and vary by provider and year.