Lesson 4 of 5 · 2 min · Reports
Where the reports live
Free, official, and written by the company itself. Here is which one to open.
US companies must file their reports with the Securities and Exchange Commission. Anyone can read them for free, on the SEC’s EDGAR website or on the company’s investor page.
The 10-K is the annual report: all three statements for the full year, checked by an outside auditor, plus a long description of the business and its risks. Start here.
A 10-Q follows each of the other three quarters. It is shorter, and reviewed rather than fully audited. An 8-K is filed within days when something big happens: a new boss, a takeover, a large loss.
Read the numbers, but also the words. The section called Management’s Discussion and Analysis explains why the numbers moved, in management’s own voice. The risk factors list what could go wrong.
Companies outside the US publish an annual report too, and usually a half year report. Ryufin reads the US filings for you and shows where each number came from.
Quick question
You want the full year’s audited numbers for a US company. Which filing do you open?
- The 10-Q
- The 10-K
- The 8-K
Show the answer
The 10-K
The 10-K is the annual report, audited, with all three statements. 10-Qs cover single quarters, 8-Ks single events.
Keep this one
Start with the 10-K.
Where this comes from
US Securities and Exchange Commission: Forms 10-K, 10-Q and 8-K, all free on EDGAR at sec.gov. An 8-K is generally due within four business days of the event.