Form 10-K, Form 10-Q, and the Optional Form 10-S: What public companies report, and when

Public companies are required to file financial reports on a schedule set by the Securities and Exchange Commission. Historically, companies file four documents per year: three quarterly reports and one annual report. Beginning in May 2026, the SEC proposed a rule that would let companies file fewer reports by choosing a semiannual option instead. Understanding what goes in each form—and how the new proposal changes the reporting calendar—matters for investors who rely on frequent financial updates.

The SEC issued the proposed rule on May 5, 2026. It would create a new Form 10-S that companies could elect to file instead of quarterly 10-Q reports, fundamentally altering how often the public sees detailed company financial information. The comment period ends July 6, 2026.

What Form 10-K Is

Form 10-K is the annual report that every public company must file. It includes audited financial statements reviewed and signed off on by an independent accounting firm—statements that have undergone a full audit rather than the lighter-touch review applied to interim reports.

The Form 10-K is the annual report that provides audited financial statements prepared under the same accounting standards, reviewed and certified by an independent accounting firm.

What Form 10-Q Is

Form 10-Q is the quarterly report filed three times each fiscal year, covering each three-month period. The financial statements in a 10-Q are unaudited but subject to what accountants call a "review" by the independent auditor—a less rigorous examination than a full audit. The form requires much of the same narrative information as a 10-K, including management discussion and analysis of quarterly results, but often with less detail.

A 10-Q filing deadline is 40 days after quarter-end for large accelerated and accelerated filers, and 45 days for all other filers. The purpose of quarterly filings is to give investors fresh financial data every three months, keeping markets informed and reducing the lag between when a company's performance changes and when investors learn about it.

The New Form 10-S

The SEC's proposed Form 10-S would cover a six-month period and require the same types of narrative disclosures as Form 10-Q, including management discussion and analysis and descriptions of material changes in risk factors. Financial statements would cover the first six months of the fiscal year, prepared under the same accounting standards. Like 10-Q, the statements would be reviewed by auditors rather than fully audited.

The key difference from 10-Q: instead of filing three separate quarterly reports, a company filing on the semiannual schedule would file one Form 10-S covering the first half-year. The second half appears in the annual Form 10-K, with no separate filing for the third and fourth quarters.

How the Election Works

Semiannual reporting is not automatic. Companies must elect it annually by checking a box on their Form 10-K cover page. A company electing semiannual reporting for fiscal 2027 is locked into that schedule for that year but can switch back to quarterly reporting in 2028. The proposal applies to all public companies that currently file quarterly reports, regardless of size.

Companies seeking to reduce the costs and management burden of quarterly reporting—auditor fees, internal compliance staff, and executive time on certifications—could benefit from a less frequent schedule.

Why This Matters for Investors

If adopted and widely used, the shift from quarterly to semiannual reporting would change how frequently investors receive certified financial information. Instead of four certified filings per year, investors would receive either one 10-S and one annual 10-K, or they would receive unaudited quarterly updates through earnings releases on Form 8-K.

Supporters of the semiannual option argue that the quarterly reporting cycle creates unnecessary pressure to manage earnings every 90 days. Opponents have expressed concern that less frequent audited reporting could delay disclosure of material problems or changes in financial condition. The proposal remains open for public comment through July 6, 2026.

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