10-K vs 10-Q: what's the difference?
Both are core SEC reports from public companies, but they serve different purposes and are filed on different schedules. Here's how they compare.
Annual vs quarterly
Public companies file both forms with the SEC, and you'll find both on EDGAR. The simplest way to keep them straight: the 10-K is the big, audited annual report filed once a year, while the 10-Q is a lighter, unaudited update filed for each of the first three quarters. Together they give a rolling picture of a company's performance.
The 10-K (annual report)
The 10-K is the most comprehensive filing a public company produces. It includes audited financial statements, a detailed description of the business, management's discussion and analysis (MD&A), and an extensive risk-factors section. Because it's audited and thorough, it's the primary document investors and researchers rely on. It's due within 60–90 days after the fiscal year ends, depending on company size.
The 10-Q (quarterly report)
The 10-Q is filed after each of the first three fiscal quarters (there's no Q4 10-Q — that's rolled into the annual 10-K). It contains unaudited financial statements and a shorter MD&A, giving a timely update between annual reports. It's lighter than the 10-K but still discloses material changes and emerging risks.
Which should you read?
Start with the most recent 10-K for a full understanding of the business, then read the latest 10-Q for what's changed since. If you only have time for one, the 10-K gives the deepest picture; the 10-Q tells you the freshest quarterly numbers. This tool surfaces both when you search a company on EDGAR.
Keep going
Frequently asked questions
Is a 10-K audited?
Yes. The 10-K contains audited financial statements, which is one reason it's more authoritative than the unaudited 10-Q.
Why is there no fourth-quarter 10-Q?
The fourth quarter's results are reported within the annual 10-K, so companies file three 10-Qs and one 10-K each year.
Where can I find these filings?
Both are free on SEC EDGAR. Search a company by name or ticker with our EDGAR tool to open its recent 10-K and 10-Q filings.