The 10-K is the annual report that US public companies file with the SEC. It describes the business, its risks and its results for the fiscal year, and contains the audited financial statements. It is the most complete single document a company publishes about itself.
When it is due
After the end of the fiscal year: 60 days for large accelerated filers, 75 days for accelerated filers, and 90 days for everyone else. See filer category.
What is in it
- Part I: Item 1 Business, Item 1A Risk Factors, Item 1B Unresolved Staff Comments, Item 1C Cybersecurity, Item 2 Properties, Item 3 Legal Proceedings, Item 4 Mine Safety Disclosures.
- Part II: Item 5 Market for the company's equity and share buybacks, Item 6 (reserved), Item 7 Management's Discussion and Analysis (MD&A), Item 7A Quantitative and Qualitative Disclosures About Market Risk, Item 8 Financial Statements and Supplementary Data, Item 9 Changes in and Disagreements with Accountants, Item 9A Controls and Procedures, Item 9B Other Information, Item 9C foreign jurisdictions that prevent inspections.
- Part III: Items 10 to 14 on directors, officers, pay, ownership and the auditor's fees. These are often incorporated by reference from the proxy statement (DEF 14A).
- Part IV: Item 15 Exhibits and Financial Statement Schedules, Item 16 Form 10-K Summary.
On Listed
A company's latest 10-K is linked from its page. The filing page lists its documents and the sections we extract (Business, Risk Factors, MD&A, Legal Proceedings, and Controls), each linked to the original on sec.gov. Annual figures come from its XBRL data. The guide how to read a 10-K suggests where to start.