What is a 10-K filing?
In one line: A 10-K is the detailed annual report US public companies must file with the SEC, covering their business, risks and audited financial statements.
What's inside
A 10-K is long, often more than 100 pages. The parts most people read:
| Section | What it tells you |
|---|---|
| Business | What the company does and how it earns its Revenue |
| Risk factors | What management says could go wrong |
| MD&A | Management explains the year's results in its own words |
| Financial statements | Audited income statement, balance sheet and cash flow statement |
The financial statements show Net income, Free cash flow and Book value. "Audited" means an outside accounting firm checked them.
When it's due
Companies file one 10-K a year, after their fiscal year ends. The deadline depends on the company's size:
- Largest companies: 60 days after year-end.
- Mid-size: 75 days.
- Smaller companies: 90 days.
Each quarter in between, they file a shorter 10-Q, which isn't fully audited.
Here's an example. A large company whose year ends December 31 must file its 10-K by about March 1.
How to find one
All 10-Ks are free on the SEC's EDGAR system at sec.gov/edgar/search. Search the company name, then filter for "10-K." Most companies also link them on their investor relations page.
Why it matters
The 10-K is the most complete, official picture of a company. Press releases and earnings calls can spin. The 10-K has legal weight, and it lists the risks the company itself sees.
Our guide on using AI to read earnings reports shows how to summarise long filings quickly, then check the key numbers yourself.
A common mistake
Skipping the risk factors. It's tempting to jump to the numbers. But the risk section often explains what could change those numbers next year: debt, lawsuits, one big customer, supply problems.
Compare this year's risk factors with last year's. New risks that appear are often the most useful part.
Questions
What's the difference between a 10-K and an annual report?
The 10-K is the official SEC filing. Many companies also send a glossier "annual report" to shareholders, which may include the 10-K.
What's the difference between a 10-K and a 10-Q?
A 10-K covers the full year and is audited. A 10-Q covers one quarter and is reviewed but not fully audited.
Do all companies file a 10-K?
US public companies do. Most foreign companies listed in the US file a Form 20-F instead.
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