What is a 10-q Filing?
Good question. Much like its cousin, the 10-k Filing, a Form 10-qis a Federally mandated filing through which publicly traded companies are required to make certain disclosures to the public. Form 10-q is a quarterly filing, which means that it must be submitted three times per year (technically four times, but the fourth time it is replaced by the more comprehensive 10-k – see below).
10-q Filing vs. 10-k Filing
Although Form 10-q and Form 10-k require similar disclosures to be made, as might be expected from the frequency of its mandated submission (relative to that of Form 10-k), the former is less comprehensive. For instance, whereas Form 10-k requires audited financial statements for publicly traded companies, Form 10-q requires “only” unaudited financial statements.
What’s in it?
Lots of stuff. Really. There’s too much to list it all. You can take a peak at the SEC’s “General Instructions” online here (the “General Instructions” are seven pages long, if that gives you an idea). Similarly to Form 10-k, Form 10-q includes a listing of risk factors, a disclosure of legal proceedings in which the company is involved, and a financial report.
How Do You Read a Form 10-q?
If you’re looking to learn how to read 10-q filings for the purpose of assessing personal investment opportunities, this is one of those things that’s probably best to learn by just jumping in. Find one filed by a reputable public company (e.g., on EDGAR), and dive in. Any term you don’t understand, look it up. If you want to get a better idea of what one looks like, here is a link to an example.
If you’re a lawyer who’s been tasked with preparing one of these on your own and you’re using this website to learn for the first time about the filing… well, that’s a real problem. This link may be more helpful to you.
Got A Form 10-q Question?
Attorney Chris Mutchler may be able to help. Get in touch with The Law Office of Christopher J. Mutchler. If we can’t help you, we’re more than happy point you in the direction of someone who can!
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