Glossary › Form 10-K
What is Form 10-K?
Form 10-K is a US public company's annual report to the SEC, with audited financial statements, risk factors, and a discussion of the business.
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Form 10-K is the comprehensive annual report that US public companies file with the SEC. It is more detailed than the glossy annual report sent to shareholders and includes audited financial statements.
Main parts
- Business (Item 1): what the company does, its segments, customers, and competition.
- Risk factors (Item 1A): the risks management considers material. Changes in this section from year to year can be revealing.
- Management’s discussion and analysis (MD&A, Item 7): management’s explanation of results, trends, and liquidity.
- Financial statements (Item 8): audited income statement, balance sheet, cash-flow statement, and notes.
Deadlines
Depending on a company’s size, the 10-K is due 60, 75, or 90 days after the end of the fiscal year. Fiscal years do not always match calendar years; many technology companies end theirs in January or another month.
Why it matters
The 10-K is where a company commits, under securities law, to its description of the business and its numbers. Segment revenue, customer concentration, supply commitments, and legal proceedings are often disclosed here in more detail than anywhere else.
Related filings
Foreign private issuers usually file Form 20-F instead. Quarterly updates come in Form 10-Q, and major events in between appear in Form 8-K.
This glossary entry is general information, not investment advice.