Form 10-Q is the quarterly report that U.S. public companies file with the SEC for each of the first three quarters of their fiscal year. It provides a condensed, unaudited update on the company's financial position and results between annual reports. Because it is filed every quarter, the 10-Q is the main source of timely, in-period financial data, giving investors a regular cadence of updates on revenue, earnings, and the balance sheet.
The financial statements in a 10-Q are tagged in XBRL, making the quarterly data usable for structured analysis alongside annual figures.
A 10-Q is lighter than the annual 10-K. It contains condensed, unaudited financial statements and a narrower management's discussion and analysis (MD&A) focused on the quarter's results, along with updates on risk factors and certain other disclosures. Because the figures are unaudited, they are reviewed but not subject to the full audit that the annual statements receive.
Companies file three 10-Qs per fiscal year — for the first, second, and third quarters. There is no fourth-quarter 10-Q; the final quarter's results are folded into the annual 10-K instead. Filing deadlines depend on filer status, generally 40 days after quarter-end for large accelerated and accelerated filers and 45 days for non-accelerated filers.
GeminIQ uses the XBRL data in 10-Q filings to build each company's quarterly financial history, preserving the as-filed values exactly as reported to the SEC.
A: The 10-Q is an unaudited quarterly report with condensed financial statements, filed for each of the first three quarters. The 10-K is the audited, comprehensive annual report covering a full fiscal year. The 10-Q is more frequent and lighter; the 10-K is more detailed and authoritative.
A: The fourth quarter's results are reported within the annual 10-K rather than in a separate quarterly filing. As a result, companies file three 10-Qs and one 10-K each fiscal year.
A: No. The financial statements in a 10-Q are unaudited. They may be reviewed by the company's auditors, but they do not undergo the full audit applied to the annual statements in the 10-K.
Further Reading: How to Read a 10-Q
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