What Are Revenue Segments? Definition and Example
What revenue segments are, where companies report them, and how a shift in segment mix can change a company’s growth story.
GlossaryGlossary
What Are SEC Forms 10‑K and 10‑Q? Definition and Example
What the 10-K annual report and 10-Q quarterly report contain, when they are due, and which sections are most useful to an individual investor.
Key takeaways
- The 10-K is the annual report a US public company files with the SEC, with audited financial statements; the 10-Q is the shorter quarterly report, with unaudited statements.
- The 10-K is due 60, 75 or 90 days after the fiscal year ends, depending on company size; the 10-Q 40 or 45 days after each quarter.
- There is no 10-Q for the fourth quarter; the 10-K covers it.
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What are the 10-K and 10-Q?
They are the official, standardized reports every US-listed company must file. Both are free on the SEC’s EDGAR database. The 10-K is the full picture: business description, risk factors, management’s discussion and audited statements. The 10-Q updates the numbers each quarter; its statements are reviewed by the auditor rather than audited.
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When are they due?
| Filer category | 10-K due | 10-Q due |
|---|---|---|
| Large accelerated filer | 60 days after year end | 40 days after quarter end |
| Accelerated filer | 75 days | 40 days |
| All other companies | 90 days | 45 days |
Worked example (Illustrative)
A large company with a Dec 31 fiscal year end has 60 days to file its 10-K, so it is due around Mar 1. Its first-quarter 10-Q, for the quarter ending Mar 31, is due 40 days later, around May 10. Deadlines on a weekend move to the next business day. Sources: SEC Form 10-K and Form 10-Q instructions.
Why it matters for a self‑directed investor
It is the primary source; news and summaries are second-hand. Three parts repay a read: risk factors, management’s discussion of results, and the segment note showing revenue segments. Insider trades appear separately on Form 4. See the earnings season guide for timing.
Common mistakes
- Reading only the earnings release, which is not the filing and can stress different numbers.
- Skipping risk factors because they look like boilerplate. Changes from last year are the signal.
- Treating 10-Q numbers as audited.
Frequently asked questions
The 10-K is the formal SEC filing. The glossy annual report to shareholders is a separate document, often with the 10-K attached.
On the SEC’s EDGAR database, and usually on the investor relations page of the company’s website.
The 10-K covers the full fiscal year, including the fourth quarter, so a separate quarterly report is not filed for it.
No. They are reviewed by the company’s independent auditor, which is less thorough than the full audit behind the 10-K.
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Educational content, not investment advice. Examples are illustrative; past performance does not guarantee future results.