7 SEC filings explained, including the difference between a 10-K and 10-Q

1. Form 10-K: what does this business do?#

For many US public companies, the 10-K contains the business description, risks, management discussion and audited accounts. Start with what customers pay for, then check the segment results to see which activities contribute most.

2. Form 10-Q: what changed during the year?#

The quarterly report updates financial and operating information between annual reports. Check the period carefully: a cash-flow statement may cover the year to date while the income statement includes a standalone quarter. Do not compare nine months of cash generation with three months of profit as if they were the same interval.

3. Form 8-K: what material event was disclosed?#

An 8-K can report events such as an agreement, earnings release or leadership change. Read the item and exhibits together. Signing an agreement and completing it are different events, and a press-release exhibit may contain conditions the headline omitted.

4. DEF 14A: what are shareholders being asked to decide?#

A definitive proxy statement can explain voting matters, directors, executive compensation and ownership disclosures. Read the actual proposal rather than assuming a positive-sounding title describes its consequences. Some meeting materials are on other proxy forms; confirm the document concerns the meeting or transaction you are investigating.

5. Form 4: what transaction did an insider report?#

Form 4 reports specified changes in beneficial ownership. Read the transaction code, date and footnotes. An award, an option exercise and an open-market purchase are not interchangeable evidence. The form does not reveal everything about someone's motive; use the insider checklist for a closer read.

6. Form 13F: what reportable holdings did a manager disclose?#

Form 13F reports certain holdings of qualifying institutional investment managers. It is a dated, limited view, not a live portfolio or a trade recommendation. The holding date matters as much as the filing date. See five limits of 13F data before copying a headline about a fund.

7. Form S-1: what is being offered and why?#

An S-1 registration statement can explain an offering, the business, risks, ownership and intended use of proceeds. It may be amended. Do not treat the first version as final pricing or SEC approval of the investment. Depending on the issuer and offering, other registration forms may be used; locate the final relevant prospectus too.

Build a two-document reading path#

Suppose a company announces new financing. Read the event filing for the terms, then the latest accounts to understand why it needs the money. Record what is signed, what is completed and what remains conditional.

Use EDGAR to locate documents by issuer, date and filing type. Check the issuer's reporting framework: foreign private issuers often use forms such as 20-F and 6-K.

A 10-K and a 10-Q answer different time questions#

The annual report gives a fuller annual business and audited-account context. The quarterly report updates the intervening period and may use cumulative year-to-date cash flows. Keep both the filing date and the period end in your note. Read a 10-K with a question, then use the period-comparison guide before comparing quarterly and cumulative figures.