The 10-Q is the lighter, unaudited quarterly check-in between annual reports.
What it is
Form 10-Q is the SEC quarterly report covering a US company's financial results for a three-month period. It contains condensed financial statements and an updated MD&A, but the figures are unaudited (reviewed, not fully audited, by the company's accountants). Companies file three 10-Qs per year; the fourth quarter is rolled into the annual 10-K.
Why it matters
The 10-Q gives investors a timely view of how a company is trending between annual reports, including revenue, margins, and any new risks. Because the statements are unaudited, they can be restated later, so figures carry slightly less certainty than 10-K numbers. Comparing the same quarter year-over-year (not just sequentially) helps strip out seasonality.
How it's calculated
Not a calculated metric; it is a regulatory filing. It is generally due within 40 days of quarter-end for large accelerated and accelerated filers, and within 45 days for non-accelerated and smaller reporting companies.
How Quintarthai uses it
Quarterly results from 10-Q filings feed the trends shown across a company's Financials and Statistics tabs, and Quinn factors recent quarters into its analysis. Open a company page to see the quarterly figures.
Cross-border note. The 10-Q is US-only; Canadian issuers file unaudited interim financial statements and an interim MD&A on SEDAR+ instead, and many cross-listed Canadian names report semi-annually rather than every quarter for Canadian purposes.
FAQ
Are 10-Q numbers audited?
No. The financial statements in a 10-Q are unaudited, though they are typically reviewed by the company's external auditors. Only the annual 10-K contains fully audited statements.
Why are there only three 10-Qs a year?
The fourth quarter is reported within the annual 10-K rather than a separate 10-Q, so a full year has three 10-Qs and one 10-K.
Check your understanding
A trader compares this quarter's 10-Q revenue to last quarter's and worries about a sharp drop. What is the more reliable way to interpret the figures, and what caveat applies?
Year-over-year comparison removes seasonality, and 10-Q statements are unaudited (reviewed, not fully audited) so they can later be restated.