Form 10-K

The 10-K is more comprehensive than the glossy annual report many companies send to shareholders. It follows a standard structure set by the Securities and Exchange Commission.

Key sections include a description of the business; risk factors; legal proceedings; management’s discussion and analysis of financial condition and results; the audited financial statements and notes; information on internal controls; and details on executive pay and governance, often included by reference to the proxy statement.

For example, an investor researching a company might read the risk factors section of its 10-K to understand threats such as dependence on key customers, regulatory changes or competition.

Deadlines for filing depend on company size, ranging from 60 to 90 days after the end of the financial year. Companies also file quarterly reports on Form 10-Q and current reports on Form 8-K for significant events. Foreign companies listed in the United States file a similar annual report on Form 20-F. All filings are freely available through the SEC’s online database, EDGAR.