What is a 10-K filing? A plain-English guide (2026)
A 10-K filing is the audited annual report that a US public company files with the Securities and Exchange Commission (SEC). It is the single most complete disclosure a company makes each year: the business, the risks, and the audited financial statements in one document. Where a press release is written to persuade, a 10-K is written to satisfy a regulator, which is what makes it worth reading. This guide explains what a 10-K filing contains and how to read it. It is not investment advice.
Definition
A 10-K filing
is a US public company's audited annual report to the SEC, filed under the Securities Exchange Act of 1934. It covers the full fiscal year and includes the business description, risk factors, management's discussion, and audited financial statements. It is filed on EDGAR and free to read. Source: SEC.
What does a 10-K filing contain?
A 10-K filing is organised into standard items, so the same information sits in the same place across companies. The main parts are:
- Business (Item 1) what the company does, its segments, products, and competition.
- Risk factors (Item 1A) the risks management is required to disclose.
- Legal proceedings (Item 3) material litigation.
- Management's discussion and analysis, or MD&A (Item 7) management explaining the results in its own words.
- Financial statements (Item 8) the audited balance sheet, income statement, and cash-flow statement, with notes.
Because the financials are audited by an independent registered public accounting firm, the 10-K carries more weight than an unaudited update.
When is a 10-K due?
The deadline scales with company size, measured by public float. The SEC sets three tiers.
| Filer category | Public float | 10-K deadline |
|---|---|---|
| Large accelerated filer | 700 million dollars or more | 60 days after fiscal year-end |
| Accelerated filer | 75 million to 700 million dollars | 75 days after fiscal year-end |
| Non-accelerated filer | Under 75 million dollars | 90 days after fiscal year-end |
60 to 90 days
Window to file a 10-K after fiscal year-end, depending on company size
Source: SEC, Exchange Act reporting rules
How to read a 10-K without drowning in it
A 10-K can run past a hundred pages. A practical way in:
- Start with the risk factors (Item 1A) to see what management itself flags.
- Read the MD&A (Item 7) for the plain-language account of the year.
- Check the financial statement notes where the detail that is not in the headline numbers lives.
- Compare year over year rather than reading one filing in isolation.
The 10-K is the annual bookend. Between annual reports, the company files a 10-Q every quarter, and for material events in between it files an 8-K. If you want the difference between the annual and quarterly reports side by side, see 10-K vs 10-Q.
Where the 10-K sits among a company's filings
The 10-K is one document in a stream of public disclosures on EDGAR. For separate ownership disclosures, a large manager holding the stock files a 13F, and insiders file Form 4. Reading the annual report alongside who owns the stock gives a fuller picture than either on its own.
Flock reads disclosure filings and keeps each one dated and linked back to its SEC source, so you can go from a summary to the original 10-K in one step. What any of it means for your money is your call to make.
Frequently asked questions
How often is a 10-K filed?
A 10-K is filed once a year, covering a company's full fiscal year. The three interim quarters are covered by 10-Q reports instead. So a US public company files one 10-K and three 10-Qs each year. Source: SEC.
Is a 10-K audited?
Yes. The financial statements in a 10-K are audited by an independent registered public accounting firm. This is a key difference from the 10-Q, whose financials are reviewed but not audited. Source: SEC.
When is a 10-K due?
It depends on company size. A large accelerated filer files within 60 days of fiscal year-end, an accelerated filer within 75 days, and a non-accelerated filer within 90 days. Source: SEC, Exchange Act reporting rules.
Where can I read a company's 10-K?
Every 10-K is filed on the SEC's EDGAR system and is free to read. You can search by company name or ticker and open the annual report directly. Source: SEC EDGAR.
Flock tracks these filings, sourced, dated, and linked back to the original. See what smart-money entities disclosed, without the guesswork about what it means.
Disclosures shown are public regulatory filings. Data may be delayed or incomplete. Smart-money entities may no longer hold positions shown. Not investment advice.