Form 10-K and Form 10-Q

What is a Form 10-K, and how does the 10-Q differ?

Form 10-K is the annual report US public companies file with the SEC, with audited financial statements and management's discussion of the business, its risks and its results. Key sections are Item 1 (business), Item 1A (risk factors), Item 7 (management's discussion and analysis, or MD&A) and Item 8 (financial statements). It is due 60 to 90 days after fiscal year end, depending on company size. Form 10-Q is the quarterly report for each of the first three fiscal quarters, with unaudited financial statements and shorter disclosure. It is due 40 days after quarter end for larger filers and 45 days for smaller ones.

Why it matters to a revenue leader

The 10-K describes how the company sells and to whom, which risks management sees and how revenue is recognized. A revenue leader at a public company should read their own; it is the version of the business investors rely on. For a leader at a PE-backed services company, a public competitor's filings are free intelligence on segment results, pricing, backlog and the risks that competitor admits to. The 10-Qs track the same trends three times a year, between annual reports.

The CRO of a PE-backed fire protection company reads the latest 10-K of a public competitor. The risk factors flag dependence on a small number of national accounts, and MD&A credits price increases for most of the year's growth. The next two 10-Qs describe longer decision cycles on large capital projects and steady demand for service agreements. The CRO sharpens the approach to those national accounts and shifts manager attention toward agreement renewals while the project pipeline ages.