10-Q Filing¶
A 10-Q is the quarterly report every U.S. public company must file with the SEC, containing unaudited financial statements, management's discussion and analysis, and updated risk disclosures for the prior three fiscal months. Three 10-Qs are filed per year, covering the first three fiscal quarters; the fourth quarter is instead covered by the audited annual 10-K. It is the primary source of fresh fundamental data between annual reports.
HOW IT WORKS¶
The SEC requires 10-Qs within 40 days of quarter end for large accelerated filers (public float above $700 million) and accelerated filers ($75 million–$700 million), and within 45 days for non-accelerated filers. The filing has two parts: Part I contains the financial statements, MD&A, and market risk disclosures; Part II covers risk factors, legal proceedings, and equity sales. Financial statements are reviewed but not fully audited, which is the key distinction from the 10-K. Traders focus on revenue growth, gross margin, operating cash flow, share count changes, debt balances, and segment results. MD&A is where management explains the numbers, and shifts in language between quarters often signal changing conditions before they appear in the data.
IN TAPEBOARD¶
Tapeboard surfaces 10-Q filings the moment they hit EDGAR so traders do not have to monitor the SEC filings feed manually. The filings feed flags new 10-Qs during earnings season alongside the 8-K earnings release, letting fundamental investors update revenue and margin models within minutes of publication. Event-driven and short-side traders can move directly to Part II risk factors or drill into balance sheet line items — inventory levels, working capital, and share count changes — without leaving the terminal.