Glossary·Written by a CPA
10-Q
Also called: Quarterly report
The quarterly report a US public company files with the SEC, with financial statements that are reviewed but not fully audited.
A 10-Q is the quarterly version of the 10-K, which basically just means it's the company's official update for each of its first three quarters. There's no 10-Q for the fourth quarter, because that quarter gets rolled into the annual 10-K.
The financial statements in a 10-Q are reviewed by the auditors, but they aren't audited the way the annual numbers are, so think of it as a lighter check rather than the full inspection.
For you, the 10-Q is where you can see whether the story the company told on its earnings call actually shows up in the numbers... things like cash on hand, debt, and how many shares are outstanding.
The catch. A review is a much lighter level of assurance than an audit, so quarterly numbers can still get revised later, especially around tricky areas like revenue timing.
Where I talk about it
- Don't Buy the Next Big IPO Until You Check These 7 Things at 10:25
- Uber Stock Analysis┃Buy or Sell in 2020? at 11:42
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This is education, not tax or investment advice. I'm a CPA, but I'm not your CPA. Full disclaimer.