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Guide · SEC filings · 6 min read

What is a 10-K filing? The SEC annual report

The 10-K is the annual report that every publicly traded U.S. company files with the SEC. It is the most complete and rigorous document that exists about the company: the financial statements for the full fiscal year, audited by an independent auditor, along with the description of the business, risks, and management's discussion.

The sections of the 10-K

  • Item 1 — Business: what the company sells, its segments, brands, seasonality, and how it generates revenue.
  • Item 1A — Risk Factors: the risks the company itself discloses. It is usually the longest section; it is worth reading because it reveals the weaknesses of the business model.
  • Item 7 — MD&A (Management's Discussion and Analysis): the explanation of the year's results, the business drivers, and the outlook for the following fiscal year. It is the most useful text to understand the reason of the figures.
  • Item 8 — Financial statements: income statement, balance sheet, and cash flow statement for the last three fiscal years, audited, with notes detailing debt, leases, taxes, and segments.
  • Item 10-14: corporate governance, executive compensation, and shareholder ownership.

Filing deadlines

The deadline depends on the company's market capitalization: 60 days for large accelerated filers, 75 for accelerated filers and 90 for the rest. A fiscal year ending in December is therefore reported between late January and late February at most large companies.

What to look for in the 10-K if you analyze a consumer company

  1. Sales by segment and volume: in consumer, distinguishes whether growth comes from price, volume or a mix of both.
  2. Gross and operating margins for the fiscal year: how raw material and logistics costs have evolved.
  3. Free cash flow: operating cash flow minus CAPEX. It is the money left for dividends, buybacks and debt repayment.
  4. Debt and maturities: the 10-K balance sheet details each issuance, its rate, and its maturity date.
  5. Dividends and buybacks: how much the company distributed and at what prices it repurchased shares.

The 10-K vs. the 10-Q

The 10-K audits and closes the year; the 10-Qs track quarterly progress. The guidance for differences between the 10-K and the 10-Q compare both document by document. In short: the 10-K is the complete, verified picture; the 10-Q, the quick X-ray between pictures.

Analyze a 10-K with Cifra

Cifra reads the 10-K with AI and structures the analysis into two horizons: sales and margins, normalized cash flow and the block of capital allocation (dividends, buybacks, debt and acquisitions), with a conclusion per section. You can upload the 10-K PDF or view examples such as the already analyzed reports of the available companies.

Frequently asked questions about the 10-K

When is the 10-K filed?

The usual deadline is 60, 75, or 90 days after the end of the fiscal year, depending on the company's size and SEC filing status.

What is the difference between the 10-K and the annual report?

The 10-K is the regulatory report filed with the SEC. The commercial annual report may include design and additional material, but its financial basis is usually the 10-K.

Which sections of the 10-K are the most important?

For a fundamental analysis, it is advisable to start with Business, Risk Factors, MD&A, and the audited financial statements with their notes.

Educational content from Cifra. It does not constitute financial advice or an investment recommendation. The deadlines cited come from SEC regulations (Exchange Act, Rule 12b-2).