A 10-K is the annual report, with audited financial statements, a full business description and complete risk factors, due 60 to 90 days after year end. A 10-Q covers one of the first three quarters, has unaudited but auditor-reviewed statements, updates only what changed, and is due 40 or 45 days after quarter end.
The 10-K and the 10-Q are the two periodic reports that every U.S. reporting company files under the Securities Exchange Act of 1934. They share a structure, a certification process and many disclosure items, which makes the differences easy to overlook. Those differences decide which document answers your question.
The short comparison
| Form 10-K | Form 10-Q | |
|---|---|---|
| Period covered | Full fiscal year | One fiscal quarter, plus year-to-date |
| Filed per year | 1 | 3 (no fourth-quarter 10-Q) |
| Financial statements | Audited | Unaudited, reviewed by the auditor |
| Deadline, large accelerated filer | 60 days | 40 days |
| Deadline, accelerated filer | 75 days | 40 days |
| Deadline, other filers | 90 days | 45 days |
| Business description | Complete (Item 1) | Not required |
| Risk factors | Complete (Item 1A) | Material changes only (Part II, Item 1A) |
| Executive pay, directors | Part III, often from proxy | Not included |
| Internal control report | Management report, plus auditor attestation for accelerated filers | Changes in internal control only |
Audited versus reviewed
This is the most important difference. Item 8 of the 10-K contains financial statements audited by an independent registered public accounting firm, with the auditor’s report included. The auditor expresses an opinion that the statements present fairly, in all material respects, the company’s financial position and results. A 10-Q’s interim statements are reviewed under the auditing standards for interim reviews, which involve inquiries and analytical procedures but not the testing an audit requires, and the auditor does not issue an opinion.
For large accelerated and accelerated filers, the 10-K also includes the auditor’s attestation on internal control over financial reporting, required by Section 404(b) of the Sarbanes-Oxley Act. Non-accelerated filers include management’s assessment but are exempt from the auditor attestation.
Complete versus incremental disclosure
A 10-K is designed to stand on its own: someone who has never heard of the company should understand its business, risks and finances from the 10-K alone. A 10-Q assumes you have read the latest 10-K. The 10-Q’s risk factor section, for example, only needs to describe material changes from the risk factors in the 10-K. Its notes to the financial statements are condensed and focus on changes since year end.
That is why the SEC’s own guide to reading a 10-K recommends starting with Items 1 and 1A, while a reader of a 10-Q usually goes straight to the financial statements and MD&A.
Timing and the earnings release
Because 10-Qs have shorter deadlines and less content, large companies often file them within days of their quarterly earnings release on Form 8-K. 10-Ks take longer because of the audit. Each company page on this site charts how many days after period end the company filed its recent 10-Qs and 10-Ks; the 10-K bar is typically longer.
Which one should you read?
- To understand a business for the first time: the latest 10-K, then any 10-Qs filed since.
- To see the most recent numbers: the latest 10-Q or, if more recent, the 10-K.
- To compare years: 10-Ks, which present comparative annual figures and audited balances.
- To check executive pay or board composition: the proxy statement, or Part III of the 10-K.
- To follow a specific event: the 8-K reporting it, then the next 10-Q for the accounting effect.
Same certifications, same liability
Both reports must be signed and include certifications from the principal executive and financial officers under Sections 302 and 906 of the Sarbanes-Oxley Act (Exhibits 31 and 32). Both are “filed” documents for liability purposes under the Exchange Act. In other words, a 10-Q is not a casual update; it is an official report with the same legal weight, only less audit assurance.
Amendments
Either report can be amended: 10-K/A or 10-Q/A. Amendments can be minor, such as adding Part III information or correcting an exhibit, or significant, such as a restatement after an Item 4.02 8-K announcing that earlier financial statements should not be relied on. When an amendment exists, read its explanatory note first; it states what changed and why.
Finding them on EDGAR
On a company’s EDGAR filing list, filter by form type “10-K” or “10-Q”. The “Period of report” column gives the fiscal period end, and the filing date shows when it was filed. The EDGAR search guide covers the faster ways to pull these lists, including the free JSON data our docket uses.
Questions readers ask
- How many 10-Qs does a company file each year?
- Three, one for each of the first three fiscal quarters. The fourth quarter is covered by the annual 10-K.
- Which is more reliable, a 10-K or a 10-Q?
- Both are official filings certified by the chief executive and chief financial officer, but 10-K financial statements are audited while 10-Q statements are only reviewed, so the 10-K carries the higher level of assurance.
- Can I get fourth-quarter numbers from a 10-K?
- Usually by subtraction: full-year figures in the 10-K minus the sum of the first three quarters. Some companies also present quarterly data voluntarily or in their earnings release.
Sources
- SEC, Form 10-K and General Instructions (PDF)
- SEC, Form 10-Q and General Instructions (PDF)
- SEC, How to Read a 10-K (PDF)
- SEC, Beginners' Guide to Financial Statements
Sources checked Oct. 15, 2026. Rules change; the linked SEC text is authoritative. This page is general information, not legal or investment advice.