Whether you’re a beginner or advanced investor you need to know how to research a stock.
Why? Knowing a company’s business and financials gives you a better picture on how to value the stocks and know if it’s a good investment for you.
Otherwise, you’re stuck listening to TV analysts and reddit posts…
One of the ways investors research a stock is by looking at its financial reports.
These come in two types:
- 10-K
- 10-Q
These two documents are where all of a publicly traded company’s financial data lives
Every number you see on CNBC, every analyst report, every earnings headline - it all comes from these SEC filings.
Now, looking at them for the first time can be overwhelming - but once you know what to look for it will be a breeze.
And in the end, analyzing financial reports makes you a more informed investor.
Let's break down what a 10-K and !0-Q reports are a comparison, and how to actually read them.
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What Is a 10-K?
A 10-K is a company's annual financial report, filed once a year with the SEC (Securities and Exchange Commission).
Think of it as the most complete financial picture a company is legally required to show you.
Here's what makes it stand out:
- It covers the entire fiscal year.
- It's audited - meaning an independent accountant has verified the numbers.
- It goes deep - you'll find the company's strategy, products, customers, competition, risks, and all three major financial statements (balance sheet, income statement, and cash flow statement).
Because it's audited and comprehensive, the 10-K is considered the gold standard for financial analysis.
If you want to truly understand a company before investing, the 10-K is your starting point.
What Is a 10-Q?
A 10-Q is a quarterly report, filed three times a year (the fourth quarter is covered by the annual 10-K).
Here's how it's different:
- It covers just one quarter - three months of business activity.
- It is not audited.
- It's shorter and faster to read than a 10-K.
- The numbers could change when the annual 10-K comes out - though this is rare.
The 10-Q is great for staying current. If something major happened with a company in the last 90 days, the 10-Q is where you'll find it first.
10-K vs. 10-Q: Side-by-Side
| 10-K | 10-Q | |
| Frequency | Once a year | Three times a year |
| Time Period | Full fiscal year | One quarter (3 months) |
| Audited? | Yes | No |
| Length | Long and comprehensive | Shorter snapshot |
| Best for | Deep research | Staying up to date |
| Where to find | SEC EDGAR / Investor Relations page | SEC EDGAR / Investor Relations page |
Which One Should You Read?
It depends on where you are in your research.
Starting fresh on a company? Go to the 10-K.
It will tell you how the company makes money, who their customers are, what risks they face, and what the full-year financials look like.
It's the most reliable and complete picture you can get.
Already invested and keeping tabs? The 10-Q is your friend.
It gives you the latest quarterly numbers so you can track whether the business is growing, slowing, or shifting.
The smart move is to use both. Start with the 10-K to understand the company. Then use the 10-Q to stay current.
Where to Find Them (For Free)
10k’s and 10-Q’s are available online for free - you just need to know where to look.
Here’s how to find them in under a minute;
Option 1: SEC EDGAR
Go to sec.gov, click "Search Filings," and type in the company name or stock ticker.
You'll get a full list of every filing - 10-Ks, 10-Qs, and more - going back years.
Option 2: The Company's Investor Relations Page
Go to the company's website, scroll to the bottom, and look for "Investors" or "Investor Relations."
Most companies publish their reports there as well.
EDGAR is usually the easier option since every company's filings are organized the same way.
What's Actually Inside These Reports?
Whether you're reading a 10-K or 10-Q, you're going to find three financial statements that do the heavy lifting:
The Balance Sheet - Think of this as the company's net worth statement.
Assets minus liabilities tells you the financial foundation of the business.
The Income Statement - This is like a profit and loss report.
Revenue minus expenses equals profit (or loss). This is where you'll see if the company is actually making money.
The Cash Flow Statement - This shows how money moves through the business. How is it being generated? Where is it going?
These three statements - found inside every 10-K and 10-Q - are the foundation of any serious stock analysis.
The Bottom Line on 10-K’s and 10-Q’s
Public companies are legally required to file 10-K’s and 10-Q’s.
They can't skip them, and they can't lie to them - that's securities fraud.
That makes them one of the most trustworthy sources of financial information available to any investor.
The 10-K gives you the full picture, once a year, fully audited.
The 10-Q gives you a quarterly update to keep you current.
They’re both free to access and easy to find.
And they're the same documents that professional analysts, hedge funds, and financial journalists use every single day.
In fact, these are the exact numbers our market analysts use to identify which stocks may be a potential opportunity right now and in the future.
The problem: You have to spend hours reading through reports to discover these opportunities on your own.
Our analysts do the work for you in Market Briefs Pro - they show you the opportunities and break everything down in plain English.