It's earnings season. Every headline number you see, like revenue growth, capex or AI spending, comes with a formal filing behind it: the 10-Q. Learning to read one takes about 20 minutes, and it shows you things the press release leaves out.
What a 10-Q is
The Form 10-Q is the quarterly report US public companies file with the Securities and Exchange Commission (SEC). According to Investor.gov, the SEC's investor education site, it "provides similar but more abbreviated disclosure than the Form 10-K", the annual report, for the quarter in question.
Key facts:
- Filed after Q1, Q2 and Q3. Per the SEC's form instructions, "no report need be filed for the fourth quarter". The annual 10-K covers that.
- Deadlines: 40 days after quarter-end for large accelerated and accelerated filers (the biggest companies), and 45 days for all other registrants.
- Who stands behind it: the company prepares it, and its CEO and CFO must certify it. The SEC sets the disclosure rules and its staff reviews filings, but Investor.gov is clear: "The SEC does not vouch for the accuracy of a 10-K or 10-Q."
Where to find one
Every 10-Q is free on the SEC's EDGAR database. Search the company name and filter by form type "10-Q". Most companies also post them on their investor relations site.
What's inside, part by part
The SEC's form lays out the structure.
Part I: Financial information
| Item | What it is | What to look for |
|---|---|---|
| 1. Financial Statements | income statement, balance sheet, cash flow statement, plus notes | revenue, operating income, cash from operations, and the notes, where the details live |
| 2. MD&A (Management's Discussion and Analysis) | management explains the results and what's driving them | why revenue moved, segment trends, spending plans |
| 3. Market Risk | exposure to interest rates, currencies, commodity or equity prices | big changes from last quarter |
| 4. Controls and Procedures | whether disclosure controls are effective | any mention of a material weakness |
Part II: Other information
| Item | What it is |
|---|---|
| 1. Legal Proceedings | lawsuits and regulatory cases, reported when they first become reportable and when there are material developments |
| 1A. Risk Factors | material changes to the risk factors in the last 10-K. Smaller reporting companies don't have to provide this |
| 2. Unregistered Sales / Use of Proceeds | including a monthly table of share repurchases in the quarter |
| 3. Defaults Upon Senior Securities | material defaults on debt |
| 4. Mine Safety Disclosures | if applicable |
| 5. Other Information | items that should have been on an 8-K but weren't reported |
| 6. Exhibits | attached documents, including the CEO/CFO certifications |
Companies can leave out Part II items that don't apply.
A 20-minute reading order
- The earnings press release first, for the headline numbers. Then open the 10-Q to check them.
- MD&A (Part I, Item 2). Read management's explanation of what changed and why.
- Cash flow statement. Compare operating cash flow with capital expenditures. This is where AI infrastructure spending shows up. Our Meta Q3 breakdown walks through an example.
- Notes to the financial statements. Revenue breakdowns, debt, leases, commitments and one-off charges are explained here.
- Risk Factors (Part II, Item 1A). Only changes since the 10-K are listed, so anything new here is worth noting.
- Legal Proceedings and Controls. A material weakness or a new major case is worth noting.
Terms that trip people up
- GAAP vs non-GAAP. US companies report under Generally Accepted Accounting Principles (GAAP). Many also show "non-GAAP" numbers that leave out certain items. Investor.gov notes that companies must show how these differ from the closest GAAP measure, and that "it is up to you to decide how much weight to give to non-GAAP measures."
- Fiscal quarter. Many companies' fiscal years don't follow the calendar year, so "Q3" can mean different months at different companies.
- Diluted EPS. Earnings per share counting options and other securities that could become shares.
Practical tips
- Search the PDF or HTML (Ctrl+F) for "capital expenditures", "remaining performance obligations", "material weakness" or a product name.
- Compare with last quarter's 10-Q to spot new language. Changes in wording can matter as much as numbers.
- Use AI carefully. An LLM can summarize a 10-Q quickly, but check every number against the filing itself. Models can misread tables.
Following AI earnings this season? See our AI earnings calendar, the chip earnings roundup, and the AI capex math.
