What are SEC filings?
The U.S. government’s Securities and Exchange Commission (SEC) regulates stock markets and public company financial reports. To this end, the SEC requires U.S. public companies (except for very small ones) to file financial and stock information electronically. Most companies have provided electronic filings since the middle of the 1990’s. (Older filings are available in LexisNexis Academic — see below.) While many kinds of forms (i.e. documents) are available, two of the most used are the 10-K (published annually) and the 10-Q (quarterly). Both filings are audited by external auditors. 10-K’s and 10-Q’s usually include: • an overview and description of the company; • the “management’s discussion” (or “letter to stockholders”), which analyzes the company’s performance, business strategy, and plans for the future; • and several years of detailed financial data, including assets, property, cash flow, earnings, liability, and stockholders equity. Annual reports to stockholders usually in
