Every company listed in the US must regularly tell the public how it is doing, in reports filed with the Securities and Exchange Commission (SEC). The most important of these is the 10-K, the annual report. This article explains what the SEC does, the main reports companies file, what is inside a 10-K, and how it compares with India's rules, with examples from PositoAI's data.
What the SEC is
The SEC is the US market regulator, set up in 1934 after the stock market crash of 1929. Its job is to protect investors, keep markets fair and make sure companies share important information. It plays a role similar to SEBI in India: it sets disclosure rules, oversees exchanges and brokers, and acts against fraud.
All company filings are kept in a free public database called EDGAR, where anyone can read them.
The main reports
10-K: the annual report, with audited financial statements and a detailed description of the business.
10-Q: the quarterly report for the first three quarters of the year, with unaudited figures.
8-K: a report of an important event, such as a merger, a change of top management or a bankruptcy, usually within four business days.
Proxy statement (DEF 14A): sent before the annual meeting, covering board elections and top managers' pay.
Form 4: a report of share trades by directors and senior officers, usually within two business days.
20-F: the annual report for many foreign companies listed in the US, including Indian companies such as Infosys with shares traded there.
What is inside a 10-K
Business: what the company does, its products, markets and competitors.
Risk factors: the main risks the company sees for its business.
Management's discussion and analysis (MD&A): management's explanation of the year's results and outlook.
Financial statements: the income statement, balance sheet and cash flow statement, with notes, checked by an independent auditor.
Legal proceedings: important court cases and investigations.
Large companies must file their 10-K within 60 days of the year's end; smaller ones have up to 90 days. Quarterly 10-Qs are due within 40 to 45 days.
Financial years differ
US companies can choose when their financial year ends. Most use December, but many technology and retail companies pick other months, which matters when comparing two companies' "annual" figures.
Example on PositoAI: when the year ends
The latest annual reports on PositoAI showed Coca-Cola and JPMorgan Chase closing their year in December 2025, Apple in September 2025, Walmart and Nvidia in January 2026, Oracle and Nike in May 2026, and Microsoft in June 2026. So Microsoft's "2026" year runs from July 2025 to June 2026, while Nvidia's "2026" year is almost all of calendar 2025.
Of about 3,980 US companies with annual figures on PositoAI, 3,238 (about 81%) closed their year in December, followed by June (157), September (150), January (114) and March (109). (As on 20 Oct 2026.)
How it compares with India
Indian listed companies follow SEBI's rules. They publish quarterly results within 45 days of each quarter (60 days for the full year), an annual report before the annual general meeting, and announcements of important events to the stock exchanges. Most Indian companies close their year in March. The ideas are much the same as in the US; the forms, names and deadlines differ.
How to read filings sensibly
Start with the summary. The MD&A and the main financial statements give the broad picture.
Read the risks, but with judgment. Risk sections list many possibilities, partly for legal protection; the ones that change from year to year are often the most telling.
Check the notes. Details on debt, leases and one-off items often sit in the notes, not the main tables.
Watch 8-Ks between reports. Important news often appears there first.
Common misconceptions
"A filing approved by the SEC means the company is sound." The SEC does not approve or judge a company's quality; it sets disclosure rules.
"Annual reports are only marketing." The glossy brochure may be, but the 10-K is a legal filing with audited figures.
"Every company's year ends in December." Many end in other months, as the figures above show.
Frequently asked questions
Where can I read a company's 10-K?
In the SEC's free EDGAR database, and usually on the company's investor relations website.
What is the difference between a 10-K and an annual report?
The 10-K is the formal SEC filing; many companies also publish a shorter, designed annual report for shareholders.
Do Indian companies file with the SEC?
Only those whose shares also trade in the US, usually through a 20-F.
What happens if a company files late?
Exchanges can issue warnings and, if it continues, start steps that may lead to delisting.
How to use this on PositoAI
Each US company's Go Deep tab shows several years of its income statement, balance sheet and cash flow, and its PosiFunda page turns them into plain ratios. The Delisting warnings page lists companies that received exchange listing-rule notices, which can include notices for late filings. PosiStep 11 of PosiCourse, PositoAI's free stock market course, explains the income statement.
Suggested reading
What is SEBI? · What is Insider Trading? · How to Read Quarterly Results · What Is the S&P 500? · How to Check a Company's Regulatory Issues
Summary
The SEC is the US market regulator, similar to SEBI in India. Listed companies file a 10-K each year, 10-Qs each quarter, 8-Ks for important events and Form 4s for insider trades, all free to read. A 10-K covers the business, risks, management's discussion and audited financial statements. Financial years differ: about 81% of US companies on PositoAI close in December, but Apple, Microsoft and Nvidia do not, which matters when comparing figures.