Glossary • October 7, 2026
10-Q
Quarterly report filed with the SEC by public companies. Contains unaudited financial statements and management discussion for each of the first three…
A 10-Q is a quarterly report filed by public companies with the SEC within 40-45 days after quarter-end. It contains unaudited financial statements, management discussion and analysis (MD&A), and updates on business operations for Q1, Q2, or Q3 (Q4 results go in the 10-K annual report).
Formula
10-Q Components (per quarter):
- Unaudited financial statements (Q1, Q2, Q3)
- 3-month and year-to-date comparisons
- Management's discussion and analysis (MD&A)
- Risk factor updates
- Executive officer certifications
Example
Apple filed its Q1 2025 10-Q in mid-January 2025 for the quarter ending December 28, 2024. It includes unaudited iPhone, Mac, and Services revenue for Q1; comparison to Q1 prior year; discussion of upcoming product releases; and updates on supply chain and geopolitical risks.
How to Interpret It
- Quarterly results: Revenue, gross profit, operating income, net income for the most recent quarter.
- Year-to-date (YTD) results: Cumulative results for the first 3 quarters or first 6 months.
- Comparisons: Prior-year quarter data allows you to see if growth is accelerating or decelerating.
- Earnings per share (EPS): Diluted EPS compared to analyst estimates.
- Cash flow: Operating, investing, and financing cash flow for the quarter.
- Business segment breakdown: Revenue and profit by division (iPhone, Services, Mac, etc. for Apple).
Limitations
- 10-Q financials are unaudited, so they're less reliable than audited 10-K statements (though in practice, differences are minimal).
- 10-Qs are still filed 40-45 days after quarter-end, so the data is 6-8 weeks old by the time investors read it.
- Quarterly results are noisy; seasonal effects and temporary factors distort quarter-to-quarter comparisons.
- Most guidance is given on earnings calls, not in the 10-Q filing itself.
Related Terms
- 10-K — annual report with audited financials for all four quarters
- 8-K — current report for material events like earnings releases
- Earnings Call — conference call with executives shortly after 10-Q release
- Quarterly Earnings — the key metric investors track from 10-Qs