GLOSSARY // Fundamentals
Form 10-Q
A Form 10-Q is the quarterly version of the 10-K: financial statements and updated disclosures filed with the SEC for each of the first three fiscal quarters, due within 40 days of quarter end for large accelerated and accelerated filers and 45 days for smaller companies. The fourth quarter has no 10-Q; it folds into the annual 10-K.
The key difference from the 10-K is that 10-Q financials are unaudited. They are reviewed by the auditor, not audited, so the numbers carry management's certification but not a full audit opinion. In exchange you get them fast, three times a year, which makes the 10-Q the main tool for tracking whether a thesis is on schedule.
A retailer's Q1 10-Q shows gross margin of 46%. The Q2 filing prints 41% with a new footnote about markdowns on excess inventory. The earnings call spun it as "strategic promotions," but the sequential 500 basis point margin drop in the filings is the actual signal, and the stock loses 9% over the following month as analysts cut estimates.
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Educational only — not financial advice. Definitions simplified for clarity; markets are messier than definitions.