Glossary · Defined term
10-K
A 10-K is the annual report U.S. public companies file with the SEC, with audited financials, risk factors, and management's discussion.
Last updated Oct 2, 2026
What it means
Every U.S. public company must file a 10-K with the SEC once a year, and it is the single most comprehensive document the company produces. The filing contains audited financial statements, a description of the business and its markets, a list of risk factors, and management's discussion and analysis (MD&A) of the year's results. It also discloses executive compensation, related-party transactions, and legal proceedings. Large companies typically file within 60 days of fiscal year-end, smaller ones within 75 to 90 days. Investors read the 10-K to check the numbers a company reports against what it told shareholders in press releases and earnings calls.
An example
Suppose you are researching a retailer and its press release highlights record sales. In the 10-K's MD&A and risk factors, you might find that the sales growth came from opening stores in new regions while same-store sales actually declined, and that rising lease costs threaten margins. That fuller picture comes straight from the company's own audited filing.