What is a 10-K? The annual report, explained

A Form 10-K is the annual report. Unlike the 10-Q, its financial statements are audited. It also describes the business, lists risk factors in full, and includes executive compensation by reference to the proxy. Large companies file within 60 days of fiscal year-end.

The sections worth your time

• Item 1 – Business: what the company sells and to whom.
• Item 1A – Risk factors.
• Item 7 – MD&A for the full year.
• Item 8 – audited financial statements and the auditor’s report.
• Item 9A – controls and procedures (watch for material weaknesses).

Foreign companies listed in the US file a Form 20-F instead; its content is similar.