What is a 10-Q? The quarterly report, explained

A Form 10-Q is the quarterly report US companies file for each of their first three fiscal quarters. It contains unaudited financial statements, management’s discussion and analysis (MD&A), risk-factor updates and legal proceedings. Large companies must file within 40 days of quarter-end.

Where the numbers are

• Part I, Item 1 – income statement, balance sheet and cash-flow statement, with notes.
• Part I, Item 2 – MD&A: management explains what changed and why.
• Part I, Item 3 – market-risk disclosures.
• Part II, Item 1A – changes to risk factors since the last annual report.
• Part II, Item 2 – share buybacks during the quarter.

10-Q vs. earnings release

The press release (filed with an 8-K under Item 2.02) usually comes first and highlights the company’s chosen metrics. The 10-Q follows, often days or weeks later, with the full statements and notes. When they differ, the filed statements win. On every BuyMeWhiskey stock page, the “In the filing” section reads the figures straight from the latest 10-Q or 10-K via the SEC’s XBRL data.