Every US public company has to tell investors, in writing, how its business is doing. Those documents are filed with the Securities and Exchange Commission (SEC) and published for free in a database called EDGAR. This guide explains what EDGAR is, which filings beginners usually read first, and how to find them. It is about reading documents, not about picking stocks.
What EDGAR is
EDGAR stands for Electronic Data Gathering, Analysis, and Retrieval. It is the SEC’s system for receiving and publishing company filings. Annual reports, quarterly reports, IPO prospectuses, proxy statements, and many fund documents all end up there, and anyone can read them without an account or a fee. When a news story says a company “disclosed” something in a filing, EDGAR is usually where the original document lives.
How to find a company’s filings
- Go to sec.gov/edgar/search (opens in a new tab).
- Type the company name or its ticker symbol (for example, AAPL) into the search box and pick the company from the list.
- You will see the company’s filings, newest first. The form type (10-K, 10-Q, 8-K and so on) is listed with each one.
- Use the filter to show only one form type if the list is long.
- Open a filing to read it in your browser. Most filings are plain web pages; long ones have a table of contents.
A filing with “/A” at the end of the form type, such as “10-K/A”, is an amendment that changes or adds to an earlier filing.
The three filings most people start with
Form 10-K: the annual report
The 10-K is the most complete yearly picture of a company. It includes audited financial statements, a description of the business, a section on risk factors, and management’s discussion and analysis (often shortened to MD&A), where the company explains its results in its own words. Depending on the company’s size, the 10-K is due 60, 75, or 90 days after the end of its fiscal year. Large companies get the shortest deadline.
Form 10-Q: the quarterly report
The 10-Q covers each of the first three quarters of the fiscal year. (The fourth quarter is folded into the 10-K.) Its financial statements are reviewed but not fully audited. It is due 40 or 45 days after the quarter ends, depending on the company’s size. It is a good place to see what changed since the last annual report.
Form 8-K: the “something happened” report
Companies file an 8-K to announce certain important events between their regular reports. Examples include a new top executive, a major acquisition, a change in auditors, or the release of quarterly results. Most 8-K items must be filed within four business days of the event.
Other filings you will see
- S-1 — the registration statement many US companies file before an IPO. See our guide to reading a US IPO prospectus.
- DEF 14A (proxy statement) — sent before a shareholder meeting. It covers board elections, executive pay, and items shareholders vote on.
- Form 4 — reports trades by company insiders such as directors and senior officers.
- 13F — quarterly holdings reports from larger institutional investment managers.
Reading tips for beginners
- Start with the business section and risk factors in the 10-K. They explain what the company does and what it says could go wrong.
- Read MD&A next. It is the company’s narrative about its results, so it is easier to read than the tables.
- Compare filings over time. Looking at the same section across two or three years often shows what changed.
- Remember that filings are the company’s own disclosures. They follow SEC rules, but they are not a recommendation, and the SEC does not vouch that a company is a good investment.
EDGAR is the primary source. Headlines, social posts, and summaries are all secondhand.
Keep learning
Continue with reading a US IPO prospectus, how US stock brokerages work, and our explainer on IPOs versus the secondary market. The SEC’s investor site also has a plain-language page, Using EDGAR to Research Investments (opens in a new tab).