Master the schedule and tips for checking US stock earnings reports; investment decisions are no longer blind.

Why Investors Must Understand Financial Statements

For U.S. stock investors, financial reports are not just documents but the only key to gaining insight into a company’s true condition. Compared to news headlines, analysis articles, or institutional reports, the objectivity and completeness of financial data are far superior. Many media outlets only showcase the highlights that companies want to promote, but financial reports must disclose both GAAP standard data and Non-GAAP adjusted figures, allowing investors to see the full picture.

Companies can emphasize Non-GAAP figures (which appear more favorable after adjustments) in press releases, but under SEC regulations, they are required to disclose the actual GAAP data. The gap between these two sets of numbers often hints at underlying operational issues or areas for optimization—precisely what savvy investors should pay attention to.

The Essence of Financial Reports: True Disclosure Under SEC Regulation

Public companies in the U.S. are required to submit financial performance documents to the Securities and Exchange Commission (SEC) every quarter. These documents include core data such as revenue, net income, earnings per share (EPS), cash flow, assets, and liabilities, along with management’s analysis of quarterly or annual performance and future outlook.

SEC standards regulate the format and content of all publicly listed companies’ financial reports. U.S. companies must prepare financial statements following GAAP (Generally Accepted Accounting Principles), ensuring data comparability and transparency. While companies often release Non-GAAP figures to showcase better performance, investors need to compare both to accurately assess the company’s true condition.

Types of Financial Reports in U.S. Stocks: Understanding Quarterly and Annual Reports

U.S. listed companies release four financial reports annually: three quarterly reports and one annual report covering the full year.

Quarterly Reports (10-Q)

• Cover three months of operations
• Include unaudited balance sheets, income statements, and cash flow statements
• Usually filed within 40-45 days after quarter-end

Annual Reports (10-K)

• Cover the full 12 months of operations
• Include audited financial statements and industry analysis
• Usually filed within 60-90 days after year-end

In addition to the reports themselves, companies often hold earnings calls, inviting management, analysts, and investors to discuss performance. During these calls, management explains results in detail and answers questions, helping the market better understand the company’s strategy and outlook.

The Truth About U.S. Stock Financial Report Release Timings: Fiscal Year vs. Calendar Year

Many investors make the mistake of assuming all companies’ fiscal years align with the calendar year. In reality, U.S. markets allow companies to choose their own fiscal year, meaning the first quarter does not necessarily start on January 1.

Fiscal Year (FY) refers to the accounting year a company adopts based on its business cycle and revenue pattern. For example, Apple (AAPL) ends its fiscal year on September 24, so Q1 runs from September 26 to December 25. Microsoft (MSFT), on the other hand, ends its fiscal year on June 30, with Q1 from July 1 to September 30.

This difference is crucial—if you want to compare the same quarter across companies like Apple and Microsoft, you need to align different calendar months.

2022 Fiscal Quarter Start Dates Comparison

The Pattern and How to Check U.S. Stock Financial Report Release Dates

Although each company’s release schedule varies, there is a clear pattern: intensive reporting occurs within 1-2 weeks after quarter-end (March, June, September, December).

Companies typically announce their earnings release dates in advance on their investor relations websites (search “Company Name + Investor Relations”). To get an overview of all companies’ release schedules, you can consult these sites:

• Yahoo Finance Earnings Calendar
• Nasdaq Official Website
• Investing.com
• SeekingAlpha

These platforms provide consolidated plans for U.S. stock earnings releases each month, helping investors plan ahead.

Major U.S. Companies’ 2022 Fiscal Year Earnings Release Schedule and Performance Overview

Note: Market cap data as of February 22

How to Search for U.S. Stock Financial Reports on the SEC Website?

Step 1: Understand SEC Document Codes

SEC assigns specific codes to different types of filings for quick identification:

Note: Foreign companies (e.g., TSMC) are not required to file quarterly reports; SEC only mandates U.S. companies to submit 10-Q filings. Most foreign firms disclose partial quarterly info via 6-K, but the completeness is much lower than U.S. companies.

Step 2: Search for Companies on SEC.gov

Visit SEC’s official website (sec.gov), go to the EDGAR Filings search system, and input the company’s stock ticker or full name (e.g., Apple AAPL.US). After searching, you will see all filings submitted by the company, including 10-K and 10-Q reports. Click to view the full financial statements.

Quick Guide to Reading Financial Reports: Which Parts Are Must-Read?

A complete annual report contains 15 Items, but ordinary investors only need to focus on 4 core sections:

Item 1 - Business Overview

Describes the company’s business model, operations, and industry environment. Instead of just googling or reading Wikipedia, reading the financial report provides insights from management’s perspective. When a company launches new strategies or business lines, this section will have detailed info.

Item 1A & Item 7A - Risk Factors Analysis

Discloses risks faced by the company (Item 1A) and macroeconomic risks (Item 7A), including currency fluctuations, regulatory changes, etc. These potential risks could severely impact future operations, so investors must read carefully.

Item 7 - Management’s Discussion and Analysis (MD&A)

One of the most critical parts. Management explains quarterly/annual performance, compares with historical data, clarifies major fluctuations, and provides forecasts. To quickly grasp the company’s operational status, this section is most worth deep reading.

Item 8 - Financial Statements and Supplementary Data

Includes three key statements:

• Income Statement: Shows revenue, expenses, profit, and loss over a period
• Balance Sheet: Snapshot of assets, liabilities, and shareholders’ equity
• Cash Flow Statement: Analyzes cash inflows and outflows (operating, investing, financing)

Supplementary data further breaks down these statements, such as revenue by business segment, debt structure, and asset composition, helping investors understand operational details comprehensively.

The Three Major Financial Statements Explained

Are Financial Data Still Deviating? The Secrets of GAAP vs. Non-GAAP

Investors often find large discrepancies between GAAP and Non-GAAP figures in the same quarter. This is because of differences between GAAP and Non-GAAP data.

GAAP Data: Prepared according to U.S. GAAP standards, required by SEC, most credible.

Non-GAAP Data: Adjusted figures based on company discretion, often to make performance look better. For example, excluding one-time expenses or impairments to boost profit figures.

Investors should review both sets of data and understand the adjustments to accurately evaluate the company’s real condition.

Summary: Financial Reports Are No Longer Optional, But a Must

Whether for short-term trading or long-term holding, U.S. stock investors cannot avoid analyzing financial reports. Understanding the release schedule, learning how to quickly find and pinpoint key information, helps you seize investment opportunities promptly. The true operational status and future prospects of a company are hidden within these dense tables and texts—only those who read and understand the financial reports carefully can make wiser decisions.