Want to master the key to winning in US stock investments? Financial reports are the must-read primary source of information.

For those investing in US stocks, financial reports are not just a company’s report card—they are the most authentic signals of profitability. However, many novice investors get stuck on the same problem: not knowing where to find financial reports, not understanding complex financial data, and being unclear about when companies release their earnings. Today, we’ll help you resolve these doubts once and for all.

What is a financial report? Why must you read it?

Public companies are required to submit financial performance documents to the U.S. Securities and Exchange Commission (SEC) every quarter, known as financial reports. These reports include not only revenue, net profit, and earnings per share but also cash flow, assets, liabilities, and even management’s analysis of current quarter’s performance and future outlook.

Why is it essential to read financial reports? Compared to news headlines and analysis articles, financial reports provide the most truthful and comprehensive information. Many news outlets tend to emphasize highlight figures (often Non-GAAP data) that companies want to showcase, while hiding risks and bad news in the details of the reports. Under SEC regulation, companies must disclose both GAAP (Generally Accepted Accounting Principles) and Non-GAAP figures, along with all existing risks. This allows investors to see the full truth.

What types of financial reports are there? When are Q4 reports released?

A U.S. listed company releases four financial reports per year—three quarterly reports and one annual report containing the full year’s data.

Quarterly Reports (Q1, Q2, Q3)

• Cover three months of performance
• Usually unaudited
• Release time: within 40–45 days after quarter’s end, submitted to SEC

Annual Reports (Year-end reports)

• Cover twelve months of performance
• Audited and more formal
• Release time: within 60–90 days after year’s end, submitted to SEC

The uniqueness of Q4 reports lies in the fact that the fourth quarter includes the company’s final push for the full year. Q4 reports are often released between mid-January and March. For example, tech and financial giants like Tesla (TSLA), JPMorgan Chase (JPM), and Goldman Sachs (GS) typically release their Q4 reports around late January. This period is the most intensive time for annual financial disclosures.

Earnings Conference Calls After releasing financial reports, companies often hold conference calls where management discusses performance, and investors and analysts can ask questions. This is a great opportunity to understand the company’s strategic intentions.

A key concept: What is a fiscal year?

It’s important to note that not all companies’ fiscal years run from January 1 to December 31. For example, Apple (AAPL) ends its fiscal year on September 24, and Microsoft (MSFT) on June 30. This means their Q1, Q2, Q3, and Q4 do not align with the calendar year.

Understanding Fiscal Year (FY) is crucial—it is the accounting year chosen by a company based on its business cycle. For example:

• Apple: Q1 runs from September 26 to December 25
• Microsoft: Q1 runs from July 1 to September 30

If you want to compare quarterly performance between two companies, you need to compare the corresponding fiscal quarters, not just calendar quarters.

When are U.S. stock financial reports released? Is there a pattern?

Although companies can release reports any day of the year, there are certain patterns. Generally, many companies release earnings within 1–2 weeks after the quarter ends.

For Q4, since the quarter ends on December 31, reports are usually released from mid-January to mid-March. This period is an excellent time to observe the performance of key market companies.

How to find out the release schedule:

1. Visit the company’s investor relations website (search “Company Name + Investor Relations”)
2. Check professional financial calendars, such as Yahoo Finance, Nasdaq, Bloomberg, or SeekingAlpha

How to find U.S. stock financial reports? SEC query guide

Step 1: Understand SEC document codes

U.S. listed companies submit various filings to the SEC, with different codes related to financial reports:

Key tip: Foreign companies (like TSMC) are not required to disclose quarterly reports, only annual reports. Most quarterly info appears in the 6K filings as unaudited data.

Step 2: Access SEC’s EDGAR database

1. Visit sec.gov/cgi-bin/browse-edgar
2. Enter the company’s stock ticker or full name in the search bar
3. Select the appropriate code (10K for annual, 10Q for quarterly)
4. View the list of financial filings

The most valuable parts of Q4 financial reports

Financial reports are extensive; investors don’t need to read everything. Focus on a few key sections to grasp the company’s annual performance:

Item 1: Business Overview
A comprehensive description of the company’s business model and industry analysis. This section explains how the company operates from management’s perspective, not consumers’. New strategies or new business lines are detailed here.

Item 1A & Item 7A: Risk Factors
Lists the company’s internal risks and macro risks (such as currency fluctuations, policies). These potential risks could seriously impact future operations and must be read carefully.

Item 7: Management’s Discussion and Analysis (MD&A)
This is the most important section of the financial report. Management evaluates quarterly/yearly performance, compares with previous periods, explains major changes, and provides future forecasts.

Item 8: Financial Statements and Supplementary Data
Includes three core financial statements:

1. Income Statement: Shows revenue, costs, expenses, profit
2. Balance Sheet: Displays assets, liabilities, shareholders’ equity
3. Cash Flow Statement: Explains sources and uses of cash

Supplementary data further breaks down these figures, such as revenue by business segment, debt details, new asset types, etc.

How to interpret key financial data

GAAP vs Non-GAAP

U.S. public companies must report performance according to GAAP. However, many also publish Non-GAAP figures, which are adjusted performance metrics. Some companies even adjust figures to turn losses into profits. Investors need to look at both sets of data and understand the differences.

Quarterly vs Annual Q4 Data

Many investors focus only on quarterly performance, but comparing Q4 reports with previous quarters and full-year data helps determine whether the company is genuinely growing or just experiencing short-term fluctuations.

Examples of 2022 fiscal year reports and performance overview

Below are the release times and key data of some well-known companies’ 2022 annual reports. It shows that even within the same fiscal year, the release times of Q4 reports vary greatly:

How to read a good financial report?

Quick scanning method

1. First, review the company overview (Item 1) to understand the business model
2. Then, read management’s commentary (Item 7) to grasp the reasons behind performance changes
3. Finally, examine the three financial statements to verify data

In-depth analysis method

1. Compare Q4 with Q3 to see if there’s quarter-over-quarter improvement
2. Compare Q4 with the same quarter last year to assess annual growth
3. Analyze whether cash flow aligns with profits
4. Check for new risk factors

Benchmarking data

• Calculate ratios like gross margin, net margin, ROE
• Compare with industry peers
• Observe whether trends are improving or deteriorating

Mastering financial reports gives you an investment edge

Understanding U.S. stock financial reports isn’t difficult; the challenge is to keep reading. Every time Q4 reports are released, the market experiences waves of volatility. By researching reports in advance and understanding the company’s true financial health, you can make early judgments while many investors are still just reading headlines.

Starting now, pick a company you’re interested in and visit the SEC website to review a report yourself. After reading your first full annual report, your understanding of U.S. stock investing will reach a whole new level.