ATLASForm 10-K (annual report)
Investing glossary · Markets and instruments
The detailed annual report that US public companies file with the SEC, with audited financial statements and risk disclosures.
Definition
The Form 10-K is the annual report that US public companies file with the Securities and Exchange Commission. It contains audited financial statements, a description of the business, management's discussion of results, and a section on risk factors. It is the most complete public source about a company.
Investors read it because it is more detailed and less polished than a press release. It often reveals customer concentration, legal proceedings, supplier dependencies and accounting policies. Companies also file a shorter 10-Q each quarter and an 8-K when something important happens.
Worked example
Numbers like those that ATLAS shows for Apple (AAPL) trace back to its filings: revenue of $467B over the last twelve months and a net margin of 26.9%, which implies net income of roughly $126B.
The filing gives the audited detail behind such summary numbers, including how revenue splits by product and region.
How ATLAS uses it
ATLAS takes company financials from SEC filings, so the numbers on a stock page can be checked against the source documents.
Related in ATLAS: Financials →Browse all ATLAS tools →See it on a real stock
The example above uses these companies. Open their pages for the full numbers:
Frequently asked questions
What is the difference between a 10-K and a 10-Q?
The 10-K is the full annual report with audited statements. The 10-Q is a shorter, unaudited quarterly update.
Which part of the 10-K should I read first?
Many investors start with the business description, risk factors and the management discussion, then look at the financial statements.
Related terms
Put the idea to work on your own stocks
Open any company in ATLAS to see its fair value, its odds of rising and its risk numbers side by side.
Try ATLAS →Not investment advice. ATLAS estimates are produced by statistical models from public data; they can be wrong and past performance does not predict future results. Consider your own situation before investing. Disclaimer