Must-Read for U.S. Stock Investment: Know the Annual Earnings Report Release Schedule and Discover Investment Opportunities from Financial Reports

For those investing in US stocks, financial reports are like a mirror reflecting the company’s most authentic operational status. But many investors face the same dilemma: With such thick documents, where to start? How to find out the release schedule of annual reports? How to quickly locate the information they need?

This article will provide a one-stop solution to these questions, helping you establish a systematic approach to reading financial reports.

Why must investors read financial reports?

Many news headlines and analysis articles sound convincing, but they often only show the part of the company that it wants you to see. Truly complete and objective information can only be found in financial reports.

Hidden within financial reports are details that news articles won’t write about. The Non-GAAP data (non-Generally Accepted Accounting Principles) disclosed by companies, after adjustments made by the companies themselves, can turn losses into profits or hide certain costs. Financial reports disclose both GAAP data and Non-GAAP data, along with detailed explanations of the adjustments—this is what investors need to be cautious about.

Financial reports give you a panoramic understanding of the company. Not just simple revenue and profit figures, but segmented by business line, region, and product category; all risk factors are listed in detail; management’s forecasts for the future are disclosed. Compared to just searching for a company profile on Google, analyzing the business model in financial reports often refreshes your understanding.

What are financial reports? First, understand the basic concepts

U.S. listed companies are required to periodically submit financial documents to the SEC (U.S. Securities and Exchange Commission). These documents include data on revenue, net profit, earnings per share(EPS), cash flow, assets, liabilities, and management’s analysis and outlook.

To ensure uniformity in format, the SEC requires companies to follow GAAP standards—a set of standardized accounting rules. However, companies often also disclose Non-GAAP data and provide detailed explanations of adjustments, allowing investors to compare both presentations.

There are three types of financial reports in US stocks:

Quarterly Reports (10-Q): Contain three months of unaudited financial data. U.S. listed companies must file quarterly, usually within 40-45 days after the quarter ends.

Annual Reports (10-K): Contain the full 12 months of audited financial data and industry analysis. Usually filed within 60-90 days after the year ends.

Earnings Call: Held after the release of financial reports, where management analyzes performance and answers questions from analysts and investors. This is often an excellent opportunity to understand the management’s thinking.

Understanding “Fiscal Year”—why do Apple and Microsoft’s Q1 not occur at the same time?

This is a point many investors overlook: U.S. companies can choose their own fiscal year and are not required to align it with the calendar year(January to December).

For example, Apple(AAPL)’s fiscal year ends on September 24, with its first quarter starting on September 26; while Microsoft(MSFT)’s fiscal year ends on June 30, with its first quarter starting on July 1. This means that when you compare “Q2 performance of two companies,” you are actually comparing data from different periods.

Understanding a company’s fiscal year structure is a prerequisite for correct analysis and comparison of financial data.

How to check the release schedule of annual reports?

Financial report releases follow a pattern

Although almost every day there are companies releasing financial reports in the US stock market, it’s not entirely random. Generally, after the quarter ends(March, June, September, December), within 1-2 weeks, many companies tend to release their reports.

Investors can find the specific release schedule of annual reports through the following channels:

1. Company’s Investor Relations website: Search for “Company Name + Investor Relations,” and on the official site, you can usually find the annual report schedule.

2. Financial information websites:

   • Yahoo Finance provides a financial calendar
   • Nasdaq’s official site has complete release dates
   • Investing.com summarizes company release times
   • SeekingAlpha allows viewing analyst expectations versus actual results

3. Directly check the SEC website: The most authoritative but time-consuming method.

SEC Filing Code Quick Reference Table

Different types of companies and documents have corresponding codes:

Important note: Foreign companies(such as TSMC) do not need to submit quarterly reports; SEC requirements apply only to U.S. companies. Foreign companies often disclose some quarterly information in 6-K filings, but the format and detail are far less comprehensive than U.S. companies.

How to find financial reports on the SEC website?

Step 1: Visit www.sec.gov, click on “Company Search” or directly access the EDGAR database.

Step 2: Enter the stock ticker or company full name(using Apple AAPL as an example).

Step 3: On the company page, you will see all documents sorted by date. Find filings coded as 10-K(annual report) or 10-Q(quarterly report), and click to view the full document.

The four most important parts of a financial report

Financial reports are often over 100 pages long, and ordinary investors do not need to read all of them thoroughly. Focus on these four key sections to grasp 80% of the important information:

1. Business Overview (Item 1)

This section is a comprehensive description of the company’s business model—not from the consumer’s perspective, but from management’s. You will see how the company classifies its business, the relationships among different segments, market position, and any new strategic initiatives.

For investors unfamiliar with a company, this section is a must-read.

2. Risk Factors (Item 1A and Item 7A)

Companies must disclose all potential risks that could threaten operations—from industry competition, supply chain disruptions, to exchange rate fluctuations and regulatory changes. These “bad news” items are often overlooked by news media but can profoundly impact the company’s future.

Careful reading of the risk factors can help you avoid many investment traps.

3. Management’s Discussion and Analysis (Item 7)

This is the most valuable part of the financial report. Management compares current and previous financial data, explains reasons for profit declines or revenue growth, and provides forecasts for the next quarter/year.

If you want a quick understanding of how the company performed this quarter, this section is the shortcut.

4. Financial Statements and Supplementary Data (Item 8)

The core data of the financial report, including three key statements:

• Income Statement (Profit and Loss Statement): Shows revenue, expenses, and profit over a period. Key indicators include total revenue, cost of sales, operating profit, net profit.

• Balance Sheet: Provides a snapshot of the company’s financial position at a specific moment—assets, liabilities, and shareholders’ equity. Helps assess financial health.

• Cash Flow Statement: Tracks cash inflows and outflows. Not all profits translate into real cash; analyzing cash flow reveals whether the company is truly earning money.

Supplementary data further dissects these statements, such as revenue by business line or region, interest rates on different debt types, etc. These details help identify the company’s strengths and weaknesses.

Key dates and figures of major companies’ fiscal year 2022 annual reports

The table below lists the release dates and key performance figures of some US companies’ fiscal year 2022 annual reports. Even though they are all for FY22, their release times vary by several months—this is why investors need to actively check.

Market cap data as of February 22, 2023

Practical guide: three steps to quickly get started with financial report research

Step 1: Confirm the fiscal year structure of the company you want to research. Visit the company’s official Investor Relations page and find the financial report schedule.

Step 2: Note down the release dates of annual and quarterly reports. Different companies have different schedules; don’t assume they are the same.

Step 3: Search for the company on the SEC website, locate the corresponding 10-K or 10-Q filings by date, and download.

From financial reports to actual investment

Once you can read and analyze financial reports, the next step is to find quality targets for trading. US stock investment methods are diverse, including traditional stock holding and other trading instruments. The key is to make rational judgments based on financial data, rather than following the crowd or chasing high prices.

Earnings seasons often cause stock price volatility. Learning to read financial reports equips you with the tools to find opportunities amid the fluctuations.