Complete Guide to U.S. Stock Earnings Reports: Master the Earnings Release Schedule and Lookup Techniques

For those investing in U.S. stocks, financial reports are the most direct and reliable source of information to understand publicly listed companies. Whether you are a beginner or a seasoned investor, it is essential to master methods for accessing financial reports, understand the release schedule, and learn how to extract key information from complex data. This article will start from the basic concepts of financial reports, providing a detailed analysis of report release times, query channels, and how to read financial reports efficiently.

What is a Financial Report?

A financial report is a document submitted periodically by publicly listed companies to the U.S. Securities and Exchange Commission (SEC). In these reports, companies disclose core data such as revenue, net profit, earnings per share (EPS), cash flow, assets, and liabilities. They also include management’s analysis and commentary on quarterly or annual performance and outlooks for the future.

To ensure standardization and comparability of information, the SEC has uniform requirements for the data format and content structure of financial reports. U.S. listed companies must follow GAAP (Generally Accepted Accounting Principles). However, many companies also publish Non-GAAP figures and explain adjustments between GAAP and Non-GAAP data. Investors should pay special attention to the differences between GAAP and Non-GAAP figures, as these often reflect the company’s true attitude toward performance.

Types of Financial Reports: Quarterly, Annual, and Semi-Annual Reports

In the U.S. stock market, companies release four financial reports each year, including three quarterly reports (季報) and one annual report (年報). Additionally, companies often hold earnings calls to further explain their performance data.

Quarterly Reports (季報)

Quarterly reports typically cover three months of performance data, including unaudited financial statements such as the balance sheet, income statement, and cash flow statement. According to SEC regulations, quarterly reports are usually required to be filed within 40 to 45 days after the quarter ends.

Annual Reports (年報)

Annual reports contain the company’s full 12 months of performance, with more comprehensive content, including audited financial statements, detailed industry and market analysis. The filing deadline for annual reports is generally within 60 to 90 days after the fiscal year ends.

Earnings Calls

After releasing financial reports, companies usually hold conference calls with management, analysts, and investors. During these calls, management explains quarterly or annual performance and answers questions from participants. This helps investors gain a deeper understanding of the company’s situation.

Explanation of Fiscal Year Concept

Understanding the fiscal year (FY) is crucial for accurately tracking the timing of financial report releases. Although most U.S. companies’ fiscal years run from January 1 to December 31, the SEC allows companies to choose their fiscal year-end date based on their business characteristics. This means the first quarter may not start in January.

For example, Apple Inc. (AAPL) has a fiscal year ending on September 24, with the first quarter from September 26 to December 25; Microsoft (MSFT), on the other hand, ends its fiscal year on June 30, with the first quarter from July 1 to September 30. Such differences mean that when comparing quarterly data between companies, investors need to ensure the time periods are consistent and not directly compare data from the same calendar months.

Release Schedule of Financial Reports in the U.S. Stock Market

Understanding the regularity of report releases is vital for investors to seize market opportunities. Although the timing varies among companies, there are certain patterns.

Peak Release Periods

Generally, many companies release quarterly reports within 1-2 weeks after the quarter ends (usually in March, June, September, and December). This is because companies need time for financial closing and auditing before submitting documents to the SEC.

Methods to Find Report Release Times

Companies typically announce their financial report release dates in advance on their investor relations websites. Investors can search for “Company Name + Investor Relations” to find relevant sites. Additionally, several platforms provide organized financial calendar information:

• Yahoo Finance: Provides global major companies’ earnings calendars
• NASDAQ Official Website: Earnings schedule for NASDAQ-listed companies
• Investing.com: Earnings release times across multiple markets
• SeekingAlpha: Detailed U.S. stock earnings schedule

2023 Semi-Annual Report Release Times and Key Company Data

The table below shows the release times of the fiscal year 2022 annual reports and key performance data for some U.S. stocks. Note that although these companies all released reports for the same fiscal year, differences in fiscal year definitions mean release times vary by months. This dispersed schedule means investors have opportunities to track company performance almost every working day of the year.

Note: Market cap data as of February 22

SEC Filing Codes Explained

Before accessing a company’s financial reports, investors need to understand the SEC’s filing classification system. The SEC assigns different codes to various document types for easy identification. The main codes related to financial reports include:

Note that foreign companies (e.g., TSMC (TSM.US)) listed in the U.S. are not required to disclose quarterly reports; SEC only mandates periodic submission of quarterly reports for U.S. companies. Foreign companies often disclose some quarterly information in 6-K filings, but due to lack of a unified framework, the level of detail is usually less comprehensive than U.S. quarterly reports.

How to Search for Financial Reports on the SEC Website

The most direct way to find U.S. stock companies’ financial reports is through the SEC’s official website, following these steps:

Step 1: Visit sec.gov and access the EDGAR filing search system.

Step 2: Enter the company’s stock code or full name in the search bar. For example, Apple Inc. (AAPL.US).

Step 3: On the company’s filing page, locate filings labeled 10-K (annual report) and 10-Q (quarterly report). Click to view the full financial documents.

Quick Guide to Key Sections of Financial Reports

U.S. stock financial reports are often extensive, exceeding 100 pages. For most investors, focusing on the following key sections allows grasping the core performance:

Item 1: Business Overview

This section details the company’s business model, main operations, and industry overview. Unlike consumer-oriented descriptions, the management’s perspective shows how the company operates. When the company adjusts its strategy or launches new businesses, relevant details are disclosed here. For new investors or those unfamiliar with the industry, this section is essential.

Item 1A: Risk Factors

Lists potential risks affecting future operations, including market, regulatory, and technological risks. These risks can have significant negative impacts, so investors should understand and evaluate their potential effects.

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

This is the most valuable part of the financial report. Management analyzes quarterly or annual performance, compares it with historical data, explains reasons for significant changes, and provides forecasts. This section is crucial for understanding the company’s current operational status and future direction.

Item 8: Financial Statements and Supplementary Data

Includes the three core financial statements: income statement, balance sheet, and cash flow statement. Supplementary data further breaks down these figures, such as revenue by business segment, debt structure, asset details, and stock incentive plans.

The Three Major Financial Statements

Understanding the structure and meaning of financial statements is vital for analyzing company performance. The three key statements are:

Balance Sheet

Shows the company’s financial position at a specific point in time, including total assets, liabilities, and shareholders’ equity. Key indicators include cash and cash equivalents, fixed assets (plants, equipment), long-term debt, and retained earnings. This helps assess financial health and debt-paying ability.

Income Statement

Records the company’s revenue, costs, expenses, and profits over a period. Key metrics include revenue, cost of goods sold, operating expenses, operating profit, and net profit. Analyzing this helps understand profitability and cost control.

Cash Flow Statement

Tracks the sources and uses of cash, divided into operating, investing, and financing activities. Operating cash flow reflects daily operations, investing cash flow involves capital expenditures and investments, and financing cash flow includes loans and stock issuance. Cash flow provides a more accurate picture of financial health than profit alone, as a company can be profitable but face cash shortages.

Why Investors Must Read Financial Reports

Access to the Most Authentic First-Hand Information

Compared to media reports, analyst summaries, and platform data, financial reports present the most objective and comprehensive information. Many news outlets highlight positive aspects while hiding negatives in the details.

For example, some companies promote Non-GAAP earnings, which are adjusted figures that may turn losses into profits. SEC regulations require companies to disclose both GAAP and Non-GAAP data, giving investors a fuller picture. In contrast, analyst reports often have subjective viewpoints and may selectively disclose information favoring certain companies.

Achieving a Holistic Understanding of Company Performance

Once skilled at reading financial reports, investors can quickly extract necessary information. Reports not only provide the three main statements but also detailed revenue data broken down by business line, region, or product. This granular disclosure allows for a comprehensive assessment of the company’s performance structure.

Additionally, financial reports detail the company’s business model and strategic plans. Compared to encyclopedic company descriptions or consumer product perspectives, the business model information in reports is more in-depth and systematic. Analyzing reports from large tech companies like Disney (DIS.US), Amazon (AMZN.US), or Netflix (NFLX.US) reveals diversified business structures and innovative models often beyond expectations.

Common Misconceptions in Reading Financial Reports

Misconception 1: Over-reliance on Non-GAAP Data

Some companies’ Non-GAAP figures may look better than GAAP figures, but investors should not depend solely on this indicator. Comparing the two sets of data can reveal hidden costs or expense adjustments.

Misconception 2: Ignoring Risk Disclosures

Risk factors sections are often lengthy and complex. Many investors tend to skip them, but these sections often contain critical early warning signals about the company’s future.

Misconception 3: Judging Based on Single-Quarter Data

Performance fluctuations in one quarter may be temporary. Investors should compare with historical data and observe trends rather than rely on isolated figures.

Misconception 4: Overlooking the Importance of Supplementary Data

Footnotes and supplementary explanations in financial statements often contain key information such as adjustments, risk warnings, and accounting policy changes. These details are crucial for accurate understanding.

Summary

Mastering methods to access and read U.S. stock financial reports is fundamental for fundamental analysis. From understanding fiscal year concepts, tracking report release times, querying SEC filings, quickly locating key information, to analyzing the three main financial statements—each step directly impacts investment decision quality.

Report release times are spread throughout the year, and for 2023, semi-annual report times depend on each company’s fiscal year definition. Investors should proactively monitor the release schedules of their holdings or target companies to obtain the latest performance data promptly, gaining an advantage in the market.