Form 10-K
The annual report US public companies file with the SEC, with audited financial statements, business description and risk factors.
A Form 10-K is the annual report that US public companies file with the SEC. It includes audited financial statements, a business description, risk factors, a summary of executive compensation and management's discussion of results. Large accelerated filers generally file within 60 days of fiscal year end.
On our site, the 10-K is the source for annual financials and for business and segment descriptions. The risk factors section shows the risks the company itself identifies as material.
Traders care because the 10-K is the most complete primary document about a company. Changes in its risk factors or accounting policies from one year to the next can be significant.
Worked example (illustrative numbers, not real data): a 10-K shows annual revenue of 5.0 billion dollars, with segment A at 3.5 billion and segment B at 1.5 billion. Compared with the prior year's 10-K, where segment B was 20 percent of revenue, its share has risen to 30 percent, which is the change to examine.