The 10-Q is the quarterly cousin of the 10-K — shorter, less reviewed, and informationally narrower. It is required for the first three fiscal quarters of each year (the fourth-quarter results are folded into the annual 10-K), and it must be filed within 40 days of quarter-end for accelerated and large-accelerated filers, or 45 days for non-accelerated filers. Unlike the 10-K, the 10-Q's financial statements are NOT audited — they are reviewed by the auditor under a less intensive procedure (SAS 100 / AS 4105), which produces a 'review report' rather than an audit opinion.

The looser disclosure framework around 10-Qs means they require slightly different reading practices than 10-Ks. The narrative content is typically thinner; the focus is on changes since the last 10-K. The risk-factor section is required only for new or materially-changed risks since the prior 10-K — meaning that a 10-Q with a new risk factor is signaling something specific.