Must-Read for U.S. Stock Investment: In-Depth Analysis of Earnings Report Release Schedule and Complete Guide to Financial Statement Lookup

Why Must Investors Master Financial Reports?

For many investors new to the US stock market, financial reports are like a company’s “report card.” But this report card is not only complex in content; it also hides key information far beyond the surface. Compared to various news platforms and analysis reports, financial reports are the most truthful, comprehensive, and least deceptive primary data.

Many news media only report the highlights that companies want to showcase (usually attractive Non-GAAP adjusted figures), while ignoring the risks companies prefer not to disclose. Under the US SEC regulatory framework, listed companies must disclose both GAAP standard data and Non-GAAP data, along with all potential risks. Therefore, taking the time to read financial reports is a direct dialogue with the company’s true operational status.

What Exactly Are Financial Reports? A Must-Read Corporate Financial Document

Financial reports are essentially periodic financial performance documents submitted by publicly listed companies to the U.S. Securities and Exchange Commission (SEC). This document contains four core elements:

Data Layer: Specific figures such as revenue, net profit, earnings per share (EPS), cash flow, assets, and liabilities

Analysis Layer: Management’s in-depth analysis of quarterly/annual performance and outlook for future performance

Standardization Requirement: SEC requires all listed companies to prepare financial statements following GAAP (Generally Accepted Accounting Principles), ensuring comparability across companies

Dual Data System: Besides submitting GAAP data, companies usually also provide Non-GAAP (adjusted) data, with detailed explanations of the differences. This difference is particularly noteworthy — it often reflects the company’s true cost structure and profitability.

What Types of US Stock Financial Reports Are There? How Are Quarterly Report Release Dates Calculated?

Quarterly Financial Reports (Quarterly Reports)

Cover unreviewed financial data for a company’s 3 months, including balance sheet, income statement, and cash flow statement.

Quarterly Report Release Schedule: Usually submitted to the SEC within 40–45 days after quarter-end. For example, Q1 ends on March 31, so the report might be released in mid-May; Q2 (ending June 30) reports are typically released in mid-August, and so on.

Annual Financial Reports (Annual Reports)

Contain audited financial statements for the full 12 months of the company, along with comprehensive analysis of industry environment, competitive landscape, etc.

Annual Report Release Schedule: Usually filed within 60–90 days after year-end. These are more detailed than quarterly reports but have a longer release cycle.

Earnings Call

After releasing financial reports, companies hold conference calls inviting management, analysts, and investors. During these calls, executives interpret performance results, and investors can ask questions directly. It’s an excellent opportunity to understand management’s thinking.

Understanding the Fiscal Year Concept and Mastering the Actual Quarterly Release Schedule

A detail many investors overlook is: The fiscal year of US companies does not necessarily align with the calendar year.

US-listed companies are free to choose their fiscal year start and end dates. For example, Apple Inc. (AAPL) ends its fiscal year on September 24, with the first quarter starting on September 26; Microsoft (MSFT), on the other hand, ends its fiscal year on June 30, with the first quarter starting on July 1.

This means that if you want to compare Apple and Microsoft’s performance for a particular quarter, you cannot directly match calendar Q1, Q2, etc., but must align with each company’s fiscal quarter.

Example: Apple’s Q1 of fiscal year 2022 runs from September 26, 2021, to December 25, 2021, while Microsoft’s Q1 of fiscal year 2022 runs from July 1, 2021, to September 30, 2021. Although both are labeled as FY2022 Q1, their actual timeframes do not overlap.

The Real Pattern of US Stock Financial Report Releases: Almost Every Day of the Year

Although companies release reports at different times, there are predictable patterns:

Peak period is 1–2 weeks after quarter-end. After the end of March, June, September, and December quarters, many companies release their quarterly reports within one or two weeks. During this period, investors can see performance data across multiple industries such as tech, finance, and consumer sectors.

How to Check Quarterly Report Release Dates:

1. Company’s Investor Relations Website: Search “Company Name + Investor Relations” to find the official site, which usually announces the release dates in advance.

2. Financial Information Aggregation Platforms: Websites like Yahoo Finance, Nasdaq, Investing.com, SeekingAlpha, etc., have detailed financial calendar.

3. SEC Official Website: The most authoritative but slightly more complex to navigate, requiring understanding SEC’s document coding system.

SEC Document Coding Cheat Sheet: Quickly Locate Financial Reports

SEC assigns standardized codes for different types of disclosures. Understanding these codes can greatly improve your search efficiency:

Key Tip: Foreign companies (like TSMC) are not required to submit quarterly reports. They often disclose some quarterly info in 6K filings, but due to lack of a unified SEC framework, disclosures may be less comprehensive than US companies.

How to Search for Financial Reports on the SEC Website: Three Steps

Step 1: Visit sec.gov and access the EDGAR database

Step 2: Enter the company’s stock ticker or full name (e.g., AAPL or Apple Inc)

Step 3: On the company’s page, find the links for 10K (annual report) or 10Q (quarterly report), click to view the full financial document

With so Many Contents in Financial Reports, Which Parts Should Investors Focus On?

A full annual report can be over 200 pages, but investors do not need to read every word. Focus on the following four areas:

1. Business Overview (Item 1)

This section reveals the company’s business model, revenue sources, and industry position. When a company undergoes strategic shifts or enters new fields, detailed explanations are provided here. For investors unfamiliar with the company, this is a must-read.

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

Item 1A lists the risks faced by the company (competition, technology, supply chain, etc.), while Item 7A discusses macro risks (exchange rates, policies, economic cycles). These potential risks could significantly impact future performance and should not be ignored.

3. Management’s Performance Commentary (Item 7)

This is the most valuable part of the financial report. Management explains in detail the changes in financial data for the quarter/year, compares with last year or previous quarter, and provides forecasts for the next quarter/year. To quickly understand the company’s operational status, reviewing this section often yields the best insights.

4. The Three Main Financial Statements (Item 8)

These three statements are the core of the financial report:

Income Statement: Shows revenue, costs, expenses, and net profit. It clearly indicates how much money the company earned in a quarter.

Balance Sheet: Reflects assets, liabilities, and shareholders’ equity at a specific point in time. It’s key to assessing financial health.

Cash Flow Statement: Reveals cash inflows and outflows—where cash comes from (operations, investing, financing) and where it goes. Some companies may be profitable but cash-strapped; the cash flow statement can dramatically reveal this.

Additional Data: Also equally important—revenue split by business line, regional performance, debt types and interest rates, major capital expenditures, etc. These details help investors identify core strengths and potential weaknesses.

2022–2023 Fiscal Year Corporate Financial Report Release Schedule and Performance Overview

The table below shows the release times and performance of some leading companies. Note that even within the same fiscal year, release times can vary greatly — Nike reports by late June, Tesla only reports by late January.

Why Should Investors Pay Attention to the Difference Between GAAP and Non-GAAP Data in Financial Reports?

Many companies emphasize Non-GAAP figures in news releases while downplaying GAAP data. This is because Non-GAAP allows companies to exclude some “extraordinary” expenses (like stock-based compensation, restructuring costs, etc.), making net profit look more attractive.

The key point: How large is the gap between the two? If Non-GAAP profit exceeds GAAP profit by more than 50%, it suggests the company’s true profitability might be exaggerated. Investors should then evaluate the company’s valuation more cautiously.

From Financial Data to Investment Decisions: Practical Tips

Mastering how to read financial reports is just the first step. The real challenge is transforming financial data into investment decisions:

1. Benchmark industry averages: Looking at a company’s EPS or gross margin alone is meaningless; it must be compared with industry peers to judge its competitiveness.

2. Follow trends, not absolute numbers: Focus on whether revenue growth year-over-year is sustained, whether gross margin is expanding or contracting, and whether cash flow is sufficient.

3. Read management’s forward-looking guidance: Expectations for next quarter’s performance, new product launches, cost control measures, etc., can provide early insights into future prospects.

4. Beware of one-time items: Some “extraordinary” expenses may recur annually, indicating they are not truly extraordinary but part of normal operations.

Mastering quarterly release schedules, learning how to query financial reports, and understanding core data will significantly improve your US stock investment decisions. Start building a habit of regularly reading financial reports, and you will find your investment approach becoming more focused.