Searching EDGAR and Using 10-K Reports

EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, collects, validates, indexes, accepts, and forwards submissions by companies and others who file forms with the U.S. Securities and Exchange Commission (SEC). For more information about EDGAR, visit the web site: Important Information About EDGAR.

10-K Reports are annual reports all domestic publicly held companies (with stock to trade) must file with the Securities and Exchange Commission (SEC). These reports are public information, and provide a comprehensive overview of the business. Their purpose is to inform investors and potential investors of the true financial and operating condition of the company and to inform their investing decisions. 10-K reports contain a wealth of useful information in addition to the financial data.  Note that some foreign companies operating in the U.S. file a similar report, the 20-F, which can also be found online in EDGAR.  Complete the search as for a 10-K, but search for the filing type 20-F.

Searching EDGAR for 10-K Reports

To locate the 10-K Report for your company, follow these steps:

1. Visit the SEC Web site at:  http://www.sec.gov/edgar/searchedgar/companysearch.html
2. Select the tutorial if you need further assistance in using EDGAR.
3. Otherwise, in the first box of the search form, type in the company's name.
   HINTS:
   
   1. Do NOT type in more than 20 characters (letters, numbers, and spaces count);
   2. The search is not case sensitive (you can use any mix of capitals and lower case letters);
   3. If a search yields no results, try variant forms of the name (e.g. "sherwin williams" instead of "sherwin-williams").
4. Leave the other boxes empty, but click on the radio button to exclude ownership forms
5. Click on the Find Companies button to perform the search.
6. From the search results list, select your company by clicking on the CIK number.
7. Scan down the list of reports and select the 10-K report. Open it by clicking on the link for the html version. (opening the text version will display the source code for the html version. It is very hard to read.) If the list is too long to scan easily, fill in the box labeled Flter Results to limit the list to 10-K reports only. To do this:
   1. In the box labeled Filing Type, enter 10-K (be sure to include the hyphen)
   2. Leave the date box empty
   3. Click on the Search button
   4. You will retrieve a list of all 10-K reports on file, with the most recent at the top of the list.
8. Click on the "Documents" button and open the first document listed to see the main body of the 10-K report. The other documents are appendices.

Back to top

Using 10-K Reports for Non-financial Purposes

1. Once you have opened the 10-K report, scroll through the first few screens to reach the Table of Contents.
   Note: Most, but not all, 10-K reports have a table of contents. For those that do not have one, the "Business" section is usually the first section of the report. You will have to scan the report to find other useful sections.
2. Note where to find the description of the "Business," "Properties," "Legal Proceedings," and any other useful items. Usually these are in the body of the report near the beginning, not in the appendices.
3. In these sections, look for:
   • the full corporate name;
   • major activities or line of business;
   • recent acquisitions or sales of operating units;
   • subsidiaries;
   • where the company conducts business;
   • factors influencing business operations;
   • "Forward-Looking Information" - plans for the near future;
   • properties and locations; and
   • legal proceedings against the company.
4. Other potentially useful sections deal with pension plans and stock options for employees, etc.
5. To capture the data, download it or e-mail the report to yourself, then edit the report to delete the sections you don't need. Warning: These files are VERY LARGE! Printing is not recommended, as you will have to print more than you need to get what is useful. Edit the material first, and then print what you want.
6. To do another search, use "back" to return to the search results list, then click on EDGAR Search Home at the very top of the page to reach the search screen.

Back to top

Anatomy of a 10-K Report

Part I – Business
    Business description, including:
        how organized
        issues affecting operations
        industry conditions
        regulation
    Properties
    Legal proceedings
    Matters submitted to a vote of security holders

Part II – Financials
    Stockholder matters
    Selected financial information and operating statistics
    Management discussion of financial condition
    Disclosures about market risk
    Basic financial statements
    Notes to financial statements
    Changes in and disagreements with accountants on accounting and financial disclosure

Part III – Executive Matters
    Directors and executive officers
    Executive compensation
    Security ownership and related matters
    Accountant fees and services

Part IV – Supporting Documentation
    Exhibits
    Financial statements
    Schedules

Additional documentation is available in separate files.

Back to top

Company Financial Reports:
      Form 10-K vs. Annual Report

The following information has been excerpted from the SEC’s Web site (http://www.sec.gov)

Form 10-K

The federal securities laws require publicly traded companies to disclose information on an ongoing basis.  For example, domestic issuers (other than small business issuers) must submit annual reports on Form 10-K.

The annual report on Form 10-K provides a comprehensive overview of the company's business and financial condition and includes audited financial statements.  Although similarly named, the annual report on Form 10-K is distinct from the “annual report to shareholders,” which a company must send to its shareholders when it holds an annual meeting to elect directors.

You'll find a company's Form 10-K filings in the SEC's EDGAR database.  To filter your results, simply enter 10-K (using a dash between the 10 and the K) in the “Form Type” box. If the company is a small business issuer, enter “10KSB” (without a dash or any spaces).

If a shareholder requests a company’s Form 10-K, the company must provide a copy.  In addition, an accelerated filer must disclose on Form 10-K whether the company makes its periodic and current reports available, free of charge, on its website.

            Source:   http://www.sec.gov/answers/form10k.htm

Annual Report

The annual report to shareholders is the principal document used by most public companies to disclose corporate information to their shareholders. It is usually a state-of-the-company report, including an opening letter from the Chief Executive Officer, financial data, results of continuing operations, market segment information, new product plans, subsidiary activities, and research and development activities on future programs.  The Form 10-K, which must be filed with the SEC, typically contains more detailed information about the company’s financial condition than the annual report.

Reporting companies must send annual reports to their shareholders when they hold annual meetings to elect directors.  Companies sometimes elect to send their Form 10-K to their shareholders in lieu of providing shareholders with an annual report.  Some companies may file their annual reports electronically in the SEC’s EDGAR database….

            Source:   http://www.sec.gov/answers/annrep.htm

Back to top

Back to the Business and Economics home page