A 10-K is the official annual report that U.S. public companies are required to file with the Securities and Exchange Commission (SEC). It provides a comprehensive overview of the company’s financial performance, operations, risk factors, and governance during the fiscal year.
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Example: In Apple Inc.’s 2023 10-K, the company breaks down revenues across iPhone, Services, Mac, and Wearables, and discusses risks related to U.S.-China trade policy and global supply chain exposure.
## Definition The 10-K is a detailed annual financial report that publicly traded companies must file. It includes audited financial statements, Management's Discussion and Analysis (MD&A), and detailed descriptions of the company's business and financial condition. ## Origin The origin of the 10-K report dates back to the establishment of the U.S. Securities and Exchange Commission (SEC) in 1934. The SEC requires publicly traded companies to submit annual reports to enhance market transparency and protect investors. ## Categories and Features The 10-K report is typically divided into several sections, including a business overview, risk factors, financial data, Management's Discussion and Analysis (MD&A), and financial statements with notes. Each section serves a specific purpose, such as the business overview providing basic information about the company's operations, while the MD&A analyzes the company's financial performance and future outlook. ## Case Studies For example, Apple's 10-K report provides detailed descriptions of its revenue sources, product lines, market risks, and financial condition. Another example is Amazon, whose 10-K report thoroughly analyzes the growth trends and challenges of its e-commerce and cloud computing businesses. ## Common Issues Common issues investors face when reading a 10-K report include interpreting complex financial data and understanding management's analysis. Investors are advised to focus on key financial metrics and management's outlook to make more informed investment decisions. > Supported Languages: [简体中文](https://longbridge.com/zh-CN/learn/form-10-k-200012.md) | [繁體中文](https://longbridge.com/zh-HK/learn/form-10-k-200012.md)