Must-Read for Investing in US Stocks: Understand the Earnings Release Schedule and Quickly Master US Stock Earnings Reports in Three Minutes

If you want to achieve steady profits in the US stock market, understanding the financial status of listed companies is the first step. But many novice investors face the same dilemma: How to quickly find financial reports? When will companies release their financial reports? Which parts should I focus on when faced with heavy financial documents? This guide will answer your questions.

Why should investors pay attention to US stock financial reports?

Financial reports are a mirror of a company’s true operating condition. Compared to biased reports and subjective interpretations in major news media articles, the information provided by financial reports is the most objective and comprehensive.

Companies submitting financial reports to the U.S. Securities and Exchange Commission (SEC) must disclose both GAAP (Generally Accepted Accounting Principles) and Non-GAAP data. Many media outlets emphasize only Non-GAAP data, which companies often adjust carefully, potentially turning losses into profits or exaggerating actual revenue. However, in financial reports, you can see the differences between the two sets of data, providing transparency that news cannot offer.

Additionally, financial reports will detail the risks faced by the company, business model specifics, performance of various business lines, and even region-specific revenue data. Mastering this information allows investors to comprehensively assess the true value of their investment targets.

Basic knowledge of US stock financial reports: what you need to understand first

What is a financial report?

A financial report is a periodic financial performance document submitted by listed companies to the SEC, including core data such as revenue, net profit, cash flow, assets and liabilities, as well as in-depth analysis and future outlooks from management. The SEC has unified requirements for the content and format of all financial reports to ensure investors can compare different companies under a standard.

Why are there GAAP and Non-GAAP data?

GAAP is the standard accounting principle that U.S. listed companies must follow. However, companies often disclose additional Non-GAAP data calculated according to their own adjustments to showcase better performance. There can be significant differences between these two sets of data, and investors should pay close attention.

What types of financial reports are there? How often are they released?

Quarterly Reports (Quarterly Earnings)

Present unreviewed financial statements for three consecutive months, including balance sheet, income statement, and cash flow statement. Quarterly reports are usually submitted to the SEC within 40–45 days after the quarter ends.

Annual Reports (Year-end Reports)

Cover the company’s entire 12-month fiscal year, providing more comprehensive content, including industry analysis, risk assessments, and detailed data breakdowns. The deadline for submission is within 60–90 days after the fiscal year ends.

Financial Conference Calls

After releasing financial reports, companies often hold conference calls where management discusses quarterly/yearly performance in detail and answers analyst and investor questions. These meetings often reveal the company’s future strategies and management’s true thoughts.

Why do different companies have such varied release times for their financial reports?

This involves an important concept: Fiscal Year.

Most companies’ fiscal year aligns with the calendar year (January 1 – December 31), but U.S. stock-listed companies are free to choose their fiscal year end. For example, Apple’s fiscal year ends on September 24, with the first quarter starting on September 26; Microsoft’s fiscal year ends on June 30, with the first quarter starting on July 1. This means that even for the same “first quarter,” Apple and Microsoft have completely different schedules.

Because of this, aside from holidays, almost every day of the year sees some U.S. listed company releasing financial reports. However, there is a pattern: the peak period for financial report releases is usually 1–2 weeks after the quarter ends (i.e., after March, June, September, December).

How to check the release schedule of US stock financial reports?

Method 1: Visit the company’s investor relations website

Most listed companies announce their financial report release dates in advance on their official investor relations websites. Simply search for “[Company Name]+Investor Relations” on a search engine.

Method 2: Use financial calendar websites

The following resources compile the release schedules of major U.S. listed companies:

• Yahoo Finance Financial Calendar
• Nasdaq’s official events calendar
• Investing.com
• SeekingAlpha

Complete steps to search for US stock financial reports on the SEC website

The SEC maintains a database of all filings submitted by U.S. listed companies. Here is the process:

Step 1: Access the SEC official website
Visit sec.gov and click on “Filings” to go to the document search page.

Step 2: Enter stock ticker or company full name
Input the target company’s information, e.g., “AAPL” or “Apple Inc.”

Step 3: Confirm document type and download
On the company’s filing page, you will see various document codes. Find the desired financial report and click to view.

SEC Document Code Quick Reference Table

Note: Foreign companies (e.g., TSMC) listed on U.S. stock exchanges are not required to submit quarterly reports; SEC only requires U.S. companies to file 10-Q quarterly reports. Foreign companies may release some quarterly information via 6-K, but due to lack of a unified framework, the disclosed details are often much less than those of U.S. companies.

When dealing with heavy financial reports, which parts should investors focus on?

Annual reports typically contain 15 detailed items (Item 1 to Item 16). Novice investors do not need to read every word; focusing on these four core sections is enough to quickly understand the company’s operating status:

Core Part 1: Business Description (Item 1)

This section describes the company’s business model, core products/services, and industry environment. It systematically explains how the company operates from a management perspective (not from a consumer perspective). When the company launches new strategies or businesses, they are also detailed here. For investors unfamiliar with the company, this is an essential read.

Core Part 2: Risk Factors Analysis (Item 1A & Item 7A)

Item 1A lists the company’s internal operational risks, while Item 7A covers macro-level risks (such as exchange rate fluctuations, policy changes). These risks could significantly impact future profits, so investors must evaluate these potential threats carefully.

Core Part 3: Management’s Financial Discussion and Analysis (Item 7)

This is the most important part of the financial report. Management provides an in-depth assessment of the financial performance for the quarter/year, compares it with historical data, and explains major changes in key financial indicators. It also offers outlooks for the next quarter and future periods. If you want a quick understanding of the company’s current operating condition, don’t miss this section.

Core Part 4: The Three Major Financial Statements (Item 8)

Financial statements include the income statement, balance sheet, and cash flow statement. These three are the quantitative basis for financial analysis. Supplementary data often provide more detailed breakdowns of main figures, such as revenue by business line, debt structure, new asset classifications, etc., helping investors fully understand the company’s strengths and weaknesses.

The Three Major Financial Statements Explained

Balance Sheet

• Shows a snapshot of assets, liabilities, and shareholders’ equity
• Key indicators: cash and equivalents, fixed assets, long-term debt, shareholders’ equity, retained earnings

Income Statement

• Displays revenue, costs, expenses, and profits over a period
• Key indicators: revenue, cost of goods sold, operating expenses, operating profit, net profit

Cash Flow Statement

• Explains the sources and uses of cash within the company
• Three components: operating cash flow, investing cash flow, financing cash flow

Example: Major US companies’ fiscal year 2022 financial report release times

The table below shows the release dates and key financial data of some well-known companies’ 2022 fiscal year reports. It illustrates that even within the same fiscal year, release times can vary by months due to different fiscal year ends:

This table shows that US financial reports are released over a long span—from late June to February. This dispersed schedule means investors have opportunities to access new US stock financial information throughout the year.

Practical tips for quickly mastering financial reports

Build a financial report monitoring list: List the US stocks you hold or follow, mark their release dates in advance, and ensure you don’t miss important announcements.

Focus on comparative data: Look at data compared to the previous quarter and the same period last year, rather than just absolute numbers. Growth trends often better reflect a company’s health.

Pay attention to management guidance: Management’s forecasts for the future often have a greater impact on stock prices than past data, so focus on these.

Cross-verify cash flow: No matter how impressive the profit figures are, ensure the corresponding cash flow is healthy. Cash is the lifeblood of a company.

Mastering the ability to query and interpret US stock financial reports is an essential skill for becoming a savvy investor. Through systematic analysis of the real data in financial reports, you will be able to make more rational and well-founded investment decisions.