On May 5, 2026, the U.S. Securities and Exchange Commission voted to propose amendments that would give public companies the option to file semiannual reports in lieu of quarterly reports. For C-suite executives, CFOs and audit committee members accustomed to the quarterly 10-Q cycle, the headlines may feel significant. They are worth watching, but this is the beginning of a process, not the end of one.
Proposed Shift from Quarterly to Semiannual Reporting
Under current rules, public companies subject to Exchange Act Sections 13(a) or 15(d) must file three quarterly reports on Form 10-Q each year, in addition to an annual report on Form 10-K. The proposed amendments would allow companies to elect a different path: filing a single semiannual report on a newly created Form 10-S, covering the first six months of their fiscal year, followed by their annual report for the full year.
This is entirely optional. Companies that prefer to continue quarterly reporting may do so.
Filing deadlines for Form 10-S would be 40 or 45 days after the close of the first semiannual period, depending on filer status. This is comparable to existing 10-Q deadlines. The proposal would also amend Regulation S-X, which governs financial statement requirements in periodic reports, to reflect the new structure and simplify certain existing requirements.
Importantly, the proposal would not affect the frequency of earnings calls or earnings releases. Those have always been company-determined, and that would not change.
