SEC proposes ending quarterly reports

On May 5, 2026, the U.S. Securities and Exchange Commission proposed a rule change that would allow publicly traded companies to shift from quarterly to semiannual reporting. The initiative would end a 55‑year‑old mandate requiring U.S. public companies to report earnings every quarter.

Under the proposal, companies could opt to file one semiannual report and one annual report each fiscal year. This would replace the current framework of three quarterly reports and one annual report, which must now be filed within 45 days of the fiscal quarter’s end.

The SEC plan introduces a new Form 10‑S that companies could use for semiannual reporting. This form would stand in for the traditional quarterly Form 10‑Q, which currently structures much of the periodic financial disclosure regime for U.S. issuers.

Firms taking up the option would file two core documents: a semiannual report on Form 10‑S and an annual report, maintaining a regular but less frequent disclosure schedule. The annual report requirement would remain in place, preserving year‑end audited financial statements.

SEC Chairman Paul Atkins said that rigid reporting rules limit companies’ ability to choose the disclosure frequency that best fits their business. The proposal is positioned as a way to modernize requirements that have been in place for more than five decades.

According to the SEC, reducing mandatory reporting events could help shift focus away from short‑term earnings targets and toward longer‑term strategy and performance. The agency also aims to lower compliance and administrative burdens associated with preparing frequent filings.

The proposal has attracted support from a range of corporations and investment banks. Supporters argue that quarterly reporting imposes unnecessary costs and encourages management to prioritize near‑term results over sustainable growth plans.

Critics caution that moving to semiannual reports may weaken market transparency. With fewer scheduled disclosures, retail investors and other market participants could have less frequent access to detailed financial information and management commentary.

These concerns highlight a tension between easing regulatory obligations and maintaining the information flow that underpins price discovery and investor confidence in public markets.

The SEC’s proposal is subject to a 60‑day public comment period. During this time, investors, companies, and other stakeholders can submit feedback on the potential benefits, risks, and implementation details of the shift to semiannual reporting.

After the comment window closes, the SEC may revise the proposal based on the responses received before holding a formal vote on whether to adopt the rule changes. Until such a vote, the existing quarterly reporting requirement remains in force.