What is the difference between a 10-K and 10-Q?

A 10-K is the comprehensive annual report filed within 60 days of fiscal year-end. It contains audited financial statements, detailed management discussion and analysis (MD&A), risk factors, and business descriptions. A 10-Q is the quarterly report filed within 40 days of each quarter-end (except Q4, which is covered by the 10-K). 10-Q financial statements are unaudited and the filing is less detailed than the 10-K. Both are mandatory for all public companies.

What is an 8-K filing?

An 8-K is a 'current report' filed to announce material events that shareholders should know about between regular quarterly or annual filings. Events that trigger an 8-K include: entry into a material agreement, bankruptcy, acquisition or disposition of assets, changes in executive officers or directors, changes in fiscal year, and amendments to articles of incorporation. 8-K filings must generally be filed within 4 business days of the triggering event.

Where can I access SEC filings for free?

All SEC filings are publicly available for free on the EDGAR database at sec.gov. You can search by company name, ticker, CIK number, or filing type. The SEC also provides full-text search at efts.sec.gov. For insider trading data specifically, WhaleSentiment parses Form 4 filings from EDGAR daily and presents them in an actionable format.

What is the difference between 13D and 13G filings?

Both Schedule 13D and 13G are filed when an investor acquires more than 5% of a company's outstanding shares. Schedule 13D (the 'long form') is required when the investor intends to influence or control the company — it must disclose the purpose of the acquisition, plans for the company, and funding sources. Schedule 13G (the 'short form') is available to passive investors with no intent to control the company, such as mutual funds and index funds. A 13G filing is simpler and has different deadlines.

What SEC filing should I read first when researching a stock?

Start with the most recent 10-K (annual report) for a comprehensive overview of the business, risks, and financials. Then read the latest 10-Q for the most current quarterly numbers. Check recent 8-K filings for material events. For insider sentiment, review Form 4 filings on WhaleSentiment. For institutional ownership, check the latest 13F filings. This sequence gives you a complete picture from fundamentals to smart money positioning.

SEC Filing Types Explained: The Complete Investor's Guide

The SEC's EDGAR database contains millions of filings — but you don't need to read them all. Understanding which filing types matter, what they contain, and how to prioritize them is essential for any investor doing serious research. This guide covers every major filing type you'll encounter.

Quick Reference: Major SEC Filing Types

Filing	What It Is	Who Files	Frequency	Investor Value
10-K	Annual report	Public companies	Annually	⭐⭐⭐⭐⭐
10-Q	Quarterly report	Public companies	3x per year	⭐⭐⭐⭐
8-K	Current event report	Public companies	As needed	⭐⭐⭐⭐
Form 4	Insider transaction	Officers, directors, 10%+ owners	Per transaction	⭐⭐⭐⭐⭐
13F	Institutional holdings	Managers with ≥$100M AUM	Quarterly	⭐⭐⭐
13D	Activist ownership >5%	Active investors	Event-driven	⭐⭐⭐⭐
13G	Passive ownership >5%	Passive investors	Event-driven	⭐⭐
S-1	IPO registration	Companies going public	Once (pre-IPO)	⭐⭐⭐⭐
DEF 14A	Proxy statement	Public companies	Annually	⭐⭐⭐
Form 3	Initial insider ownership	New insiders	Once	⭐⭐
Form 5	Annual insider summary	Insiders	Annually	⭐⭐

10-K: The Annual Report

The 10-K is the most comprehensive document a public company files. If you're going to read one thing before investing, read the 10-K.

What's Inside a 10-K

Part I — Business Description: What the company does, its market, competitive landscape, and strategy
Part I — Risk Factors: Every material risk the company faces (often 20-50 pages). Pay close attention — this is where companies disclose problems they know about
Part II — Financial Statements: Fully audited income statement, balance sheet, cash flow statement, and notes. Audited = verified by an independent accounting firm
Part II — MD&A (Management Discussion & Analysis): Management's own explanation of financial results, trends, and outlook. Often the most insightful section
Part III — Executive Compensation: How much officers are paid (or references the proxy statement)
Part IV — Exhibits: Material contracts, subsidiary list, certifications

Filing deadline: 60 days after fiscal year-end for large accelerated filers ($700M+ public float); 75 days for accelerated filers; 90 days for non-accelerated filers.

10-Q: The Quarterly Report

A lighter version of the 10-K, filed for each of the first three quarters (Q4 is covered by the 10-K). Contains unaudited financial statements and a condensed MD&A.

Key differences from 10-K:

Financial statements are unaudited (reviewed, not fully audited)
Less detailed risk factor updates (only material changes from the 10-K)
Shorter MD&A focused on the specific quarter
Includes information on legal proceedings and 10b5-1 plan adoption/termination (since 2023 amendments)

Filing deadline: 40 days after quarter-end for large accelerated filers; 45 days for all others.

8-K: Current Event Reports

The 8-K is the SEC's "breaking news" mechanism. Companies must file an 8-K within 4 business days of any material event, including:

Item Number	Event Type	Investor Impact
1.01	Entry into a material definitive agreement	New contracts, partnerships, M&A deals
1.02	Termination of a material definitive agreement	Lost contracts, failed deals
1.03	Bankruptcy or receivership	Critical — potential total loss
2.01	Completion of acquisition or disposition of assets	M&A completion, divestitures
2.02	Results of operations and financial condition	Earnings releases (preliminary results)
2.05	Costs associated with exit or disposal activities	Layoffs, restructuring, plant closures
2.06	Material impairments	Goodwill writedowns, asset impairments
5.02	Departure/appointment of officers or directors	Executive turnover — often signals strategic shifts
7.01	Regulation FD disclosure	Information shared with analysts made public

Form 4: Insider Transaction Reports

Form 4 is WhaleSentiment's core data source. Filed within 2 business days of any change in insider beneficial ownership, it's the most timely smart money signal available from public filings.

For a complete breakdown of how to read Form 4 and interpret its contents, see our dedicated guides:

How to Read SEC Form 4 — section-by-section walkthrough
Form 4 Transaction Codes — every code explained

13F: Institutional Holdings

Filed quarterly by investment managers with ≥$100M in Section 13(f) securities (essentially, all US-listed equities and certain options/convertibles). The 13F provides a snapshot of a fund's long equity portfolio at quarter-end.

🟡 13F Limitations

45-day delay: Filed 45 days after quarter-end. By the time you see it, positions may have changed.
Long positions only: Short sales, put options (used as hedges), and non-equity derivatives are NOT reported.
No cost basis: You see the position size but not what the fund paid for it.
Confidential treatment: Some managers obtain SEC permission to delay or withhold certain positions they're still building.

13D and 13G: Major Ownership Disclosures

When any person or group acquires more than 5% of a company's outstanding shares, they must file a Schedule 13D or 13G:

Feature	Schedule 13D	Schedule 13G
Intent	Active — may seek to influence the company	Passive — no intent to control
Detail Level	Extensive — purpose, plans, funding sources	Minimal — basic ownership disclosure
Filing Deadline	10 days after crossing 5%	45 days after year-end (or 10 days if >10%)
Typical Filer	Activist investors (Icahn, Elliott, Starboard)	Mutual funds, index funds, passive investors
Signal Value	High — activist involvement is a potential catalyst	Low — passive accumulation, no strategic intent

S-1: IPO Registration Statement

The S-1 is filed by companies seeking to go public through an IPO. It's essentially the company's first 10-K — but often more candid, because the company is trying to sell shares and must disclose everything material.

What to look for in an S-1:

Use of proceeds: What will the company do with the IPO money? Growth capex vs paying off debt vs insider liquidity
Risk factors: Often the most comprehensive risk disclosure the company will ever make
Financial history: Usually 3 years of audited financials
Lock-up provisions: When insiders can start selling after the IPO (typically 90-180 days)
Dilution: How much the IPO will dilute existing shareholders

DEF 14A: Proxy Statements

Filed annually before the shareholders' meeting. The proxy statement contains:

Executive compensation: Detailed breakdown of CEO/CFO pay (salary, bonus, stock awards, options, perks)
Board composition: Director backgrounds, independence, committee assignments
Shareholder proposals: Items up for vote, including management and activist proposals
Related-party transactions: Any business dealings between the company and its insiders
Equity compensation plans: How many shares are reserved for employee stock plans

How These Filings Work Together

📋 Research Workflow: Putting It All Together

STEP 1: Insider Signal (Form 4 via WhaleSentiment) → You notice 3 insiders buying $2M+ of stock in the past 30 days STEP 2: Business Understanding (10-K) → Read the latest annual report to understand what the company does STEP 3: Recent Performance (10-Q) → Check the latest quarterly numbers — are revenues growing? STEP 4: Material Events (8-K) → Any recent news? New contracts? Executive changes? STEP 5: Institutional Ownership (13F) → Are hedge funds accumulating? Selling? STEP 6: Compensation Context (DEF 14A / Proxy) → How much does the CEO earn? Is the $500K purchase big relative to comp? STEP 7: Data Sources (WhaleSentiment) → Check the full insider history on WhaleSentiment for patterns RESULT: Informed investment decision backed by multiple data sources

Filing Deadlines at a Glance

Filing	Deadline	Note
Form 4	2 business days	After each insider transaction
8-K	4 business days	After material event
13D	10 calendar days	After crossing 5% ownership
10-Q	40-45 days	After quarter-end
13F	45 days	After quarter-end
10-K	60-90 days	After fiscal year-end
DEF 14A	Before annual meeting	At least 20 days before shareholder vote
S-1	Before IPO	Must be declared effective by SEC before shares can be sold

Key Takeaways

Form 4 is the fastest public signal — 2-day disclosure of insider transactions. This is WhaleSentiment's focus area.
10-K is the most comprehensive company document — read it before investing
8-K filings are breaking news — monitor for material events between quarterly reports
13F shows institutional positioning — useful for confirmation but delayed by 45 days
13D is a potential catalyst — activist investors filing 13D often create shareholder value
All filings are free on EDGAR — but tools like WhaleSentiment make the data actionable

Start with the Most Actionable Filing: Form 4

WhaleSentiment processes Form 4 insider filings daily, transforming raw SEC data into scored signals you can act on. See our data sources page for details on our methodology.

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Disclaimer: This guide is provided for educational and informational purposes only. It does not constitute financial advice, investment recommendation, or solicitation to buy or sell financial instruments. Past performance is not indicative of future results. Consult a qualified financial advisor before making investment decisions.