Wednesday, February 13, 2019
Low Latency Calcbench

Monday, February 11, 2019
Now Streaming on Hulu: Red Ink

Thursday, February 7, 2019
Early Look at 2018 Tax Decline

Wednesday, February 6, 2019
You Revised WHAT, Netflix?

Thursday, January 31, 2019
Talking About Huawei Exposure

Wednesday, January 30, 2019
Another Discrepancy in Reported Numbers

Wednesday, January 30, 2019
Finding Revised Facts: Hertz Edition

Wednesday, January 23, 2019
GE Commercial Aviation Services: Bringing Numbers to Light

Monday, January 21, 2019
Differences in Earnings Releases and 10-Ks

Wednesday, January 16, 2019
The Importance of Textual Analysis

Tuesday, January 8, 2019
A Look at Climate Change Disclosures

Wednesday, January 2, 2019
Quants: Point-in-Time Data for Backtesting

Friday, December 28, 2018
Now Showing: Controls & Procedures

Thursday, December 27, 2018
A Reminder on Non-GAAP Reporting Rules

Monday, December 17, 2018
Researching PG&E’s Wildfire Risk

Wednesday, December 12, 2018
Tracking Brexit Disclosures

Thursday, December 6, 2018
Campbell Soup: Looking Behind the Label

Sunday, December 2, 2018
SEC Comment Letters: The Amazon Example

Wednesday, November 28, 2018
Measuring Big Pharma’s Chemical Dependency

Monday, November 26, 2018
Analysts, Can You Relate? A True Story

Archive  |  Search:
Observations from CRUF meeting
Monday, October 17, 2016

Last week Calcbench was delighted to attend a panel discussion at the Corporate Reporting Users Forum (CRUF), held in New York at the offices of Morgan Stanley. The panelists, who represented their own opinions and not those of their employers, offered a number of thought provoking ideas on the topic of the ‘non-GAAP gap.’

One thing that we found particularly noteworthy was brought up by Simon Flannery of Morgan Stanley, when he said that it would be very good if ‘firms filed their 10-Q within a day or two of the earnings release.’

So we set out to examine what the publishing behavior of firms is around the quarter end, the Form 8-K, and the publishing of the 10-Q. We examined 3,399 8-K and 10-Q pairs (aka firms) for second-quarter 2016. Discussion and results are below:


Sample: 3,399 firms with 8-Ks and 10-Q in the above period

On average 31.7 days from the quarter end until the 8-K is published

On average 35.7 days from the quarter end until the 10-Q is published.

Therefore the average delay between these filings is roughly 4 days.

Then we dug a little deeper.

We found that roughly half the population (55.6 percent) published their 8-K within 34 days of the quarter end. A small group waits until what looks like the last possible time to file. The table below illustrates that point. The number of days from quarter end is in the first column; the firm count and the percent of total are in the next two columns.The count and the percentage are running totals.

Days Btw End of Quarter and 8-K Firm Count Pct of total Population
25 440 12.9%
26 544 16%
27 747 22.0%
28 973 28.6%
29 1,322 38.9%
30 1,444 42.5%
31 1,459 42.9%
32 1,492 43.9%
33 1,639 48.2
34 1,891 55.6
35 2,156 63.4
40 2,866 84.3

In the summary, we found that the average time that firms wait to file the 10-Q after they have filed their 8-K is 4 days. The next logical question answers Simon’s question directly: How many days between the two filings? The results are in the table below:

Days Btw 8-K and 10-Q Firm Count
0 1,392
1 562
2 153
3 89
4 94
5 100
More than 5 1,009

The 1,009 firms at the tail file their 10-Q an average of about 12 days after their 8-K!

Lastly, we asked the following question:

If a firm files its 8-K and 10-Q within 1 day of each other, is their original filing later than others?

The average days from the quarter end to the 10-Q filing for these firms is 35 days. Adding up the top two rows from the table above will give the sample (57 percent of total, or 1,392+562=1,954 firms).

Here is the summary table for the rest of the list.

Before we conclude anything, we always like to ask our readers if they have any questions. If so, please tweet @Calcbench, or email us at

Days Btw 8-K and 10-Q Firm Count Days Quarter end to 10-Q
0 1,392 35.3
1 562 34.3
2 153 34.1
3 89 34.8
4 94 36.3
5 100 37.2

FREE Calcbench Premium
Two Week Trial

Research Financial & Accounting Data Like Never Before. More features and try our Excel add-in. Sign up now to try the Premium Suite.