statement 10k

What is Form 10-K?
How to Read Form 10-K
Where to find a company's Form 10-K

Form 10-K for Beginners: Understanding Corporate Filings

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A Form 10-K is an annual report detailing a public company's business and financial condition.
10-Ks are useful for investors because they give a comprehensive look at how a company is performing.
While they can be hundreds of pages long, you can usually find the most relevant information in a few key sections.

Publicly traded companies are required by the Securities and Exchange Commission (SEC) to file an annual report following the outline provided on Form 10-K. These reports offer a comprehensive overview of a company's business and financial standing and are part of the SEC's disclosure requirements to ensure investors have adequate information when making decisions to buy or sell securities.

This article serves as a good beginner's guide to Form 10-K.

What is Form 10-K?

Definition and overview.

By its simplest definition, a 10-K tells you how well a business performed during the fiscal year.

"It is the story of their business operations over the past 12 months," says Glenn Davis, a certified public accountant and director of risk advisory services at Kaufman Rossin . For anyone interested in investing in a company, a 10-K can be a powerful tool for understanding the risks, opportunities, and the viability of an organization.

In the 10-K, investors can find an overview of the company's business practices, financial data and operating results from the past year, risks the organization is facing, and discussion from management about their perspective on the organization, among many other topics.

"The SEC requires different things you must disclose," says Adam Finerman , a lawyer and co-leader of the IPOs and securities offerings team at BakerHostetler . For this reason, all 10-Ks follow the same structure based on the SEC's form .

10-Ks can be extremely long, sometimes hundreds of pages. However, not everything is going to be relevant to individual investors. For example, as Davis explains, the form contains a section about mine safety disclosures, which unless you're looking into a mining company, is probably not going to be relevant.

These documents do have quite a bit of overlap with a company's annual report to shareholders, which is also required by the SEC. But 10-Ks tend to provide more detailed information. Some companies will even use their 10-K as their annual report to shareholders.

It's also important to remember 10-Ks are written by the companies. While the SEC monitors the filings, they don't come from a completely objective, outside perspective.

"It's a memoir, written by the people who want to tell you the story in a certain way," Davis says.

This isn't to say that the information contained in the 10-K is likely to be false. The law prohibits that. It's just important to understand the point of view from which it was written when you're considering investing your money.

Note: Form 10-Qs are similar to 10-Ks, but they are filed each quarter.

Key components of Form 10-K

Form 10-Ks are divided into four main parts. If you want, you can read the whole document cover to cover, but it's usually not necessary. Instead, experts suggest going over the following sections.

Business overview

Found in Part I, this section is full of qualitative analysis on the business itself. "In brief, it tells you: 'This is what we do,'" Finerman explains. The section may note the company's goals, its history, and position in the marketplace.

Understanding exactly how a business operates can be crucial in adding context to the rest of the document. For example, it wouldn't be an immediate area of concern to read that a hotel lost money or had low profits during the pandemic in 2020. On the other hand, if a company that makes surgical masks experienced financial problems in 2020, that might raise some red flags. So knowing what the business offers and how it works will be integral to interpreting other sections of the document correctly.

Risk factors

Risk factors are described immediately after the business section. This part of the document describes any risks the company may be facing that investors should know about. According to Finerman, this section on its own can be very long. However, the general rule is that the risk factors go in order of importance.

"The challenge with the risk factors is that they are addressing the known risks," Davis explains. For example, five years ago most companies weren't writing about a potential pandemic. The goal is to give as complete a picture as possible, but not everything can be predicted.

Legal proceedings

Toward the end of Part I, a company will include a section detailing its current legal proceedings.

"In America, litigation exists," Finerman says, "I wouldn't be unduly alarmed by the existence of ongoing litigation." Instead, make sure there aren't any glaring patterns, things like multiple workplace safety violations, sexual harassment suits, or anything that seems unusual for a business of the type you're looking at.

Management's discussion and analysis of financial condition and results of operations (MD&A)

In Part II of the 10-K, you'll want to make note of the management's discussion and analysis. In here, management discusses its perspective on business results over the past 12 months. This section gives the people running the company the ability to tell their own story about what happened over the last year.

"Usually they're comparing it to a prior period," Davis says. Management may also discuss risks in more detail and provide explanation for how the organization is addressing them.

Financial Statements and Supplementary Data

This section contains the audited financial statements produced by a company. It contains the organization's balance sheet , income statement (which is sometimes referred to as its statement of earnings), statement of stockholders' equity and statement of cash flows. Found in Part II, these three documents are used to evaluate a business's health. Typically, you'll also have 3-5 years of comparatives.

"You want to see consistency of earnings. You want to see consistently high gross margins," Davis says. Taking it a step further, you could also compare competitor's financial data. Any company that is consistently beating their competition may be one worth exploring further.

Executive Compensation

This section gives investors an inside look at a company's executive compensation practices, including what it paid its top executives in the last year and information on the organization's policies.

Other sections

Other parts that are worth looking into include the "controls and procedures" and "changes in and disagreements with accountants on accounting and financial disclosure" sections.

The first includes information about the way the company is meeting objectives for reliable financial reporting, among other things. The second includes any disclosures about changes and disagreements a company has had with accountants. According to the SEC , "many investors see this disclosure as a red flag."

Note: Form 10-Ks are written in plain language, making them easier to understand for first-time readers.

How to Read Form 10-K

Tips for navigating the document .

It's important to remember that 10-Ks are written by companies. While the SEC monitors the filings, they don't come from a completely objective, outside perspective.

Where to find a company's Form 10-K

Filing deadlines for 10-Ks depend on a company's size.

Organizations are categorized into three groups to determine their filing date: large accelerated filers, accelerated filers, and non-accelerated filers. Though there are various conditions to be met for each category, generally it depends on the amount of stock a company has issued for public trading, known as its public float .

Large accelerated filers have a public float of $700 million or more and are required to file within 60 days of the end of their fiscal year. Companies with a public float between $75 million and $700 million are considered accelerated filers and get 75 days. Those with a public float less than $75 million are required to file within 90 days of their fiscal year-end and are considered non-accelerated filers.

All 10-Ks are publicly available, and investors can find them in a number of places. Many companies include them in the investor relations section of their website. 10-Ks are also available in the SEC's EDGAR database. You can search by company name or ticker symbol. Once you've found the company you're looking for, EDGAR shows search results in chronological order and identifies the filing by form type .

Form 10-Ks may seem intimidating at first, but they're crucial documents when deciding where to invest money. As Finerman explains, "If you start looking at them more frequently, like anything, you'll get better at it."

Form 10-K Frequently Asked Questions

Form 10-K is filed annually (as opposed to quarterly) and contains more data than its counterpart 10-Q form. Past that, Form 10-K contains audited information.

Form 10-Ks cannot predict the future, but they do include substantial information on companies and forward-looking statements.

Companies file Form 10-K annually, between 60 and 90 days following the end of their fiscal year, depending on the organization's size.

The SEC's EDGAR database offers access to 10-K forms, as do many corporate websites and also websites that offer financial information.

This section lists the principal risks facing a business, which could include risks unique to that organization or broader developments affecting the entire economy. This section is crucial, since it contains information that could easily affect the company's future financial performance.

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How To Read a Company 10-K

Tips for reading 10-K filings and using them to analyze stocks

What Is a 10-K?

What can a 10-k tell you.

Using 10-K Information for Stock Analysis

What a 10-K Doesn’t Tell You

10-k and esg disclosures, the bottom line, frequently asked questions (faqs).

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If you are doing your own research to analyze and select stocks, a 10-K filing is the first place to look for information. A Form 10-K is the annual report a public company must submit to the Securities and Exchange Commission (SEC). In these, company management discusses its perspective on the business’s results and what is driving them. The report, along with other company filings, are available for free on the SEC website from its EDGAR database.

A 10-K is submitted in the same format by every company and covers the same topics. It also averages 240 pages, so it pays to know what to look for, and where to look for it.

Key Takeaways

Form 10-K is the annual financial report submitted by all public companies to the Securities and Exchange Commission.
10-Ks are rich with information about company strategy, future prospects, and potential landmines.
10-Ks are intended to give all investors the same information needed to make informed decisions.

A 10-K is a detailed financial report and management disclosure about the business. The 10-K financials are generally audited, and they’re prepared according to SEC regulations. The disclosures can’t be misleading, or omit material information an investor would need to make an informed decision. Both the CEO and chief financial officer have to sign off on the 10-K and certify its accuracy. The 10-K is reviewed by the SEC , and staff may comment on the disclosures in a separate letter.

The annual Form 10-K is updated quarterly by Form 10-Q . The 10-Q identifies any changes to the 10-K, and its financials are not audited. The 10-K may also be supplemented by a Form 8-K if a major event such as an acquisition or bankruptcy occurs.

The SEC also requires listed companies to provide shareholders with an annual report . The annual report has some similarities to the 10-K, but they are less detailed, and are intended for different purposes. Companies are required to send these annual reports to shareholders when an annual meeting is being held and the board of directors is elected.

Annual reports are often prepared as marketing pieces with appealing graphics. They contain letters to shareholders from key executives such as the CEO and CFO, descriptions of the company’s activities and plans, as well as audited financial statements . Annual reports also can provide potential employees, vendors, and investors with valuable insights into the company. Annual reports as well as other company filings usually can be found on companies’ websites, and some also submit them to the SEC EDGAR system.

A 10-K is divided into four parts that contain a narrative about the operations of the business, financial statements, and management’s view on results and future prospects.

10-K Part I

Parts 1 and 1A introduce investors to the company, its business, and potential risk factors. It’s a general discussion of the key business segments, markets, activities, and the competitive and regulatory landscape, along with risks and legal issues the company faces.

Johnson & Johnson, for example, identified health care reforms and pricing pressure as a risk to its global sales in this section of its 2021 10-K. Part 1 also lists who the company’s key executives are, and where additional information about the company can be found.

10-K Part II

Part II discloses details about the stock, how many investors hold it, corporate stock buybacks , financial data, and consolidated statements. In this section, investors can learn about specific business risks, as well as exposure resulting from changes in interest rates, currency, and other financial market conditions.

Part II also contains one of the most important sections of the 10-K: management’s discussion of results and the company’s financial condition. In this section, management tells the company story. It discloses both results for the year just ended and future prospects. Here, investors can learn about management strategy and the drivers of the business.

In the 2020 Ford Motor Co. 10-K, for instance, management detailed its response to COVID-19 and the impact it had on manufacturing and the workforce, in addition to how Ford made more than 50 million medical-grade face masks for employees, dealers, and community donations.

10-K Part III

Part III introduces the board of directors and the management team, their experience, qualifications, and compensation. Part III also includes details of stock ownership, and transactions between the company and directors, officers, and their family members.

10-K Part IV

Part IV is a list of all tables and exhibits that are required to be included in the 10-K. Part IV also contains the consolidated financial statements and notes, and the independent auditor’s report.

How To Use 10-K Information for Stock Analysis

A company’s 10-K contains a wealth of information to help investors make informed decisions. It also provides clues to issues that many need more research. Start with Part II, the Management Discussion & Analysis (MD&A).

The Management Discussion & Analysis will give you information on the financial performance of the business, what metrics changed from the previous year, and why.

It also contains information on trends, events, risks , and uncertainties that management believes could have a material impact on the financial results. Returning to Ford, in its 2020 10-K under the Outlook section, the automaker identified the global semiconductor shortage as an uncertainty that would influence Ford’s results. The 10-K goes on to illustrate possible ranges of impact on earnings from this problem. Ford also talked about its global corporate redesign, which shapes how it competes in the automotive market.

The MD&A section of 10-Ks also contains a Legal Proceedings item. Johnson & Johnson, in its 2017 10-K, referred in this section to details of ongoing product liability suits, including 3,100 plaintiffs with claims in pending lawsuits related to injuries allegedly due to its Baby Powder product. The problem foreshadowed there has continued to plague Johnson & Johnson for years. As of May 2020, the company announced it would no longer sell Johnson’s Baby Powder in the U.S. and Canada, although it continued to deny allegations that its talc-based products caused asbestos-related diseases. The company was ordered in a 2020 court judgment to pay $2.1 billion to a group of women who claimed its Baby Powder product caused their ovarian cancer.

Next, look at the auditor’s report when reviewing a company 10-K. Two red flags are a “qualified opinion” or a “going-concern doubt.” Be sure to review the footnotes to the consolidated financial statements. They can contain important information about pension plans, income taxes, accounting policies, and employee stock option plans . All of these can have a significant impact on current or future earnings.

Analyzing 10-Ks can be time-consuming. If you don’t enjoy such in-depth research, you may want to rely on professional analyst reports instead.

While the 10-K provides detailed information, it doesn’t tell you how the company performed compared with its peers. If the company’s sales increased by 15% in the year, how does that compare with others? The 10-K can give you important insights about industry and sector trends and risks, but not many insights on how competitors are addressing the issues.

Currently, there are no 10-K environmental, social, and governance (ESG) disclosure requirements. However, investors continue to demand more transparency from companies regarding their ESG policies and practices. SEC chairman Gary Gensler has asked staff to develop a mandatory climate-risk disclosure proposal by the end of 2021.

A 10-K is intended to provide uniform, important information needed to make decisions about investing in a company. It’s highly detailed and provides more information than the typical annual report.

The 10-K can give you valuable insights about investing in a company’s stock or bonds, as well as identify red flags. However, the 10-K does not give you information about how the company performed relative to its competitors—an important consideration when considering a stock.

How do I find a Form 10-K?

The 10-K can be found by searching the EDGAR system on SEC.gov . Companies usually also post their 10-Ks on the investor relations page of their websites.

What are the most important items on a 10-K?

The Management Discussion & Analysis, found in the filing’s Part II, Item 7, is loaded with information about the company’s financial performance , management's plans and expectations, and potential red flags. The footnotes to the consolidated statements and auditor’s report can also identify potential issues.

When must Form 10-K be submitted to the SEC?

Sixty, 75, or 90 days after the fiscal year end, depending on the company’s filing status.

S&P Global. “ Speed Reading 10-K & 10-Q Company Filings .” Page 9.

Johnson & Johnson. 2021 Form 10-K .

Ford Motor Co. “ 2020 Form 10-K .”

Johnson & Johnson. “ 2017 Form 10-K .”

Drugwatch. “ Talcum Powder Lawsuits .”

Huber Thomas & Marcelle. “ Johnson & Johnson Baby Powder Lawsuit Leads to $2 Billion Win for Consumers .”

U.S. Securities and Exchange Commission. “ Prepared Remarks Before the Principles for Responsible Investment ‘Climate and Global Financial Markets’ Webinar .”

U.S. Securities and Exchange Commission. “ Form 10-K .”

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Annual Report vs. 10-K Overview

Annual Report

Key differences, 10-q vs. 10-k faqs.

Corporate Finance
Financial statements: Balance, income, cash flow, and equity

Annual Report vs. 10-K: What's the Difference?

Charlene Rhinehart is a CPA , CFE, chair of an Illinois CPA Society committee, and has a degree in accounting and finance from DePaul University.

Annual Report vs. 10-K: An Overview

Publicly traded companies in the U.S. are required to file a host of documents with the Securities and Exchange Commission (SEC). These filings include data and information about their most recent profits, cash flow, operations, and finances—as well as future plans and projections.

Two of the most important of these documents are the annual report and the Form 10-K . Similar in many ways, both are designed to help inform current shareholders or potential investors—along with research analysts, money managers, and other financial professionals—about the company's performance. Despite their overlaps, however, they do have significant differences.

Key Takeaways

Publicly traded companies will complete both an annual report and 10-K yearly.
Both should include information about the company and the financial performance over the last year.
The 10-K is generally more detailed than the annual report but lacks photos and graphics.
The annual report is a user-friendly publication, while the 10-K is intended for investors and analysts.
The 10-K can be found on the SEC website, while the annual report should be readily available on the company’s website.

A corporation's annual report is usually an illustrated, thick booklet. It is a professionally bound but flexible publication, often resembling a printed magazine. It is intended for—and distributed to—shareholders, but is also freely given to anyone interested in the company. It acts as a reference yearbook for the firm.

Annual reports typically including a letter from the company's chief executive officer (CEO) and chair of the board of directors, a review of the company's history, and brief overviews of major company divisions and subsidiaries, operations, and various initiatives over the preceding fiscal year. It is often lavishly illustrated with professionally shot photos and includes charts, diagrams, maps, and other visuals.

The annual report also includes, generally towards the back, significant financial statements, including the balance sheet , income statement, and cash flow statement, offering a snapshot of the company's financial performance over the last year (often in comparison to past years). Backing up this material are notes, explaining the accounting methodology, and the Auditor's Report—a statement from the outside accounting firm that reviews the documents, and attests to their accuracy.

Public companies are also required to submit a 10-K report every year. While it is officially filed with the SEC, it is also available to the public.

Visually, the Form 10-K is a bare-bones document, compared to the annual report. As the name implies, it is a form: The SEC has very strict guidelines on what information must be included and how it must be organized. This generic format contains no pictures or charts.

The 10-K includes five distinct sections. The first three provide an overview of the company’s main operations, including its products and services; any and all risks the company faces; and specific financial information about the company over the last five years. The fourth has senior management's explanation of its financial results. The final section furnishes the numbers themselves: the company’s audited financial statements including the income statement, balance sheets, and statement of cash flows.

Ultimately, a 10-K report is a full description of the company's financial activity during a given fiscal year and a full rundown of risks, legalities, liabilities, corporate agreements, operations, and market performance. Also, 10-K reports provide a full analysis of the relevant industry, the marketplace as a whole, and individual business operations.

A 10-K should not be confused with a 10-Q , which is a quarterly filing with the SEC that details the company’s financial information and performance for the past three months. The 10-Q does not include all the detailed information, such as background and operations detail, that a 10-K does, and its figures are not audited. Companies file three 10-Qs a year; the fourth quarter is covered by their 10-K.

Sometimes, rather confusingly, the 10-K is referred to as a company's "annual report" by financial pros—because it summarizes the company's year. (It's even called that on investor.gov, the SEC's educational website. Strictly speaking, the glossy booklet described above is known as "the annual report to shareholders."

The annual report is sent to shareholders each year ahead of the annual shareholder meeting and voting for the board of directors. The deadline for filing a 10-K is between 60 and 90 days after the end of the company’s fiscal year, depending on the size of the company.

Generally, 10-Ks are found on the SEC website, while the annual report should be available on the company’s website—usually under the investor relations section. Where an annual report may include company information, financials, and a letter from the CEO, the 10-K will include various risks and a detailed discussion of operations.

Both documents are important when analyzing a company, although the 10-K is usually preferred by analysts, given its more comprehensive nature.

The design and the intent of the annual report are distinctly separate from the 10-K. The annual report is more of a glossy and user-friendly publication, intended for the layperson to understand —and, hopefully. be impressed by. It has something of a public relations function.

By contrast, 10-Ks tend to be very lengthy and more difficult to digest than annual reports. They are not designed for easy consumption by the average individual.

In terms of hard-core financials. the annual report offers a shorter version of the 10-K report—the highlights, so to speak. That said, an investor or analyst will still find the details of a company’s finances in the annual report, including the balance sheet and income statement, as well as other useful financial data.

What Does 10-K Stand For?

10-K is short for Form 10-K , which is a document the SEC requires all public companies to file each year. The form presents a financial picture of the company, detailing its revenues, assets, and liabilities for the previous year.

What Is the 10-K Filing Deadline?

The 10-K filing deadline varies, depending on the size of the company. Firms worth $700MM or more have 60 days to file after the close of their fiscal year. Firms between $75MM and $700MM have 75 days. Firms smaller than $75MM have 90 days.

How to Read Assets on a 10-K Report?

The meat of the 10-K report lies in its five parts. They include:

Part I. Business . This provides an overview of the company’s main operations, including its products and services (i.e., how it makes money).
Part II. Risk factors . These outline any and all risks the company faces or may face in the future. The risks are typically listed in order of importance.
Part III. Selected financial data . This section details specific financial information about the company over the last five years. This section presents more of a near-term view of the company’s recent performance.
Part IV. Management’s discussion and analysis of financial condition and results of operations. Also known as MD&A , this gives the company an opportunity to explain its business results from the previous fiscal year. This section is where the company can tell its story in its own words.
Part V. Financial statements and supplementary data . This includes the company’s audited financial statements including the income statement, balance sheets, and statement of cash flows. Letters from the company’s senior management and independent auditor certifying the scope of their review are also included in this section.

Why Is a 10-K Report Called a 10-K?

The 10-K report probably gets its name from Regulation S-K, a set of SEC rules that set out the detailed disclosure requirements for companies, as mandated by sections 13 or 15(d) of the Securities Exchange Act of 1934. Regulation S-K is part of the Code of Federal Regulations—17 CFR Part 229 to be exact.

Securities and Exchange Commission. " Annual Report (10K) ."

U.S. Securities and Exchange Commission. " Annual Report ."

Securities and Exchange Commission. " Form 10-K ."

Ecfr.gov. " Electronic Code of Federal Regulations ."

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Written by True Tamplin, BSc, CEPF®

Reviewed by subject matter experts.

Updated on June 08, 2023

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Table of contents, 10-k form definition.

A 10-K is a form publicly traded companies file annually with the Securities and Exchange Commission (SEC) .

The form provides investors with various details about a company, including its history, senior management, financials, and risk factors.

Only publicly-traded companies are legally required to disclose their financial information, and so only public companies are required to file a 10-K form, although private companies may elect to do so as well.

The name "Form 10-K" comes from the Code of Federal Regulations (CFR) designation in accordance with sections 13 and 15(d) of the Securities Exchange Act of 1934.

In addition to a 10-K, companies are also required to publish a 10-Q and 8-K report.

A 10-Q is a quarterly report of a company's performance and financial position; an 8-K is required by the SEC whenever a company is undergoing a major event which shareholders must be aware of, such as an acquisition , changes in executives, bankruptcies , and so on.

Parts of a 10-K

A 10-K consists of four parts. Each part is designed to provide specific information to investors. Together, they provide a comprehensive view of the operating environment of the company in the last year. Details of the four parts are as follows:

This part provides an overview of the company's operation, products, and/or services. It also lists risk factors associated with the company's business in a current or future operating environment.

Finally, it lists properties held by the company, and pending legal cases against it.

This is the meat of the 10-K and lists financial data, including financial statements , related to the company's operations. Previously, companies were required to report such data for five years.

As of December 2020, that requirement has been eliminated. Examples of financial data include income statements , balance sheets , and shareholder equity statement.

The company also may or may not include quarterly earnings data for the last two years in this section, depending on whether there have been material changes to the earnings.

It also lists risks accruing to its financials from its exposure to trading or investing markets.

Financial data is complemented by a section of Management's Discussion & Analysis , also known as MD&A, in which the company's management discusses the company's performance during that period from their perspective.

While accounting statements that adhere to Generally Acceptable Accounting Principles (GAAP) are common in the U.S., they are not necessary.

This means that companies can choose to report line items that may not be recognized under GAAP. An example of a non-GAAP measure that is commonly reported by companies is EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) .

This part provides details about the company's senior executive team, including their background, experience, compensation and shareholdings (if any) in the company.

If this information is extensive, then companies can choose to file it as a separate proxy statement. The proxy statement, which also includes information on corporate elections, is generally filed a month or two after the 10-K.

The final part is titled "Exhibits, Financial Statement Schedules" and includes references and links to important financial information contained in the document.

Existing regulations also require companies to publish their bylaws, list subsidiaries, and include copies of their material contracts in this section.

Part IV also contains a signed statement from the company's senior executive team stating that the information contained in the 10-K is true.

Reading the 10-K

For someone reading it for the first time, the 10-K form can seem like an incredibly dense and long document because it contains so much information.

If you are a first-time investor or an investor trying to understand an industry or a company for the first time, then it might be an idea to read through the entire document the first time.

Most investors, however, are generally concerned with Part II, i.e., the financial data contained within the document, because it provides them with information for a sound basis to invest in a stock .

It is important to analyze numbers in this section carefully and within context.

As an example, consider the case of non-GAAP measures. As mentioned earlier, GAAP accounting is not followed by all companies.

The intent of providing non-GAAP measures is to provide investors with additional information to evaluate a company. But it can also achieve the opposite goal by hiding information.

For example, a company may choose not to report stock-based compensation for its senior executives.

The number of companies using non-GAAP measures to report financial information has increased dramatically in recent years.

According to research from consulting firm PricewaterhouseCooper (PwC) , 97% of companies listed in the S&P 500 used, at least, one non-GAAP measure while reporting their finances.

It is also important to understand metrics used by companies to report the sources of their revenues in the 10-K. Several are unfamiliar to everyday investors.

Because they have a unique business model , technology companies often report value measures that may be difficult for investors who are new to the industry.

As an example, social media company Twitter reports Monetizable Daily Active Users – users who log into its service daily and engage with content – as a revenue source because advertisers direct spending on the platform based on those numbers.

It is difficult to find the same metric being used at conventional media companies. Similar care should be exercised while reading other sections.

It is always a good idea to complement reading of the 10-K by following news developments related to the company to provide context to the numbers and company performance.

For example, the loss of vital suppliers to a company may not be reported in financial information in the 10-K but can materially impact its future prospects.

What is the Difference Between 10-K and Annual Report?

Companies must also file an annual report with their shareholders, per SEC regulations.

The information contained in the annual report is similar to that in a 10-K and, in some cases, companies often reformat their 10-K as annual reports.

But there may be instances where companies will choose to elucidate at length about their philosophy and goals in the coming years in their annual report.

Annual reports are more colorful, more pictorial, and glossy than a 10-K, which are restricted to simple words and text.

In terms of financial information, a 10-K is more detailed because companies are required to disclose certain information by law in the document.

What is a 10-K?

A 10-K is a form publicly traded companies file annually with the Securities and Exchange Commission (SEC).

What sort of information is in a 10-K form?

10-Ks cover all aspects of a publicly traded company's business in these 5 sections: business, risk factors, management's discussion and analysis, financial data and financial statement and supplementary data.

Why do publicly traded companies have to publish a 10-K?

The information in a 10-K can aid an investor who is researching the company to see whether to buy that company's stock.

What is the most important part of a 10-K?

Most investors are generally concerned with Part II (the financial data) because it helps vet a stock for investing.

What is the difference between a 10-K and an annual report?

A 10-K is plain in appearance and uses simple words but is more detailed since the disclosure of certain information is required by law. 10-K reports can be dressed up to serve as an annual report.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide , a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University , where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon , Nasdaq and Forbes .

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U.S. Government Accountability Office

2024 Annual Report: Additional Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Billions of Dollars in Financial Benefits

Each year, GAO reports on federal programs with fragmented, overlapping, or duplicative goals or actions, and we have suggested hundreds of ways to address those problems, reduce costs, or boost revenue. In our 14th annual report, we identified 112 new matters for congressional consideration and recommendations to agencies to help address these findings.

Congressional and agency action in these areas has yielded about $667 billion in cost savings and revenue increases. Addressing remaining matters and recommendations could save tens of billions more dollars and improve government services.

What GAO Found

GAO identified 112 new matters and recommendations in 42 new topic areas for Congress or federal agencies to improve the efficiency and effectiveness of government. For example:

The Defense Counterintelligence and Security Agency should ensure its working capital fund cash balance is within its operating range, potentially saving its federal customers hundreds of millions of dollars through reduced prices.
Congress and the Internal Revenue Service should take action to improve sole proprietor tax compliance, which could increase revenue by hundreds of millions of dollars per year .
Agencies could save one hundred million dollars or more by using predictive models to make investment decisions on deferred maintenance and repair for federal buildings and structures.
Congress should consider taking action that could help the Armed Forces Retirement Home address financial shortfalls to reduce the risk of exhausting the trust fund that supports it and potentially generate revenue of one hundred million dollars or more over 10 years .
Federal agencies need building utilization benchmarks to help them identify and reduce underutilized office space, which could save ten million dollars or more over 5 years .
The Department of Defense should reduce the risk of overlapping management activities and potentially save ten million dollars or more over 5 years in medical facility management by continuing its efforts to reevaluate its market structure and establishing performance goals.
Congress could close regulatory gaps and seven federal financial regulators should improve coordination to better manage fragmented efforts to identify and mitigate risks posed by blockchain applications in finance.
The Office of Science and Technology Policy should facilitate the sharing of information about identifying foreign ownership of research entities to better manage fragmentation of federal efforts to help safeguard federally funded research from foreign threats.

As of March 2024, Congress and agencies had fully addressed 1,341 (66 percent) of the 2,018 matters and recommendations GAO identified from 2011-2024 and partially addressed 139 (about 7 percent). This has resulted in financial and other benefits, such as improved interagency coordination and reduced mismanagement, fraud, waste, and abuse.

As shown in the figure below, these efforts have cumulatively resulted in about $667 billion in financial benefits, an increase of about $71 billion from GAO's last report on this topic. These are rough estimates based on a variety of sources that considered different time periods and used different data sources, assumptions, and methodologies.

Total Financial Benefits of $667.5 Billion Identified in GAO's 2011-2024 Duplication and Cost Savings Annual Reports

Further steps are needed to fully address the matters and recommendations GAO identified from 2011 to 2024. Of the 549 open matters and recommendations, 162 (about 30 percent) have the potential for financial benefits. Legislation was introduced in the 117th or 118th Congress to address 31 (about 41 percent) of the 76 open matters. As of March 2024, legislation had not been enacted, and those matters remained open. While GAO is no longer tracking 128 matters and recommendations due to changing circumstances, GAO estimates that fully addressing the remaining open matters and recommendations could yield financial benefits of tens of billions of dollars and improved government services, among other benefits. For example:

Examples of Open Topic Areas with Potential Financial Benefits

Legend: * = Legislation is likely to be necessary to fully address all matters or recommendations in this topic area.

Source: GAO. | GAO-24-106915

a If FirstNet sunsets, it is unclear what will happen to the remaining $15 billion in scheduled annual payments, which FirstNet currently has authority to collect and reinvest.

Note: The potential financial benefits shown in this table represent estimates of amounts GAO or others believe could accrue if steps are taken to implement the actions described. The estimates are dependent on various factors, such as whether action is taken and how it is taken. Realized financial benefits may be less, depending on costs associated with implementing the action, unintended consequences, and the effect of controlling for other factors. The individual estimates in this table should be compared with caution, as they come from a variety of sources, which consider different time periods and use different data sources, assumptions, and methodologies.

Why GAO Did This Study

GAO annually reports on federal programs, agencies, offices, and initiatives–either within departments or government-wide–that have duplicative goals or activities. As part of this work, GAO also identifies additional opportunities for greater efficiency and effectiveness that result in cost savings or enhanced revenue collection.

This report discusses new opportunities to achieve billions of dollars in financial savings and improve the efficiency and effectiveness of a wide range of federal programs.

It also evaluates the status of previous matters for congressional consideration and recommendations for federal agencies related to the Duplication and Cost Savings body of work.

In addition, this report provides examples of open matters to Congress and recommendations to federal agencies where further implementation steps could yield significant financial and other benefits.

GAO's Duplication and Cost Savings website provides information on the body of work.

For more information, contact Jessica Lucas-Judy at (202) 512-6806 or [email protected] or Michelle Sager at (202) 512-6806 or [email protected] .

Full Report

Gao contacts.

Jessica Lucas-Judy Director [email protected] (202) 512-6806

Michelle Sager Managing Director [email protected] (202) 512-6806

Office of Public Affairs

Chuck Young Managing Director [email protected] (202) 512-4800

What is inflation? What causes it? Here's how it's defined and what the latest report means

The latest inflation readings showed a mixed bag as drops in grocery and used car prices balanced out increases in rent and gasoline.

Overall prices increased 3.4% from a year earlier, down from 3.5% in March, according to the Bureau of Labor Statistic's consumer price index , a gauge of goods and services costs throughout the economy. Meanwhile, on a monthly basis, costs rose 0.3%, below the 0.4% rise the previous month but above the 0.1% to 0.2% readings that prevailed last fall.

Grocery prices dropped 0.2% after flatlining the previous two months, gasoline prices rose 2.8% and used car prices declined by 1.4%. Rent, measured in March, rose .4% month over month.

Core prices, which strip out volatile food and energy items and are watched more closely by the Fed, increased 0.3% after three straight 0.4% bumps. Annual inflation by that measure fell to 3.6%, the lowest reading since April 2021.

The Federal Reserve's goal for annual inflation is 2%.

Protect your assets: Best high-yield savings accounts of 2023

But what is inflation? Why does it matter? Here's what you need to know.

What is inflation?

Inflation is the decline of purchasing power in an economy caused by rising prices, according to Investopedia .

The root of inflation is an increase in an economy's money supply that allows more people to enter markets for goods, driving prices higher.

Inflation in the United States is measured by the Consumer Price Index (CPI), which bundles together commonly purchased goods and services and tracks the change in prices.

A slowdown in inflation is called disinflation and a reduction in prices is called deflation .

What causes inflation?

Inflationary causes include:

Demand pull : An inflationary cycle caused by demand outpacing production capabilities that leads to prices rising
Cost-push effect : An inflationary effect where production costs are pushed into the final cost
Built-in inflation : An increase in inflation as a result of people bargaining to maintain their purchasing power

Recently, some financial observers have assigned a new cause to the inflationary portfolio.

Independent financial research firm Fundstrat's head of research Tom Lee said on CNBC in March that corporate greed was a key driver to inflation.

What is hyperinflation?

Hyperinflation is the rapid and uncontrolled increase of inflation in an economy, according to Investopedia .

The phenomenon is rare but when it occurs, the effects are devastating. Hyperinflation in Yugoslavia caused people to barter for goods instead of using the country's currency, which would be replaced by the German mark to stabilize the economy.

Hungary experienced a daily inflation rate of 207% between 1945 and 1946, the highest ever recorded.

Consumer Price Index month over month

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How to Read a 10-K/10-Q

If you want to follow or invest in a U.S. public company, you can find a wealth of information in the company’s annual reports on Form 10-K and quarterly reports on Form 10-Q . Among other things, the 10-K and 10-Q offer a detailed picture of a company’s business, the risks it faces, and the operating and financial results for the fiscal year or quarter, as applicable. Company management also discusses its perspective on the business results and what is driving them.

Most U.S. public companies are required to file a 10-K each year with the U.S. Securities and Exchange Commission (SEC). (Non-U.S. public companies usually file their annual reports with the SEC on different forms.) SEC rules require that 10-Ks follow a set order of topics. The Form 10-Q is required to be filed after the first, second and third fiscal quarter.

SEC rules also require companies to send an annual report to their shareholders when they are holding annual meetings to elect members of their boards of directors. There is a lot of overlap in the requirements for the 10-K and the annual report to shareholders, but there are also important differences. The 10-K typically includes more detailed information than the annual report to shareholders. The annual report to shareholders, unlike the 10-K, sometimes appears as a colorful, glossy publication. A number of companies, however, simply take their 10-K and send it as their annual report to shareholders. In those cases, the 10-K filed with the SEC and the annual report to shareholders are the same document.

The Roles of Companies and the SEC

The company prepares the 10-K and 10-Q and files it with the SEC. Laws and regulations prohibit companies from making materially false or misleading statements. Likewise, companies are prohibited from omitting material information that is needed to make the disclosure not misleading. In addition, a company’s CFO and CEO must certify to the accuracy of the 10-K and 10-Q.

The SEC does not vouch for the accuracy of a 10-K or 10-Q. The SEC sets the disclosure requirements – the topics that all companies must cover in their 10-Ks or 10-Qs, and how the information should be presented.

The SEC staff reviews 10-Ks and 10-Qs to monitor and enhance companies’ compliance with the requirements. Both the SEC and the staff also provide interpretive advice about the disclosure requirements. The SEC staff reviews 10-Ks and may provide comments to a company where disclosures appear to be inconsistent with the disclosure requirements or deficient in explanation or clarity. The Sarbanes Oxley Act requires the SEC to review every public company’s financial statements at least once every three years. The SEC staff may review the 10-Ks and 10-Qs of certain companies more frequently.

All 10-Ks and 10-Qs filed with the SEC are available to the public on the SEC’s EDGAR website. Most companies also post their 10-Ks and 10-Qs on their own websites.

Items in the Annual Report on Form 10-K

Item 1 “Business” requires a description of the company’s business, including its main products and services, what subsidiaries it owns, and what markets it operates in. This section may also include information about recent events, competition the company faces, regulations that apply to it, labor issues, special operating costs, or seasonal factors. This is a good place to start to understand how the company operates.

Item 1A “Risk Factors” includes information about the most significant risks that apply to the company or to its securities. Companies generally list the risk factors in order of their importance. In practice, this section focuses on the risks themselves, not how the company addresses those risks. Some risks may be true for the entire economy, some may apply only to the company’s industry sector or geographic region, and some may be unique to the company.

Item 1B “Unresolved Staff Comments” requires the company to explain certain comments it has received from the SEC staff on previously filed reports that have not been resolved after an extended period of time. Check here to see whether the SEC has raised any questions about the company’s statements that have not been resolved.

Item 2 “ Properties” includes information about the company’s significant physical properties, such as principal plants, mines and other materially important physical properties.

Item 3 “Legal Proceedings” requires the company to include information about significant pending lawsuits or other legal proceedings, other than ordinary litigation.

Item 4 ”Mine Safety Disclosures” requires disclosure, if applicable, of. Information concerning mine safety violations, among other things.

Item 5 “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities” requires information about the company’s equity securities, including market information, the number of holders of the shares, dividends, stock repurchases by the company, and similar information.

Item 6 This item has no required information, but is reserved by the SEC for future rulemaking. Prior to February 2021, however, this item was titled “Selected Financial Data” and required summarized financial data about the company for the last five years.

Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” gives the company’s perspective on the business results of the past financial year. This section, known as the MD&A for short, allows company management to tell its story in its own words. The MD&A presents:

The company’s operations and financial results, including information about the company’s liquidity and capital resources and any known trends or uncertainties that could materially affect the company’s results. This section may also discuss management’s views of key business risks and what it is doing to address them.
Material changes in the company’s results compared to a prior period.
Critical accounting judgments, such as estimates and assumptions. These accounting judgments – and any changes from previous years – can have a significant impact on the numbers in the financial statements, such as assets, costs, and net income.

Item 7A “Quantitative and Qualitative Disclosures about Market Risk” requires information about the company’s exposure to market risk, such as interest rate risk, foreign currency exchange risk, commodity price risk or equity price risk. The company may discuss how it manages its market risk exposures.

Item 8 “Financial Statements and Supplementary Data” requires the company’s audited financial statements. This includes the company’s income statement (which is sometimes called the statement of earnings or the statement of operations), balance sheets, statement of cash flows and statement of stockholders’ equity. The financial statements are accompanied by notes that explain the information presented in the financial statements.

U.S. companies are required to present their financial statements according to a set of accounting standards, conventions and rules known as Generally Accepted Accounting Principles, or GAAP. An independent accountant audits the company’s financial statements. For large companies, the independent accountant also reports on a company’s internal controls over financial reporting.

The auditor’s report is a key part of the 10-K. Most audit reports express an “unqualified opinion” that the financial statements fairly present the company’s financial position in conformity with GAAP. If, however, an auditor expresses a “qualified opinion” or a “disclaimer of opinion,” investors should look carefully at what kept the auditor from expressing an unqualified opinion. Likewise, investors should carefully evaluate material weaknesses disclosed on internal controls over financial reporting.

In addition, a company’s CEO and CFO must certify that the 10-K is both accurate and complete. These are called Sections 302 and 906 certifications, and you can usually find them in Exhibits 31 and 32.

You may also find “non-GAAP financial measures” in the 10-K. That means that the numbers do NOT conform to GAAP. While companies are permitted to present non-GAAP measures, they must also show how they differ from the most comparable corresponding GAAP financial measure. As an investor, it is up to you to decide how much weight to give to non-GAAP measures.

Item 9 “Changes in and Disagreements with Accountants on Accounting and Financial Disclosure” requires a company, if there has been a change in its accountants, to discuss any disagreements it had with those accountants. Many investors view this disclosure as a red flag.

Item 9A “Controls and Procedures” includes information about the company’s disclosure controls and procedures and its internal control over financial reporting.

Item 9B “Other Information” includes any information that was required to be reported on a Form 8-K during the fourth quarter of the year covered by the 10-K, but was not yet reported.

These items cover the following topics:

Item 10 “Directors, Executive Officers and Corporate Governance” requires information about the background and experience of the company’s directors and executive officers, the company’s code of ethics, and certain qualifications for directors and committees of the board of directors.

Item 11 “Executive Compensation” includes detailed disclosure about the company’s compensation policies and programs and how much compensation was paid to the top executive officers of the company in the past year.

Item 12 “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” requires information about the shares owned by the company’s directors, officers and certain large shareholders, and about shares covered by equity compensation plans.

Item 13 “Certain Relationships and Related Transactions, and Director Independence” includes information about relationships and transactions between the company and its directors, officers and their family members. It also includes information about whether each director of the company is independent.

Item 14 “Principal Accountant Fees and Services” requires companies to disclose the fees they paid to their accounting firm for various types of services during the year. Although these disclosures are required by the 10-K, most companies meet this requirement by providing the information in a separate document called the proxy statement, which companies provide to their shareholders in connection with annual meetings. If the information is provided through the proxy statement, the 10-K would include a statement from the company that it is incorporating the information from the proxy statement by reference – in effect directing readers to go to the proxy statement document to find this information. Keep in mind that the proxy statement is typically filed a month or two after the 10-K.

Item 15 “Exhibits, Financial Statement Schedules” requires a list of the financial statements and exhibits included as part of the Form 10-K. Many exhibits are required, including documents such as the company’s bylaws, copies of its material contracts, and a list of the company’s subsidiaries.

Items in the Quarterly Report on Form 10-Q

The Form 10-Q provides similar but more abbreviated disclosure than the Form 10-K and as it relates to the applicable fiscal quarter. There are fewer item disclosures than in the Form 10-K.

The Form 10-Q includes items relating to “Financial Statements,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Quantitative and Qualitative Disclosures About Market Risk,” “Controls and Procedures,” “Legal Proceedings” and “Risk Factors.” See the above discussion for a summary of the information disclosed in these items.

Additional Resources

Visit “ Using EDGAR to Research Investments ” to learn how to use our EDGAR system including to find a company’s Form 10-K.

For additional educational information for investors, see the SEC Office of Investor Education and Advocacy’s website for investors, Investor.gov .

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Watch CBS News

Inflation eases to 3.4% in boost for the Federal Reserve

By Aimee Picchi

Edited By Anne Marie Lee

Updated on: May 15, 2024 / 1:23 PM EDT / CBS News

The Consumer Price Index rose 3.4% in April on an annual basis, signaling a slight moderation after hotter-than-expected price hikes at year start.

That was in line with a forecast for a 3.4% increase from economists polled by financial services company FactSet. It's also slightly cooler than March's 3.5% inflation bump.

Wall Street is closely watching Wednesday's CPI report for signs that the Federal Reserve's battle against inflation is regaining some ground after prices ticked higher in the first three months of 2024. Stubborn inflation has prompted the Federal Reserve to push back expectations for rate cuts in 2024, with Fed Chair Jerome Powell saying the central bank prefers to keep rates high until inflation retreats to about 2% on an annual basis, rather than risk cutting too early and fueling another bout of price spikes.

"The modest turn in the right direction has markets pricing in some extra policy easing this year from the Fed, but it's still another strong piece of data and we're still waiting on the return of a genuine disinflationary trend," said Kyle Chapman, FX markets analyst at Ballinger Group, in an email.

"Cuts are still on in the autumn, but I don't expect today's softer signals to materially change the narrative," he added.

Housing and gas prices contributed more than 70% of April's monthly increase, the BLS said. The so-called shelter portion of the CPI jumped 5.5% last month on an annualized basis. Gas prices gained 2.8% compared with March.

Housing, which represents about one-third of the CPI, could continue to be a thorn in the Fed's side throughout 2024. That's because the so-called shelter portion of the CPI is reflecting the price shock of people who are moving into new apartments after remaining in place for years, Zillow chief economist Skylar Olsen told CBS MoneyWatch.

Those renters are likely to pay a sharp increase for housing as they move from lower-cost apartments to market-rate rents, she added.

Wages are outpacing inflation

Even though Americans remain gloomy about the economy due in large part to elevated prices, there's one major bright spot: Wages are continuing to outpace inflation.

Average weekly earnings rose 3.9% in April, ahead of the 3.4% increase in prices, the BLS said on Wednesday.

"[W]age growth is a key indicator of how well the average worker's wage can improve their standard of living," wrote Elise Gould, senior economist at the left-leaning Economic Policy Institute, in a Wednesday blog post. "As inflation continues to normalize, I'm optimistic more workers will experience real gains in their purchasing power."

On Tuesday, Fed Chair Jerome Powell reiterated that he expects inflation to ultimately reach the central bank's 2% target. But in remarks during a panel discussion in Amsterdam, Powell acknowledged that his confidence in that forecast has weakened after three straight months of elevated price readings.

The Fed's policymakers have raised their key interest rate to a 23-year high of 5.3% in an effort to quell rising prices. Inflation has fallen sharply from 9.1% in the summer of 2022 but is higher now than in June 2023, when it first touched 3%.

—With reporting by the Associated Press.

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets including USA Today and Consumer Reports.

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More From Forbes

April’s cpi report keeps hopes of 2024 interest rate cuts alive.

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Jerome Powell, chairman of the US Federal Reserve, during a news conference following a Federal Open ... [+] Market Committee (FOMC) meeting in Washington, DC, US, on Wednesday, May 1, 2024. The Federal Reserve signaled fresh concerns about inflation as it reaffirmed it needs more evidence that price gains are cooling before cutting interest rates from a two-decade high. Photographer: Al Drago/Bloomberg

April’s Consumer Price Index report signals that inflation could be easing from higher levels reported for February and March. However, inflation in 2024 so far remains higher than the low inflation reported in late 2023.

Overall, April’s inflation figures certainly preserve hopes for lower interest rates in 2024. Despite this development, more data will likely be needed to give the Federal Open Market Committee confidence that inflation is moving to toward its 2% annual inflation target.

Recent Inflation Figures

In April 2024, CPI inflation rose 0.3% and remained at 0.3% with food and energy removed. That’s lower than the 0.4% headline monthly increases in February and March, but above the 0.1% to 0.2% inflation seen frequently in the second half of 2023. The FOMC’s annual inflation target of 2% broadly corresponds to inflation running just under a 0.2% monthly rate.

April’s inflation data suggests that the inflation picture may be improving but is not yet fully on track for the FOMC’s target. Importantly, core inflation fell to a 3.6% annual rate in April. That’s the lowest level for this metric since the inflation surge bargain in March 2021. Headline inflation remains more mixed at 3.4% and remains above levels seen periodically in 2023. Core CPI inflation appears to have returned to a relatively consistent declining trend. In contrast, headline inflation has moved sideways in a fairly narrow range since last summer.

Components Of Inflation

Shelter as a key component of the CPI calculation did not cool as much as optimists might have hoped in April’s report. It rose 0.4% for the month of April, which is comparable with recent months and is rising at a 5.5% annual rate. If shelter costs were to cool, that might enable inflation to reach the FOMC’s 2% target.

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Elsewhere, vehicle prices continue to decline and food away from home saw price declines, too. Generally, inflation pressure continues to come mostly from services. Transportation services, especially car insurance, are seeing steep price increases. However, medical and household services are showing signs of cooling prices.

Future Inflation Releases

Upcoming inflation releases may be more encouraging for the FOMC. That’s according to the latest nowcast models from the Cleveland Fed. The Personal Consumption Expenditures Price Index will be updated for April on May 31. Nowcast models project the monthly PCE price index increase to increase by 0.1% to 0.2%, which would likely be viewed favorably by FOMC officials.

For the next CPI Report covering the month of May, nowcasts currently expect a 0.1% monthly increase in headline inflation and a 0.3% rise in core inflation. If that nowcast holds, it may be less comforting to FOMC officials, but still suggests inflation is relatively contained.

Upcoming Fed Meetings

With the jobs market performing relatively well, the FOMC is inclined to take a wait-and-see approach to upcoming inflation data. The FOMC wants more evidence that inflation is on track to hit 2%. Rates are expected to be held steady at the Fed’s upcoming June meeting . However, fixed income markets still view up to two interest rate cuts in 2024 as the likely outcome. The April CPI report contains some encouraging signs, suggesting we could see interest rate cuts later this year.

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DEA Releases 2024 National Drug Threat Assessment

WASHINGTON – Today, DEA Administrator Anne Milgram announced the release of the 2024 National Drug Threat Assessment (NDTA), DEA’s comprehensive strategic assessment of illicit drug threats and trafficking trends endangering the United States.

For more than a decade, DEA’s NDTA has been a trusted resource for law enforcement agencies, policy makers, and prevention and treatment specialists and has been integral in informing policies and laws. It also serves as a critical tool to inform and educate the public.

DEA’s top priority is reducing the supply of deadly drugs in our country and defeating the two cartels responsible for the vast majority of drug trafficking in the United States. The drug poisoning crisis remains a public safety, public health, and national security issue, which requires a new approach.

“The shift from plant-based drugs, like heroin and cocaine, to synthetic, chemical-based drugs, like fentanyl and methamphetamine, has resulted in the most dangerous and deadly drug crisis the United States has ever faced,” said DEA Administrator Anne Milgram. “At the heart of the synthetic drug crisis are the Sinaloa and Jalisco cartels and their associates, who DEA is tracking world-wide. The suppliers, manufacturers, distributors, and money launderers all play a role in the web of deliberate and calculated treachery orchestrated by these cartels. DEA will continue to use all available resources to target these networks and save American lives.”

Drug-related deaths claimed 107,941 American lives in 2022, according to the Centers for Disease Control and Prevention (CDC). Fentanyl and other synthetic opioids are responsible for approximately 70% of lives lost, while methamphetamine and other synthetic stimulants are responsible for approximately 30% of deaths.

Fentanyl is the nation’s greatest and most urgent drug threat. Two milligrams (mg) of fentanyl is considered a potentially fatal dose. Pills tested in DEA laboratories average 2.4 mg of fentanyl, but have ranged from 0.2 mg to as high as 9 mg. The advent of fentanyl mixtures to include other synthetic opioids, such as nitazenes, or the veterinary sedative xylazine have increased the harms associated with fentanyl. Seizures of fentanyl, in both powder and pill form, are at record levels. Over the past two years seizures of fentanyl powder nearly doubled. DEA seized 13,176 kilograms (29,048 pounds) in 2023. Meanwhile, the more than 79 million fentanyl pills seized by DEA in 2023 is almost triple what was seized in 2021. Last year, 30% of the fentanyl powder seized by DEA contained xylazine. That is up from 25% in 2022.

Social media platforms and encrypted apps extend the cartels’ reach into every community in the United States and across nearly 50 countries worldwide. Drug traffickers and their associates use technology to advertise and sell their products, collect payment, recruit and train couriers, and deliver drugs to customers without having to meet face-to-face. This new age of digital drug dealing has pushed the peddling of drugs off the streets of America and into our pockets and purses.

The cartels have built mutually profitable partnerships with China-based precursor chemical companies to obtain the necessary ingredients to manufacturer synthetic drugs. They also work in partnership with Chinese money laundering organizations to launder drug proceeds and are increasingly using cryptocurrency.

Nearly all the methamphetamines sold in the United States today is manufactured in Mexico, and it is purer and more potent than in years past. The shift to Mexican-manufactured methamphetamine is evidenced by the dramatic decline in domestic clandestine lab seizures. In 2023, DEA’s El Paso Intelligence Center (EPIC) documented 60 domestic methamphetamine clandestine lab seizures, which is a stark comparison to 2004 when 23,700 clandestine methamphetamine labs were seized in the United States.

DEA’s NDTA gathers information from many data sources, such as drug investigations and seizures, drug purity, laboratory analysis, and information on transnational and domestic criminal groups.

It is available DEA.gov to view or download.

IMAGES

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COMMENTS

How to Read a 10-K
How to Read a 10-K. If you want to follow or invest in a U.S. public company, you can find a wealth of information in the company's annual report on Form 10-K. Among other things, the 10-K offers a detailed picture of a company's business, the risks it faces, and the operating and financial results for the fiscal year.
Where to Find a 10-K
A 10-K is a comprehensive report filed annually by a publicly-traded company about its financial performance and is required by the U.S. Securities and Exchange Commission (SEC).
Form 10-K
The federal securities laws require publicly reporting companies to disclose information on an ongoing basis. For example, domestic companies must submit annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K for a number of specified events and must comply with a variety of other disclosure requirements.. The annual report on Form 10-K provides a ...
How to Read a 10-K
How to Read a 10-K. An investor can find a wealth of information in a company's Form 10-K. Filed annually, the 10-K offers a detailed picture of what the company does, and the risks it faces. It also includes the company's financial report. The 10-K includes these sections: " Business " describes the company's main products and services.
Form 10-K for Beginners: Understanding Corporate Filings
A Form 10-K is an annual report detailing a public company's business and financial condition. 10-Ks are useful for investors because they give a comprehensive look at how a company is performing ...
Read Form 10-K to Help You Pick Better Stocks
Form 10-K includes the annual financial statements — the balance sheet, income statement (statement of earnings), statement of retained earnings and statement of cash flows — for the current ...
Form 10-K
A Form 10-K is an annual report required by the U.S. Securities and Exchange Commission (SEC), that gives a comprehensive summary of a company's financial performance. Although similarly named, the annual report on Form 10-K is distinct from the often glossy "annual report to shareholders," which a company must send to its shareholders when it holds an annual meeting to elect directors (though ...
What Is Form 10-K?
A Form 10-K is an annual report that all public companies must file with the Securities and Exchange Commission. It gives investors a detailed picture of a company's financial situation, and also can highlight future risks. Form 10-K is available free from a company's website and the SEC's EDGAR database of public filings.
Form 10-K
In the form 10-K filing, the three "core" financial statements can be found, which are the: Income Statement. Cash Flow Statement. Balance Sheet. Additionally, there are two other important filings: Statement of Shareholders' Equity. Statement of Comprehensive Income.
How To Read a Company 10-K
Using 10-K Information for Stock Analysis. What a 10-K Doesn't Tell You. 10-K and ESG Disclosures. The Bottom Line. Frequently Asked Questions (FAQs) Photo: Morsa Images / Getty Images. Form 10-K is the annual report a public company has to submit to the SEC. They are often lengthy, so it's beneficial to know what to look for and where.
Annual Report vs. 10-K: What's the Difference?
The 10-K is generally more detailed than the annual report but lacks photos and graphics. The annual report is a user-friendly publication, while the 10-K is intended for investors and analysts ...
Form 10-K
A 10-K is a form publicly traded companies file annually with the Securities and Exchange Commission (SEC). The form provides investors with various details about a company, including its history, senior management, financials, and risk factors. Only publicly-traded companies are legally required to disclose their financial information, and so ...
Amazon.com, Inc.
2024 Proxy Statement and Annual Meeting Information; SEC Filings Details. Document Details. Form: 10-K. Filing Date: Feb 04, 2022. Form Description: Annual Report. Filing Formats. Download PDF (opens in new window) Download XLS (opens in new window) Download ZIP (opens in new window)
Annual Filings (10-K) :: The Coca-Cola Company (KO)
03/18/24. ARS. Annual report to security holders. 148. 02/20/24. 10-K. Annual report pursuant to Section 13 and 15 (d) Documents.
SEC Filings
Annual & Quarterly Reports 10-K & 10-Q. Current Reports 8-K. Section 16 Filings Forms 3, 4, 5. Proxy Filings Registration Statements ... Statement of changes in beneficial ownership of securities. Acc-no: 0000950170-24-054842. HTML; PDF; May 07, 2024. DEFA14A
Annual Reports :: Bank of America Corporation (BAC)
ARS. Annual report to security holders. PDF of Bank of America ARS (0000070858-24-000135) (opens in a new window) 236. 02/20/24. 10-K. Annual report pursuant to Section 13 and 15 (d) 02/20/24 10-K Documents. EX-4.30.
2024 Annual Report: Additional Opportunities to Reduce Fragmentation
In our 14th annual report, we identified 112 new matters for congressional consideration and recommendations to agencies to help address these findings. Congressional and agency action in these areas has yielded about $667 billion in cost savings and revenue increases. Addressing remaining matters and recommendations could save tens of billions ...
What is the definition of inflation? What causes it? What to know
Annual inflation by that measure fell to 3.6%, the lowest reading since April 2021. The Federal Reserve's goal for annual inflation is 2%. Protect your assets: Best high-yield savings accounts of 2023
Social Security: Selected Findings of the 2024 Annual Report
The 2024 report projects a long-range funding shortfall. The funding shortfall is largely a result of rising costs over the 75-year projection period, primarily due to demographic trends. The ratio of OASDI beneficiaries per 100 covered workers, a common indicator of rising costs, is projected to remain the same as that in the 2023 annual report.
How to Read a 10-K/10-Q
The annual report to shareholders, unlike the 10-K, sometimes appears as a colorful, glossy publication. A number of companies, however, simply take their 10-K and send it as their annual report to shareholders. In those cases, the 10-K filed with the SEC and the annual report to shareholders are the same document. The Roles of Companies and ...
Inflation eases to 3.4% in boost for the Federal Reserve
Inflation slows in April, gas and housing prices still up in latest CPI report 03:00. The Consumer Price Index rose 3.4% in April on an annual basis, signaling a slight moderation after hotter ...
PDF Investor Bulletin: How to Read a 10-K
The 10-K typically includes more detailed information than the annual report to shareholders. The annual report to shareholders, unlike the 10-K, sometimes appears as a colorful, glossy publication. A number of companies, however, simply take their 10-K and send it as their annual report to shareholders. In those cases, the 10-K filed with the ...
April's CPI Report Keeps Hopes Of 2024 Interest Rate Cuts Alive
In April 2024, CPI inflation rose 0.3% and remained at 0.3% with food and energy removed. That's lower than the 0.4% headline monthly increases in February and March, but above the 0.1% to 0.2% ...
DEA Releases 2024 National Drug Threat Assessment
Phone Number: (571) 776-2508. WASHINGTON - Today, DEA Administrator Anne Milgram announced the release of the 2024 National Drug Threat Assessment (NDTA), DEA's comprehensive strategic assessment of illicit drug threats and trafficking trends endangering the United States. For more than a decade, DEA's NDTA has been a trusted resource for ...
Texas Education Agency Releases Annual Report for 2023
The TEA Annual Report serves as a valuable resource for policymakers, educators, and families. AUSTIN, Texas - January 29, 2024 - The Texas Education Agency (TEA) announced today the release of the Annual Report for 2023. This comprehensive report provides a detailed overview of the state of public education in Texas, highlighting the initiatives and collaborative efforts that help ensure ...
Average annual child care costs twice as much as rent in 11 states and
Nationwide, the average annual cost of care rose to $11,582 per child last year, up 3.7% from the prior year. It was the smallest annual increase since the pandemic began and trailed inflation.

Form 10-K for Beginners: Understanding Corporate Filings

What is Form 10-K?

Business overview

Risk factors

Legal proceedings

Management's discussion and analysis of financial condition and results of operations (MD&A)

Financial Statements and Supplementary Data

Executive Compensation

Other sections

How to Read Form 10-K

Where to find a company's Form 10-K

Form 10-K Frequently Asked Questions

How To Read a Company 10-K

What Is a 10-K?

What a 10-K Doesn’t Tell You

Key Takeaways

10-K Part I

10-K Part II

10-K Part III

10-K Part IV

How To Use 10-K Information for Stock Analysis

How do I find a Form 10-K?

What are the most important items on a 10-K?

When must Form 10-K be submitted to the SEC?

Annual Report

Annual Report vs. 10-K: What's the Difference?

Annual Report vs. 10-K: An Overview

Key Takeaways

What Does 10-K Stand For?

What Is the 10-K Filing Deadline?

How to Read Assets on a 10-K Report?

Why Is a 10-K Report Called a 10-K?

Written by True Tamplin, BSc, CEPF®

Get Any Financial Question Answered

Parts of a 10-K

Reading the 10-K

What is the Difference Between 10-K and Annual Report?

What is a 10-K?

What sort of information is in a 10-K form?

Why do publicly traded companies have to publish a 10-K?

What is the most important part of a 10-K?

What is the difference between a 10-K and an annual report?

True Tamplin, BSc, CEPF®

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2024 Annual Report: Additional Opportunities to Reduce Fragmentation, Overlap, and Duplication and Achieve Billions of Dollars in Financial Benefits

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