SEC proposes optional semiannual 10-S filing to replace mandatory quarterly 10-Qs

The Quarterly Earnings Calendar May Soon Be Optional

The U.S. Securities and Exchange Commission formally proposed on May 5, 2026 a rule change that would allow public companies to file semiannual reports under a new form — the 10-S — in lieu of the traditional quarterly 10-Q. The proposal, which advances a deregulatory initiative championed by President Donald Trump and SEC Chair Paul Atkins, opens a mandatory public comment period before any vote on adoption.

The proposed 10-S would cover a six-month period, replacing two of the four traditional quarterly filings. Annual 10-K reports and 8-K current-event disclosures would remain unchanged. Companies that prefer the quarterly cadence could continue filing 10-Qs; the shift is explicitly framed as optional, not mandatory.

Proponents argue the change reduces compliance costs — particularly for smaller public companies — and removes pressure on management to optimize for 90-day earnings cycles at the expense of long-term investment. Trump first proposed moving to semiannual reporting during his first term, and the current SEC has now taken a formal step toward implementation.

Critics, including some institutional investor groups and financial transparency advocates, contend that reduced reporting frequency gives insiders an informational advantage over retail investors and could obscure deteriorating financial conditions for an additional quarter before disclosure is required.

The market impact is structural: investment banks, earnings-calendar software providers, and algorithmic traders that rely on the quarterly earnings cycle would face operational changes if adoption is broad. IR departments at public companies would see a meaningful reduction in workload.

Key dates: SEC public comment period (duration TBD); Commission vote to finalize or withdraw the rule (likely 2026–2027). Full text available at SEC.gov.