Why Foreign Companies Don't File 10-Q (And What They File Instead)
If you've ever searched for a 10-Q from ASML, Novo Nordisk, or Alibaba and come up empty, you're not alone. Foreign companies have completely different SEC filing requirements—and understanding them is essential for investing in international stocks.
Why Foreign Companies Don't File 10-Q (And What They File Instead)
Last Updated: December 25, 2024
If you've searched SEC EDGAR for a 10-Q from ASML, Novo Nordisk, or Alibaba, you've discovered an uncomfortable truth: there isn't one.
Foreign companies trading on US exchanges don't file 10-Q quarterly reports. They have completely different SEC filing requirements—and understanding them is essential if you invest in international stocks.
Quick Answer: Foreign Private Issuers (FPIs) file Form 20-F annually instead of 10-K, and Form 6-K optionally for quarterly updates instead of mandatory 10-Q. The 6-K is a catch-all form used for everything from earnings releases to governance notices, making it harder to find the information you need.
The US Domestic Filing System (What You're Used To)
For US companies like Apple, Microsoft, or JPMorgan, SEC filings follow a predictable pattern:
| Report | Frequency | Deadline | Content |
|---|---|---|---|
| 10-Q | Quarterly (Q1, Q2, Q3) | 40-45 days after quarter-end | Unaudited financials, MD&A |
| 10-K | Annual | 60-90 days after fiscal year-end | Audited financials, full disclosure |
| 8-K | As needed | 4 business days after event | Material events |
This system is mandatory and standardized. You always know where to look and what to expect.
Foreign Private Issuers: A Different World
Foreign companies registered with the SEC as Foreign Private Issuers (FPIs) operate under different rules:
| Report | Frequency | Deadline | Key Difference |
|---|---|---|---|
| 20-F | Annual | 4 months after fiscal year-end | Equivalent to 10-K, but different section numbering |
| 6-K | Optional | Variable | No quarterly equivalent—same form for everything |
The critical difference: quarterly reporting via 6-K is optional, not mandatory. The SEC allows this because FPIs already comply with their home country's disclosure requirements.
Why the exemption exists: The SEC's rationale is that requiring foreign companies to duplicate US quarterly disclosure requirements would be overly burdensome and could discourage international companies from listing in the US. FPIs follow their home country standards and furnish material information as needed.
The 6-K Problem: One Form for Everything
Here's where it gets messy. Form 6-K is used for:
- Quarterly earnings releases
- Annual meeting notices
- Dividend announcements
- Share buyback updates
- Management changes
- Press releases
- Material contracts
- Regulatory filings from home country
The same form. Every time. There's no way to tell from the form type alone whether a 6-K contains quarterly financial data or a routine governance update.
What This Looks Like on SEC EDGAR
When you search for a company's 6-K filings, you might see:
| Company | 6-K Filings per Quarter | Reality |
|---|---|---|
| Novo Nordisk (NVO) | 15-20 | Most are routine notices; only 1 contains quarterly earnings |
| ASML | 1-2 | Much easier to track, but still different from 10-Q |
| Alibaba (BABA) | 15-20 | Quarterly earnings often buried in exhibit attachments |
| Taiwan Semiconductor (TSM) | 10-15 | Mix of monthly revenue reports and quarterly results |
| ARM Holdings | 2-3 | Clean quarterly pattern, easier to follow |
This variance makes tracking foreign stocks significantly harder than domestic ones.
20-F vs 10-K: The Annual Report Differences
While 20-F and 10-K serve the same purpose, they're structured differently:
| 20-F Section | 10-K Equivalent | What to Know |
|---|---|---|
| Item 3.D (Risk Factors) | Item 1A | Often more detailed for FPIs—cross-border risks, currency exposure, regulatory jurisdiction |
| Item 5 (Operating Review) | Item 7 (MD&A) | Similar analysis, but financial statements may use IFRS instead of US-GAAP |
| Item 5.F (Off-Balance Sheet) | MD&A subsection | More prominently disclosed in 20-F |
| Item 8 (Financial Statements) | Item 8 | May be IFRS with US-GAAP reconciliation |
The 20-F also has a longer filing deadline—4 months after fiscal year-end compared to 60-90 days for 10-K. This means you wait longer for the annual report.
"Furnished" vs "Filed": A Legal Distinction That Matters
You'll notice Form 6-K documents are "furnished" to the SEC, not "filed." This isn't just semantics.
Filed documents (10-K, 10-Q, 8-K) subject the company to Section 18 liability under the Securities Exchange Act—meaning false statements can result in legal action.
Furnished documents (6-K) have a lower liability standard. Companies provide the information for investor awareness, but the legal exposure is reduced.
This distinction explains why some 6-K disclosures are less detailed than their 8-K equivalents from US companies.
The Real Challenge for Investors
If you're analyzing foreign stocks, you face several obstacles:
- No quarterly filing calendar — You can't predict when (or if) a company will file quarterly data
- Information buried in flood of filings — Finding earnings in 15+ 6-Ks requires manual review
- Different accounting standards — IFRS vs US-GAAP affects how you interpret margins, revenue, and earnings
- Exhibit hunting — Some companies put financial data in exhibit attachments, not the main document
- Inconsistent disclosure depth — What's mandatory in a 10-Q may be optional in a 6-K
How MetricDuck Simplifies FPI Analysis
We process Form 20-F and 6-K filings to extract the data you need—standardizing it alongside US domestic companies so you can compare ASML to Applied Materials, or Novo Nordisk to Eli Lilly, without manually digging through SEC EDGAR.
Our FPI coverage includes automated extraction of quarterly financial data, risk factor analysis, and segment breakdowns—regardless of whether the company files 15 6-Ks per quarter or 2.
View FPI company analysis: ASML | Novo Nordisk | Taiwan Semiconductor | Alibaba
Frequently Asked Questions
Do foreign companies file 10-Q reports?
No. Foreign Private Issuers are exempt from 10-Q quarterly filing requirements. They file Form 20-F annually and optionally furnish Form 6-K for interim updates.
What is Form 20-F?
Form 20-F is the annual report foreign companies file with the SEC. It's equivalent to a 10-K but has different section numbering and a 4-month filing deadline after fiscal year-end.
What is Form 6-K?
Form 6-K is a catch-all disclosure form for foreign companies. It's used for quarterly earnings, press releases, governance updates, and any material information. Unlike 10-Q, filing is optional.
Why don't foreign companies have to file 10-Q?
The SEC grants exemptions to Foreign Private Issuers to avoid duplicating their home country disclosure requirements. FPIs already comply with regulations in their jurisdiction of incorporation.
How do I find quarterly earnings for foreign stocks?
Search for Form 6-K filings on SEC EDGAR. Be prepared to review multiple filings—companies like Novo Nordisk file 15-20 6-Ks per quarter, with only one containing quarterly financial data.
What is a Foreign Private Issuer (FPI)?
An FPI is a non-US company that qualifies for certain SEC reporting exemptions. The primary test is that US investors don't hold more than 50% of voting shares, and the company's business/management isn't predominantly US-based.
Summary
Foreign companies don't file 10-Q because the SEC grants them Foreign Private Issuer status with different disclosure requirements. Instead of predictable quarterly filings:
- They file Form 20-F annually (like a 10-K, but with a 4-month deadline)
- They optionally furnish Form 6-K for interim updates (the same form for everything)
- Filing frequency varies wildly by company (1-2 to 15-20 per quarter)
- Quarterly earnings may be in the main document or buried in exhibits
Understanding these differences is essential for anyone investing in international stocks trading on US exchanges.
Related Reading
- How to Find Quarterly Earnings for Foreign Stocks - Step-by-step EDGAR search for 6-K quarterly results
- How to Read a 20-F Annual Report - Investor's guide to foreign company annual reports
- Form 6-K Explained: The Catch-All SEC Filing for Foreign Companies
- SEC EDGAR: Foreign Company Search
- SEC Guide to Form 20-F
- What is a Foreign Private Issuer? (SEC Definition)
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This article is part of our comprehensive Earnings Quality Hub, which covers cash flow verification, accounting red flags, and quality screening frameworks.
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- How to Read a 20-F Annual Report — Investor's guide to FPI annual filings
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