Washington, D.C. (May 5, 2026) — The Securities and Exchange Commission has proposed rule and form amendments that would allow public companies to file semiannual reports instead of quarterly reports to satisfy their interim reporting obligations under federal securities laws.
Currently, public companies subject to Exchange Act Sections 13(a) or 15(d) are required to file quarterly reports on Form 10‑Q. Under the proposal, these companies could elect to file semiannual reports on a new Form 10‑S in place of Form 10‑Q.
Companies choosing the semiannual option would file one semiannual report and one annual report each fiscal year, rather than three quarterly reports and one annual report. The SEC said the proposal is intended to provide companies with flexibility to select the interim reporting frequency that best serves their business and investors.
SEC Chairman Paul S. Atkins said in a statement the current quarterly reporting framework limits companies’ ability to determine the most appropriate reporting cadence. He noted that the proposed amendments, if adopted, would provide greater regulatory flexibility while maintaining companies’ obligation to disclose material information to investors.
Under the proposal, semiannual reports on Form 10‑S would be due 40 or 45 days after the end of the first half of the fiscal year, depending on a company’s filer status. The proposal would also amend Regulation S‑X to reflect the new semiannual reporting option and to simplify certain financial statement requirements for periodic reports, registration statements, and proxy statements.
The proposing release will be published on SEC.gov and in the Federal Register. The public comment period will remain open for 60 days following publication in the Federal Register. The proposal is not final, and no changes are effective at this time.