SEC Moves to End Mandatory Quarterly Reports, Eyes Semiannual Option

The U.S. SEC is preparing a proposal to allow companies to report earnings semi-annually instead of quarterly, a major shift in disclosure rules.

This change follows a request from the President and mirrors similar moves in Europe, aiming to reduce the reporting burden on companies.

While it could save costs for smaller firms, investors worry it might lead to less transparency and bigger stock price shocks when news is released.

The U.S. is on the verge of its biggest change to corporate reporting rules in decades.

The Securities and Exchange Commission, or SEC, is reportedly drafting a proposal to make the mandatory quarterly earnings report, known as Form 10-Q, optional. This would give public companies the choice to report their financial health just twice a year.

This isn't a sudden move, though. The news, first reported by the Wall Street Journal in March 2026, is the culmination of months of clear signals. First, this potential change has been telegraphed for some time. The SEC's own 2026 agenda mentioned "rationalizing disclosure," and legal experts had already flagged April 2026 as a likely target for this very proposal.

Second, the political will for this change has been building. In September 2025, the President publicly called for an end to quarterly reporting to promote long-term thinking over short-term gains. This prompted SEC Chair Paul Atkins, appointed earlier that year, to vow he would "fast-track" a proposal to make this happen.

Third, the U.S. wouldn't be the first to do this. The European Union and the United Kingdom both scrapped mandatory quarterly reporting back in 2013 and 2014. Proponents of the change in the U.S. often point to these examples as proof that markets can adapt to a new rhythm of information flow.

So, what would this mean for investors? The primary concern is transparency. With official reports coming only twice a year, there could be long information gaps. This might lead to less frequent but much larger stock price swings when results are finally announced. It could also create a two-tiered system: large, highly-followed companies might continue providing quarterly updates voluntarily to satisfy investors, while smaller companies, eager to cut costs, would likely switch to the semi-annual schedule.

The official proposal is expected around April 2026. What follows will be a period of public comment and intense debate, pitting the corporate desire for less burden against investor demands for timely information.

SEC (Securities and Exchange Commission): The U.S. government agency responsible for protecting investors and maintaining fair, orderly, and efficient markets.
Form 10-Q: A comprehensive report of a company's performance that must be submitted quarterly to the SEC by publicly traded companies.
Reg FD (Regulation Fair Disclosure): An SEC rule that prohibits public companies from disclosing material nonpublic information to select individuals (like analysts or large investors) before disclosing it to the general public.

SEC Moves to End Mandatory Quarterly Reports, Eyes Semiannual Option

The U.S. SEC is preparing a proposal to allow companies to report earnings semi-annually instead of quarterly, a major shift in disclosure rules.

This change follows a request from the President and mirrors similar moves in Europe, aiming to reduce the reporting burden on companies.

While it could save costs for smaller firms, investors worry it might lead to less transparency and bigger stock price shocks when news is released.

The U.S. is on the verge of its biggest change to corporate reporting rules in decades.

SEC (Securities and Exchange Commission): The U.S. government agency responsible for protecting investors and maintaining fair, orderly, and efficient markets.
Form 10-Q: A comprehensive report of a company's performance that must be submitted quarterly to the SEC by publicly traded companies.
Reg FD (Regulation Fair Disclosure): An SEC rule that prohibits public companies from disclosing material nonpublic information to select individuals (like analysts or large investors) before disclosing it to the general public.