SEC Semiannual Reporting Proposal (2026) Explainer for Companies

The SEC is considering one of the most significant changes to public company reporting requirements in decades: giving most U.S. public companies the option to file semiannual reports instead of quarterly Form 10-Qs. Under the proposal, the SEC would introduce a new Form 10-S, which would replace the first and third quarterly reports, while information covering the second half of the year would be incorporated into the annual Form 10-K.

Although the proposal has generated significant discussion, it's important to remember that this is not a final rule. The SEC is currently seeking public feedback before determining whether, and in what form, the proposal will move forward.

For CFOs, investor relations professionals, general counsel, and corporate compliance teams, however, the proposal raises important questions about future disclosure strategies, investor communications, and reporting obligations. Here's what companies should know. 
 

Quarterly vs. Semiannual Reporting at a Glance

What is Form 10-S?  

Under the SEC proposal, Form 10-S would replace the three quarterly Form 10-Q filings with a single six-month Form 10-S.

What the SEC Is Proposing

The SEC has proposed allowing eligible public companies to opt for semiannual reporting rather than requiring quarterly Form 10-Q filings.

Rather than eliminating periodic reporting, the proposal changes the cadence of required SEC filings: 

• Companies would continue filing an annual Form 10-K.
• A new Form 10-S would provide required financial reporting for the first half of the fiscal year.
• The annual Form 10-K would continue to include full-year financial results, eliminating the need for separate third-quarter Form 10-Q filings.
• Companies could still voluntarily provide interim updates through earnings releases, investor presentations, or Form 8-K filings. 

Companies that elect the semiannual reporting option would generally make that election annually in connection with their Form 10-K. Under the proposal, they would not be able to switch between quarterly and semiannual reporting during the middle of a fiscal year.

One important distinction is that the proposal affects required SEC reporting, not voluntary investor communications. Companies could continue to issue quarterly earnings releases, furnish them on Form 8-K, and hold earnings calls even if they elect semiannual reporting.
 

What This Means in Practical Terms

If adopted, companies that opt into the new framework could move from mandatory quarterly SEC reporting to required semiannual reporting.

In practice, however, many market observers expect investors and analysts will continue to expect quarterly updates. (MarketWatch)

Many public companies would likely continue to: 

• Report quarterly financial results through earnings releases (Reuters)
• Furnish those earnings releases on Form 8-K (Deloitte)
• Host quarterly earnings calls (Reuters)
• Provide guidance and other business updates throughout the year (SEC) 

This creates an important distinction between regulatory requirements and market expectations. While required SEC filings could become less frequent, investor communication may remain largely unchanged.

What This Means for Your Disclosure Strategy

For many companies, the proposal would shift how financial information is filed with the SEC, not necessarily how often investors hear from management.

Even if a company elects semiannual reporting, quarterly earnings releases furnished on Form 8-K can continue to provide timely financial updates, support earnings calls, and maintain regular engagement with investors and analysts. Companies with significant retail shareholder ownership, broad institutional investor interest, or active analyst coverage may find that regular quarterly communication remains important even if quarterly SEC filings are no longer required. As a result, many companies may view the proposal as an opportunity to streamline regulatory filings while preserving the communication cadence that key stakeholders expect.

However, any savings may vary significantly by company. Organizations that continue issuing quarterly earnings releases, hosting earnings calls, and maintaining active investor relations programs may find that overall communications budgets and internal reporting efforts change less dramatically than the reduction in SEC filing requirements alone might suggest.

Companies evaluating the proposal should think beyond compliance and consider how any reporting changes would affect their broader investor relations and disclosure strategy. 

Why the SEC Is Considering the Change

According to the SEC, potential benefits behind the proposal include:

• Reducing the reporting burden on public companies
• Encouraging greater focus on long-term business performance instead of short-term quarterly results  
• Lowering compliance costs associated with quarterly filings
• Bringing U.S. reporting practices closer to some international markets that already use semiannual (sometimes referred to as biannual) reporting
• Providing companies with greater flexibility in designing their disclosure programs  

Supporters argue that fewer mandatory filings could allow management teams to devote more time to strategic planning and long-term value creation. 

Current Status

The proposal remains in the rulemaking process. The SEC is currently accepting public comments submitted by companies, law firms, investor groups, trade associations, and other market participants. Those comments will help shape whether the proposal moves forward and whether revisions are made before any final rule is adopted.

While some observers have suggested implementation could occur in 2027 or later, no timeline has been finalized. If the SEC proceeds quickly, a final rule could potentially be adopted in time for some early-2027 annual reporting cycles, though the timing remains uncertain. 
 

How Companies and Market Participants Are Reacting

As with many regulatory proposals, industry reaction has been mixed.

Potential Benefits

Many supporters point to several possible advantages:

• Reduced compliance and reporting workload
• More flexibility in managing disclosure strategies
• Less emphasis on short-term quarterly performance
• Better alignment with reporting practices in certain international markets 

Supporters also point to potential cost savings and operational efficiencies. Preparing quarterly Form 10-Q filings often requires significant involvement from finance, legal, accounting, investor relations, and executive teams. Reducing the number of required SEC filings could lower some of those compliance-related costs and administrative burdens, particularly for smaller public companies with limited resources. 

Concerns from Investor Relations and the Market

Others have expressed concerns that reducing mandatory reporting frequency could create unintended consequences.

Common concerns include:

• Investors remain heavily accustomed to quarterly financial updates.
• Reduced required reporting could increase information gaps between institutional and retail investors.
• Some investors may expect companies to increase voluntary communications between required filings, potentially creating new investor relations demands.
• Fewer formal reporting periods could contribute to greater stock price volatility around earnings announcements.
• Capital markets transactions, underwriting, and due diligence processes could become more complex.
• Reporting schedules may become less standardized across public companies.

Some market participants have questioned whether reduced filing requirements would lower costs for all issuers. Companies with large retail shareholder bases, analyst coverage, or active investor relations programs may still face ongoing expectations for frequent updates through earnings releases, presentations, and investor meetings. In these cases, continued engagement could reduce some of the anticipated cost savings from fewer SEC filings.

Others note that while the proposal may reduce required reporting, it may simply shift costs from regulatory filings to voluntary communications. If investors and analysts continue to expect regular updates, companies could increase spending on earnings-related communications, investor meetings, and other outreach. For some issuers, this shift could partially offset savings from reduced reporting obligations. 

What Many Issuers May Actually Do

Even if the proposal is adopted, many market observers expect larger public companies to continue providing quarterly earnings updates voluntarily.

Companies with broad institutional ownership, significant analyst coverage, or active investor relations programs may find that maintaining quarterly communications remains important regardless of filing requirements.

Some market observers believe the option may be particularly attractive for: 

• Smaller reporting companies
• Emerging growth companies
• Issuers with limited analyst coverage
• Companies seeking greater flexibility in their disclosure schedules

Speaking at NIRI's annual conference, SEC Chairman Paul S. Atkins suggested that the option could be particularly appealing for certain development-stage biotechnology companies. Biotech companies awaiting key clinical trial results or FDA decisions may have relatively little new information to report from quarter to quarter, making a semiannual reporting framework potentially more practical for their circumstances.

Broader Market Implications

If the proposal moves forward, investor relations professionals may find themselves spending even more time on proactive communication rather than less.

Analysts could increasingly rely on:

• Company guidance
• Voluntary quarterly disclosures
• Earnings calls
• Alternative data sources

The proposal could also reshape traditional earnings seasons, affect comparability across companies, and change how investors react to financial disclosures throughout the year.
 

Key Questions That Remain

Several important questions are still unresolved:

• Will quarterly earnings releases effectively remain the market standard?
• Will investors view companies differently if they choose semiannual reporting?
• How will lenders, rating agencies, and underwriters adjust their expectations?
• Which types of companies are most likely to opt into the new framework?

The answers will likely depend not only on the SEC's final rulemaking but also on how investors and public companies respond once any changes take effect.
 

What's Next?

Over the coming months, companies should monitor:

• SEC review of public comments
• Any revisions made before a final rule
• Early indications of adoption among public companies
• Investor and analyst reactions
• Potential guidance from stock exchanges and other market participants

Because the proposal remains under consideration, companies should avoid making immediate changes to their reporting processes while staying informed about developments.

The SEC's semiannual reporting proposal has the potential to reshape how most public companies meet their SEC reporting obligations. However, it does not signal the end of quarterly investor communication.

Even if filing requirements become less frequent, transparency and regular engagement with investors will remain essential. Companies that proactively evaluate how regulatory flexibility fits within their broader investor relations strategy will be better positioned if the proposal ultimately becomes a final rule.

In the meantime, organizations should continue monitoring the SEC's rulemaking process while maintaining the consistent disclosure practices that investors and the market have come to expect. 
 

Support Your Investor Relations Strategy with Business Wire

Whether reporting requirements ultimately remain quarterly or shift to a semiannual framework, timely, transparent communication with investors will continue to be a cornerstone of effective investor relations.

Business Wire helps public companies confidently manage financial disclosures with secure, compliant distribution of earnings releases, SEC-related communications, and other material news. Combined with broad distribution to investors, analysts, financial media, and market data platforms, Business Wire's investor relations solutions help organizations reach key stakeholders, support disclosure obligations, and maintain consistent engagement throughout the year.
 

Explore Investor Relations Services  Discover Pricing Options