The End of Quarterly Earnings? The Biggest Reporting Shake-Up in 90 Years
Since 1970, every public company in America has been required to file quarterly financial reports with the SEC. That might be about to change. SEC Chairman Paul Atkins is "fast-tracking" rulemaking to let companies report semi-annually instead - a shift that would affect every investor, analyst, and trader who relies on the rhythmic drumbeat of quarterly earnings. Here is what is actually being proposed, who wins, who loses, and what it means for how you invest.
What Is Happening
→The proposal: Eliminate mandatory quarterly (10-Q) reporting; allow semi-annual filing instead
→The timeline: Rule proposal expected April 2026; implementation could begin 2027
→The most likely approach: Opt-in model where companies choose their reporting frequency
→Who benefits: Corporate executives (less burden); companies (est. $50K-$1M+ savings per quarter)
→Who loses: Retail investors (less frequent data); accounting firms (est. 15% revenue decline)
90 Years of Quarterly Reporting: A Brief History
To understand what is at stake, you need to understand where quarterly reporting came from. It was not always this way - and the reasons it was adopted reveal why eliminating it is so controversial.
Securities Exchange Act Signed
1934President Roosevelt signs the law creating the SEC and mandating periodic financial reporting
Foundation of modern corporate transparency for 90+ years
Quarterly Reporting Becomes Mandatory
1970SEC Rule 13a-13 requires all public companies to file quarterly reports (Form 10-Q)
Established the cadence investors rely on today
Trump First Proposes Change
2018President Trump tweets that companies should report semi-annually to reduce burden
SEC opened comment period but took no action
LTSE Files Formal Petition
Sept 2025Long-Term Stock Exchange petitions SEC to allow semi-annual reporting
First formal exchange-level request for the change
SEC Chair Atkins Announces Fast-Track
Oct 2025Chairman Paul Atkins tells CNBC the SEC is fast-tracking rulemaking on reporting frequency
First concrete action toward eliminating quarterly reports
Rule Proposal Expected
Spring 2026SEC regulatory agenda lists potential rule amendments for April 2026
Could become law by 2027 if approved
The Core Tension
Quarterly reporting exists because of the Great Depression. After the 1929 crash, Congress determined that investors needed frequent, standardized access to corporate financial data to prevent fraud and manipulation. The question in 2026 is whether that rationale still holds in an era of real-time data, alternative analytics, and 8-K material event disclosures.
Four Approaches the SEC Is Considering
The SEC is not considering a binary choice. Multiple approaches are on the table, each with different implications for investors. Here is what we know based on public statements from Chairman Atkins and the regulatory agenda:
Full Elimination
Likelihood: Low - too dramatic for institutional investorsAll companies shift to semi-annual reporting; 10-Q filings eliminated entirely
Trump administration, deregulation advocates
High
[MOST LIKELY]Issuer Choice (Opt-In)
Likelihood: High - Atkins publicly favors this approachCompanies choose whether to report quarterly or semi-annually; market decides
SEC Chair Atkins, LTSE, smaller companies
Medium
Size-Based Tiering
Likelihood: Medium - pragmatic compromiseLarge accelerated filers keep quarterly; smaller companies get semi-annual option
Some commissioners, smaller company advocates
Low-Medium
Expanded 8-K Safety Net
Likelihood: Medium - addresses transparency concernsEliminate quarterly reports but expand 8-K requirements to cover material events between filings
Market structure advocates
Medium
What Chairman Atkins Actually Said
"For the sake of shareholders and public companies, the market can decide what the proper cadence is."
This language strongly suggests the opt-in model: companies choose, and the market rewards or punishes that choice. Companies that stop reporting quarterly may see analyst coverage decline and their cost of capital increase - a natural market-based enforcement mechanism.
The Stakeholder Impact Matrix
This change would ripple through every corner of the financial ecosystem. Here is who benefits, who suffers, and who falls somewhere in between:
Retail Investors
✓ Positive:Less noise, potentially less short-term volatility
✗ Negative:Longer gaps between verified financial data; increased information asymmetry vs. institutional investors
Net Assessment: Net negative - retail investors lose their most accessible window into company performance
Institutional Investors
✓ Positive:Less quarterly earnings pressure on portfolio companies
✗ Negative:Reduced data frequency for quantitative models; more reliance on alternative data sources
Net Assessment: Mixed - large institutions can use alt data; smaller funds cannot
Corporate Executives
✓ Positive:Reduced reporting burden (180 hrs/quarter avg); less short-term earnings management pressure
✗ Negative:Some companies lose quarterly catalysts; may face shareholder pressure to continue anyway
Net Assessment: Net positive - fewer earnings cycles means more time running the business
Accounting Firms (Big Four)
✓ Positive:None identified
✗ Negative:Estimated 15% revenue decline from lost quarterly review engagements; $50K-$1M+ per company per quarter
Net Assessment: Net negative - significant revenue impact across the industry
Financial Analysts
✓ Positive:More time for deep research between reporting periods
✗ Negative:Fewer data points for modeling; reduced relevance of sell-side quarterly estimates
Net Assessment: Mixed - quality analysts benefit; quantity-driven coverage suffers
Short Sellers
✓ Positive:None identified
✗ Negative:Longer periods between financial disclosures increases risk of fraud going undetected
Net Assessment: Net negative - less transparency benefits fraudulent companies
The Big Four Accounting Firms: The Silent Losers
Here is a detail most coverage misses: when this idea was first proposed in 2018, Deloitte, EY, KPMG, and PwC all submitted comment letters to the SEC expressing reservations. Why? Because quarterly 10-Q reviews represent an estimated 15% of their audit revenue.
The math: It takes an average of 180 hours to prepare a single Form 10-Q, costing companies between $50,000 (small filers) and over $1 million (large accelerated filers). Eliminating two of three quarterly filings would remove billions in aggregate accounting fees from the market. The Big Four are not lobbying against this publicly - but they are not cheerleading either.
How the Rest of the World Reports
The United States is an outlier. Most major markets already allow or require semi-annual reporting. The question is whether their experience is a blueprint or a cautionary tale:
| Region | Frequency | Filings/Year | Market Cap | Notes |
|---|---|---|---|---|
| United States (Current) | Quarterly (10-Q + 10-K) | 3 quarterly + 1 annual = 4 per year | $50+ trillion | Most frequent reporting requirement of any major market |
| European Union | Semi-annual (since 2013) | 1 interim + 1 annual = 2 per year | $16 trillion | Switched from quarterly in 2013; many large companies still report quarterly voluntarily |
| United Kingdom | Semi-annual (since 2014) | 1 interim + 1 annual = 2 per year | $4 trillion | FTSE 100 companies mostly continue quarterly reporting by choice |
| Japan | Quarterly | 4 per year | $6 trillion | Recently debated reducing frequency but maintained quarterly |
| Australia | Semi-annual + quarterly activities | 2 financial + 4 activity reports | $2 trillion | Hybrid model: semi-annual financials with quarterly operational updates |
The EU Experience: What Actually Happened
When the European Union dropped mandatory quarterly reporting in 2013, doomsday predictions did not materialize. Large companies (FTSE 100, DAX 40) mostly continued reporting quarterly on a voluntary basis because institutional investors demanded it.
The key insight: Eliminating the legal requirement did not eliminate quarterly reporting - it just made it optional. Companies that stopped were typically smaller firms that genuinely benefited from the reduced burden. The market effectively enforced the standard that regulators withdrew.
What History Tells Us About Reporting Changes
Every major change to SEC reporting requirements has generated predictions of catastrophe. Here is what actually happened:
EU Drops Quarterly Reporting (2013)
Prediction: Markets would become less efficient; analysts would lose coverage
What Actually Happened: Most large companies continued quarterly reporting voluntarily. Smaller companies benefited from reduced costs. Market efficiency was largely unchanged.
Lesson for US: Voluntary continuation is likely - the market may enforce what regulators do not
Sarbanes-Oxley Internal Controls (2002)
Prediction: Compliance costs would drive companies private or overseas
What Actually Happened: Costs were real ($1.5M+ annually for large filers), but most companies adapted. Some deregulation for smaller firms followed.
Lesson for US: Regulatory changes always have transition costs, but markets adapt
XBRL Mandate (2009)
Prediction: Structured data would revolutionize financial analysis overnight
What Actually Happened: Adoption was slow and uneven. Quality issues persisted for years. Revolution was gradual, not immediate.
Lesson for US: Reporting format changes take 5-10 years to fully manifest
Why the 8-K Becomes the Most Important Filing
If quarterly reporting frequency is reduced, one type of SEC filing becomes dramatically more important: the Form 8-K, also known as the "current report." 8-K filings are required within four business days of any material event - regardless of the quarterly reporting schedule.
What 8-K Filings Cover
Material events that companies must report immediately include:
• Entry into material agreements
• Bankruptcy or receivership
• Acquisition or disposition of assets
• Results of operations and financial condition
• Changes in control of the company
• Departure of directors or executives
• Amendments to articles of incorporation
• Changes in fiscal year
The Silver Lining for Informed Investors
In a semi-annual reporting world, 8-K filings become the primary source of between-period information. Investors who already know how to read 8-K filings will have a massive advantage over those who only follow quarterly earnings.
This is exactly what SEC Whisperer was built for. We analyze 8-K material event disclosures in real-time, summarize them in plain language, and highlight the ones that matter most. In a world with fewer 10-Q filings, our coverage becomes even more valuable.
What Investors Should Do Right Now
Whether this change happens in 2027 or takes another decade, the direction is clear: financial reporting is evolving. Here is how to prepare for each scenario:
If quarterly reporting is eliminated entirely
Shift to 8-K monitoring as primary information source; increase reliance on earnings call transcripts and management guidance
Tools you will need: Real-time 8-K alerts, AI-powered filing summarization, alternative data providers
If opt-in model is adopted (most likely)
Track which companies choose to stop quarterly reporting - this itself is a signal about management confidence and transparency culture
Tools you will need: SEC EDGAR monitoring for filing frequency changes; watchlist tracking
If size-based tiering is implemented
For small-cap holdings, increase due diligence between reporting periods; consider 8-K monitoring and insider trading disclosures (Form 4) as leading indicators
Tools you will need: Form 4 monitoring, small-cap 8-K alerts, conference presentation tracking
Regardless of outcome
Build 8-K reading skills now. Material event disclosures become the most important filing category in a semi-annual world
Tools you will need: SEC Whisperer filing analysis, 8-K educational resources, automated alerting
The Bottom Line: Adapt, Do Not Panic
The potential end of mandatory quarterly reporting is not a catastrophe - it is an evolution. The companies that matter most will likely continue quarterly reporting voluntarily (just as they do in Europe). The 8-K will become the critical real-time information source. And investors who learn to read filings beyond the quarterly earnings release will gain an edge over those who relied on the system feeding them data four times a year.
Three Takeaways
The Opt-In Model Is Most Likely
SEC Chair Atkins favors letting the market decide. Large companies will likely continue quarterly reporting. Small and mid-caps may switch to semi-annual. This itself becomes an investment signal.
8-K Filings Become Essential
In a semi-annual world, the 8-K is your lifeline to real-time corporate information. Building 8-K reading skills now prepares you for a future where quarterly data is no longer guaranteed.
Information Asymmetry Increases
Institutional investors with alternative data and direct management access will maintain their edge. Retail investors need to become better filing readers to compensate for less frequent data.
Master 8-K Filings Before They Become Essential
If quarterly reports go away, 8-K material event disclosures become your most important tool. We analyze them daily, translate SEC jargon into plain English, and highlight what matters.
Disclaimer: This analysis is for educational and informational purposes only. It is not investment advice. The regulatory developments described are based on public statements from SEC officials and published regulatory agendas as of January 2026. Actual rulemaking outcomes may differ. Always do your own research and consult with a qualified financial advisor before making investment decisions.
Sources include public SEC regulatory agenda documents, CNBC, Harvard Law School Forum on Corporate Governance, White and Case LLP, Skadden Arps, National Law Review, and Bloomberg Law. Analysis and opinions are those of the author.