What is the SEC proposing to change about quarterly reporting?

SEC Chairman Paul Atkins is preparing a proposal to eliminate the mandatory requirement for publicly traded companies to file quarterly financial reports known as 10-Q filings. Under the proposed change, companies would only need to report their financial results twice per year through semiannual reports, instead of the current requirement of every ninety days. The proposal is expected to be formally introduced as early as April 2026 and represents one of the most significant changes to corporate financial disclosure requirements in decades.

Why does the SEC want to reduce reporting frequency?

Proponents argue that quarterly reporting creates short-term thinking among corporate executives who focus on meeting ninety-day earnings targets rather than long-term strategic planning. President Trump first floated this idea during his first term, arguing that reducing reporting frequency would free companies to invest in growth rather than compliance. Supporters also point to the significant cost and administrative burden of preparing detailed quarterly reports, particularly for smaller public companies with limited accounting resources.

What are the risks of ending quarterly reports?

Critics warn that reducing the frequency of mandatory financial disclosures could significantly increase market volatility and reduce investor protections. Without quarterly updates, investors would have less timely information about company performance, making it harder to identify problems early. Institutional investors and analysts argue that quarterly reports serve as crucial accountability mechanisms that help prevent fraud and mismanagement. Some studies suggest that markets with less frequent reporting requirements tend to have higher information asymmetry and wider bid-ask spreads.

When would this change take effect?

The SEC proposal is expected to be formally introduced as early as April 2026. However, SEC rulemaking typically involves an extended public comment period of sixty to ninety days, followed by review and potential revisions before a final rule is adopted. Even after adoption, there would likely be a transition period to allow companies and investors to adjust their processes. Market observers estimate the earliest a final rule could take effect would be late 2026 or early 2027, assuming no legal challenges are filed.

How does US reporting compare to other countries?

The United States has some of the most frequent mandatory reporting requirements among major markets. The European Union requires semiannual financial reporting for listed companies, with quarterly reporting being optional in most member states. The United Kingdom similarly requires half-yearly reports. Japan mandates quarterly reporting similar to the current US system. If the SEC reduces requirements to semiannual reporting, the US would align more closely with European standards while potentially diverging from Asian market practices.

BREAKINGSEC preparing to scrap mandatory quarterly financial reporting

SEC · BusinessMarch 2026

SEC Moves to End Mandatory Quarterly Reporting

Published: March 19, 2026

SEC Chairman Paul Atkins is preparing to scrap quarterly financial reporting requirements, allowing companies to report results twice per year instead of every 90 days.

Photo: TechCrunch / Financial markets and regulation imagery

Proposal

End 10-Q

Semiannual replaces quarterly

Timeline

Apr 2026

Formal proposal expected

Sponsor

Paul Atkins

SEC Chairman

Origin

Trump

Floated during first term

Context: Why This Change Matters

SEC Chairman Paul Atkins is preparing a proposal that could fundamentally change how US-listed companies report their financial results. Under current rules, companies must file 10-Q reports every 90 days — a requirement that has existed for decades and is considered a cornerstone of US financial market transparency.

The new proposal would allow companies to report results just twice per year instead of four times. President Trump first floated this idea during his first term, and the appointment of Paul Atkins as SEC Chairman is seen as a concrete step toward realizing this vision.

The proposal is expected to be formally introduced as early as April 2026. But skeptics warn that reduced transparency could heighten market volatility and weaken investor protections, particularly for retail investors who have less access to insider information.

Compare: Quarterly vs. Semiannual

Visual comparison of current reporting schedule versus the proposed change.

Current — Quarterly Reporting

Jan–Mar

10-Q

Apr–Jun

10-Q

Jul–Sep

10-Q

Oct–Dec

10-K

4 filings / year

Proposed — Semiannual Reporting

Jan–Jun

Semi-Annual

Jul–Dec

10-K

2 filings / year

Global stock indices performance chart — Global stock indices performance — Photo: MarketPulse

Stakeholder Analysis

Key stakeholders and their positions on the proposal to end quarterly reporting.

FORCorporations

▾

Reduced compliance burden, focus on long-term strategy

AGAINSTRetail Investors

▾

Lose timely access to information that protects investments

AGAINSTInstitutional Investors

▾

Quarterly reports are an essential accountability mechanism

FORTrump Administration

▾

Free businesses to drive economic growth

Market Impact

If the proposal is adopted, the impact would be far-reaching. Wall Street analysts would need to restructure their valuation models and research cycles. Investor relations teams would need to redesign communication strategies. And retail investors would have fewer data points to track company performance.

On the other hand, companies would save significantly on compliance costs and could focus more on long-term strategy. Research from the EU suggests that semiannual reporting does not necessarily reduce the quality of market information, provided there are supplementary timely disclosure mechanisms in place.

Dow Jones and Treasury yield chart — Photo: MarketPulse

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▸ If SEC moves to semiannual reporting, retail investors get less data -- expect higher market volatility around reporting dates

▸ This could reshape global reporting standards -- markets from London to Tokyo may follow the SEC's lead within 5 years

References

WSJ (via Insurance Journal) — SEC preparing to scrap quarterly reporting, March 2026
TechCrunch — SEC eyes shift to twice-yearly earnings reports, March 2026
CNBC — Full interview with SEC Chairman Paul Atkins on the new proposal, March 2026

Frequently Asked Questions

The most common questions about the SEC proposal to end quarterly reporting.

By Thu Doan · Policy & Markets Correspondent

Published: March 19, 2026 · Updated: March 25, 2026

business·SEC quarterly reporting · Paul Atkins SEC · earnings reports change · semiannual reporting

SEC Moves to End Mandatory Quarterly Reporting

Context: Why This Change Matters

Compare: Quarterly vs. Semiannual

Stakeholder Analysis

Market Impact

Related Articles

References

Frequently Asked Questions