I wanted to practice reading the 10 q and doing all the math to find its value. When I went to go print it out. It was 41 pages long. The company was chevron. Are they all this big or is it larger then normal. Thanks.
that's not bad for a big company10Qs are much easier than 10Ks and a good place to start
I wanted to practice reading the 10 q and doing all the math to find its value. When I went to go print it out. It was 41 pages long. The company was chevron. Are they all this big or is it larger then normal.Thanks. They're all that big (at least)--there is certain information the filings must contain--in addition to the financial statements (balance sheet, income statement aka statement of operations, cash flow statement) there are the accompanying footnotes, an MD&A section (management discussion and analysis), a statement about the financial controls as well as the Sarbanes-Oxley certifications. These are mandatory and must be presented in a certain order as well. So you will find a similar format across all publicly-traded companies.If you want to spare yourself the printer ink and paper--try contacting IR and asking them to send you a hard copy.
Different types of companies have different size financial reports. A small, simple company like Buffalo Wild Wings or even a large, simple company like Costco or Lowe's tend to have relatively brief financial reports.Large oil and gas firms, large banks, and large complex conglomerates like GE have lengthier financials on average since there are many more moving parts: different subsidiaries, hedging information, etc. Sometimes a business that you think would be simple, like Coke, actually has relatively complex financials. Coke has a number of worldwide segments, each with different growth rate stories and issues, the company does a lot of hedging, has both full and partial interests in various Coca Cola bottlers, and pension information. Each one of these things adds several pages in length to the base report.For an extreme example, the AIG 10-K is about 400 pages long:http://www.sec.gov/Archives/edgar/data/5272/0001047469120013...In contrast, the Buffalo Wild Wings 10-K is only 64 pages long:http://www.sec.gov/Archives/edgar/data/1062449/0001437749120...Mike
If you want to spare time reading 10-Ks and 10-Qs, use Contexxia (www.contexxia.com). It highlights major period-over-period changes in text. Additionally, it highlights major events mentioned in the docs (like acquisitions, senior management changes, lawsuits, etc.). Plus, it also helps you do fine-grained research on the numbers.
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