SEC proposes biannual earnings reporting

The SEC is going after one of the oldest habits in U.S. markets — quarterly reporting. On May 5, 2026, the agency proposed a rule that would let public companie(sec.gov)t kill earnings calls or all midyear disclosure. But it would cut the number of full interim filings in half, which is why investors, executives, and governance people are already reading this very differently. (sec.gov) ### What actually changed? The SEC did not finalize anything today. It issued a proposa(sec.gov)se semiannual reporting instead of quarterly reporting. The key word is choose — the framework would be optional. (sec.gov) ### What would companies file instead? They would file a new Form 10-S for the first half of the fiscal year, then the normal annual report for the full year. In other words, one semiannual report plus one annual report, instead of three quarterly reports plus one annual report. The proposal also includes matching changes to Regulation S-X so the accounting rules line up with that new cadence. (sec.gov) ### Does this mean less disclosure? Yes — in one very specific sense. Investors would get fewer full-blown periodic reports. But no — not in the sense of companies going dark for six months. The(sec.gov)pen. The catch is that 8-Ks are event-driven, not a substitute for a regular quarterly financial check-in. (sec.gov) ### When would the new reports be due? The proposed deadline for a semiannual report is 40 or 45 days after the end of the first six months, depending on filer status. That means investors would still get a midyear pack(sec.gov) — it is how stale financial information is allowed to get before markets see it in standardized form. (finance.yahoo.com) ### Why does Atkins want this? Chair Paul Atkins framed the move as part of a broader push to make public markets more attractive. His argument is basically that the SEC should not force one reporting rhythm on(sec.gov) and that the current system can push companies toward short-term thinking. He tied the proposal to his “Make IPOs Great Again” agenda. (sec.gov) ### Why are critics uneasy? Because quarterly reports are not just paperwork. They are the market’s recurring reality check. Fewer mandated filings can mean less comparable, standardized information, espe(finance.yahoo.com)nd slide decks, those are not the same thing as a required SEC filing with the same liability framework. That is the transparency argument in one sentence. (cnbc.com) ### Is this really a huge break from history? Pretty much. Quarterly reporting in its modern U.S. form dates to about 1970, while(sec.gov)an that older model. So this is not inventing periodic reporting from scratch. But it would unwind a 55-year reporting norm that investors have built entire habits around. (sec.gov) ### What matters now? The proposal is now in the comment phase, and that is where the real shape of the fight shows up. If companies say the current system is too costly and investors say the new one is(cnbc.com)quarterly noise — or whether that “noise” is actually the signal. (sec.gov)