Learning path · 8 steps
Read a US company's filings, from earnings to insiders
The SEC filings behind US stock pages: earnings releases, adjusted numbers, stock pay, fiscal years, proxies, share classes and insider trades.
Reviewed by Cityfort Research on , 34 min in all
- 1
How to read · 5 min
How to read a US earnings release: Nvidia's Q2 fiscal 2027
The quarterly results release, part by part, using one real Nvidia release.
- 2
Know the trap · 4 min
Non-GAAP measures: what a company's "adjusted" numbers leave out
What "adjusted" numbers leave out, and the reconciliation SEC rules require.
- 3
Know the trap · 4 min
Stock-based compensation and dilution: pay that becomes shares
Pay in shares: where its cost shows up and how it changes the share count.
- 4
Know the trap · 3 min
Fiscal years that don't end in December: Nvidia's FY2027 explained
Why a company's FY2027 can end in January 2027, and how quarters are named.
- 5
How to read · 5 min
How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy
The yearly proxy: votes, the board, executive pay and who owns the shares.
- 6
Know the trap · 4 min
Dual-class shares: when votes and ownership don't match
When one share class carries more votes than another, and where filings say so.
- 7
Know the trap · 4 min
Form 4 insider filings: who files, the codes and the footnotes
The two-day filings that report directors' and officers' trades, code by code.
- 8
Know the trap · 5 min
Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Pre-scheduled insider trades, and the plan disclosures in each 10-Q and 10-K.
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Disclaimer
For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.
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Cityfort publishes general educational content that explains how listed companies work. Cityfort is not registered with the US Securities and Exchange Commission or any state securities regulator as an investment adviser, and is not a broker-dealer or a member of FINRA. Cityfort does not provide investment, tax or legal advice, recommendations, ratings, price targets or any opinion on whether to buy, sell or hold any security. Nothing on the site is tailored to any person's circumstances.
All information is taken from publicly available sources, mainly company filings with the SEC, which are listed on each page with dates. We work to keep it accurate and correct errors publicly, but we do not guarantee that it is complete, accurate or up to date. Any market price or price-based ratio shown is dated, may be out of date by the time you read it, and is included only to explain concepts.
Statements by company management, including forward-looking statements and guidance, are reported as the company's statements, with their date and source; they are not our forecasts. Adjusted (non-GAAP) figures are the company's own measures and are shown next to the official (GAAP) figures.