A recent survey by PondelWilkinson, an investor relations and strategic public relations consultancy, found that 77% of investors believe public companies should continue reporting quarterly results, opposing the SEC's proposed rule allowing semi-annual reporting. Only 18% of investors supported semi-annual reporting, while 5% favored a hybrid approach with key metrics in non-reporting quarters.
The survey comes as the SEC seeks public comment by July 6, 2026, on its proposed amendment to allow companies to file results twice a year instead of four times. The proposal, announced on May 5, 2026, marks the first potential change in 55 years to the frequency of Form 10-Q filings.
Investor respondents, including institutional investors, analysts, and wealth managers, emphasized the importance of timely financial information for valuation and market efficiency. Comments from the survey highlighted concerns that reduced reporting frequency could increase uncertainty and risk. One respondent stated, "Efficient markets require more information, not less," while another noted, "Six months is an eternity in business these days." A third warned, "Less information ⇒ more risk. More risk ⇒ lower valuation."
In contrast, a smaller group of public company management respondents was more divided. A slight majority expressed support for less frequent reporting, citing reduced regulatory burdens and lower compliance costs. Comments from issuers included, "Quarterly encourages short-sighted decisions" and "As long as corporations have to report quarterly, they will want to show profit each quarter, which will reduce incentive to invest in R&D." Some proposed a compromise, such as reporting earnings quarterly but filing full disclosures semi-annually.
Roger Pondel, CEO at PondelWilkinson, said, "Our survey results highlight investors’ strong demand for timely, transparent information. At the same time, issuers pointed to reduced regulatory burdens and lower compliance costs as key reasons why shifting to semi-annual reporting could be beneficial." A video commentary on the survey findings is available at https://youtu.be/NRuRilrigEo.
The survey also explored alternative reporting frameworks, with some investor respondents supporting middle-ground solutions. Suggestions included reporting revenue quarterly even if overall results are semi-annual, or adopting a three-times-a-year schedule. One respondent noted, "For some industries, semi-annual reporting would be adequate; industries containing more volatile metrics should report quarterly."
The SEC's proposed rule would allow public companies to file results on a new Form 10-S for half-year cadence, while annual filings on Form 10-K would remain unchanged. The survey was conducted online from May to June 2026, with investor respondents including institutional investors, buy-side and sell-side analysts, wealth managers, family office investors, individual investors, and investment bankers. Public company respondents included CEOs and CFOs.
