U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins speaks with members of the media after ringing the opening bell at the New York Stock Exchange (NYSE) on December 2, 2025 in New York City, USA.
Eduardo Munoz | Reuters
U.S. regulators are moving forward with a proposal that would allow public companies to do away with quarterly earnings reports, upholding a twice-yearly disclosure system long championed by President Donald Trump.
The Securities and Exchange Commission has formally proposed rule changes that would allow companies to file semi-annual reports on a new Form 10-S instead of the traditional quarterly 10-Q. Companies will still file full annual reports.
“The SEC’s strict rules prevent companies and investors from determining for themselves the frequency of interim reporting that best fits their business needs,” SEC Chairman Paul Atkins said in a statement.
The move brings regulators closer to structural reforms advocated by Mr. Trump, who argues that quarterly reporting requirements encourage short-term thinking and distract executives from long-term strategies. The president previously said the semi-annual plan would “save money” and allow management to focus on running the business.
The change is likely to reignite a long-running debate on Wall Street and across corporate America. Critics argue that reducing the frequency of mandatory disclosures risks limiting transparency and could disadvantage retail investors, who rely more on public filings than large institutional investors. Proponents counter that reducing the frequency of reporting cycles could encourage investment and strategic planning rather than immediate results.
The proposal is currently in a 60-day public comment period. The rules can be changed by a majority vote of the SEC.
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