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What are a company's financial statements?

Financial statements are the official snapshot of a company's accounts: what it owns, what it owes, how much it earns and how much cash it generates.

They comprise three documents: the balance sheet (assets and liabilities), the income statement (revenue, costs and profit) and the cash flow statement (cash movements). Listed US companies file them with the SEC as 10-Q (quarterly) and 10-K (annual) forms, public and free.

Knowing how to read financial statements, even roughly, is the fundamental investor's superpower: numbers tell the company's health better than any press release.

Concrete example

Apple's 10-K reveals in a few tables how much it makes from iPhones, how much from services, how much cash it holds and how many shares it repurchased: all audited.

How you see it in InsiderFlow

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Frequently asked questions

Where do I find US companies' filings?

On the SEC's website (EDGAR database) or each company's investor relations page, for free.

Where do I start reading one?

With three numbers: revenue growth, net income and operating cash flow. Then the debt.