A new survey from PondelWilkinson, an investor relations and strategic public relations consultancy, reveals that 77% of investors believe companies should continue reporting quarterly results, opposing the SEC's proposed rule that would allow semi-annual reporting. The online survey, conducted from May to June 2026, gathered responses from institutional investors, buy-side and sell-side analysts, wealth managers, family office investors, individual investors and investment bankers. Only 18% of investors supported semi-annual reporting, while 5% favored semi-annual reporting supplemented by select key metrics in non-reporting quarters.
The SEC officially proposed the amendment on May 5, 2026, marking the first time in 55 years that firms may have the flexibility to switch from Form 10-Q reporting. Under the proposed framework, public companies that want to report on a half-year cadence would file their results on a new Form 10-S, while annual filings on Form 10-K would remain unchanged. The SEC is seeking public comment by July 6, 2026.
Among public company management respondents, the survey found a more divided stance. A slight majority expressed support for either less frequent reporting or reporting only key metrics in alternating quarters. “Our survey results highlight investors’ strong demand for timely, transparent information,” said Roger Pondel, CEO at PondelWilkinson. “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.”
Participants provided commentary on the potential benefits, drawbacks and alternative reporting frameworks, with feedback centering on three themes. Investors strongly favored transparency and frequent disclosure, emphasizing the importance of timely financial information for valuation and market efficiency. Concerns were raised that reduced reporting frequency could increase uncertainty, risk and volatility. One investor remarked, “Efficient markets require more information, not less,” while another stated, “Six months is an eternity in business these days and is too long to be dealing with stale financials.” A third noted, “Less information ⇒ more risk. More risk ⇒ lower valuation.”
Issuers, particularly at smaller companies, highlighted the operational and cost burden of quarterly reporting. Comments included, “Quarterly encourages short-sighted decisions to ensure quarters look good,” 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.” One executive suggested, “Earnings releases should be quarterly, but full 10-Q's and disclosures should be semiannually.”
Some investor respondents supported a hybrid or compromise approach, such as reporting revenue quarterly or adopting a three-times-a-year cadence. One investor noted, “For some industries, semi-annual reporting would be adequate; industries containing more volatile metrics should report quarterly.”
Roger Pondel's video commentary on the survey findings is available at https://youtu.be/NRuRilrigEo. More information on PondelWilkinson can be found at https://www.pondel.com/.
