The US Securities and Exchange Commission (SEC) is preparing a regulatory proposal that would give publicly traded companies the option to report financial results twice a year rather than every quarter. According to people familiar with the matter, the regulator could publish the proposal as soon as April 2026. Once published, the draft will enter a public comment period, typically lasting at least 30 days, before the SEC votes on it. No final outcome is guaranteed.
The expected rule would make quarterly reporting optional rather than eliminate it. Companies would retain the choice to continue disclosing results on a three-month cycle if they prefer.
A long-standing requirement under review
Publicly traded companies in the US have been subject to quarterly reporting for more than 50 years. The current push for semiannual reporting gained momentum in late 2024, when the Long-Term Stock Exchange formally petitioned the SEC to eliminate the quarterly earnings requirement. Within days of that petition, both the US President and the SEC Chair publicly expressed support for the idea. In preparation for the forthcoming proposal, regulators have held discussions with officials at major exchanges regarding how their existing rules may need to be adjusted.
This is not the first time the issue has surfaced at the federal level. The proposal was briefly explored during the President's first term in office, but did not advance.
Proponents of less-frequent reporting argue that a shift could help reverse the declining number of companies choosing to list publicly in the US. Among the reasons firms cite for remaining private is the administrative burden associated with maintaining a public listing – including the time and cost of producing quarterly disclosures.
The proposal is, however, likely to face resistance from investors, who depend on the transparency and frequency of regular financial disclosures to make informed decisions.
International precedent
The US would not be the first major market to move away from mandatory quarterly reporting. The EU removed the requirement for quarterly financial results from listed companies following a rule change in 2013. The UK similarly ended mandatory quarterly reporting approximately a decade ago, though a significant number of companies in both markets continue to report on that schedule voluntarily.
The contrast with European practice provides some regulatory framing for the SEC's deliberations, though the specific structure of any US rule change remains subject to the public comment process and a subsequent SEC vote.
