Seventy-seven percent of investors believe public companies should continue reporting quarterly results, according to a survey by PondelWilkinson, an investor relations consultancy. Only 18% support semi-annual reporting, and 5% favor semi-annual reporting supplemented by select key metrics. The findings come as the Securities and Exchange Commission (SEC) seeks public comment by July 6, 2026, on its proposed semi-annual reporting rule, which would allow companies to report results twice a year instead of four times.
The online survey, conducted from May to June 2026, included institutional investors, buy-side and sell-side analysts, wealth managers, family office investors, individual investors, and investment bankers. A smaller group of public company management respondents was more divided, with a slight majority expressing 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 of 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.”
Investor feedback emphasized the importance of timely financial information for valuation and market efficiency. Respondents expressed concerns that reduced reporting frequency could increase uncertainty, risk, and volatility. Comments included: “Efficient markets require more information, not less”; “Six months is an eternity in business these days and is too long to be dealing with stale financials”; and “Less information ⇒ more risk. More risk ⇒ lower valuation.”
Company executives, particularly at smaller issuers, highlighted the operational and cost burden of quarterly reporting. Some noted that quarterly reporting encourages short-term thinking: “Quarterly encourages short-sighted decisions to ensure quarters look good.” Another respondent suggested: “Earnings releases should be quarterly, but full 10-Q's and disclosures should be semiannually.”
Several investor respondents supported middle-ground solutions. Ideas included reporting revenue quarterly even if other metrics are semi-annual, or a three-times-a-year schedule. Some noted that industry volatility should dictate frequency: “For some industries, semi-annual reporting would be adequate; industries containing more volatile metrics should report quarterly.”
The SEC officially proposed the amendment on May 5, 2026, marking the first time in 55 years that firms may have flexibility to switch from Form 10-Q reporting. Under the proposal, companies opting for half-year reporting would file on a new Form 10-S, while annual Form 10-K filings remain unchanged. PondelWilkinson's full survey results and a video commentary by Roger Pondel are available at https://youtu.be/NRuRilrigEo. More information about the firm can be found at https://www.pondel.com/.
