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Skill Reference · Financial Reports

10-K Report Digest

Deep-read a 10-K annual report and output a structured markdown digest — abstract, section summaries, key metrics, and sourced references. Output in English or Traditional Chinese.

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Claude Code/us-stock-analysis:10k-digest AAPL
Cursor / Gemini CLI@prompts/10k-digest.md Evaluate AAPL
Any LLMEvaluate AAPL using the 10k-digest framework
More in Financial Reports financial-report-analyst earnings-call-analysis

⚠️ Data Verification — Do This Before Any Analysis

Before running the digest, confirm the filing details:

  1. Identify the filing — confirm ticker, fiscal year-end, and exact 10-K filing date from SEC EDGAR.
  2. State your source — note where the document came from (e.g., “SEC EDGAR, FY2024 10-K filed 2025-02-05”) at the top of the output.
  3. Flag incomplete data — if only partial sections are available, list what is missing before proceeding.

⚠️ Source unavailable. If the full 10-K cannot be retrieved, display this warning and proceed only with the sections provided.

📋 Data & Sources Header — Open Every Output With It

The first thing in the output is this provenance block, filled in — never left as placeholders. It is the standard documented on the Data & Accuracy page and the first thing result-validator looks for:

Data & Sources
  As of:      <date the figures represent, e.g. 2026-06-30>
  Source:     <primary docs — SEC EDGAR 10-K/10-Q, company IR, FRED, exchange data …>
  Retrieval:  <pasted by user | web/tool retrieval | model memory>
  Confidence: <HIGH | MEDIUM | LOW>
  • Retrieval: model memory must be paired with Confidence: LOW — memory is a placeholder until confirmed against a primary source.
  • Mixed sources: list each with its own as-of date rather than blending them.
  • Data the user pasted is reported as pasted by user; do not upgrade its confidence beyond what the user’s own source supports.

Produce a clean, structured markdown document that distills a company’s 10-K annual report into an abstract, per-section summaries, a digest of key metrics, and full source references. Designed for quick comprehension — not trading signals. Output language is selectable: English or Traditional Chinese (繁體中文).

🔎 Retrieving the Filing — the Keyless EDGAR Path

This skill fetches nothing by itself. When the user gives only a ticker, obtain the 10-K in one of three ways and record which one in the Data & Sources header:

A. The host can fetch URLs → Retrieval: web/tool retrieval. Every step is free and needs no API key:

  1. Ticker → CIK — https://www.sec.gov/files/company_tickers.json: find the entry whose ticker matches (write BRK-B for BRK.B) and zero-pad its cik_str to 10 digits.
  2. Filings index — https://data.sec.gov/submissions/CIK##########.json: inside filings.recent the arrays form, filingDate, reportDate, accessionNumber and primaryDocument are aligned by index. Take the newest row whose form is 10-K (foreign private issuers file 20-F instead; a 10-K/A is an amendment). The top-level fiscalYearEnd is MMDD.
  3. The document — https://www.sec.gov/Archives/edgar/data/<CIK without leading zeros>/<accessionNumber without dashes>/<primaryDocument>: the complete filing as HTML (inline XBRL). The filing’s index page is the same folder plus <accessionNumber>-index.htm; cite that URL and the accession number in the References.
  4. Structured statement data (optional) — https://data.sec.gov/api/xbrl/companyfacts/CIK##########.json: every US-GAAP fact the company has tagged, by concept and period. Use it to confirm the figures read from Item 8.
  5. Full-text search (optional) — https://www.sec.gov/edgar/search/#/q=%22<phrase>%22&forms=10-K when a filing has to be located by phrase rather than ticker.

Send a User-Agent header that identifies the requester (the SEC requires it, e.g. Name email@example.com) and stay under 10 requests per second. Never substitute a summary site for the filing itself.

B. The host cannot fetch → Retrieval: pasted by user. Ask the user to paste the sections needed — or, if they have the InvestSkill repository, to run

node scripts/fetch-edgar.js <TICKER> --form 10-K        # → data/filings/<TICKER>/*.txt + .json (accession, dates, URL)
node scripts/fetch-fundamentals.js <TICKER>             # → data/fixtures/<TICKER>.md — reconciled statements from the XBRL facts

and paste the result. Both helpers are optional, keyless, and live outside the plugin.

C. Neither → show the ⚠️ Source unavailable warning, set Retrieval: model memory and Confidence: LOW, and digest only what the user provided.

How to Use

# Analyze by ticker (retrieves the latest 10-K via the EDGAR path above, or asks you to paste it)
10k-digest AAPL

# Paste 10-K text directly
10k-digest [paste 10-K sections here]

# Specify fiscal year
10k-digest MSFT FY2024

# Output in Traditional Chinese
10k-digest NVDA --lang zh-TW

# Save output to file
10k-digest GOOGL --output googl-10k-digest.md

Output Document Structure

The skill produces a single markdown document with the following sections in order.

1. Cover Block

# [Company Name] ([TICKER]) — 10-K Digest
**Fiscal Year:** [FY20XX ending MM/DD/YYYY]
**Filed:** [Filing date]
**Source:** SEC EDGAR — [Direct URL to filing]
**Prepared:** [Today's date]
**Language:** English | 繁體中文

2. Abstract

A 3–5 sentence executive summary of the entire 10-K. Cover:

  • What the company does (core business in one sentence)
  • Year-over-year financial performance headline (revenue, profit, FCF)
  • The single most important strategic development disclosed in this filing
  • The most material risk disclosed
  • Overall filing tone (transparent / cautious / optimistic)

3. Section Summaries

Summarize each major 10-K section. For each section, write 2–4 sentences capturing the substance — not just restating headings.

3.1 Business Overview (Item 1)

  • Core products/services and revenue model
  • Key markets and customer segments
  • Significant changes to business described in this filing (new products, acquisitions, divestitures)

3.2 Risk Factors (Item 1A)

  • Total number of risk factors disclosed
  • Top 3 risks by disclosure prominence (listed first, given most space, or new this year)
  • Any risks added or removed vs. prior filing (state “N/A if prior not available”)
  • One-line assessment: are risks standard boilerplate or specific and material?

3.3 Selected Financial Data / Properties (Items 1B–2)

  • Key quantitative highlights from Selected Financial Data if present
  • Material properties or facilities disclosed

3.4 Management’s Discussion & Analysis — MD&A (Item 7)

  • Revenue: total and YoY growth; organic vs. inorganic split if stated
  • Gross margin and operating margin trend
  • Management’s stated explanation for performance changes
  • Forward-looking statements: what management guided or projected
  • Liquidity summary: cash position, debt level, upcoming maturities

3.5 Financial Statements (Items 8)

  • Revenue, net income, EPS (GAAP) — current year vs. prior year
  • Operating cash flow and free cash flow (OCF minus capex)
  • Total assets, total debt, shareholders’ equity
  • Auditor name and opinion type (unqualified / qualified / adverse)
  • Any restatements or material changes in accounting policy noted

3.6 Quantitative Disclosures about Market Risk (Item 7A)

  • Primary market risks disclosed (interest rate, FX, commodity)
  • Sensitivity disclosures if provided (e.g., “1% rate rise = $X impact”)

3.7 Controls and Procedures (Item 9A)

  • Management’s conclusion on effectiveness of internal controls
  • Any material weaknesses or significant deficiencies disclosed
  • Active material litigation or regulatory matters
  • Estimated financial exposure if disclosed

3.9 Executive Compensation & Governance (Items 10–13, from Proxy if incorporated)

  • CEO/CFO compensation summary
  • Board composition notes (independence, tenure)
  • Any significant governance changes

4. Key Metrics Table

Provide a concise metrics table drawn directly from the financial statements. Use exact figures from the filing; do not estimate.

| Metric                    | Current FY      | Prior FY        | YoY Change |
|---------------------------|-----------------|-----------------|------------|
| Revenue                   | $X.XX B         | $X.XX B         | +X.X%      |
| Gross Profit              | $X.XX B         | $X.XX B         | +X.X%      |
| Gross Margin %            | XX.X%           | XX.X%           | +X bps     |
| Operating Income          | $X.XX B         | $X.XX B         |            |
| Operating Margin %        | XX.X%           | XX.X%           |            |
| Net Income (GAAP)         | $X.XX B         | $X.XX B         |            |
| EPS Diluted (GAAP)        | $X.XX           | $X.XX           |            |
| Operating Cash Flow       | $X.XX B         | $X.XX B         |            |
| Capital Expenditures      | $X.XX B         | $X.XX B         |            |
| Free Cash Flow            | $X.XX B         | $X.XX B         |            |
| Cash & Equivalents        | $X.XX B         | $X.XX B         |            |
| Total Debt                | $X.XX B         | $X.XX B         |            |
| Net Debt / (Net Cash)     | $X.XX B         | $X.XX B         |            |
| Shares Outstanding (dil.) | X.XX B          | X.XX B          |            |

Note below the table: data source (filing section and page number if available).

5. Highlights & Concerns

Two short lists that give the reader the “so what” without leaving the digest. Draw every item directly from the filing and cite the source Item.

Highlights — up to 5 of the strongest positives disclosed this year (e.g., record revenue, margin expansion, new products/segments, strong FCF conversion, new buyback authorization, market-share gains). Format: - **[Headline]** — [one sentence] *(Item X)*

Concerns — up to 5 of the most material negatives or warning signs (e.g., decelerating growth, margin compression, rising leverage, customer/supplier concentration, new risk factors, active litigation, going-concern language). Format: - **[Headline]** — [one sentence] *(Item X)*

6. Management Outlook & Forward Guidance

Capture every forward-looking commitment made in the filing. Present as a table.

| Guidance Item              | What Management Said                | Time Horizon | Source     |
|----------------------------|-------------------------------------|--------------|------------|
| Revenue growth             | [target / range / directional]      | [FY / multi] | Item 7     |
| Margin target              | [gross / operating target]          | [horizon]    | Item 7     |
| Capex / capacity           | [planned spend or expansion]        | [horizon]    | Item 7     |
| Capital allocation         | [dividend / buyback / debt / M&A]   | [horizon]    | Item 7/8   |
| Strategic priorities       | [product roadmap, new markets]      | [horizon]    | Item 1/7   |

Only include rows the filing actually addresses. If the 10-K gives no explicit guidance (common — 10-Ks are backward-looking), state that and summarize any qualitative forward statements instead.

7. Prior-Year Promise Tracker

An accountability audit: take the forward-looking statements, targets, and stated priorities from last year’s 10-K (Item 7 MD&A) and score whether they materialized in this year’s results. This is the single most differentiating part of the digest — it measures management credibility over time.

| Prior-Year Commitment (FY[N-1] 10-K)   | FY[N] Actual Result          | Verdict     | Notes            |
|-----------------------------------------|------------------------------|-------------|------------------|
| [what management said they would do]    | [what actually happened]     | ✅ Delivered | [brief context]  |
| [e.g., "expand operating margin"]       | [e.g., "margin +120 bps"]    | 🟡 Partial  | [brief context]  |
| [e.g., "launch product X in H2"]        | [e.g., "slipped to next FY"] | ❌ Missed    | [brief context]  |

Verdict legend: ✅ Delivered · 🟡 Partial · ❌ Missed · ⏳ Too early to judge.

Close with a one-line Management Credibility read: e.g., “4/5 prior commitments delivered — high follow-through.” If the prior-year 10-K is unavailable, state N/A — prior filing not retrieved and skip the table.

8. Bull vs. Bear Synthesis

A lightweight face-off built strictly from evidence in this filing — not a full valuation call (defer to bear-case, stock-eval, and stock-valuation for that).

Bull case — 3–4 strongest points from this filing supporting the stock.

Bear case — 3–4 strongest points from this filing arguing against it.

Net read — one sentence weighing the two, consistent with the Investment Signal below.

9. Notable Disclosures

Bullet list of up to 8 items that are worth investor attention but don’t fit neatly into section summaries:

  • New segment or business unit disclosures
  • Changes in accounting estimates or policies
  • Related party transactions
  • Auditor changes
  • Going concern language (if any)
  • New share repurchase authorizations or dividend changes
  • Material acquisitions or divestitures announced
  • Specific named customers or suppliers with concentration risk

10. Source References

List all sources cited in this digest. Format:

## References

1. **SEC EDGAR Filing** — [Company] 10-K, FY[XXXX]
   URL: https://www.sec.gov/cgi-bin/browse-edgar?...
   Filed: [Date] | Accession No.: [XXXXXXXXXX-XX-XXXXXX]

2. **Item 1 — Business** (pp. X–X of filing)
3. **Item 1A — Risk Factors** (pp. X–X of filing)
4. **Item 7 — MD&A** (pp. X–X of filing)
5. **Item 8 — Financial Statements** (pp. X–X of filing)
6. **Item 9A — Controls and Procedures** (pp. X–X of filing)
7. **Exhibit 13 / Annual Report to Shareholders** (if incorporated by reference)
8. [Any additional sources used, e.g. earnings press release, investor presentation]

If page numbers are unavailable (e.g., pasted text), reference by Item number and section heading.

Language Mode

When --lang zh-TW is specified, output the entire document in Traditional Chinese (繁體中文), including:

  • All section headings translated
  • All narrative summaries written in Traditional Chinese
  • All tables with Chinese column headers
  • Cover block language field: 語言：繁體中文
  • Keep ticker symbols, financial figures, and SEC item numbers in their original form

Suggested Traditional Chinese headings for the interpretation sections: 亮點與隱憂 (Highlights & Concerns), 管理層展望 (Management Outlook & Forward Guidance), 上年度承諾兌現 (Prior-Year Promise Tracker), 多空對決 (Bull vs. Bear Synthesis).

English mode is the default when no --lang flag is given.

File Output

When --output <filename> is specified:

  • Save the digest as a markdown file at the specified path
  • If no path separator is present, save in the current directory
  • Confirm the file path after saving: ✓ Digest saved to: <path>
  • Default filename if --output flag is present without a name: <TICKER>-10k-digest.md

Thesis Invalidation

After delivering the digest, note what would make this document stale:

Re-run this digest when:

  • [ ] Company files next 10-K or 10-K/A amendment
  • [ ] Material 8-K filed disclosing a restatement or auditor change
  • [ ] 12 months have elapsed since the filing date
╔══════════════════════════════════════════════╗
║              INVESTMENT SIGNAL               ║
╠══════════════════════════════════════════════╣
║ Signal:      BULLISH / NEUTRAL / BEARISH     ║
║ Confidence:  HIGH / MEDIUM / LOW             ║
║ Horizon:     SHORT / MEDIUM / LONG-TERM      ║
║ Score:       X.X / 10                        ║
╠══════════════════════════════════════════════╣
║ Action:      BUY / HOLD / SELL               ║
║ Conviction:  STRONG / MODERATE / WEAK        ║
╚══════════════════════════════════════════════╝

Score Guide: 8.0–10.0 Strongly Bullish | 6.0–7.9 Moderately Bullish | 4.0–5.9 Neutral | 2.0–3.9 Moderately Bearish | 0.0–1.9 Strongly Bearish Confidence: HIGH (strong data, clear signals) | MEDIUM (mixed signals) | LOW (limited data, conflicting signals) Horizon: SHORT-TERM (1 week–3 months) | MEDIUM-TERM (3 months–1 year) | LONG-TERM (1+ years)

Disclaimer: Educational analysis only. Not financial advice.