Investors Favor Quarterly Reporting Over Semi-Annual: Survey

A recent survey by PondelWilkinson, an investor relations and strategic public relations consultancy, reveals that 77% of investors believe companies should continue reporting quarterly results, while only 18% support semi-annual reporting and 5% favor a hybrid approach with key metrics in non-reporting quarters. The survey comes as the SEC seeks public comment by July 6, 2026 on its proposed semi-annual reporting rule, which would allow public companies to report results twice a year instead of four times. In contrast, public company management respondents were more divided, with a slight majority favoring 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.” A video commentary on the survey findings by Roger Pondel is available here. The survey also collected qualitative feedback, revealing three core themes: investors strongly favor transparency and frequent disclosure, issuers seek relief from reporting burdens, and there is support for a hybrid or compromise approach. Investor comments emphasized that “efficient markets require more information, not less,” while issuer comments highlighted that “quarterly encourages short-sighted decisions.” Some suggested a middle ground, such as reporting revenue quarterly even if full reports are semi-annual.

The SEC 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, companies opting for semi-annual reporting would file results on a new Form 10-S, while annual filings on Form 10-K would remain unchanged. The survey was conducted online from May to June 2026, with investor respondents including institutional investors, buy-side analysts, sell-side analysts, wealth managers, family office investors, individual investors, and investment bankers. Public company respondents included CEOs and CFOs. PondelWilkinson, with offices in New York, Connecticut, and Los Angeles, has been a trusted advisor in investor relations and strategic public relations for over 50 years. More information can be found on their website at https://www.pondel.com/ or by following them on LinkedIn and X.