A new survey from PondelWilkinson, an investor relations and strategic public relations consultancy, found that 77% of investors believe public companies should continue reporting financial results quarterly, rather than switching to a semi-annual schedule. The survey, conducted online from May to June 2026, comes as the U.S. Securities and Exchange Commission (SEC) seeks public comment by July 6, 2026, on its proposed rule that would allow companies to report results twice a year instead of four times.
According to the survey, only 18% of investor respondents supported semi-annual reporting, while 5% favored a hybrid approach of semi-annual reporting supplemented by select key metrics in non-reporting quarters. The investor group included institutional investors, buy-side and sell-side analysts, wealth managers, family office investors, individual investors, and investment bankers, with institutional investors making up the largest share.
In contrast, public company management respondents were more divided. A slight majority expressed support for either less frequent reporting or reporting only key metrics in alternating quarters. Company executives, particularly at smaller issuers, highlighted the operational and cost burden of quarterly reporting, with comments such as, “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.”
Investor feedback centered on the need for transparency and frequent disclosure. Participants emphasized the importance of timely financial information for valuation and market efficiency, warning that reduced reporting frequency could increase uncertainty, risk, and volatility. One investor stated, “Efficient markets require more information, not less,” while another noted, “Six months is an eternity in business these days and is too long to be dealing with stale financials.” A third respondent summed it up: “Less information ⇒ more risk. More risk ⇒ lower valuation.”
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.
Some investor respondents supported middle-ground solutions, such as reporting revenue quarterly even if full financials are semi-annual, or adopting three-times-a-year reporting. One respondent suggested, “For some industries, semi-annual reporting would be adequate; industries containing more volatile metrics should report quarterly.”
“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 at this link. More information on PondelWilkinson can be found by visiting their website.
