The Filings Report

Methodology

The rules behind the figures.

Sources, periods and counting rules determine what a number means. This page explains the calculations used across the site, where values are derived and which limits remain in the underlying records.

Financial statements

The current statement extract was generated November 1, 2026. The same rules apply to every company in that extract.

One source: the filings

Every figure comes from the XBRL financial data companies file with their 10-K and 10-Q reports, as published by the SEC in its company facts API. No figure is typed in, taken from a vendor, or adjusted to a non-GAAP basis. Statements are GAAP as filed.

The latest filed value wins

A company reports most periods more than once: a quarter appears in its own 10-Q and again as a comparative a year later, and restatements replace earlier figures. Where the same period and line were filed more than once, the most recently filed value is used. Each column on a company page shows when its period was first filed.

Fiscal labels come from period ends

Periods are labelled with the company’s own fiscal calendar, worked out from the end date of each period and the month its fiscal year ends, not from the fiscal-year tag in the filing, which some companies apply inconsistently. Apple’s quarter ended in late June is Q3 of its fiscal year. Year-over-year comparisons match the same fiscal quarter by label, so 52- and 53-week calendars cannot misalign them.

Fourth quarter = fiscal year less nine months

Most companies file no discrete fourth quarter; the 10-K reports the year. Where the fourth quarter is not filed, flow lines are computed as the fiscal year less the first nine months and marked as derived. Diluted EPS is never derived this way, because per-share figures do not subtract, so a derived quarter shows no EPS.

Quarterly cash flows are differenced from year-to-date totals

10-Q filings report the cash flow statement as year-to-date totals. The second quarter is the six-month total less the first quarter, and so on. Every figure produced this way is marked as derived.

Quarters must sum to the year

For every flow line and fiscal year, the four quarters are checked against the filed annual figure. Where a full-year figure was filed in a quarter slot, that row is dropped and the quarter rebuilt from the annual figure (listed as repaired). Where four filed quarters still do not sum to the year, the quarterly values are withheld and marked, so a blank there is a withholding rather than an absence of reporting.

Per-share figures on one split basis

EPS and share counts are moved to the current split basis using the filing date: a figure filed before a split is adjusted, a figure filed after it already reflects it. Adjusted cells are marked with an asterisk.

Blanks are never estimated

A dash means the company did not file that line for that period in machine-readable form, or the value was withheld by the check above. Nothing is interpolated, carried forward or modelled. Trailing twelve-month figures are blank when any of the four quarters is missing.

Lines included in each statement

Income statement

Revenue, Cost of revenue, Gross profit, Research and development, Selling, general and administrative, Operating income, Other income (expense), Pretax income, Income tax, Net income, Diluted EPS ($), Diluted shares (millions).

Fourth quarters are the fiscal year less the first nine months when the filer reports no discrete fourth quarter, and are marked. Diluted EPS is never derived, so a derived quarter shows none.

Balance sheet

Cash and equivalents, Short-term investments, Total current assets, Total assets, Total current liabilities, Long-term debt, Total liabilities, Stockholders’ equity, Shares outstanding (millions).

Positions at each period end. Nothing on this statement is derived. Long-term debt is the filed noncurrent line only; no total-debt composite is constructed across filers.

Cash flow statement

Operating cash flow, Capital expenditures, Free cash flow (CFO − capex), Depreciation and amortization, Share repurchases, Dividends paid.

10-Qs file cash flows as year-to-date totals, so quarterly figures are differenced from consecutive filings and marked. Free cash flow is operating cash flow less capital expenditures, computed from the two filed lines.

Each company page lists the XBRL concepts behind every line, in the order they are tried, and the generation date of its extract.

Funds, holdings and conviction screens

Manager portfolios are read from quarterly 13F filings with amendments applied. Shares are adjusted for splits before changes are measured. The record describes holdings at a quarter end, not transactions within that quarter or a manager’s current portfolio.

Portfolio changes and cross-manager activity

New, added, reduced and exited positions compare reported share counts. Portfolio weights describe the reported holdings represented by that view; they are not percentages of a manager’s total assets including cash or short positions.

The activity page counts each fund and stock once and applies a 0.5% portfolio floor. It combines share classes by issuer and excludes options, warrants, debt and holdings without a matched ticker. Consensus is counted in funds, not summed dollars. Each manager is represented by its latest filing, which can cover a different quarter from another manager’s.

The quarterly activity chart includes only quarters with comparable filings from at least ten managers. An unavailable comparison is not treated as a quarter with no trades.

High-conviction rules

The high-conviction screens use reported long stock positions, excluding options. Their current rules are read from the published dataset:

  • Big positions still being bought: weight >= 5% with shares added in one of the last four quarters, or weight >= 10%; in both cases shares not cut over the past year.
  • Aggressive buying: new position >= 3%, or shares up >= 50% at weight >= 2%, in the latest quarter.
  • Big positions cut: prior weight >= 5% and shares cut >= 25% (or sold out) in the latest quarter.

These labels describe screening criteria. They do not establish why a manager holds a stock or predict its return. The page lists the funds included and excluded.

Insider transactions

Insider histories combine the SEC’s insider transaction datasets with individual Forms 4, 4/A and 5. The site reads the non-derivative transaction table.

  • Counted purchases and sales: codes P and S. Awards, exercises, gifts, tax withholding and other codes remain in the history but are not counted as open-market buying or selling.
  • Dollar value: shares multiplied by the reported price. A transaction without a price has no estimated dollar value.
  • Insider identity: company rankings count distinct reporting owners by CIK, with a normalized name fallback. Reporting owners can include institutions and large shareholders as well as officers and directors.
  • Trading plans: the 10b5-1 flag is taken from the filing where available. A sale under a plan remains a sale in the totals.

Time windows and rankings

The recent screens cover exactly 7, 30, 60 or 90 calendar dates, including the snapshot date, by transaction date. A minimum-value filter means strictly greater than the selected amount. Company summary windows use 91 days for three months and 365 days for twelve months; a three-month summary can therefore differ from a 90-day screen.

Most Bought ranks the selected window by known purchase value. Cluster Buying requires at least three distinct reporting insiders with purchases in that window. A daily activity bar sums reported purchases or sales on the trade date.

Prices and shared chart timelines

Daily candles use split-adjusted open, high, low and close prices from the maintained stock-price history. Each price file carries its own snapshot date and adjustment flag. The charts are historical context, not streaming quotes.

Insider trade prices and dollar values remain as reported. After a split, a trade price can therefore differ from the chart’s adjusted price for the same date. Empty weekends and holidays are omitted from the shared chart axis, while dates with reported activity remain represented.

High-conviction charts use weekly candles and quarter-end holding bars. A holding bar records the position at that quarter end; it is not a reconstruction of the fund’s individual trades.

Buybacks, dilution and yields

Repurchases and dividends come from the cash flow statements. Shares outstanding come from company cover-page disclosures and are normalized for splits.

  • Share change: latest cover-page count over the count four fiscal quarters earlier (nearest end to 365 days back), both on today's split basis.
  • Trailing cash flows: sum of the last four consecutive quarters' cash flow lines, newest within 400 days of the as-of date, else null.
  • Quarter totals: sum of dollars across companies reporting the calendar quarter (periods assigned by midpoint); a quarter is complete when at least 90% of the prior quarter's reporters have filed it.
  • Outliers: companies whose count moved more than 60% in a year are listed under excluded and left out of the median and the shrinking share.
  • Yield: trailing twelve-month dollars over market value at the latest close.

The buybacks page identifies excluded companies and coverage. Repurchase spending and net share-count change answer different questions: issuance and other corporate actions can offset the shares repurchased.

Earnings dates and IPO records

The earnings calendar reads SEC submission records, including earnings-related 8-K filings and 10-K/10-Q reports. Upcoming provider dates are labelled expected. A date projected from earlier reporting patterns is labelled estimated. Neither label means the company has confirmed the date.

The IPO calendar uses provider records for expected, priced and withdrawn offerings. EDGAR supplies S-1 and F-1 registrations and 424B4 final prospectuses. A new registrant has no earlier annual or quarterly report on file under the screen’s rules; this is not proof that an IPO will occur.

Blank-check companies are separated using industry code 6770. Past expected dates without a new date are shown separately; offerings that disappear without pricing or withdrawal stay in the archive. The IPO page identifies its source windows and archive coverage.

Updates, revisions and reproducibility

Different datasets can have different as-of dates. A failed optional source update may leave the prior file in place. An extraction timestamp records when a file was produced; it does not mean every record in it is new.

The data catalog provides the downloadable snapshots. Preserve the file date, units and reporting period when comparing results. Later filings can restate earlier values, so these files are not a complete archive of every earlier data vintage.

Questions about a calculation can be sent to info@thetrading.tools with the page, period and source record. See How We Use AI for the role of research assistance and development tools.