Find what a company had to tell the public. Read a 10-K and an S-1.
Every class teaches one idea, asks you three questions on it and then puts it to work on a real company.
A 10-K is the one report a public company is obliged to file. Everything else it publishes is a choice.
Company plus form type plus date finds a filing. The accession number proves which one you read.
Item 1 tells you which number matters. Read it before you open a statement.
Skip the boilerplate. Hunt for the risk with a number attached and check where the company put it.
MD&A is the year in management's words. Mark what you quote and show what you derive.
Revenue tells you which segment is big. Operating income tells you which one pays for the others.
Compare a quarter with the same quarter a year earlier. The next one along is mostly calendar.
Read the item number first. It tells you what kind of news this is before you read the news.
An S-1 opens a private company's books at once. Check which shares are the company's before you call it money raised.
Pay lives in the proxy and not the 10-K. Most of a big total is stock valued on the day it was granted.
Every adjusted number has a reconciliation. Read what was taken out before you quote what was left.
The statements say what happened. The notes say what is already committed to happen next.
Every figure below was checked against the filing itself in September 2026, through the SEC's XBRL company-concept API, the XBRL-rendered statements in the filing's own financial report, or EDGAR full-text search against the document. The check column says which. Figures in millions of US dollars unless stated.
| Company | Period | Figure | Value | Concept checked |
|---|---|---|---|---|
| Apple | FY ended Sep 30 2023 | Total net sales | 383,285 | RevenueFromContractWithCustomerExcludingAssessedTax |
| Apple | FY2023 | 10-K filing date | Nov 3 2023 | EDGAR submissions record. Accession 0000320193-23-000106 |
| Apple | FY2023 | Products net sales | 298,085 | 10-K income statement. Rendered statement R3 |
| Apple | FY2022 | Products net sales | 316,199 | comparative column of the same statement |
| Apple | FY2023 | Services net sales | 85,200 | 10-K income statement. Rendered statement R3 |
| Apple | FY2022 | Total net sales | 394,328 | comparative column of the same statement |
| Apple | FY2023 | MD&A wording on services | "Services net sales increased 9%" | EDGAR full-text search. Exact phrase, this filing only |
| Apple | FY2023 | MD&A wording on the total | "net sales decreased 3% or $11.0 billion" | EDGAR full-text search. Exact phrase, this filing only |
| Apple | FY2023 | Products change | derived: 316,199 minus 298,085 is 18,114, about 6% | not stated in words by Apple. Derived in the lesson and labelled |
| Apple | Q1 FY2024 (quarter ended Dec 30 2023) | Total net sales | 119,575 | RevenueFromContractWithCustomerExcludingAssessedTax, form 10-Q |
| Apple | Quarter ended Dec 31 2022 | Total net sales | 117,154 | same concept. Comparative in the same 10-Q |
| Apple | FY2023 | Share-based compensation expense | 10,833 | ShareBasedCompensation |
| Apple | Sep 30 2023 | Total unrecognised compensation cost | 18,600 ($18.6 billion) over a weighted-average 2.5 years | EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized |
| Apple | FY2023 | CEO total compensation | $63,209,845 | DEF 14A filed Jan 11 2024. Pay versus performance table, PEO summary compensation total |
| Apple | FY2023 | Median employee compensation | $94,118 | same DEF 14A. EDGAR full-text search |
| Apple | FY2023 | CEO pay ratio | 672 to 1 | same DEF 14A. Cross-checks: 63,209,845 / 94,118 = 671.6 |
| Costco | FY ended Sep 3 2023 | Total revenue | 242,290 | Revenues |
| Costco | — | CIK | 0000909832 | EDGAR submissions record |
| Costco | FY2023 | 10-K accession number | 0000909832-23-000042 | EDGAR. Filed Oct 11 2023 |
| Costco | FY2023 | Warehouses in operation at year end | 861 | Item 1 of the 10-K. Read from the filing text |
| Costco | FY2023 | Paid members / total cardholders | 71.0 million / 127.9 million | Item 1 membership table. Read from the filing text |
| Costco | FY2023 | Employees worldwide | 316,000 | Item 1 human capital. Read from the filing text |
| Costco | Dec 2023 | Special cash dividend | $15.00 per share, about $6.7 billion | Form 8-K dated Dec 13 2023, filed Dec 14. Item 8.01. Total is in Exhibit 99.1 |
| Costco | Dec 2023 | Record and payment dates | Dec 28 2023 and Jan 12 2024 | same 8-K |
| Alphabet | FY2023 | Google Services revenue | 272,543 | segment note. Rendered statement R89 |
| Alphabet | FY2023 | Google Cloud revenue / operating income | 33,088 / 1,716 | segment note. Rendered statement R89 |
| Alphabet | FY2023 | Other Bets revenue / operating income | 1,527 / (4,095) | segment note. Rendered statement R89 |
| Alphabet | FY2023 | Google Services operating income | 95,858 | segment note. Rendered statement R89 |
| Alphabet | FY2023 | Alphabet-level activities | (9,186) | segment note. Rendered statement R89 |
| Alphabet | FY2023 | Hedging gains in revenue | 236 | segment note. Reconciles: 272,543 + 33,088 + 1,527 + 236 = 307,394 |
| Alphabet | FY2023 | Total revenues / income from operations | 307,394 / 84,293 | RevenueFromContractWithCustomerExcludingAssessedTax and the segment note |
| American Airlines Group | FY2023 | One cent per gallon fuel sensitivity | about $45 million of annual fuel expense | Item 1 of the 10-K filed Feb 21 2024, under aircraft fuel. Read from the filing text |
| Delta Air Lines | FY2023 | Cent-per-gallon sensitivity | not disclosed | verified absent. EDGAR full-text search returns no "cent per gallon" in any Delta filing 2019 to 2025 |
| FY2023 | Revenue / net loss | $804.0 million / $(90.8) million | Form S-1 filed Feb 22 2024. Summary financial data | |
| FY2022 | Revenue / net loss | $666.7 million / $(158.6) million | same S-1 | |
| Q4 2023 | Daily active uniques | 73.1 million | same S-1. Read from the filing text | |
| Mar 2024 | IPO price and share split | $34.00 per share. 22,000,000 shares, of which 15,276,527 primary and 6,723,473 secondary | Form 424B4 final prospectus dated Mar 20 2024. Cover page | |
| Uber Technologies | FY2023 | Net income attributable to Uber | 1,887 | NetIncomeLoss |
| Uber Technologies | FY2023 | Adjusted EBITDA | 4,052 | Item 7 of the 10-K filed Feb 15 2024. Reconciliation to net income present |
| Uber Technologies | FY2022 | Adjusted EBITDA | 1,713 | same reconciliation, comparative column |
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