Section 16, Explained: Forms 3, 4, and 5, the Two-Day Deadline, and the Six-Month Clawback
Company insiders must report trades on Form 4 within two business days, and Section 16(b) claws back profits on any round-trip trade under six months.
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Investor Relations
Financial reporting and communication for investors
The IPO Quiet Period and Gun-Jumping Rules, Explained: What Founders and Executives May Say Before and After Filing
Section 5 bans pre-filing offers, defined as any publicity conditioning the market. What founders may say before filing, while waiting, and after pricing.
Authorized vs. Issued vs. Outstanding Shares: What Each Count Means for Your Valuation, Your EPS, and Your Vote
Outstanding shares equal issued shares minus treasury stock — the only count that sets market cap, EPS, dividends, and votes.
Dividend Yield vs. Payout Ratio: What Each Formula Tells You, Why a Soaring Yield Can Signal a Cut, and Where Special Dividends Fit
Yield is dividends over price; payout ratio is dividends over earnings. A soaring yield with coverage above 100% usually means the price fell ahead of a cut.
Basic vs. Diluted EPS, Explained: What Each Share of Earnings Is Really Worth After Options, Warrants, and Convertible Debt
Diluted EPS assumes every option, warrant, and convertible note becomes shares; it is the worst-case number — value the company on it, not on basic EPS.
Cumulative Preferred Stock and Dividends in Arrears, Explained: How Missed Dividends Pile Up, Why Arrears Must Clear Before Common Holders See a Dollar, and Why They Stay a Footnote Until the Board Declares
Skipped cumulative preferred dividends stack up as arrears that must clear before common holders see a dollar — yet stay a footnote until declared.
Lam Research Q1 FY2027: The $8.22B Quarter That Turned Shipments Into Cash
Lam Research Q1 FY2027: revenue +54% to $8.22B at a record 40% operating margin, and $3.50B of operating cash flow cut DSO from 72 to 63 days.
GE Aerospace Q3 2026: $19B of Orders Against $2B of Cash
GE Aerospace booked $19B in Q3 orders (+49%) while free cash flow fell 14% — the $212B backlog vs. the cash conversion question.
H&R Block FY2026 Earnings: The $736M Tax Machine That Books 61% of Revenue in One Quarter
H&R Block FY2026: $736.3M net income (+20.8%) on $3.95B revenue, flattered by an $84.1M IRS settlement; adjusted EPS up 13.9% to $5.31.
Jefferies Q3 2026: Record $818M Advisory Inside $2.22B of Net Revenues — and a Profit Revised Up
Jefferies Q3 FY2026: record $817.8M advisory (+25%) and $626.2M equities (+29%) in $2.22B net revenues; the 10-Q revised net income up $24.2M on a tax benefit.
Lam Research FY2026: The $23.2B Machine That Etches Every AI Chip
Lam Research FY2026: revenue +26% to $23.2B at a 35.3% operating margin, and an $8.10B September guide on foundry demand.
Peloton FY2026 Earnings: The First Profit After $4.8B of Losses
Peloton FY2026: $63.2M net income — its first profitable year — on $2.446B revenue (−1.8%), earned by cutting opex 67% from FY2022.