Knowledge Base/Why does a foreign company (a 20-F filer) have only annual financials?

Why does a foreign company (a 20-F filer) have only annual financials?

Massive builds its financial statements from SEC filings, and a foreign private issuer files an annual report on Form 20-F instead of quarterly 10-Q reports, so a company such as ASML has annual records and no records for its first three fiscal quarters.

A foreign company having only annual financials on the Massive financials endpoints comes down to the form it files with the SEC, not to where it is based or listed. ASML trades on Nasdaq but files an annual 20-F, so a quarterly request returns only its fiscal year ends. Shopify, based in Ottawa, files 10-Q reports, and its quarters are there like any US company's.

Applies to

  • Plans: Stocks Advanced, or any plan carrying the Financials and Ratios Expansion, for the three statement endpoints. The SEC EDGAR Index endpoint is included in all Stocks plans.
  • Endpoints: /stocks/financials/v1/balance-sheets, /stocks/financials/v1/income-statements, /stocks/financials/v1/cash-flow-statements and /stocks/filings/vX/index.
  • Asset classes: US-listed stocks.

How to check a company for quarterly records

Ask the balance sheets endpoint for the company's latest quarterly records. For ASML:

curl -X GET "https://api.massive.com/stocks/financials/v1/balance-sheets?tickers=ASML&timeframe=quarterly&period_end.lte=2025-12-31&sort=period_end.desc&limit=2&apiKey=YOUR_API_KEY"

Response

{
  "status": "OK",
  "results": [
    {
      "tickers": ["ASML"],
      "period_end": "2025-12-31",
      "filing_date": "2026-02-25",
      "fiscal_quarter": 4,
      "fiscal_year": 2025,
      "timeframe": "quarterly"
    },
    {
      "tickers": ["ASML"],
      "period_end": "2024-12-31",
      "filing_date": "2026-02-25",
      "fiscal_quarter": 4,
      "fiscal_year": 2024,
      "timeframe": "quarterly"
    }
  ]
}

Both ASML records are fiscal_quarter 4: the balance sheet at the fiscal year end, the same snapshot as the annual record for that date. Every quarterly balance sheet ASML has is a year-end one. Its income statements have no quarterly record after 2015, its cash flow statements have none, and neither has trailing-twelve-month records.

The same request for Shopify returns its first and second quarters:

curl -X GET "https://api.massive.com/stocks/financials/v1/balance-sheets?tickers=SHOP&timeframe=quarterly&period_end.lte=2026-06-30&sort=period_end.desc&limit=2&apiKey=YOUR_API_KEY"

Response

{
  "status": "OK",
  "results": [
    {
      "tickers": ["SHOP"],
      "period_end": "2026-06-30",
      "filing_date": "2026-08-05",
      "fiscal_quarter": 2,
      "fiscal_year": 2026,
      "timeframe": "quarterly"
    },
    {
      "tickers": ["SHOP"],
      "period_end": "2026-03-31",
      "filing_date": "2026-05-05",
      "fiscal_quarter": 1,
      "fiscal_year": 2026,
      "timeframe": "quarterly"
    }
  ]
}

Shopify filed a 40-F annual report as recently as February 2024 and has filed 10-K and 10-Q reports since 2025, which is why its quarters appear. Filing a 20-F or 40-F does not rule quarterly records out entirely, because a few such companies do have them, so check each company with this request rather than assuming either way.

Where a 20-F filer's interim numbers are

A 20-F filer's interim numbers, where it publishes them, reach the SEC on Form 6-K, and the SEC EDGAR Index endpoint lists those filings with a link to each one on SEC.gov:

curl -X GET "https://api.massive.com/stocks/filings/vX/index?ticker=ASML&form_type=6-K&filing_date.lte=2026-10-14&limit=2&apiKey=YOUR_API_KEY"

Response

{
  "status": "OK",
  "results": [
    {
      "form_type": "6-K",
      "filing_date": "2026-10-14",
      "filing_url": "https://www.sec.gov/Archives/edgar/data/937966/0001628280-26-065813.txt",
      "ticker": "ASML"
    },
    {
      "form_type": "6-K",
      "filing_date": "2026-07-15",
      "filing_url": "https://www.sec.gov/Archives/edgar/data/937966/0001628280-26-048235.txt",
      "ticker": "ASML"
    }
  ]
}

The 6-K filed on 2026-10-14 carries ASML's third-quarter 2026 results. Read those numbers from the filing itself: the financials endpoints have no quarterly record for that quarter.

Why this happens

Massive's financial statements are built from the reports a company files with the SEC, which is why every record carries the filing_date of the SEC filing that included it. A US company files a 10-Q each quarter. A foreign private issuer does not have to: the SEC's overview for foreign private issuers says they "file annual reports on Form 20-F", within four months of the end of the fiscal year, and that "Quarterly reports are not required." Their other reports go on Form 6-K. Some Canadian companies file their annual report on Form 40-F instead, and the same applies to them.

The same SEC overview notes that a foreign private issuer may choose to report on the forms US companies use, including 10-K and 10-Q. A foreign company that does, such as Shopify, gets quarterly records like a US company.

A 20-F filer's next annual record follows its next 20-F. ASML's latest 20-F was filed on 2026-02-25, for the fiscal year that ended on 2025-12-31.

If you see an error

An empty results array for fiscal_year=2026&timeframe=quarterly on a 20-F filer means there is no record for that year yet. For a company like ASML, the first record for a year appears after it files its 20-F for that year.

Not every foreign filer is covered on the financials endpoints. If a timeframe=annual request for the company also returns an empty results array, start a chat at massive.com/contact with the ticker.

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