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To find out who owns a U.S. public company, whether it bought back shares, and which subsidiaries it discloses, start with the company’s latest Form 10-K and its contents page. Check Item 1 for the business, Item 12 for ownership information, Item 5 for issuer share purchases, and the exhibit index for Exhibit 21. Some details are incorporated from a separate proxy statement, and a subsidiary exhibit may list only significant subsidiaries—not every legal entity.
Start with the 10-K’s contents page
A Form 10-K is a U.S. public company’s annual filing with the Securities and Exchange Commission. Use the table of contents to jump to the relevant item, then follow any references to notes, exhibits, or other filings. The SEC’s A Guide to Reading the 10-K describes the filing’s structure and the information typically found in its sections.
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- Item 1, Business: Find the company’s description of its operations and business. It can also help orient you to subsidiaries.
- Item 5, Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities: Look here for issuer-purchase information, including share repurchases.
- Item 12, Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters: Look here for ownership information, but check whether it appears in the 10-K or is incorporated from a proxy statement.
- Exhibit index: Look for Exhibit 21 or an exhibit identified as listing significant subsidiaries.
For a quick search within a filing, try “issuer purchases,” “share repurchases,” “beneficial ownership,” “subsidiaries,” or “Exhibit 21.” Search is a shortcut, not a substitute for reading the surrounding text and following cross-references.
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Where to find ownership information
Item 12 is the starting point for security ownership of certain beneficial owners and management. Beneficial ownership is not a complete list of every person or institution holding shares. Read the table’s measurement date, the categories it reports, share counts, and footnotes before drawing conclusions.
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Check whether Item 12 says the information is incorporated by reference from the company’s proxy statement. If it does, open that proxy and use the cited section; the information may not be reproduced in the 10-K itself. For example, Amazon’s fiscal 2025 10-K directs readers to its 2026 proxy statement for Item 12 information. See the Amazon 2025 Form 10-K and the 2026 proxy statement. Use the date and definitions in the ownership disclosure itself when comparing figures.
How to read share-buyback disclosures
Item 5 includes issuer-purchase information. Start with the table for the period covered and, where reported, note the shares purchased, average price, and any remaining authorization. Then read the accompanying narrative: the table and narrative answer different questions.
- Find the issuer-purchase table. Record its reporting period, shares purchased, average prices, and remaining authorization, if shown.
- Read the program description. Look for the authorization’s size and timing, permitted methods, conditions, and whether management may choose not to buy shares.
- Follow references to fuller detail. Check Management’s Discussion and Analysis (MD&A) and the shareholders’ equity footnote. Best Buy’s fiscal 2025 filing directs readers to MD&A and Note 8 for additional repurchase and dividend detail. See Best Buy’s 2025 Form 10-K.
- Put purchases beside share-count changes. Compare actual purchases with changes in shares outstanding and relevant share-count measures. Treat this as a starting point: issuances, employee awards, conversions, and timing can also affect the counts.
An authorization is permission to repurchase up to a stated amount; it is not evidence that the company spent that amount or will make future purchases. ServiceNow’s fiscal 2025 filing describes a program that may be suspended or discontinued and does not obligate the company to acquire any amount. That is an issuer-specific example, not a rule for every company. See ServiceNow’s 2025 Form 10-K.
How to find and interpret subsidiaries
Read Item 1 to understand the business and the role of its operations. Then inspect the exhibit index for Exhibit 21 or a significant-subsidiaries exhibit. Check what columns and scope the exhibit actually provides; it may show subsidiary names, jurisdictions, and ownership percentages.
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Walmart’s fiscal 2026 Exhibit 21, for example, provides subsidiary names, jurisdictions, and equity ownership percentages. Its note says subsidiaries not included were omitted because they were not significant in the aggregate under the cited rule. That means the exhibit should not be treated as a complete catalog of every legal entity. See Walmart’s 2026 Exhibit 21.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Compare filings without mixing unlike figures
When comparing two companies, use the same reporting period where possible and check how each filing defines its figures. A difference in dates, definitions, or exhibit scope can make superficially similar disclosures unlike comparisons.
- Ownership: Compare measurement dates, reported owner categories and definitions, and whether the disclosure is in the 10-K or an incorporated proxy statement.
- Repurchases: Separate shares actually acquired, amount spent, average purchase price, remaining authorization, and share-count effects. Also note program duration, discretion, and permitted methods.
- Subsidiaries: Compare the exhibit’s stated scope, ownership percentages, jurisdictions, and omission notes.
This guide explains where to read disclosures; it does not determine whether a security is a suitable investment.
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