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1Scan for outdated or missing drivers - takes under a minute2Clear out junk files and repair common Windows errors3Fix the driver behind crashes, sound loss and screen glitchesFor a U.S. public company, find GAAP earnings in the consolidated statements of operations (the income statement) in its Form 10-K or Form 10-Q. Look for net income or net earnings and basic or diluted earnings per share (EPS), then verify the period, units and attribution. Adjusted earnings are supplemental, company-defined non-GAAP measures. Find them by searching the filing and related exhibits for non-GAAP, adjusted, the metric name (such as Adjusted EPS), and reconciliation. Always read the reconciliation back to the closest GAAP amount before using the adjusted number.
The U.S. Securities and Exchange Commission (SEC) requires a reconciliation and at least equal prominence for the comparable GAAP measure when a non-GAAP measure appears in a Commission filing. The rule also requires an explanation of why management considers the measure useful. The controlling requirements are in SEC Regulation S-K Item 10(e); the SEC staff’s interpretive examples are in its non-GAAP FAQ.
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Where GAAP earnings appear
GAAP earnings are the figures prepared under U.S. generally accepted accounting principles and presented in the company’s financial statements. In an annual Form 10-K, open the consolidated statements of operations in the financial-statement section. In a quarterly Form 10-Q, use the comparable interim statement. The caption is not identical at every issuer: a company may use “net income,” “net earnings,” or another substantially similar label.
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| Measure | Primary location | How to use it |
|---|---|---|
| GAAP net income or net earnings | Consolidated statements of operations in the Form 10-K or Form 10-Q | Use as the accounting-results anchor for the stated period and attribution basis. |
| GAAP basic or diluted EPS | Statements of operations, often with related EPS disclosures | Confirm whether the figure is basic or diluted and read the period and share basis. |
| Adjusted income or adjusted earnings | Non-GAAP discussion, reconciliation table, management discussion, or an earnings-release exhibit | Read the issuer’s definition and every adjustment before interpreting it. |
| Adjusted EPS | Non-GAAP reconciliation or related earnings release | Trace it to the directly comparable GAAP EPS and check the issuer’s calculation. |
SEC rules prohibit putting a non-GAAP measure on the face of GAAP financial statements or in their accompanying notes. Therefore, an adjusted figure generally will not be a line item in the income statement itself. Its absence there does not mean the company never reports one; it means you should inspect supplemental sections and exhibits.
A fast way to find the numbers in EDGAR
- Open the correct filing. Use the issuer’s Form 10-K for the fiscal year or Form 10-Q for the quarter in SEC EDGAR or on the company’s investor-relations site. Confirm the legal issuer, filing date, fiscal period and whether the displayed amounts are in thousands or millions.
- Jump to the financial statements. Use the filing’s table of contents or search for “consolidated statements of operations.” Read the heading above the columns so you do not mix annual and quarterly periods.
- Search the statement for the GAAP captions. Try “net income,” “net earnings,” “earnings per share,” “basic EPS” and “diluted EPS.” Record the exact line, period, units and attribution shown in the statement.
- Search the entire filing for non-GAAP language. Use the terms “non-GAAP,” “adjusted,” “reconciliation,” and the specific metric, such as “Adjusted EPS” or “Adjusted Income.” Search the management discussion as well as the financial statements.
- Inspect the exhibit index. A related Form 8-K may furnish an earnings release with a non-GAAP table. Open the exhibit and search it separately; an earnings release can contain the definition and reconciliation that are not repeated in the 10-K narrative.
- Save the reconciliation, not just the headline. Capture the starting GAAP amount, each adjustment, its sign, any tax treatment, the ending adjusted amount and the period covered. The arithmetic and the labels should agree.
Where adjusted earnings are disclosed
“Adjusted earnings” is not a single accounting line. It is a label companies use for a supplemental non-GAAP measure. Depending on the issuer, the disclosure may be in a section headed Non-GAAP Measures, in management’s discussion and analysis, in a results announcement, or in an earnings release furnished as an exhibit to Form 8-K.
Search for the full metric name as well as the generic word “adjusted.” An issuer might call the measure Adjusted Income, Adjusted Net Income, Adjusted Earnings or Adjusted Diluted EPS. The name alone does not establish what was removed or added. One filed annual-report example explicitly states: “Non-GAAP financial measures do not have standardized definitions and are not defined by U.S. GAAP.” That statement appears in the issuer’s report, available as an SEC-filed annual-report example.
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A separate filed earnings release example labels Adjusted Income and Adjusted Diluted EPS as non-GAAP measures and supplies their definitions. Another Form 8-K exhibit example shows how non-GAAP information can be delivered with a current report. These filings illustrate possible locations, not a universal template.
What the reconciliation tells you
The reconciliation is the bridge between the company’s GAAP result and its adjusted result. Start with the row identified as the most directly comparable GAAP measure. Follow each subsequent row and preserve the issuer’s signs: a subtraction in the table is not interchangeable with an addition merely because both affect the total.
Check the starting point
For adjusted earnings, the starting point may be consolidated net income, net income attributable to the company, or another GAAP subtotal. For adjusted EPS, it may be GAAP basic or diluted EPS. Read the heading and footnotes rather than assuming that “earnings” means the same numerator used in the statement you first opened.
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Read every adjustment
Record each item the issuer adds back or deducts, the amount for the period and whether the amount is presented before or after tax. A reconciliation that gives only a final adjusted number does not let you test how the result was constructed. Do not assume an adjustment is nonrecurring simply because the issuer describes it that way; examine whether the item appears in other periods and how the company defines it.
Confirm the ending figure
The final adjusted amount should tie to the headline adjusted measure for the same period. For EPS, confirm that the reconciliation uses the stated share basis and that basic and diluted figures have not been mixed. If the table presents continuing operations or a particular attribution basis, carry that qualification into any comparison.
What SEC Regulation S-K Item 10(e) requires
When a registrant includes a non-GAAP financial measure in a Commission filing, Item 10(e) requires the most directly comparable GAAP measure to appear with equal or greater prominence. The registrant must provide a quantitative reconciliation between the measures. For a historical non-GAAP measure, the reconciliation must show the amounts of the adjustments rather than relying on a qualitative description.
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The rule also calls for an explanation of why management believes the measure is useful to investors and, when material, disclosure of additional ways management uses it. A non-GAAP title cannot be the same as, or confusingly similar to, a GAAP measure. The rule bars presenting the non-GAAP measure on the face of the GAAP financial statements or in their notes.
The SEC’s non-GAAP FAQ provides staff guidance and examples of how these requirements are applied. The regulation is the controlling source; staff interpretations and filing practices can change, so check the current SEC text when a disclosure question has legal or reporting consequences.
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How to evaluate an adjusted figure before using it
- Definition: Identify the GAAP starting number and list every adjustment included in the issuer’s calculation.
- Reconciliation: Verify that each adjustment is quantified and that the ending adjusted amount ties to the stated metric.
- Period and scope: Match the fiscal period, continuing or discontinued operations treatment, consolidation scope and attribution basis.
- Tax treatment: Note whether adjustments are shown before tax, after tax or with a separate tax effect.
- Consistency: Compare the current definition with prior filings. An issuer may change its calculation or adjustment set between periods.
- Prominence and rationale: Confirm that the comparable GAAP result is at least as prominent and that management explains why the supplemental measure is useful.
Comparing two periods or two companies
For a year-over-year comparison within one issuer, first determine whether the company used the same definition in both periods. A changed adjustment set can make the adjusted growth rate look better or worse even when the underlying GAAP trend is unchanged. Put the GAAP result and the adjusted result in separate columns in your notes, and identify any definition change beside the affected period.
For a comparison between issuers, use GAAP net income and GAAP EPS as the common anchor. Then compare the definitions and adjustment rows rather than comparing the adjusted totals as though they were standardized. Two companies can use the same label while excluding different items, applying different tax treatments or starting from different GAAP subtotals. A like-for-like conclusion requires the same period, scope and attribution basis in addition to similarly constructed adjustments.
When the adjusted number is hard to find
The 10-K has no “adjusted earnings” line
That is expected in many filings. Search the full document for “non-GAAP,” “adjusted,” “reconciliation” and the metric’s exact name. Then review the exhibit index for a related Form 8-K and open any earnings-release exhibit.
You find a percentage or headline but no bridge
Do not treat the headline as a usable adjusted result until you locate the quantitative reconciliation and the closest GAAP measure. A management discussion may refer to an adjusted margin or growth rate while the detailed table appears only in an accompanying release.
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Keep each measure separate. Adjusted income, adjusted operating income and adjusted EPS can start from different GAAP amounts and use different adjustments. Copy the exact metric name into your notes and do not substitute one for another.
The periods do not line up
Recheck fiscal year-end dates, quarter lengths, units and whether one figure covers continuing operations. Also verify whether one number is attributable to the parent or to all consolidated operations.
The company is not a U.S. SEC registrant
This workflow is based on U.S. SEC filings and Item 10(e). Other jurisdictions may use different forms, terminology and non-GAAP disclosure requirements. Identify the applicable regulator before assuming that a 10-K-style location or reconciliation rule exists.
Quick Recap
A compact extraction checklist
- Record the issuer, form (10-K, 10-Q or 8-K exhibit), filing date and fiscal period.
- Copy the GAAP net income or net earnings line and basic or diluted EPS, including units and attribution.
- Find the adjusted metric’s definition and its reconciliation table.
- List every adjustment with its sign, amount and tax treatment when supplied.
- Check that the adjusted total ties to the headline measure and that the GAAP comparator is equally or more prominent.
- For comparisons, document definition changes, scope differences and the reason adjusted figures may not be like-for-like.
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