Redline Research

See exactly what changed in any 10‑K or 10‑Q

Pick a ticker and get a full redline against the prior filing: insertions, deletions, moved passages and changed numbers, with jump-to-section navigation.

Illustration

ITEM 7. MD&A

Net revenue was $1,204.5 million $1,318.9 million +9.5% for the fiscal year.

ITEM 1A. RISK FACTORS

We may experience have experienced delays from a limited number of suppliers, and these delays could continue.

Our credit facility contains covenants that limit our ability to incur additional debt.

[MOVED ↓ from Item 7] Our credit facility contains covenants that limit our ability to incur additional debt.

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Redline of the week

This week's sample

Open a complete redline, financial statements included. No sign-up. A new company each week, often the one we wrote about on the Substack.

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How it works

  1. 1. Type a ticker

    Search any company that files 10‑Ks and 10‑Qs with the SEC, by ticker or CIK.

  2. 2. Pick a filing

    Choose a 10‑K or 10‑Q and click Compare with previous. We pull both filings from EDGAR.

  3. 3. Read the redline

    One document with every change marked. Jump to Risk Factors, MD&A or the financials.

Built for reading filings, not generic documents

Redline Research understands the structure of a 10‑K and 10‑Q, so the changes that matter are easy to find.

Coming soon: change markup for XBRL-tagged financial data.

Two ways investors use it

For long-term investors

Find what the market hasn't priced yet

Changes in a company's own words can be the first sign of an inflection, or confirm that a trend is continuing. Read only what changed year over year, from the risk factors through the notes, instead of rereading 120 pages.

Illustration: hypothetical company, not a real filing

Item 7 MD&A

We expect gross margin to remain under pressure stabilize in the second half.

Backlog: $412.0 million $451.3 million +9.5%

Item 1A: Our largest customer accounted for 31% of revenue. (paragraph removed)

Three changes, three questions for your notes: is margin turning, is demand building, and why did the concentration risk disappear?

For traders

Check the move against the filing

The stock has moved since the latest 10‑Q. Did anything in the filing actually change to justify it? Open the redline and see in minutes whether the reaction is backed by new disclosure or by nothing at all.

Illustration: hypothetical company, not a real filing

Stock since 10‑Q filing: −12% (hypothetical)

Outlook language in MD&A: unchanged

Inventories: $88.4 million $97.9 million +10.7%

New risk factor: "...compliance with the leverage covenant under our credit facility..."

The guidance didn't change, but inventory build and a new covenant risk did. Now you know what the market may be reacting to.

Also used by newsletter writers and small buy-side teams who need to cover more filings each earnings season.

Academic research has found that when companies change the language of their 10‑Ks and 10‑Qs, those changes predicted future returns and operations, with risk-factor changes among the most informative, and that investors were slow to notice.

Cohen, Malloy & Nguyen, "Lazy Prices," NBER Working Paper 25084 (2018); Journal of Finance 75(3), 2020.

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Research

From the Redline Research Substack: Finding alpha in the fine print. Written with redlines made here.

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Questions

Which filings can I compare?

10‑K annual reports and 10‑Q quarterly reports filed with the SEC. Each redline compares a filing with the previous filing of the same type: a 10‑K with the prior 10‑K, a 10‑Q with the prior 10‑Q. Amendments can't be compared yet.

How is a redline made?

We fetch both filings directly from SEC EDGAR, match them section by section, and mark every insertion, deletion, moved passage and changed number in a single document you can navigate by Item.

Does it cover the whole filing?

Yes. Every section, including the financial statements and notes.

What counts as a redline?

A redline counts when you run a comparison that hasn’t been made before. Opening a redline already in our shared library, such as popular tickers, the weekly sample or a link someone shared with you, never counts toward your monthly limit.

Is my data private?

Your searches and the redlines you run are not shared with other users in a way that identifies you. Redlines themselves are built from public filings and cached for everyone. See our Privacy Policy for details.

Can I cancel anytime?

Yes. Cancel from your account page. You keep paid features until the end of the period you have paid for. We do not offer cash refunds except where required by law.

What is a founding member?

One of the first 100 members on a $1,000/year plan with everything in Pro, plus priority on bug fixes and on building the features you request. Your price is locked for life as long as your membership stays active. If it lapses, the spot is given up.

Is this investment advice?

No. Redline Research shows what changed between two public filings. What it means is your call. Always check the original filing on EDGAR.

Read only what changed.

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