Trump Proposes Shift from Quarterly to Semiannual Earnings Reports

On September 15, 2025, President Donald Trump proposed that publicly traded companies in the United States transition from quarterly to semiannual earnings reporting. In a post on Truth Social, he stated that reducing the frequency of reports would "save money, and allow managers to focus on properly running their companies."

The U.S. Securities and Exchange Commission (SEC), which has mandated quarterly reporting since 1970, responded by indicating that it is "prioritizing" the proposal. SEC Chairman Paul Atkins expressed support for the initiative, stating, "I welcome that posting by the president, and I have talked to him about it. In principle, I think to propose change in what our rules are now, I think would be a good way forward, and then we'll consider that and move forward after that."

Supporters of the change, including Nasdaq CEO Adena Friedman, argue that reducing reporting frequency could alleviate short-term pressures and regulatory burdens, potentially encouraging more companies to go public. Friedman noted that less frequent reporting might allow companies to focus more on long-term strategies.

However, critics caution that less frequent reporting might diminish transparency and increase market volatility, making U.S. stocks less attractive to investors. Art Hogan, chief market strategist at B. Riley Wealth Management, stated, "Having to wait six months for official results, I just think would cause more difficulties than it would add benefits."

This proposal revisits a similar initiative from 2018 during Trump's first term, which did not result in policy changes. At that time, Trump had asked the SEC to study the issue, but no recommendations came of the matter.

Internationally, reporting practices vary. In the United Kingdom and European Union, companies are required to file semiannually but can issue quarterly reports if they choose. In contrast, Chinese companies must file quarterly earnings reports as well as semiannual and annual reports.

If implemented, this change could have significant implications for corporate transparency, investor confidence, and market stability. While it may reduce compliance costs and short-term pressures on executives, it could also lead to less frequent information for investors, potentially increasing market volatility.

The SEC is currently reviewing the proposal. Any changes would require a formal regulatory process before implementation.

As the debate continues, stakeholders from various sectors are weighing the potential benefits and drawbacks of shifting to semiannual reporting. The outcome of this proposal could reshape the landscape of corporate financial disclosures in the United States.