Early Takeaways From The 2025 Reporting Season

Public companies with a calendar year-end have begun filing their annual reports on Form 10-K during the 2025 reporting season at a time of uncertainty driven by rapidly evolving federal government policy developments. We summarize some of the key early trends that we have observed thus far in the 2025 reporting season.

Disclosure impacts as a result of the change in the U.S. Presidential Administration

During the 2025 reporting season, companies are considering what must be disclosed regarding the change in the U.S. presidential administration. Companies are not necessarily obligated to report external developments in their SEC filings, but it is essential to evaluate how such external developments could impact the company's business, reputation, financial condition or results of operations. Here is a summary of lessons learned based on early filers: