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GAAP earnings are reported in the consolidated statements of operations (the income statement) in a company’s Form 10-K or Form 10-Q. Look for net income or net earnings and basic or diluted earnings per share for the period you need. Adjusted earnings are supplemental, company-defined non-GAAP measures. They usually appear in a non-GAAP section, management’s discussion, an earnings release, or an exhibit to a Form 8-K. Search for “adjusted,” “non-GAAP,” and “reconciliation,” then trace the adjusted figure back to its closest GAAP result before using it.
Where GAAP earnings appear in a 10-K or 10-Q
Start with the filing’s audited annual financial statements in a Form 10-K or the interim financial statements in a Form 10-Q. The statement may be titled Consolidated Statements of Operations, Consolidated Statements of Income, or something similar. Names vary by issuer, but the relevant lines normally include net income or net earnings and earnings per share (EPS).
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| What you need | Where to look | What to verify |
|---|---|---|
| GAAP net income | Consolidated statements of operations (income statement) | Reporting period, consolidated scope, and whether the amount is attributable to the company or to shareholders |
| GAAP EPS | Same statement, often in a separate basic-and-diluted EPS section | Basic versus diluted, continuing operations versus total operations, and share count assumptions |
| Adjusted earnings or adjusted EPS | Non-GAAP discussion, reconciliation table, earnings release, or Form 8-K exhibit | The issuer’s definition, every adjustment, tax treatment, and the matching GAAP amount |
Use the filing’s table of contents to reach the financial statements, then use your browser’s find function for net income, net earnings, earnings per share, or EPS. Confirm the column heading before recording a figure: a 10-K can show several years, while a 10-Q can show a quarter, year-to-date period, or comparative prior period. Also check whether the statement presents continuing operations, discontinued operations, or amounts attributable to noncontrolling interests.
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Where adjusted earnings are disclosed
“Adjusted earnings” is not a single accounting number. Each issuer decides what its adjusted measure means, so the label alone does not reveal which costs or gains were excluded. An annual report example states that non-GAAP financial measures “do not have standardized definitions and are not defined by U.S. GAAP.” Treat that statement as a warning to read the issuer’s own definition, not as permission to assume that two companies’ adjusted figures are comparable.
Search the complete filing and its exhibits for these terms:
non-GAAPornon GAAPadjusted, followed by the metric name such as adjusted net income or adjusted EPSreconciliation- Specific items the company mentions, such as restructuring, acquisition, impairment, stock-based compensation, amortization, or tax effects
A company may put the explanation in a section of the filing rather than next to the GAAP statement. It may also provide the measure in a quarterly or annual earnings release that is furnished as an exhibit to a Form 8-K. Review the exhibit index for the related release. For examples of how issuers label and define these measures, see this SEC-filed earnings release and this Form 8-K exhibit.
A step-by-step filing workflow
- Open the correct filing. Use SEC EDGAR or the issuer’s investor-relations site. Confirm the legal company name, form (10-K or 10-Q), filing date, fiscal year or quarter, and units such as thousands or millions.
- Locate the GAAP statements. Follow the table of contents to the financial-statement section. Find the consolidated statements of operations and identify net income or net earnings and basic and diluted EPS.
- Check scope and attribution. Determine whether the number covers the entire consolidated group, continuing operations only, or another presentation. Read the caption and footnotes to see whether income is attributable to the parent, common shareholders, or noncontrolling interests.
- Search the entire filing. Use
non-GAAP,adjusted,reconciliation, and the exact metric name. Search management’s discussion and analysis as well as the filing’s exhibits. - Inspect related exhibits. If the filing references an earnings release, open the exhibit listed with the Form 8-K. The release may contain the only full definition and reconciliation for an adjusted measure.
- Find the reconciliation table. Identify the closest comparable GAAP starting point and follow each line to the adjusted total. Record whether each item is added back or deducted, and whether the amounts are pretax, after tax, or per share.
- Match the period. Make sure the adjusted figure covers the same quarter, year-to-date interval, or fiscal year as the GAAP amount. Do not pair a quarterly adjusted number with an annual GAAP result.
- Record the definition and changes. Note the issuer’s explanation of why management uses the measure. Compare prior-period reconciliations to see whether the company changed the adjustment set or calculation method.
How to read a reconciliation
A reconciliation is the bridge between a GAAP measure and a non-GAAP measure. Start with the stated GAAP amount, then read every line in order. An adjustment described as an exclusion normally moves the result away from GAAP, but the sign can differ depending on whether the item was a gain or expense. Never infer the direction from the item’s name alone.
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| Reconciliation check | Question to ask |
|---|---|
| Starting point | Is the bridge beginning with GAAP net income, operating income, pretax income, or GAAP EPS? |
| Adjustment identity | What precise transaction or expense is being adjusted, and is it described clearly? |
| Sign | Is the amount added to or subtracted from the GAAP result, and does that direction make sense for the underlying gain or cost? |
| Tax treatment | Is the adjustment shown before tax, net of tax, or with a separate tax impact? |
| Per-share calculation | Does adjusted EPS use the same diluted share count as GAAP EPS, or does the issuer explain a different denominator? |
| Completeness | Do the listed adjustments mathematically arrive at the reported adjusted amount? |
| Period and scope | Does every line cover the same period and continuing/discontinued-operations basis? |
Companies sometimes call an item “nonrecurring,” “unusual,” or “not indicative of ongoing performance.” Those descriptions are management’s rationale, not a universal accounting classification. A cost that occurs in several periods may still be excluded from an adjusted measure, and an item described as one-time may recur. Evaluate the history and the reconciliation rather than accepting the label.
GAAP earnings versus adjusted earnings
GAAP earnings
GAAP earnings follow U.S. generally accepted accounting principles and are the common accounting anchor for investors. They are presented in the regulated financial statements, accompanied by notes and, for annual filings, an audit report. GAAP net income and GAAP EPS use the company’s required recognition, measurement, classification, and disclosure rules.
Adjusted earnings
Adjusted earnings are supplemental non-GAAP measures created by management. Depending on the issuer, adjustments can include acquisition and restructuring costs, impairment charges, amortization of acquired intangibles, stock-based compensation, litigation or settlement costs, gains, or tax effects. The list is not fixed, and the same item can be treated differently by different issuers.
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What SEC rules require for non-GAAP measures
SEC Regulation S-K Item 10(e) governs non-GAAP financial measures in Commission filings. It requires the most directly comparable GAAP measure to be presented with equal or greater prominence and requires a quantitative reconciliation. The filing must also explain why management believes the non-GAAP measure is useful and, when material, describe other ways management uses it. The rule prohibits presenting a non-GAAP measure on the face of GAAP financial statements or in their notes and bars titles that are the same as, or confusingly similar to, GAAP measures.
The SEC staff’s interpretive guidance provides examples of prominence, reconciliation, and presentation issues. Consult the current SEC non-GAAP FAQ alongside the rule, because regulatory text and staff interpretations can change.
These requirements do not make adjusted earnings standardized. They require disclosure that lets a reader identify and reconcile the issuer’s chosen measure. A compliant reconciliation can still describe a measure that is unsuitable for comparisons with another company’s adjusted result.
Comparing adjusted earnings across periods or companies
When comparing two periods for the same issuer, first determine whether the definition stayed consistent. A company may add, remove, rename, or reclassify adjustments. Recalculate the comparison only after understanding those changes; otherwise, an apparent improvement may reflect a changed definition rather than operating performance.
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When comparing two issuers, use the following framework:
- Definition: Identify each company’s GAAP starting point and every included adjustment.
- Reconciliation quality: Confirm that each adjustment is quantified and ties to the reported adjusted amount.
- Period and scope: Match fiscal periods, continuing or discontinued operations, and attribution to shareholders.
- Consistency: Check whether either issuer changed its calculation between periods.
- Prominence and explanation: Verify that the GAAP result is at least as prominent and that management explains the measure’s usefulness.
For cross-company analysis, show GAAP and adjusted results in separate columns and explain why the adjusted numbers are not necessarily like-for-like. The SEC FAQ and the filed annual-report example at this SEC link reinforce that adjusted measures have no standardized definition.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Common problems and how to resolve them
“I cannot find adjusted earnings in the 10-K.”
Search the filing’s exhibits and the issuer’s Form 8-K filings. The company may disclose adjusted earnings only in an earnings release furnished as an exhibit, while the 10-K contains a brief reference or no table. Search for the metric’s full name, not just “earnings.”
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Read the captions and notes. Distinguish consolidated net income from net income attributable to the parent or common shareholders, and distinguish total results from continuing operations. Use the figure that matches the EPS line or the analysis you are performing.
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“The adjusted figure does not reconcile.”
Check units, rounding, tax effects, and whether the table starts with operating income rather than net income. Then verify that you used the same period and share-count basis. If the discrepancy remains, rely on the issuer’s stated reconciliation and disclose that the published table does not mathematically tie under the displayed rounding.
“The company changed its adjusted definition.”
Compare the current reconciliation with the prior filing and read the accompanying explanation. Keep the historical GAAP series intact, identify the definition change, and avoid presenting a trend in adjusted earnings as continuous unless the issuer supplies comparable recast figures.
“Can I call adjusted earnings the company’s true earnings?”
No. Adjusted earnings are a supplemental management-defined view. A defensible description is: “The company reports GAAP net income in its financial statements and presents adjusted earnings as a supplemental, company-defined non-GAAP measure; the reconciliation lists the adjustments.”
Bottom line
Find GAAP net income and EPS in the consolidated statements of operations in the 10-K or 10-Q. Find adjusted earnings by searching the filing, related Form 8-K exhibits, and earnings releases for the non-GAAP definition and reconciliation. Read the bridge back to GAAP, verify the period, scope, signs, and tax treatment, and never assume that an adjusted measure is standardized across companies.
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