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MD&A (Management's Discussion and Analysis)

Also called MD&A.

Management's own explanation of the company's results, financial condition and trends, in the 10-K and 10-Q.

In the 10-K it's Item 7: management's perspective on the year's business results. It may also discuss the risks the company faces. Source 1

Read it next to the financial statements: it's where management explains the numbers in words. Source 2

Related terms

Where it comes up

Sources

  1. SEC, Investor.gov: Investor Bulletin: How to Read a 10-K/10-Q (opens in a new tab)
  2. SEC: Beginners' Guide to Financial Statements (opens in a new tab)

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