SEC draws over 200,000 comments opposing plan to make quarterly earnings reports optional

Chris Morris Thu, July 23, 2026 at 2:30 AM PDT 4 min read

The Securities and Exchange Commission (SEC) asked the public to weigh in on its proposal to make quarterly earnings reports optional for public companies—and the response was overwhelming.

More than 200,000 comments were submitted to the regulatory agency during the review period. The vast majority opposed the policy, arguing that it would reduce the information available to investors for making decisions, potentially causing financial harm.

Despite the clear feedback, the SEC is expected to move forward with the proposal, though The Wall Street Journal reports that the final language could be altered.

While not all comments appear to have been posted on the SEC website, more than 169,000 have been published.

Public Opposition

One comment submitted to the SEC stated:

"Quarterly reporting of publicly traded company financial and regulatory conditions is a lynch pin of the United States public markets and is necessary to ensure transparency for the investing community. Without these quarterly disclosures the investing public will lack the timely insights upon which we depend to make informed investment decisions. It will make investors captive to the whims of corporate executives and boards who tend to be self-serving stakeholders. This will dramatically increase uncertainty and risk thereby increasing market volatility. This will place tens of millions of investors funds and retirements at greater risk which will increase instability in our civic culture and the need for greater government social support networks."

Another comment echoed similar concerns:

"Quarterly earnings reports holds companies more accountable and we consistently need that mitigate the risk of dramatic changes in the markets. There's enough risk in the markets. We don't need anymore."

Varied Voices

The comments came from a wide range of sources, including:

• Members of the general public
• Academics and nonprofits
• Retirement funds
• Corporations, such as Exxon Mobil

Exxon Mobil wrote in its comment:

"We do not believe a move to semiannual reporting would result in a reduction of material or timely information available to investors because material quarterly information is disclosed independently."

An anonymous grassroots campaign encouraged people to submit a pre-written statement in favor of retaining quarterly reports. The Journal reports that at least 20,000 people echoed that message.

A Long-Time Goal

Former President Donald Trump raised the idea of eliminating quarterly reports during his first term but never followed through. The proposal resurfaced last September when the Long-Term Stock Exchange—an SEC-registered national securities exchange founded by entrepreneur Eric Ries—revived the concept. Trump quickly voiced his support, and the proposal gained momentum.

Proponents argue that the change would reduce the reporting burden on public companies. They also note that public companies in Europe have not been required to report quarterly earnings since 2013, and the U.K. eliminated the requirement nearly 10 years ago.