Simple question: how long do listed companies have to publish their results?

Listed companies publish their results "every quarter," as is often said. But are they really required to do so? And within what time frame? As is often the case on the stock market, the answer can be summed up in two words: it depends… Let's take a look at the periodic disclosure requirements in much of Europe.

The legal framework: twice a year, within three or four months

Let's start with the basics. Companies listed on a regulated market are subject to European regulations that set maximum deadlines for the publication of accounts.

• Annual results: within four months of the end of the financial year. For a company closing on December 31, the deadline is therefore April 30.
• Interim results: within three months of the end of the half-year, i.e., before September 30 for a financial year based on the calendar year.

These reports must be accompanied by a number of documents, including a management report, an auditor's report, and a publicly distributed financial statement. This is one of the trade-offs of being listed on the stock exchange: the company gains access to capital markets, but must also be transparent.

However, since 2014, there is no longer any obligation to publish quarterly results. The European Union felt that such frequent reporting encouraged a short-term view of performance. This issue is being debated widely, particularly in the United States, where Donald Trump has argued against quarterly reports on several occasions, most recently in September 2025. On this subject, read "Should we do away with quarterly results?"

But in practice, almost everyone continues to do so.

In practice - companies publish more than they have to

Large listed companies, whether they are part of the main indices (S&P 500, Stoxx Europe 600, FTSE 100, CAC 40, DAX, etc.) or less prestigious indices (SBF 120, MDAX, SMI MID, etc.), continue to publish four times a year, out of habit and for the sake of transparency.

Those that might be tempted to stop quarterly reporting do not do so for fear of scaring off investors and creating negative pressure on their shares. Indeed, the market reacts negatively to any attack on transparency. Even if, objectively, it is unhealthy to manage a company solely on the basis of meeting a three-month projected EPS target.  

The typical publication schedule looks like this:

• February/March: annual or fourth quarter results (peak period January 20/March 31). This is referred to as Q4 (fourth quarter).
• April/May: first quarter results (peak period April 15/May 20). This is referred to as Q1.
• July/August: half-year results (peak period July 15/August 15). This is referred to as Q2
• October/November: third quarter results (peak period October 15/November 20). This is referred to as Q3.

If you would like to see a comprehensive calendar for yourself, the MarketScreener corporate calendar is extremely thorough (in all objectivity!). 

Finance departments know that a poorly informed investor is a wary investor. As a result, financial communication has become a ritual.

Now is the time to mention a specific feature of a few other European markets. Historically, US and UK companies publish their entire income statements every quarter. In France, some companies only publish their turnover for the first and third quarters, in order to give the market an indication of the trend, but without the accompanying results. This practice is still widespread among SMEs and mid-cap companies, but is no longer the norm among larger companies, which have adopted the US and UK standard.  

What about smaller stocks?

Not all companies are subject to the same obligations. On Euronext, the regulated market is subject to the above rules. But stockmarket operators have also developed markets with lighter rules for smaller companies.

For example, on Euronext Growth, which is a regulated but non-regulated market, the regime is somewhat lighter, with mandatory annual and semi-annual reports within four months. However, their content is less demanding than on the regulated market.

On Euronext Access, which corresponds to the former free market (unregulated and lightly regulated), only the publication of a summary annual report is required. 

Beyond the deadline, the main differences between regulated markets and other markets relate to the volume of documents that must be published. But that is not the subject of this article. 

Summary of the main deadlines and obligations

What if a company misses the deadline?

In practice, a company that publishes its results late should immediately set off alarm bells in the minds of investors. A lot of the time, this reflects poor management or accounting difficulties. More rarely, the delay can be excused because it is due to a major transaction (acquisition, disposal, etc.) that occurred just before the closing date, complicating the finalization of accounts. However, remember this: a well-managed company always meets its deadlines. And the earlier it publishes in the season, the more efficient its management system is.