Read a 10-K like an analyst.
The reading order and the specific sections that carry the story. Skip the marketing letter; go straight to the footnotes that matter.
You need to understand a company you don't cover. The 10-K is 180 pages. Reading it front-to-back is a full day. This prompt gets you the analyst read: what to look at, in what order, and the specific footnotes and MD&A sections that actually change your interpretation of the headline numbers.
THE PROMPT
Read the attached 10-K and give me an analyst-quality summary. Return in this exact structure: **Snapshot** - One paragraph, six sentences max. What the company does, revenue and growth, margin profile, competitive position, notable risk. Someone should be able to hold a conversation about the company after reading only this. **The three numbers that matter this year** - Bullet list. For each: the number, the year-over-year change, and one sentence on why it changed (from the MD&A, not your assumption). **Footnotes worth reading** - Bullet list of specific footnote numbers, with a one-line note on why. Focus on: revenue recognition changes, related-party transactions, legal contingencies, goodwill impairment, restructuring charges, going-concern language. **What management underplayed** - 2-4 bullets. Things named quietly in the filing that would matter if the reader were to think for a second longer. Cite the section they appear in. **One question I would ask the CFO** - One question. The specific one that, if answered honestly, would clarify the read. Do not include a "conclusion" or "investment recommendation". This is an analyst brief, not a stock pitch. 10-K attached: [ATTACH PDF]
**Snapshot**
[Company] operates a two-sided marketplace in [category] with $2.1B revenue in FY26, up 18% YoY. Take rate expanded from 30.1% to 30.9% but a footnote reclassification (see below) inflates that comparison by roughly 50 bps. Gross margin is stable at 68%; operating margin swung to negative 4% from positive 2% due to a one-time restructuring charge. Competitive position is #2 in the U.S., #1 in EMEA, losing share in APAC to a well-funded local competitor. Primary risk: dependence on a single payments processor concentration disclosed on page 41.
**The three numbers that matter this year**
- Revenue $2.1B, +18% YoY — driven half by MAU growth (+12%) and half by ARPU expansion (+6%), per MD&A page 34.
- Operating margin -4% (was +2%) — driven by a $340M restructuring charge and $180M in one-time legal settlement. Excluding both, adjusted operating margin was +6%.
- Free cash flow $210M (was $340M) — the drop is entirely working-capital, not operational. Look at the AR aging in footnote 8.
**Footnotes worth reading**
- Footnote 2 (revenue recognition): reclassified refund reserves this year; restates nothing. Adjust prior comparables mentally.
- Footnote 8 (accounts receivable): AR aged >90 days rose from 4% to 11% of AR. Not disclosed in MD&A.
- Footnote 14 (related-party transactions): the new EMEA HQ lease is with an entity controlled by a board member's family trust, at roughly 130% of appraised market rate.
- Footnote 22 (subsequent events): $50M term loan drawn after fiscal year-end, not reflected in reported cash position.
**What management underplayed**
- APAC share loss is called "market dynamics" in MD&A p. 41; the number is a 340bps decline. This is a category-level change, not a temporary dip.
- The single-payments-processor concentration is buried in the risk factors. If Stripe changed terms tomorrow, this is a material event.
**One question I would ask the CFO**
Given the AR aging change disclosed in footnote 8, what specifically shifted in your collections cycle this year, and should we model an ongoing working-capital drag or a one-time reset?