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To find who owns a U.S. public company, look for Item 12 of its Form 10-K and check whether the filing directs you to a proxy statement. For completed share buybacks, start with Item 5’s issuer-purchase information, then follow references to management’s discussion and analysis (MD&A) and the shareholders’ equity notes. To identify subsidiaries, read Item 1 and inspect Exhibit 21—but check its omission note, because a significant-subsidiaries list may not include every legal entity.
Start with the 10-K’s contents page
A Form 10-K is a U.S. public company’s annual filing with the Securities and Exchange Commission (SEC). Its contents page is the quickest way to locate a topic: filing sections are organized by numbered items, while detailed accounting disclosures usually appear in the notes to the financial statements. The SEC’s guide to reading a 10-K describes this structure.
Begin with Item 1, “Business,” to understand what the company does and how it describes its operations and subsidiaries. Then use the contents page and the filing’s search function to find the ownership, repurchase, and exhibit sections below. A 10-K can incorporate information from another filing rather than repeat it, so follow references to the named document and check the relevant dates there.
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Where to find ownership information
Look for Item 12, “Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” The section concerns beneficial ownership in specified categories; it is not necessarily a complete list of everyone who owns shares. Read the table’s measurement date, categories, share counts, and footnotes, which explain how the reported figures should be understood.
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Some companies incorporate Item 12 information by reference to a proxy statement. For example, Amazon’s fiscal 2025 10-K points readers to its 2026 proxy statement for this information. Open the referenced proxy, locate the relevant section, and check its measurement date and definitions rather than assuming the 10-K contains the table. See Amazon’s fiscal 2025 Form 10-K and the 2026 proxy statement.
How to find completed share buybacks
Start at Item 5, “Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.” Search the 10-K for terms such as “issuer purchases,” “share repurchases,” and “treasury stock.” The issuer-purchase table, when provided, can show the reporting period, shares purchased, average prices, and any remaining authorization. Read the surrounding text as well: it may explain how the program works and what discretion the company retains.
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- Record the actual purchases. Note the period covered and the shares acquired; capture amounts spent, average prices, or remaining authorization if the filing reports them.
- Read the program terms. Look for its size, timing, permitted methods, conditions, and whether the company can pause or end purchases.
- Follow internal references. Check MD&A and the shareholders’ equity footnote for additional explanation. Best Buy’s fiscal 2025 10-K points readers to MD&A and Note 8 for repurchase and dividend details. The Best Buy filing is one issuer-specific example; its details do not establish a rule for every company.
- Put share-count changes in context. Compare repurchases with changes in shares outstanding and relevant share-count measures, but account for other possible effects, including issuances, employee awards, conversions, and timing.
A board-approved authorization or remaining capacity is permission to buy shares, not evidence that the company has bought them. ServiceNow’s fiscal 2025 filing, for example, says its program may be suspended or discontinued and does not obligate the company to acquire a specified amount. Check the actual purchase table and the program’s terms; the example’s conditions apply to that issuer, not all issuers. See ServiceNow’s fiscal 2025 Form 10-K.
How to find a company’s subsidiaries
Use two places for different kinds of information. Item 1 describes the business and can help explain the company’s operations and subsidiaries. The exhibit index points to attached exhibits, including Exhibit 21 when supplied. An Exhibit 21 list may identify significant subsidiaries and give their jurisdictions and ownership percentages.
Read the exhibit’s own scope and omission language before treating it as a group-wide entity list. Walmart’s 2026 Exhibit 21, for example, lists subsidiary names, jurisdictions, and equity ownership percentages, and says that subsidiaries not included were omitted because they were not significant in the aggregate under the cited rule. That note does not mean Walmart has no other subsidiaries. See Walmart’s 2026 Exhibit 21.
Compare filings without mixing unlike figures
When comparing two or more companies, use the same reporting period where possible and record each filing’s definitions and measurement dates. Differences in dates, categories, or exhibit scope can make figures look comparable when they are not.
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| Topic | What to compare | Check before drawing a conclusion |
|---|---|---|
| Ownership | Reported beneficial owners, categories, share counts, and measurement date | Definitions and footnotes; whether the information is in the 10-K or an incorporated proxy statement |
| Repurchases | Shares actually acquired, amount spent, average purchase price, and remaining authorization, when reported | Reporting period, program duration, discretion, permitted methods, and the difference between authorization and purchases completed |
| Subsidiaries | Names, jurisdictions, and ownership percentages shown | The exhibit’s scope and any note explaining omitted entities |
These are comparison points, not guarantees that two companies’ disclosures use identical dates or definitions. Keep each figure tied to the filing and reporting period that produced it.
Use the filing as a map, not a verdict
A 10-K helps readers locate and interpret company disclosures; it does not, by itself, answer every question about ownership, repurchase activity, or the full legal-entity structure. Follow incorporated documents, read notes and scope statements, and distinguish disclosed activity from authorization. This is a guide to reading filings, not a recommendation to buy or sell a security.
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