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SEC Share-Count Disclosure Cadence Across 16 Filings

Four of Five Reviewed Issuers Stayed Within a 1-Day Lag Band, While Netflix Repeatedly Took 17–23 Days
By Lee BaileyPublished September 11, 2026Latest included SEC filing May 20, 2026Version 1.016 observations · 5 companies
Key findings

Disclosure lag was highly repeatable for four of five reviewed issuers

Across 16 reviewed SEC share-count observations for Microsoft, Netflix, NVIDIA, Oracle and Tesla, 13 observations (81.3%) were disclosed 5–7 calendar days after the stated share-count date. Four of five issuers kept their own repeated lags within a one-day range. Netflix was the clear cohort outlier: its three observations took 17–23 days.

4 of 5Issuers within a one-day lag band
80.0% of the selected longitudinal cohort.
13 of 16Observations disclosed in 5–7 days
81.3% of all reviewed observations.
17–23 daysNetflix reviewed range
All three Netflix observations were slower than every reviewed observation for the other four issuers.
This is a selected five-company cohort, not a population estimate. Stability inside this cohort does not prove future filings will follow the same cadence.

Issuer-level disclosure cadence

The bars use each issuer's median lag. The range is shown separately because a median can hide quarter-to-quarter movement.

Median disclosure lag by issuer

Calendar days from the stated share-count date to the SEC filing date across the reviewed observations for each company.
Netflix22 days
3 observations · range 17–23 days.
Tesla7 days
3 observations · range 6–7 days.
Microsoft6 days
3 observations · range 6–6 days.
Oracle6 days
3 observations · range 5–6 days.
NVIDIA5 days
4 observations · range 5–5 days.
Source: 16 reviewed Forms 10-Q and 10-K. Latest included filing May 20, 2026.

All 16 reviewed observations

The public table preserves timing and SEC source information only. It intentionally omits the historical share-count values because this study is about disclosure timing rather than valuation.

CompanyShare count as ofSEC filing dateLagFormPrimary source
MicrosoftOctober 23, 2025October 29, 20256 days10-QMicrosoft fiscal 2026 Q1 Form 10-Q ↗
MicrosoftJanuary 22, 2026January 28, 20266 days10-QMicrosoft fiscal 2026 Q2 Form 10-Q ↗
MicrosoftApril 23, 2026April 29, 20266 days10-QMicrosoft fiscal 2026 Q3 Form 10-Q ↗
NetflixSeptember 30, 2025October 22, 202522 days10-QNetflix Q3 2025 Form 10-Q ↗
NetflixDecember 31, 2025January 23, 202623 days10-KNetflix 2025 Form 10-K ↗
NetflixMarch 31, 2026April 17, 202617 days10-QNetflix Q1 2026 Form 10-Q ↗
NVIDIAAugust 22, 2025August 27, 20255 days10-QNVIDIA fiscal 2026 Q2 Form 10-Q ↗
NVIDIANovember 14, 2025November 19, 20255 days10-QNVIDIA fiscal 2026 Q3 Form 10-Q ↗
NVIDIAFebruary 20, 2026February 25, 20265 days10-KNVIDIA fiscal 2026 Form 10-K ↗
NVIDIAMay 15, 2026May 20, 20265 days10-QNVIDIA fiscal 2027 Q1 Form 10-Q ↗
OracleSeptember 5, 2025September 10, 20255 days10-QOracle fiscal 2026 Q1 Form 10-Q ↗
OracleDecember 5, 2025December 11, 20256 days10-QOracle fiscal 2026 Q2 Form 10-Q ↗
OracleMarch 5, 2026March 11, 20266 days10-QOracle fiscal 2026 Q3 Form 10-Q ↗
TeslaOctober 16, 2025October 23, 20257 days10-QTesla Q3 2025 Form 10-Q ↗
TeslaJanuary 23, 2026January 29, 20266 days10-KTesla 2025 Form 10-K ↗
TeslaApril 16, 2026April 23, 20267 days10-QTesla Q1 2026 Form 10-Q ↗

Methodology

  1. Use the same reviewed five-company, 16-observation historical share-count sample throughout the study.
  2. Keep only the stated share-count as-of date, SEC filing date, form, accession number and source URL; do not redistribute the underlying share values.
  3. Recompute each lag as whole calendar days from the as-of date to the filing date.
  4. For each issuer, calculate the median, minimum, maximum and within-issuer range. Count issuers whose reviewed range is at most one day.
  5. Use historical observations consistently so the company-to-company cadence comparison is not mixed with later current-period measurements.

Data cutoff: latest included SEC filing May 20, 2026.

Primary SEC sources

Each row links to the filing that supplied the timing observation. The filing dates and stated share-count dates are source facts; lag and issuer-level summaries are Grizzly Bulls derived measures.

Microsoft: 10-Q filed October 29, 2025 ↗Microsoft: 10-Q filed January 28, 2026 ↗Microsoft: 10-Q filed April 29, 2026 ↗Netflix: 10-Q filed October 22, 2025 ↗Netflix: 10-K filed January 23, 2026 ↗Netflix: 10-Q filed April 17, 2026 ↗NVIDIA: 10-Q filed August 27, 2025 ↗NVIDIA: 10-Q filed November 19, 2025 ↗NVIDIA: 10-K filed February 25, 2026 ↗NVIDIA: 10-Q filed May 20, 2026 ↗Oracle: 10-Q filed September 10, 2025 ↗Oracle: 10-Q filed December 11, 2025 ↗Oracle: 10-Q filed March 11, 2026 ↗Tesla: 10-Q filed October 23, 2025 ↗Tesla: 10-K filed January 29, 2026 ↗Tesla: 10-Q filed April 23, 2026 ↗

Download the longitudinal timing dataset

CSV and JSON contain the 16 timing/source observations and issuer-level cadence summaries, but no historical share counts, prices, market caps or valuation multiples.

Download CSVDownload JSON

Citation and reuse

Lee Bailey. “SEC Share-Count Disclosure Cadence Across 16 Filings: Four of Five Reviewed Issuers Stayed Within a 1-Day Lag Band, While Netflix Repeatedly Took 17–23 Days.” Grizzly Bulls, September 11, 2026. Version 1.0. Data snapshot May 20, 2026. https://grizzlybulls.com/research/share-count-disclosure-cadence
Research source kit →

When citing an issuer's cadence, preserve the reviewed observation count and date range. Do not generalize the five-company result to all SEC issuers.

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