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Large accelerated filers

The SEC's size categories for reporting companies, the $700 million float test, and how the 10-K cover page reports the status.

The short answer

Public companies are sorted into size categories that set how quickly they must file a 10-K and a 10-Q. A large accelerated filer is a company whose public float (the worldwide market value of its voting and non-voting common equity held by non-affiliates) was $700 million or more on the last business day of its most recently completed second fiscal quarter, and that has been reporting for at least a year and has filed at least one annual report. Most of the companies on this site are in that category. The 10-K cover page checks the box.

The categories in Rule 12b-2

Rule 12b-2 defines the terms. A large accelerated filer has a public float of $700 million or more as of the last business day of its second fiscal quarter, has been subject to the Exchange Act reporting requirements for at least twelve calendar months, and has filed at least one annual report. An accelerated filer has a public float of $75 million or more but less than $700 million, with the same reporting history. Companies below those tests, and some that qualify as smaller reporting companies under a revenue test, have more time to file. Emerging growth companies have their own accommodations, which the cover page also asks about.

The test looks at float held by non-affiliates, not at total market cap, and it is measured at the second-quarter date, then applied to the annual report for that fiscal year. A company can move in or out of a category from one year to the next if its float crosses the line.

Why the category matters

The category sets the filing deadlines described on the late filings page: 60 days after fiscal year end for a large accelerated filer's 10-K, 75 days for an accelerated filer, and 90 days for others; 40 days after quarter end for a 10-Q of a large accelerated or accelerated filer, and 45 days for others. It also affects some other reporting and internal-control requirements. The 10-K cover page asks the company to check the box, and to say whether it is a smaller reporting company or an emerging growth company.

Apple's fiscal 2026 10-K checks “Large accelerated filer” and points to the definitions in Rule 12b-2. Microsoft's fiscal 2026 10-K checks the same box. That is the usual result for a very large listed company. The box is a fact about filing status, not a rating of the business.

How to use the cover page

If you want to know when the next 10-K or 10-Q is due, the filer box is the first place to look, together with the fiscal year end on the same page.
A newly public company is typically not a large accelerated filer in its first year, even if it is already large, because of the twelve-month and first-annual-report tests.
The same cover page also asks about the company's shell-company status and about its auditor-attestation and financial-statement formatting.

Common questions

What is a large accelerated filer?

A reporting company whose public float was $700 million or more on the last business day of its second fiscal quarter, that has been reporting for at least twelve months, and that has filed at least one annual report.

How is a large accelerated filer different from an accelerated filer?

The float threshold. An accelerated filer has public float of $75 million or more but less than $700 million, with the same reporting-history tests.

Why does the category matter?

It sets 10-K and 10-Q deadlines (60 and 40 days for large accelerated filers) and affects some other reporting requirements.

Where is a company's status disclosed?

On the cover page of the 10-K, as a set of check boxes, with a reference to Rule 12b-2.

Is public float the same as market cap?

No. Float for this test is the market value of common equity held by non-affiliates, measured on a specific day, not the company's total market capitalization.

Disclosures

Editor holdings: The editor holds no position in any company named on this page. As of Nov 11, 2026.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: Each company's own SEC filings, linked next to each number.
Last updated: Nov 10, 2026

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