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Subsequent events

What happened after the balance-sheet date but before the 10-K was issued, with Walmart's dividend, IBM's debt issue and Procter & Gamble's acquisition agreement.

The short answer

Subsequent events are things that happen after the balance-sheet date but before the financial statements are issued. The 10-K's notes often have a short subsequent-events note for items that do not change the year-end numbers but that readers would want to know about: a dividend declared after year end, a debt issue, or an acquisition agreement. Events that provide evidence about conditions that already existed at year end can instead lead to an adjustment of the figures themselves.

Two kinds of subsequent events

Recognized, or adjusting, events give evidence about conditions that already existed at the balance-sheet date, for example, the settlement of a lawsuit that confirms a loss that was already probable. Those can change the numbers in the financial statements.
Non-recognized, or non-adjusting, events arise after the balance-sheet date: a dividend declared later, a new borrowing, a deal signed after year end. These do not change the year-end figures, but they are disclosed if they are material, so that the statements are not misleading.

The difference is about timing, not importance. A large acquisition agreed after year end can matter a great deal and still leave the historical statements unchanged. The note, and often a later 8-K, is where that news appears.

Dividends, debt and a deal

Walmart's fiscal 2026 10-K includes Note 12, Subsequent Event, which reports that the company approved, effective February 19, 2026, a fiscal 2027 annual dividend of $0.99 per share, an increase over the fiscal 2026 dividend of $0.94 per share, and lists the quarterly record and payable dates. The year-end balance sheet itself is not adjusted for a dividend declared after year end; the note simply tells you what the board later did. Dividends and ex-dividend dates explain the mechanics.

IBM's 2025 10-K Note V reports that on January 28, 2026 the board approved a quarterly dividend of $1.68 per common share, and that on February 3, 2026 the company issued $3.25 billion of U.S. dollar fixed-rate notes, plus euro notes described in the same note.

Procter & Gamble's fiscal 2026 10-K Note 15 reports that on August 4, 2026 (after the June 30 year end) the company entered into an agreement to acquire Thorne for $3.8 billion, with closing expected in the second quarter of fiscal 2027 subject to regulatory approval and customary closing conditions.

How to use the note

Read it as a bridge between the year-end statements and what has happened since. Items in the note may already have their own 8-K, and later 10-Qs will pick up the dividend, the debt or the completed deal in the regular figures. If there is no subsequent-events note, it may mean nothing material happened in the gap, or that the company disclosed the items elsewhere in the filing.

Common questions

What is a subsequent event?

Something that happens after the balance-sheet date but before the financial statements are issued. The notes disclose material items of this kind.

Do subsequent events change the year-end numbers?

Only if they provide evidence about conditions that already existed at year end. A dividend declared later, or a deal signed later, is usually disclosed without changing the historical figures.

Why is a dividend often in this note?

Boards commonly declare the next dividend after year end. The declaration is news, but it is not a year-end liability until it is declared.

Where else does this news appear?

Often in an 8-K at the time of the announcement, and then in the next 10-Q once the dividend is paid, the debt is outstanding or the deal has closed.

What if a 10-K has no subsequent-events note?

There may have been nothing material in the gap, or the company may have disclosed the items in another note or in MD&A.

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

General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.

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