The U.S. is preparing for one of the biggest shakeups in corporate reporting in more than half a century. Paul Atkins, Chair of the Securities and Exchange Commission (SEC), recently announced that the regulator is accelerating President Donald Trump’s plan to end quarterly earnings reporting. Under this proposal, publicly listed companies would only disclose financial results twice a year instead of four times annually.

If implemented, this would mark the first major overhaul of corporate disclosure rules since 1970, when quarterly reporting became standard practice. The move also revives a controversial idea Trump first introduced in 2018, one that sparked intense debate but ultimately stalled. Now, with the political landscape and SEC leadership more aligned with the White House, the proposal has a real chance of becoming policy.

Why Trump Wants to End Quarterly Reporting

Trump and his supporters argue that quarterly reporting encourages short-termism, pushing companies to chase short-term earnings targets instead of focusing on sustainable, long-term growth. They claim the practice pressures executives to prioritize immediate profits over innovation, research, and employee development.

Reducing the number of reports, they say, would not only free companies from constant scrutiny but also cut compliance costs and give management the time and flexibility to pursue long-term strategic goals.

SEC Chair Paul Atkins backed that stance, calling the initiative "timely" and suggesting that a formal proposal could appear by late 2025 or early 2026. Once released, the proposal will enter a public comment period, but the momentum behind it already signals significant regulatory change ahead.

The Transparency Debate

Critics of the plan, ranging from institutional investors to market transparency advocates, warn that scaling back disclosure could undermine investor confidence.

Quarterly reports are one of the key reasons U.S. equities enjoy a premium valuation compared to global peers. They offer a steady stream of verified data, help analysts make informed decisions, and keep markets relatively stable. Without them, information gaps could widen, creating room for speculation and volatility.

With longer reporting intervals, rumors may influence stock prices more easily, and companies might strategically time disclosures to soften negative results. The absence of frequent updates could also make it harder to detect financial irregularities early.

In short, what corporations gain in flexibility, the market could lose in trust and transparency.

How Fewer Reports Could Change Corporate Storytelling

If quarterly earnings reports are replaced by semiannual updates, the corporate communications landscape will look very different. Companies will have fewer formal opportunities to engage investors, analysts, and the public through traditional earnings calls and filings.

That shift will elevate the importance of alternative communication channels such as press releases, CEO interviews, investor days, blogs, and social media. These tools will become essential for maintaining visibility and controlling the narrative between reporting periods.

For investor relations and marketing teams, the challenge will be maintaining steady engagement while managing the heightened pressure that comes with fewer updates. When those twice-yearly disclosures finally arrive, market reactions are likely to be sharper and more consequential.

What We Learned from the 2018 Debate

When the idea of ending quarterly reporting first surfaced in 2018, regulators and analysts highlighted a few enduring lessons:

• Clarity is key: Simplifying disclosures builds trust and reduces regulatory risk.

• Transparency matters: Keeping pricing, renewals, and performance front and center protects investors and consumers alike.

• User-friendly means regulator-friendly: The more accessible and consistent your reporting is, the less likely you are to attract compliance scrutiny.

Although that earlier proposal failed, today’s political climate gives it renewed momentum. With the SEC increasingly aligned with Trump’s deregulatory agenda, Atkins has reiterated his support for rolling back quarterly reporting in interviews with major financial outlets like The Financial Times.

What It Means for Marketers and Communicators

This is not just a compliance story, it is a marketing story. For decades, the rhythm of corporate storytelling has followed quarterly reporting cycles. Each update offered a new narrative of growth or contraction, innovation or retrenchment, success or setback.

With semiannual reporting, that rhythm disappears. Companies will need to proactively create their own news cycles through product launches, thought leadership content, and brand storytelling to maintain visibility.

Marketing and communications teams that embrace this change will focus on consistent transparency even when formal updates are infrequent. The brands that remain silent risk letting competitors and analysts define their public image.

The Bigger Picture

Quarterly reporting has defined U.S. financial markets for more than 50 years. Scaling it back would mark a fundamental shift in how investors interact with companies and how brands build credibility.

Supporters of the reform see it as a way to reduce red tape and promote long-term thinking. Opponents view it as a retreat from transparency at a time when investor trust is already fragile.

Either way, the SEC’s upcoming proposal represents a defining moment for corporate America. The winners in this new era will be the organizations that treat communication not as a compliance task, but as a core business strategy, filling the silence between reports with authenticity, storytelling, and value-driven engagement.