President Trump Calls To End Quarterly Financial Reporting, Suggesting Semiannual Schedule Instead

President Donald Trump suggested Monday on Truth Social that companies should stop filing quarterly earnings reports and instead move to a semiannual schedule. Trump’s call to replace quarterly earnings reports with semiannual filings revives a debate that also surfaced during his first term.

In his post, Trump said the idea is “subject to SEC approval” and would “save money, and allow managers to focus on properly running their companies.” He added: “Did you ever hear the statement that, ‘China has a 50 to 100 year view on management of a company, whereas we run our companies on a quarterly basis??? Not good!!!’”

The concept has long divided business leaders and regulators. In 2018, Warren Buffett and JPMorgan Chase CEO Jamie Dimon argued against quarterly guidance, writing: “In our experience, quarterly earnings guidance often leads to an unhealthy focus on short-term profits at the expense of long-term strategy, growth and sustainability.”

But others warn that reducing reporting could weaken transparency. “Trying to get companies less hyper focused on the short-term quarterly hamster wheel would be good, but it’s far from clear that reducing investor disclosure to semi-annual reporting would do that,” Dennis Kelleher, CEO of advocacy group Better Markets, told Axios. “The real solution would be getting Boards of Directors to incentivize and then support corporate executives to focus more on the long term and less on the short term.”

TD Cowen, in a note Monday, said Trump’s comments could carry weight: given his push to roll back regulations, the post moves the idea “from improbable to probable though not guaranteed,” according to Axios.

“In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. ‘Stop quarterly reporting & go to a six month system,’ said one. That would allow greater flexibility & save money. I have asked the SEC to study!” Trump said in a post on X during his first term in 2018.

Currently, U.S. companies must file quarterly reports, though forecasts remain voluntary. Proponents say frequent reports give investors timely, reliable insights, with GAAP standards ensuring consistency. Critics, however, argue that short-term pressure hampers long-range planning.

Despite Trump’s comparison to China, firms there are required to file quarterly, semiannual, and annual reports. Hong Kong-listed companies report every six months, similar to rules in the U.K. and EU, where quarterly updates are optional. Norway’s sovereign wealth fund recently proposed semiannual reporting as well, citing the need for companies to prioritize long-term growth.