public company
A public company is a company that is generally subject to ongoing reporting requirements under federal securities law because it has issued securities in an offering registered with the Securities and Exchange Commission (SEC), or has registered a class of securities with the SEC. Public companies are often called reporting companies, and their filings are publicly available through the SEC’s EDGAR database.
A company often becomes public through an initial public offering (IPO). In an IPO, the company files a registration statement (often Form S-1 for a U.S. operating company) as part of the process for selling securities to the public. A company can also become a reporting company by registering securities under Exchange Act § 12, including by listing securities on a national securities exchange. A company generally must also register a class of equity securities under Exchange Act § 12(g) if it has more than $10 million in total assets and the class is held on record by either 2,000 or more persons, or 500 or more persons who are not accredited investors, unless an exception applies.
Once public, a domestic reporting company generally must file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K. These reports provide public information about the company’s business, financial condition, management, and important events. Disclosure obligations may vary by company. For example, smaller reporting companies and emerging growth companies may qualify for scaled disclosure requirements.
A public company differs from a private company. Private companies may sell securities, but their offerings must be registered with the SEC or qualify for an exemption from registration. A private company generally is not subject to the same ongoing SEC reporting regime unless it has issued securities in a registered offering, registered a class of securities, or otherwise become subject to Exchange Act reporting requirements.
[Last reviewed in June of 2026 by the Wex Definitions Team]
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