Greedy Insider
Form 4 vs Form 5: What Is the Difference?
Form 4 vs Form 5: a Form 4 reports an insider transaction within 2 business days, while a Form 5 is an annual catch-up filed within 45 days of the fiscal year end for transactions that were exempt or missed. As of 2026, both use the same transaction codes.
The difference in one line
A Form 4 is the fast, event-driven report (2 business days). A Form 5 is the annual reconciliation (within 45 days of fiscal year end) that sweeps up small or exempt transactions, like certain gifts, that did not require a prompt Form 4.
Why it matters for reading filings
Because Form 5 arrives late and covers exempt activity, it rarely carries the same conviction signal as a timely open-market Form 4 buy. Our deep-dive on the forms covers the exemptions in full.
Where the score fits
Greedy Insider scores Form 4 open-market activity; filing speed is one of the six factors. The score describes the filing, not future returns. This is not investment advice.
Key facts
- Form 4 deadline: 2 business days
- Form 5 deadline: 45 days after fiscal year end
- Transaction codes documented: P, S, M, F, A, G (6)
Primary sources
Related
The score describes the filing, not future returns. This is not investment advice.