Form 4 transaction codes, with real counts.
Every Form 4 transaction carries a one-letter code. P is an open-market purchase, S is a sale, A is a grant from the company, M is an option exercise and F is shares withheld for taxes. In Q3 2026, 42.5% of non-derivative transactions were sales and 8.7% were purchases.
- Quarter
- Q3 2026
- Non-derivative rows
- 59,885
- Derivative rows
- 19,205
- Form 4s filed late
- 8.9%
| Code | Meaning | Non-derivative | Derivative |
|---|---|---|---|
| P | Open market or private purchase | 5,184 | 225 |
| S | Open market or private sale | 25,441 | 409 |
| V | Voluntarily reported earlier than required | 0 | 0 |
| A | Grant, award or other acquisition from the company | 9,817 | 7,483 |
| D | Disposition to the issuer | 1,382 | 1,352 |
| F | Payment of exercise price or tax by delivering securities | 6,802 | 32 |
| I | Discretionary transaction | 23 | 10 |
| M | Exercise or conversion of derivative security exempted under Rule 16b-3 | 7,433 | 8,048 |
| C | Conversion of derivative security | 903 | 854 |
| E | Expiration of short derivative position | 0 | 47 |
| H | Expiration or cancellation of long derivative position with value received | 0 | 1 |
| O | Exercise of out-of-the-money derivative security | 1 | 0 |
| X | Exercise of in-the-money or at-the-money derivative security | 56 | 88 |
| G | Bona fide gift | 1,035 | 87 |
| L | Small acquisition under Rule 16a-6 | 65 | 0 |
| W | Acquisition or disposition by will or the laws of descent and distribution | 14 | 1 |
| Z | Deposit into or withdrawal from voting trust | 8 | 3 |
| J | Other acquisition or disposition | 1,679 | 561 |
| K | Transaction in equity swap or similar instrument | 0 | 0 |
| U | Disposition pursuant to a tender of shares in a change of control | 38 | 0 |
How late are Form 4 filings?
Form 4 is due before the end of the second business day after the transaction. We compared each Form 4’s latest transaction date with its filing date for 28,469 Form 4 filings in Q3 2026. 25,949 (91.1%) were filed within two business days; 8.9% came later. The median gap was 2 business days.
Method: business days count Monday to Friday and do not remove federal holidays, so a few on-time filings around holidays count as late. Transactions reported under deferred-reporting rules can legitimately be later.
Questions
What does code P mean on a Form 4?
P is an open market or private purchase: the insider bought shares. It is the code most insider-buying screens use.
What does code S mean on a Form 4?
S is an open market or private sale. Many are pre-planned under Rule 10b5-1 plans, which the form now flags.
Is code A an insider buy?
No. A is a grant or award from the company, such as restricted stock units. It is compensation, not a purchase.
What is code F?
F is payment of an exercise price or tax liability by delivering or withholding securities, typically shares withheld for taxes when restricted stock vests.
How often are Form 4s filed late?
In Q3 2026 SEC data, 8.9% of 28,469 Form 4 filings with transactions were filed more than two business days after the latest transaction date (weekends excluded, holidays not). The median gap was 2 business days.
Plain-text version for agents and LLMs: /form-4-transaction-codes.md
Independent. Not affiliated with, endorsed by, or sponsored by the U.S. Securities and Exchange Commission. Data is reproduced from public SEC filings and datasets. Not investment advice.