What is as-filed EPS?

The earnings-per-share figure exactly as reported in the original SEC 10-Q or 10-K filing, before any later restatement or adjustment.

Why avoid restated earnings in backtests?

Restated numbers were not known at the original report date. Training on them introduces look-ahead bias and overstates backtest performance.

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As-filed vs restated earnings: why the difference matters for backtests

"As-filed" earnings are the numbers a company originally reported in its 10-Q/10-K at the time. "Restated" numbers are later revisions. Using the wrong one silently corrupts backtests.

What "as-filed" means

An as-filed figure is exactly what appeared in the original SEC filing on the day it was published. It is what the market actually saw and reacted to.

Why restatements are a trap for backtests

Many data vendors overwrite history with the latest restated value. If your model trains on a number that was only known months later, you have introduced look-ahead bias — your backtest looks better than reality because it "knew the future."

How Aegwah handles it

Values are stored as filed, GAAP, and split-adjusted.
An eps_restatement flag marks records that supersede a prior filing, so you can choose your point-in-time policy.
Every record links to the original EDGAR filing so you can verify.

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