Cross-source company signals

• AAPL Heavy insider sellingDisclosure-language shiftCongressional clusterHouse PTR cluster

  • Heavy insider selling — 3 sellers · $87.5M sold
  • Disclosure-language shift — disclosure-language novelty 54% (10-K)
  • Congressional cluster — 2 members buying
  • House PTR cluster — 3 House filers buying

  Disclosure-language shift · 10-K · filed 2025-10-31

  Risk Factors (Item 1A) — novelty 54%, 98 added / 94 removed / 22 modified sentences

  • + The Company has a minority market share in the global smartphone, personal computer, tablet and wearables markets, and some of the markets in which the Company competes have from time to time experienced little to no growth or contracted o…
  • + In addition, the Company’s and its suppliers’ operations, retail stores and facilities are subject to the risk of interruption by fire, power shortages, nuclear power plant accidents and other industrial accidents, terrorist attacks and ot…
  • + The Company may be unable to continue to offer a wide variety of content at commercially reasonable prices with acceptable usage rules.The Company also produces its own digital content, which can be costly to produce due to intense and inc…
  • While the Company maintains insurance coverage for certain types of losses, such insurance coverage may be insufficient to cover all losses that may arise.Apple Inc. | 2024 Form 10-K | 6Global markets for the Company’s products and service…
  • While these arrangements help ensure the supply of components and finished goods, if these outsourcing partners or suppliers experience severe financial problems or other disruptions in their business, such continued supply can be disrupte…
  • The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement se… → The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement se…
  • These and other impacts can materially adversely affect the Company’s business, results of operations, financial condition and stock price.Apple Inc.… → These and other impacts can materially adversely affect the Company’s business, results of operations, financial condition and stock price.Apple Inc.…

  MD&A (Item 7) — novelty 45%, 32 added / 28 removed / 8 modified sentences

  • + In addition, component suppliers may fail, be subject to consolidation within a particular industry, or decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements, furth…
  • + Principal competitive factors important to the Company include price, product and service features (including security features), relative price and performance, product and service quality and reliability, design and technology innovation…
  • + The Company supports employees with general safety, security and crisis management training, and by putting specific programs in place for those working in potentially high-hazard environments.Available InformationThe Company’s Annual Repo…
  • The continued availability of these components at acceptable prices, or at all, may be affected if suppliers decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements.T…
  • During 2024, the Company’s net sales through its direct and indirect distribution channels accounted for 38% and 62%, respectively, of total net sales.CompetitionThe markets for the Company’s products and services are highly competitive, a…
  • The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement se… → The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement se…
  • Apple Vision Pro™ is the Company’s first spatial computer based on its visionOS™ operating system.Home includes Apple TV®, the Company’s media stream… → Apple Vision Pro™ is the Company’s spatial computer based on its visionOS® operating system.Home includes Apple TV 4K®, the Company’s media streaming…

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• AMD Disclosure-language shiftCongressional clusterHouse PTR cluster

  • Disclosure-language shift — disclosure-language novelty 32% (10-K)
  • Congressional cluster — 2 members buying
  • House PTR cluster — 2 House filers buying

  Disclosure-language shift · 10-K · filed 2026-02-04

  Risk Factors (Item 1A) — novelty 32%, 303 added / 234 removed / 101 modified sentences

  • + If we determine that some or all of our deferred tax assets are not realizable, it could result in a material expense in the period in which this determination is made which may have a material adverse effect on our financial condition and…
  • + The trading price of our stock may fluctuate widely due to various factors including: actual or anticipated fluctuations in our financial conditions and operating results; failure to meet expectations related to future growth; changes in f…
  • + Also, in addition to restrictions imposed by the United States or China on exports or imports from one another, geopolitical changes between China and Taiwan could disrupt the operations of our Taiwan-based third-party wafer foundries, man…
  • Merger, Acquisition, Divestiture, and Integration Risks◦Acquisitions, joint ventures, and/or strategic investments, and the failure to integrate acquired businesses may fail to materialize their anticipated benefits and could disrupt our b…
  • Further consolidation could adversely impact our business due to there being fewer suppliers, customers and partners in the industry.16Table of ContentsWe believe that the main factors that determine our product competitiveness are total c…
  • In addition, you should consider the interrelationship and compounding effects of two or more risks occurring simultaneously.Risk Factors SummaryThe… → In addition, you should consider the interrelationship and compounding effects of two or more risks occurring simultaneously.Risk Factors SummaryThe…
  • Any acquisitions we may undertake, including Silo AI and ZT Systems, involve certain integration risks and uncertainties including, but not limited t… → We cannot be certain that our acquisitions can be successfully integrated with our business in a timely manner or at all, for a variety of reasons, i…

  MD&A (Item 7) — novelty 46%, 133 added / 110 removed / 36 modified sentences

  • + The competitiveness of our products depends on a number of factors including, performance, total cost of ownership, timely product introductions, product quality and reliability, product features and capabilities, energy efficiency (includ…
  • + Our three reportable segments are:•the Data Center segment, which primarily includes AI accelerators, CPUs for servers, GPUs, APUs, DPUs, AI NICs, FPGAs and SoC products for data centers;•the Client and Gaming segment, which primarily incl…
  • + We also market and sell our chipsets under AMD trademarks.Our FPGA products are Virtex™ 6, Virtex 7, Virtex UltraScale+, Kintex™ 7, Kintex UltraScale™, Kintex UltraScale+, Artix™ 7, Artix UltraScale+, Spartan™ 6, and Spartan 7 brands.7Tabl…
  • Our BusinessOur four reportable segments are:•the Data Center segment, which primarily includes AI accelerators, server CPUs, GPUs, APUs, DPUs, FPGAs, SmartNICs, and Adaptive SoC products for data centers;•the Client segment, which primari…
  • We believe that the main factors that determine our product competitiveness are total cost of ownership, timely product introductions, product quality, product features and capabilities (including accelerations for key workloads such as AI…
  • For example, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in ou… → For example, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in ou…
  • Our Gaming Segment customers include PC OEMs and independent distributors as well as add-in-board manufacturers (AIBs), independent game console and… → PC OEMs and independent distributors as well as add-in-board manufacturers (AIBs), independent game console and portable gaming devices manufacturers…

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• GM Heavy insider sellingDisclosure-language shift

  • Heavy insider selling — 4 sellers · $52.5M sold
  • Disclosure-language shift — disclosure-language novelty 56% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-27

  Risk Factors (Item 1A) — novelty 56%, 145 added / 142 removed / 33 modified sentences

  • + The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands): Years Ended December 31, 202520242023 IndustryGMMarket ShareIndustryGMMarket ShareIndustr…
  • + EV demand has been and, in the future could be, impacted by numerous additional factors, including the breadth of the portfolio of EVs available; perceptions about EV features, quality, safety, performance, and cost relative to ICE vehicle…
  • + Our EV strategy is dependent on our ability to (1) deliver a strategic portfolio of high-quality EVs that are competitive and meet consumer demands; (2) scale our EV manufacturing capabilities relative to consumer demand; (3) reduce the co…
  • The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands): Years Ended December 31, 202420232022 IndustryGMMarket ShareIndustryGMMarket ShareIndustr…
  • Consumer adoption of EVs has been slower than anticipated, and has been and in the future could be impacted by numerous factors, including the breadth of the portfolio of EVs available; perceptions about EV features, quality, safety, perfo…
  • To successfully execute our long-term strategy, we must continue to develop and commercialize new products and services, including products and servi… → To successfully execute our long-term strategy, we must continue to develop and commercialize new products and services, including products and servi…
  • Chemical Regulations We continually monitor the implementation of chemical regulations to maintain compliance and evaluate their effect on our busine… → Under certain circumstances, these laws impose joint and several liability as well as liability for related damages to natural resources.Chemical Reg…

  MD&A (Item 7) — novelty 83%, 53 added / 48 removed / 3 modified sentences

  • + 29Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESTotal Net Sales and Revenue Years Ended December 31,Favorable/ (Unfavorable)Variance Due To20252024%VolumeMixPriceOther(Dollars in billions)GMNA$154,317 $157,509 $(3,192)(2.0)%$(7.0…
  • + Refer to the regional sections of this MD&A for additional information on Volume and Mix.In the year ended December 31, 2025, increased Cost was primarily due to: (1) charges of $7.7 billion due to our EV strategic realignment; (2) increas…
  • + Refer to the "Non-GAAP Measures" section of this MD&A for additional information.The following table reconciles expected Net income attributable to stockholders under U.S. generally accepted accounting principles (GAAP) to expected EBIT-ad…
  • Total Net Sales and Revenue Years Ended December 31,Favorable/ (Unfavorable)Variance Due To20242023%VolumeMixPriceOther(Dollars in billions)GMNA$157,509 $141,445 $16,064 11.4 %$12.8 $2.5 $0.7 $— GMI13,890 15,949 (2,059)(12.9)%$(1.6)$0.4 $0…
  • Refer to the regional sections of this MD&A for additional information on Volume and Mix.In the year ended December 31, 2024, decreased Cost was primarily due to: (1) decreased inventory adjustments of $2.2 billion, primarily EV-related, t…
  • Refer to the "Consolidated Results" and regional sections of this MD&A for additional information.We face continuing market, operating and regulatory… → Refer to the "Consolidated Results" and regional sections of this MD&A for additional information.We face continuing market, operating, and regulator…
  • We plan to execute our strategy 26Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESwith a steadfast commitment to good corporate citizenship t… → We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health an…

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• FN Congressional clusterHouse PTR cluster

  • Congressional cluster — 2 members buying
  • House PTR cluster — 2 House filers buying

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• NVDA Heavy insider selling

  • Heavy insider selling — 3 sellers · $224.6M sold

  Disclosure-language shift · 10-K · filed 2026-02-25

  Risk Factors (Item 1A) — novelty 25%, 50 added / 61 removed / 32 modified sentences

  • + Additional risks, trends and uncertainties not presently known to us or that we currently believe are immaterial may also harm our business, financial condition, results of operations or reputation.Risk Factors SummaryRisks Related to Our…
  • + New or proposed regulations relating to carbon taxes, fuel or energy taxes, pollution limits, sustainability-related disclosure and governance and supply chain governance could result in greater direct costs, including costs associated wit…
  • + Our business could be negatively impacted by concerns around the high absolute energy requirements of our GPUs, despite their much more energy efficient design and operation relative to alternative computing platforms.We may not be able to…
  • Our support is enhanced during times of crisis, such as war or economic volatility, to take care of our existing team of world-class talent and their families.Diversity, Inclusion and Belonging at NVIDIAWe believe that diverse teams fuel i…
  • Risks Related to Our Global Operating Business•Adverse economic conditions may harm our business. •International sales and operations are a significant part of our business, which exposes us to risks that could harm our business. •Product,…
  • We face risks which have adversely affected or could adversely affect our ability to meet customer demand and scale our supply chain, negatively impa… → We face risks which have adversely affected or could adversely affect our ability to meet customer demand and scale our supply chain, negatively impa…
  • Further, our business liability insurance may be inadequate or future coverage may be unavailable on acceptable terms, which could adversely impact o… → Further, our business liability insurance may be inadequate or future coverage may be unavailable on acceptable terms, which could adversely impact o…

  MD&A (Item 7) — novelty 31%, 5 added / 5 removed / 4 modified sentences

  • + A discussion regarding our financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025, filed with t…
  • + These adjustments may require use of unobservable inputs.We assess impairment quarterly based on qualitative and quantitative factors, including the investee’s operating performance and market trends.38Table of ContentsRevenue RecognitionR…
  • + Estimates for customer program accruals include a combination of historical attainment and claim rates and may be adjusted based on relevant internal and external factors.Contracts with Multiple Performance ObligationsOur contracts may con…
  • A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024, filed with t…
  • Our policy is to include interest and penalties related to unrecognized tax benefits as a component of income tax expense.Revenue RecognitionRevenue AllowancesFor products sold with a right of return, we record a reduction to revenue by es…
  • If standalone selling price is not directly observable, such as when we do not sell a product or service separately, we determine standalone selling… → If standalone selling price is not directly observable, such as when we do not sell a product or service separately, we determine standalone selling…
  • Certain customer programs include distributor price incentives or other channel programs for specific products and customer classes which require jud… → Certain customer programs include distributor price incentives or other channel programs for specific products and customer classes which require jud…

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• KO Heavy insider selling

  • Heavy insider selling — 3 sellers · $79.9M sold

  Disclosure-language shift · 10-K · filed 2026-02-20

  Risk Factors (Item 1A) — novelty 7%, 35 added / 31 removed / 55 modified sentences

  • + A recall or any decrease in production resulting from remediation efforts due to quality or safety issues may also lead to lost sales due to the unavailability of product for a period of time, and could also subject us to liability claims,…
  • + If we are unable to successfully manage the potential negative consequences of our productivity initiatives, our business operations could be adversely affected.13If we are unable to attract, retain and inspire outstanding talent, our busi…
  • + We invest to improve people’s lives, from our employees to our suppliers and customers, to our investors, and to the communities we call home.The Coca-Cola Company was incorporated in September 1919 under the laws of the State of Delaware…
  • If we are unable to successfully manage the potential negative consequences of our productivity initiatives, our business operations could be adversely affected.If we are unable to attract or retain specialized talent or top talent with di…
  • A widespread product recall could result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of product for a period of time, and could also subject us to produ…
  • (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northea… → (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northea…
  • Ongoing public concern about obesity; other health-related public concerns surrounding consumption of sweetened beverages; the effects or perceived e… → Continued governmental focus on such initiatives, as well as ongoing public concern about obesity; other health-related public concerns surrounding c…

  MD&A (Item 7) — novelty 5%, 14 added / 15 removed / 32 modified sentences

  • + If we are unable to successfully manage the potential negative consequences of our productivity initiatives, our business operations could be adversely affected.13If we are unable to attract, retain and inspire outstanding talent, our busi…
  • + We expect continued scrutiny of ingredients or 9substances present in certain of our products and/or their packaging, as well as processes used to make them, and it is possible that similar or more restrictive requirements may be proposed…
  • + Failure to attract, retain and inspire outstanding talent; to develop and implement an adequate succession plan for our management team; to maintain a corporate culture that fosters innovation, collaboration and inclusion; or to design and…
  • If we are unable to successfully manage the potential negative consequences of our productivity initiatives, our business operations could be adversely affected.If we are unable to attract or retain specialized talent or top talent with di…
  • Failure to attract, hire, develop, motivate and retain specialized and/or top talent with diverse perspectives, experiences and backgrounds that reflect the broad range of consumers and markets we serve around the world; to develop and imp…
  • (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northea… → (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northea…
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this report.We own and market numerous valuable beverage br… → Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this report.We own and market numerous valuable beverage br…

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• DHI Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 68% (10-K)

  Disclosure-language shift · 10-K · filed 2025-11-19

  Risk Factors (Item 1A) — novelty 68%, 184 added / 164 removed / 21 modified sentences

  • + We manage our inventory of owned land and lots and homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold…
  • + These reporting segments, which we also refer to as reporting regions, have homebuilding operations located in the following states:Northwest:Colorado, Oregon, Utah and WashingtonSouthwest:Arizona, California, Hawaii, Nevada and New Mexico…
  • + Horton per diluted share decreased 19% to $11.57 compared to $14.34.•Net cash provided by operations was $3.4 billion compared to $2.2 billion.•Stockholders’ equity was $24.2 billion compared to $25.3 billion.•Book value per share increase…
  • We manage our inventory of owned land and lots and homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold…
  • These reporting segments, which we also refer to as reporting regions, have homebuilding operations located in the following states:Northwest:Colorado, Oregon, Utah and WashingtonSouthwest:Arizona, California, Hawaii, Nevada and New Mexico…
  • Our strategy includes the following initiatives:•Developing and retaining highly experienced and productive teams of personnel throughout our company… → Our strategy includes the following initiatives:•Developing and retaining highly experienced and productive teams of personnel throughout our company…
  • These risks, uncertainties and other factors include, but are not limited to:•the cyclical nature of the homebuilding, rental and lot development ind… → These risks, uncertainties and other factors include, but are not limited to:•the cyclical nature of the homebuilding, rental and lot development ind…

  MD&A (Item 7) — novelty 72%, 161 added / 150 removed / 16 modified sentences

  • + We manage our inventory of owned land and lots and homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold…
  • + These reporting segments, which we also refer to as reporting regions, have homebuilding operations located in the following states:Northwest:Colorado, Oregon, Utah and WashingtonSouthwest:Arizona, California, Hawaii, Nevada and New Mexico…
  • + Horton per diluted share decreased 19% to $11.57 compared to $14.34.•Net cash provided by operations was $3.4 billion compared to $2.2 billion.•Stockholders’ equity was $24.2 billion compared to $25.3 billion.•Book value per share increase…
  • We manage our inventory of owned land and lots and homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold…
  • These reporting segments, which we also refer to as reporting regions, have homebuilding operations located in the following states:Northwest:Colorado, Oregon, Utah and WashingtonSouthwest:Arizona, California, Hawaii, Nevada and New Mexico…
  • Our strategy includes the following initiatives:•Developing and retaining highly experienced and productive teams of personnel throughout our company… → Our strategy includes the following initiatives:•Developing and retaining highly experienced and productive teams of personnel throughout our company…
  • These risks, uncertainties and other factors include, but are not limited to:•the cyclical nature of the homebuilding, rental and lot development ind… → These risks, uncertainties and other factors include, but are not limited to:•the cyclical nature of the homebuilding, rental and lot development ind…

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• KBH Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 52% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-23

  Risk Factors (Item 1A) — novelty 52%, 160 added / 157 removed / 22 modified sentences

  • + These initiatives could increase our costs, such as with California’s requirement that all new homes have solar power systems, agency requirements for all-electric readiness and higher efficiency standards, including the use of zero-emissi…
  • + Milestones we have achieved under these programs include the following:•In 2008, we became the first national homebuilder to make a broad commitment to building ENERGY STAR certified homes, which, according to the EPA, achieve on average u…
  • + The recognition is based on a comprehensive analysis conducted to identify the top-performing companies around the globe and is based on evaluation criteria of employee satisfaction, revenue growth and sustainability;•Time Magazine’s 2025…
  • Compliance with those directed at or otherwise affecting our business or our suppliers’ (or their suppliers’) operations, products or services, could increase our costs, such as with California’s requirement that all new homes have solar p…
  • This recognition is based on our industry-leading environmental and social practices;•Newsweek’s 2024 list of America’s Most Trustworthy Companies – This is the third consecutive year we have received this recognition, which is based on th…
  • Two directors are liaisons to management on sustainability-related matters.•Boards should have a strong, independent leadership structure.•Our board… → Two directors are liaisons to management on sustainability-related matters.•Boards should have a strong, independent leadership structure.•Our board…
  • While we have health and safety protocols in place for our construction sites and take steps to safeguard our administrative functions, including our… → While we have health and safety protocols in place for our construction sites and take steps to safeguard our administrative functions, including our…

  MD&A (Item 7) — novelty 57%, 75 added / 94 removed / 7 modified sentences

  • + Milestones we have achieved under these programs include the following:•In 2008, we became the first national homebuilder to make a broad commitment to building ENERGY STAR certified homes, which, according to the EPA, achieve on average u…
  • + The recognition is based on a comprehensive analysis conducted to identify the top-performing companies around the globe and is based on evaluation criteria of employee satisfaction, revenue growth and sustainability;•Time Magazine’s 2025…
  • + In addition, as noted above under “Human Capital,” we are also one of the founding partners of the Building Talent Foundation, whose mission is to advance the education, training and career progression of young people and people from under…
  • This recognition is based on our industry-leading environmental and social practices;•Newsweek’s 2024 list of America’s Most Trustworthy Companies – This is the third consecutive year we have received this recognition, which is based on th…
  • We have been recognized with major national awards for our consistent leadership and commitment, including:•2024 ENERGY STAR Partner of the Year – Sustained Excellence Award – This was our 14th consecutive award for demonstrating leadershi…
  • Two directors are liaisons to management on sustainability-related matters.•Boards should have a strong, independent leadership structure.•Our board… → Two directors are liaisons to management on sustainability-related matters.•Boards should have a strong, independent leadership structure.•Our board…
  • Our approach to corporate governance aligns with the principles of the Investor Stewardship Group, a coalition of some of the world’s largest investo… → Our approach to corporate governance aligns with the principles of the Investor Stewardship Group, a coalition of some of the world’s largest investo…

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• JPM Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 54% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-13

  Risk Factors (Item 1A) — novelty 54%, 671 added / 247 removed / 107 modified sentences

  • + Financial effects of FDMsThe following tables provide information on retained wholesale loan modifications considered FDMs during the years ended December 31, 2025, 2024 and 2023.Secured by real estateYear ended December 31, 2025(in millio…
  • + For the year ended December 31, 2025Level 3 assets were $25.1 billion at December 31, 2025, reflecting an increase of $1.3 billion from December 31, 2024.The increase for the year ended December 31, 2025 was predominantly driven by:•Gross…
  • + 164JPMorgan Chase & Co./2025 Form 10-KJPMorgan Chase & Co.Consolidated statements of incomeYear ended December 31, (in millions, except per share data)202520242023RevenueInvestment banking fees$9,615 $8,910 $6,519 Principal transactions27,…
  • For the year ended December 31, 2024Level 3 assets were $23.8 billion at December 31, 2024, reflecting an increase of $127 million from December 31, 2023.The increase for the year ended December 31, 2024 was driven by:•$599 million increas…
  • JPMorgan Chase & Co./2024 Form 10-K171JPMorgan Chase & Co.Consolidated statements of incomeYear ended December 31, (in millions, except per share data)202420232022RevenueInvestment banking fees$8,910 $6,519 $6,686 Principal transactions24,…
  • Product/instrumentValuation methodologyClassifications in the fair value hierarchySecurities financing agreementsValuations are based on discounted c… → Product/instrumentValuation methodologyClassifications in the fair value hierarchySecurities financing agreementsValuations are based on discounted c…
  • Refer to page 198 of this Note.Mortgage servicing rightsRefer to Mortgage servicing rights in Note 15.Level 3Private equity direct investmentsFair va… → Refer to page 191 of this Note.Mortgage servicing rightsRefer to Mortgage servicing rights in Note 15.Level 3Private equity direct investmentsFair va…

  MD&A (Item 7) — novelty 79%, 235 added / 202 removed / 32 modified sentences

  • + Any of the risk factors discussed below could by itself, or combined with other factors, materially and adversely affect JPMorganChase’s business, results of operations, financial condition, capital position, liquidity, competitive positio…
  • + Certain governmental policies or actions could significantly affect U.S. and global economic growth and cause higher volatility in the financial markets, including:•monetary policies and actions taken by central banks, including any sustai…
  • + Further, should extraordinary events or the factors that cause or contribute to those events become more chronic, the disruptive effects of those events on JPMorganChase’s business and operations, and on its clients, customers, counterpart…
  • Any of the risk factors discussed below could by itself, or combined with other factors, materially and adversely affect JPMorganChase’s business, results of operations, financial condition, capital position, liquidity, competitive positio…
  • Certain governmental policy initiatives, as well as heightened geopolitical tensions, could significantly affect U.S. and global economic growth and cause higher volatility in the financial markets, including:•monetary policies and actions…
  • The models and estimations that JPMorganChase uses, including those that use machine learning or artificial intelligence, may not be effective in all… → The models and estimations that JPMorganChase uses may not be effective in all cases to identify, observe and mitigate risk because of factors such a…
  • As a result, these entities are subject to a comprehensive regulatory framework applicable to their swap or security-based swap activities, including… → Morgan Securities LLC are registered with the SEC as “security-based swap dealers.” As a result, these entities are subject to a comprehensive regula…

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• BAC Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 39% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-25

  Risk Factors (Item 1A) — novelty 39%, 142 added / 133 removed / 81 modified sentences

  • + Reputational harm can arise from various sources that affect public trust, including actual or perceived business activities and activities of our officers, directors, employees, other representatives, clients and third parties, including…
  • + Also, our liquidity or cost of funds may be negatively impacted by the unwillingness or inability of the Federal Reserve to act as lender of last resort, unexpected simultaneous draws on credit lines or deposits, slower client payment rate…
  • + The actual or perceived failure to adequately address conflicts of interest could also affect willingness of clients to use our products and services, or result in litigation or enforcement actions, which could adversely affect our busines…
  • Harm to our reputation can arise from various sources, including actual or perceived activities of our officers, directors, employees, other representatives, clients and third parties, including counterparties, such as fraud, misconduct an…
  • Our and our third parties’ inability to properly introduce, deploy and manage operational or technology changes and continuously alter, improve and automate processes and systems, including related controls, such as regarding internal fina…
  • Any failure or disruption of our or our third parties’ operations or information systems resulting in disruption to our critical business operations… → Any failure or disruption of our or our third parties’ operations or information systems resulting in disruption to our critical business operations…
  • U.S. regulators and government agencies regularly pursue enforcement claims and litigation against financial institutions, including us, for alleged… → The amount of damages, penalties and fines that private litigants, including clients and other counterparties, and regulators seek from us and other…

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• C Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 60% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-20

  Risk Factors (Item 1A) — novelty 60%, 107 added / 111 removed / 24 modified sentences

  • + Citi and some of its third-party partners have been subjected to attempted and sometimes successful cyberattacks over the last several years, including the following:•denial of service attacks, which attempt to interrupt service to clients…
  • + These changes will affect Citi’s regulatory capital requirements and position and the amount of capital Citi will be able to return to shareholders (see “Capital Resources—Regulatory Capital Standards and Developments” above).Citi’s abilit…
  • + Potential impacts in the U.S. and globally related to trade or tariff policies could include heightened market volatility, increased economic uncertainty, adverse impacts to inflation and global economic activity, disruptions in global sup…
  • For additional information regarding the CECL methodology, including the transition provisions related to the adverse regulatory capital effects resulting from adoption of the CECL methodology, see “Capital Resources—Current Regulatory Cap…
  • For additional information about these Russia-related risks, see the operational processes and systems, cybersecurity and emerging markets risk factors and “Managing Global Risk—Other Risks—Country Risk—Russia” below.STRATEGIC RISKSCiti’s…
  • These include, among others, operational or execution failures or deficiencies by third parties and third parties that provide products or services t… → These include, among others, operational or execution failures or deficiencies by third parties that provide products or services to Citi (e.g., clou…
  • Resolution Plan Requirements May Pose a Greater Risk of Loss to Citi’s Debt and Equity Securities Holders, and Citi’s Inability in Its Resolution Pla… → Resolution Plan Requirements May Pose a Greater Risk of Loss to Citi’s Debt and Equity Securities Holders, and Citi’s Inability in Its Resolution Pla…

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• MS Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 30% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-19

  Risk Factors (Item 1A) — novelty 30%, 120 added / 98 removed / 59 modified sentences

  • + The Provision for credit losses on loans and lending commitments of $62 million in 2024 was primarily related to certain specific commercial real estate and securities-based loans, and portfolio growth, partially offset by improvements in…
  • + At December 31, 2025 and December 31, 2024, substantially all employee-referenced investments that subjected the Firm to price risk were economically hedged.Amounts Recognized in Compensation Expense$ in millions202520242023Deferred cash-b…
  • + The Provision for credit losses on loans and lending commitments of $202 million in 2024 was primarily related to growth in the corporate loan portfolio and provisions for certain specific commercial real estate loans, partially offset by…
  • The Provision for credit losses on loans and lending commitments of $131 million in 2023 was primarily related to deteriorating conditions in the commercial real estate sector including provisions for certain specific loans, mainly in the…
  • At December 31, 2024 and December 31, 2023, substantially all employee-referenced investments that subjected the Firm to price risk were economically hedged.Amounts Recognized in Compensation Expense$ in millions202420232022Deferred cash-b…
  • These laws and regulations, which may continue to increase in volume and complexity, significantly affect the way and costs of doing business and can… → These laws and regulations, which could in the future increase in volume and complexity, significantly affect the way and costs of doing business and…
  • These include the level and volatility of equity, fixed income and commodity prices; the level, term structure and volatility of interest rates; infl… → These include the level and volatility of equity, fixed income and commodity prices; the level, term structure and volatility of interest rates; infl…

  MD&A (Item 7) — novelty 53%, 54 added / 61 removed / 22 modified sentences

  • + The Provision for credit losses on loans and lending commitments of $62 million in 2024 was primarily related to certain specific commercial real estate and securities-based loans, and portfolio growth, partially offset by improvements in…
  • + The Provision for credit losses on loans and lending commitments of $202 million in 2024 was primarily related to growth in the corporate loan portfolio and provisions for certain specific commercial real estate loans, partially offset by…
  • + 3.Includes Investments and Other revenues.EquityNet revenues of $15,631 million in 2025 increased 28% compared with the prior year, reflecting an increase in Financing and Execution services.•Financing revenues increased primarily due to h…
  • The Provision for credit losses on loans and lending commitments of $131 million in 2023 was primarily related to deteriorating conditions in the commercial real estate sector including provisions for certain specific loans, mainly in the…
  • The Provision for credit losses on loans and lending commitments of $401 million in 2023 was primarily related to credit deterioration in the commercial real estate sector, including provisions for certain specific loans, mainly in the off…
  • See Note 22 to the financial statements for segment net revenues by income statement line item and information on intersegment transactions.Net Reven… → See Note 22 to the financial statements for segment net revenues by income statement line item, segment expenses, and information on intersegment tra…
  • OtherOther revenues for Institutional Securities include revenues and losses from equity method investments, fees earned in association with lending… → OtherOther revenues for Institutional Securities include revenues and losses from equity method investments, fees earned in association with lending…

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• MSFT Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 36% (10-K)

  Disclosure-language shift · 10-K · filed 2025-07-30

  Risk Factors (Item 1A) — novelty 36%, 98 added / 159 removed / 48 modified sentences

  • + RISK FACTORSOur operations and financial results are subject to various risks and uncertainties, including those described below, that could adversely affect our business, operations, financial condition, results of operations, liquidity,…
  • + Finally, if we enable or offer AI solutions that have unintended consequences, unintended usage or customization by our customers and partners, are contrary to our responsible AI policies and practices, or are otherwise controversial becau…
  • + In addition, changes in U.S. federal and state or international tax laws applicable to corporate multinationals, other global fundamental law changes currently being considered by many countries, including in the U.S., and changes in taxin…
  • 24 PART IItem 1A Development and deployment of defensive measures To defend against security threats to our internal IT systems, our cloud-based services, and our customers’ systems, we must continuously engineer more secure products and s…
  • The outcome of such actions, or steps taken to avoid them, could adversely affect us in a variety of ways, including causing us to withdraw products from or modify products for certain markets, decreasing the value of our assets, adversely…
  • Whether we succeed in cloud-based and AI services depends on our execution in several areas, including: •Continuing to bring to market compelling clo… → Whether we succeed in cloud-based and AI services depends on our execution in several areas, including:•Continuing to bring to market compelling clou…
  • Inefficiencies or operational failures, including temporary or permanent loss of customer data, outages, insufficient Internet connectivity, insuffic… → Inefficiencies or operational failures, including temporary or permanent loss of customer data, outages, insufficient Internet connectivity, insuffic…

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• GOOGL Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 44% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-05

  Risk Factors (Item 1A) — novelty 44%, 143 added / 169 removed / 54 modified sentences

  • + In addition to risks described elsewhere in this section, our international operations expose us to other risks, including:•restrictions on foreign ownership and investments, and stringent foreign exchange controls that might prevent us fr…
  • + We cannot guarantee that our initiatives will be fully realized on the timelines we expect or at all, and projects that are completed as planned may not achieve the results we anticipate.We are and may continue to be subject to claims, law…
  • + Table of ContentsAlphabet Inc.•Data privacy, collection, processing, and portability: Laws and regulations further restricting the collection, processing, or sharing of user or advertising-related data, including privacy and data protectio…
  • Further, at the federal and state level, there have been various proposals (and in some cases laws enacted) addressing “deepfakes” and other AI-generated synthetic media. •Data privacy, collection, processing, and portability: Laws and reg…
  • In addition to risks described elsewhere in this section, our international operations expose us to other risks, including the following:•restrictions on foreign ownership and investments, and stringent foreign exchange controls that might…
  • As we have seen in recent years, different laws and regulations on the same topic may not always have the same requirements, and even when requiremen… → As we have seen in recent years, different laws and regulations on the same topic may not always have the same requirements (and sometimes may seem t…
  • We face formidable competition in every aspect of our business, including but not limited to, from:•general purpose search engines and information se… → We face formidable competition in every aspect of our business, including but not limited to, from:•general purpose search engines and information se…

  MD&A (Item 7) — novelty 47%, 37 added / 75 removed / 12 modified sentences

  • + Our data platform also unifies data lakes, data warehouses, data governance, and advanced machine learning into a single platform that helps users analyze data using AI models across any cloud.•Agents: ◦Gemini Enterprise: empowers teams to…
  • + We offer a range of AI accelerators, including our custom TPUs and specialized GPUs, as well as AI-optimized storage offerings, and efficient AI software. •Developer Platform: delivers a fully managed AI development platform, through Verte…
  • + We aim to build the most advanced, safe, and responsible AI through our full-stack approach, which spans AI-optimized infrastructure; world-class research, including models and tooling; and our products and platforms that bring AI to billi…
  • Ongoing Commitment to SustainabilityOur environmental strategy has two key pillars, supported by our dedication to accessible information and technological innovation:•Our products: We are empowering people with information about the envir…
  • We offer widely used first-party, third-party, and open models along with services such as vector search, grounding, and distillation to further improve the cost and quality of models.•Cybersecurity: provides AI powered cybersecurity solut…
  • We face formidable competition in every aspect of our business, including but not limited to, from:•general purpose search engines and information se… → We face formidable competition in every aspect of our business, including but not limited to, from:•general purpose search engines and information se…
  • We focus on creating the best advertising experiences for our users and advertisers in many ways, including filtering out invalid traffic, removing b… → We focus on creating the best advertising experiences for our users and advertisers in many ways, including filtering out invalid traffic, removing b…

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• AMZN Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 53% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-06

  Risk Factors (Item 1A) — novelty 53%, 177 added / 195 removed / 39 modified sentences

  • + Seattle, WashingtonFebruary 5, 2026 35Table of ContentsAMAZON.COM, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions) Year Ended December 31, 202320242025CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD$54,253 $73,890 $…
  • + See “Note 7 — Commitments and Contingencies.”The following table summarizes gross gains and gross losses realized on sales of marketable debt securities (in millions):Year Ended December 31,202320242025Realized gains$2 $3 $18 Realized loss…
  • + Lease cost recognized in our consolidated statements of operations is summarized as follows (in millions): Year Ended December 31,202320242025Operating lease cost$10,550 $11,961 $14,006 Finance lease cost:Amortization of lease assets5,899…
  • Seattle, WashingtonFebruary 6, 2025 35Table of ContentsAMAZON.COM, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(in millions) Year Ended December 31, 202220232024CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD$36,477 $54,253 $…
  • See “Note 7 — Commitments and Contingencies.”The following table summarizes gross gains and gross losses realized on sales of marketable debt securities (in millions):Year Ended December 31,202220232024Realized gains$43 $2 $3 Realized loss…
  • The acquired assets primarily consist of $1.3 billion of intangible assets and $2.5 billion of goodwill, which is allocated to our North America segm… → The acquired assets primarily consist of $1.3 billion of intangible assets and $2.5 billion of goodwill, which is allocated to our North America segm…
  • See Item 8 of Part II, “Financial Statements and Supplementary Data — Note 1 — Description of Business, Accounting Policies, and Supplemental Disclos… → See Item 8 of Part II, “Financial Statements and Supplementary Data — Note 1 — Description of Business, Accounting Policies, and Supplemental Disclos…

  MD&A (Item 7) — novelty 6%, 12 added / 12 removed / 26 modified sentences

  • + The Security Committee also oversees the Board’s response to any significant cybersecurity incidents.Our chief security officer, who has extensive cybersecurity knowledge and skills gained from over 15 years of work experience on the secur…
  • + References to past events are provided by way of example only and are not intended to be a complete listing or a representation as to whether or not such factors have occurred in the past.Business and Industry RisksWe Face Intense Competit…
  • + Additionally, we use processes to oversee and identify material risks from cybersecurity threats associated with our use of third-party technology and systems, including: artificial intelligence technologies; technology and systems we use…
  • Our chief security officer, who has extensive cybersecurity knowledge and skills gained from over 15 years of work experience on the security team at Amazon and an extensive career in the technology and cybersecurity industries as a senior…
  • Many of the risks discussed below also impact our customers, including third-party sellers, which could indirectly have a material adverse effect on us.Business and Industry RisksWe Face Intense CompetitionOur businesses are rapidly evolvi…
  • A softening of demand, whether caused by changes in customer preferences or a weakening of the U.S. or global economies, may result in decreased reve… → A softening of demand, whether caused by changes in customer preferences or a weakening of the U.S. or global economies, may result in decreased reve…
  • The trading price of our common stock fluctuates significantly in response to, among other risks, the risks described elsewhere in this Item 1A, as w… → The trading price of our common stock fluctuates significantly in response to, among other risks, the risks described elsewhere in this Item 1A, as w…

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• META Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 40% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-29

  Risk Factors (Item 1A) — novelty 40%, 65 added / 100 removed / 22 modified sentences

  • + DPF or regulators, courts, or legislative bodies determining that the legal bases we rely upon to transfer user data from the European Union to the United States are invalid;•limitations on our ability to deliver ads to users under the age…
  • + DPF or regulators, courts, or legislative bodies determining that the legal bases we rely upon to transfer user data from the European Union to the United States are invalid;•there is decreased engagement with our products, decreased effic…
  • + If we are unable to provide marketers with a suitable return on investment, the demand for our ads may not increase, or may decline, in which case our revenue and financial results may be harmed.Our advertising revenue can also be adversel…
  • Orders issued by, or inquiries or enforcement actions initiated by, government or regulatory authorities could cause us to incur substantial costs, expose us to civil and criminal liability (including liability for our personnel) or penalt…
  • In addition, there have been, and continue to be, various other litigation concerning, and state and federal legislative and executive efforts to remove or restrict, the scope of the protections available to online platforms under Section…
  • These laws and regulations involve matters including privacy, data use, data combination, data protection and personal information, the provision of… → These laws and regulations involve matters including privacy, data use, data combination, data protection and personal information, the provision of…
  • Other trademarks, service marks, or trade names appearing in this Annual Report on Form 10‑K are the property of their respective owners.Available In… → Other trademarks, service marks, or trade names appearing in this Annual Report on Form 10‑K are the property of their respective owners.10Table of C…

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• XOM Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 73% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-18

  Risk Factors (Item 1A) — novelty 73%, 116 added / 163 removed / 15 modified sentences

  • + Production Prices and Production CostsThe table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.(dollars per unit)UnitedStatesCanada/OtherAmericasEurop…
  • + Mergers and Acquisitions112Supplemental Information on Oil and Gas Exploration and Production Activities11428 Table of ContentsFinancial Table of Contents BUSINESS PROFILE Earnings (Loss) AfterIncome TaxesAverage CapitalEmployed (Non-GAAP)…
  • + Oil and Gas ProductionThe table below summarizes production by final product sold and by geographic area for the last three years.(thousands of barrels daily)202520242023Crude OilNGLCrude OilNGLCrude OilNGLCrude oil and natural gas liquids…
  • Production Prices and Production CostsThe table below summarizes average production prices and average production costs by geographic area and by product type for the last three years.(dollars per unit)UnitedStatesCanada/OtherAmericasEurop…
  • Oil and Gas ProductionThe table below summarizes production by final product sold and by geographic area for the last three years.(thousands of barrels daily)202420232022Crude OilNGLCrude OilNGLCrude OilNGLCrude oil and natural gas liquids…
  • FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAReference is made to the following in the Financial Section of this report:• Consolidated financial statem… → FINANCIAL STATEMENTS AND SUPPLEMENTARY DATAReference is made to the following in the Financial Section of this report:• Consolidated financial statem…
  • MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe principal market where ExxonMobil com… → MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESThe principal exchange where ExxonMobil c…

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• CVX Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 64% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-24

  Risk Factors (Item 1A) — novelty 64%, 445 added / 58 removed / 28 modified sentences

  • + 64Consolidated Statement of Income Financial Table of ContentsMillions of dollars, except per-share amountsYear ended December 31202520242023Revenues and Other IncomeSales and other operating revenues$184,432 $193,414 $196,913 Income (loss…
  • + Non-billable costs remain at the corporate level in “All Other.” Segmented income statements for the years ended December 31, 2025, 2024 and 2023 are presented below:UpstreamDownstreamSegment TotalAll OtherTotalYear Ended December 31, 2025…
  • + All other reclassified amounts were insignificant.3 Refer to Note 10 Financial and Derivative Instruments for cash flow hedging.73Notes to the Consolidated Financial StatementsFinancial Table of ContentsMillions of dollars, except per-shar…
  • 63Consolidated Statement of Income Financial Table of ContentsMillions of dollars, except per-share amountsYear ended December 31202420232022Revenues and Other IncomeSales and other operating revenues$193,414 $196,913 $235,717 Income (loss…
  • Non-billable costs remain at the corporate level in “All Other.” Segmented income statements for the years ended December 31, 2024, 2023 and 2022 are presented below:UpstreamDownstreamSegment TotalAll OtherTotalYear Ended December 31, 2024…
  • For more information on stock options and other share-based compensation, refer to Note 22 Stock Options and Other Share-Based Compensation.Note 2 Ch… → For more information on stock options and other share-based compensation, refer to Note 22 Stock Options and Other Share-Based Compensation.Note 2 Ch…
  • The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at Decembe… → The table below represents gross and net derivative assets and liabilities subject to netting agreements on the Consolidated Balance Sheet at Decembe…

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• COP Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 69% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-17

  Risk Factors (Item 1A) — novelty 69%, 168 added / 212 removed / 24 modified sentences

  • + For discussion of year-to-year comparisons between 2024 and 2023, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our 2024 10-K.Consolidated ResultsSummary Operating Statist…
  • + See Note 7.See Note 15—Income Taxes for information regarding our income tax provision and effective tax rate.39ConocoPhillips 2025 10-KResults of Operations Table of ContentsSegment ResultsUnless otherwise indicated, discussion of Segment…
  • + 35ConocoPhillips 2025 10-KManagement’s Discussion and AnalysisTable of ContentsKey Operating and Financial SummarySignificant items during 2025 and recent announcements included the following:•Reported fourth-quarter 2025 earnings per shar…
  • For discussion of year-to-year comparisons between 2023 and 2022, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our 2023 10-K.Consolidated ResultsSummary Operating Statist…
  • See Note 8.See Note 16—Income Taxes for information regarding our income tax provision and effective tax rate.41ConocoPhillips 2024 10-KResults of Operations Table of ContentsSegment ResultsUnless otherwise indicated, discussion of Segment…
  • Readers are cautioned that such forward-looking statements should be read in conjunction with the company’s disclosures under the heading: “CAUTIONAR… → Readers are cautioned that such forward-looking statements should be read in conjunction with the company’s disclosures under the heading: “CAUTIONAR…
  • Repurchases are made at management’s discretion, at prevailing prices, subject to market conditions and other factors.For more information on factors… → Repurchases are made at management’s discretion, at prevailing prices, subject to market conditions and other factors.For more information on factors…

  MD&A (Item 7) — novelty 75%, 5 added / 5 removed / 2 modified sentences

  • + It also represents gross and net productive wells, including producing wells and wells capable of production at December 31, 2025.Wells at December 31, 2025ProductiveIn ProgressOilGasGrossNetGrossNetGrossNetConsolidated operationsAlaska2 2…
  • + Total Discounted future net cash flows for Asia Pacific/Middle East was $12,524.149ConocoPhillips 2025 10-KSupplementary DataTable of ContentsSources of Change in Discounted Future Net Cash Flows Millions of DollarsConsolidated OperationsE…
  • + and Analysis of Financial Condition and Results of Operations.**Average sales prices include unutilized transportation costs.ConocoPhillips 2025 10-K144Supplementary DataTable of Contents202520242023Average Production Costs Per Barrel of O…
  • It also represents gross and net productive wells, including producing wells and wells capable of production at December 31, 2024.Wells at December 31, 2024ProductiveIn ProgressOilGasGrossNetGrossNetGrossNetConsolidated operationsAlaska3 3…
  • Total Discounted future net cash flows for Asia Pacific/Middle East was $16,704.ConocoPhillips 2024 10-K156Supplementary DataTable of ContentsSources of Change in Discounted Future Net Cash Flows Millions of DollarsConsolidated OperationsE…
  • The calculations also require assumptions as to the timing of future production of proved reserves and the timing and amount of future development co… → Total Discounted future net cash flows for Asia Pacific/Middle East was $8,032.Millions of DollarsAlaskaLower48**TotalU.S.CanadaEuropeAsia Pacific/Mi…
  • Total Discounted future net cash flows for Asia Pacific/Middle East was $10,546.Millions of DollarsAlaskaLower48**TotalU.S.CanadaEuropeAsia Pacific/M… → Total Discounted future net cash flows for Asia Pacific/Middle East was $10,546.Millions of DollarsAlaskaLower48TotalU.S.CanadaEuropeAsia Pacific/Mid…

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• SLB Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 44% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-23

  Risk Factors (Item 1A) — novelty 44%, 92 added / 117 removed / 15 modified sentences

  • + The following is a summary of the 2025 charges and credits: (Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interest Net First quarter: Workforce reductions $ 158 $ 10 $ - $ 148 Other merger and integration…
  • + 31, Components of Liquidity: 2025 2024 2023 Cash $ 3,036 $ 3,544 $ 2,900 Short-term investments 1,176 1,125 1,089 Short-term borrowings and current portion of long-term debt (1,894 ) (1,051 ) (1,123 ) Long-term debt (9,742 ) (11,023 ) (10,…
  • + Pretax operating income decreased $277 million year on year primarily due to the effects of the divestiture of the Palliser asset, the pipeline disruption in Ecuador and a significant loss on one particular project in SLB Capturi.Full-Year…
  • 31, Components of Liquidity: 2024 2023 Cash $ 3,544 $ 2,900 Short-term investments 1,125 1,089 Short-term borrowings and current portion of long-term debt (1,051 ) (1,123 ) Long-term debt (11,023 ) (10,842 ) Net debt (1) $ (7,405 ) $ (7,97…
  • The following table reflects the carrying amounts of SLB’s debt at December 31, 2024 by year of maturity: (Stated in millions) After 2025 2026 2027 2028 2029 2030 2031 2032 2032 Total Fixed rate debt 4.00% Senior Notes $ 523 523 1.40% Seni…
  • These factors include, but are not limited to, the following: •uncertain or volatile political, social, and economic conditions; •exposure to expropr… → These factors include, but are not limited to, the following: •uncertain or volatile political, social, and economic conditions;•exposure to expropri…
  • The extent to which our reputation, operations, financial results and cash flows, including the ability to repatriate cash, may be affected by the on… → The extent to which our reputation, operations, financial results and cash flows, including the ability to repatriate cash, may be affected by the on…

  MD&A (Item 7) — novelty 44%, 92 added / 117 removed / 15 modified sentences

  • + The following is a summary of the 2025 charges and credits: (Stated in millions) Pretax Charge (Credit) Tax Benefit (Expense) Noncontrolling Interest Net First quarter: Workforce reductions $ 158 $ 10 $ - $ 148 Other merger and integration…
  • + 31, Components of Liquidity: 2025 2024 2023 Cash $ 3,036 $ 3,544 $ 2,900 Short-term investments 1,176 1,125 1,089 Short-term borrowings and current portion of long-term debt (1,894 ) (1,051 ) (1,123 ) Long-term debt (9,742 ) (11,023 ) (10,…
  • + Pretax operating income decreased $277 million year on year primarily due to the effects of the divestiture of the Palliser asset, the pipeline disruption in Ecuador and a significant loss on one particular project in SLB Capturi.Full-Year…
  • 31, Components of Liquidity: 2024 2023 Cash $ 3,544 $ 2,900 Short-term investments 1,125 1,089 Short-term borrowings and current portion of long-term debt (1,051 ) (1,123 ) Long-term debt (11,023 ) (10,842 ) Net debt (1) $ (7,405 ) $ (7,97…
  • The following table reflects the carrying amounts of SLB’s debt at December 31, 2024 by year of maturity: (Stated in millions) After 2025 2026 2027 2028 2029 2030 2031 2032 2032 Total Fixed rate debt 4.00% Senior Notes $ 523 523 1.40% Seni…
  • These factors include, but are not limited to, the following: •uncertain or volatile political, social, and economic conditions; •exposure to expropr… → These factors include, but are not limited to, the following: •uncertain or volatile political, social, and economic conditions;•exposure to expropri…
  • The extent to which our reputation, operations, financial results and cash flows, including the ability to repatriate cash, may be affected by the on… → The extent to which our reputation, operations, financial results and cash flows, including the ability to repatriate cash, may be affected by the on…

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• PFE Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 34% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-26

  Risk Factors (Item 1A) — novelty 34%, 175 added / 145 removed / 46 modified sentences

  • + Basic Product Patent Expiration Year(1) Major Europe Basic Product Patent Expiration Year(1)Japan Basic Product Patent Expiration Year(1)Braftovi(11)2030(2031 pending PTE)(11)(11)Mektovi(11)2026(2027 pending PTE)(12)(11)(11)Talzenna2029(20…
  • + Changes in the recommendations or structure of those committees may affect the use of our medicines and vaccines.In the U.S., there is considerable public and government scrutiny of pharmaceutical pricing and intellectual property and we e…
  • + Additionally, in September 2024, CMS finalized a new rule that, among other items, expands the scope of medications considered to be “covered outpatient drugs” that could be subject to rebates under the MDRP and imposes penalties on covere…
  • We use results from Pfizer Pulse and other colleague feedback forums to inform the wellness services we offer, such as (i) a Wellness Day for every colleague; (ii) on-site health clinics for colleagues in select locations, with access to c…
  • Basic Product Patent Expiration Year(1) Major Europe Basic Product Patent Expiration Year(1)Japan Basic Product Patent Expiration Year(1)Inlyta202520252025Xeljanz20262028(2)2025Prevnar 13/Prevenar 132026(3)2029Eliquis 2026(4)2026(5)2026Ibr…
  • Pfizer Inc.2024 Form 10-K16GLOBAL OPERATIONSWe operate on a global scale and could be affected by currency and interest rate fluctuations; capital an… → Pfizer Inc.2025 Form 10-K17GLOBAL OPERATIONSWe operate on a global scale and could be affected by currency and interest rate fluctuations; global tra…
  • Our R&D priorities include:•delivering a pipeline of highly differentiated medicines and vaccines where we have a unique opportunity to bring the mos… → Our R&D priorities include:•delivering a pipeline of highly differentiated medicines and vaccines where we have a unique opportunity to bring the mos…

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• MRK Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 45% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-24

  Risk Factors (Item 1A) — novelty 45%, 174 added / 160 removed / 58 modified sentences

  • + Stockholders’ EquityCommon stock, $0.50 par valueAuthorized - 6,500,000,000 sharesIssued - 3,577,103,522 shares in 2025 and 20241,788 1,788 Other paid-in capital45,029 44,704 Retained earnings73,075 63,069 Accumulated other comprehensive l…
  • + The following table provides information on the Company’s derivative positions subject to these master netting arrangements as if they were presented on a net basis, allowing for the right of offset by counterparty and cash collateral exch…
  • + There were no commercial paper borrowings outstanding at December 31, 2025 or 2024.106Table of ContentsLong-Term DebtLong-term debt at December 31 consisted of:202520242.15% notes due 2031$1,991 $1,989 2.75% notes due 20511,981 1,980 3.70%…
  • Stockholders’ EquityCommon stock, $0.50 par valueAuthorized - 6,500,000,000 sharesIssued - 3,577,103,522 shares in 2024 and 20231,788 1,788 Other paid-in capital44,704 44,509 Retained earnings63,069 53,895 Accumulated other comprehensive l…
  • The following table provides information on the Company’s derivative positions subject to these master netting arrangements as if they were presented on a net basis, allowing for the right of offset by counterparty and cash collateral exch…
  • The effects of the Company’s net investment hedges on OCI and the Consolidated Statement of Income are shown below:Amount of Pretax (Gain) Loss Recog… → The effects of the Company’s net investment hedges on OCI and the Consolidated Statement of Income are shown below:Amount of Pretax Loss (Gain) Recog…
  • There are no contingent payments associated with the acquisition, which was accounted for as a business combination.The estimated fair values of asse… → There are no contingent payments associated with the acquisition, which was accounted for as a business combination.The estimated fair values of asse…

  MD&A (Item 7) — novelty 50%, 338 added / 293 removed / 98 modified sentences

  • + Stockholders’ EquityCommon stock, $0.50 par valueAuthorized - 6,500,000,000 sharesIssued - 3,577,103,522 shares in 2025 and 20241,788 1,788 Other paid-in capital45,029 44,704 Retained earnings73,075 63,069 Accumulated other comprehensive l…
  • + The Company sells its products to veterinarians, distributors, animal producers, farmers and pet owners.131Table of ContentsSales of the Company’s products were as follows:Years Ended December 31202520242023U.S.Int’lTotalU.S.Int’lTotalU.S.…
  • + Lump sum payments to U.S. pension plan participants also contributed to the settlements recorded during 2023.The components of net periodic benefit cost (credit) other than the service cost component are included in Other (income) expense,…
  • Stockholders’ EquityCommon stock, $0.50 par valueAuthorized - 6,500,000,000 sharesIssued - 3,577,103,522 shares in 2024 and 20231,788 1,788 Other paid-in capital44,704 44,509 Retained earnings63,069 53,895 Accumulated other comprehensive l…
  • The Company sells its products to veterinarians, distributors, animal producers, farmers and pet owners.127Table of ContentsSales of the Company’s products were as follows:Years Ended December 31202420232022U.S.Int’lTotalU.S.Int’lTotalU.S.…
  • The NAV amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at Decembe… → The NAV amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the fair value of plan assets at Decembe…
  • The effects of the Company’s net investment hedges on OCI and the Consolidated Statement of Income are shown below:Amount of Pretax (Gain) Loss Recog… → The effects of the Company’s net investment hedges on OCI and the Consolidated Statement of Income are shown below:Amount of Pretax Loss (Gain) Recog…

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• ABBV Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 77% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-20

  Risk Factors (Item 1A) — novelty 77%, 82 added / 69 removed / 9 modified sentences

  • + AbbVie believes that the non-GAAP measure of change in net revenues at constant currency rates, when used in conjunction with the GAAP measure of change in net revenues at actual currency rates, may provide a more complete understanding of…
  • + See Note 5 to the Consolidated Financial Statements for additional information.2025 Form 10-K | 42 Other Operating IncomeOther operating income included a gain of $217 million in 2025 related to the termination of an R&D collaboration agre…
  • + AbbVie will continue to monitor pending legislation and implementation by individual countries and evaluate the potential impact on the company's business in future periods.43 | 2025 Form 10-K FINANCIAL POSITION, LIQUIDITY AND CAPITAL RESO…
  • AbbVie believes that the non-GAAP measure of change in net revenues at constant currency rates, when used in conjunction with the GAAP measure of change in net revenues at actual currency rates, may provide a more complete understanding of…
  • The study met its primary endpoint and no new safety concerns were identified. •In November 2024, AbbVie announced the EC granted marketing authorization for Elahere for the treatment of adult patients with FRα-positive, platinum-resistant…
  • The effective income tax rates in 2024, 2023 and 2022 differed from the statutory tax rate principally due to the impact of foreign operations with l… → The effective income tax rates in 2025, 2024 and 2023 differed from the statutory tax rate principally due to the impact of foreign operations with l…
  • There have been no changes to these commitments that would have a material impact on the company’s ability to meet either short-term or long-term fut… → There have been no changes to these commitments that would have a material impact on the company’s ability to meet either short-term or long-term fut…

  MD&A (Item 7) — novelty 24%, 37 added / 26 removed / 23 modified sentences

  • + Rinvoq (upadacitinib) is an oral, once-daily selective and reversible JAK inhibitor that is approved to treat the following inflammatory diseases in North America, the European Union and Japan:Condition Principal MarketsRheumatoid arthriti…
  • + It is a biologic therapy approved to treat the following autoimmune diseases in the United States, Canada and Mexico (collectively, North America), the European Union and Japan:ConditionPrincipal MarketsPlaque psoriasis (moderate to severe…
  • + It is also indicated for the treatment of adults and adolescents 12 years of age and older with moderate to severe atopic dermatitis whose disease is not adequately controlled with other systemic drug products, including biologics, or when…
  • Rinvoq (upadacitinib) is an oral, once-daily selective and reversible JAK inhibitor that is approved to treat the following inflammatory diseases in North America, the European Union and Japan:Condition Principal MarketsRheumatoid arthriti…
  • It is a biologic therapy approved to treat the following autoimmune diseases in North America, the European Union and Japan:ConditionPrincipal MarketsPlaque psoriasis (moderate to severe)North America, European Union, JapanPsoriatic arthri…
  • It is approved to treat the following autoimmune diseases in the United States, Canada and Mexico (collectively, North America) and in the European U… → It is approved to treat the following autoimmune diseases in North America and in the European Union:Condition Principal MarketsRheumatoid arthritis…
  • To the extent that AbbVie’s employees, consultants, advisors, contractors and collaborators use intellectual property owned by others in their work f… → To the extent that AbbVie’s employees, consultants, advisors, contractors and collaborators use intellectual property owned by others in their work f…

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• NVS Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 42% (20-F)

  Disclosure-language shift · 20-F · filed 2026-02-04

  Risk Factors (Item 1A) — novelty 42%, 132 added / 64 removed / 29 modified sentences

  • + Product Year of Expiration (US) Year of Expiration (EU)1Entresto Combination patent expired 2026 2Cosentyx 2029 2030Kesimpta 2031 CoM patent expired 4Kisqali 2031 2032Promacta/Revolade CoM patent expired CoM patent expiredTafinlar 2030 202…
  • + Because of these pressures, there can be no certainty that in every instance we will be able to charge prices for a product that, in a particular country or in the aggregate, would enable us to earn an adequate return on our investment in…
  • + —Supply chain and product quality—Inability to maintain continuity of product supply and to ensure proper controls in product development and product manufacturing.” We have implemented a global manufacturing strategy to maximize business…
  • Due to increasing political pressure and governmental budget constraints, we expect these mechanisms to remain robust – and potentially even be strengthened – and to have a continued negative influence on the prices we are able to charge f…
  • 35Product Year of Expiration (US) Year of Expiration (EU)1Entresto 2025 2 2026Cosentyx 2029 2030Kesimpta 2031 CoM patent expired 3Kisqali 2031 4 2032Promacta/Revolade CoM patent expired 2025Tafinlar 2030 2029Mekinist 2027 2029Use of Mekini…
  • During this period, a potential competitor generally may not market the same or similar drug for the same indication even if the competitor’s applica… → European Union • A new pharmaceutical ingredient receives eight years of data protection, during which a competitor cannot rely on the relevant data;…
  • Key Information—Item 3.D Risk factors—Intellectual property—Expiry, assertion or loss of intellectual property protection.”Intellectual property prot… → Key Information—Item 3.D Risk factors—Intellectual property—Expiry, assertion or loss of intellectual property protection.” Intellectual property pro…

  MD&A (Item 7) — novelty 54%, 403 added / 383 removed / 110 modified sentences

  • + Selected development projectsCompound/product Common name Mechanism of action Potential indication Category Formulation/ route of administration Year project entered current development phase Planned filing dates/current phaseAAA817 actini…
  • + 2 For an explanation of non-IFRS measures and reconciliation tables, see "—Non-IFRS measures as defined by Novartis."45The following table provides the top 20 product net sales from continuing operations1 in 2025, as well as the change com…
  • + You should not place undue reliance on these statements.In particular, our expectations could be affected by, among other things, risks and uncertainties concerning:• trends toward healthcare cost-containment, including new laws, executive…
  • See “—Regulation” for more information on the approval process.25Selected development projectsCompound/product Common name Mechanism of action Potential indication Category Formulation/ route of administration Year project entered current…
  • 2 For an explanation of non-IFRS measures and reconciliation tables, see "—Non-IFRS measures as defined by Novartis."42The following table provides the top 20 product net sales from continuing operations in 2024, as well as the change comp…
  • Forward-looking statements can be identified by words such as “potential,” “expect,” “will,” “plan,” “pipeline,” “outlook,” “may,” “could,” “would,”… → Forward-looking statements can be identified by words such as “potential,” “expect,” “will,” “plan,” “pipeline,” “outlook,” “may,” “could,” “would,”…
  • These types of matters may take various forms based on evolving government enforcement and private party litigation priorities, and could include, am… → These types of matters may take various forms based on evolving government enforcement and private party litigation priorities, and could include, am…

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• LMT Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 62% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-29

  Risk Factors (Item 1A) — novelty 62%, 141 added / 130 removed / 30 modified sentences

  • + See “Note 1 – Organization and Significant Accounting Policies” for a discussion related to certain factors that may impact the comparability of sales and operating profit of our business segments.Sales, operating costs and expenses and op…
  • + While management believes that free cash flow as a non-GAAP financial measure may be useful in evaluating our financial performance, it should be considered supplemental to, and not a substitute for, financial information prepared in accor…
  • + Unfavorable items include the adverse resolution of contractual matters, supply chain disruptions, restructuring charges (except for significant severance actions, which are excluded from segment operating results), reserves for disputes,…
  • See “Note 1 – Organization and Significant Accounting Policies” for a discussion related to certain factors that may impact the comparability of net sales and operating profit of our business segments.36Table of Contents Sales, cost of sal…
  • As a result, to the extent that CAS pension cost exceeds the service cost component of FAS pension income (expense), we have a favorable FAS/CAS pension operating adjustment.37Table of Contents The total FAS/CAS pension adjustments, includ…
  • See “Note 16 – Impairment and Severance Charges” included in our Notes to Consolidated Financial Statements for additional information.Other Unalloca… → See “Note 16 – Impairment and Other Charges” included in our Notes to Consolidated Financial Statements for additional information.Other Unallocated,…
  • We may at times refinance existing indebtedness, vary our mix of variable-rate and fixed-rate debt or seek alternative financing sources for our cash… → We may at times 41Table of Contents refinance existing indebtedness, vary our mix of variable-rate and fixed-rate debt or seek alternative financing…

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• NOC Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 53% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-27

  Risk Factors (Item 1A) — novelty 53%, 27 added / 33 removed / 18 modified sentences

  • + If our contracts with the U.S. government include such terms and we are determined to have triggered any of the foregoing circumstances, we may be prohibited from engaging in share repurchases or dividends for a period of time.-8-Table of…
  • + Certain of our programs have been, and in the future, one or more of our programs could be, subject to notification under the Nunn-McCurdy Act, and if we are unable to achieve certification for continuance, or if the cost of such efforts e…
  • + In some cases, they have also ultimately resulted and could result in termination of a contract for convenience or reduced future orders.Additionally, if program costs exceed certain thresholds, or if programs are behind schedule, our U.S.…
  • In some cases, they have also ultimately resulted and could result in termination of a contract for convenience or reduced future orders.•Significant delays or reductions in appropriations for our programs or U.S. government funding more b…
  • Termination due to our default (or that of a teammate) could have a material adverse effect on our reputation, our ability to compete for other contracts and our financial position, results of operations and/or cash flows.Where program cos…
  • There are many reasons estimated contract costs can increase, including inflation, labor challenges, supply chain challenges, and market and exchange… → There are many reasons estimated contract costs can increase, including inflation, labor challenges, supply chain challenges, shortages of raw materi…
  • We also face -10-NORTHROP GRUMMAN CORPORATIONadditional financial risk when solicitations require us to bid on cost-type development work and fixed-p… → We also face additional financial risk when solicitations require us to bid on cost-type development work and fixed-price production lots and/or opti…

  MD&A (Item 7) — novelty 65%, 49 added / 30 removed / 7 modified sentences

  • + These non-GAAP measures may not be defined and calculated by other companies in the same manner and should not be considered in isolation or as an alternative to operating results presented in accordance with GAAP.Financial HighlightsSelec…
  • + Contract mix can also refer to differences in the profitability of the programs that drive changes in sales (e.g., sales growth or decreases on programs with accretive or dilutive margin rates).CONSOLIDATED OPERATING RESULTSNon-GAAP Financ…
  • + The full impact of these governmental actions on macroeconomic conditions and on our business is uncertain, difficult to predict and depends on a number of factors, including the extent and duration of tariffs, any -27-Table of ContentsNOR…
  • These non-GAAP measures may not be defined and calculated by other companies in the same manner and should not be considered in isolation or as an alternative to operating results presented in accordance with GAAP.Selected financial highli…
  • To the extent the July 1, 2024 SDS realignment impacted the disclosures in the 2023 Annual Report on Form 10-K, we recast those prior year MD&A disclosures herein.Global Security EnvironmentThe U.S. and its allies continue to face a global…
  • We believe our capabilities, particularly in space, C4ISR, missile defense, battle management, advanced weapons, strategic deterrence, and survivable… → We believe our capabilities, particularly in space, C4ISR, air and missile defense, battle management, advanced weapons, strategic deterrence, surviv…
  • If our estimated cost to complete the aircraft changes or our assumptions regarding contract performance, quantities, supplier negotiations, or fundi… → If our estimated cost to complete the aircraft changes, if we reach an agreement with the customer regarding an accelerated production rate, or if ou…

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• GD Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 54% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-30

  Risk Factors (Item 1A) — novelty 54%, 127 added / 123 removed / 28 modified sentences

  • + FINANCIAL STATEMENTS AND SUPPLEMENTARY DATACONSOLIDATED STATEMENT OF EARNINGSYear Ended December 31(Dollars in millions, except per-share amounts)202520242023Revenue:Products$33,021 $28,635 $24,595 Services19,529 19,081 17,677 52,550 47,71…
  • + MARKET FOR THE COMPANY’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESOur common stock is listed on the New York Stock Exchange under the trading symbol “GD.”On December 31, 2025, there were approxima…
  • + Our total estimated contract value, which combines total backlog with estimated potential contract value, was $178.9 billion on December 31, 2025.The following table details the backlog and estimated potential contract value of each segmen…
  • MARKET FOR THE COMPANY’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIESOur common stock is listed on the New York Stock Exchange under the trading symbol “GD.”On January 26, 2025, there were approximat…
  • Our total estimated contract value, which combines total backlog with estimated potential contract value, was $144 billion on December 31, 2024.39The following table details the backlog and estimated potential contract value of each segmen…
  • Novakovic – Chairman and Chief Executive Officer since January 2013; President and Chief Operating Officer, May 2012 - December 2012; Executive Vice… → Novakovic – Chairman and Chief Executive Officer since January 2013; President and Chief Operating Officer, May 2012 - December 2012; Executive Vice…
  • We believe our facilities are adequate for our present needs and, given planned improvements and construction, expect them to remain adequate for the… → We believe our facilities are adequate for our present needs and, given planned improvements and construction, expect them to remain adequate for the…

  MD&A (Item 7) — novelty 52%, 89 added / 75 removed / 27 modified sentences

  • + ELS also offers Duro and Eagle tactical vehicles in a range of options and weight classes and is currently producing these vehicles for Germany, Switzerland and Luxembourg, while providing a full range of product support for the German and…
  • + Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.Of our U.S. government revenue, fixed-price contracts accounted for 51% in 2025, 51% in 2024 a…
  • + Our large installed base of wheeled and tracked vehicles around the world and expertise gained from research, engineering and production programs position us well for modernization programs, support and sustainment services, and future dev…
  • NASSCO has also designed and built crude oil and product tankers and container and cargo ships for commercial customers, satisfying Jones Act requirements that ships carrying cargo between U.S. ports be built in U.S. shipyards.On December…
  • Under time-and-materials contracts, the customer pays a fixed hourly rate for direct labor and generally reimburses us for the cost of materials.Of our U.S. government revenue, fixed-price contracts accounted for 51% in 2024, 53% in 2023 a…
  • The Gulfstream family of aircraft offer industry-leading cabin, cockpit and safety technologies and the longest ranges at the fastest speeds in their… → The Gulfstream family of aircraft offers industry-leading cabin, cockpit and safety technologies and the longest ranges at the fastest speeds in thei…
  • The business’ portfolio includes both prime contract programs with government customers as well as subcontract positions with large platform provider… → The business’s portfolio includes both prime contract programs with government customers as well as subcontract positions with large platform provide…

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• RTX Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 65% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-06

  Risk Factors (Item 1A) — novelty 65%, 75 added / 91 removed / 16 modified sentences

  • + Net services cost of sales increased $1.2 billion in 2024 compared to 2023, primarily due to increases in external services cost of sales at Pratt & Whitney and Collins, partially offset by a decrease in external services cost of sales at…
  • + These figures assume that all dividends paid over the five-year period were reinvested, and that the starting value of each index and the investment in common stock was $100.00 on December 31, 2020.Comparison of Cumulative Five Year Total…
  • + Net services sales increased $1.8 billion in 2024 compared to 2023, primarily due to increases in external services sales of $2.0 billion at Pratt & Whitney, including the absence of a services sales charge of $0.1 billion associated with…
  • The above items were partially offset by a $0.9 billion charge in the second quarter of 2024 related to the Resolution of Certain Legal Matters, a $0.6 billion charge in the second quarter of 2024 related to the Raytheon Contract Terminati…
  • These figures assume that all dividends paid over the five-year period were reinvested, and that the starting value of each index and the investment in common stock was $100.00 on December 31, 2019.Comparison of Cumulative Five Year Total…
  • Changes in these budget and spending levels, policies, or priorities, which are subject to U.S. domestic and foreign geopolitical risks and threats,… → Changes in these budget and spending levels, policies, or priorities, which are subject to U.S. domestic and foreign geopolitical risks and threats,…
  • We also use these and other performance metrics for executive compensation purposes.A discussion of our results of operations and financial condition… → We also use these and other performance metrics for executive compensation purposes.A discussion of our results of operations and financial condition…

  MD&A (Item 7) — novelty 17%, 54 added / 103 removed / 72 modified sentences

  • + Such risks, uncertainties, and other factors include, without limitation: •changes in economic, capital market, and political conditions in the U.S. and globally; •changes in U.S. government defense spending, national priorities, and polic…
  • + These figures assume that all dividends paid over the five-year period were reinvested, and that the starting value of each index and the investment in common stock was $100.00 on December 31, 2020.Comparison of Cumulative Five Year Total…
  • + The U.S. government has the ability to unilaterally definitize contracts, which would obligate us to perform under terms and conditions imposed by the U.S. government without our agreement.For further discussion of risks related to governm…
  • Such risks, uncertainties, and other factors include, without limitation: •the effect of changes in economic, capital market, and political conditions in the U.S. and globally, such as from the global sanctions and export controls with res…
  • These figures assume that all dividends paid over the five-year period were reinvested, and that the starting value of each index and the investment in common stock was $100.00 on December 31, 2019.Comparison of Cumulative Five Year Total…
  • Further, these transactions involve certain other risks and uncertainties including: (1) the risks involved with entering new markets; (2) the diffic… → Further, these transactions involve certain other risks and uncertainties including: (1) the risks involved with entering new markets; (2) the diffic…
  • Furthermore, the existing supply chain issues could be compounded by other events, such as an economic downturn; changes in trade policies, such as t… → Furthermore, the existing supply chain issues could be compounded by other events, such as an economic downturn; changes in trade policies, such as t…

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• BA Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 39% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-30

  Risk Factors (Item 1A) — novelty 39%, 40 added / 117 removed / 23 modified sentences

  • + Our customers’ fleet decisions and financial position are also impacted by fuel and other costs, as well as inflationary pressures.6Table of ContentsOur Commercial Airplanes business depends on our ability to maintain a healthy production…
  • + Although deliveries to those customers have since resumed, if we are unable to deliver aircraft to customers in China consistent with our assumptions and/or obtain additional orders from China in the future, we may experience reduced deliv…
  • + Any of these impacts could have a material effect on our financial position, results of operations and/or cash flows.As a result of the significant ongoing uncertainty with respect to both U.S. defense spending and the evolving nature of t…
  • As cyber threats increase in volume and sophistication, the risk to the security of these systems and networks – and to the confidentiality, integrity, and availability of the data they house – continues to evolve, requiring constant vigil…
  • If we were unable to protect against the unauthorized access, release or corruption of our customers’ or suppliers’ confidential, classified or personally identifiable information, we could suffer a loss of business, face regulatory action…
  • We are subject to risks of doing business internationally, including:•changes in regulatory requirements or other executive branch actions, such as E… → We are subject to risks of doing business internationally, including:•changes in regulatory requirements or other executive branch actions, such as E…
  • If production rate changes at any of our commercial aircraft assembly facilities are delayed or create significant disruption to our production syste… → If production rate changes on any of our programs are delayed or create significant disruption to our production system, or if our suppliers cannot t…

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• TGT Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 33% (10-K)

  Disclosure-language shift · 10-K · filed 2026-03-11

  Risk Factors (Item 1A) — novelty 33%, 62 added / 56 removed / 36 modified sentences

  • + During 2025, we:•Took action on our initiative to transform various aspects of our business, including organizational simplification to streamline decision-making, reduce complexity, and drive efficiency; •Advanced the multi-year transform…
  • + There were no Target common stock purchases made during the three months ended January 31, 2026, by Target or any "affiliated purchaser" of Target, as defined in Rule 10b-18(a)(3) under the Exchange Act.TARGET CORPORATION2025 Form 10-K25OT…
  • + PropertiesStores as ofJanuary 31, 2026StoresRetail Square Feet(in thousands)Stores as ofJanuary 31, 2026Stores Retail Square Feet(in thousands)Alabama23 3,153 Montana7 777 Alaska3 504 Nebraska15 2,163 Arizona48 6,377 Nevada18 2,262 Arkansa…
  • During 2024, we•Continued to emphasize newness and differentiation across our assortment, including a steady flow of exclusive products and designer collaborations, such as:◦2,000 new wellness products introduced in January of 2025—600 of…
  • The table below presents information with respect to Target common stock purchases made during the three months ended February 1, 2025 by Target or any "affiliated purchaser" of Target, as defined in Rule 10b-18(a)(3) under the Exchange Ac…
  • We have systems in place to:•safely receive, protect, and store that information;•collect, use, and share that information appropriately; and•detect,… → We have systems in place to:•safely receive, protect, and store that information;•collect, use, and share that information appropriately; and•detect,…
  • A deterioration in U.S. macroeconomic conditions or consumer confidence or spending could adversely affect our business in many ways, such as negativ… → A deterioration in U.S. macroeconomic conditions or consumer confidence or spending could adversely affect our business in many ways, such as negativ…

  MD&A (Item 7) — novelty 29%, 96 added / 68 removed / 57 modified sentences

  • + We generally pay duties based on the price Target pays its vendors for the goods, and later seek refunds for qualifying transactions by filing first sale claims, a significant portion of which have processing and payment cycles that extend…
  • + PropertiesStores as ofJanuary 31, 2026StoresRetail Square Feet(in thousands)Stores as ofJanuary 31, 2026Stores Retail Square Feet(in thousands)Alabama23 3,153 Montana7 777 Alaska3 504 Nebraska15 2,163 Arizona48 6,377 Nevada18 2,262 Arkansa…
  • + We achieve effective inventory management by staying in-stock in core product offerings, maintaining positive vendor relationships, and carefully planning inventory levels for seasonal and apparel items to minimize markdowns.TARGET CORPORA…
  • PropertiesStores as ofFebruary 1, 2025StoresRetail Square Feet(in thousands)Stores as ofFebruary 1, 2025Stores Retail Square Feet(in thousands)Alabama23 3,153 Montana7 777 Alaska3 504 Nebraska14 2,015 Arizona46 6,080 Nevada18 2,262 Arkansa…
  • In particular, we rely on our administrative functions in India for various business operations and any events that negatively impact the availability or effectiveness of our administrative functions in India, including political or econom…
  • We have systems in place to:•safely receive, protect, and store that information;•collect, use, and share that information appropriately; and•detect,… → We have systems in place to:•safely receive, protect, and store that information;•collect, use, and share that information appropriately; and•detect,…
  • A deterioration in U.S. macroeconomic conditions or consumer confidence or spending could adversely affect our business in many ways, such as negativ… → A deterioration in U.S. macroeconomic conditions or consumer confidence or spending could adversely affect our business in many ways, such as negativ…

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• HD Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 31% (10-K)

  Disclosure-language shift · 10-K · filed 2026-03-18

  Risk Factors (Item 1A) — novelty 31%, 152 added / 140 removed / 107 modified sentences

  • + As a result, our business and operating results could be adversely affected.Natural disasters, unseasonable, unexpected or extreme weather conditions, as well as other catastrophic or uncharacteristic events, could impact our operations an…
  • + Disruptions, delays, failures, inaccuracies, or other performance issues in or with our customer-facing technology systems, either due to increased volumes, system or other technology modifications, cybersecurity incidents or attacks, info…
  • + Our online product offerings complement our stores by serving as an extended aisle, and we offer a significantly broader product assortment through our mobile applications and websites, including homedepot.com, our primary website; homedep…
  • Disruptions, delays, failures or other performance issues with our customer-facing technology systems, either due to increased volumes, system modifications, cybersecurity incidents or attacks, information technology outages or other inter…
  • Our online product offerings complement our stores by serving as an extended aisle, and we offer a significantly broader product assortment through our websites and mobile applications, including homedepot.com, our primary website; homedep…
  • Changes in, expanded regulatory investigations or Fiscal 2024 Form 10-K19Table of Contentsenforcement of, litigation regarding, or adoption of new fe… → Changes in, expanded regulatory investigations or enforcement of, litigation regarding, or adoption of new federal, state, local or international law…
  • Such disruptions may result, and on occasion have resulted, from damage or destruction to our distribution or fulfillment centers or those of our sup… → Such disruptions may result, and on occasion have resulted, from damage or destruction to our distribution or fulfillment centers or those of our sup…

  MD&A (Item 7) — novelty 43%, 89 added / 80 removed / 34 modified sentences

  • + Our online product offerings complement our stores by serving as an extended aisle, and we offer a significantly broader product assortment through our mobile applications and websites, including homedepot.com, our primary website; homedep…
  • + Our capital allocation principles are as follows:•First, we intend to reinvest in our business to drive growth faster than the market.•Second, after reinvesting in the business, we look to pay a quarterly dividend.•Third, after reinvesting…
  • + We aim to provide the best experience across our physical and digital assets, throughout the entire shopping journey from inspiration to post-purchase support, and we believe that engagement with customers across different touchpoints has…
  • Our online product offerings complement our stores by serving as an extended aisle, and we offer a significantly broader product assortment through our websites and mobile applications, including homedepot.com, our primary website; homedep…
  • Our capital allocation principles are as follows:•First, we intend to reinvest in our business to drive growth faster than the market.•Second, after meeting the needs of the business, we look to pay a quarterly dividend.•Third, after reinv…
  • Our associates can take advantage of a range of benefits, including healthcare and wellness programs, vacation and leave of absence benefits, includi… → Our associates can take advantage of a range of benefits, including healthcare and wellness programs, vacation and leave of absence benefits, includi…
  • In addition to serving our DIFM customer needs, we believe our focus on the Pros who perform services for these customers helps us drive higher produ… → In addition to serving our DIFM customer needs, we believe our focus on Pros who perform services for these customers helps us drive higher product s…

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• KKR Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 55% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-27

  Risk Factors (Item 1A) — novelty 55%, 101 added / 103 removed / 18 modified sentences

  • + Years Ended($ in thousands)December 31, 2025December 31, 2024Change Revenues Asset Management and Strategic Holdings Fees and Other$4,064,273$3,653,962$410,311Capital Allocation-Based Income (Loss)3,771,2353,558,284212,9517,835,5087,212,24…
  • + For a discussion of other factors that affected KKR's interest expense, see "—Key Segment and Non-GAAP Performance Measures."Expenses Compensation and Benefits The increase in compensation and benefits during the year ended December 31, 20…
  • + Common Stockholders$2,251,867$3,076,245$(824,378)Consolidated Results of Operations (GAAP Basis) – Asset Management and Strategic HoldingsRevenues For the years ended December 31, 2025 and 2024, revenues consisted of the following: Years E…
  • Years Ended December 31, 2024December 31, 2023Change ($ in thousands)Revenues Asset Management and Strategic Holdings Fees and Other$3,653,962 $2,963,869 $690,093 Capital Allocation-Based Income (Loss)3,558,284 2,843,437 714,847 7,212,246…
  • Common Stockholders$3,076,245 $3,680,514 $(604,269)Consolidated Results of Operations (GAAP Basis) - Asset Management and Strategic HoldingsRevenues For the years ended December 31, 2024 and 2023, revenues consisted of the following: Years…
  • FPAUM is the sum of all of the individual fee bases that are used to calculate KKR's and its hedge fund and BDC partnership management fees and diffe… → FPAUM is the sum of all of the individual fee bases that are used to calculate management fees and differs from AUM in the following respects: (i) as…
  • Because we make our investment in our business through a holding company structure and the applicable holding companies do not own any material cash-… → Because we make our investment in our business through a holding company structure and the applicable holding companies do not own any material cash-…

  MD&A (Item 7) — novelty 79%, 174 added / 144 removed / 9 modified sentences

  • + You should read this summary together with a more detailed description of these risks in the “Risk Factors” section of this report and in other filings that we make from time to time with the SEC.We are subject to risks related to our busi…
  • + and Analysis of Financial Condition and Results of Operations84 Item 7A.Quantitative and Qualitative Disclosures About Market Risk145 Item 8.Financial Statements and Supplementary Data155 Item 9.Changes in and Disagreements with Accountant…
  • + The timing of receipt of carried interest is dictated by multiple factors including, but not limited to: (i) a realization event has occurred, (ii) the fund has achieved positive overall investment returns since its inception, in excess of…
  • You should read this summary together with a more detailed description of these risks in the “Risk Factors” section of this report and in other filings that we make from time to time with the SEC.We are subject to risks related to our busi…
  • Investment PeriodAmount ($ in millions) StartDate(1)EndDate (2)Commitment (3)UncalledCommitmentsInvestedRealizedRemainingCost (4)RemainingFair ValueGross Accrued Carried InterestPrivate Equity Business Line North America Fund XIII8/20218/2…
  • Inc.; our statements regarding the potential of, and future financial results from, KKR’s Strategic Holdings segment (including expectations about di… → Inc.; our statements regarding the potential of, and future financial results from, KKR’s Strategic Holdings segment, including expectations about di…
  • Our outstanding common stock on a fully exchanged and diluted basis does not include shares of common stock available for issuance pursuant to the 20… → Our outstanding common stock on a fully exchanged and diluted basis does not include shares of common stock available for issuance pursuant to the 20…

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• SCHW Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 61% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-25

  Risk Factors (Item 1A) — novelty 61%, 138 added / 173 removed / 16 modified sentences

  • + Deceleration of client cash reallocation activity, along with principal and interest payments on the AFS and HTM securities portfolios, supported a reduction in bank supplemental funding of $14.9 billion, or 23%, during the fourth quarter…
  • + The following table presents asset management and administration fees, average client assets, and average fee yields:Year Ended December 31,202520242023AverageClientAssetsRevenueAverageFeeAverageClientAssetsRevenueAverageFeeAverageClientAs…
  • + Financial information for our segments is presented in the following table:Investor ServicesAdvisor ServicesTotalPercent Change2025-2024202520242023Percent Change2025-2024202520242023Percent Change2025-2024202520242023Year Ended December 3…
  • In the fourth quarter of 2023, the Company saw bank deposits and payables to brokerage clients increase by a total of $17.5 billion, or 5%, due in part to typical seasonal cash inflows near year-end. - 34 -THE CHARLES SCHWAB CORPORATIONMan…
  • The following table presents asset management and administration fees, average client assets, and average fee yields:Year Ended December 31,202420232022AverageClientAssetsRevenueAverageFeeAverageClientAssetsRevenueAverageFeeAverageClientAs…
  • These sub-committees include the:•Operational Risk Oversight Committee – provides oversight of and approves operational risk management policies, ris… → These sub-committees include the:•Operational Risk Oversight Committee – provides oversight of and approves operational risk management policies, ris…
  • The borrowed money can be used to purchase additional securities or to meet short-term financial needs.Master netting arrangement: An agreement betwe… → The borrowed money can be used to purchase additional securities or to meet short-term financial needs.- 26 -THE CHARLES SCHWAB CORPORATIONManagement…

  MD&A (Item 7) — novelty 63%, 149 added / 184 removed / 18 modified sentences

  • + These statements relate to, among other things:•Maximizing our market valuation and stockholder returns over time; and our belief that developing trusted relationships will translate into more client assets which drives revenue and, along…
  • + Deceleration of client cash reallocation activity, along with principal and interest payments on the AFS and HTM securities portfolios, supported a reduction in bank supplemental funding of $14.9 billion, or 23%, during the fourth quarter…
  • + The following table presents asset management and administration fees, average client assets, and average fee yields:Year Ended December 31,202520242023AverageClientAssetsRevenueAverageFeeAverageClientAssetsRevenueAverageFeeAverageClientAs…
  • These statements relate to, among other things:•Maximizing our market valuation and stockholder returns over time; our belief that developing trusted relationships will translate into more client assets which drives revenue and, along with…
  • In the fourth quarter of 2023, the Company saw bank deposits and payables to brokerage clients increase by a total of $17.5 billion, or 5%, due in part to typical seasonal cash inflows near year-end. - 34 -THE CHARLES SCHWAB CORPORATIONMan…
  • Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form… → Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report on Form…
  • These sub-committees include the:•Operational Risk Oversight Committee – provides oversight of and approves operational risk management policies, ris… → These sub-committees include the:•Operational Risk Oversight Committee – provides oversight of and approves operational risk management policies, ris…

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• BRK-B Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 45% (10-K)

  Disclosure-language shift · 10-K · filed 2026-03-02

  Risk Factors (Item 1A) — novelty 45%, 138 added / 149 removed / 33 modified sentences

  • + K-29 BHE or its affiliates own or have interests in the following types of operating electric generating facilities at December 31, 2025: Energy Source Entity Location by Significance FacilityNetCapacity(MW) (1) NetOwnedCapacity(MW) (1) Wi…
  • + BHE’s subsidiaries also have battery energy storage systems in Nevada, Montana, California, West Virginia and Oregon having total Facility Net Capacity and Net Owned Capacity in operation of 320 MW and under construction of 543 MW.PacifiCo…
  • + 2025 2024 2023 Insurance – underwriting $ 7,258 $ 9,020 $ 5,428 Insurance – investment income 12,513 13,670 9,567 BNSF 5,476 5,031 5,087 Berkshire Hathaway Energy (“BHE”) 3,979 3,730 2,331 Manufacturing, service and retailing 13,647 13,072…
  • BHE or its affiliates own or have interests in the following types of operating electric generating facilities at December 31, 2024: Energy Source Entity Location by Significance FacilityNetCapacity(MW) (1) NetOwnedCapacity(MW) (1) Wind Pa…
  • 2024 2023 2022 Amount % Amount % Amount % Premiums written $ 21,899 $ 22,360 $ 16,962 Premiums earned $ 22,239 100.0 $ 21,938 100.0 $ 16,040 100.0 Losses and loss adjustment expenses 12,244 55.1 12,664 57.7 10,605 66.1 Underwriting expense…
  • Political, economic, social or financial market instability or damage to or interference with our operating assets, customers or suppliers from cyber… → Political, economic, social or financial market instability or damage to or interference with our operating assets, customers or suppliers from cyber…
  • Stock Performance Graph The following chart compares the value of $100 invested in Berkshire common stock on December 31, 2019 and subsequent values… → Stock Performance Graph The following chart compares the value of $100 invested in Berkshire common stock on December 31, 2020 and subsequent values…

  MD&A (Item 7) — novelty 73%, 139 added / 130 removed / 15 modified sentences

  • + Percentage change 2025 2024 2023 2025 vs 2024 2024 vs 2023 Revenues: Industrial products $ 37,301 $ 35,833 $ 34,884 4.1 % 2.7 % Building products 26,764 26,525 25,965 0.9 2.2 Consumer products 14,422 14,873 14,556 (3.0 ) 2.2 $ 78,487 $ 77,…
  • + Percentage change 2025 2024 2023 2025 vs 2024 2024 vs 2023 Revenues: Manufacturing $ 78,487 $ 77,231 $ 75,405 1.6 % 2.4 % Service and retailing 135,843 138,672 144,342 (2.0 ) (3.9 ) $ 214,330 $ 215,903 $ 219,747 (0.7 ) (1.7 ) Pre-tax earni…
  • + Percentage change 2025 2024 2023 2025 vs 2024 2024 vs 2023 Revenues: Service $ 22,982 $ 20,697 $ 20,588 11.0 % 0.5 % McLane 50,998 51,907 52,607 (1.8 ) (1.3 ) Retailing 19,665 19,177 19,408 2.5 (1.2 ) Pilot* 42,198 46,891 51,739 (10.0 ) (9…
  • Percentage change 2024 2023 2022 2024 vs 2023 2023 vs 2022 Revenues Manufacturing $ 77,231 $ 75,405 $ 75,781 2.4 % (0.5 )% Service and retailing 138,672 144,342 91,512 (3.9 ) 57.7 $ 215,903 $ 219,747 $ 167,293 (1.7 ) 31.4 Pre-tax earnings…
  • Percentage change 2024 2023 2022 2024 vs 2023 2023 vs 2022 Revenues Industrial products $ 35,833 $ 34,884 $ 30,824 2.7 % 13.2 % Building products 26,525 25,965 28,896 2.2 (10.1 ) Consumer products 14,873 14,556 16,061 2.2 (9.4 ) $ 77,231 $…
  • Our other service businesses franchise and service a network of quick service restaurants (Dairy Queen), lease transportation equipment (XTRA) and fu… → Our other service businesses franchise and service a network of quick service restaurants (Dairy Queen), lease transportation equipment (XTRA) and fu…
  • Marmon’s pre-tax earnings declined 8.7% in 2024 compared to 2023, reflecting lower earnings from the Transportation Products, Metals Services and Ret… → Marmon’s pre-tax earnings declined 8.7% in 2024 compared to 2023, reflecting lower earnings from the Transportation Products, Metals Services and Ret…

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• TRV Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 47% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-12

  Risk Factors (Item 1A) — novelty 47%, 246 added / 251 removed / 88 modified sentences

  • + AND SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS(in millions)For the year ended December 31,202520242023Cash flows from operating activitiesNet income$6,288 $4,999 $2,991 Adjustments to reconcile net income to net cash provided by oper…
  • + INSURANCE CLAIM RESERVES (Continued)Claims DevelopmentThe following is a summary of claims and claim adjustment expense reserves, including certain components, for the Company’s major product lines by reporting segment as of December 31, 2…
  • + FAIR VALUE MEASUREMENTS (Continued)The following tables present the changes in the Level 3 fair value category for the years ended December 31, 2025 and 2024.(in millions)FixedMaturitiesEquity SecuritiesOtherInvestmentsTotalBalance as of D…
  • FAIR VALUE MEASUREMENTS (Continued)The following tables present the changes in the Level 3 fair value category for the years ended December 31, 2024 and 2023.(in millions)FixedMaturitiesEquity SecuritiesOtherInvestmentsTotalBalance at Dece…
  • AND SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS(in millions)For the year ended December 31,202420232022Cash flows from operating activitiesNet income$4,999 $2,991 $2,842 Adjustments to reconcile net income to net cash provided by oper…
  • These statements include, among other things, the Company’s statements about:•the Company’s outlook, the impact of trends on its business and its fut… → These statements include, among other things, the Company’s statements about:•the Company’s outlook, the impact of trends on its business and its fut…
  • SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)In estimating the recovery value, significant judgment is involved in the development of assump… → Included in the present value calculation are expected principal and interest payments; however, for securities for which the issuer is classified as…

  MD&A (Item 7) — novelty 47%, 249 added / 255 removed / 94 modified sentences

  • + AND SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS(in millions)For the year ended December 31,202520242023Cash flows from operating activitiesNet income$6,288 $4,999 $2,991 Adjustments to reconcile net income to net cash provided by oper…
  • + INSURANCE CLAIM RESERVES (Continued)Claims DevelopmentThe following is a summary of claims and claim adjustment expense reserves, including certain components, for the Company’s major product lines by reporting segment as of December 31, 2…
  • + FAIR VALUE MEASUREMENTS (Continued)The following tables present the changes in the Level 3 fair value category for the years ended December 31, 2025 and 2024.(in millions)FixedMaturitiesEquity SecuritiesOtherInvestmentsTotalBalance as of D…
  • FAIR VALUE MEASUREMENTS (Continued)The following tables present the changes in the Level 3 fair value category for the years ended December 31, 2024 and 2023.(in millions)FixedMaturitiesEquity SecuritiesOtherInvestmentsTotalBalance at Dece…
  • AND SUBSIDIARIESCONSOLIDATED STATEMENT OF CASH FLOWS(in millions)For the year ended December 31,202420232022Cash flows from operating activitiesNet income$4,999 $2,991 $2,842 Adjustments to reconcile net income to net cash provided by oper…
  • SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)In estimating the recovery value, significant judgment is involved in the development of assump… → Included in the present value calculation are expected principal and interest payments; however, for securities for which the issuer is classified as…
  • In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December… → In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December…

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• PRU Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 67% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-12

  Risk Factors (Item 1A) — novelty 67%, 304 added / 148 removed / 37 modified sentences

  • + Revenues increased $139 million, primarily reflecting:•higher asset management fees, driven by higher average assets under management from the impact of equity market and fixed income appreciation, net inflows and strong investment perform…
  • + The table below presents annualized new business premiums on a constant exchange rate basis, by product category and distribution channel, for the periods indicated: Year Ended December 31, 2025Year Ended December 31, 2024 LifeAccident&Hea…
  • + PGIM continues to service these loans; however, they are not included in assets under management.The following table sets forth PGIM’s private capital deployed by asset class for the periods indicated: December 31,202520242023 (in billions…
  • The $239 million increase in “Net income (loss) attributable to Prudential Financial, Inc.” reflected the following notable items on a pre-tax basis:•$360 million favorable variance from realized investment gains (losses), net, and related…
  • Changes in interest rates can affect these in several ways, including favorable or adverse impacts to:•investment-related activity, including: investment income returns, net investment spread results, new money rates, mortgage loan prepaym…
  • An increase in discount rate by 100 bps would result in an increase in net periodic pension costs of $1 million; conversely, a decrease in discount r… → An increase in discount rate by 100 bps would result in an increase in net periodic pension costs of $0 million; conversely, a decrease in discount r…
  • Both the current estimate of the DRD and the DRD in future periods can vary based on factors such as, but not limited to, changes in the amount of di… → Both the current estimate of the DRD and the DRD in future periods can vary based on factors such as, but not limited to, changes in the amount of di…

  MD&A (Item 7) — novelty 18%, 17 added / 14 removed / 8 modified sentences

  • + The CISO and Information Security Office are responsible for monitoring for cybersecurity incidents impacting Prudential’s systems, and ensuring appropriate processes are maintained to inform management of the prevention, detection, mitiga…
  • + In addition, with increasing anti-ESG regulations and sentiment, we could experience reduced revenue and reputational harm if we are targeted by government actors, private groups or influential individuals who disagree with our public posi…
  • + CYBERSECURITY Risk Management and StrategyBecause of the size and scope of our business, we are subject to numerous and evolving cybersecurity risks, any of which, if it materializes, could affect our business strategy, results of operatio…
  • Any negative public perception, founded or otherwise, can be widely and rapidly shared over social media or other means, and could cause damage to our reputation.ITEM 1B.UNRESOLVED STAFF COMMENTS None.ITEM 1C.CYBERSECURITY Risk Management…
  • In addition, a sovereign downgrade could result in a downgrade of our subsidiaries operating in that jurisdiction, and ultimately of Prudential Financial and our other subsidiaries.•The changing competitive landscape may adversely affect t…
  • Similarly, changing economic conditions and unfavorable public perception of financial institutions can influence customer behavior, including increa… → Similarly, changing economic conditions and unfavorable public perception of financial institutions can influence customer behavior, including increa…
  • Excluding our headquarters building and properties used by our International Businesses and the international operations of PGIM, which are discussed… → Excluding our headquarters building and properties used by our International Businesses and the international operations of PGIM, which are discussed…

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• F Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 53% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-11

  Risk Factors (Item 1A) — novelty 53%, 83 added / 45 removed / 10 modified sentences

  • + Our pre-tax and tax special items were as follows (in millions):20242025Restructuring (by Geography)Europe$(716)$(736)North America Hourly Buyouts(260)— China(16)— Subtotal Restructuring$(992)$(736)Other ItemsModel e asset impairment and E…
  • + For a description of these causal factors, see Definitions and Information Regarding Ford Credit Causal Factors.20242025H / (L)GAAP Financial MeasuresTotal Net Receivables ($B)$143.6 $146.3 $2.7 Loss-to-Receivables (bps) (a)50 59 9 Auction…
  • + For a description of these causal factors, see Definitions and Information Regarding Ford Blue, Ford Model e, and Ford Pro Causal Factors.Ford Blue Segment20242025H / (L)Key MetricsWholesale Units (000) (a)2,862 2,728 (133)Revenue ($M)$101…
  • The lower EBIT was primarily driven by lower net pricing due to industrywide competitive pressures, offset partially by lower costs (including battery-related raw material costs as well as other material costs and lower engineering and war…
  • Company adjusted EBIT margin was 5.5% in 2024, down from 5.9% a year ago.The table below shows our full year 2024 net income/(loss) attributable to Ford and Company adjusted EBIT by segment (in millions).20232024H / (L)Ford Blue$7,462 $5,2…
  • Specifically, we include in cost of sales each of the following: material costs (including commodity costs); freight costs; warranty, including produ… → Specifically, we include in cost of sales each of the following: material costs (including commodity and component costs); freight and duty (includin…
  • For example, in Ford Blue, our larger, more profitable vehicles had an average contribution margin that was 150% of our total average contribution ma… → For example, in Ford Blue, our larger, more profitable vehicles had an average contribution margin that was 153% of our total average contribution ma…

  MD&A (Item 7) — novelty 44%, 75 added / 77 removed / 27 modified sentences

  • + The following tables provide supplemental cash flow information (in millions):For the Year Ended December 31, 2025Cash flows from operating activitiesCompany excluding Ford CreditFord CreditEliminationsConsolidatedNet income/(loss)$(10,337…
  • + Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)NON-GAAP FINANCIAL MEASURE RECONCILIATIONSThe following tables show our Non-GAAP financial measure reconciliations.Net Income/(Loss) Reconcili…
  • + Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)Effective Tax Rate Reconciliation to Adjusted Effective Tax Rate202320242025Pre-Tax Results ($M)Income/(Loss) before income taxes (GAAP)$3,967…
  • The following tables provide supplemental cash flow information (in millions):For the Year Ended December 31, 2024Cash flows from operating activitiesCompany excluding Ford CreditFord CreditEliminationsConsolidatedNet income/(loss)$4,638 $…
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations (Continued)NON-GAAP FINANCIAL MEASURE RECONCILIATIONSThe following tables show our Non-GAAP financial measure reconciliations.Net Income/(Loss) Reconcili…
  • Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and… → Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve a number of risks, uncertainties, and…
  • Events that trigger a test for recoverability include:•Material adverse changes in projected revenues or expenses, present negative cash flows combin… → Events that trigger a test for recoverability include:•Material adverse changes in projected revenues or expenses, present negative cash flows combin…

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• TSLA Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 31% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-29

  Risk Factors (Item 1A) — novelty 31%, 161 added / 167 removed / 72 modified sentences

  • + In-App Upgrades As our vehicles are capable of being updated remotely over-the-air, our customers may purchase additional paid options and features through the Tesla app or through the in-vehicle user interface, which also allows us to off…
  • + These differences may further increase the legal complexity of introducing, or availability to introduce, driver-assistance and autonomous vehicles for sale and use, including an autonomous vehicle ride-hailing business, and could result i…
  • + We expect our Robotaxi service to compete in this developing market, along with traditional ride-hailing and taxi services, through continued progress on our FSD (Supervised) and neural network capabilities, Supercharger network and infota…
  • 9Table of ContentsWe believe that there is also increasing competition for our vehicle offerings as a platform for delivering self-driving technologies, charging solutions and other features and services, and we expect to compete in this d…
  • We continue to monitor and increase our network of Tesla Superchargers in anticipation of future demand.We also work with a wide variety of hospitality, retail and public destinations, as well as businesses with commuting employees, to off…
  • Such regulations, including their enforcement or the enforcement policy associated with the regulations, continue to rapidly change, which increases… → Such regulations, including their enforcement or the enforcement policy associated with the regulations, continue to rapidly change, which increases…
  • To the extent any security incident results in unauthorized access or damage to or acquisition, use, corruption, loss, destruction, alteration or dis… → To the extent any security incident results in unauthorized access or damage to or acquisition, use, corruption, loss, destruction, alteration or dis…

  MD&A (Item 7) — novelty 71%, 42 added / 24 removed / 4 modified sentences

  • + We are focused on profitable growth via a differentiated and efficiently managed product portfolio that leverages our existing factories and production lines, further improving and deploying our FSD (Supervised) capabilities, including fut…
  • + We intend to leverage our current operations, in which we design, develop, manufacture, sell and lease high-performance fully electric vehicles and energy generation and storage systems that increasingly deliver AI-related and enhanced sof…
  • + Overall growth has allowed our business to generally fund itself, and we will continue to make critical high-value investments while maintaining a strong balance sheet.31Management Opportunities, Challenges and Uncertainties and 2026 Outlo…
  • Overall growth has allowed our business to generally fund itself, and we will continue investing in a number of capital-intensive projects and research and development in upcoming periods.32Management Opportunities, Challenges and Uncertai…
  • In 2024, our net income attributable to common stockholders was $7.09 billion, representing a decrease of $7.91 billion compared to the prior year, primarily due to the impact of releasing $6.54 billion of our valuation allowance associate…
  • We are simultaneously developing and ramping new products, building or ramping manufacturing facilities on three continents, piloting the development… → We are simultaneously developing and ramping new products, building or ramping manufacturing facilities on three continents, piloting the development…
  • Moreover, we have set ambitious technological targets with our plans for battery cells as well as for iterative manufacturing and design improvements… → Moreover, we have set ambitious technological targets with our plans for battery cells as well as for iterative manufacturing and design improvements…

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• RIVN Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 36% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-12

  Risk Factors (Item 1A) — novelty 36%, 198 added / 311 removed / 129 modified sentences

  • + We are subject to a number of risks associated with international business activities that may increase our costs, impact our ability to sell or lease our vehicles, products and services, including:•complex and unfavorable regulatory, poli…
  • + As a result, our business, prospects, financial condition, results of operations, and cash flows could be materially and adversely affected.•Breaches in data security, failure of Technology Systems, cyber attacks or other security or priva…
  • + Other factors that may influence the adoption of alternative fuel vehicles, and specifically EVs, include:•perceptions about EV quality, safety, design, performance, value and cost and about EV safety in general, in particular safety issue…
  • These risks include:•conforming our vehicles to various international regulatory requirements where our vehicles are sold and serviced, which requirements may change over time;•difficulty in staffing and managing foreign operations;•diffic…
  • Other factors that may influence the adoption of alternative fuel vehicles, and specifically EVs, include:•perceptions about EV quality, safety, design, performance, and cost, especially if negative events or accidents occur that are linke…
  • The continued development of and the ability to manufacture our vehicles at scale, including the R1T, R1S, and commercial fleet vehicles, such as the… → The continued development of and the ability to manufacture our vehicles at scale, including the R1T, R1S, and commercial fleet vehicles, such as the…
  • Such payments will reduce the funds available to use for working capital, operating expenditures, capital expenditures, and other corporate purposes,… → Such payments will reduce the funds available to use for working capital, operating expenditures, capital expenditures and other corporate purposes,…

  MD&A (Item 7) — novelty 66%, 130 added / 142 removed / 20 modified sentences

  • + Years Ended December 31,202320242025Automotive$4,132 $4,486 $3,830 Software and services302 484 1,557 Total revenues4,434 4,970 5,387 Automotive6,150 5,693 4,262 Software and services314 477 981 Total cost of revenues6,464 6,170 5,243 Gros…
  • + SG&A expenses increased as a result of expanding our go-to-market operations and footprint, including higher payroll and related expenses primarily driven by increased headcount, stock-based compensation expenses primarily attributable to…
  • + If we experience a change of control (as defined in the Indenture), the holders of the 2031 Green Secured Notes will have the right to require us to repurchase the 2031 Green Secured Notes at a price equal to 101% of the principal amount t…
  • Years Ended December 31,202220232024Automotive$1,554 $4,132 $4,486 Software and services104 302 484 Total revenues1,658 4,434 4,970 Automotive4,666 6,150 5,693 Software and services115 314 477 Total cost of revenues4,781 6,464 6,170 Gross…
  • Additionally, depreciation and amortization expense increased by $186 million, partially offset by a decrease in LCNRV write-downs of inventory and losses on firm purchase commitments from $920 million to $107 million.The decrease in LCNRV…
  • Our cybersecurity team supervises efforts to identify, prevent, detect, mitigate, and remediate cybersecurity risks and incidents through our cyberse… → Our cybersecurity team supervises efforts to identify, prevent, detect, mitigate, and remediate cybersecurity risks and incidents through our cyberse…
  • If we are unable to fully offset higher costs through price increases or other measures, especially during periods of elevated inflation, we could ex… → If we are unable to fully offset higher costs through price increases or other measures, especially during periods of elevated inflation, we could ex…

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• LCID Disclosure-language shift

  • Disclosure-language shift — disclosure-language novelty 34% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-24

  Risk Factors (Item 1A) — novelty 34%, 102 added / 81 removed / 73 modified sentences

  • + If we fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays. •Any unauthorized compromise of or access to our products or information technology systems or networks could result in…
  • + Specifically, it is uncertain how such macroeconomic factors will impact us in an industry that has globally been experiencing a recent decline in sales.Other factors that may influence the adoption of EVs include:•perceptions about EV qua…
  • + Any failure by us to successfully react to changes in existing technologies or the development of new technologies could materially harm our competitive position and growth prospects.31The unavailability, reduction or elimination of certai…
  • Specifically, it is uncertain how such macroeconomic factors will impact us as a new entrant in an industry that has globally been experiencing a recent decline in sales.Other factors that may influence the adoption of electric vehicles in…
  • If we fail to accurately predict our manufacturing requirements, we could incur additional costs or experience delays. •Any unauthorized control, manipulation, interruption or compromise of or access to our products or information technolo…
  • To the extent our suppliers experience any delays in providing us with or developing necessary components, we could experience delays in delivering o… → Any delays by our suppliers in delivering or developing necessary components may result in further setbacks to our production and delivery timelines.…
  • These risks include:•conforming our vehicles to various international regulatory and homologation requirements where our vehicles are sold;•establish… → These risks include:•conforming our vehicles to various international regulatory and homologation requirements where our vehicles are sold;•establish…

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  SEC EDGAR filings →

+ 30 more flagged companies in the live dashboard below.

Ranked by count of INDEPENDENT public-record layers agreeing on one ticker (insider Form 4, congressional trades, SEC disclosure shifts; same-source signals collapsed). Smart-Money score + forward excess-vs-SPY load in the live dashboard below.

• AAPL 3× Insider Disclosure Congress mixed W:S2

  • Heavy insider selling — 3 sellers · $87.5M sold
  • Disclosure-language shift — disclosure-language novelty 54% (10-K)
  • Congressional cluster — 2 members buying
  • House PTR cluster — 3 House filers buying

  Disclosure-language shift · 10-K · filed 2025-10-31

  Risk Factors (Item 1A) — novelty 54%, 98 added / 94 removed / 22 modified sentences

  • + The Company has a minority market share in the global smartphone, personal computer, tablet and wearables markets, and some of the markets in which the Company competes have from time to time experienced little to no growth or contracted o…
  • + In addition, the Company’s and its suppliers’ operations, retail stores and facilities are subject to the risk of interruption by fire, power shortages, nuclear power plant accidents and other industrial accidents, terrorist attacks and ot…
  • + The Company may be unable to continue to offer a wide variety of content at commercially reasonable prices with acceptable usage rules.The Company also produces its own digital content, which can be costly to produce due to intense and inc…
  • While the Company maintains insurance coverage for certain types of losses, such insurance coverage may be insufficient to cover all losses that may arise.Apple Inc. | 2024 Form 10-K | 6Global markets for the Company’s products and service…
  • While these arrangements help ensure the supply of components and finished goods, if these outsourcing partners or suppliers experience severe financial problems or other disruptions in their business, such continued supply can be disrupte…
  • The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement se… → The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement se…
  • These and other impacts can materially adversely affect the Company’s business, results of operations, financial condition and stock price.Apple Inc.… → These and other impacts can materially adversely affect the Company’s business, results of operations, financial condition and stock price.Apple Inc.…

  MD&A (Item 7) — novelty 45%, 32 added / 28 removed / 8 modified sentences

  • + In addition, component suppliers may fail, be subject to consolidation within a particular industry, or decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements, furth…
  • + Principal competitive factors important to the Company include price, product and service features (including security features), relative price and performance, product and service quality and reliability, design and technology innovation…
  • + The Company supports employees with general safety, security and crisis management training, and by putting specific programs in place for those working in potentially high-hazard environments.Available InformationThe Company’s Annual Repo…
  • The continued availability of these components at acceptable prices, or at all, may be affected if suppliers decide to concentrate on the production of common components instead of components customized to meet the Company’s requirements.T…
  • During 2024, the Company’s net sales through its direct and indirect distribution channels accounted for 38% and 62%, respectively, of total net sales.CompetitionThe markets for the Company’s products and services are highly competitive, a…
  • The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement se… → The offerings provide priority access to Apple technical support, access to the global Apple authorized service network for repair and replacement se…
  • Apple Vision Pro™ is the Company’s first spatial computer based on its visionOS™ operating system.Home includes Apple TV®, the Company’s media stream… → Apple Vision Pro™ is the Company’s spatial computer based on its visionOS® operating system.Home includes Apple TV 4K®, the Company’s media streaming…

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• AMD 2× Disclosure Congress bull W:S2

  • Disclosure-language shift — disclosure-language novelty 32% (10-K)
  • Congressional cluster — 2 members buying
  • House PTR cluster — 2 House filers buying

  Disclosure-language shift · 10-K · filed 2026-02-04

  Risk Factors (Item 1A) — novelty 32%, 303 added / 234 removed / 101 modified sentences

  • + If we determine that some or all of our deferred tax assets are not realizable, it could result in a material expense in the period in which this determination is made which may have a material adverse effect on our financial condition and…
  • + The trading price of our stock may fluctuate widely due to various factors including: actual or anticipated fluctuations in our financial conditions and operating results; failure to meet expectations related to future growth; changes in f…
  • + Also, in addition to restrictions imposed by the United States or China on exports or imports from one another, geopolitical changes between China and Taiwan could disrupt the operations of our Taiwan-based third-party wafer foundries, man…
  • Merger, Acquisition, Divestiture, and Integration Risks◦Acquisitions, joint ventures, and/or strategic investments, and the failure to integrate acquired businesses may fail to materialize their anticipated benefits and could disrupt our b…
  • Further consolidation could adversely impact our business due to there being fewer suppliers, customers and partners in the industry.16Table of ContentsWe believe that the main factors that determine our product competitiveness are total c…
  • In addition, you should consider the interrelationship and compounding effects of two or more risks occurring simultaneously.Risk Factors SummaryThe… → In addition, you should consider the interrelationship and compounding effects of two or more risks occurring simultaneously.Risk Factors SummaryThe…
  • Any acquisitions we may undertake, including Silo AI and ZT Systems, involve certain integration risks and uncertainties including, but not limited t… → We cannot be certain that our acquisitions can be successfully integrated with our business in a timely manner or at all, for a variety of reasons, i…

  MD&A (Item 7) — novelty 46%, 133 added / 110 removed / 36 modified sentences

  • + The competitiveness of our products depends on a number of factors including, performance, total cost of ownership, timely product introductions, product quality and reliability, product features and capabilities, energy efficiency (includ…
  • + Our three reportable segments are:•the Data Center segment, which primarily includes AI accelerators, CPUs for servers, GPUs, APUs, DPUs, AI NICs, FPGAs and SoC products for data centers;•the Client and Gaming segment, which primarily incl…
  • + We also market and sell our chipsets under AMD trademarks.Our FPGA products are Virtex™ 6, Virtex 7, Virtex UltraScale+, Kintex™ 7, Kintex UltraScale™, Kintex UltraScale+, Artix™ 7, Artix UltraScale+, Spartan™ 6, and Spartan 7 brands.7Tabl…
  • Our BusinessOur four reportable segments are:•the Data Center segment, which primarily includes AI accelerators, server CPUs, GPUs, APUs, DPUs, FPGAs, SmartNICs, and Adaptive SoC products for data centers;•the Client segment, which primari…
  • We believe that the main factors that determine our product competitiveness are total cost of ownership, timely product introductions, product quality, product features and capabilities (including accelerations for key workloads such as AI…
  • For example, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in ou… → For example, our disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in ou…
  • Our Gaming Segment customers include PC OEMs and independent distributors as well as add-in-board manufacturers (AIBs), independent game console and… → PC OEMs and independent distributors as well as add-in-board manufacturers (AIBs), independent game console and portable gaming devices manufacturers…

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• GM 2× Insider Disclosure bear W:S2

  • Heavy insider selling — 4 sellers · $52.5M sold
  • Disclosure-language shift — disclosure-language novelty 56% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-27

  Risk Factors (Item 1A) — novelty 56%, 145 added / 142 removed / 33 modified sentences

  • + The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands): Years Ended December 31, 202520242023 IndustryGMMarket ShareIndustryGMMarket ShareIndustr…
  • + EV demand has been and, in the future could be, impacted by numerous additional factors, including the breadth of the portfolio of EVs available; perceptions about EV features, quality, safety, performance, and cost relative to ICE vehicle…
  • + Our EV strategy is dependent on our ability to (1) deliver a strategic portfolio of high-quality EVs that are competitive and meet consumer demands; (2) scale our EV manufacturing capabilities relative to consumer demand; (3) reduce the co…
  • The following table summarizes industry and GM total vehicle sales and our related competitive position by geographic region (vehicles in thousands): Years Ended December 31, 202420232022 IndustryGMMarket ShareIndustryGMMarket ShareIndustr…
  • Consumer adoption of EVs has been slower than anticipated, and has been and in the future could be impacted by numerous factors, including the breadth of the portfolio of EVs available; perceptions about EV features, quality, safety, perfo…
  • To successfully execute our long-term strategy, we must continue to develop and commercialize new products and services, including products and servi… → To successfully execute our long-term strategy, we must continue to develop and commercialize new products and services, including products and servi…
  • Chemical Regulations We continually monitor the implementation of chemical regulations to maintain compliance and evaluate their effect on our busine… → Under certain circumstances, these laws impose joint and several liability as well as liability for related damages to natural resources.Chemical Reg…

  MD&A (Item 7) — novelty 83%, 53 added / 48 removed / 3 modified sentences

  • + 29Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESTotal Net Sales and Revenue Years Ended December 31,Favorable/ (Unfavorable)Variance Due To20252024%VolumeMixPriceOther(Dollars in billions)GMNA$154,317 $157,509 $(3,192)(2.0)%$(7.0…
  • + Refer to the regional sections of this MD&A for additional information on Volume and Mix.In the year ended December 31, 2025, increased Cost was primarily due to: (1) charges of $7.7 billion due to our EV strategic realignment; (2) increas…
  • + Refer to the "Non-GAAP Measures" section of this MD&A for additional information.The following table reconciles expected Net income attributable to stockholders under U.S. generally accepted accounting principles (GAAP) to expected EBIT-ad…
  • Total Net Sales and Revenue Years Ended December 31,Favorable/ (Unfavorable)Variance Due To20242023%VolumeMixPriceOther(Dollars in billions)GMNA$157,509 $141,445 $16,064 11.4 %$12.8 $2.5 $0.7 $— GMI13,890 15,949 (2,059)(12.9)%$(1.6)$0.4 $0…
  • Refer to the regional sections of this MD&A for additional information on Volume and Mix.In the year ended December 31, 2024, decreased Cost was primarily due to: (1) decreased inventory adjustments of $2.2 billion, primarily EV-related, t…
  • Refer to the "Consolidated Results" and regional sections of this MD&A for additional information.We face continuing market, operating and regulatory… → Refer to the "Consolidated Results" and regional sections of this MD&A for additional information.We face continuing market, operating, and regulator…
  • We plan to execute our strategy 26Table of ContentsGENERAL MOTORS COMPANY AND SUBSIDIARIESwith a steadfast commitment to good corporate citizenship t… → We plan to execute our strategy with a steadfast commitment to good corporate citizenship through more sustainable operations and a leading health an…

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• FN 1× Congress bull W:S2

  • Congressional cluster — 2 members buying
  • House PTR cluster — 2 House filers buying
• NVDA 1× Insider bear W:S2

  • Heavy insider selling — 3 sellers · $224.6M sold

  Disclosure-language shift · 10-K · filed 2026-02-25

  Risk Factors (Item 1A) — novelty 25%, 50 added / 61 removed / 32 modified sentences

  • + Additional risks, trends and uncertainties not presently known to us or that we currently believe are immaterial may also harm our business, financial condition, results of operations or reputation.Risk Factors SummaryRisks Related to Our…
  • + New or proposed regulations relating to carbon taxes, fuel or energy taxes, pollution limits, sustainability-related disclosure and governance and supply chain governance could result in greater direct costs, including costs associated wit…
  • + Our business could be negatively impacted by concerns around the high absolute energy requirements of our GPUs, despite their much more energy efficient design and operation relative to alternative computing platforms.We may not be able to…
  • Our support is enhanced during times of crisis, such as war or economic volatility, to take care of our existing team of world-class talent and their families.Diversity, Inclusion and Belonging at NVIDIAWe believe that diverse teams fuel i…
  • Risks Related to Our Global Operating Business•Adverse economic conditions may harm our business. •International sales and operations are a significant part of our business, which exposes us to risks that could harm our business. •Product,…
  • We face risks which have adversely affected or could adversely affect our ability to meet customer demand and scale our supply chain, negatively impa… → We face risks which have adversely affected or could adversely affect our ability to meet customer demand and scale our supply chain, negatively impa…
  • Further, our business liability insurance may be inadequate or future coverage may be unavailable on acceptable terms, which could adversely impact o… → Further, our business liability insurance may be inadequate or future coverage may be unavailable on acceptable terms, which could adversely impact o…

  MD&A (Item 7) — novelty 31%, 5 added / 5 removed / 4 modified sentences

  • + A discussion regarding our financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended January 26, 2025, filed with t…
  • + These adjustments may require use of unobservable inputs.We assess impairment quarterly based on qualitative and quantitative factors, including the investee’s operating performance and market trends.38Table of ContentsRevenue RecognitionR…
  • + Estimates for customer program accruals include a combination of historical attainment and claim rates and may be adjusted based on relevant internal and external factors.Contracts with Multiple Performance ObligationsOur contracts may con…
  • A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to fiscal year 2023 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended January 28, 2024, filed with t…
  • Our policy is to include interest and penalties related to unrecognized tax benefits as a component of income tax expense.Revenue RecognitionRevenue AllowancesFor products sold with a right of return, we record a reduction to revenue by es…
  • If standalone selling price is not directly observable, such as when we do not sell a product or service separately, we determine standalone selling… → If standalone selling price is not directly observable, such as when we do not sell a product or service separately, we determine standalone selling…
  • Certain customer programs include distributor price incentives or other channel programs for specific products and customer classes which require jud… → Certain customer programs include distributor price incentives or other channel programs for specific products and customer classes which require jud…

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• KO 1× Insider bear W:S2

  • Heavy insider selling — 3 sellers · $79.9M sold

  Disclosure-language shift · 10-K · filed 2026-02-20

  Risk Factors (Item 1A) — novelty 7%, 35 added / 31 removed / 55 modified sentences

  • + A recall or any decrease in production resulting from remediation efforts due to quality or safety issues may also lead to lost sales due to the unavailability of product for a period of time, and could also subject us to liability claims,…
  • + If we are unable to successfully manage the potential negative consequences of our productivity initiatives, our business operations could be adversely affected.13If we are unable to attract, retain and inspire outstanding talent, our busi…
  • + We invest to improve people’s lives, from our employees to our suppliers and customers, to our investors, and to the communities we call home.The Coca-Cola Company was incorporated in September 1919 under the laws of the State of Delaware…
  • If we are unable to successfully manage the potential negative consequences of our productivity initiatives, our business operations could be adversely affected.If we are unable to attract or retain specialized talent or top talent with di…
  • A widespread product recall could result in significant losses due to the costs of a recall, the destruction of product inventory, and lost sales due to the unavailability of product for a period of time, and could also subject us to produ…
  • (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northea… → (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northea…
  • Ongoing public concern about obesity; other health-related public concerns surrounding consumption of sweetened beverages; the effects or perceived e… → Continued governmental focus on such initiatives, as well as ongoing public concern about obesity; other health-related public concerns surrounding c…

  MD&A (Item 7) — novelty 5%, 14 added / 15 removed / 32 modified sentences

  • + If we are unable to successfully manage the potential negative consequences of our productivity initiatives, our business operations could be adversely affected.13If we are unable to attract, retain and inspire outstanding talent, our busi…
  • + We expect continued scrutiny of ingredients or 9substances present in certain of our products and/or their packaging, as well as processes used to make them, and it is possible that similar or more restrictive requirements may be proposed…
  • + Failure to attract, retain and inspire outstanding talent; to develop and implement an adequate succession plan for our management team; to maintain a corporate culture that fosters innovation, collaboration and inclusion; or to design and…
  • If we are unable to successfully manage the potential negative consequences of our productivity initiatives, our business operations could be adversely affected.If we are unable to attract or retain specialized talent or top talent with di…
  • Failure to attract, hire, develop, motivate and retain specialized and/or top talent with diverse perspectives, experiences and backgrounds that reflect the broad range of consumers and markets we serve around the world; to develop and imp…
  • (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northea… → (“Coca-Cola FEMSA”), which has bottling and distribution operations in Mexico (a substantial part of central Mexico, as well as southeast and northea…
  • Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this report.We own and market numerous valuable beverage br… → Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this report.We own and market numerous valuable beverage br…

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• DHI 1× Disclosure bear W:S4

  • Disclosure-language shift — disclosure-language novelty 68% (10-K)

  Disclosure-language shift · 10-K · filed 2025-11-19

  Risk Factors (Item 1A) — novelty 68%, 184 added / 164 removed / 21 modified sentences

  • + We manage our inventory of owned land and lots and homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold…
  • + These reporting segments, which we also refer to as reporting regions, have homebuilding operations located in the following states:Northwest:Colorado, Oregon, Utah and WashingtonSouthwest:Arizona, California, Hawaii, Nevada and New Mexico…
  • + Horton per diluted share decreased 19% to $11.57 compared to $14.34.•Net cash provided by operations was $3.4 billion compared to $2.2 billion.•Stockholders’ equity was $24.2 billion compared to $25.3 billion.•Book value per share increase…
  • We manage our inventory of owned land and lots and homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold…
  • These reporting segments, which we also refer to as reporting regions, have homebuilding operations located in the following states:Northwest:Colorado, Oregon, Utah and WashingtonSouthwest:Arizona, California, Hawaii, Nevada and New Mexico…
  • Our strategy includes the following initiatives:•Developing and retaining highly experienced and productive teams of personnel throughout our company… → Our strategy includes the following initiatives:•Developing and retaining highly experienced and productive teams of personnel throughout our company…
  • These risks, uncertainties and other factors include, but are not limited to:•the cyclical nature of the homebuilding, rental and lot development ind… → These risks, uncertainties and other factors include, but are not limited to:•the cyclical nature of the homebuilding, rental and lot development ind…

  MD&A (Item 7) — novelty 72%, 161 added / 150 removed / 16 modified sentences

  • + We manage our inventory of owned land and lots and homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold…
  • + These reporting segments, which we also refer to as reporting regions, have homebuilding operations located in the following states:Northwest:Colorado, Oregon, Utah and WashingtonSouthwest:Arizona, California, Hawaii, Nevada and New Mexico…
  • + Horton per diluted share decreased 19% to $11.57 compared to $14.34.•Net cash provided by operations was $3.4 billion compared to $2.2 billion.•Stockholders’ equity was $24.2 billion compared to $25.3 billion.•Book value per share increase…
  • We manage our inventory of owned land and lots and homes under construction relative to demand in each of our markets, including starting construction on unsold homes to capture new home demand and actively controlling the number of unsold…
  • These reporting segments, which we also refer to as reporting regions, have homebuilding operations located in the following states:Northwest:Colorado, Oregon, Utah and WashingtonSouthwest:Arizona, California, Hawaii, Nevada and New Mexico…
  • Our strategy includes the following initiatives:•Developing and retaining highly experienced and productive teams of personnel throughout our company… → Our strategy includes the following initiatives:•Developing and retaining highly experienced and productive teams of personnel throughout our company…
  • These risks, uncertainties and other factors include, but are not limited to:•the cyclical nature of the homebuilding, rental and lot development ind… → These risks, uncertainties and other factors include, but are not limited to:•the cyclical nature of the homebuilding, rental and lot development ind…

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• KBH 1× Disclosure bear W:S4

  • Disclosure-language shift — disclosure-language novelty 52% (10-K)

  Disclosure-language shift · 10-K · filed 2026-01-23

  Risk Factors (Item 1A) — novelty 52%, 160 added / 157 removed / 22 modified sentences

  • + These initiatives could increase our costs, such as with California’s requirement that all new homes have solar power systems, agency requirements for all-electric readiness and higher efficiency standards, including the use of zero-emissi…
  • + Milestones we have achieved under these programs include the following:•In 2008, we became the first national homebuilder to make a broad commitment to building ENERGY STAR certified homes, which, according to the EPA, achieve on average u…
  • + The recognition is based on a comprehensive analysis conducted to identify the top-performing companies around the globe and is based on evaluation criteria of employee satisfaction, revenue growth and sustainability;•Time Magazine’s 2025…
  • Compliance with those directed at or otherwise affecting our business or our suppliers’ (or their suppliers’) operations, products or services, could increase our costs, such as with California’s requirement that all new homes have solar p…
  • This recognition is based on our industry-leading environmental and social practices;•Newsweek’s 2024 list of America’s Most Trustworthy Companies – This is the third consecutive year we have received this recognition, which is based on th…
  • Two directors are liaisons to management on sustainability-related matters.•Boards should have a strong, independent leadership structure.•Our board… → Two directors are liaisons to management on sustainability-related matters.•Boards should have a strong, independent leadership structure.•Our board…
  • While we have health and safety protocols in place for our construction sites and take steps to safeguard our administrative functions, including our… → While we have health and safety protocols in place for our construction sites and take steps to safeguard our administrative functions, including our…

  MD&A (Item 7) — novelty 57%, 75 added / 94 removed / 7 modified sentences

  • + Milestones we have achieved under these programs include the following:•In 2008, we became the first national homebuilder to make a broad commitment to building ENERGY STAR certified homes, which, according to the EPA, achieve on average u…
  • + The recognition is based on a comprehensive analysis conducted to identify the top-performing companies around the globe and is based on evaluation criteria of employee satisfaction, revenue growth and sustainability;•Time Magazine’s 2025…
  • + In addition, as noted above under “Human Capital,” we are also one of the founding partners of the Building Talent Foundation, whose mission is to advance the education, training and career progression of young people and people from under…
  • This recognition is based on our industry-leading environmental and social practices;•Newsweek’s 2024 list of America’s Most Trustworthy Companies – This is the third consecutive year we have received this recognition, which is based on th…
  • We have been recognized with major national awards for our consistent leadership and commitment, including:•2024 ENERGY STAR Partner of the Year – Sustained Excellence Award – This was our 14th consecutive award for demonstrating leadershi…
  • Two directors are liaisons to management on sustainability-related matters.•Boards should have a strong, independent leadership structure.•Our board… → Two directors are liaisons to management on sustainability-related matters.•Boards should have a strong, independent leadership structure.•Our board…
  • Our approach to corporate governance aligns with the principles of the Investor Stewardship Group, a coalition of some of the world’s largest investo… → Our approach to corporate governance aligns with the principles of the Investor Stewardship Group, a coalition of some of the world’s largest investo…

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• JPM 1× Disclosure bear W:S1

  • Disclosure-language shift — disclosure-language novelty 54% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-13

  Risk Factors (Item 1A) — novelty 54%, 671 added / 247 removed / 107 modified sentences

  • + Financial effects of FDMsThe following tables provide information on retained wholesale loan modifications considered FDMs during the years ended December 31, 2025, 2024 and 2023.Secured by real estateYear ended December 31, 2025(in millio…
  • + For the year ended December 31, 2025Level 3 assets were $25.1 billion at December 31, 2025, reflecting an increase of $1.3 billion from December 31, 2024.The increase for the year ended December 31, 2025 was predominantly driven by:•Gross…
  • + 164JPMorgan Chase & Co./2025 Form 10-KJPMorgan Chase & Co.Consolidated statements of incomeYear ended December 31, (in millions, except per share data)202520242023RevenueInvestment banking fees$9,615 $8,910 $6,519 Principal transactions27,…
  • For the year ended December 31, 2024Level 3 assets were $23.8 billion at December 31, 2024, reflecting an increase of $127 million from December 31, 2023.The increase for the year ended December 31, 2024 was driven by:•$599 million increas…
  • JPMorgan Chase & Co./2024 Form 10-K171JPMorgan Chase & Co.Consolidated statements of incomeYear ended December 31, (in millions, except per share data)202420232022RevenueInvestment banking fees$8,910 $6,519 $6,686 Principal transactions24,…
  • Product/instrumentValuation methodologyClassifications in the fair value hierarchySecurities financing agreementsValuations are based on discounted c… → Product/instrumentValuation methodologyClassifications in the fair value hierarchySecurities financing agreementsValuations are based on discounted c…
  • Refer to page 198 of this Note.Mortgage servicing rightsRefer to Mortgage servicing rights in Note 15.Level 3Private equity direct investmentsFair va… → Refer to page 191 of this Note.Mortgage servicing rightsRefer to Mortgage servicing rights in Note 15.Level 3Private equity direct investmentsFair va…

  MD&A (Item 7) — novelty 79%, 235 added / 202 removed / 32 modified sentences

  • + Any of the risk factors discussed below could by itself, or combined with other factors, materially and adversely affect JPMorganChase’s business, results of operations, financial condition, capital position, liquidity, competitive positio…
  • + Certain governmental policies or actions could significantly affect U.S. and global economic growth and cause higher volatility in the financial markets, including:•monetary policies and actions taken by central banks, including any sustai…
  • + Further, should extraordinary events or the factors that cause or contribute to those events become more chronic, the disruptive effects of those events on JPMorganChase’s business and operations, and on its clients, customers, counterpart…
  • Any of the risk factors discussed below could by itself, or combined with other factors, materially and adversely affect JPMorganChase’s business, results of operations, financial condition, capital position, liquidity, competitive positio…
  • Certain governmental policy initiatives, as well as heightened geopolitical tensions, could significantly affect U.S. and global economic growth and cause higher volatility in the financial markets, including:•monetary policies and actions…
  • The models and estimations that JPMorganChase uses, including those that use machine learning or artificial intelligence, may not be effective in all… → The models and estimations that JPMorganChase uses may not be effective in all cases to identify, observe and mitigate risk because of factors such a…
  • As a result, these entities are subject to a comprehensive regulatory framework applicable to their swap or security-based swap activities, including… → Morgan Securities LLC are registered with the SEC as “security-based swap dealers.” As a result, these entities are subject to a comprehensive regula…

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• BAC 1× Disclosure bear W:S3

  • Disclosure-language shift — disclosure-language novelty 39% (10-K)

  Disclosure-language shift · 10-K · filed 2026-02-25

  Risk Factors (Item 1A) — novelty 39%, 142 added / 133 removed / 81 modified sentences

  • + Reputational harm can arise from various sources that affect public trust, including actual or perceived business activities and activities of our officers, directors, employees, other representatives, clients and third parties, including…
  • + Also, our liquidity or cost of funds may be negatively impacted by the unwillingness or inability of the Federal Reserve to act as lender of last resort, unexpected simultaneous draws on credit lines or deposits, slower client payment rate…
  • + The actual or perceived failure to adequately address conflicts of interest could also affect willingness of clients to use our products and services, or result in litigation or enforcement actions, which could adversely affect our busines…
  • Harm to our reputation can arise from various sources, including actual or perceived activities of our officers, directors, employees, other representatives, clients and third parties, including counterparties, such as fraud, misconduct an…
  • Our and our third parties’ inability to properly introduce, deploy and manage operational or technology changes and continuously alter, improve and automate processes and systems, including related controls, such as regarding internal fina…
  • Any failure or disruption of our or our third parties’ operations or information systems resulting in disruption to our critical business operations… → Any failure or disruption of our or our third parties’ operations or information systems resulting in disruption to our critical business operations…
  • U.S. regulators and government agencies regularly pursue enforcement claims and litigation against financial institutions, including us, for alleged… → The amount of damages, penalties and fines that private litigants, including clients and other counterparties, and regulators seek from us and other…

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