9 company-specific changes
fiscal period 2025-12-31
filed 2026-02-10
- Medical care ratio deteriorated from 89.1% to 91.7%; earnings sensitivity increased from $5.24 to $6.20 per share per percentage point, indicating worsened profitability vulnerability.
- Escalated risk: added evidence of actual medical cost spikes outpacing rates, retroactive recoupment risk, and explicit acknowledgment of inability to predict future expenses.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-10
- Total indebtedness increased $3.5B (8%) to $46.5B. Credit facility structure shifted from secured to unsecured, reducing collateral protections and covenant flexibility.
- New disclosure of EHR platform implementation risk with substantial resource requirements and potential operational disruptions. Added explicit operational resiliency language and financial resiliency initiatives tied to policy reforms.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-09
- Added explicit M&A, JV, and disposition risks; expanded scope to include fiber-focused acquisitions and strategic transactions with attendant financial, managerial, and operational challenges. Regulatory uncertainty on AI also newly disclosed.
- Added explicit mention of "state rate regulation of broadband" as a new regulatory concern, escalating disclosure of pricing/rate risk.
See the full detail →
5 company-specific changes
fiscal period 2025-12-31
filed 2026-02-09
- New disclosure of 11% customer concentration risk and explicit EV demand volatility concern. Automotive exposure declined 4 points; industrial rose 3 points.
- Added risk that government incentives company receives could be reduced, terminated, or clawed back—a new material risk not previously disclosed.
See the full detail →
9 company-specific changes
fiscal period 2025-12-31
filed 2026-02-09
- Removal of FCPA/anti-corruption risk disclosure with specific settlement obligations (independent monitor, self-reporting through Nov 2025) signals material easing of a previously serious regulatory compliance risk.
- New disclosure of multiemployer pension plan withdrawal risk with potential material adverse effect on cash flows and operations.
See the full detail →
3 company-specific changes
fiscal period 2025-12-31
filed 2026-02-09
- New disclosure of material merger risks: regulatory approval uncertainty, termination fees, stock price decline, management distraction, customer/supplier/labor reactions, and litigation exposure.
- New disclosure of material M&A regulatory risk: STB approval uncertain, incomplete initial application, potential deal-blocking conditions, synergy erosion, and extended delays threaten transaction completion.
See the full detail →
4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- Company disclosed specific loss of Amazon and Lowe's cobrand portfolios reclassified to held for sale, escalating from generic partnership risk to concrete material losses.
- Added explicit policy permitting non-discriminatory surcharging and enforcement actions (terminations), plus new technology risks (AI, agentic commerce). Shifts from passive acceptance to active enforcement posture.
See the full detail →
1 company-specific change
fiscal period 2025-12-31
filed 2026-02-06
- Added explicit risk of customer consolidation reducing capital spending and demand for services—a substantive new competitive/market risk.
See the full detail →
1 company-specific change
fiscal period 2025-12-31
filed 2026-02-06
- New disclosure of 50% revenue shipped into China; expanded geopolitical risk language including regulatory scrutiny, tariffs, export controls, and supply chain disruption specifics.
See the full detail →
1 company-specific change
fiscal period 2025-12-31
filed 2026-02-06
- Entirely new risk factor disclosing pending merger with Norfolk Southern. Introduces material risks including $2.5B termination fee, regulatory uncertainty, integration challenges, substantial transaction costs, and debt/covenant constraints.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- New disclosure of potential government restriction on dividends/repurchases based on contract performance via January 2026 Executive Order. Material regulatory constraint on capital allocation.
- New explicit risk added: inability to execute transactions within expected timeline or on acceptable terms. Removal of specific Collins divestiture reference suggests broader execution uncertainty.
See the full detail →
5 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- Added explicit disclosure of consumer spending risk and regional concentration exposure in California, Texas, New York, Quebec, Illinois—material new specificity on geographic and demand vulnerabilities.
- Specific NIH indirect cost cap (15%) removed; replaced with vague "substantial policy changes" language. Escalates from example to broader enacted policies affecting research funding and healthcare spending.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- New disclosure of OBBBA, MFN pricing policy, and executive orders with material potential impact on business. Specific quantified concern about IRA's adverse impact on Medicare-reliant products.
- Customer concentration risk increased materially: two distributors' combined share rose from 39.3% to 43.9% of gross product revenue, indicating heightened dependency and negotiating leverage risk.
See the full detail →
1 company-specific change
fiscal period 2025-12-31
filed 2026-02-06
- Debt increased from $2.0B to $2.2B; credit facility borrowings rose from $734.7M to $813.7M, reducing available liquidity and increasing leverage risk materially.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- New specific legislation disclosed: California PBM law and Consolidated Appropriations Act 2026 with concrete rebate remittance and compensation delinking requirements materially escalate regulatory risk.
- Two new substantive risks added: payment disputes with third-party payers causing delayed/reduced payments, and IP infringement litigation exposure from software products.
See the full detail →
1 company-specific change
fiscal period 2025-12-31
filed 2026-02-06
- RealPage antitrust lawsuit settled; remaining litigation narrowed. Material reduction in pending litigation exposure and financial uncertainty.
See the full detail →
4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- Removal of contingent employer liability for foreign workers under Macao labor quotas. Suggests resolution of quota obligations or project completion, reducing legal and financial exposure.
- Marina Bay Sands credit-based wagering increased from 10.8% to 12.3%, signaling elevated credit exposure and collection risk at a major property.
See the full detail →
3 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- Company disclosed a specific $648 million goodwill impairment charge for Wind River reporting unit in Q3 2025, driven by increased discount rates and reduced cash flow forecasts. This is a material realized loss, not boilerplate.
- Pension underfunding increased 71% ($75M to $128M); total obligations rose 17% ($362M to $423M). Material deterioration in funded status.
See the full detail →
9 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- Visa/Mastercard settlement imposes concrete interchange caps and rate reductions (10 bps for 5 years, 125 bps cap on standard consumer cards), plus merchant optionality to reject card types and impose surcharges—materially escalating regulatory risk beyond prior year's general discussion.
- Net interest income swung from +$87M to -$6M; interest income fell 21% while expense rose. Dividend income surged but other income collapsed 87%, signaling material cash flow deterioration.
See the full detail →
5 company-specific changes
fiscal period 2025-12-31
filed 2026-02-06
- New disclosure of WHO/FCTC guidance threatening SFP availability and access to product information; added specific regulatory risk (food classification bans) and expanded scope of restrictions to SFPs, not just combustibles.
- Risk escalated: shift from hypothetical concern to concrete evidence that some jurisdictions have already adopted unfavorable SFP taxation regimes, plus new mention of retroactive application risk.
See the full detail →
14 company-specific changes
fiscal period 2025-12-31
filed 2026-02-05
- Company terminated all fuel hedging positions in Q2 2025, eliminating prior risk mitigation. Now exposed to unhedged fuel price volatility, materially increasing earnings vulnerability.
- New disclosure of aircraft procurement risk. Supply constraints, manufacturer backlogs, and unfavorable terms could impair fleet modernization, growth, and competitive position—material operational and strategic risk.
See the full detail →
1 company-specific change
fiscal period 2025-12-31
filed 2026-02-05
- CEO transition announced (Florness stepping down, Watts appointed). Escalates from CFO departure to top leadership change, materially increasing execution risk.
See the full detail →
6 company-specific changes
fiscal period 2025-12-31
filed 2026-02-05
- Removal of material U.S. Government dependency and appropriations risk disclosure. Company no longer discloses reliance on government contracts as primary business driver.
- Added specific October 2025 shutdown reference and new government efficiency efforts risk with experienced price adjustments and contract renegotiations on federal civilian programs.
See the full detail →
8 company-specific changes
fiscal period 2025-12-31
filed 2026-02-05
- Material new business line (May 2025 acquisition) introducing substantial operational, security, and regulatory risks including custody breach liability, crypto theft, inadequate insurance, and NYDFS compliance burden.
- Removal of Bakkt going-concern risk and $40M credit exposure. Investment written to zero; contingent liability eliminated. Material risk reduction.
See the full detail →
3 company-specific changes
fiscal period 2025-12-31
filed 2026-02-05
- Removal of material Irish tax contingency risk from reverse Morris trust transaction. Risk has been resolved or deemed immaterial post-completion.
- Added concrete disclosure of current U.S. tariffs, retaliatory measures, and proposed extensions. Shifts from generic risk to specific, ongoing trade actions affecting operations.
See the full detail →
7 company-specific changes
fiscal period 2025-12-31
filed 2026-02-05
- Search antitrust case now has final judgment with concrete remedies (data sharing, syndication requirements). Advertising tech case has adverse ruling on publisher tools with structural remedies pending. Material escalation from speculative to adjudicated risk.
- New disclosure of significant AI infrastructure leasing arrangements and large long-duration commercial agreements creating material liabilities and operational complexity risks.
See the full detail →
9 company-specific changes
fiscal period 2025-12-31
filed 2026-02-05
- Material M&A transaction newly disclosed. Merger agreement with Chart creates substantive business, regulatory, integration, and financial risks including deal completion uncertainty, regulatory approval conditions, integration costs, synergy realization, and potential shareholder value impact.
- New disclosure of energy transition slowdown risk. Directly threatens clean energy revenue and ROI; signals potential strategic misalignment with actual market demand.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-05
- Expanded disclosure of tariff impacts on capital costs, refinancing, and cash flows; added operational constraints limiting cost recovery; China sales revised downward from one-fourth to one-fifth of global New Equipment sales.
- China business restructuring newly disclosed; expanded scope of transformation activities and outsourcing risks escalates operational complexity and execution risk.
See the full detail →
9 company-specific changes
fiscal period 2025-12-27
filed 2026-02-04
- New U.S. export restrictions on semiconductor products to China resulted in $800M inventory charge in Q2 2025, materially worsening regulatory and operational risk.
- Material acquisition risk removed. ZT Systems deal closure or termination eliminates regulatory approval uncertainty, $300M termination fee exposure, and integration/divestiture risks.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-04
- New disclosure of rising insurance costs and coverage constraints impacting home affordability and demand—a substantive operational and financial risk escalation.
- Rights Plan expired June 1, 2025; Section 382 protections removed. Remaining NOLs limited, reducing ownership-change risk materiality.
See the full detail →
7 company-specific changes
fiscal period 2025-12-31
filed 2026-02-04
- FDA issued October 2025 CRL for EYLEA HD pre-filled syringe, delaying approval. Concrete regulatory setback escalates risk from generic to specific, material product approval delay.
- Added specific disclosure of EYLEA market share loss to compounded bevacizumab due to patient affordability constraints, demonstrating realized adverse impact on revenues.
See the full detail →
4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-04
- Delivery revenue grew from 15% to 16% of F&B sales. New disclosure of pricing-competitiveness risk: raising menu prices on third-party platforms may reduce competitiveness, creating a margin squeeze.
- Added beef and pork to supply dependencies and introduced new EPR packaging cost risk from state regulations, escalating supply chain exposure.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-04
- Russia revenue increased from 2.9% to 3.7% of consolidated net revenues, indicating continued or expanded operations despite war. Removal of language about potential asset impairment and deconsolidation suggests stabilization, but higher revenue exposure to geopolitical risk is material.
- New disclosure of detection delays and incomplete incident reporting risk. Added language on inability to promptly provide complete, accurate, timely information to stakeholders and regulators post-incident.
See the full detail →
4 company-specific changes
fiscal period 2025-12-27
filed 2026-02-03
- Mexico tax rate nearly doubled (0.09 to 0.17 per liter), effective Jan 2026. Concrete escalation of existing tax burden materially worsens cost exposure.
- Added explicit risk that strategy may not be effective and failure to achieve announced 2025 commercial/financial priorities, signaling competitive and execution concerns.
See the full detail →
3 company-specific changes
fiscal period 2025-12-31
filed 2026-02-03
- New disclosure of Chinese rare earth export controls and licensing requirements creating concrete supply chain disruption risk with potential product export licensing obligations.
- New substantial disclosure of EU MDR compliance requirements and CE marking obligations. Adds material regulatory risk for EU market access and product commercialization.
See the full detail →
10 company-specific changes
fiscal period 2025-12-31
filed 2026-02-03
- New disclosure of material policy risks: NIH funding cuts, visa restrictions, tariffs, Medicaid/ACA changes directly threaten tenant viability and rent payments.
- New disclosure of pending Janus Living REIT offering with material execution, market, and management distraction risks. Substantial capital structure and strategic change.
See the full detail →
1 company-specific change
fiscal period 2025-12-31
filed 2026-02-03
- Added concrete August 2025 service disruption example with fraudulent activity, transaction losses, and regulatory/litigation exposure. Escalates from hypothetical to demonstrated risk.
See the full detail →
6 company-specific changes
fiscal period 2025-12-31
filed 2026-01-30
- New material risk: $4B cash funding obligation plus $12.6B debt assumption for Cox acquisition. Change-of-control repurchase triggers and potential covenant defaults create substantial refinancing and liquidity risk.
- Material shift in control: Liberty Broadband loses all governance rights; Cox Enterprises gains ~25% stake and board control; A/N's rights modified. Fundamental change in shareholder influence and board composition.
See the full detail →
10 company-specific changes
fiscal period 2025-12-31
filed 2026-01-30
- Removal of major M&A risk factor. Spirit acquisition was material strategic transaction with significant integration, debt assumption, and regulatory risks. Removal indicates deal completion or termination—either outcome materially changes risk profile.
- New disclosure of 777X $4.9B and $3.5B reach-forward losses; Spirit acquisition impact; explicit production rate increase risks with FAA concurrence requirement.
See the full detail →
2 company-specific changes
fiscal period 2025-12-31
filed 2026-01-29
- Added "production schedules" and "certification delays or production challenges" as new customer risk factors, escalating operational execution risks beyond prior generic language.
- New disclosure of ongoing tax audits with potential material assessments; expanded tax risk language emphasizing disagreements and additional tax exposure.
See the full detail →