3 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- FDA LDT rule vacated by court in March 2025; FDA lost regulatory authority. Prior year described imminent four-year compliance burden; risk materially eased.
- New disclosure of third-party health data handling risk via consumer health service partnerships, creating contractual and regulatory exposure not previously disclosed.
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3 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- New disclosure of negative outlooks from A.M. Best, S&P, and Moody's on financial strength ratings escalates downgrade risk materially.
- New disclosure of pending divestiture of commercial retail insurance renewal rights to AIG with material execution and realization risks. Specific transaction adds concrete risk.
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6 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- New disclosure of November 2025 critical cooling failure at CyrusOne data center causing market halt. Demonstrates realized operational risk and dependency on third-party infrastructure.
- Added disclosure of November 2025 CyrusOne data center cooling failure causing market halt—concrete operational disruption demonstrating realized supply chain risk.
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1 company-specific change
fiscal period 2025-12-31
filed 2026-02-26
- Recycled fiber exposure doubled from $10M to $20M per $10/ton increase. Greif Acquisition and Wallula restructuring increase recycled fiber dependency, amplifying cost volatility risk.
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1 company-specific change
fiscal period 2025-12-31
filed 2026-02-26
- New disclosure of material operational hazards: fire, explosion, and casualty risks from chemical/fertilizer handling and storage at multiple facilities, with potential for significant uninsured losses.
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5 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- OSA renewal uncertainty resolved favorably, but new material litigation risk emerged: competitor challenging contract award process with appeal pending, creating contract continuity risk.
- PJM capacity market now hitting price caps and failing to procure sufficient generation to meet reliability requirements. Unprecedented market stress and potential major regulatory reforms create material revenue and operational uncertainty.
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5 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- New disclosure of material M&A and asset disposition risks, including potential credit rating pressure, funding gaps, and integration challenges that could affect capital plans and financial condition.
- Federal legislation in 2025 eliminated long-term residential solar tax credits, expiring after 2025. This materially worsens demand risk by removing a key incentive supporting solar adoption and customer growth.
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6 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- Total debt increased 20% ($27.80B to $33.31B); MPLX debt rose 23% ($21.21B to $26.01B). Material increase in leverage and financial risk.
- Added specific disclosure of California's cap-and-invest program with declining annual caps and potential impacts on refinery competitiveness and long-term outlook, escalating climate regulation risk.
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2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- Newly disclosed material strategic transaction: announced spin-off of Mobility business by Q1 2027 with significant execution, cost, and market risks that could materially impact business and stock price.
- New disclosure of material U.S. government contracting risks: audit/investigation exposure, debarment risk, contract termination, and compliance costs not previously disclosed.
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4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- FTC settlement reached in February 2026 with no monetary penalty, fault finding, or admission of liability materially eases prior litigation risk exposure.
- Top 10 pharmacy chains' market concentration decreased from 60% to 47%, reducing customer concentration risk and improving negotiating position.
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8 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- Added specific $2.94 billion goodwill impairment charge in 2025, escalating from generic risk disclosure to concrete realized loss.
- New disclosure of major restructuring with ~10% headcount reduction, facility closures, and multi-year cost-saving program. Substantive operational and financial risk.
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9 company-specific changes
fiscal period 2025-12-31
filed 2026-02-26
- Company now expects to cease North Sea production prior to 2030 due to combined impact of enacted EPL increases and new regulatory infrastructure requirements—a material operational consequence of tax/regulatory changes.
- New disclosure of material frontier exploration risks in Alaska, Suriname, Uruguay with heightened operational, regulatory, and execution risks; potential asset impairment and project delays.
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5 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New disclosure of actual large customer Chapter 11 bankruptcy in Materials Group segment, escalating abstract receivables risk to concrete realized event.
- New disclosure of tariff-related uncertainty causing 2025 apparel sales decline. Adds concrete, current business impact to generic competitive risk language.
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2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Shift from MBS write-down risk to held-for-investment portfolio exposure; adds regional price dispersion monitoring and allowance-for-credit-losses impact—substantively narrower but more direct asset risk.
- New explicit disclosure of size disadvantage and limited bank charter competitors. Escalates competitive risk beyond prior generic language.
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3 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Risk escalated from "physical and financial risks" to "significant risks." New concrete example: Marshall Wildfire settlement in 2025 demonstrates actual liability exceeding insurance coverage, materializing the previously theoretical risk.
- New disclosure of vendor concentration risk for key assets critical to long-term planning, with explicit risk of increased costs and investment execution delays.
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11 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New material business line with significant operational, custody, regulatory, and cybersecurity risks. Irreversible transactions and private-key loss create substantial financial exposure.
- New disclosure of material digital asset and cryptocurrency risks: client asset loss, third-party operational/compliance failures, cybersecurity vulnerabilities, and regulatory uncertainty. Substantive business expansion into emerging asset class with novel risks.
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4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Short seller campaign escalated from exposure to litigation to actual putative securities class action and derivative shareholder litigation with cross-reference to Note 5 contingencies.
- Litigation exposure escalated materially: from one putative class action to one class action plus five shareholder derivative lawsuits. Increased legal liability and defense costs.
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8 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New disclosure of material subordinated debt and real estate lending risks, including default, illiquidity, and potential total loss scenarios.
- Added explicit disclosure of liquidity stress: borrowing, asset sales, or equity raises may be required even in unfavorable market conditions; increased leverage risk; forced asset liquidation to maintain REIT status.
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7 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- NJOY impairment charges recorded in 2025 due to ITC ban and slower enforcement expectations. Concrete financial impact now realized, not prospective.
- Company recorded actual e-vapor goodwill and intangible asset impairments in 2025 due to ITC exclusion orders on NJOY ACE and slower-than-expected illicit product enforcement, escalating from prior-year forward-looking risk to realized loss.
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4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Removal of deregulation risk is material. Arizona Legislature repealed the deregulation law in April 2022, and ACC closed the docket in August 2024, eliminating a long-standing competitive threat to APS's business.
- New disclosure of deregulation and competition risks from behind-the-meter tech and customer-owned generation, directly threatening utility revenue and business model.
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4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Two-notch downgrade exposure increased 50% ($1.20B to $1.80B). One-notch exposure decreased but two-notch risk materially worsened, indicating deteriorated credit position.
- New disclosure of October 2025 cloud outage affecting Goldman Sachs directly; prior year only cited generic examples. Demonstrates realized operational risk.
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4 company-specific changes
fiscal period 2026-01-25
filed 2026-02-25
- Customer concentration materially worsened: top customer increased from 12% to 22% of revenue; second customer at 14%. Heightened dependency risk.
- New disclosure of significant nonrefundable Groq IP license payments with uncertain commercialization and ROI recovery risk.
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1 company-specific change
fiscal period 2025-12-31
filed 2026-02-25
- Credit facility covenants expanded to explicitly restrict acquisitions and investments, materially narrowing operational flexibility beyond prior dividend/distribution limitations.
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4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Added specific operational constraints: U.S. national coverage determination restrictions, hospital staffing shortages, and catheterization lab availability. These are concrete, material impediments to product commercialization.
- New disclosure of constrained procedure volumes and sales due to intensified intra-hospital competition, including from Edwards' own products. Indicates worsening competitive pressure and revenue headwinds.
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3 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Debt increased 16.7% from $24.5B to $28.6B, materially worsening leverage and debt service burden.
- Variable rate debt increased 35% ($229.4M to $311.0M), materially escalating interest rate risk exposure and refinancing vulnerability.
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1 company-specific change
fiscal period 2025-12-31
filed 2026-02-25
- Added specific risks for Newfront and Cushon acquisitions: technology integration, cybersecurity exposure, U.K. pension regulation, talent retention challenges, and technology application across business units.
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1 company-specific change
fiscal period 2025-12-31
filed 2026-02-25
- Material weakness in IT controls over financial reporting was disclosed for three consecutive years (2022–2024) and is now removed, indicating successful remediation. This is a material positive development.
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5 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New disclosure of material competitive risk: global steel overcapacity projected to grow 20% by 2027, with specific quantification (704→795M tons) and direct pricing pressure on Nucor's margins.
- Newly disclosed material supply-chain risk: scrap steel price volatility, supplier concentration, and geopolitical/trade barriers directly threaten production, margins, and customer relationships for a steel manufacturer.
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23 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New federal legislation creates material revenue headwinds: estimated $432–480M annual reduction in Medicaid supplemental payments by 2032, plus Medicaid eligibility restrictions and work requirements that could increase uncompensated care.
- New disclosure of material risks: Medicaid enrollment/reimbursement cuts from July 2025 legislation, expired insurance subsidies, and tariffs on pharmaceuticals/medical devices. These substantively threaten revenues and margins.
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2 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Added private credit to alternatives portfolio and new HPS Acquisition. Expanded risk disclosures including credit, leverage, distressed investments, and critical infrastructure risks reflect material expansion of business scope and associated risks.
- New disclosure of antitrust/competition law claims arising from third-party relationships. Material escalation of legal risk exposure.
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4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Added specific, current memory chip shortage impacting production and costs, with price increases risking demand and margin compression. Concrete operational impact.
- New sentence added: warranty reserve estimate changes could materially impact gross margins and operating results. Quantifies financial exposure previously unspecified.
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10 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New disclosure of CO2 pipeline/sequestration dependency and rail consolidation risk. Adds material operational and revenue constraints for low-carbon ammonia business.
- New specific regulatory threats: proposed elimination of U.S. GHG reporting obligations, EU CBAM implementation (Jan 2026), UK CBAM (Jan 2027), Canadian review in 2026. Escalated from general uncertainty to concrete near-term compliance risks.
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4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New explicit risks added: ERP software implementation vulnerabilities, generative AI attack methods, and extended incident investigation timelines affecting disclosure obligations.
- Addition of "AI capabilities" as a new defect risk category represents a material escalation, reflecting emerging product risk exposure not previously disclosed.
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19 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- $3.7 billion impairment charge recorded in 2025, a material deterioration from zero impairments in prior years, indicating significant asset value decline.
- New disclosure of AI data center demand materially straining regional grids, increasing outage risk and forcing unplanned backup power spending.
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14 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Material weakness in revenue recognition persists unresolved into 2025. New material weakness in convertible debt identified and remediated, indicating ongoing control deficiencies.
- Company disclosed a NEW restatement of 2027 Notes liability classification, escalating from prior-year single ASC 606 error to multiple accounting errors, increasing litigation and regulatory risk.
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1 company-specific change
fiscal period 2025-12-31
filed 2026-02-25
- Disclosure of June 2025 cyber incident with exfiltration of substantial customer/employee data is material. New AI-related cybersecurity risks and legal/reputational harm language added.
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5 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- Proposed RFS Set II rules introduce materially adverse changes: increased RVOs for 2026-2027, 50% reduction in RINs from foreign feedstocks, reduced equivalency values for biomass-based diesel/renewable diesel, and potential reallocation of SRE-exempted volumes. EPA explicitly states these could be "infeasible" and significantly impact Refining and Renewable Diesel segments. Combined with tariff impacts, LCFS caps, and Canadian protectionist measures, regulatory risk has substantially escalated.
- New federal class-action lawsuit in California alleging antitrust and consumer protection claims related to LCFS compliance. Escalated litigation exposure with specific new material claim.
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4 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New disclosure of material lending risks: development/construction loans carry distinct risks including cost overruns, delays, funding obligations, and borrower defaults that could materially impact investments and distributions.
- Added explicit disclosure of Caesars performance concerns and adverse stock price impact, escalating tenant credit risk from theoretical to realized market concern.
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12 company-specific changes
fiscal period 2025-12-31
filed 2026-02-25
- New disclosure of material M&A risk: Two Harbors acquisition contingent on regulatory approval, significant non-recurring expenses, and management distraction. Failure to close could materially harm business.
- New operational risk: company entering unfamiliar mortgage servicing business post-merger, lacking direct experience, facing regulatory, integration, and reputational hazards that could impair merger benefits.
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1 company-specific change
fiscal period 2025-12-28
filed 2026-02-24
- New quantified tariff impact ($25M cost, $20M margin reduction) and forward-looking warning of material adverse effects from future tariffs materially escalates trade risk disclosure.
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