7 paragraphs in Risk Factors of the 10-K filed Jan 15, 2026
with nothing like them in the 10-K filed Jan 13, 2025. Quoted exactly.
Paragraphs that were only edited are under 10-K change.
Compared with the Risk Factors in the latest 10-K of the other 74 Technology companies:
a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it.
A paragraph most of them have is marked boilerplate. No line means no other company has one like it.
This counts text; it does not say how serious a risk is.
•in the case of foreign transactions, the impact of particular economic, tax, currency, political, legal and regulatory risks associated with specific countries;
•brand or reputational harm associated with our acquisitions, investments or other strategic transactions; and
Similar paragraph at 1 of 74 other Technology companies:
TWLO
to regulatory and customer notification requirements, violations of service level agreement commitments or financial liabilities and result in customer dissatisfaction or harm our business. If we supply materially inaccurate information or experience significant interruptions in our systems, our reputation could be harmed, we could lose customers and we could be found liable for damages or incur other losses.
Read in the 10-K ↗
Our solutions are incorporated into the supply chain of a large number of companies worldwide and, as a result, if our solutions experience a compromise, a large portion or, in some instances, all of our customers and their data for a given solution could be simultaneously affected. The potential liability and associated consequences we could suffer as a result of such a large scale event could be significant, and materially and adversely impact our business. Malicious actors may also engage in fraudulent or abusive activities through our solutions, including unauthorized use of accounts through stolen credentials, use of stolen credit cards or other payment vehicles, failure to pay for services accessed, or other activities that violate our terms of service. While we actively combat such fraudulent activities, we have experienced, and may in the future experience, impacts to our revenue and reputation from such activities.
Read in the 10-K ↗
systems. Even if such breach is unrelated to our security systems, solutions or programs, such breach could cause us reputational harm and require us to incur significant economic and operational consequences to adequately assess and respond to their breach, and to implement additional safeguards designed to protect against future breaches.
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•changes in laws governing the flow of data across borders including into the United States;
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We may be subject to certain aspects of the EU’s Digital Services Act, which imposes additional legal requirements on certain types of digital service providers, including online platforms and content sharing sites. Moreover, some of our customers are subject to the EU’s Digital Operational Resilience Act and similar UK regulatory requirements on operational resilience. There may be certain aspects of the EU’s Data Act that could apply to certain types of cloud services providers and require them to facilitate data portability (e.g., switching between services), as well as certain requirements concerning cross border international transfers of, and governmental access to, non-personal information outside of the European Economic Area. Further, the U.S. Department of Justice issued a rule entitled Preventing Access to U.S. Sensitive Personal Data and Government-Related Data by Countries of Concern or Covered Persons, which placed additional restriction on certain data transactions involving countries of concern and covered individuals that may impact certain business activities, and has impacted the transfer of data in connection with certain transactions.
Read in the 10-K ↗
New in the latest 10-Q
9 paragraphs in the 10-Q filed Sep 22, 2026 with nothing like
them in the 10-Q filed Jun 15, 2026 (at least half the words must differ; new numbers alone do not count).
Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
Financial statements and notes
Three Months Ended Nine Months Ended August 28, August 29, August 28, August 29,
Read in the 10-Q ↗
Three Months Ended Nine Months Ended August 28, August 29, August 28, August 29,
Read in the 10-Q ↗
Adjustments to reconcile net income to net cash provided by operating activities:
Read in the 10-Q ↗
Changes in operating assets and liabilities, net of acquired assets and assumed liabilities:
Read in the 10-Q ↗
On June 24, 2026, we entered into a definitive agreement to acquire Topaz Labs Inc., a privately-held AI company specializing in video and image enhancement models, for approximately $ 340 million, primarily in cash consideration, subject to customary purchase price adjustments. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the fourth quarter of fiscal 2026.
Read in the 10-Q ↗
We are subject to legal proceedings, claims, including claims relating to intellectual property, consumer protection, commercial, employment and other matters, and investigations, including government investigations, that arise in the ordinary
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Components of Components of % Change % Change 2026-2025 2026-2025 QTD YTD ────────────────────────────────────────────────────────────────────────────────── Hosting services and data center costs 22% 17% Compensation costs 5 4 Amortization of intangibles (5) (6) Various individually insignificant items 2 2 Total change 24% 17%
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Components of Components of % Change % Change 2026-2025 2026-2025 QTD YTD ────────────────────────────────────────────────────────────────────────────────── Compensation costs 7% 7% Professional and consulting fees 7 2 Software licenses 5 5 Loss contingency — 8 Impairment of goodwill — 6 Various individually insignificant items 1 2 Total change 20% 30%
Read in the 10-Q ↗
On June 24, 2026, we entered into a definitive agreement to acquire Topaz Labs Inc., a privately-held AI company specializing in video and image enhancement models, for approximately $340 million, primarily in cash consideration, subject to customary purchase price adjustments. The transaction is subject to regulatory approvals and customary closing conditions and is expected to close in the fourth quarter of fiscal 2026. We expect to finance the acquisition using cash on hand.
Read in the 10-Q ↗
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Sep 22, 2026 against Item 1A of the 10-K filed Jan 15, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted and underlined).
Text on the page, not a score; each links to the filing at sec.gov.
Added10-Q 2026-09-22 vs 10-K 2026-01-15
In addition, we expect to face more competition as AI continues to rapidly evolve and be integrated into the markets in which we compete, changing the software industry and transforming how digital work is performed or automated and how, and the extent to which, our solutions are accessed and used. Our competitors and other third parties may use AI, different data training strategies or proprietary access to data, among others, to develop competing solutions more rapidly or successfully, leading to greater and faster adoption. We face increasing competition from companies offering generative and agentic AI
Read it in the 10-Q at sec.gov ↗
Added10-Q 2026-09-22 vs 10-K 2026-01-15
• adverse economic, market or geopolitical conditions, including armed conflicts and wars; and
Read it in the 10-Q at sec.gov ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
We have experienced, and may in the future experience, reputational harm, reduced customer demand and customer attrition from, among other things, the introduction of new products, features, services, or terms that do not meet customer expectations; our position on or approach to new and evolving technologies, including AI; backlash from customers, the creative community, government entities or other stakeholders that disagree with our product offering decisions or public policy, social, ethical or political positions; significant litigation or regulatory or government actions that negatively reflect on our business practices; data security breaches or compliance failures; and public scrutiny or negative publicity, including being the target of media and social media campaigns, criticizing our actual or perceived actions or inactions, policies, terms, agreements, dispute resolution requirements, handling of user privacy, data practices or content.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
Further, such uses of our solutions may result in controversy or claims related to defamation, rights of publicity, illegal content, intellectual property infringement, harmful content, misinformation and disinformation, harmful bias, misappropriation, data privacy, derivative uses of third-party AI and personal injury torts.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
Adverse macroeconomic and geopolitical events such as trade disputes and tariffs have caused, and may continue to cause, additional spend scrutiny and delays in our enterprise customers’ purchasing decisions, particularly for larger and more complex deals.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
For further information about specific litigation and proceedings, see the section titled “Legal Proceedings” Proceedings ” contained in Part II, I, Item 8, 1, Note 16 13 of our Notes notes to Consolidated Financial Statements condensed consolidated financial statements of this report.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
Depending on the results of our review, we We may be required to record a significant charge additional charges to earnings in our consolidated financial statements during the period in which any impairment of our goodwill or intangible assets was is determined, negatively impacting our results of operations.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
The occurrence of these and many other factors described in this report, and factors that we do not presently know or that we currently believe to be immaterial, could materially and adversely affect our operations, performance performance, financial condition and financial condition. the trading price of our common stock.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
Other companies have in the past, and may in the future prevent, limit or interfere with our ability to use third-party models in our solutions or make, use or sell our own AI solutions.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
For additional information regarding our competition and the risks arising out of the competitive environment in which we operate, see the section titled “Competition” contained in Part I, Item 1 of this report. our Annual Report on Form 10-K.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
As of November August 28, 2025, 2026, we had $6.15 billion in senior unsecured notes outstanding and a $3 billion commercial paper program with no amounts $250 million outstanding.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
Reworded10-Q 2026-09-22 vs 10-K 2026-01-15
There can be no assurance that we have the capability to detect all vulnerabilities or new attack methods and our internal security controls may not keep pace with quickly evolving threats.
Read it in the 10-Q at sec.gov ↗ · The 10-K sentence ↗
