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BRBroadridge Financial Solutions

Industrials · Business Services · NYSE
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The 10-K against last year's

80 changes: 13 added, 10 removed, 57 reworded

10-K Aug 4, 2026 vs Aug 5, 2025
Risk FactorsRedline ↓
7.0%
of the text changed · 7,650 words now
MD&ARedline ↓
15.5%
of the text changed · 8,001 words now
Legal ProceedingsRedline ↓
25.4%
of the text changed · 1,219 words now
Accounting PoliciesRedline ↓
19.9%
of the text changed · 6,023 words now

10-K 0001628280-26-052243 (2026-08-04) vs 10-K 0001628280-25-037656 (2025-08-05)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 174 words changed in this paragraph; it is 64% similar to last year's version.
We provide technology solutions to financial services firms that are generally subject to extensive regulation globally. As a provider of products and services to financial institutions and issuers of securities, our products and services are provided in a manner designed to assist our clients in complying with the laws and regulations to which they are subject. Changes in laws and regulations could require changes in the services we provide, the manner in which we provide our services, and the fees we charge for our services, or they could result in a reduction or elimination of the demand for our services. Our investor communications services and the fees we charge our clients for certain services are subject to change if applicable SEC or stock exchange rules, regulations or interpretations are amended, or new laws or regulations are adopted, that change the communications our clients are required to send or the manner in which they send them, including a change in default delivery method from paper to digital. Such changes in laws or regulations could result in a material negative impact on our business and financial results. Some of our services, services and related fees, such as our proxy communications, shareholder report and prospectus distribution, and other regulatory or customer communications services, are particularly sensitive to changes in laws and regulations, including those governing the financial services industry and the securities markets. markets such as applicable SEC or stock exchange rules, regulations or interpretations. For example, the SEC’s recently proposed Regulation E-Delivery would permit our clients to change the default delivery method for certain communications required under the federal securities laws from paper to electronic delivery. If the rule is adopted as proposed, the volume of physically delivered communications we process would decrease. While the volume of electronic delivery of communications we process is expected to increase, our recurring revenue growth and distribution revenues will decrease, which could result in a decrease in our earnings and the potential restructuring of our physical distribution operations.

Source: Item 1A, 10-K 0001628280-26-052243 vs Item 1A, 10-K 0001628280-25-037656

Accounting Policies 134 words changed in this paragraph; it is 41% similar to last year's version.
In December 2023, As discussed in the FASB issued “New Accounting Pronouncements” section of this note, the Company adopted ASU No. 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets” (“ASU 2023-08”), during the first quarter of fiscal year 2026, which addresses the accounting and disclosure requirements for certain crypto assets. ASU 2023-08 requires entities to measure crypto assets that meet specific criteria at fair value, with changes recognized in net income each reporting period. value. Prior to the adoption of ASU No. 2023-08 is effective for the Company in the first quarter of fiscal year 2026, the Company held the Canton Coins on its Balance Sheet at their cost basis, which was immaterial, for investment purposes and to pay any fees associated with its Canton Network activity. During the first quarter of 2026, the Company began converting the coins to cash nearly immediately after they were earned and continued to do so periodically throughout the second fiscal quarter of 2026. The Company is currently assessing the impact that the adoption of ASU 2023-08 will have on the Company’s Consolidated Financial Statements.

Source: Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-26-052243 vs Item 8, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001628280-25-037656

MD&A 114 words changed in this paragraph; it is 45% similar to last year's version.
In presenting the The Consolidated Financial Statements, management makes estimates Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and assumptions that affect in accordance with the amounts reported and related disclosures. Management continually evaluates the accounting policies and estimates used to prepare the Consolidated Financial Statements. The estimates, by their nature, are based SEC requirements for Annual Reports on judgment, available information, and historical experience and are believed to be reasonable. However, actual amounts and results could differ from those estimates made by management. Form 10-K. In management’s opinion, the Consolidated Financial Statements contain all normal recurring adjustments necessary for a fair presentation of results reported. The results of operations reported for the periods presented are not necessarily indicative of the results of operations for subsequent periods. Refer to Note 1, “Basis of Presentation” to our Consolidated Financial Statements under Item 8 of Part II of this Annual Report on Form 10-K for a more detailed discussion.

Source: Item 7, 10-K 0001628280-26-052243 vs Item 7, 10-K 0001628280-25-037656

Legal Proceedings 79 words changed in this paragraph; it is 68% similar to last year's version.
The Company is a party to an Amended and Restated IT Services Agreement (“ITSA”) with Kyndryl, Inc. (“Kyndryl”), an entity formed by IBM’s spin-off of its managed infrastructure services business, under which business. Kyndryl provides certain aspects of the Company’s information technology infrastructure, including supporting its mainframe, midrange, network and data center operations, as well as providing disaster recovery services. The Amended and Restated IT Services Agreement expires on June 30, 2027, however On March 31, 2026, the Company may renew further amended the agreement ITSA which extended the arrangement through December 31, 2031 and incorporated an embedded lease for up mainframe equipment and licenses for related software, which is expected to one additional 12-month period. commence in March 2027. Fixed minimum commitments remaining commitments, including lease liabilities not yet recognized, under the Amended and Restated IT Services Agreement ITSA at June 30, 2025 2026 are $75.0 $385.1 million through June 30, 2027, December 31, 2031, the final year of the Amended and Restated IT Services Agreement. ITSA.

Source: Item 3, via Note 20 – CONTRACTUAL COMMITMENTS, CONTINGENCIES AND OFF-BALANCE SHEET ARRANGEMENTS, 10-K 0001628280-26-052243 vs Item 3, via Note 19 – CONTRACTUAL COMMITMENTS, CONTINGENCIES, AND OFF-BALANCE SHEET ARRANGEMENTS, 10-K 0001628280-25-037656

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of BR's Risk Factors and MD&A, 10-K 2026-08-04 against 10-K 2025-08-05. Each links to the text at sec.gov.

All 80 Added 13Removed 10Reworded 57Quiet changes 0

Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.

The full word listadverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
The regulatory framework governing tokenized securities and other digital assets continues to evolve in the U.S. and internationally. Currently, there is no uniform approach to the regulatory treatment of these assets, and changes in their classification or regulation, or in broader regulatory positions regarding such assets, could affect the pace of market adoption, alter the obligations of our clients, intermediaries, and service providers, and require us to modify our business model, products, or services in ways that are difficult to predict. This uncertainty could adversely affect our business, results of operations, or financial condition.

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedRisk Factors
Additionally, we hold digital assets, a relatively new and evolving asset class and technological innovation. For example, we receive and hold digital assets in the form of Canton Coins in connection with our role as a Validator and Super Validator on the Global Synchronizer, the Canton Network’s decentralized interoperability infrastructure. As a holder of digital assets and through our activities as a Validator and Super Validator, we are subject to a high degree of uncertainty and risk. These risks include, but are not limited to, market volatility, potential for fraud or theft, cyberattacks, mismanagement or loss of electronic wallet keys, and rapidly changing or unsettled legal, regulatory, and market standards. The value of digital assets is highly speculative and can fluctuate dramatically, and determining their fair value can be particularly challenging. Events such as diminished adoption, negative regulatory developments, or technological changes may result in significant reductions to the value of digital assets we hold or even the total loss of such assets. In addition, our ability to convert digital assets to fiat currency may be limited or nonexistent as a result of general market conditions or contractual commitments. Furthermore, as legal and regulatory requirements for digital assets continue to evolve, we could face additional compliance costs, restrictions, or liabilities, and any significant loss in value or adverse developments relating to digital assets could impact our financial condition and results of operations.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
In addition, certain government-sponsored postal services, including the USPS has incurred significant and Canada Post, have experienced financial losses challenges, labor disputes, and operational constraints in recent years and may, as a result, implement significant changes to the breadth or frequency of its mail delivery, causing disruptions in delivery or other aspects of service, which could disrupt the service. distribution of communications.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
Some of our services, services and related fees, such as our proxy communications, shareholder report and prospectus distribution, and other regulatory or customer communications services, are particularly sensitive to changes in laws and regulations, including those governing the financial services industry and the securities markets. markets such as applicable SEC or stock exchange rules, regulations or interpretations.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
We rely upon the USPS United States Postal Service (“USPS”), Canada Post, other government-sponsored postal services globally, and third-party carriers, including such as the United Parcel Service, for timely delivery of communications on behalf of our clients.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
Information security threats continue to evolve evolve, such as the increasing availability and adoption of AI technologies by malicious actors, resulting in increased risk and exposure and increased costs to protect against the threat of information security breaches or to respond to or alleviate problems caused by such breaches.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
We are, therefore, subject to compliance obligations under federal, state and foreign privacy and information security laws, including in the U.S., the GLBA, HIPAA, and CPRA, the CPRA, and PIPEDA in Canada, the GDPR in the European Union, Union and its UK equivalent, and we are subject to compliance with various client industry standards such as PCI DSS as well as Medicare and Medicaid programs related to our clients.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
If we fail to comply with any applicable regulations in performing these services, our license to perform such services could be revoked, or we could be subject to suits for breach of contract or to governmental proceedings, censures and fines.

Read it in 10-K 2026-08-04 at sec.gov ↗

Show the other 39
RewordedRisk Factors
We rely on the United States Postal Service (“USPS”) government-sponsored postal services and other third-party carriers to deliver communications and changes in our relationships with these carriers or an increase in postal rates or shipping costs may adversely impact demand for our products and services and could have an adverse impact on our business and results of operations.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
We may incur non-cash impairment significant charges or losses in the future associated with our portfolio of intangible assets, including goodwill. goodwill and digital assets.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
Furthermore, the changing nature of global privacy laws in the U.S., the European Union and elsewhere could impact our processing of personal information.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
Changes in the business condition (financial or otherwise) of these service providers or vendors could impact their provision of services to us or they may no longer cause them to be able unable to provide services to us at all, which could have a material adverse effect on our business and financial results.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedRisk Factors
Our business process outsourcing, mutual fund processing processing, registered fund distribution, and transfer agency solutions as well as the entities providing those services are subject to regulatory oversight.

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedMD&A
“Gains or Losses on Digital Assets” represent the unrealized gains or losses, as applicable, related to the mark to market of the Company’s digital asset holdings and the unrealized and realized gains or losses, as applicable, associated with the Canton Digital Asset Treasury transaction. Refer to Note 2, “Summary of Significant Accounting Policies” for further details

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedMD&A
related to the Company’s accounting for Canton Coins. Refer to Note 8, “Fair Value of Financial Instruments” for details related to realized and unrealized gains or losses.

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedMD&A
“Restructuring and Other Related Costs” consists of severance and other costs related to the closure of substantially all operations of a production facility.

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedMD&A
On July 16, 2026, the SEC proposed Regulation E-Delivery, a new rule addressing the investor communications disclosure framework (“Reg E-Delivery” or the “Proposal”). If the Proposal is adopted as proposed, the rule would permit, but not require, entities to use electronic delivery as the default method for delivery of required disclosures, reports, and other regulatory materials under the federal securities laws instead of paper delivery. Reg E-Delivery would not require entities to obtain affirmative consent from their customers or investors before using e-delivery. The Proposal covers all disclosures required to be delivered under the federal securities laws (“covered information”) by corporate issuers, investment advisers, broker-dealers, and transfer agents (“covered entities”) to their current or prospective customers, investors, or shareholders (“covered recipients”), including prospectuses, proxy statements, shareholder reports, and trade confirmations. The Proposal provides for a transition process for those covered recipients who currently receive covered information in paper format, requiring that they receive two paper notices that include the ability to opt out of e-delivery. The Proposal is subject to a 60-day comment period. We are reviewing the impact of the Proposal on our business, however based on our preliminary analysis, if the Proposal is adopted and implemented as proposed, we expect no impact on our financial results in fiscal year 2027. As our clients implement the proposed rule changes, we anticipate a modest decrease in our recurring revenue growth over a two- to three-year period, which we expect to largely offset with new solutions. We also expect a decline in distribution revenues, which should increase our margins. Overall, we anticipate being able to mitigate any adverse impact on our earnings results resulting from Reg E-Delivery.

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedMD&A
We will closely monitor and evaluate the progress of the Proposal and its potential impact on our business. Please see our “Risk Factors” in Part I, Item 1A. of this Annual Report.

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedMD&A
•The increased Earnings before income taxes was primarily due to the non-cash Gains on Digital Assets of $227.0 million and a $22.8 million decline in Interest expense, net which more than offset higher technology spending, including the impact of investments. Refer to Note 8, “Fair Value of Financial Instruments” for details related to the Company’s Canton Coin holdings and the Canton Digital Asset Treasury transaction.

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedMD&A
(iv) Gains or Losses on Digital Assets, which represent the unrealized gains or losses, as applicable, related to the mark to market of the Company’s digital asset holdings and the realized and unrealized gains or losses, as applicable, associated with the Canton Digital Asset Treasury transaction. Refer to Note 2, “Summary of Significant Accounting Policies” for further details related to the Company’s accounting for Canton Coins. Refer to Note 8, “Fair Value of Financial Instruments” for details related to realized and unrealized gains or losses.

Read it in 10-K 2026-08-04 at sec.gov ↗

AddedMD&A
Our financing strategy is designed to maintain adequate liquidity and financial flexibility, support our operating and strategic investment needs, and provide efficient access to capital markets. We maintain a diversified borrowing profile through a mix of debt instruments enabling us to manage our capital structure, funding costs, and refinancing risk. Our borrowings include: the Fiscal 2025 Revolving Credit Facility, Fiscal 2026 Term Loan, Fiscal 2020 Senior Notes, Fiscal 2021 Senior Notes, and Fiscal 2026 Senior Notes, each of which are senior unsecured obligations of the Company and are ranked equally in right of payment.

Read it in 10-K 2026-08-04 at sec.gov ↗

RemovedMD&A
In November 2024, the Company acquired SIS to provide wealth management, capital markets, and information technology solutions in Canada. SIS is included in the Company’s GTO reportable segment. Our discussions with the Canadian Competition Bureau are ongoing. In July 2024, the Company acquired CompSci, a provider of cloud-based financial technology software for the preparation and processing of SEC filings for public companies and funds. CompSci is included in the Company’s ICS reportable segment. We acquired these businesses for an aggregate purchase price of $193.5 million.

Read it in 10-K 2025-08-05 at sec.gov ↗

RemovedMD&A
In July 2025, Broadridge announced the proposed acquisition of Acolin Group Holdco Limited (“Acolin”). Acolin is a European provider of cross-border fund distribution and regulatory services. The total purchase price is approximately $70 million plus an additional contingent consideration liability. The acquisition is expected to close in the first half of Broadridge’s 2026 fiscal year, subject to customary closing conditions, including regulatory approvals. Acolin will be included in the Company’s ICS reportable segment.

Read it in 10-K 2025-08-05 at sec.gov ↗

RemovedMD&A
The Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in accordance with the SEC requirements for Annual Reports on Form 10-K. These financial statements present the consolidated position of the Company and include the entities in which the Company directly or indirectly has a controlling financial interest as well as various entities in which the Company has investments recorded under the equity method of accounting as well as certain marketable and non-marketable securities. Intercompany balances and transactions have been eliminated. Amounts presented may not sum due to rounding. Certain prior period amounts have been reclassified to conform to the current year presentation where applicable.

Read it in 10-K 2025-08-05 at sec.gov ↗

RemovedMD&A
“Restructuring and Other Related Costs” represent costs associated with the Company’s Corporate Restructuring Initiative to exit and/or realign some of our businesses, streamline the Company’s management structure, reallocate work to lower cost locations, and reduce headcount in deprioritized areas, in addition to other restructuring activities.

Read it in 10-K 2025-08-05 at sec.gov ↗

RemovedMD&A
◦Capital markets rose 6% and 6%, respectively, driven by revenue from new sales and Internal Growth. Internal Growth benefited from higher trading volumes.

Read it in 10-K 2025-08-05 at sec.gov ↗

RemovedMD&A
(iv) Litigation Settlement Charges, which represent reserves established during the third and fourth quarters of fiscal year 2024 related to the settlement of claims. Refer to Note 19, “Contractual Commitments, Contingencies and Off-Balance Sheet Arrangements” for further details.

Read it in 10-K 2025-08-05 at sec.gov ↗

RemovedMD&A
(a) The Fiscal 2016 Senior Notes were reclassified from Long-term debt to Current portion of long-term debt in the fourth quarter of fiscal year 2025 to reflect the remaining maturity of less than one year.

Read it in 10-K 2025-08-05 at sec.gov ↗

RemovedMD&A
The Fiscal 2025 Revolving Credit Facility, Fiscal 2024 Amended Term Loans, Fiscal 2016 Senior Notes, Fiscal 2020 Senior Notes and Fiscal 2021 Senior Notes are senior unsecured obligations of the Company and are ranked equally in right of payment.

Read it in 10-K 2025-08-05 at sec.gov ↗

RewordedMD&A
The increase in cash from operating activities of $115.0 $174.3 million for the fiscal year ended June 30, 2025, 2026, as compared to the fiscal year ended June 30, 2024, 2025, was due to an increase in Net earnings of $141.4 $284.8 million, an increase in cash provided from Accounts receivable of $69.1 million driven reduced by higher cash collections relative to billings, an increase in the non-cash noncash adjustments of $167.1 million, primarily related to a decrease in $231.4 million of Digital asset gains, partially offset by an increase of Deferred income taxes of $114.5 million and a decrease in cash used for client-related implementation costs of $25.2 million included in Other non-current assets. $111.0 million.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
(b)Calculated using the GAAP effective tax rate, adjusted to exclude $20.5 million of excess tax benefits (“ETB”) associated with stock-based compensation for the fiscal year ended June 30, 2025, and $12.9 $2.5 million of ETB associated with stock-based compensation for the fiscal year ended June 30, 2024. 2026, and $20.5 million of ETB associated with stock-based compensation for the fiscal year ended June 30, 2025.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
Other non-operating expenses, income, net for the fiscal year ended June 30, 2025 2026 was $7.1 $245.2 million, compared to $1.7 Other non-operating expenses, net of $7.1 million for the fiscal year ended June 30, 2024. 2025, primarily as a result of non-cash Gains on Digital Assets of $227.0 million in the current year period.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
Amortization of Acquired Intangibles and Purchased Intellectual Property 1.74 1.66 1.68 Acquisition and Integration Costs 0.15 0.03 0.15 Restructuring and Other Related Costs (a) 0.11 0.06 0.53 Litigation Settlement Charges Gains or Losses on Digital Assets (1.94) — 0.15 Investment Gain (0.06) — Subtotal of adjustments — 1.88 2.40 Tax impact of adjustments (b) — (0.43) (0.53) Adjusted earnings per share (Non-GAAP) $ 9.60 $ 8.55 $ 7.73

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
Amortization of Acquired Intangibles and Purchased Intellectual Property 203.6 196.6 200.3 Acquisition and Integration Costs 17.5 18.3 3.9 Restructuring and Other Related Costs (a) 13.2 7.4 63.0 Litigation Settlement Charges Gains or Losses on Digital Assets (227.0) — 18.4 Investment Gain (7.3) Subtotal of adjustments (0.1) 222.3 285.6 Tax impact of adjustments (b) — (50.4) (62.6) Adjusted Net earnings (Non-GAAP) $ 1,124.2 $ 1,011.5 $ 921.2

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
The total estimated pre-tax costs for actions Actions and associated costs related to the closure are approximately $20 million to $25 million and are expected to be were completed by in the end of the second third quarter of fiscal year 2026.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
The decrease in cash from investing financing activities of $168.2 $447.7 million primarily reflects an increase in cash used for acquisitions purchases of $159.2 million and cash used in software purchases and capitalized internal use software treasury stock of $15.5 $468.9 million.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
The decrease in cash from investing activities of $168.2 $135.8 million primarily reflects an increase in cash used for acquisitions of $159.2 $89.2 million and cash used in software purchases and capitalized internal use software for other investing activities of $15.5 million. $48.9 million related to strategic investments.

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
Amortization of Acquired Intangibles and Purchased Intellectual Property 203.6 196.6 200.3 Acquisition and Integration Costs 17.5 18.3 3.9 Restructuring and Other Related Costs (a) 13.2 7.4 63.0 Litigation Settlement Charges — 18.4 Adjusted Operating income (Non-GAAP) $ 1,534.8 $ 1,410.9 $ 1,302.8 Operating income margin (GAAP) 17.4 % 17.3 % 15.6 % Adjusted Operating income margin (Non-GAAP) 20.5 % 20.0 20.5 %

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
Year Ended June 30, 2025 2026 Investor Communication Solutions Regulatory Data-Driven Fund Solutions Issuer Customer Communications Total Recurring revenue growth (GAAP) 7% 6% 12% 4 8% 5% 5% 6% 8% Impact of foreign currency exchange 0% 0% (1 0% 0% 0% Recurring revenue growth constant currency (Non-GAAP) 7% 12% 4 8% 5% 5% 5% 6% 8%

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
Year Ended June 30, 2025 2026 Global Technology and Operations Capital Markets Wealth and Investment Management Total Recurring revenue growth (GAAP) 6% 10% 8% 6 11 8 Impact of foreign currency exchange 0% 1% 1% (1 (1 (1 Recurring revenue growth constant currency (Non-GAAP) 6% 12% 8% 5 10 7

Read it in 10-K 2026-08-04 at sec.gov ↗

RewordedMD&A
The increase in the effective tax rate for the fiscal year ended June 30, 2025 2026 compared to the fiscal year ended June 30, 2024 2025 was primarily driven by an increase in pre-tax income and lower tax benefits from statutory tax incentives, which was partially offset by an increase in total discrete tax benefits.

Read it in 10-K 2026-08-04 at sec.gov ↗

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