The biggest changes in the 10-K filed 2026-03-02, in management's words
This fiscal year against the last, and the sentences in the MD&A where management explains each change. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Net income
“Otherwise, net earnings of the U.S. utilities in 2025 reflected comparative increases in electric utility margin, partially offset by increases in energy operating expenses and interest expense and lower other income and income tax benefits.”
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“Net earnings of real estate brokerage businesses increased by $131 million in 2025 compared to 2024, primarily attributable to charges in 2024 with respect to the real estate brokerage industry litigation matters.”
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Revenue
“Average revenue per car/unit declined 0.5%, primarily attributable to lower fuel surcharge revenue and unfavorable business mix, partially offset by higher yield.”
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“Revenues in 2025 reflected lower average revenue per car/unit, partially offset by an increase in volumes of 1.2%.”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗