Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Accounting Policies 227 words changed in this paragraph; it is 30% similar to last year's version.
Share-based compensation: Share-based compensation is recorded based upon the fair value of the award on the grant date. The Company estimates the grant date fair value of time-based and performance-based restricted stock unit awards using the closing price of our common stock on the applicable grant date, or the date on which performance goals for performance-based units are established, if after the grant date. The cost of the award is recognized ratably as an operating expense in the consolidated statements of income over the vesting period of the award, adjusted for certain retirement provisions. provisions, and updated estimates of shares to be issued under performance-based awards. All awards have been granted at no cost to the grantee. Forfeitures are recognized as they occur. Additionally, certain awards include performance and market conditions. Performance-based awards are primarily based on either the achievement of a three-year average return on invested capital (ROIC) or three-year cumulative earnings before interest, income taxes, depreciation, and amortization (EBITDA). For these awards, share-based compensation expense is estimated based on the probable outcome of shares to be awarded adjusted as necessary at each reporting period. Additionally, if the Company's relative total shareholder return over the performance period is in the bottom or top quartile of the companies comprising the S&P 500, the performance-based shares included will be adjusted downward by 25%, or upward by 25%, respectively (the "TSR Modifier"). The fair value of awards with the TSR Modifier is determined using a Monte Carlo simulation as of the date of the grant. For the market-based portion of these awards, the share-based compensation expense will not be adjusted should the target awards vary from actual awards.
Source: Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000726958-26-000046 vs Item 8, Note 1 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000726958-25-000065
MD&A 127 words changed in this paragraph; it is 34% similar to last year's version.
Cash Net cash used in financing was $425,780 for the year ended April 30, 2026, compared to net cash provided by financing increased $995,978, activities of $755,994 for the year ended April 30, 2025. The change from the comparable period of the prior year, year was primarily due to the proceeds from long-term debt of $1,100,000, which was used $1,100,000 received to partially fund the Fikes acquisition. For additional information, please refer to Note 2 acquisition in the prior year. Additionally, the repurchase and Note 3. Additionally, cash provided by financing was positively impacted by a decrease in retirement of common stock under our share repurchase related activity of $104,164. These increases were offset by a $185,836 increase program resulted in payments of long-term debt and finance lease obligations, due to an increase in debt principal payments, notably the full pre-payment net cash used of approximately $199,771 during the Senior Notes Series E of $150,000 in the fourth quarter of fiscal 2025. period.
Source: Item 7, 10-K 0000726958-26-000046 vs Item 7, 10-K 0000726958-25-000065
Risk Factors 63 words changed in this paragraph; it is 73% similar to last year's version.
Congress has given the Food and Drug Administration (“FDA”) broad authority to regulate tobacco and nicotine products, including e-cigarettes and vapor products, and the FDA has enacted numerous regulations restricting the sale of such products. Governmental actions, as well as national, state and local campaigns and regulations to discourage the use of tobacco and nicotine, including e-cigarettes and vapor products, and limit the sale of such products, including but not limited to tax increases related to such products and certain actions taken to increase the minimum age in order to purchase such products, have resulted or may in the future result in, reduced industry volume and consumption levels, and could materially affect the retail price of cigarettes or other nicotine such products, unit volume and revenues, gross profit, and overall guest traffic, which in turn could have a material adverse effect on our business, financial condition and results of operations.
Source: Item 1A, 10-K 0000726958-26-000046 vs Item 1A, 10-K 0000726958-25-000065
Legal Proceedings 58 words changed in this paragraph; it is 76% similar to last year's version.
At April 30, 2025, 2026, the Company was primarily self-insured for workers’ compensation claims in all but three states of its operating territory. In North Dakota and Ohio, the Company is required to participate in an exclusive, state-managed fund for all workers compensation claims. In Texas, the Company maintains a Work Injury Benefit Plan in lieu of workers’ compensation insurance for all Texas-based Team Members other than Group Petroleum Services drivers. The Company was also partially self-insured for general liability and auto liability under an agreement that provides for annual stop-loss limits equal to or exceeding $2,000 for auto liability and $1,000 for both general liability and workers' compensation. Additionally, the Company is self-insured for its portion of Team Member medical expenses. At April 30, 2026 and 2025, the Company had $67,240 and $74,471, respectively, accrued for estimated claims relating to self-insurance, the majority of which has been actuarially determined.
Source: Item 3, via Note 10 – CONTINGENCIES, 10-K 0000726958-26-000046 vs Item 3, via Note 10 – CONTINGENCIES, 10-K 0000726958-25-000065