22 new paragraphs in the 10-K, 19 new in the latest 10-Q
Paragraphs with nothing like them in last year's 10-K
22 paragraphs in Risk Factors of the 10-K filed Feb 26, 2026 with nothing like them in the 10-K filed Feb 27, 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 59 Health care 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.
A significant loss of customers or clients resulting from our need to increase or maintain premiums, administrative fees or reimbursement levels could adversely affect our business, cash flows, financial condition and results of operations. In addition, as brokers and benefit consultants seek to enhance their revenue streams, they look to take on services that we typically provide. Each of these events could negatively impact our financial results.
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•the impact or consequences of legislation, executive actions or regulatory changes including premium rate increases, public debates over drug pricing, government involvement in drug pricing and purchasing, and public debate over current or proposed legislation;
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We maintain relationships with numerous pharmaceutical manufacturers, which provide us with, among other things, discounts for drugs we purchase to be dispensed from our home delivery and specialty pharmacies; discounts, in the form of rebates, for drug utilization; fees for administering rebate programs, including invoicing, allocating and collecting rebates; fees for services provided to pharmaceutical manufacturers by our specialty pharmacies; and access to limited distribution specialty pharmaceuticals by our specialty pharmacies.
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We must identify, assess and respond to new trends in the legislative and regulatory environment, as well as comply with the various existing laws and regulations applicable to our business and respond to policymakers and enforcement agencies accordingly. We expect federal and state governments to continue to enact legislative and regulatory reforms that will or could materially impact various aspects of the health services system, including pharmacy benefits manager, drug pricing or insurance market reforms. These reforms could result in material changes to the way we conduct our business and could impact the market for our products.
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Our effective tax rate or tax payments could also be adversely affected by new laws or regulations, both within the United States and in other foreign jurisdictions in which we operate. While we believe that our historical tax positions are consistent with applicable laws, regulations and existing precedent, our tax positions could be challenged by relevant tax authorities, and we may not be successful in any such challenge. The market price of our securities may react to the announcement of such proposals.
Customers, investors, employees and other stakeholders have focused on corporate governance, environmental stewardship and social matters. Environmental, social and governance-related laws and regulations, including those aimed at restricting the consideration of these factors by companies and requiring climate- and sustainability-related disclosures, and related stakeholder expectations have resulted, and may in the future result, in increased expenses and management time and attention spent complying with or meeting such laws, regulations or expectations. Overall, environmental, social and governance matters, and related stakeholder reactions, which may be conflicting or divergent, may impact our reputation and have other business impacts which could adversely affect our business.
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Most of our activities involve the receipt, use, storage, transmission or other processing of a substantial amount of PII, including PHI, as well as financial information (including payment card information) and other confidential and sensitive information about our clients and employees. The processing of such information is regulated at the federal, state, international and industry levels, and requirements are imposed on us by industry standards and contracts with clients. In some cases, such laws, rules, regulations, industry
standards and contractual requirements also apply to our vendors and require us to obtain written assurances of their compliance with such requirements.
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We also have incurred and likely will continue to incur liability for practices and claims related to our health care business, such as marketing misconduct; failure to timely or appropriately pay for or provide health care services; provider network structure; poor outcomes for care delivered or arranged; provider disputes, including disputes over compensation or contractual provisions; ERISA claims; allegations related to calculations of cost-sharing; and claims related to our administration of self-funded business.
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Extensive health care regulation and enforcement, including fraud, waste and abuse laws, could increase our compliance costs, restrict our operations and expose us to significant liability.
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and attract clients and customers, establish reserves, report financial results accurately and in a timely manner, and maintain regulatory compliance, among other things.
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provide employee awareness training around phishing, malware and other cyber risks; however, such measures may not be effective against all types of security incidents.
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Our use of AI and ML technologies, as well as more recent technological advances in AI/ML, pose risks to us and subject us to new and existing laws and regulations. The use of generative AI, a relatively new and emerging technology still in the early stages of commercial use, potentially exposes us to additional risks, such as damage to our reputation, competitive position, and business, legal and regulatory risks and additional costs. For example, generative AI has been known to produce false or “hallucinatory” inferences or output. Certain generative AI uses ML and predictive analytics, which can produce inaccurate, incomplete or misleading content; unintended biases and other discriminatory or unexpected results; or errors and inadequacies, any of which may not be easily detectable by us or any of our related service providers. Accordingly, while AI systems may help provide more tailored or personalized user experiences, if the content, analyses or recommendations that AI systems assist in producing on our platform are, or are perceived to be, deficient, inaccurate, biased, unethical or otherwise flawed, our reputation, competitive position and business may be materially and adversely affected.
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As part of our strategy, we regularly consider and enter into strategic transactions, including mergers, acquisitions, joint ventures, licensing arrangements, divestitures and other relationships (collectively referred to as "strategic transactions"). The risks we may face with respect to such strategic transactions include:
Similar paragraph at 1 of 59 other Health care companies: CVS•significant competition for attractive targets and opportunities, and we may be unable to identify or successfully complete strategic transactions;
•the inability to complete any strategic transactions on terms favorable to us within the expected time frames, or at all;
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•the anticipated benefits from any strategic transactions may not be fully realized or may take longer to realize than expected;
•integration and separation activities may result in additional and unforeseen expenses, including facilities and systems consolidation or separation costs and costs to retain key employees, as well as decreases in expected revenues, earnings or cash flows;
•the carrying value of goodwill or other intangible assets - which, as of December 31, 2025, was approximately $73.5 billion, representing 47% of our total consolidated assets - may be materially and adversely impacted if acquired businesses do not perform as expected, or if future evaluations require impairment charges that could materially affect our results of operations and shareholders' equity in the period in which the impairment occurs;
Similar paragraph at 1 of 59 other Health care companies: UNHRead in the 10-K ↗
•the integration of businesses may cause increasing complexity in our systems and internal controls and could cause us to fail to meet our financial reporting obligations; and
•announcements related to an acquisition could have an adverse effect on the market price of our common stock and other securities.
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See Note 19 to the Consolidated Financial Statements for more information on goodwill and intangibles.
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Paragraphs in the 10-Q filed Nov 5, 2026 that were not in the one before
19 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed Jul 30, 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
Adjustments to reconcile net income to net cash provided by operating activities:
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Other sales, maturities and repayments (primarily short-term and other long-term investments) 717 656
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Effect of foreign currency rate changes on cash, cash equivalents and restricted cash (15) 30
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Unrealized appreciation (depreciation) on securities and derivatives, before reclassification, net of tax (expense) benefit of $(14), $137, $(46) and $93, respectively 10 (406) 126 (237)
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Amounts reclassified to Shareholders' net income, net of tax (benefit) of $—, $(1), $(1) and $(14), respectively 1 5 5 57
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Show the other 14
Net long-duration insurance and contractholder liabilities measurement adjustments
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Net current period change in discount rate for certain long-duration liabilities, before reclassification, net of tax benefit (expense) of $38, $(146), $588 and $92, respectively (97) 427 (1,740) (296)
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Amounts reclassified to Shareholders' net income, net of tax expense of $—, $—, $— and $16, respectively — — — (56)
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Net current period change in discount rate for certain long-duration liabilities, net of tax benefit (expense) of $38, $(146), $588 and $108, respectively (97) 427 (1,740) (352)
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Net current period change in instrument-specific credit risk for market risk benefits, net of tax benefit of $2, $2, $4 and $1, respectively (8) (6) (12) (4)
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Net translation of foreign currencies, before reclassification, net of tax benefit (expense) of $—, $—, $2 and $(8), respectively (23) (10) (71) 68
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Amounts reclassified to Shareholders' net income, net of tax (benefit) of $(3), $(3), $(7) and $(7), respectively 6 7 19 19
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Net change due to valuation update, before reclassification, net of tax benefit (expense) of $1, $1, $(2) and $4, respectively — — 7 (9)
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Shareholders' other comprehensive (loss) income, net of tax benefit (expense) of $24, $(10), $538 and $177, respectively (111) 17 (1,666) (458)
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At our September 2026 Investor Day, we announced Accelerate to One, a multi-year enterprise modernization and productivity initiative to accelerate execution of our Lead to One enterprise strategy. This initiative is intended to enhance the value of our products and services, support our financial commitments and generate cost savings through 2030. We expect to reinvest a portion of the savings generated by the initiative to support growth and innovation, while a portion will benefit operating results. The timing and magnitude of savings will vary as the initiative progresses.
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The Company's Strategic Optimization Program, which was announced in 2025, will continue as a discrete restructuring program under the broader Accelerate to One initiative with the continued objective to evolve our business and deliver a more efficient and improved experience for our patients, providers and customers. See Note 12 to the Consolidated Financial Statements for further information regarding the Strategic Optimization Program.
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results in the "Segment Reporting" section) and higher net investment performance (+1%), primarily offset by the absence of an after-tax gain on sale of businesses recognized in 2025 (-7%).
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Our annual evaluations of goodwill and indefinite-lived intangible assets for impairments were completed during the third quarter of 2026, with no impairments identified. The goodwill evaluations were performed at the reporting unit level, based on discounted cash flow analyses or market data. The estimated fair value of each of our reporting units exceeded their carrying values by substantial margins.
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Other information
During the three months ended September 30, 2026, no director or officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Feb 26, 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.
What the 10-Q itself says about its risk factors:
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For information regarding factors that could affect the Company's results of operations, financial condition and liquidity, see the risk factors discussed in Part I, Item 1A - "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.