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CLColgate-Palmolive

Consumer staples · Cosmetics · NYSE
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The 10-K against last year's

258 changes: 27 added, 47 removed, 179 reworded, 5 quiet changes

10-K Feb 23, 2026 vs Feb 13, 2025
Risk FactorsRedline ↓
24.4%
of the text changed · 8,519 words now
31.3%
of the text changed · 13,247 words now
Legal ProceedingsRedline ↓
35.2%
of the text changed · 1,734 words now
Accounting PoliciesRedline ↓
17.9%
of the text changed · 2,078 words now

10-K 0000021665-26-000006 (2026-02-23) vs 10-K 0000021665-25-000008 (2025-02-13)

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 369 words changed in this paragraph; it is 60% similar to last year's version.
Climate change resulting in the increased frequency and severity of natural disasters and other extreme weather conditions may adversely impact our business, results of operations, cash flows and financial condition. Specifically, the predicted physical effects of climate change may exacerbate challenges regarding the availability and quality of water and the cost, quality and availability of raw and packaging materials, pose physical risks to our facilities and those of our key suppliers, disrupt our global supply chain or chain, impact demand for our products. products or exacerbate challenges regarding the cost, quality and availability of raw and packaging materials and the availability and quality of water. In addition, the increased concern over climate change has resulted and is likely to continue to result in transition risks, including additional legal and regulatory requirements intended to, among other things, reduce or mitigate the effects of climate change and have related and may relate to, among other things, greenhouse gas emissions (e.g., carbon pricing), alternative energy policy and additional disclosure obligations, such as the Corporate Sustainability Reporting Directive, obligations and extended producer responsibility obligations that relate to our product packaging. Such risks, including additional regulations legal and regulatory requirements, may adversely affect our business, results of operations, cash flows and financial condition by increasing our compliance and manufacturing costs and/or negatively impacting our reputation if we are unable to, or are perceived (whether or not valid) not to, satisfy such requirements or expectations. Achieving our sustainability and social impact targets will require significant efforts from us and our stakeholders, such as our suppliers and other third parties. It will also require capital investment, additional expense (e.g., renewable energy costs) and the development of technology that may not currently exist. In addition, certain of our stakeholders have expressed negative sentiment regarding corporate sustainability initiatives. Our practices and efforts in this area may not align with the expectations of all stakeholders, which could negatively affect our relationships with certain stakeholders. Furthermore, our activities in this area could expose us to increased regulatory or legal scrutiny, potential product boycotts or other actions that may harm our reputation or adversely affect our reputation, business, results of operations, cash flows and financial condition. There is also increased focus by certain stakeholders on these and other sustainability matters, including responsible sourcing, deforestation, animal welfare, labor, employment and human rights, ingredients of interest, the use of plastic, energy and water, the recyclability or recoverability of packaging, including single-use and other plastic packaging. From certain stakeholders, there is also a growing demand for natural or organic products and ingredient transparency, such as sources of palm oil and palm kernel oil, and an increased focus on reducing our impact on nature. Failure to achieve our sustainability and social impact targets (including our net zero carbon target) or the perception (whether or not valid) that we have failed to act responsibly with respect to such matters or to effectively respond to new or additional legal or regulatory requirements regarding climate change or other sustainability matters, matters could result in adverse publicity and increased litigation risk and adversely affect our business and reputation. There is also increased focus, including by governmental and non-governmental organizations, investors, customers, consumers, regulators, our employees and other stakeholders on these and other sustainability and social impact matters, including responsible sourcing, deforestation, animal welfare, labor, employment and human rights, the use of plastic, energy and water, the recyclability or recoverability of packaging, including single-use and other plastic packaging. From many of these stakeholders, there is also a growing demand for natural or organic products and ingredient transparency, such as sources of palm oil and palm kernel oil, and an increased focus on reducing our impact on nature. Our reputation could be damaged if we do not (or are perceived not to) act responsibly with respect to sustainability matters, which could adversely affect our reputation, business, results of operations, cash flows and financial condition.

Source: Item 1A, 10-K 0000021665-26-000006 vs Item 1A, 10-K 0000021665-25-000008

MD&A 216 words changed in this paragraph; it is 36% similar to last year's version.
Recent Major developments in trade relations and relations, including the imposition of new and/or additional or increased tariffs by the United States and and/or other countries, such as China, including those threatened or imposed following the United States’ February 2025 executive orders imposing orders, retaliatory tariffs on imports from Canada, Mexico imposed by the United States’ trading partners or through the renegotiation of trade agreements, such as the United States-Mexico-Canada Agreement, have contributed to and China, may are expected to continue to contribute to inflationary pressures and, as a result, pressures, geopolitical tensions, macroeconomic and market volatility. These developments have also impacted and may continue to impact consumer demand for sentiment, consumption, discretionary spending and/or purchasing patterns. In addition, they have impacted and may continue to impact the cost and/or availability of raw and packaging materials and the price of our products. We are following the dynamic situation closely and evaluating the impact of such tariffs and any retaliatory actions taken by other countries on our business, results of operations, cash flows and financial condition. While we have made and will continue to make efforts to mitigate the impact of these and any additional tariffs imposed by the United States and/or other countries, countries or shifts in trade agreements, they or our mitigating actions could impact the cost and/or price have a material effect on our business, results of our products, the cost operations, cash flows and availability of raw and packaging materials and commodities and/or consumer demand for our products due to, among other things, the impact of such tariffs on the global economy, inflationary pressures or geopolitical relations. financial condition. For additional information, see “Outlook” below.

Source: Item 7, 10-K 0000021665-26-000006 vs Item 7, 10-K 0000021665-25-000008

Legal Proceedings 104 words changed in this paragraph; it is 61% similar to last year's version.
As of December 31, 2024, 2025, there were 309 454 individual cases pending against the Company in state and federal courts throughout the United States, as compared to 279 308 cases as of December 31, 2023. 2024. During the year ended December 31, 2024, 142 2025, 253 new cases were filed and 111 107 cases were resolved by voluntary dismissal, settlement or dismissal by the court, and one case was removed from the case count when it was established that the claim does not relate to talcum powder. court. The value of the settlements in the periods presented was not material, either individually or in the aggregate, to such periods’ period's results of operations. During the three months ended March 31, 2024, one case resulted in a jury verdict in favor of the Company after a trial. Subsequently, the trial court granted plaintiffs’ motion for a new trial in that case. However, during the three months ended September 30, 2024, an appellate court granted the Company’s request to reinstate the jury’s verdict in favor of the Company. Plaintiffs are challenging that ruling and separately are appealing other issues related to the verdict.

Source: Item 3, via Note 13 – Commitments and Contingencies, 10-K 0000021665-26-000006 vs Item 3, via Note 12 – Commitments and Contingencies, 10-K 0000021665-25-000008

Accounting Policies 84 words changed in this paragraph; it is 50% similar to last year's version.
In November 2024, September 2025, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2024-04, “Debt 2025-06, “Intangibles - Debt with Conversion Goodwill and Other Options - Internal-Use Software (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments.” 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” This ASU clarifies modernizes the requirements capitalization criteria for determining whether certain settlements of convertible debt instruments should be accounted for as induced conversions. internal-use software by eliminating references to project stages and clarifying the threshold applied to begin capitalizing costs. This guidance is effective for the Company for fiscal years beginning after December 15, 2025 and 2027. The Company is not expected to have an currently assessing the impact on the Company’s Consolidated Financial Statements. of this new guidance.

Source: 10-K text, Note 2 – Summary of Significant Accounting Policies, 10-K 0000021665-26-000006 vs 10-K text, Note 2 – Summary of Significant Accounting Policies, 10-K 0000021665-25-000008

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of CL's Risk Factors and MD&A, 10-K 2026-02-23 against 10-K 2025-02-13. Each links to the text at sec.gov.

AddedRisk Factors
Negative publicity, posts or comments on digital and social media (including those that are AI-generated), whether true or untrue, could damage our brands and our reputation. The success of our brands could also suffer if our marketing initiatives do not have the desired impact on a brand’s image or its ability to attract consumers.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
We have concluded our 2025 strategic plan, delivering improved organic sales growth, consistent dollar-based earnings per share growth and increased capabilities in areas such as science-led core and premium innovation, digital, data, analytics and artificial intelligence (“AI”), despite macroeconomic and geopolitical challenges. Our 2030 strategy is intended to accelerate growth going forward through several key initiatives. These initiatives include leveraging the global reach and penetration of our brands; building the incremental benefit of superior, science-based innovation supported by an agile and resilient supply chain; harnessing the power of best-in-class omni-channel demand generation; leading in capabilities such as data, analytics and AI; and evolving our high-impact, inclusive culture.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
Additionally, on July 31, 2025, our Board of Directors (the “Board”) approved a new three-year productivity program to drive future growth and support our 2030 strategy (the “Strategic Growth and Productivity Program”). The program includes initiatives to better align our organizational structure to support our strategic initiatives, optimize our global supply chain to drive agility and efficiencies and simplify and streamline our organizational structure to reduce overhead costs. The Strategic Growth and Productivity Program is estimated to result in cumulative pre-tax charges, once all initiatives are approved and implemented, of between $200 and $300. It is estimated that substantially all charges will be incurred by December 31, 2028. For more information regarding the Strategic Growth and Productivity Program, see “Restructuring and Related Implementation Charges” below.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
We believe strong free cash flow performance is a key priority to drive future growth and superior total shareholder return. We achieve this through increasing net income, optimizing working capital and through high return capital expenditures focused on growth and profitability.

Read it in 10-K 2026-02-23 at sec.gov ↗

Show the other 9
AddedMD&A
The efficient use of our balance sheet, including prudent management of our capital structure, is also critical. We continue to prioritize our investments in high growth and high margin segments within our Oral Care, Personal Care and Pet Nutrition businesses and to make careful decisions about our brand portfolio. Finally, we drive additional value to shareholders by returning cash through dividends and ongoing share repurchases.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
In the fourth quarter of 2025, we recorded a non-cash charge of $794 aftertax ($919 pretax) to adjust the carrying values of goodwill and intangible assets related to the skin health business. Given lower than expected category growth rates and weaker than expected performance, particularly in China, we have lowered our outlook for the skin health business, primarily Filorga. See Note 5, Goodwill and Other Intangible Assets to the Consolidated Financial Statements for further information.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
On April 30, 2025, we acquired Care TopCo Pty Ltd, the owner of the Prime100 pet food business, for cash consideration of AU $471 (approximately $301). This acquisition provides our Hill’s Pet Nutrition segment with an entry into the fast-growing fresh pet food category in Australia. Refer to Note 3, Acquisitions to the Consolidated Financial Statements for additional information.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
Looking forward, we expect global macroeconomic, geopolitical and market conditions to remain challenging, including as a result of inflation, high interest rates, foreign currency volatility and developments in trade relations.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
Given that approximately two-thirds of our Net sales originate in markets outside the United States, we have experienced and will likely continue to experience volatile foreign currency fluctuations. This is particularly acute in hyper-inflationary economies, including Argentina, Nigeria and Türkiye.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
We continue to experience higher raw and packaging material costs, including the impact of transactional foreign exchange. We have taken, and will continue to take, measures to mitigate the effect of these conditions, such as our funding-the-growth and revenue growth management initiatives and the Strategic Growth and Productivity Program.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
However, in the current environment it may become increasingly difficult to implement certain of these mitigation strategies. Additionally, inflation has impacted the broader economy with consumers in many geographies around the world facing widespread rising prices as well as high interest rates. Should these conditions persist, they could adversely affect our future results.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
We face vigorous competition worldwide, including from strong local competitors (including private label competitors), from other companies, some of which have greater resources than we do. In addition, the substantial growth of eCommerce and the emergence and adoption of social commerce and AI have encouraged the entry of new competitors, some of which sell products direct-to-consumer. We face competition in several aspects of our business, including pricing, promotional activities, new product introductions and expansion into new geographies and channels.

Read it in 10-K 2026-02-23 at sec.gov ↗

AddedMD&A
Our products are sold in a highly competitive omni-channel marketplace that is increasingly defined by the integration of traditional and digital retail operations and evolving consumer purchasing behavior and preferences, as consumers continue to shop online and increasingly through social commerce and with the assistance of AI. The increased presence of alternative retail channels, such as subscription services and direct-to-customer businesses, has also intensified competition for consumer attention. While we continue to sell our products to a variety of customers, including large-format retailers, discounters and eCommerce retailers, our growth is increasingly dependent on our ability to generate consumer demand across key touchpoints in the omni-channel ecosystem whether through traditional retail, eCommerce, social media or digital. We are also increasingly dependent upon certain key retailers, some of which exercise greater bargaining strength than we do, including the exclusive access to valuable first-party consumer data and analytics.

Read it in 10-K 2026-02-23 at sec.gov ↗

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