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Screener / SEC EDGAR /CIK 0000927628 /10-K filed Feb 19, 2026, compared with Feb 20, 2025 /Numbers from the XBRL of the 10-Ks
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The 10-K against last year's

398 changes: 108 added, 47 removed, 238 reworded, 5 quiet changes

10-K Feb 19, 2026 vs Feb 20, 2025
Risk Factors 33.6% of the text changed · 23,889 words now · 75 new paragraphs, 27 gone MD&A 14.3% of the text changed · 27,767 words now · 33 new paragraphs, 20 gone Legal Proceedings 37.5% of the text changed · 3,138 words now Accounting Policies 9.8% of the text changed · 9,565 words now

10-K 0000927628-26-000024 (Feb 19, 2026) vs 10-K 0000927628-25-000092 (Feb 20, 2025)

Every paragraph, and how much of it changed

One bar per paragraph, in the order of the 10-K. Height and colour show the share of its words not in the closest paragraph a year earlier; the tallest bars are new paragraphs.

Risk Factors

259 paragraphs · 75 new · 116 reworded · 27 gone · 10-K Feb 19, 2026 against Feb 20, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 58 · 50% changed Every version of it
An inability If we fail to realize the full extent of the anticipated benefits of the Transaction, as well as any delays encountered in the integration process, or if those benefits take longer to realize than expected, it could have an adverse effect on our revenues, levels business, financial condition and results of expenses and operating results following the completion of the Transaction. operations.
Paragraph 133 · 50% changed Every version of it
We may rely on quantitative models and, in some cases, the use of AI. We also rely on our ability to manage and aggregate data in an accurate and timely manner, to assess and manage our various risk exposures, to create estimates and forecasts, and to manage compliance with regulatory capital requirements. In particular, we use models and AI in certain processes such as and may expand our use of AI in additional processes in the future. Some examples may include determining the pricing of various products, identifying potentially fraudulent transactions, grading loans and loans, extending credit, measuring market and interest rate and other market risks, predicting deposit levels or loan losses, assessing capital adequacy, calculating managerial and regulatory capital levels, estimating the value of financial instruments and balance sheet items, software development, personalizing customer experiences and other operational functions. Development We continue to invest in building new capabilities that use new AI technologies, such as generative AI, and implementation of some we expect our use of these models, such as the models for credit loss accounting under CECL, require us technologies to make difficult, subjective and complex judgments. Our risk reporting and management, including business decisions based on information incorporating models and the use of AI, depend on the effectiveness of our models and AI and our policies, programs, processes and practices governing how data, models and AI, as applicable, are acquired, validated, stored, protected, processed and analyzed. Any issues with the quality or effectiveness of our data aggregation and validation procedures, as well as the quality and integrity of data inputs, formulas or algorithms, could result in inaccurate forecasts, ineffective risk management practices or inaccurate risk reporting. In addition, models and AI based on historical data sets might not be accurate predictors of future outcomes and their ability to appropriately predict future outcomes may degrade increase over time due to limited historical patterns, extreme or unanticipated market time.
Paragraph 223 · 50% changed Every version of it
For additional risks related to the Transaction, see “Risks Relating to the Acquisition Transaction and Integration of Discover” and the section entitled “Risk Factors” included in our joint proxy statement/prospectus included in the registration statement declared effective by the SEC on January 6, 2025. Discover.”
Paragraph 136 · 48% changed Every version of it
We may use models and AI in processes such as determining the pricing of various products, identifying potentially fraudulent transactions, grading loans and extending credit, measuring interest rate and other market risks, predicting deposit levels or loan losses, assessing capital adequacy, calculating managerial and regulatory capital levels, estimating the value of financial instruments and balance sheet items, and other operational functions. Development The development and implementation of some of these models, such as the models for credit loss accounting under CECL, require us to make difficult, subjective and complex judgments. Our risk reporting and risk management, including our business decisions that are based on information incorporating gathered through models and the use of AI, depend on the effectiveness of our models and AI and AI. They also depend on our policies, programs, processes and practices governing how data, models and AI, as applicable, AI are acquired, validated, stored, protected, processed and analyzed. Any analyzed, including our data aggregation and validation procedures, and any issues with the quality or effectiveness of our data aggregation and validation procedures, as well as the quality and integrity of data inputs, formulas or algorithms, foregoing could result in inaccurate forecasts, ineffective risk management practices or inaccurate risk reporting. In addition, models and AI based on historical data sets might not be accurate predictors of future outcomes and their ability to appropriately predict future outcomes may degrade over time due to limited historical patterns, extreme or unanticipated market have negative consequences.
Paragraph 196 · 47% changed Every version of it
Legislative and regulatory bodies in a number of countries have sought, or are currently seeking, to reduce interchange fees through legislation, competition-related regulatory proceedings, voluntary agreements, central bank regulation and/or litigation. In the United States, interchange reimbursement rates for credit card transactions are set by credit card networks such as MasterCard and Visa. In the United States, the Federal Reserve’s Regulation II (Debit Card Interchange Fees and Routing) places limits on the interchange fees that issuers may charge, and requires additional routing requirements for, debit cards issued on four-party networks, such as the remaining debit cards issued by the Bank on networks operated by third parties. On other than the Global Payment Network. In October 25, 2023, the Federal Reserve released a notice of proposed rulemaking to revise Regulation II to further reduce the cap on interchange fees that debit card issuers covered by Regulation II can receive for covered debit card transactions. In August 2025, a North Dakota district court ruled that the Federal Reserve exceeded its statutory authority when it originally promulgated Regulation II in 2011. As a result, the court vacated Regulation II, although the court stayed the vacatur order to allow time for the resolution of an appeal and allowed the Federal Reserve’s 2023 proposed rule to go into effect if it becomes finalized. Conversely, a district court in Kentucky ruled that the Federal Reserve acted in accordance with its statutory authority when it promulgated Regulation II and upheld the regulation. Any changes to Regulation II and the debit interchange regulatory scheme, including as a result of the ultimate resolution of these district court decisions, which remains unknown, may result in lower debit card interchange fees for cards issued on four-party networks. Such lower fees could, in turn, result in market pressures that reduce the discount rate charged for debit cards issued by the Bank on the Global Payment Network. For more information on these rules, Regulation II and the Federal Reserve’s 2023 proposed rule, please see “Item “Part I—Item 1. Business—Supervision and Regulation.” At the state level, Illinois passed a law prohibiting interchange State legislatures and regulatory agencies may also seek to enact legislation and regulation to limit fees on state taxes and gratuities, which would go into effect July 2025, though it is being challenged in the courts. or discount rates charged by networks.
Paragraph 135 · 47% changed Every version of it
We rely on quantitative models and in some cases the use of AI, as well as our ability to manage and aggregate data in an accurate and timely manner, to assess and manage our various risk exposures, create estimates and forecasts, and manage compliance with regulatory capital requirements. We continue to invest in building new capabilities that employ new AI technologies such as generative AI, and we expect our use of these technologies to increase over time. However, there are significant risks involved in utilizing models and AI and no assurance can be provided that our use will enhance our business or produce only intended or beneficial results. For example, generative AI has been known to produce false or “hallucinatory” inferences or output, and certain generative AI uses machine learning and predictive analytics, which can create inaccurate, incomplete or misleading output, unexpected results, errors or inadequacies, any of which may not be easily detectable. AI may subject us to new or heightened legal, regulatory, ethical, ethical or other challenges; challenges, and a negative public opinion of AI could impair impede the acceptance of AI solutions. Accordingly, if If the models or AI solutions that we or a third party create and use or use, the data inputs, formulas, or algorithms on which such models or AI solutions rely – or if the content, analyses or recommendations that the models or AI solutions assist in producing in our products and services, are, or produce are (or are perceived to be be) deficient, inaccurate, biased, unethical or controversial, controversial – we could incur operational inefficiencies, competitive harm, legal liability, or brand or reputational harm, or harm. We could also incur other adverse impacts on our business businesses and financial results. We also may incur liability through the violation of be liable if we were to violate applicable laws and regulations, third-party intellectual property, privacy or other rights, or contracts we have. Further, the use of models and AI solutions within products or services that we use or that are used by our third-party service providers may pose similar risks, and we have limited ability to control the manner in which we third-party products are a party. developed or maintained or the manner in which third-party services are provided.
Paragraph 150 · 46% changed Every version of it
In addition, following The Company, including Discover’s business acquired in the Transaction, we may be subject to increased scrutiny by, and/or may require additional regulatory requirements of, compliance with, governmental authorities in connection with the Transaction as a result of the Transaction or an increase in the size, scope and complexity of our the combined company’s business operations, which may have an adverse effect on our business, operations financial condition and results of operations. Also, if the Company were to become a Category II institution due to an increase in size or stock price. cross-jurisdictional activity, it would become subject to certain additional or enhanced regulatory requirements. See “We may not be able to maintain adequate capital or liquidity levels or may become subject to revised capital or liquidity requirements, which could have a negative impact on our financial results and our ability to return capital to our stockholders.” for additional information.
Paragraph 233 · 46% changed Every version of it
confidential information or infringement, a misappropriation or other violations of our intellectual property rights and a resulting loss of competitive advantage. In certain situations, we may be compelled to engage in intellectual property-related litigation to enforce our intellectual property rights, which may incur significant expense and may be perceived negatively by customers or industry partners, thus potentially resulting in reputational harm and may adversely impact our business, financial position and results of operations. In addition, our competitors or other third parties may obtain patents for innovations that are used in our industry or allege that our operations, marketing, trademarks, systems, processes, or technologies infringe, misappropriate or violate their intellectual property rights. Given the complex, rapidly changing and competitive technological and business environments in which we operate, if our competitors or other third parties are successful in obtaining such patents or prevail in intellectual property-related litigation or demands against us, we could lose significant revenues, incur significant license, royalty, technology development or other expenses, or pay significant damages. Furthermore, given intellectual property ownership and license rights surrounding AI, such as generative AI, are currently not fully addressed by courts or regulators, any output created by us using AI may not be subject to copyright or other intellectual property protection, which may adversely affect our intellectual property or other proprietary rights in, or ability to commercialize or use, any such output, and our use or adoption of AI may result in exposure to claims by third parties.

MD&A

506 paragraphs · 33 new · 189 reworded · 20 gone · 10-K Feb 19, 2026 against Feb 20, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 247 · 50% changed
We On October 20, 2025, our Board of Directors authorized the repurchase of up to $16 billion of shares of the Company’s common stock, effective October 21, 2025. This new authorization replaces the Company’s prior authorization to repurchase its common stock approved by our Board of Directors in April 2022. During the fourth quarter of 2025, we repurchased $150 a total of $2.5 billion of our common stock, consisting of $614 million under the prior authorization and $1.9 billion under the new authorization. For the year ended December 31, 2025, we repurchased $3.8 billion of shares of our common stock during as a part of the fourth quarter of 2024 and $553 million of shares of our common stock during the year ended 2024. publicly announced plans.
Paragraph 346 · 50% changed
(6)The Walmart Program Termination resulted in an (5)The provision for credit losses includes the initial allowance for credit losses build of $826 million $8.8 billion for non-PCD loans acquired in the second quarter of 2024. Transaction.
Paragraph 26 · 49% changed
◦Higher non-interest expense primarily driven by growth impacts from the Transaction, including integration expenses, as well as continued investments in our Credit Card business, including increased technology and higher marketing spend.
Paragraph 124 · 48% changed
◦Higher •Higher non-interest expense income primarily driven by growth in our Credit Card business, portfolio, including increased marketing spend. the impacts of the Transaction.
Paragraph 222 · 48% changed
For additional information regarding the description of SCB Averaging Proposal and the regulatory capital planning rules and stress testing requirements to which we are subject, Stress Testing Transparency Proposal, see “Part I—Item 1. Business—Supervision and Regulation.”
Paragraph 421 · 46% changed
December 31, (Dollars in millions, except per share data and as noted) 2025 2024 2023 2022 2024 vs. 2023 2023 vs. 2022 Income statement Interest TCE Ratio: Tangible common equity (period-end) $ 67,333 $ 40,782 $ 37,955 Tangible assets (period-end) 628,133 474,987 463,175 TCE Ratio(2) 10.7% 8.6% 8.2% Tangible Book Value per Share: Tangible common equity (period-end) $ 67,333 $ 40,782 $ 37,955 Outstanding Common Shares 625.1 381.2 380.4 Tangible book value per common share (period-end)(3) $ 107.72 $ 106.97 $ 99.78 Return on Tangible Assets (Average): Net income $ 46,034 2,453 $ 41,938 4,750 $ 31,237 10% 34% Interest expense 14,826 12,697 4,123 17 ** Net interest income $ 31,208 $ 29,241 $ 27,114 7 8 Non-interest income 7,904 7,546 7,136 5 6 Total net revenue 39,112 36,787 34,250 6 7 Provision for credit losses 11,716 10,426 5,847 12 78 Non-interest expense: Marketing 4,562 4,009 4,017 14 — Operating expense 16,924 16,307 15,146 4 8 Total non-interest expense 21,486 20,316 19,163 6 6 4,887 Income from continuing operations before income taxes 5,910 6,045 9,240 (2) (35) Income tax provision 1,163 1,158 1,880 — (38) Income from continuing operations, net of tax 4,747 4,887 7,360 (3) (34) Income (loss) from discontinued operations, net of tax 3 365 — — ** — Net income less income from discontinued operations, net of tax 2,088 4,750 4,887 7,360 (3) (34) Dividends and undistributed earnings allocated Tangible assets (Average) 565,632 465,214 452,600 Return on tangible assets(4) 0.37% 1.02% 1.08% Return on Tangible Common Equity (Average): Net income available to participating securities (77) (77) (88) — (13) Preferred stock dividends (228) (228) (228) common stockholders $ 2,181 $ 4,445 $ 4,582 Income from discontinued operations, net of tax 365 — — Net income available to common stockholders $ 4,445 $ 4,582 $ 7,044 (3) (35) Common share statistics Basic earnings per common share: Net less income from continuing operations $ 11.60 $ 11.98 $ 17.98 (3)% (33)% Income (loss) from discontinued operations 0.01 — — ** — Net income per basic operations, net of tax 1,816 4,445 4,582 Tangible common share $ 11.61 $ 11.98 $ 17.98 (3) (33) Diluted earnings per equity (Average) 57,383 39,717 35,143 Return on tangible common share: Net income from continuing operations $ 11.58 $ 11.95 $ 17.91 (3)% (33)% Income (loss) from discontinued operations 0.01 — — ** — Net income per diluted common share $ 11.59 $ 11.95 $ 17.91 (3) (33) Common shares outstanding (period-end, in millions) 381.2 380.4 381.3 — — Dividends declared and paid per common share $ 2.40 $ 2.40 $ 2.40 — — Book value per common share (period-end) 159.44 152.71 137.90 4 11 Tangible book value per common share (period-end)(1) 106.97 99.78 86.11 7 16 equity(5) 3.16% 11.18% 13.04%
Paragraph 67 · 46% changed
Total deposits liabilities increased by $14.3 $126 billion to $362.7 $555.4 billion as of December 31, 2024 2025 from December 31, 2023 primarily driven by our national consumer banking strategy, 2024. The Transaction contributed $130.2 billion in identifiable liabilities as of the Closing Date, partially offset by maturities in brokered deposits. and paydowns of securitized debt obligations and senior and subordinated notes.
Paragraph 210 · 45% changed
ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures We plan to adopt this standard for the above annual period and to apply the new requirements prospectively. We are still assessing the extent of the impacts of adoption to the disclosures. our consolidated financial statements.

A paragraph is matched with the one last year that shares the most of its words; under half in common makes it new. The paragraphs shown are the 8 reworded the most in each section.

The paragraph that changed most in each section

The redline

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

Risk Factors348 words changed in this paragraph; it is 35% similar to last year's version.
While we continuously update our policies, programs, processes and risk management practices, many of our data management, modeling, AI, aggregation and implementation processes are manual and manual. They may be subject to human error, data limitations, process delays or system failure. If any of our employees, contractors, third-party service providers or other third parties with which we do business use any third-party AI solutions in connection with our business, it may lead to the inadvertent or unauthorized disclosure or incorporation of our sensitive and confidential information, including personal information, into third-party systems or publicly available or third-party training sets, which may impact our ability to realize the benefit of our intellectual property or other proprietary rights in such information. Failure to manage data effectively and to aggregate data in an accurate and timely manner may limit our ability to manage current and emerging risk, risks; to produce accurate financial, regulatory and operational reporting as well as reporting; and to manage changing business needs. If our Framework is ineffective, we could suffer unexpected losses losses, which could materially adversely affect our results of operation or financial condition. Also, any information we provide to the public or to our regulators based on incorrectly designed or implemented models or AI could be inaccurate or misleading. Some of the decisions that our regulators make could be affected adversely due to the perception that the quality of the data, models and AI used to generate the relevant information is insufficient. In addition, regulation of AI is rapidly evolving worldwide as legislators and regulators are increasingly focused on these powerful emerging technologies. The technologies underlying AI and its uses are subject to a variety of laws and regulations, including intellectual property, privacy, data protection and data security, consumer protection, competition, and equal opportunity laws, and are expected to be subject to increased regulation and new laws or new applications of existing laws and regulations. AI is the subject of ongoing review by various U.S. governmental and regulatory agencies, and various U.S. states and other foreign jurisdictions are applying, or are considering applying, their platform moderation, privacy, data protection and data security laws and regulations to AI or are considering general legal frameworks for AI. We may not be able to anticipate how to respond to these rapidly evolving frameworks, and we may need to expend resources to adjust our offerings in certain jurisdictions if the legal frameworks are inconsistent across jurisdictions. Furthermore, because AI technology itself is highly complex and rapidly developing, it is not possible to predict all of the legal, operational, competitive or technological risks that may arise relating to the use of AI.

Source: Item 1A, 10-K 0000927628-26-000024 vs Item 1A, 10-K 0000927628-25-000092

MD&A210 words changed in this paragraph; it is 30% similar to last year's version.
December 31, (Dollars in millions, except as noted) 2025 2024 2023 2022 Adjusted operating efficiency ratio: Operating expense (U.S. GAAP) TCE Ratio: Tangible common equity (period-end) $ 16,924 67,333 $ 16,307 40,782 $ 15,146 Discover integration expenses (234) 37,955 Tangible assets (period-end) 628,133 474,987 463,175 TCE Ratio(2) 10.7% 8.6% 8.2% Tangible Book Value per Share: Tangible common equity (period-end) $ 67,333 $ 40,782 $ 37,955 Outstanding Common Shares 625.1 381.2 380.4 Tangible book value per common share (period-end)(3) $ 107.72 $ 106.97 $ 99.78 Return on Tangible Assets (Average): Net income $ 2,453 $ 4,750 $ 4,887 Income from discontinued operations, net of tax 365 — — FDIC special assessment (41) (289) — Legal reserve activity (75) Net income less income from discontinued operations, net of tax 2,088 4,750 4,887 Tangible assets (Average) 565,632 465,214 452,600 Return on tangible assets(4) 0.37% 1.02% 1.08% Return on Tangible Common Equity (Average): Net income available to common stockholders $ 2,181 $ 4,445 $ 4,582 Income from discontinued operations, net of tax 365 — — Insurance recoveries and legal reserve activity — — 177 Restructuring charges — — (72) Adjusted operating expense (non-GAAP) $ 16,574 $ 16,018 $ 15,251 Total Net income available to common stockholders less income from discontinued operations, net revenue (U.S. GAAP) $ 39,112 $ 36,787 $ 34,250 Walmart program agreement termination contra revenue impact 27 — — Adjusted net revenue (non-GAAP) $ 39,139 $ 36,787 $ 34,250 Operating efficiency ratio (U.S. GAAP) 43.27% 44.33% 44.22% Impact of adjustments noted above (92)bps (79) bps 31bps Adjusted operating efficiency ratio (non-GAAP) 42.35% 43.54% 44.53% tax 1,816 4,445 4,582 Tangible common equity (Average) 57,383 39,717 35,143 Return on tangible common equity(5) 3.16% 11.18% 13.04%

Source: Item 7, 10-K 0000927628-26-000024 vs Item 7, 10-K 0000927628-25-000092

Accounting Policies121 words changed in this paragraph; it is 45% similar to last year's version.
Interchange Generally, interchange income generally represents fees is earned from two sources. We earn acquirer interchange income primarily from merchant acquirers on Global Payment Network transactions made by credit and debit card customers at merchants with whom merchant acquirers have entered into card acceptance agreements for processing payment card transactions. Under these agreements, we stand ready to process payment transactions as and when each is presented. We also earn interchange income as a card issuer in the form of a fee for standing ready to authorize and providing settlement on credit and debit card transactions processed through the MasterCard® (“MasterCard”) Mastercard® (“Mastercard”) and Visa® (“Visa”) interchange networks. The levels and structure of interchange rates we earn as a card issuer are set by MasterCard Mastercard and Visa and can vary based on cardholder purchase volumes, among other factors. We recognize Fees paid to, and incentives received from, Mastercard and Visa are generally presented within discount and interchange income upon settlement. See “Note 18—Business Segments and Revenue from Contracts with Customers” for additional details. income.

Source: Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000927628-26-000024 vs Item 8, Note 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000927628-25-000092

Legal Proceedings114 words changed in this paragraph; it is 46% similar to last year's version.
Consumer class actions. We are currently named as a defendant in 4 four putative consumer class action cases in Canadian courts alleging harm from the 2019 Cybersecurity Incident and seeking various remedies, including monetary and injunctive relief. Incident. The lawsuits allege breach of contract, negligence, violations of various privacy laws and a variety of other legal causes of action. In the second quarter of 2022, a trial court Courts in British Columbia preliminarily and Quebec have certified classes of consumers. The final two putative class actions, both of which are pending in Alberta have not advanced beyond a class of all impacted Canadian consumers except those in Quebec. The preliminary certification decision in British Columbia was appealed, with both parties contesting portions of the ruling. On July 4, 2024, the British Columbia Court of Appeals denied both parties’ appeals. In the third quarter of 2023, a trial court in Quebec preliminarily authorized a class of all impacted consumers in Quebec. This stage.

Source: Item 3, via Note 19 – COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS, 10-K 0000927628-26-000024 vs Item 3, via Note 19 – COMMITMENTS, CONTINGENCIES, GUARANTEES AND OTHERS, 10-K 0000927628-25-000092

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of COF's Risk Factors and MD&A, 10-K Feb 19, 2026 against 10-K Feb 20, 2025. Each links to the text at sec.gov.

All 398 Added 108Removed 47Reworded 238Quiet changes 5
AddedRisk Factors
•The integration of Discover may have an adverse effect on our business and results of operations due to the diversion of a substantial portion of the time and attention of our management team as well as potential employee attrition.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedRisk Factors
•Risks of external fraud exceeding our expectations due to larger, more sophisticated, or more frequent fraud attacks, failure to detect and respond to such attacks and/or the reduced capability to recover losses from those incidents. This could result in increased fraud loss, operational cost, customer dissatisfaction, reputational damage and/or constrained revenue growth for us.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedRisk Factors
•A change in market preference towards other operators of payment networks and alternative payment providers could result in reduced transaction volume, limited merchant acceptance of our cards and limited issuance of cards on our networks by third parties, and in turn may impact our revenue margins.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedRisk Factors
•If we are unsuccessful in creating and maintaining a strong base of network licensees and achieving meaningful global card acceptance, we may be unable to achieve long-term success in our recently acquired international network business.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedRisk Factors
•A reduction in the number of large merchants that accept cards on our recently acquired Discover Network or PULSE Network or in the rates they pay could materially adversely affect our business, financial condition, results of operations and cash flows.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedRisk Factors
•Defaults or risks from bankruptcies, liquidations, restructurings, consolidations and outages by our network participants may adversely affect our business, financial condition, cash flows and results of operations.
Read it in 10-K Feb 19, 2026 at sec.gov
Show the other 16
AddedRisk Factors
•difficulties managing our expanded international business footprint, including risks adapting to new markets, legal and regulatory regimes, languages, businesses and cultural practices;
Read it in 10-K Feb 19, 2026 at sec.gov
AddedMD&A
Year Ended December 31, (Dollars in millions) 2025 2024 2023 Discount and interchange fees, net $ 6,443 $ 4,882 $ 4,793 Service charges and other customer-related fees 2,849 1,976 1,667 Net securities gains (losses) — (35) (34) Other(1)(2) 1,264 1,081 1,120 Total non-interest income $ 10,556 $ 7,904 $ 7,546
Read it in 10-K Feb 19, 2026 at sec.gov
AddedMD&A
Income from discontinued operations consists of results from the discontinued Discover Home Loan business acquired as a part of the Transaction. Income from discontinued operations, net of tax, was $365 million in 2025 primarily driven by a $483 million pre-tax gain on the sale of the Discover Home Loans Business in the fourth quarter of 2025. See “Item 8. Financial Statements and Supplementary Data—Note 2—Business Combinations and Discontinued Operations” for additional information.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedMD&A
The results related to the acquired Home Loan business have been reflected as discontinued operations. As such, the related results have been excluded from continuing operations and business segment results.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedMD&A
(4)Charge-offs exclude $19.4 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.3 billion included as a benefit to the allowance for credit losses.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedMD&A
(4)Charge-offs exclude $18.0 billion of Discover loans acquired in the second quarter of 2025 that were fully charged-off, with expected recoveries of $3.1 billion included as a benefit to the allowance for credit losses.
Read it in 10-K Feb 19, 2026 at sec.gov
AddedMD&A
For additional disclosures regarding the methods used to determine the fair values of the significant assets acquired and liabilities assumed in the Transaction, refer to “Item 8. Financial Statements and Supplementary Data—Note 2—Business Combinations and Discontinued Operations.”
Read it in 10-K Feb 19, 2026 at sec.gov
AddedMD&A
Internal-Use Software Requires entities to capitalize costs associated with internal-use software based on a new methodology, which focuses on management’s authorization and commitment to funding the project and the probability that the software will be completed and used to perform the function intended. Effective beginning with our interim period March 31, 2028, with early adoption permitted. Prospective, retrospective and modified transition applications are each permitted.
Read it in 10-K Feb 19, 2026 at sec.gov

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

Also

New risk factors: paragraphs with nothing like them last year, quoted in full.

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