What the 10-K filed 2026-02-19 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-20.
Big customers
Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).
No specific sentence about this in the 10-K.
Key suppliers
1 newParts or manufacturing that depend on one or a few suppliers.
New “Any such service outage, particularly where the vendor is the single source from which we obtain such services, could significantly disrupt our business or negatively impact the relationship we have with customers that rely on such services.”
Read it in the 10-K ↗
Lawsuits and legal claims
5 newPending cases, settlements and what the company has set aside for them.
New “Non-Interest Expense: Non-interest expense increased by $2.2 billion to $7.5 billion in 2025 primarily driven by the impacts of the Transaction, an increase in the litigation accrual, continued investments in technology and higher marketing spend.”
Read it in the 10-K ↗
New “Discover and certain of its subsidiaries entered into a settlement agreement to resolve putative class actions filed on behalf of merchants allegedly affected by the Card Product Misclassification.”
Read it in the 10-K ↗
New “Discover reserved $1.2 billion related to this matter and the class action settlement will be the primary means through which restitution will be paid to adversely affected merchants, merchant acquirers and other intermediaries.”
Read it in the 10-K ↗
New “In September 2025, the New York Attorney General, on behalf of itself and 17 other state attorneys general, filed an amicus brief opposing the class action settlement in the Savings Account Litigation and in November 2025, the court denied final approval of the settlement.”
Read it in the 10-K ↗
New “If approved by the court, the new settlement will include a $425 million settlement fund, which is reflected in our reserves, and an agreement to increase the interest rate on 360 Savings accounts to match the interest paid on 360 Performance Savings accounts.”
Read it in the 10-K ↗
Guarantees and indemnities
Promises to pay someone else's debts or losses if they cannot.
No specific sentence about this in the 10-K.
Debt covenants
Conditions in loan agreements that, if broken, can make debt due early.
“We maintain underwriting guidelines and limits for major types of borrowers and loan products that specify, where applicable, guidelines for debt service coverage, leverage, LTV ratio and standard covenants and conditions.”
Read it in the 10-K ↗
Commitments off the balance sheet
Contracts the company must pay for later: purchase obligations, take-or-pay deals.
“As of December 31, 2025 and 2024, we had $3.8 billion and $4 billion, respectively, in aggregate purchase obligations.”
Read it in the 10-K ↗
Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗
Work on COF in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/COF/export.csv") into a cell.