The biggest changes in the 10-K filed 2026-02-27, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Cash from operations
-22.7% Big change FY to 2025-12-31 vs 2024-12-31“The decrease in operating cash flows was primarily driven by changes in working capital.”
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Revenue
+13.9% Big change FY to 2025-12-31 vs 2024-12-31“2 Corporate Payments revenue per spend dollar decreased over the prior year due to new payables and cross-border enterprise”
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“consolidated revenues was due primarily to organic growth of 10%, driven by increases in spend and transaction volumes,”
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Operating margin
45.0% → 44.0% (-0.9 pts) FY to 2025-12-31 vs 2024-12-31“Payments operating income increased primarily due to the reasons discussed above and integration synergies, partially offset by”
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“Payments operating income and margin declined from the prior period due to the reasons discussed above.”
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Net income
+6.6% FY to 2025-12-31 vs 2024-12-31“The increase in the provision for income taxes was driven primarily by”
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Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
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