AddedRisk Factors
•the laws and regulations administered by foreign governments where we conduct clinical trials and operate outside of the United States;
The 10-K against last year's
32 changes: 3 added, 3 removed, 26 reworded
10-K 0001022079-26-000015 (2026-02-26) vs 10-K 0001022079-25-000044 (2025-02-20) Not compared: MD&A.
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 255 words changed in this paragraph; it is 37% similar to last year's version.
Source: Item 1A, 10-K 0001022079-26-000015 vs Item 1A, 10-K 0001022079-25-000044
Accounting Policies 71 words changed in this paragraph; it is 50% similar to last year's version.
In November 2023, September 2025, the FASB issued a new accounting standard which will require companies impacts internal-use software accounting by removing all references to disclose significant segment expenses software development project stages such that are regularly provided the guidance is neutral to the chief operating decision maker ("CODM"). different software development methods. The pronouncement is effective for annual filings for the year ended December 31, 2024 2028 and for interim periods within such year. The Company is currently evaluating the year ended December 31, 2025. The adoption impact of this standard did not have a material impact on the Company's results of operations, financial position or cash flows. standard.
Source: 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001022079-26-000015 vs 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001022079-25-000044
Legal Proceedings 61 words changed in this paragraph; it is 58% similar to last year's version.
The Company also received subpoenas from the U.S. Attorney for the District of New Jersey. Jersey (the “NJ USAO”). The subpoenas seek various records relating to the Company’s relationship with the New York Giants and adherence to certain company policies and federal laws. The Company is cooperating settled the matter with the investigation. NJ USAO and agreed to enter into a Corporate Integrity Agreement with the Office of Inspector General of the United States Department of Health and Human Services. The Company has also received several subpoenas from the New York Attorney General’s Office, and is in the process of responding to them.
Source: Item 3, via Note 18 – COMMITMENTS AND CONTINGENCIES, 10-K 0001022079-26-000015 vs Item 3, via Note 18 – COMMITMENTS AND CONTINGENCIES, 10-K 0001022079-25-000044
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of DGX's Risk Factors and MD&A, 10-K 2026-02-26 against 10-K 2025-02-20. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier (may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, wouldAddedRisk Factors
threatened by the U.S. government, and the responses to those actions from other countries, may result in adverse impacts to the global economic environment, including the global financial and trading markets, which could have a negative impact on our results of operations and financial condition. These actions could also negatively impact our supply chain costs or availability of products we need to operate our business. The ongoing uncertainty with the current state of global trade policy magnifies these risks.
AddedRisk Factors
(p) Challenges, including the associated competitive pressures, with properly managing the development, implementation, oversight and use of AI.
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RewordedRisk Factors
However, unfavorable labor environments, unionization activity, or activity (including in non-U.S. markets), a failure to comply with labor or employment laws or reputational considerations triggered by any of the risks described in this Report could result in, among other things, labor unrest, strikes, work stoppages, slowdowns by the affected workers, fines fines, penalties and penalties. a loss of employees.
RewordedRisk Factors
We have a broad range of stakeholders, including our stockholders, employees, customers, which include government entities, patients and communities we serve, some of whom increasingly focus on corporate responsibility considerations. considerations and many have different or conflicting expectations with respect to corporate responsibility and related matters.
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RewordedRisk Factors
Other steps taken to reduce utilization and reimbursement include requirements to obtain diagnosis codes (which can be inconsistent between health plans and government payers) to obtain payment, increased documentation requirements, limiting the allowable number of tests or ordering frequency, expanded prior authorization programs and otherwise increasing payment denials.
RewordedRisk Factors
(c) A decline in Uncertain and volatile economic conditions, including the impact of an inflationary environment. environment and changes in government policies, including related to trade.
RewordedRisk Factors
Congress reintroduced federal introduced legislation in 2023 (the Saving Access to Laboratory Services Act), 2025, the Results Act, which would reform PAMA and create a true market-based CLFS.
RewordedRisk Factors
Using AI successfully will require significant resources, including having the technical expertise required to develop, test and maintain AI-based testing services. services and continually developing the appropriate governance and oversight of our use of AI.
RewordedRisk Factors
(h) Failure to efficiently integrate acquired businesses businesses, integrate our business with our joint ventures, and to manage the costs related to any such integration, integration and implementation requirements, or to retain key technical, professional or management personnel.
RewordedRisk Factors
It is important that we continue to strengthen our efficiency efficiency, including through the use of technology and automation, to promote our competitive position and enable us to mitigate the impact on our profitability of steps taken by government payers and health insurers to reduce the utilization and reimbursement of diagnostic information services, and to partly offset pressures from the current an inflationary environment, including labor and benefit cost increases, and reimbursement pressures.
RewordedRisk Factors
Acquisitions are not all the same (e.g., asset acquisitions differ from acquisitions of equity interests); different acquisitions offer different risks. risks and require different levels of effort to obtain regulatory clearance.
RewordedRisk Factors
This technology, including generative AI, which is in its early stages of broader commercial implementation, presents a number of risks inherent in its use, including risks related to cybersecurity, privacy and data security and use practices. practices and our oversight of how we use AI.
RewordedRisk Factors
For example, in February 2025, connection with Project Nova, we committed to a multi-year project ("Project Nova") to modernize our "Order to Cash" business processes processes, including the related information technology infrastructure and underlying enabling technologies.
RewordedRisk Factors
The process of combining negotiating, completing and integrating acquisitions may be disruptive to our businesses (especially as transactions become increasingly complex) and may cause an interruption of, or a loss of momentum in, such businesses as a result of the following difficulties, among others: