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Screener / SEC EDGAR /CIK 0001065088 /10-K filed Feb 19, 2026, compared with Feb 27, 2025 /Numbers from the XBRL of the 10-Ks
Nasdaq Consumer discretionary · Business Services

eBay Inc. EBAY

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The 10-K against last year's

318 changes: 82 added, 88 removed, 141 reworded, 7 quiet changes

10-K Feb 19, 2026 vs Feb 27, 2025
Risk Factors 53.2% of the text changed · 15,305 words now · 69 new paragraphs, 76 gone MD&A 22.2% of the text changed · 7,187 words now · 13 new paragraphs, 12 gone Legal Proceedings 7.6% of the text changed · 1,167 words now

10-K 0001065088-26-000027 (Feb 19, 2026) vs 10-K 0001065088-25-000037 (Feb 27, 2025) Not compared: Accounting Policies.

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

204 paragraphs · 69 new · 109 reworded · 76 gone · 10-K Feb 19, 2026 against Feb 27, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 12 · 50% changed Every version of it
Acquisitions, •Our acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments could result in operating difficulties and could harm create potential material risks to our business or impact our financial results. business.
Paragraph 101 · 50% changed Every version of it
We have invested and plan to continue to invest internal resources into Maintaining our payments tools in order to maintain existing availability, expand into additional markets services and offer new payment methods and other types of financial providing the services to that our buyers and sellers. customers want is expensive. If we fail to invest adequate resources into payments on our platform, or if our investment efforts are unsuccessful, unreliable or result in system failure, platforms, our payments and financial services may not function properly or keep pace with competitive offerings, which could negatively impact their usage consumer engagement and spending on our Marketplace platforms. Future errors, failures or outages could cause our buyers and sellers to lose confidence in our payments system and could cause them to cease using our Marketplace platforms.
Paragraph 127 · 50% changed Every version of it
•the frequent need to implement or improve controls, procedures and policies appropriate for of smaller acquired businesses to meet our standards, as a larger public company at companies that prior to acquisition may have lacked such controls, procedures and policies or whose controls, procedures and policies did not meet applicable legal and other standards; company;
Paragraph 120 · 49% changed Every version of it
Acquisitions, Our acquisitions, dispositions, joint ventures, strategic partnerships and strategic investments could result in operating difficulties and could harm create potential material risks to our business or impact our financial results. business.
Paragraph 118 · 48% changed Every version of it
Some In addition, some of our competitors control the products and services that we and our customers rely on are important to controlled or owned by our success, including payment processing, Internet search, social media, Gen AI features powered by large language models, shipping and delivery resources and mobile operating systems. Such competitors could manipulate competitors, which increases the risk that the pricing, availability, and terms or operation of service related to their for these products and services could change in a manner way that impacts harms our competitive offerings. business. For example, Alphabet, which operates a shopping platform service, has from time we rely on major online application stores for distribution of our application. If these application store providers modify or implement new terms, we may be forced to time made changes modify our products to its search algorithms maintain our ability to remain in that have reduced the amount of search traffic directed to us from searches on Google. application store. If we are unable to use or adapt to operational changes in such services, we may face higher costs for such services, face integration or technological barriers or lose customers, which could materially harm our business. In addition, we rely on Google search to direct a significant amount of traffic to our platforms. From time to time, Alphabet has made changes to their algorithms and methodologies that have reduced the amount of traffic directed to our platforms, and they may continue to do so, including in a way that promotes their competing products or services. If our e-commerce competitors decide to advertise less, or not at all, through traditional search engines, or if consumers increasingly shift towards AI technologies such as AI chatbots and agents for their shopping transactions, traditional search engines may lose relevance. As a result, we could experience a reduced amount of search traffic directed to us and be forced to adjust our advertising practices sooner or more dramatically than we may have anticipated.
Paragraph 114 · 48% changed Every version of it
Legal or regulatory developments in any geography where we operate that restrict immigration could affect our ability to attract, retain and motivate personnel. We do not have long-term employment agreements with any of our key employees and do not maintain any “key person” life insurance policies outside of policies we may assume as part of an acquisition. Our business is primarily non-unionized, but we have some works councils outside the United States. The unionization or related activism of significant employee populations, including in the United States, could result in higher costs and other operational changes necessary to respond to changing conditions and to establish new relationships with worker representatives. In addition, from time to time we have announced restructuring plans that include workforce reductions in the past, such as our announcement in, January 2024, reductions, and we may make similar announcements in the future. Any such restructuring plans, reductions in force or other cost-cutting measures plans could divert management attention, adversely affect employee morale and turnover, and damage our reputation as an employer, which could increase the difficulty of attracting, retaining and motivating qualified personnel and maintaining our corporate culture. Further, our reduced headcount following such restructuring plans and any further turnover may increase the difficulty of executing on our plans, including due to the loss of historical, technical or other expertise, which may have an adverse effect on our business, prospects and results of operations.
Paragraph 117 · 47% changed Every version of it
Price increases by, or increases, service terminations, disruptions or interruptions at, companies interruptions, product and service changes, and any other issue that provide prevents these third parties from providing products or services to us and that we or our sellers and clients customers rely on could also reduce the number of listings on our platforms or make it more difficult for our sellers to complete transactions, thereby harming materially harm our business. In addition, For example, domestic or international shipping and postal rate increases may reduce the competitiveness of certain sellers’ offerings, and postal service changes and disruptions could require certain sellers to utilize alternatives which could be more expensive, slower or inconvenient, which could in turn decrease the number of transactions on our sites, thereby harming negatively impacting our results of operations. Similarly, changes in the payments and delivery options available to our buyers, or the speed or cost of shipping, may reduce buyer engagement and spending on our platforms. Additionally, if sellers are unable to access tools that automate their listings, or if the providers of these tools no longer automated eBay listings among their services, our sellers may sell their good through one of our competitors or not at all, which could reduce the breadth and relevance of our inventory and harm our business.
Paragraph 159 · 47% changed Every version of it
We may be unable to adequately protect or enforce our intellectual property rights and face ongoing allegations by risk from third parties that allege that we infringe, or are infringing responsible when our customers infringe, on their intellectual property rights.

MD&A

109 paragraphs · 13 new · 55 reworded · 12 gone · 10-K Feb 19, 2026 against Feb 27, 2025
New paragraph Reworded (5% of its words or more) Same or nearly
Paragraph 61 · 48% changed
The decrease increase in our effective tax rate during 2024 for 2025 compared to 2023 2024 was primarily due driven by lower benefits in 2025 resulting from audit settlements and the net impact of the One Big Beautiful Bill Act, relative to the benefits from the sale of Gmarket, research and development tax credits generated, Gmarket recognized in 2024. These effects were partially offset by increased excess tax benefits on stock-based compensation and the 2023 non-recurring remeasurement of deferred tax assets related to a tax rate reduction and an increase in reserves for uncertain tax positions, partially offset by a benefit from the release of a valuation allowance. compensation.
Paragraph 63 · 47% changed
Year Ended December 31, 2025 2024 2023 (In millions) Net cash provided by (used in): Continuing operating activities $ 2,009 $ 2,414 $ 2,431 Continuing investing activities 1,420 2,213 240 Continuing financing activities (3,661) (3,806) (2,450) Effect of exchange rates on cash, cash equivalents and restricted cash 51 (28) 5 Net decrease in cash, cash equivalents and restricted cash - discontinued operations (50) — (5) (371) Net increase (decrease) in cash, cash equivalents and restricted cash $ (231) $ 793 $ 221
Paragraph 55 · 44% changed
Year Ended December 31, 2025 % Change 2024 % Change 2023 Unrealized change in fair value of equity investment in Adevinta $ — (100)% $ (234) (113)% $ 1,782 166% Realized change in fair value of shares sold in Adevinta — (100)% 78 100% — Realized change in fair value of shares sold in Adyen — (100)% (57) (100)% — Realized change in fair value of shares sold in Aurelia — (100)% (11) (100)% — Unrealized change in fair value of equity investment in Gmarket — (100)% (12) 88% (96) Realized change in fair value of shares sold in Gmarket — ** (1) ** — Gain (loss) on other investments 10 233% 3 175% (4) Change in fair value of warrants (5) (103)% 158 5% 150 Total gain (loss) on equity investments and warrants, net $ (2,693) 5 (107)% $ (76) (104)% $ 1,832
Paragraph 51 · 44% changed
The increase in sales general and marketing administrative expenses during 2024 2025 compared to 2023 2024 was primarily due to a $163 $91 million increase of senior leader transitions and restructuring costs, $61 million of legal accruals recorded during 2025, $56 million in marketing program employee-related costs and user coupons, partially offset by a $74 million decrease legal accrual releases in employee-related costs. 2024 of $56 million.
Paragraph 76 · 40% changed
In 2024, 2025, we repaid redeemed the $750 $425 million aggregate principal amount of our previously outstanding 3.450% 5.900% senior notes due in November 2025. Total cash consideration paid was $425 million, as the redemption price was equal to 100% of the principal amount. In addition, we paid accrued and unpaid interest on the date of maturity. principal amount.
Paragraph 48 · 40% changed
The increase in sales and marketing product development expenses during 2024 2025 compared to 2023 2024 was primarily due to a $163 million an increase in marketing program costs and user coupons, partially offset by a $74 million decrease in employee-related costs.
Paragraph 62 · 36% changed
We are regularly under examination by tax authorities both domestically and internationally. We believe that adequate amounts have been reserved for any adjustments that may ultimately result from these examinations, although there are inherent uncertainties in these examinations. Due to the ongoing tax examinations, it is generally impractical to determine the amount and timing of these adjustments. However, we expect several tax examinations to close within the next 12 months. See “Note 15 — Income Taxes” to the consolidated financial statements included in this report for more information on estimated settlements within the next 12 months.
Paragraph 53 · 35% changed
The decrease increase in provision for transaction losses during 2024 2025 compared to 2023 2024 was primarily due to favorable driven by volume as well as the ramping of shipping programs and unfavorable fluctuations in buyer and seller fraud and recovery rates.

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

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

Risk Factors328 words changed in this paragraph; it is 32% similar to last year's version.
As the number of intellectual property owners and products in the software industry increases and the functionality of these products further overlaps, and as we acquire technology through acquisitions or licenses, we may become increasingly subject to patent suits and other infringement claims, including copyright, and trademark infringement claims. For example, the intellectual property ownership and license rights surrounding AI technologies, including Gen AI, have not been fully addressed by U.S. courts or by U.S. or international laws or regulations, and the use or adoption of third-party Gen AI technologies, and their related datasets, into our products and services may result in claims of intellectual property infringement or misappropriation, or in the inability to enforce our rights against third parties, which could in each case harm our business and financial results. Our use of “open source” software may subject us to certain unfavorable conditions, including conditions that: (i) we make publicly available the source code for any modifications or derivative works we create based upon, incorporating or using the open source software, (ii) we license such modifications or derivative works under the terms of the particular open source license, (iii) we waive intellectual property rights in any innovation that is derived using the open source software, or (iv) we offer our products that incorporate the open source software for low or no cost. There is little legal precedent or guidance governing the interpretation of the terms of some open-source licenses, so the potential impact of these terms on our business is uncertain and enforcement of these terms may result in unanticipated obligations or restrictions regarding our products or services. If an author of open source software or other third party that distributes open source software that we use or license were to allege that we had not complied with the conditions of the applicable license, we could incur significant legal expenses defending against such allegations and could be subject to significant damages, enjoined from offering our products that make use of or are distributed with open source software, required to release proprietary source code, required to obtain licenses from third parties or otherwise be required to comply with the unfavorable conditions unless and until we can re-engineer the product so that it either complies with the open source license or does not incorporate the open source software. Any of the foregoing could disrupt our ability to offer our products and harm our business, revenue and financial results.

Source: Item 1A, 10-K 0001065088-26-000027 vs Item 1A, 10-K 0001065088-25-000037

Legal Proceedings146 words changed in this paragraph; it is 65% similar to last year's version.
On September 27, 2023, the DOJ, on behalf of the Environmental Protection Agency (collectively, the “Government”), filed a civil complaint in the United States District Court for the Eastern District of New York (the “District Court”) alleging that we are liable for the sale of regulated or illicit products manufactured and sold by third parties who listed such products on the Marketplace platforms in a manner that evaded and/or was designed to evade detection in violation of the Clean Air Act, Federal Insecticide, Fungicide, and Rodenticide Act and the Toxic Substances Control Act. On September 30, 2024, the District Court issued an order dismissing the Government’s claims in their entirety. On November 26, 2024, the Government filed a Notice of Appeal with the Second Circuit, seeking review of the District Court’s decision. If the Government were to successfully appeal the decision and we were subsequently found to be liable for such activities on the Marketplace, we likely would be subject to monetary damages, compulsory changes in our business practices, or other remedies that could have a material adverse impact on our business. During the year ended December 31, third quarter of 2024, we released amounts previously accrued for estimated losses in connection with the Government’s claims, for which we previously believed a loss was probable. On November 26, 2024, the Government filed a Notice of Appeal with the United States Court of Appeals for the Second Circuit (the “Second Circuit”), seeking review of the District Court’s decision. On April 24, 2025, the Government filed a motion to voluntarily dismiss its appeal of the District Court’s decision. On April 25, 2025, the Second Circuit granted the Government’s motion, and the appeal was dismissed.

Source: Item 3, via Note 11 – Commitments and Contingencies, 10-K 0001065088-26-000027 vs Item 3, via Note 12 – Commitments and Contingencies, 10-K 0001065088-25-000037

MD&A102 words changed in this paragraph; it is 47% similar to last year's version.
The increase in cost of net revenues during 2024 2025 compared to 2023 2024 was primarily due to a $53 increases of $108 million increase related to the expansion in shipping costs, $61 million in cost of promoted listings products, a $50 $55 million increase related to indirect tax expenses, a $32 million increase related to the ramp of eBay International Shipping, and an $11 million disposition of data center equipment, partially offset by a $66 million decrease in depreciation expense due to the prior year benefit related to the change in our estimate of the useful lives for of our servers and networking equipment and a $38 equipment, $37 million decrease in customer support costs, $32 million in payment processing costs driven and $11 million in authentication costs, partially offset by rate improvements. a $37 million benefit from the settlement of a multi-year contract and a $35 million decrease in indirect tax expense.

Source: Item 7, 10-K 0001065088-26-000027 vs Item 7, 10-K 0001065088-25-000037

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of EBAY's Risk Factors and MD&A, 10-K Feb 19, 2026 against 10-K Feb 27, 2025. Each links to the text at sec.gov.

All 318 Added 82Removed 88Reworded 141Quiet changes 7
RewordedRisk Factors
If an author of open source software or other third party that distributes open source software that we use or license were to allege that we had not complied with the conditions of the applicable license, we We could incur significant legal expenses defending against such allegations any allegation that we failed to comply with the conditions of an open source license, and we could be subject to significant damages, enjoined from offering our products that make use of or are distributed with open source software, required to release proprietary source code, required to obtain licenses from third parties or otherwise be required to comply with the unfavorable conditions unless and until we can re-engineer the product so that it either complies comply with the open source license or does terms, which may not incorporate the open source software. be possible in a cost-efficient manner.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
If any or some of these our service providers fail to perform adequately adequately, experience outages, cyberattacks or if any such service provider were other security incidents, financial distress or insolvency, our customers may not be able to terminate make and receive payments or modify its relationship with us unexpectedly, our sellers’ ability to use our platform to receive orders or payments could be adversely affected, their preferred payment methods, which could increase our costs, drive sellers away from our marketplaces, result in potential legal liability, and materially harm our business.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
If Regulators have broad enforcement authority, and if we fail to comply with the GDPR, or GDPR (or if regulators assert that we have failed to comply with the GDPR, have), we may be subject to material regulatory enforcement actions, that can which could require us to modify or suspend critical business activities or result in substantial monetary penalties of up to 20 million euros or 4% of our annual worldwide revenue (whichever is higher), penalties, private lawsuits, and/or and reputational damage.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
Such We and our customers depend on a variety of third-party products and services include that are important to our success, including seller tools that automate and manage listings, merchant tools that manage listings and interface with inventory management software, storefronts that help our sellers list items, shipping providers that deliver goods sold on our platform, payments payment processing and financial services, item authentication services, services that we leverage for using and developing AI technologies (including Gen AI), and third-party traffic drivers such as search engines engines, social networks and, increasingly, AI technologies such as chatbots and social networks, among others. shopping agents.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
We may become more vulnerable However, we expect to see increased liability as these types of third-party claims as laws such as the Digital Millennium Copyright Act, the Lanham Act and the Communications Decency Act evolve, are interpreted by the courts, courts and modified by regulators, and as we expand the scope of our business (both in terms of the range of products and services that we offer and our geographical operations) and become subject to laws in jurisdictions where the underlying laws with respect to the potential liability of online intermediaries like ourselves eBay are either unclear or less favorable.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
If we fail, fail for any reason, reason to receive sufficient AI referrals to our Marketplace platforms, or to acquire, develop build, license or license acquire the AI technology capabilities, capabilities that matter to utilize our proprietary datasets effectively, or to provide our buyers and sellers the AI features that matter to them, sellers, our buyers and sellers or both may choose alternatives to eBay, which could reduce our platform traffic or profits or both, and materially harm our business. business and results of operations.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
We are subject to laws and regulations affecting our domestic and international operations in a number of areas, including consumer protection, protection; data privacy and data security requirements; security; responsible AI requirements; AI; intellectual property ownership and infringement; goods that are stolen, counterfeit, unsafe or otherwise prohibited by eBay policies; tax; goods; corporate and consumer taxes; antitrust and anti-competition; unfair competition or commercial practices; import and export requirements and restrictions; anti-corruption; labor and employment; advertising; digital content; real estate; payments and financial services; billing; ecommerce/marketplace or online platform liability; promotions; quality of services; telecommunications; distribution and transportation; mobile communications and media; environmental packaging and waste and waste; climate-related regulation; energy consumption; health and safety regulations; safety; accessibility; and laws and regulations intended to combat antibribery, money laundering and the financing of terrorist activities.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
Our operating and financial results have significantly varied on a quarterly basis during throughout our operating history history, and may we expect our results to continue to fluctuate significantly as a result of for a variety of factors, reasons, including all of the risks described in “Risk Factors,” including the following risks and other risks set forth in this “Risk Factors” section: following:
Read it in 10-K Feb 19, 2026 at sec.gov
Show the other 16
RewordedRisk Factors
There For example, as we pursue new AI technologies, there is a risk that our algorithms AI enhanced products could produce inaccurate, misleading, biased or false outcomes (e.g., hallucinatory behavior currently seen with Gen AI hallucinatory behavior) models) or other unexpected results or behaviors that could harm our reputation, business, or buyers and sellers, such as containing third party copyrighted or other protected content. sellers.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
Trade Any further trade policy developments developments, especially in key geographies such as the countries in which our buyers U.S, the U.K., and sellers operate or procure their items, the E.U., could significantly impact the cost of items and available inventory to be bought and sold internationally on our Marketplace platforms, limit our ability and the ability of our sellers to offer and deliver products on a timely or cost-effective basis, or otherwise adversely impact our consumers’ ability to buy and sell products on our platforms.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
Many of these laws were adopted prior to the advent of the Internet, mobile, and related technologies and, as a result, of, or do not contemplate or address the unique issues relevant to our business, such as adequately address, the Internet, online commerce commerce, and related technologies. the technologies our business relies upon to operate.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedRisk Factors
Litigation, We expend, and expect to continue to expend, significant time and resources managing this program, and litigation, legislation, or regulation involving liability for any seller fraud or non-performance could result in increased costs of doing business, increase our costs, lead to adverse judgments or judgments, settlements or regulatory fines and injunctions, and otherwise harm our business.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
Cash used in continuing financing activities of $3.8 $3.7 billion in 2024 2025 was primarily driven by common stock repurchases of $3.1 $2.5 billion, debt repayments of $750 million $2.4 billion related to the repayment of commercial paper and $1.2 billion related to our 3.450% 5.900% and 1.900% senior notes due 2024, 2025 and $533 $531 million of cash dividends paid, partially offset by borrowing under our commercial paper program of $441 million $2.0 billion, proceeds from debt issuances of $1.0 billion and net funds receivable and payable activity of $305 $200 million.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
Cash provided by continuing operating activities of $2.4 $2.0 billion in 2024 2025 compared to $2.4 billion in 2023 2024 was primarily attributable due to a $377 an increase in cash paid for income taxes of $685 million and other working capital movements, partially offset by an $817 million increase in operating income offset by working capital movements. net revenues.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
Gain (loss) on equity investments and warrant, net primarily consists of gains and losses related to our various types of equity investments, including our equity investments in Adevinta, Adyen, Aurelia and Gmarket, (“Adyen”), Aurelia, Gmarket Global LLC (“Gmarket”), and gains and losses due to changes in fair value of the warrant received from Adyen.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
The change in gain Gain (loss) on equity investments and warrant, warrants, net during 2024 2025 compared to 2023 2024 was driven by primarily due to lower activity in 2025 following the realized and unrealized changes in fair value sale of our equity investments in Adevinta, Adyen, and Gmarket in 2024, including the exercise of the Adyen warrant.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
The increase in sales and marketing expenses during 2024 2025 compared to 2023 2024 was primarily due to a $163 increases of $30 million increase in marketing program employee-related costs and user coupons, partially offset by a $74 $23 million decrease in employee-related costs. due to the unfavorable impact of foreign currency movements.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
(2)Foreign currency movements relative to the U.S. dollar had a favorable impact of $47 million during 2025 compared to favorable impacts of $2 million and $52 million during 2024 compared to a favorable impact of $52 million and an unfavorable impact of $320 million during 2023 and 2022, 2023, respectively.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
Gain (loss) on equity investments and warrant, warrants, net primarily consists of gains and losses related to our various types of equity investments, including our equity investments in Adevinta, Adyen, Aurelia and Gmarket, and gains and losses due to changes in fair value of the warrant received from Adyen. Adevinta ASA (“Adevinta”), Adyen N.V.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
The increase in sales and marketing product development expenses during 2024 2025 compared to 2023 2024 was primarily due to a $163 million an increase in marketing program costs and user coupons, partially offset by a $74 million decrease in employee-related costs.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
The decrease increase in provision for transaction losses during 2024 2025 compared to 2023 2024 was primarily due to favorable driven by volume as well as the ramping of shipping programs and unfavorable fluctuations in buyer and seller fraud and recovery rates.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
Seasonal trends in net revenues have been been, and we expect in the future will be, influenced by macroeconomic conditions, including tariffs and global trade policies, foreign exchange rate fluctuations, as well as the introduction new and scaling of new updated products and initiatives by us and our competitors.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
(2)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $7 $21 million on cost of net revenues during 2024 2025 compared to an unfavorable impact impacts of $7 million and $2 million during 2024 and a favorable impact of $81 million during 2023 and 2022, 2023, respectively.
Read it in 10-K Feb 19, 2026 at sec.gov
RewordedMD&A
(2)Foreign (1)Foreign currency movements relative to the U.S. dollar had an unfavorable impact of $9 $34 million on operating expenses during 2024 2025 compared to an unfavorable impact of $9 million during 2024 and a favorable impact of $16 million and $193 million during 2023 and 2022, respectively. 2023.
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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