GNRCGenerac

2 paragraphs in Risk Factors of the 10-K filed Feb 18, 2026 with nothing like them in the 10-K filed Feb 19, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 81 Industrials companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

Growth of the data center market is difficult to project and may not be sustaining, and we may not be successful in achieving our growth, revenue, or profitability objectives in the future related to it.

The increasing use and development of artificial intelligence has created significant demand for the build out of data center infrastructure, which includes backup power generation. While we believe the potential for this business is very promising, the growth and development of this rapidly evolving industry is difficult to project. Our expectations regarding this market may not prove to be accurate or the market may not be sustainable. Our operating results may fluctuate moving forward as we develop this business and expand our offering of high output diesel generators. Our expectations around growth for this market may also place significant demands on our management team and require significant capital investment as well as other resources. The technical, operational, or general contractual requirements for certain large data center customers or projects can be significant. Challenges in meeting these requirements, due to evolving project specifications or changing customer or supplier circumstances, or other issues could result in delays, increased costs, reduced revenue, or reputational harm. Any such issues with our performance under these contracts could materially impact our net sales and operating results. We may not be able to address these challenges in a cost-effective manner or at all. If we do not effectively manage our growth, we may not be able to execute on our business plan, respond to competitive pressures, or take advantage of the market opportunities. All of these could have an impact on our future objectives for growth, revenue, or profitability as well as our financial results and operations.

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New in the latest 10-Q

16 paragraphs in the 10-Q filed Nov 3, 2026 with nothing like them in the 10-Q filed Aug 4, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

Financial statements and notes

In May 2025, the FASB issued ASU 2025-04, Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer, which revises the definition of a performance condition to include conditions based on a customer's purchases, eliminates the forfeiture policy election for such awards, and clarifies that the variable consideration constraint does not apply to share-based consideration payable to a customer. The Company early adopted the standard in the third quarter of 2026 on a modified retrospective basis, and the adoption did not have a material impact on its condensed consolidated financial statements or disclosures.

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Elimination of intersegment cost of goods sold (9,467) (9,467) (12,708) (12,708)

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(8) Represents third party costs and the write-off of certain deferred financing costs in connection with the refinancing of the Tranche A Term Loan Facility and Revolving Debt Facility.

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(2) The increase primarily relates to the contingent consideration for the Enercon acquisition. Refer to Note 5 "Fair Value Measurements," for more information.

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( 1) Includes a specific warranty provision recorded during the third quarter of 2026 in the amount of $14,293 to address certain clean energy product related matters.

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On September 16, 2026, the Company issued a warrant (the Warrant) to a wholly-owned subsidiary of Amazon.com, Inc. (Amazon) to acquire up to 1,693,745 shares of the Company's common stock (Warrant Shares) at an exercise price of $200.9266 per share. The Warrant allows for cashless exercise and expires September 16, 2033.

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Upon issuance of the Warrant, 307,954 of the Warrant Shares vested. The remainder of the Warrant Shares are subject to vesting in multiple tranches over the seven year term of the Warrant based on aggregate gross payments up to $8,000,000, net of certain offsets, received by the Company from Amazon, related to backup power generators for Amazon data centers. The exercise price and the number of Warrant Shares are subject to antidilution adjustments.

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Using the Black Scholes option pricing model, the grant date fair value of the Warrant was determined to be $66.40 per share, for a total fair value of $112,463. The Company will recognize the grant-date fair value of the Warrant as a reduction of revenue from Amazon as control of the related goods or services are transferred over the term of the Warrant.

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The grant date fair value of the Warrant was calculated as of the issuance date using the following assumptions:

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Expected dividend yield - Risk-free interest rate 4.93% Expected volatility 30.0% Expected term 7 years

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As of September 30, 2026, the Company had recorded $3,357 and $17,091 in prepaid expenses and other current assets and operating lease and other assets, respectively, representing the aggregate fair value of the Warrant Shares vested at issuance, with the offset recorded to additional paid-in capital.

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(g) Represents third party costs and the write-off of certain deferred financing costs in connection with the refinancing of the Tranche A Term Loan Facility and Revolving Debt Facility.

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Other information

During the three months ended September 30, 2026, no director or officer of the Company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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Item 6

4.1+ Warrant to Purchase Common Stock, dated as of September 16, 2026, by and between Generac Holdings Inc. and Amazon.com NV Investment Holdings LLC (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed with the SEC on September 16, 2026).

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10.1+ Transaction Agreement, dated as of September 16, 2026, by and between Generac Holdings Inc. and Amazon.com, Inc. (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed with the SEC on September 16, 2026).

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Filed herewith. Furnished herewith Certain portions of this document have been redacted in accordance with Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to promptly furnish to the SEC an unredacted copy of the document upon request of the SEC.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 3, 2026 against Item 1A of the 10-K filed Feb 18, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its risk factors:
There have been no material changes in our risk factors since the February 18, 2026, filing of our Annual Report on Form 10-K for the year ended December 31, 2025.

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1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.