The biggest changes in the 10-K filed 2026-02-24, in management's words
This fiscal year against the last, and the sentences in the MD&A where management explains each change. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
“Operating margin (operating income divided by operating revenues) decreased to (10.9)% for the year ended December 31, 2025 from 13.7% in the year ended December 31, 2024 primarily as a result of the $1,794.9 million intangible asset impairment as discussed above.”
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Net income
The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Cash from operations
The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Revenue
“The increase in IGW revenues was primarily due to higher average AUM partially offset by the shift in AUM toward lower yield products.”
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“The revenue projections used reflect declines ranging from 3% to 9% over the forecast period.”
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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 ↗