7 paragraphs in Risk Factors of the 10-K filed Jan 29, 2026
with nothing like them in the 10-K filed Jan 28, 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.
Executive Orders. The President has issued multiple Executive Orders (EOs), including two that are intended to (i) simplify and accelerate the procurement process through an overhaul of the FAR and (ii) modernize the defense acquisition process by promoting commercial solutions, use of innovative acquisition authorities, and other existing streamlined processes. The Secretary of War recently released the Department’s Acquisition Transformation Strategy that is consistent with these EOs, and also aims to restructure the requirements process, funding authority, and reorganizes the Acquisition workforce. As part of this broader transformation, the U.S. Government is shifting its acquisition strategy toward longer‑term contract structures; some contracts that were previously negotiated on an annual basis may now be executed as a multi‑year procurement. We expect a revision to the DFARS in the next several months as well.
In addition, the President recently issued an EO that could limit certain contractors performing work under critical defense weapons, supplies, and equipment contracts from issuing excessive dividends or owner distributions, making share repurchases, and placing certain restrictions on executive compensation, as well as additional measures. It is expected that this EO will be implemented this year through a new DFARS clause and the EO’s restrictions will apply only after the DoW determines that a contractor has failed to meet identified contract performance requirements.
While the applicability and full impact of these initiatives on our business is uncertain, we are adapting to meet the changes in U.S. Government buying behaviors and expectations. We will continue to monitor and assess their effects on our business and financial results.
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Government actions relating to rare earth minerals that are used in certain of our products, including U.S. Government sourcing prohibitions on the import of such minerals and the imposition of export controls on such minerals by China, have
raised concerns about supply availability. The rare earth supply chain continues to be vulnerable to disruption due to increasing scarcity and constrained capacity, and we are developing and executing mitigation plans designed to safeguard supply and meet future delivery commitments. We believe we will continue to meet our production and delivery commitments. However, if we are unable to successfully mitigate disruptions to the availability of rare earth minerals, our future profits, margins and cash flows may be adversely affected.
Certain materials and component parts that go into making our products are imported into the U.S. and are subject to tariffs, sanctions, embargoes, export and import controls, and other trade restrictions. The U.S. Government has increased, expanded, or imposed new tariffs on goods imported from various countries. We also export certain products to other countries, and several countries have increased or imposed additional tariffs in response to U.S. tariffs. The tariff environment has been dynamic in 2025, with changes occurring on an ongoing basis, and it is possible that additional developments will occur in the future, including as a result of negotiations between the U.S. and trade partners and legal challenges to the tariffs. At this time, excluding the near-term cash flow impact, we do not believe that the tariffs announced by the U.S. or actions taken in response to these tariffs by other countries will have a material adverse effect upon our results of operation or financial condition over the long term. The actual impact of the tariffs is subject to a number of factors including the effective date and duration of such tariffs, changes in the amount, scope and nature of the tariffs, any countermeasures that the target countries may take, the result of negotiations between the U.S. and trade partners, how our Tier 1 and Tier 2 suppliers react, possible substitution effects, possible duty-free entry entitlements, the outcome of any legal challenges, and any mitigating actions that may become available.
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that our products or services infringe their intellectual property rights, which could result in costly and time-consuming disputes, subject us to damages and injunctions and adversely affect our ability to compete and perform on certain contracts.
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New in the latest 10-Q
20 paragraphs in the 10-Q filed Oct 22, 2026 with nothing like
them in the 10-Q filed Jul 23, 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
Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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quarter ended September 27, 2026, was primarily due to $ 52.5 billion associated with the multi-year award to produce PAC-3 Missile Segment Enhancement (MSE) interceptors at our MFC business segment. We expect to recognize approximately 23 % of our backlog over the next 12 months and a total of approximately 40 % over the next 24 months as revenue with the remainder recognized thereafter.
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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On August 24, 2026, we entered into a new $ 2.25 billion unsecured 364 -Day revolving credit facility, replacing our previous $ 3.0 billion facility that was scheduled to mature on December 4, 2026. The new facility matures on August 23, 2027, with the option to convert any borrowings at maturity into term loans payable on August 23, 2028. We also extended the maturity of our existing $ 3.0 billion unsecured 5-year revolving credit facility from August 24, 2030 to August 24, 2031. Both facilities are available for general corporate purpose, including supporting commercial paper borrowings. There were no borrowings under either facility at September 27, 2026.
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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potentially taking action based on those assessments. Those actions remain uncertain and could result in impacts to both our current and future business prospects and financial performance.
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Quarters Ended Nine Months Ended September 27, September 28, September 27, September 28,
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Controls and procedures
There were no changes in our internal control over financial reporting during the quarter ended September 27, 2026 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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• our ability to develop and integrate artificial intelligence and autonomy technologies into our products and operations, our use of third-party AI providers, unintended performance of AI-enabled systems, and evolving laws, regulations and contract requirements governing AI and autonomous weapon systems;
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The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 22, 2026 against Item 1A of the 10-K filed Jan 29, 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.
Added10-Q 2026-10-22 vs 10-K 2026-01-29
Except for the risk factor update disclosed in Part II, Item 1A, “Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended March 29, 2026, there have been no other material changes to our risk factors disclosed in Part I, Item 1A, “Risk Factors” of our 2025 Form 10-K. These risks and uncertainties described in our risk factors have the potential to materially affect our business, results of operations, financial condition, cash flows, projected results and future prospects. These risks are not exclusive and additional risks to which we are subject include the factors mentioned under “Forward-Looking Statements” and the risks described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in this Form 10-Q.
Read it in the 10-Q at sec.gov ↗
