The biggest changes in the 10-K filed 2026-02-20, 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.
Net income
“Other Income (Expense), Net—Other income increased by $66 million, or 140%, in 2025 compared to 2024, primarily due to a $67 million gain recognized on the sale of excess European emissions credits during 2025.”
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“The lower effective tax rate for 2025 was primarily attributable to changes in earnings in countries with varying statutory tax rates, largely attributable to third quarter non-cash impairments decreasing the effective tax rate by 66.2 percentage points in comparison to 2024.”
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Operating margin
“SG&A Expenses—Selling, general and administrative (“SG&A”) expenses decreased by $32 million, or 2%, in 2025 compared to 2024, with approximately 70% of the decrease attributable to lower professional fees and the remainder primarily driven by reduced spending on strategic projects.”
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“Operating income in our Technology segment increased by $4 million, reflecting higher licensing results.”
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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
“Lower average sales prices for many of our products resulted in an 8% decrease in revenues, while lower sales volumes driven by lower demand led to a 4% decrease.”
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“Cost of Sales—Cost of sales decreased by $1,174 million, or 4%, in 2025 compared to 2024, primarily due to lower feedstock and energy costs.”
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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 ↗