The 10-K against last year's
80 changes: 6 added, 10 removed, 64 reworded
10-K 0001141391-26-000013 (2026-02-11) vs 10-K 0001141391-25-000011 (2025-02-12) Not compared: Legal Proceedings.
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 140 words changed in this paragraph; it is 51% similar to last year's version.
The effective income tax rates for the years ended December 31, 2025 and 2024 were 19.4% and 2023 were 15.6% and 17.9%, 15.6%, respectively. The adjusted effective income tax rates for the years ended December 31, 2025 and 2024 were 19.6% and 2023 were 16.2% and 18.5%, 16.2%, respectively. Both the as-reported and as-adjusted effective income tax rates were lower in higher versus 2024, primarily due to a discrete tax expense in 2023 related to changes change in the valuation allowance associated with net tax effect of our Singapore operations, which includes the U.S. foreign tax credits deferred tax asset. In 2023, the treatment of foreign taxes paid under the U.S. tax regulations published Pillar 2 Rules that took effect in 2022 changed due to the foreign tax legislation enacted in Brazil and Notice 2023-55 (the “Notice”) released by the U.S. Department of Treasury. Therefore, we recognized a total $327 million discrete tax expense in 2023 to establish the valuation allowance. This discrete tax expense was partially offset by our ability to claim more U.S. foreign tax credits generated in 2022 and 2023 due to the Notice. 2025. Additionally, a change in our geographic mix of earnings in 2024 contributed to the lower higher effective income tax rates compared to the prior year. rates, partially offset by net discrete tax benefits.
Source: Item 7, 10-K 0001141391-26-000013 vs Item 7, 10-K 0001141391-25-000011
Risk Factors 128 words changed in this paragraph; it is 66% similar to last year's version.
Source: Item 1A, 10-K 0001141391-26-000013 vs Item 1A, 10-K 0001141391-25-000011
Accounting Policies 97 words changed in this paragraph; it is 38% similar to last year's version.
Targeted Improvements to Income Tax Disclosures the Accounting for Internal-Use Software - In December 2023, September 2025, the Financial Accounting Standards Board (“FASB”) FASB issued accounting guidance to enhance modernize the transparency accounting for internal-use software costs by eliminating the consideration of project development stages and decision usefulness of income tax disclosures. The guidance includes improvements to income tax disclosures primarily related to clarifying the rate reconciliation and income taxes paid. criteria for capitalization. This guidance is effective for annual periods fiscal years beginning after December 15, 2024, with early adoption permitted. 2027, including interim periods. The Company is in the process of evaluating when it will adopt and assessing the impact of this guidance in on its Form 10-K for the year ended December 31, 2025. financial statements.
Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001141391-26-000013 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0001141391-25-000011
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of MA's Risk Factors and MD&A, 10-K 2026-02-11 against 10-K 2025-02-12. Each links to the text at sec.gov.
AddedRisk Factors
•Uncertain global trade policies and related government actions (including those related to tariffs), which could have an adverse impact on our business (including with respect to consumer and business spending) and relationships with stakeholders
AddedMD&A
•We completed a debt offering in February 2025 for an aggregate principal amount of $1.25 billion.
AddedMD&A
1 Other income (expense), net increased in 2025 versus the prior year, primarily driven by approximately $135 million recognized related to government grants.
AddedMD&A
In July 2025, the U.S. enacted the One Big Beautiful Bill Act (OBBBA). While we continue to analyze the impacts of the OBBBA, at this time it is not expected to have a material impact on our financial statements.
AddedMD&A
The following table summarizes the dividends declared by our Board of Directors on our outstanding Class A common stock and Class B common stock, payable in 2026:
AddedMD&A
Date of Declaration Amount Payable per Share Record Date Date Payable Aggregate Amount (in millions) December 9, 2025 $0.87 January 9, 2026 February 9, 2026 $777 February 10, 2026 $0.87 April 9, 2026 May 8, 2026 $776 1