RewordedRisk Factors
MASMasco
Masco Corporation and its subsidiaries (the “Company”) is a global leader in the design, manufacture and distribution of branded home improvement and building products. 10-K, Item 1
- Employees
- 18,000
- Headquarters
- Livonia, MI
- Next results
- around Feb 9, 2027
10-K 0000062996-26-000005 (2026-02-10) vs 10-K 0000062996-25-000004 (2025-02-11)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 4,723 | 4.3% |
| MD&A | Item 7 | 4,753 | 12.3% |
| Legal Proceedings | Item 3 | 30 | not compared |
| Accounting Policies | Item 8 (note not found) | 0 | not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 131 words changed in this paragraph; it is 49% similar to last year's version.
We continue to leverage the Masco Operating System, our methodology to drive growth and productivity, and continuous improvement initiatives across our enterprise to identify additional opportunities to improve our business operations. From time to time, we may take actions to drive efficiency in the business focused on the strategic rationalization of our businesses, including business consolidations, plant closures, headcount reductions and other cost savings initiatives. In the fourth quarter of 2025, we began implementing various restructuring actions to further streamline our business, reduce headcount, and optimize operations. In connection with these actions, we incurred charges of approximately $18 million in the fourth quarter of 2025, and we expect to incur approximately $50 million in additional charges in 2026. Additionally, subsequent to December 31, 2025, we announced that we will implement an internal reorganization resulting in the integration of our Liberty Hardware (“Liberty”) business, a distributor of cabinet and other hardware and shower doors, into our Delta Faucet business. As a result of the integration, beginning with our Quarterly Report on Form 10-Q for the period ending March 31, 2026, Liberty will be included in our Plumbing Products segment rather than our Decorative Architectural Products segment.
Source: Item 7, 10-K 0000062996-26-000005 vs Item 7, 10-K 0000062996-25-000004
Risk Factors 124 words changed in this paragraph; it is 59% similar to last year's version.
We purchase substantial amounts of raw materials, components and finished products from outside sources, including international sources, and we manufacture certain of our products outside of the United States. Increases in the cost of the materials we purchase, including as a result of diminished availability, increased duties, tariffs and inflation or unfavorable fluctuations in currency exchange rates have increased and may in the future increase the prices for our products and negatively impact our results of operations and financial position. Further, our production has been In particular, we have experienced and may continue to experience significantly higher costs as a result of increased duties and tariffs, mainly in the future be impacted if we or our suppliers are unable to procure our requirements for various raw materials, including, among others, brass, copper, resins, titanium dioxide and zinc. Elevated energy prices have increased and may in the future increase our production and transportation costs. In addition, water is a significant component of our architectural coatings products and may be subject to shortages and restrictions on supply in certain regions, Plumbing Products segment, due to climate-related duties and tariffs related to China and other influences. These factors could adversely impact our results of operations and financial position. international jurisdictions as well as related to materials.
Source: Item 1A, 10-K 0000062996-26-000005 vs Item 1A, 10-K 0000062996-25-000004
Every change, by type
Sentences and paragraphs of MAS's Risk Factors and MD&A, 10-K 2026-02-10 against 10-K 2025-02-11. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
RewordedRisk Factors
Furthermore, stakeholders are increasingly scrutinizing companies' ESG practices, and stakeholders’ expectations regarding ESG practices company practices, positions or public statements are diverse and rapidly continually changing.
RewordedRisk Factors
Global cybersecurity vulnerabilities, threats and more frequent, sophisticated and targeted attacks attacks, which may be increasingly exacerbated by the proliferation of and advance in artificial intelligence, pose a risk to our information technology systems and to critical third-party information technology platforms we utilize.
RewordedRisk Factors
Increased selling prices for our products have led and may in the future lead to sales declines declines, a shift in the mix of products we sell and loss of market share, particularly if those prices are not competitive.
RewordedRisk Factors
RewordedRisk Factors
Compliance with these laws, regulations and government policies is costly, costly and has required significant management attention, and future changes to these laws may continue to require significant management attention and disrupt our operations.
RewordedRisk Factors
We have been and may in the the future be adversely impacted if these information systems breakdown, fail, or if delays in system upgrades or replacements stretch those systems beyond support by third-party service providers, including cloud platform providers.
RewordedRisk Factors
These include laws and regulations related to anti-bribery/anti-corruption, competition, data privacy, environmental, social and governance (“ESG”) sustainability matters, sanctions, tax, trade, including duties and tariffs, and other business practices.
RewordedRisk Factors
For our businesses to be successful, we must invest significant resources to attract, develop and retain highly qualified, qualified and talented and diverse employees, who have the experience, knowledge and expertise to implement our strategic and business initiatives.
Quiet changesRisk Factors
Sourcing these goods and services from alternate suppliers, including suppliers from new geographic regions, or re-engineering our products as a result of supplier disruptions, can be is time-consuming and costly and could result in inefficiencies or delays in our business operations or could negatively impact the quality of our products.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
Year Ended December 31, 2025 2024 2023 Change Net sales $ 7,562 $ 7,828 $ 7,967 (2)% (3)% Cost of sales (4,883) (4,997) (5,131) (3)% (2)% Gross profit $ 2,679 $ 2,831 $ 2,836 —% (5)% Gross margin 35.4 % 36.2 % 35.6 % 60 (80) bps Selling, general and administrative expenses $ (1,426) $ (1,468) $ (1,473) —% (3)% Selling, general and administrative expenses of a percent of net sales (18.9) % (18.8) % (18.5) % (30) (10) bps Impairment charge for other intangible assets $ (5) $ — $ (15) (100)% 100% Operating profit, as reported $ 1,248 $ 1,363 $ 1,348 1% (8)% Rationalization charges 19 9 13 (31)% 111% Impairment charge for other intangible assets 5 — 15 (100)% Insurance settlement — (40) (100)% 100% Operating profit, excluding rationalization charges, charges and impairment charge, and insurance settlement charge $ 1,272 $ 1,372 $ 1,336 3% (7)% Operating profit margin, as reported 16.5 % 17.4 % 16.9 % 50 (90) bps Operating profit margin, excluding rationalization charges, charges and impairment charge, and insurance settlement charge 16.8 % 17.5 % 16.8 % 70 (70) bps
RewordedMD&A
RewordedMD&A
Net cash used for financing activities was $1,017 $888 million, primarily due to $751 $571 million for the repurchase and retirement of our common stock, $254 $261 million for the payment of cash dividends, $37 and $45 million for dividends paid to noncontrolling interest, $35 million for employee withholding taxes paid on stock-based compensation, and $15 million for the purchase of the remaining equity interest in Easy Sanitary Solutions B.V. interest.
RewordedMD&A
Our net sales for 2024 2025 decreased primarily due to lower sales volume of North America plumbing products, lower across the entire company which decreased sales by four percent, partially offset by higher net selling prices of decorative architectural products, and unfavorable sales mix of plumbing products which each decreased increased sales by one two percent.
RewordedMD&A
Year Ended December 31, 2025 2024 2023 Change Net sales, as reported $ 7,562 $ 7,828 $ 7,967 (2)% Acquisitions (58) — (3)% Divestitures — (72) (178) Net sales, excluding acquisitions and divestitures 7,770 7,895 (2)% 7,562 7,650 (1)% Currency translation 32 (45) — Net sales, excluding acquisitions, divestitures and the effect of currency translation $ 7,802 7,517 $ 7,895 (1)% 7,650 (2)%
RewordedMD&A
Our operating profit for 2024 2025 was $1,363 $1,248 million, which increased one decreased eight percent, and was positively negatively impacted by the non-recurrence of decreased gross profit and an impairment charge for other intangible assets in 2023. assets, partially offset by lower selling, general and administrative expenses.
RewordedMD&A
Plumbing Products $ 911 $861 6% 895 $911 (2)% Decorative Architectural Products 443 549 578 (5)% (19)% Total $ 1,460 $1,439 1% 1,338 $1,460 (8)% General corporate expense, net (89) (97) (91) 7% (8)% Total operating profit $ 1,363 $1,348 1% 1,248 $1,363 (8)%
RewordedMD&A
A 10 percent decrease in the estimated fair value of our other indefinite-lived intangible assets would not have resulted in a $1 million impairment of one of our other indefinite-lived intangible assets. an additional impairment, except for the previously mentioned registered trademark.
RewordedMD&A
These amounts were mostly partially offset by cost savings initiatives and one five percent due to higher net selling prices. prices of plumbing products, as well as cost savings initiatives.
RewordedMD&A
Net cash used for investing activities was $50 $144 million, primarily driven by $168 $156 million of capital expenditures, partially offset by $126 million of proceeds from the sale of Kichler. expenditures.
RewordedMD&A
Plumbing Products $ 4,853 $4,842 —% 4,992 $4,853 3% Decorative Architectural Products 2,570 2,975 3,125 (5)% (14)% Total $ 7,828 $7,967 (2)% 7,562 $7,828 (3)%
RewordedMD&A
Year Ended December 31, 2025 2024 2023 Favorable / (Unfavorable) Income tax expense $ (277) $ (287) $ (278) (3)% 3% Effective tax rate (25) (24.4) % (22) (24.7) % (300) 30 bps
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