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MTDMettler Toledo

Health care · Lab Instruments · NYSE
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The 10-K against last year's

154 changes: 15 added, 22 removed, 112 reworded, 5 quiet changes

10-K Feb 6, 2026 vs Feb 7, 2025
Risk FactorsRedline ↓
18.4%
of the text changed · 7,637 words now
19.5%
of the text changed · 7,520 words now
Accounting PoliciesRedline ↓
16.4%
of the text changed · 2,867 words now

10-K 0001037646-26-000011 (2026-02-06) vs 10-K 0001037646-25-000012 (2025-02-07) 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 193 words changed in this paragraph; it is 31% similar to last year's version.
Net Segment net sales in U.S. dollars increased 2% in 2024 2025 and decreased 5% in 2024, and in local currencies increased 2% in 2025 and decreased 3% in 2023. Excluding the effect of currency exchange rate fluctuations, or 2024. Net sales to external customers in U.S. dollars increased 1% in 2025 and decreased 13% in 2024, and in local currencies, currencies increased 1% in 2025 and decreased 11% in 2024. The growth in net sales increased 3% in 2024 and decreased 3% in 2023. Net sales in 2023 were negatively impacted by to external customers during 2025 was reduced approximately $58 million 1% from our the previously disclosed shipping delays related to a new external European logistics service provider, delays, which were largely recovered in the first quarter of 2024. We estimate local currency benefited 2024 net sales were flat in 2024 and decreased 1% in 2023 excluding the impact of the delayed shipments. Market demand in our core segments was soft in 2024, particularly in China. We continue to benefit from our strong global leadership positions, diversified customer base, innovative product offering, investment in emerging markets, significant installed base, and the impact of our sophisticated global sales and marketing programs. Examples of these programs include identifying and investing in growth and market penetration opportunities, more effectively pricing our products and services, increasing our sales force effectiveness through improved guidance and redirecting resources to our most promising growth opportunities, increasing the use of digital tools, and continuing to optimize our lead generation and lead nurturing processes.

Source: Item 7, 10-K 0001037646-26-000011 vs Item 7, 10-K 0001037646-25-000012

Risk Factors 142 words changed in this paragraph; it is 55% similar to last year's version.
through a variety of means, including regulating greenhouse gas (GHG) emissions, implementing policies mandating or promoting the use of renewable or zero-carbon energy and sustainability initiatives, and additional taxes on fuel and energy. We have corporate programs in place to manage compliance and stakeholder expectations related to environmental matters, but increasing Increasing public interest in climate change topics may result in the enactment of additional disjointed governmental laws and regulations related to this subject area. Such increased compliance burdens and costs could disrupt the sourcing, manufacturing, and distribution of our products and adversely affect our business, and financial condition, or results in operations. We are currently involved in, or have potential liability In addition, evolving and sometimes conflicting stakeholder expectations with respect to, the remediation of past contamination in various facilities. In addition, some of our facilities are to climate-change-related Company policies, actions, or have been in operation for many decades goals, could expose us to legal and may have used substances or generated and disposed of wastes that are hazardous or may be considered hazardous in the future. These sites and disposal sites owned by others to which we sent waste may in the future be identified as contaminated and require remediation. Accordingly, it is possible that we could become subject to additional environmental liabilities in the future that may harm our results of operations or financial condition. reputational risks.

Source: Item 1A, 10-K 0001037646-26-000011 vs Item 1A, 10-K 0001037646-25-000012

Accounting Policies 123 words changed in this paragraph; it is 48% similar to last year's version.
Product revenue is recognized from contracts with customers when a customer has obtained control of a product. The Company considers control to have transferred based upon shipping terms. To the extent the Company’s contracts have a separate performance obligation, revenue related to any post-shipment performance obligation is deferred until completed. Shipping and handling costs charged to customers are included in total net sales and the associated expense is a component of cost of sales. Certain products are also sold through indirect distribution channels whereby the distributor assumes any further obligations to the end-customer. Revenue is recognized on these distributor arrangements upon transfer of control to the distributor. Contracts do not contain variable pricing arrangements that are retrospective, except for rebate programs. Rebates are estimated based on expected sales volumes and offset against revenue at the time such revenue is recognized. The Company generally maintains the right to accept or reject a product return in its terms and conditions and also maintains appropriate accruals for outstanding credits. The related provisions for estimated returns and rebates are immaterial to the consolidated financial statements.

Source: 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001037646-26-000011 vs 10-K text, Note 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, 10-K 0001037646-25-000012

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of MTD's Risk Factors and MD&A, 10-K 2026-02-06 against 10-K 2025-02-07. Each links to the text at sec.gov.

AddedRisk Factors
We continue to invest in global market trends around automation and digitalization, as well as technologies related to artificial intelligence (AI). We have several initiatives that further strengthen our capabilities to serve customers, and we continue to advance the digital capability of our products and software to provide additional insights and productivity improvements to our customers throughout their value chains. As we develop new products and software, such as those related to automation and digitalization trends, we are required to comply with additional regulations.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
Political policies in the U.S., China, Europe, Mexico, and Canada may affect global trade, reduce domestic purchasing power, and create uncertainty. In 2025, the U.S. government enacted incremental tariff rates on imports from several foreign countries, which remain subject to negotiation and change, and the Chinese government implemented retaliatory tariffs resulting in incremental tariff costs of approximately $50 million in 2025. Accordingly, tariffs have raised the cost of our products, components, and raw materials, negatively impacting our gross margin. In addition, foreign governments, including

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedRisk Factors
We have implemented mitigating actions, including increasing our pricing and optimizing our global supply chain. Although we have implemented various actions to mitigate the effect of current tariffs, they may be inadequate to cover the potential costs of future tariffs that may be enacted. In addition, higher prices may also reduce our competitiveness and customer demand.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
Net sales in U.S. dollars increased 4% in 2025 and 2% in 2024. Excluding the effect of currency exchange rate fluctuations, or in local currencies, net sales increased 3% in both 2025 and 2024. We estimate local currency net sales increased 4% in 2025 and were flat in 2024 excluding the impact of previously disclosed delayed shipments in 2023 and acquisitions.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
components of these faster-growing segments will change as various markets develop, and we will continue to leverage the breadth and scope of our product offering as new opportunities emerge.

Read it in 10-K 2026-02-06 at sec.gov ↗

Show the other 7
AddedMD&A
In 2025, the U.S. government enacted incremental tariff rates on U.S. imports from certain foreign countries. In response to the U.S. tariffs, the Chinese government implemented an additional tariff on imports from the U.S. We estimate that we incurred costs before mitigation actions from the 2025 incremental tariffs of approximately $50 million in 2025, and have implemented various actions to fully offset the effect of the current incremental tariffs in 2026. Incremental tariffs rates are currently 15% on imports from Switzerland, 25% on non-USMCA imports from Mexico, 30% on imports from China, 15% on imports from the European Union and 10% on imports from the United Kingdom. The U.S. government has indicated it may make further changes to tariff rates in the future that may adversely impact our financial results in future periods.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
The recent escalation in global trade disputes/tariffs has increased economic uncertainty in our end markets and the global economic environment, including increasing the risk of recession in many

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
countries, and market conditions may change quickly. Although we have implemented various actions to mitigate the effect of current tariffs, they could adversely impact our financial results and could have a greater impact on our operating results in future periods.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
Additional changes in global trade disputes/tariffs may negatively impact our gross margins in future periods. As previously mentioned, we have implemented various actions to mitigate the effect of the current tariffs.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
On July 4, 2025, the United States enacted new tax legislation into law. The legislation did not have a material impact on our annual income tax rate or consolidated financial statements.

Read it in 10-K 2026-02-06 at sec.gov ↗

AddedMD&A
On July 4, 2025, the United States enacted new tax legislation into law. We reflected the impact of the legislation, which was not material, in 2025. We do not expect the legislation to have a material impact on our projected annual income tax rate or consolidated financial statements.

Read it in 10-K 2026-02-06 at sec.gov ↗

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