The 10-K against last year's
208 changes: 17 added, 20 removed, 166 reworded, 5 quiet changes
10-K 0001628280-26-037074 (2026-05-21) vs 10-K 0001037038-25-000011 (2025-05-22) Not compared: Accounting Policies.
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.
Risk Factors 207 words changed in this paragraph; it is 41% similar to last year's version.
Source: Item 1A, 10-K 0001628280-26-037074 vs Item 1A, 10-K 0001037038-25-000011
MD&A 199 words changed in this paragraph; it is 45% similar to last year's version.
The global economy and retail industry are impacted by many uncontrollable factors. Most recently, factors beyond our control. In April 2025, the U.S. announced significant changes to its trade policies, policies under the authority of the International Emergency Economic Powers Act ("IEEPA"), including widespread tariff increases on imported goods, with potential for new tariffs and further increases and on existing tariffs in the future, as well as revisions or terminations to existing trade agreements. In response, many countries have announced or are otherwise considering retaliatory tariffs on U.S. exports and other trade restrictions. This has led In February 2026, the U.S. Supreme Court invalidated the IEEPA tariffs previously applied to significant our imports, after which a new round of tariffs was announced by the current administration under an alternative U.S. Trade Act authority. In March 2026, the U.S. Court of International Trade issued an order directing U.S. Customs and Border Protection to refund IEEPA tariffs that were previously collected, and in April 2026, U.S. Customs and Border Protection announced the refund process, leveraging the Consolidated Administration and Processing of Entries Claim Portal through a phased rollout. Although we have taken steps to preserve our rights with respect to the potential refunds, there can be no assurance that we will receive any refunds, in whole or in part. These developments have also increased uncertainty regarding the future relationship between the U.S. and other countries, as well as growing concerns about countries and could contribute to a global trade war, higher inflation, and a potential global recession, economic slowdown, any of which has already caused caused, and could continue to cause, significant volatility of in global stock markets and foreign currency exchange rates.
Source: Item 7, 10-K 0001628280-26-037074 vs Item 7, 10-K 0001037038-25-000011
Legal Proceedings 9 words changed in this paragraph; it is 95% similar to last year's version.
Other off-balance sheet firm commitments amounted to $ 1.589 1.579 billion as of March 29, 2025, 28, 2026, including inventory purchase commitments of $ 937.8 808.3 million, lease commitments related to lease agreements for which the related lease terms have not yet commenced of $ 90.0 147.5 million, outstanding letters of credit of $ 10.6 10.4 million, interest payments related to the Company's debt of $ 129.3 million, a real estate purchase commitment of $ 116.9 262.1 million, and various other commitments of $ 304.8 350.9 million, primarily comprised of the Company's legally-binding obligations related to sponsorship, licensing, and other marketing and advertising agreements, information technology-related service agreements, and pension-related obligations.
Source: Item 3, via Note 14 – Commitments and Contingencies, 10-K 0001628280-26-037074 vs Item 3, via Note 15 – Commitments and Contingencies, 10-K 0001037038-25-000011
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of RL's Risk Factors and MD&A, 10-K 2026-05-21 against 10-K 2025-05-22. Each links to the text at sec.gov.
AddedRisk Factors
reduced retail traffic and the potential build-up of excess inventory as a result of store closures, other operational restrictions, and/or lower consumer demand; (iii) operational disruptions at our distribution centers and/or corporate facilities; (iv) potential declines in the level of consumer purchases of discretionary items; (v) our ability to attract, retain, and manage employees; (vi) the financial condition of our significant wholesale customers or licensing partners and their ability to meet obligations; (vii) our ability to successfully negotiate rent concessions and other relief with landlords; (viii) our ability to access capital markets and maintain compliance with debt covenants; and (ix) diversion of management attention and resources from ongoing business activities.
AddedRisk Factors
further development of "private labels" and exclusive product offerings in an effort to differentiate themselves from competitors, could have a material adverse effect on our business.
AddedRisk Factors
Our use and integration of artificial intelligence across our business presents risks and challenges that could adversely affect our business.
AddedRisk Factors
We are increasingly evaluating and deploying AI technologies, including generative AI and machine learning, across various aspects of our business. AI presents evolving risks that may be difficult to predict or mitigate. These risks include heightened data privacy, cybersecurity, and data protection risks, as the use of AI may involve processing sensitive data and, in some cases, sharing data with third-party providers. Such use may increase the risk of unauthorized access to, misuse, or disclosure of confidential information or personal data, introduce system vulnerabilities, and enable more sophisticated fraud and cyber-attacks. Any such event could result in operational disruptions, remediation costs, litigation, regulatory scrutiny, and reputational damage.
AddedRisk Factors
AI tools and systems may be unavailable, fail to perform as intended, or produce inaccurate or misleading outputs, and may be vulnerable to manipulation. When incorporated into our business processes, such risks could result in errors, inefficiencies, operational disruptions, or diminished customer experiences, and employees' use of AI tools may not always comply with our policies or controls. Further, we may rely on third-party AI technologies, cloud infrastructure, and data sets that could be subject to outages, security incidents, or changes in pricing or contractual terms, which may result in operational disruptions or the termination of our relationship with the providers of such technologies. AI-related activities also raise intellectual property, confidentiality, and content integrity risks, including potential claims that training data or outputs infringe third-party rights or that AI-generated content is inappropriate or inaccurate. Such risks could result in disputes, liability, regulatory inquiries, and reputational damage.
AddedRisk Factors
Our ability to successfully develop and deploy AI depends on attracting, developing, and retaining talent with AI-related skills and expertise. Competition for such talent is intense. If we are unable to build and maintain necessary AI capabilities, including such talent, we may not realize anticipated efficiencies or innovation benefits, or we may be competitively disadvantaged relative to peers that more effectively leverage AI. Conversely, investments in AI may not deliver expected returns, particularly in the near term, if adoption is limited or performance does not meet expectations.
AddedRisk Factors
The legal and regulatory environment governing AI is rapidly evolving. Emerging laws and regulations in jurisdictions where we operate may impose new obligations, limit the use of AI, or require changes to our products, processes, or controls. Compliance with such requirements could increase costs and expose us to investigations, enforcement actions, fines, or litigation.
AddedRisk Factors
Any perceived or actual failure to use AI responsibly, including with respect to fairness, bias, transparency, or governance, or to meet evolving stakeholder expectations, could harm our brand and reputation, reduce customer trust, negatively impact our workforce, and subject us to increased regulatory scrutiny or litigation, any of which could adversely affect our business, financial condition, and results of operations.
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AddedRisk Factors
Executive actions at the U.S. federal level and legislation in multiple U.S. states have sought to restrict or penalize corporate consideration of ESG factors, while jurisdictions in Europe and certain U.S. states have simultaneously expanded ESG-related mandates and disclosure requirements. This increasingly divergent regulatory environment creates operational complexity and legal risk, as actions taken to comply with or advance citizenship and sustainability objectives in one jurisdiction may expose us to criticism, regulatory scrutiny, or potential penalties in another, including limitations on our ability to do business. Any failure to effectively navigate these conflicting requirements, or the perception that we have insufficiently or excessively pursued such initiatives, could adversely affect our reputation, business, financial performance and growth.
AddedRisk Factors
We are involved in certain legal proceedings and regulatory matters and are subject from time to time to various claims involving alleged breach of contract claims, intellectual property and other related claims, escheatment and unclaimed property,
AddedMD&A
For discussion related to the results of operations and changes in our cash flows for Fiscal 2025 compared to Fiscal 2024, refer to Part II, Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Fiscal 2025 Form 10-K.
AddedMD&A
periods and geographies the right to access our various trademarks in connection with the licensees' manufacture and sale of designated products, such as certain apparel categories, eyewear, fragrances, and home furnishings.
AddedMD&A
During Fiscal 2026, we continued to advance key workstreams under the NGT project including completion of global design templates that support our core enterprise resource planning platform and related processes, automating certain distribution center operations, and progressing the global roll-out of merchandise allocation and long-range demand planning tools.
AddedMD&A
During Fiscal 2026, we also recognized income of $24.2 million related to the settlements of credit card interchange fee litigation matters. We donated this income to The Ralph Lauren Corporate Foundation, which resulted in related offsetting donation expense of $24.2 million during Fiscal 2026.
AddedMD&A
related to a transaction entered into as part of a reorganization of our corporate entity structure, and the absence of state and local credits received in the prior fiscal year. See Note 9 to the accompanying consolidated financial statements.
AddedMD&A
•an unfavorable change in our non-current liability for unrecognized tax benefits, as detailed in Note 9 to the accompanying consolidated financial statements;
AddedMD&A
•an unfavorable change in income tax receivables and payables due to higher tax payments in connection with certain non-routine tax transactions and the higher level of pretax income, as well as the timing of tax payments; and