10-K 0000882835-26-000009 (2026-02-24) vs 10-K 0000882835-25-000008 (2025-02-24)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 5,623 |
13.5% |
| MD&A | Item 7 | 4,918 |
16.2% |
| Legal Proceedings | Item 3 | 27 |
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.
Risk Factors 164 words changed in this paragraph; it is 60% similar to last year's version.
We are increasingly incorporating artificial intelligence (“AI”) AI solutions into our platforms, offerings, services, and operations, and we expect that AI will continue to become a more important to integral part of our company business over time. Our competitors competitors, AI companies, or other third parties may incorporate AI into their products or operations more quickly or successfully than us, or develop superior products and services with the aid of AI, which could impair our ability to compete effectively and adversely affect our results of operations. The rapid pace of AI advancement may make it difficult to maintain competitive advantages, and AI capabilities could quickly become commoditized, reducing our ability to differentiate our offerings. Additionally, we may face challenges in protecting AI-generated innovations as intellectual property protections for AI-created materials remain uncertain in many jurisdictions. Competitors may be able to reverse-engineer or replicate our AI capabilities, and questions regarding ownership of AI-generated content or inventions could create legal uncertainties. Furthermore, if we use AI that is based on data, algorithms, or other inputs that are flawed, or if the AI assists in producing content, analyses, or recommendations that are or are alleged to be deficient, inaccurate, violative of third-party intellectual property, or biased, our business, financial condition, and results of operations may be adversely affected. The use of AI applications has resulted in, and may in the future result in, cybersecurity incidents that implicate the personal data of end users of such applications. Any such cybersecurity incidents related to our use of AI applications could adversely affect our reputation and results of operations. AI also presents emerging ethical issues, and if our use of AI becomes controversial we may experience brand, reputational, or competitive harm, or legal liability.
Source: Item 1A, 10-K 0000882835-26-000009 vs Item 1A, 10-K 0000882835-25-000008
MD&A 121 words changed in this paragraph; it is 73% similar to last year's version.
In our Application Software segment, net revenues grew 15.9% to $4,483.0 for the year ended December 31, 2024 were $3,868.3 2025 as compared to $3,186.9 $3,868.3 for the year ended December 31, 2023. 2024, led by acquisition contribution from Transact and CentralReach. The growth of 5.6% 5.4% in organic revenues was broad-based across the segment led by our businesses serving the project-based business/government contracting, acute healthcare, property and casualty insurance, and legal markets. markets, partially offset by a decrease in organic non-recurring revenue driven primarily by our business serving the government contracting market. Gross margin decreased increased slightly to 68.5% for the year ended December 31, 2025 as compared to 68.4% for the year ended December 31, 2024 as compared to 68.9% for the year ended December 31, 2023, 2024, due primarily to improved leverage on higher organic revenues, which was offset by a lower gross margin profile associated with the higher payments revenue mix at Procare and Transact, our 2024 acquisitions, whose results reduced gross margin by 180 basis points. This decrease was partially offset by improved leverage on higher organic revenues. Transact. Selling, general and administrative (“SG&A”) expenses as a percentage of net revenues decreased improved to 41.6% in the year ended December 31, 2025 as compared to 42.0% in the year ended December 31, 2024 as compared to 43.1% in the year ended December 31, 2023, 2024, due primarily to lower SG&A profiles at Procare and Transact, which collectively reduced SG&A as a percentage of net revenues by 70 basis points, operating leverage on higher organic revenues, revenues and cost synergies resulting from the integration of Syntellis. Transact with CBORD, partially offset by higher amortization of acquired intangibles from the acquisition of CentralReach. The resulting operating margin was 26.8% in the year ended December 31, 2025 as compared to 26.5% in the year ended December 31, 2024 as compared to 25.8% in the year ended December 31, 2023. 2024.
Source: Item 7, 10-K 0000882835-26-000009 vs Item 7, 10-K 0000882835-25-000008
Every change, by type
Sentences and paragraphs of ROP's Risk Factors and MD&A, 10-K 2026-02-24 against 10-K 2025-02-24.
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
AddedRisk Factors
We rely on third-party AI platforms and services, including proprietary and open-source large language models and other AI technologies provided by companies such as OpenAI, Anthropic, Google, and Microsoft. These providers may change their terms of service, increase pricing, discontinue services, experience outages, decline to provide certain indemnities, or make changes to their AI models that adversely affect our products or operations. As AI becomes more central to our offerings, our exposure to pricing changes from these providers increases, and we may not be able to pass such cost increases on to our customers. We have limited control over these third-party AI systems and their updates, and any disruption in access to these services could have a significant impact on our business. The use of AI applications may result in cybersecurity incidents that implicate the personal data of end users of such applications. Any such cybersecurity incidents related to our use of AI applications could adversely affect our reputation and results of operations. AI also presents emerging ethical issues, and if our use of AI becomes controversial, we may experience brand, reputational, or competitive harm, or legal liability.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
Regulation limiting or controlling the use of AI may restrict our ability to use AI, our ability to create new products, and create increased compliance costs.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedRisk Factors
We are subject to an evolving landscape of laws and regulations governing the use of AI. The EU AI Act classifies AI systems by risk level and may prohibit certain high-risk applications, requiring significant change to product design, documentation, governance processes, and risk management practices to achieve compliance. In the U.S., several states, including Colorado and California, have enacted or are considering AI-specific regulations addressing transparency, bias, and accountability, particularly in the housing and employment fields. Regulatory uncertainty regarding how these laws will be interpreted and enforced creates additional compliance challenges, and may cause us to modify our data handling and compliance practices, limit our ability to use certain data to support our products or product development efforts, hinder our customers’ ability to adopt or continue to use our products, or require us to cease offering or using certain AI-enabled features or services in particular jurisdictions.
Read it in 10-K 2026-02-24 at sec.gov ↗
RemovedRisk Factors
that is not covered by insurance or is in excess of insurance coverage, could materially harm our operating results and financial condition.
Read it in 10-K 2025-02-24 at sec.gov ↗
RemovedRisk Factors
We may be affected by laws and regulations that govern the use of AI. For example, the EU AI Act places new requirements on providers of AI technologies that will need to be addressed in alignment with various deadlines in the coming years. These and other laws or regulations may cause us to modify our data handling and compliance practices, which could be costly or disruptive to our operations, and may also impact our ability to use certain data to support our products or our product development efforts or hinder our customers’ ability to adopt or continue to use our products.
Read it in 10-K 2025-02-24 at sec.gov ↗
RewordedRisk Factors
Cybersecurity incidents, incidents including ransomware attacks, systems disruptions or interruptions, cyberattacks, insider threats, system disruptions, and configuration or human error, insider threat, and/or other external hazards or threats errors could result in the misappropriation of assets or information, corruption of data, data and assets, or disruptions in to our business strategy, results of operations, and financial condition. condition, and may require notification to customers and regulators with associated investigation, remediation, and monitoring obligations.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
The potential consequences of a material cybersecurity incident include financial loss, reputational damage, damage to our IT systems, data loss, litigation with third parties, litigation, theft of intellectual property, regulatory fines, customer attrition, diminution in the value of our investment investments in research and development, development (“R&D”), and increased cybersecurity protection and remediation costs due to the increasing sophistication costs, which may not be fully covered by insurance and proliferation of threats, which in turn could adversely affect our competitiveness and results of operations.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
We currently have product liability insurance; however, we may not be able to maintain our insurance at a reasonable cost or in amounts sufficient to adequately protect us against losses. losses, and alleged defects or vulnerabilities in products may lead to claims for data loss, business interruption, or privacy violations that may not be fully covered by insurance.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
In addition, some of our products are provided by sole source suppliers and our SaaS offerings are increasingly reliant on a limited number of third-party cloud computing platforms. platforms, and transitioning to alternative suppliers or platforms may require significant time, redesign, and capital investment, or may not be feasible for certain products or services.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
In many situations, government entities can unilaterally terminate or modify our existing contracts without cause and without penalty to the government agency. agency, and government contracts may be subject to specialized compliance obligations, audits, investigations, and bid processes that can delay awards and increase costs.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Our ability to monitor such third parties’ security measures and the full impact of the systemic risk is limited. limited, and concentration with a limited number of providers increases exposure to outages and pricing changes.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
We are increasingly incorporating artificial intelligence (“AI”) AI solutions into our platforms, offerings, services, and operations, and we expect that AI will continue to become a more important to integral part of our company business over time.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
The interpretation and application of consumer and data protection laws and industry standards in the U.S., Europe, and elsewhere can be uncertain and currently is in flux. flux, including standards that may require contractual updates, technical safeguards, and other measures.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Cloud-based solutions may be subject to further regulation, regulations, such as the EU Data Act, including data localization requirements requirements, restrictions on long-term contracts, and other restrictions limiting the international transfer of data.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Changes in political administrations or government shutdowns in the U.S. and or elsewhere may lead to variability in, or reallocation of, government spending priorities, or a reduction or delay in government spend, spending, which has had, and could continue to have an adverse impact on our businesses that serve governmental entities or governmental contractors.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
Actions to enforce these rights may result in substantial costs and diversion of resources, and we make no assurances that any such actions will be successful. successful, particularly given evolving uncertainty regarding protection and ownership of AI-assisted outputs.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedRisk Factors
These disruptions may include, but are not limited to, interruptions to business operations, loss of intellectual property, release of confidential information, malicious alteration or corruption of data or systems, costs related to remediation or the payment of ransom, litigation including (including individual claims or claims, consumer class actions, or commercial litigation, litigation), administrative, and civil civil, or criminal investigations or actions, regulatory intervention and sanctions or fines, investigation and remediation costs, and possible prolonged negative publicity.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
Net cash provided by operating activities increased by 6% to $2,540.3 in 2025 as compared to $2,393.2 in 2024 due primarily to the change in net earnings before non-cash expenses, and a benefit to cash income taxes paid in connection with the repeal of the requirement to capitalize and amortize domestic R&D expenditures under Internal Revenue Code Section 174 (“Section 174”) associated with the enactment of the One Big Beautiful Bill Act (the “OBBBA”). These increases were partially offset by less cash provided by net working capital primarily related to changes in the balances of accounts receivable and accrued expenses.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
The enactment of the OBBBA on July 4, 2025, introduced various tax reform provisions, including the repeal of the requirement to capitalize and amortize domestic R&D expenditures under Section 174. The legislation includes multiple effective dates and, as enacted, did not have a material impact on our 2025 annual effective tax rate and is not expected to have a significant impact on our annual effective tax rate in future years. We continue to assess the broader impacts of the OBBBA.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
The OBBBA repealed the domestic capitalization of R&D under Section 174, which resulted in a cash tax benefit of approximately $150 in 2025. The remaining cash tax benefit associated with the enactment of the OBBBA is expected to be utilized over the next three to five years. Management expects annual cash tax payments as a percentage of pre-tax earnings to be relatively consistent on a go-forward basis.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
In October 2025, our Board approved a share repurchase program for the repurchase of up to $3,000.0 of our common stock. During the fourth quarter of 2025, we repurchased 1.121 shares of our common stock for an aggregate purchase price of $500.0 and an average price paid per share of $445.87, excluding broker commissions and excise tax. As of December 31, 2025, $2,500.0 of the originally authorized amount under the share repurchase program remained available for future repurchases.
Read it in 10-K 2026-02-24 at sec.gov ↗
AddedMD&A
From January 1, 2026 to February 20, 2026, we repurchased 3.723 shares of our common stock for an aggregate purchase price of $1,313.5 and an average price paid per share of $352.80, excluding broker commissions and excise tax. As of February 20, 2026, $1,186.5 of the originally authorized amount under the share repurchase program remained available for future repurchases.
Read it in 10-K 2026-02-24 at sec.gov ↗
RemovedMD&A
During 2021, Roper entered into definitive agreements to divest its TransCore, Zetec, and CIVCO Radiotherapy businesses (“2021 Divestitures”). Roper completed the 2021 Divestitures by March 2022.
Read it in 10-K 2025-02-24 at sec.gov ↗
RemovedMD&A
Other expense, net, of $5.0 for the year ended December 31, 2024 was composed primarily of foreign exchange losses at our non-U.S. based subsidiaries. Other expense, net, of $2.8 for the year ended December 31, 2023 was composed primarily of foreign exchanges losses at our non-U.S. based subsidiaries, partially offset by a gain on the sale of non-operating assets.
Read it in 10-K 2025-02-24 at sec.gov ↗
RemovedMD&A
2024 2023 Cash provided by (used in) continuing operations from: Operating activities $2,393.2 $ 2,037.4 Investing activities $(3,468.5) $ (2,128.3) Financing activities $1,069.5 $ (499.5)
Read it in 10-K 2025-02-24 at sec.gov ↗
RemovedMD&A
Operating activities – Net cash provided by operating activities from continuing operations increased by 17% to $2,393.2 in 2024 as compared to $2,037.4 in 2023 due primarily to higher net earnings from continuing operations net of non-cash expenses, increased collections on accounts receivable, the absence of the cash payment from the prior year of $45.0 related to the settlement of a patent litigation matter, and timing associated with interest payments on our senior notes issued in 2024, partially offset by higher cash taxes paid.
Read it in 10-K 2025-02-24 at sec.gov ↗
RewordedMD&A
(1)Includes results from the acquisitions of Horizon Lab Systems, LLC from January 3, 2022, Common Cents Systems, Inc. from April 6, 2022, MGA Systems Holdings, Inc. from June 27, 2022, Common Sense Solutions, Inc. from July 12, 2022, viDesktop Inc. from August 19, 2022, TIP Technologies, Inc. from September 23, 2022, Frontline from October 4, 2022, Promium, L.L.C. from May 2, 2023, Syntellis from August 7, 2023, Replicon Inc. from August 21, 2023, ProPricer from December 26, 2023, Procare from February 26, 2024, Transact from August 20, 2024, and Surefyre, Inc. from November 4, 2024. 2024, CentralReach from April 23, 2025, Orchard Software from July 28, 2025, HerculesAI from August 8, 2025, Spectrum AI, Inc. from August 15, 2025, and Valuation Pricing Director Limited from October 23, 2025.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Selling, general and administrative (“SG&A”) expenses as a percentage of net revenues decreased improved to 41.6% in the year ended December 31, 2025 as compared to 42.0% in the year ended December 31, 2024 as compared to 43.1% in the year ended December 31, 2023, 2024, due primarily to lower SG&A profiles at Procare and Transact, which collectively reduced SG&A as a percentage of net revenues by 70 basis points, operating leverage on higher organic revenues, revenues and cost synergies resulting from the integration of Syntellis. Transact with CBORD, partially offset by higher amortization of acquired intangibles from the acquisition of CentralReach.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Gross margin decreased increased slightly to 68.5% for the year ended December 31, 2025 as compared to 68.4% for the year ended December 31, 2024 as compared to 68.9% for the year ended December 31, 2023, 2024, due primarily to improved leverage on higher organic revenues, which was offset by a lower gross margin profile associated with the higher payments revenue mix at Procare and Transact, our 2024 acquisitions, whose results reduced gross margin by 180 basis points. Transact.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Financing activities – Cash provided by financing activities from continuing operations during 2024 2025 was primarily from the issuance of $2,000.0 of senior notes in August 2025, net borrowings of $725.0 under our unsecured revolving credit facility, and net proceeds from stock-based compensation, partially offset by $500.0 $1,000.0 of senior notes repaid at maturity, $500.0 in repurchases of our common stock, and dividend payments, and $235.0 of net repayments on our unsecured revolving credit facility. payments.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Our total debt increased at December 31, 2024 2025 as compared to December 31, 2023 2024 due primarily to the issuance of $2,000.0 of senior notes, notes in August 2025, and $725.0 of net borrowings under our unsecured revolving credit facility, partially offset by $500.0 $1,000.0 of senior notes repaid at maturity and $235.0 of net repayments on our unsecured revolving credit facility. maturity.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Gross margin increased to 58.1% for the year ended December 31, 2025 as compared to 57.6% for the year ended December 31, 2024 as compared to 57.1% for the year ended December 31, 2023, 2024, due primarily to improved leverage on higher organic revenues and at our precision measurement business as well as revenue mix.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Equity investments gain, activity, net, was $234.6 a gain of $25.5 for the year ended December 31, 2024 2025 due primarily to a $135.6 gain on the sale of our equity investment in Certinia, a $96.4 $24.0 increase in the fair value of our equity investment in Indicor, and $10.8 of dividend Indicor.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
In our Technology Enabled Products segment, net revenues were grew 7.3% to $1,818.7 for the year ended December 31, 2025 as compared to $1,695.3 for the year ended December 31, 2024 as compared to $1,551.5 for the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
The growth of 5.6% 5.4% in organic revenues was broad-based across the segment led by our businesses serving the project-based business/government contracting, acute healthcare, property and casualty insurance, and legal markets. markets, partially offset by a decrease in organic non-recurring revenue driven primarily by our business serving the government contracting market.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
Corporate expenses increased by $40.7 $22.8 to $290.2, or 3.7% of net revenues, in 2025 as compared to $267.4, or 3.8% of net revenues, in 2024 as compared to $226.7, or 3.7% of net revenues, in 2023. 2024.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
The growth of 2.5% 4.1% in organic revenues was led by our network software businesses serving the freight match, construction, and alternate site healthcare, life insurance/annuities, and construction healthcare markets, partially offset by a decline in our businesses serving the media and entertainment and freight match markets primarily software business related to end market end-market conditions.
Read it in 10-K 2026-02-24 at sec.gov ↗
RewordedMD&A
The resulting operating margin was 26.8% in the year ended December 31, 2025 as compared to 26.5% in the year ended December 31, 2024 as compared to 25.8% in the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-24 at sec.gov ↗
