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Screener
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SEC EDGAR
/CIK 0000064040
/10-K filed Feb 11, 2026, compared with Feb 11, 2025
/Numbers from the XBRL of the 10-Ks
NYSE
Financials · Credit Bureaus
S&P Global SPGI
The 10-K against last year's
237 changes: 51 added, 34 removed, 150 reworded, 2 quiet changes
10-K Feb 11, 2026 vs Feb 11, 2025
Risk Factors
26.8%
of the text changed · 15,211 words now · 21 new paragraphs, 8 gone
MD&A
24.1%
of the text changed · 21,017 words now · 30 new paragraphs, 26 gone
Legal Proceedings
21.8%
of the text changed · 1,254 words now
Accounting Policies
9.7%
of the text changed · 5,999 words now
10-K 0000064040-26-000013 (Feb 11, 2026) vs 10-K 0000064040-25-000052 (Feb 11, 2025)
Every paragraph, and how much of it changed
One bar per paragraph, in the order of the 10-K. Height and colour show the share of its words not in the closest paragraph a year earlier; the tallest bars are new paragraphs.
Risk Factors
200 paragraphs · 21 new · 101 reworded · 8 gone · 10-K Feb 11, 2026 against Feb 11, 2025
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Paragraph 32 · 46% changed
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•Our products and services contain intellectual property delivered through a variety of digital and other media. Our ability to achieve anticipated results depends in part on our ability to defend our intellectual property rights against infringement and misappropriation. Our business, financial condition or results of operations could be materially and adversely affected by inadequate or changing legal and technological protections for intellectual property and proprietary rights in some jurisdictions and markets. For example, the legal landscape with respect to AI is rapidly evolving, and we do not yet know whether intellectual property laws and regulations in the jurisdictions markets in which we operate will enable us to effectively protect our intellectual property rights from unintended use by AI. Additionally, we do business in a number of countries included on the Priority Watch List maintained by the Office of the United States Trade Representative which are currently thought to afford less protection to intellectual property rights generally than some other jurisdictions. The lack of strong patent and other intellectual property protection in jurisdictions in which we operate increases our vulnerability regarding unauthorized disclosure or use of our intellectual property and undermines our competitive position. In addition, even in jurisdictions where there are strong protections for intellectual property rights, our ability to enforce our intellectual property rights may be impacted by the number of competitors attempting to infringe or misappropriate our intellectual property. operate.
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•The cyber threats we and our third-party service providers (including our vendors) vendors, data partners and distribution partners) face are rapidly evolving and are becoming increasingly sophisticated and include denial of service attacks, ransomware, spyware, misinformation, phishing/smishing/vishing attacks, business compromise attacks,
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10-K Feb 11, 2025Climate change and the transition to renewable energy and a net zero economy pose operational, commercial and regulatory risks.
10-K Feb 11, 2026
Sustainability and energy expansion matters pose operational, commercial and regulatory risks.
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10-K Feb 11, 2025AI is an emerging technology that is fundamentally changing the way data is gathered, produced, protected, licensed, processed, and consumed. Given the importance of data to our products and services, AI continues to be an increasingly important part of our business and industry. We have established a Company-wide AI strategy to drive our approach to data protection, licensing and AI integration in our processes, products and services. We have made significant investments in various AI initiatives. However, the AI landscape is complex and rapidly evolving, and new and enhanced laws and regulations (or inadequate laws or regulations), governmental or regulatory scrutiny, competition from established or emerging companies, litigation, ethical concerns, cybersecurity concerns, intellectual property concerns, or other complications could materially and adversely impact our ability to protect our data and intellectual property, to develop and offer products and services that effectively use AI, to compete with other AI products or services, to improve efficiency of existing products or services through the effective use of AI to remain competitive, or to incorporate AI in our internal operations, or could materially increase our burden and cost of research, development and regulatory compliance. As discussed in the risk factor entitled “The markets in which we operate continuously change to adapt to customer needs. Our inability to innovate and compete with new or enhanced products and services of our competitors could impact our profitability,” competitors are deploying AI in ways that could materially reduce demand for our products and services. Additionally, we may be unable to protect our data from unintended use or access by third-party AI systems. For additional risks related to intellectual property rights, see the risk factor entitled “Our ability to protect our intellectual property rights could impact our competitive position.” The development, testing and deployment of AI systems requires continued investment and may materially increase the cost profile of our offerings due to the nature of the
10-K Feb 11, 2026
•The AI landscape is complex and rapidly evolving, and new and enhanced laws and regulations (or inadequate laws or regulations), novel application of existing laws to AI technology, governmental or regulatory scrutiny, litigation and ethical concerns could materially and adversely impact our ability to protect our data and intellectual property, to develop and offer products and services that effectively use AI, to compete with other AI products or services, to improve efficiency of existing products or services through the effective use of AI to remain competitive, or to incorporate AI in our internal operations, or could materially increase our burden and cost of research, development and regulatory compliance.
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10-K Feb 11, 2025•From time to time, the data from our suppliers has errors, is delayed, has design defects, is unavailable on acceptable terms or is not available at all. While such issues have not materially adversely affected us to date, the future occurrence of any such issue could have a material adverse effect on our business, financial condition or results of operations.
10-K Feb 11, 2026
•Our ability to produce and develop products and services with AI capabilities is dependent upon the products and services of other suppliers, including certain data, software and service suppliers. Our products and services with AI capabilities may rely on third-party AI providers for certain capabilities and infrastructure. If any such providers were to limit, discontinue or materially alter the terms of our access, we may be unable to obtain comparable data from other sources in a timely or cost-effective manner, or at all. To the extent we rely on third-party AI models, the providers may discontinue such models or their model capabilities may become insufficient or obsolete. While such issues have not materially adversely affected us to date, the future occurrence of any such issue could have a material adverse effect on our business, financial condition or results of operations.
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10-K Feb 11, 2025•We, and certain types of information we collect, compile, use, and publish, are subject to numerous U.S. federal and state laws and non-U.S. regulations governing the protection of personal and confidential information of our clients, employees and products in the jurisdictions in which we operate. Further, global privacy, data localization, data maintenance, data transfer and data protection legislation, regulatory, enforcement, and policy activity are rapidly and continually evolving and creating a complex regulatory compliance environment. There is also increasing concern among certain privacy and data protection advocates, government regulators, litigators, and the press regarding marketing and privacy matters as well as data protection, particularly as they relate to individual privacy, threats to personal information, and perceived national security interests. Costs and adaptation of our business practices to comply with and implement the increasing privacy-related and data protection, data maintenance and transfer restriction measures have been, and we expect will continue to be, significant, particularly as the laws and regulations across jurisdictions change frequently and sometimes conflict. In addition, such measures, as well as any associated inquiries or investigations or any other government actions, increase our operating costs and require significant management time and attention, and may result in negative publicity and subject us to costs that may harm our business, including fines or damages as well as demands or orders that we modify or cease existing business practices.
10-K Feb 11, 2026
•We do not yet know whether intellectual property laws and regulations in the jurisdictions in which we operate will enable us to effectively protect our intellectual property rights from unintended use by AI. Third parties could also use our data with AI tools to create their own insights and potentially supplant our products and services. We are also subject to a variety of evolving laws and regulations regarding AI in an increasing number of jurisdictions. Further, global AI legislation, regulatory, enforcement, and policy activity is rapidly and continually evolving and creating a complex regulatory compliance environment. Such measures increase our operating costs and require significant management time and attention and may result in negative publicity and subject us to significant costs that may harm our business, including fines or damages as well as demands or orders that we modify or cease existing business practices. The integration of AI in our products and services may increase the risks of improper processing of personal data, further exacerbating such risks.
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10-K Feb 11, 2025
•Our products contain intellectual property delivered through a variety of digital and other media. Our ability to achieve anticipated results depends in part on our ability to defend our intellectual property rights against infringement and misappropriation. Our business, financial condition or results of operations could be materially and adversely affected by inadequate or changing legal and technological protections for intellectual property and proprietary rights in some jurisdictions and markets. For example, the legal landscape with respect to AI is rapidly evolving, and we do not yet know whether intellectual property laws and regulations in the jurisdictions in which we operate will enable us to effectively protect our intellectual property rights from unintended use by AI. Additionally, we do business in a number of countries included on the Priority Watch List maintained by the Office of the United States Trade Representative which are currently thought to afford less protection to intellectual property rights generally than some other jurisdictions. The lack of strong patent and other intellectual property protection in jurisdictions in which we operate increases our vulnerability regarding unauthorized disclosure or use of our intellectual property and undermines our competitive position. In addition, even in jurisdictions where there are strong protections for intellectual property rights, our ability to enforce our intellectual property rights may be impacted by the number of competitors attempting to infringe or misappropriate our intellectual property.
10-K Feb 11, 2026
•Our products and services contain intellectual property delivered through a variety of digital and other media. Our ability to achieve anticipated results depends in part on our ability to defend our intellectual property rights against infringement and misappropriation. Our business, financial condition or results of operations could be materially and adversely affected by inadequate or changing legal and technological protections for intellectual property and proprietary rights in jurisdictions and markets in which we operate.
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10-K Feb 11, 2025
•The cyber threats we and our third-party service providers (including our vendors) face are rapidly evolving and are
10-K Feb 11, 2026
•The cyber threats we and our third-party service providers (including our vendors, data partners and distribution partners) face are rapidly evolving and are becoming increasingly sophisticated and include denial of service attacks, ransomware, spyware, misinformation, phishing/smishing/vishing attacks, business compromise attacks,
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10-K Feb 11, 2025The development, maintenance, sale and support of our products and services are dependent upon the knowledge, experience and ability of our highly skilled, educated and trained key personnel. Accordingly, our business is dependent on successfully attracting, retaining and training talented employees and navigating key management transitions (including in our executive leadership team) in a highly competitive business environment. Our ability to attract and retain talented employees is dependent on a number of factors, including prevailing market conditions and compensation packages offered by companies competing for the same talent. While we offer competitive salary and benefit packages, intense competition for talent within our markets is driving difficulties in attracting and retaining skilled employees. Key management transitions, such as the recent changes to our executive leadership team, involve inherent risk, and such transition periods can be disruptive and may result in a loss of personnel with deep institutional or technical knowledge. If we are less successful in our recruiting efforts, or if we are unable to attract, retain or train key qualified personnel or to navigate key management transitions, our ability to develop and deliver successful products and services or achieve strategic goals may be adversely affected, which could have a material adverse effect on our business and results of operations.
10-K Feb 11, 2026
•In order to remain competitive, we have made significant investments in various AI initiatives. There is no guarantee that these investments will lead to the development of products and services that achieve market acceptance, profit or the level of profitability that we expect or have experienced historically. The continued enhancement of AI within our products, services and processes depends in part on our ability to attract and retain talented employees with critical AI and data science experience, which is dependent on a number of factors, including prevailing market conditions and compensation packages offered by companies competing for the same talent. While we offer competitive salary and benefit packages, intense competition for talent with critical AI and data science experience is driving difficulties in attracting and retaining skilled employees. If we are less successful in our recruiting efforts, or if we are unable to attract, retain or train key qualified personnel, our ability to develop and deliver on our investments in our various AI initiatives may be adversely affected.
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10-K Feb 11, 2025•Our products contain intellectual property delivered through a variety of digital and other media. Our ability to achieve anticipated results depends in part on our ability to defend our intellectual property rights against infringement and misappropriation. Our business, financial condition or results of operations could be materially and adversely affected by inadequate or changing legal and technological protections for intellectual property and proprietary rights in some jurisdictions and markets. For example, the legal landscape with respect to AI is rapidly evolving, and we do not yet know whether intellectual property laws and regulations in the jurisdictions in which we operate will enable us to effectively protect our intellectual property rights from unintended use by AI. Additionally, we do business in a number of countries included on the Priority Watch List maintained by the Office of the United States Trade Representative which are currently thought to afford less protection to intellectual property rights generally than some other jurisdictions. The lack of strong patent and other intellectual property protection in jurisdictions in which we operate increases our vulnerability regarding unauthorized disclosure or use of our intellectual property and undermines our competitive position. In addition, even in jurisdictions where there are strong protections for intellectual property rights, our ability to enforce our intellectual property rights may be impacted by the number of competitors attempting to infringe or misappropriate our intellectual property.
10-K Feb 11, 2026
•We have filed for patents in the U.S. and in certain international jurisdictions, but such protections can be expensive and may not be available in all countries in which we operate or in which we seek to enforce such rights, or may be difficult to enforce in practice. We have filed for trademark registrations and participated in trademark enforcement and trademark oppositions in the U.S. and certain international jurisdictions to protect our brand, good will and reputation. These efforts cannot ensure registrations will be issued, our trademark rights will be enforced, or violations of our trademark rights will be appropriately resolved. We do business in a number of countries included on the Priority Watch List and/or Watch Lists maintained by the Office of the United States Trade Representative which are currently thought to afford less protection to intellectual property rights generally than some other jurisdictions. The lack of strong patent and other intellectual property protection in jurisdictions in which we operate increases our vulnerability regarding unauthorized disclosure or use of our intellectual property and undermines our competitive position. In addition, even in jurisdictions where there are strong protections for intellectual property rights, our ability to enforce our intellectual property rights may be impacted by the number of competitors or other third parties attempting to infringe or misappropriate our intellectual property, and the time and resources required to defend against such unauthorized uses.
MD&A
307 paragraphs · 30 new · 112 reworded · 26 gone · 10-K Feb 11, 2026 against Feb 11, 2025
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Paragraph 19 · 45% changed
We are a global, diversified, and highly differentiated provider of credit ratings, benchmarks, data, analytics and workflow solutions in the global capital, commodity energy and commodity, and automotive markets. Our purpose mission is to accelerate progress. We seek to deliver on this purpose in line with our core values of integrity, discovery and partnership. Advancing Essential Intelligence.
Paragraph 197 · 44% changed
Paragraph 91 · 37% changed
The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two which includes that provides for a global minimum tax of 15%. This framework has been 15%, which is implemented by several jurisdictions, including through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions operate have been reflected in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the our results disclosed and did not have a significant material impact on our consolidated financial statements. The Company continues to monitor jurisdictions that are expected to implement Pillar Two in the future, and it is in the process of evaluating the potential impact of the enactment of Pillar Two by such jurisdictions on its consolidated financial statements.
Paragraph 232 · 37% changed
The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two which includes that provides for a global minimum tax of 15%. This framework has been 15%, which is implemented by several jurisdictions, including through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions operate have been reflected in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the our results disclosed and did not have a significant material impact on our consolidated financial statements. The Company continues to monitor jurisdictions that are expected to implement Pillar Two in the future, and it is in the process of evaluating the potential impact of the enactment of Pillar Two by such jurisdictions on its consolidated financial statements.
Paragraph 195 · 37% changed
Operating profit decreased 71%. increased 20%. Excluding the impact of a higher gain on dispositions employee severance charges in 2022 2023 of 79 19 percentage points, a liability write-off in 2024 of 4 percentage points and higher acquisition-related costs in 2023 of 4 percentage points, partially
Paragraph 156 · 35% changed
The EU UK ESG Ratings Regulation will start applying mid-2026 Regulatory Framework is expected to apply in full from June 2028 and could impose new regulatory requirements regarding some of Ratings' ancillary and other services.
Paragraph 85 · 33% changed
Paragraph 136 · 33% changed
Billed issuance was up in 2024 as continued favorable market conditions 2025 due to increases in high yield, investment grade and structured finance. Tightening borrowing spreads drove issuers to capitalize on tightening borrowing spreads. Refinancing continued to drive high-yield, refinancing in high yield, while M&A and other non-refinancing activity also AI-related issuance drove billed issuance increases in investment grade and bank loans. grade. Structured finance billed issuance increases were driven primarily by new CLO issuance.
Paragraph 19 · 45% changed
10-K Feb 11, 2025
We are a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. Our purpose is to accelerate progress. We seek to deliver on this purpose in line with our core values of integrity, discovery and partnership.
10-K Feb 11, 2026
We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. Our mission is Advancing Essential Intelligence.
Paragraph 197 · 44% changed
10-K Feb 11, 2025In 2024, Mobility delivered revenue growth within the Dealer and Financial businesses. The Manufacturing business was unfavorably impacted by lower non-subscription revenue primarily due to weakness in recall activity.
10-K Feb 11, 2026
All three business lines contributed to revenue growth in 2025 with the Dealer and Financial businesses being the most significant drivers, followed by the Manufacturing business. Non-subscription revenue growth was unfavorably impacted by the tightening of the Manufacturing businesses’ discretionary budgets due to market conditions around tariffs and uncertainty around EV adoption; together with lower recall activity.
Paragraph 91 · 37% changed
10-K Feb 11, 2025
The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%. This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements. The Company continues to monitor jurisdictions that are expected to implement Pillar Two in the future, and it is in the process of evaluating the potential impact of the enactment of Pillar Two by such jurisdictions on its consolidated financial statements.
10-K Feb 11, 2026
The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our consolidated financial statements.
Paragraph 232 · 37% changed
10-K Feb 11, 2025
The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%. This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements. The Company continues to monitor jurisdictions that are expected to implement Pillar Two in the future, and it is in the process of evaluating the potential impact of the enactment of Pillar Two by such jurisdictions on its consolidated financial statements.
10-K Feb 11, 2026
The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our consolidated financial statements.
Paragraph 195 · 37% changed
10-K Feb 11, 2025
Operating profit decreased 71%. Excluding the impact of a higher gain on dispositions in 2022 of 79 percentage points, higher
10-K Feb 11, 2026
Operating profit increased 20%. Excluding the impact of higher employee severance charges in 2023 of 19 percentage points, a liability write-off in 2024 of 4 percentage points and higher acquisition-related costs in 2023 of 4 percentage points, partially
Paragraph 156 · 35% changed
10-K Feb 11, 2025
The EU ESG Ratings Regulation will start applying mid-2026 and could impose new regulatory requirements regarding some of Ratings' ancillary and other services.
10-K Feb 11, 2026
The UK ESG Ratings Regulatory Framework is expected to apply in full from June 2028 and could impose new regulatory requirements regarding some of Ratings' ancillary and other services.
Paragraph 85 · 33% changed
10-K Feb 11, 2025Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense decreased 39% compared to 2023. Excluding the impact of a loss on disposition in 2023 of 8 percentage points, higher IHS Markit merger costs in 2023 of 5 percentage points, higher employee severance costs in 2023 of 1 percentage points, higher lease impairments in 2023 of 1 percentage point and higher disposition-related costs in 2023 of 1 percentage point, Corporate Unallocated expense increased 23% primarily due to higher incentives and compensation costs.
10-K Feb 11, 2026
costs in 2023 of 5 percentage points, higher employee severance costs in 2023 of 1 percentage point, higher lease impairments in 2023 of 1 percentage point and higher disposition-related costs in 2023 of 1 percentage point, Corporate Unallocated expense increased 23% primarily due to higher incentives and compensation costs.
Paragraph 136 · 33% changed
10-K Feb 11, 2025
Billed issuance was up in 2024 as continued favorable market conditions drove issuers to capitalize on tightening borrowing spreads. Refinancing continued to drive high-yield, while M&A and other non-refinancing activity also drove billed issuance increases in investment grade and bank loans. Structured finance billed issuance increases were driven primarily by new CLO issuance.
10-K Feb 11, 2026
Billed issuance was up in 2025 due to increases in high yield, investment grade and structured finance. Tightening borrowing spreads drove refinancing in high yield, while AI-related issuance drove billed issuance increases in investment grade. Structured finance billed issuance increases were driven primarily by new CLO issuance.
A paragraph is matched with the one last year that shares the most of its words; under half in common makes it new. The paragraphs shown are the 8 reworded the most in each section.
The paragraph that changed most in each section
The redline
Marked against last year's 10-K: cut words struck through, new words highlighted.
MD&A366 words changed in this paragraph; it is 35% similar to last year's version.
Revenue increased 14% 8% driven by increases at all of our reportable segments, partially offset by a decrease at Engineering Solutions due to its sale on May 2, 2023. segments. The increase at Ratings was driven by growth in both non-transaction and transaction revenue and non-transaction revenue. Transaction Non-transaction revenue increased primarily due to growth in corporate bond ratings revenue and bank loan ratings revenue driven by increased issuance volumes due to higher refinancing activity. Non-transaction revenue increased due to an increase in surveillance revenue and an increase in new entity credit revenue at our Crisil subsidiary. Transaction revenue increased due to higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue. An increase in structured finance revenue driven by increased collateralized loan obligations (“CLOs”) issuance also contributed to transaction revenue growth. The increase at Market Intelligence was primarily due to subscription revenue growth for work flow solutions at Enterprise Solutions, data feed products within Data and Advisory Solutions, RatingsXpress®, RatingsDirect® and Credit in Data, Analytics within Credit & Risk Solutions and Market Intelligence Desktop products. Revenue growth at Commodity Insights was primarily due to continued demand for market data and market insights products. The increase at Indices was primarily due to higher asset-linked fees revenue, higher over-the-counter derivatives revenue, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Mobility was primarily due to new business growth within the Dealer business and strong underwriting volumes within the Financial business. Revenue at Market Intelligence which was favorably impacted by the acquisition of Visible Alpha in May of 2024 and unfavorably impacted With Intelligence in November of 2025, growth for work flow solutions in Enterprise Solutions and growth in RatingsXpress® and RatingsDirect®, partially offset by the divestitures unfavorable impact of the sale of Fincentric and the PrimeOne business in August of 2024 2024. The increase at Indices was primarily due to higher asset-linked fees revenue, higher exchange-traded derivative revenue and November of 2024, respectively. Revenue higher data subscription revenue. The increase at Commodity Insights Energy was favorably impacted primarily due to continued demand for market data and market insights products driven by the acquisition of World Hydrogen Leaders expanded product offerings to our existing customers under enterprise use contracts, an increase in May of 2024. Revenue sales usage-based royalties revenue and an increase in conference revenue driven by increased attendance at CERAWeek in 2025. The increase at Mobility was favorably impacted primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the acquisition Dealer business, strong underwriting volumes and market share growth within the Financial business and the favorable impact of Market Scan in February of 2023. improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point.
Source: Item 7, 10-K 0000064040-26-000013 vs Item 7, 10-K 0000064040-25-000052
Risk Factors268 words changed in this paragraph; it is 34% similar to last year's version.
AI is an emerging a rapidly evolving technology that is fundamentally changing the way data is gathered, produced, protected, licensed, processed, and consumed. Given the importance of data to our products and services, AI continues to be an increasingly important part of our business and industry. We While we have established a Company-wide AI strategy to drive our approach to data protection, licensing and AI integration in our processes, products and services. We have made significant investments in various services, AI initiatives. However, the AI landscape is complex creates a number of evolving risks and rapidly evolving, opportunities and new and enhanced laws and regulations (or inadequate laws or regulations), governmental or regulatory scrutiny, competition from established or emerging companies, litigation, ethical concerns, cybersecurity concerns, intellectual property concerns, or can exacerbate other complications could materially and adversely impact our ability to protect our data and intellectual property, to develop and offer products and services that effectively use AI, to compete with other AI products or services, to improve efficiency of existing products or services through the effective use of AI to remain competitive, or to incorporate AI in our internal operations, or could materially increase our burden and cost of research, development and regulatory compliance. As discussed in the risk factor entitled “The markets in which we operate continuously change to adapt to customer needs. Our inability to innovate and compete with new or enhanced products and services of our competitors could impact our profitability,” competitors are deploying AI in ways that could materially reduce demand for our products and services. Additionally, we may be unable to protect our data from unintended use or access by third-party AI systems. For additional risks related to intellectual property rights, see the risk factor entitled “Our ability to protect our intellectual property rights could impact our competitive position.” The development, testing and deployment of AI systems requires continued investment and may materially increase the cost profile of our offerings due to the nature of the risks, including those described herein:
Source: Item 1A, 10-K 0000064040-26-000013 vs Item 1A, 10-K 0000064040-25-000052
Legal Proceedings205 words changed in this paragraph; it is 32% similar to last year's version.
Moreover, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to our regulated products and services, antitrust matters and other matters, such as ESG. For example, as a nationally recognized statistical rating organization ("NRSRO") registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. On September 3, 2024, as part of an industry-wide investigation into off-channel communications by the SEC, S&P Global Ratings, and certain other NRSROs, reached a settlement to resolve violations of recordkeeping rules. This matter was previously disclosed by S&P Global. In the SEC’s order, the SEC recognized S&P Global Ratings’ remedial acts and its cooperation with the SEC staff. As part of the resolution, S&P Global Ratings paid a penalty of $20 million. S&P Global previously accrued that amount in its consolidated financial statements for the second quarter of 2024. Although S&P Global seeks to promptly address any compliance issues that it detects or that the staff of the SEC or another regulator raises, there can be no assurance that the SEC or another regulator will not seek remedies against S&P Global for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.
Source: Item 3, via Note 13 – Commitments and Contingencies, 10-K 0000064040-26-000013 vs Item 3, via Note 13 – Commitments and Contingencies, 10-K 0000064040-25-000052
Accounting Policies122 words changed in this paragraph; it is 35% similar to last year's version.
In November of 2023, 2024, the FASB issued accounting guidance which requires that expands reportable segment disclosure requirements primarily through enhanced disclosures an entity disclose, in the notes to financial statements, additional information about significant segment expenses. specific expense categories. The amendments in this update are effective for fiscal years annual reporting periods beginning after December 15, 2023, 2026, and for interim reporting periods within fiscal years beginning after December 15, 2024, with early adoption permitted. 2027. We adopted are currently evaluating the impact of this guidance and on the amendments have been applied retrospectively to all prior periods presented in the financial statements. As a result of the adoption of this guidance, we enhanced our disclosures about significant expenses regularly provided to the chief operating decision maker and included in the segment’s measure of profit or loss to assess segment performance and allocate resources. See Note 12 – Segment and Geographic Information for additional information. Company’s disclosures.
Source: Item 8, Note 1 – Accounting Policies, 10-K 0000064040-26-000013 vs Item 8, Note 1 – Accounting Policies, 10-K 0000064040-25-000052
Sentences and paragraphs added, removed or reworded
Every change, by type
Sentences and paragraphs of SPGI's Risk Factors and MD&A, 10-K Feb 11, 2026 against 10-K Feb 11, 2025. 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
AI is a rapidly evolving technology that is fundamentally changing the way data is gathered, produced, protected, licensed, processed, and consumed. Given the importance of data to our products and services, AI continues to be an increasingly important part of our business and industry. While we have established a Company-wide AI strategy to drive our approach to data protection, licensing and AI integration in our processes, products and services, AI creates a number of evolving risks and opportunities and can exacerbate other risks, including those described herein:
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
•Our competitors are deploying AI in ways that could materially reduce demand for our products and services (for example, by deploying AI in ways that make collection and processing of information relatively inexpensive or free or by leveraging AI to build products and services that compete with our products and services). The emerging availability of “off-the-shelf” AI models may also increase the ability of new and existing competitors to develop technology and applications which may compete with our products and services.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
•AI technologies used in our products and processes may incorporate or reproduce third-party content in their outputs, which may expose us to risks associated with infringing, misappropriating or otherwise violating others’ intellectual property rights, including the trademarks, copyrights, patents and other intellectual property rights of third parties, including from our competitors or nonpracticing entities which may expose us to protracted and expensive litigation and may materially and adversely affect our business going forward. We may also be unable to protect our data from unintended use or access by third-party AI systems.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
•Our approach for managing our clients’ use of our data is influenced by AI. Our approach must effectively balance protecting our data and enabling our clients to leverage our data for their needs. Given the evolving nature of AI, at this time we are unable to predict if our approach will be successful. If our approach is ultimately inadequate, we could materially dilute the value of our data and/or lose significant market share or revenue.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
•We consider many of our products and services to be proprietary, and our success depends, in part, on protecting our intellectual property, proprietary information, and technology. We rely on a variety of measures to maintain, protect and enforce our intellectual property portfolio, including trademark and patent protection, trade secret laws, legal misappropriation doctrines, confidentiality procedures and contractual restrictions, all of which provide only limited protection. In particular, such measures may not prevent infringement, violation, misuse or misappropriation of our intellectual property rights or proprietary or confidential information. For example, we routinely face unauthorized use of our indices and price assessments, and our efforts to stop such uses require significant time and expense, and are not always successful.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
•There can be no assurance that any future patent, trademark, or other intellectual property registrations will be issued for our pending or future applications or that any of our current or future patents, trademarks or other intellectual property rights will be valid, enforceable, sufficiently broad in scope, provide adequate protection of our technology or other proprietary rights, or provide us with any competitive advantage. Any additional investment in protecting our intellectual property rights through additional trademark, patent or other intellectual property filings could be time consuming and expensive, both in terms of application and maintenance costs. We make business decisions about whether and where to seek patent, copyright, and trademark protection for a particular technology and when to rely upon trade secret protection, and the approach we select may ultimately prove to be inadequate. Businesses we acquire may also have intellectual property portfolios which increase the complexity of managing our intellectual property portfolio and protecting our competitive position. Failure to obtain, protect and maintain our intellectual property adequately could harm the value of, and revenue generated by, such assets as well as harm our reputation and affect our ability to compete effectively.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
•We cannot guarantee that we will be successful in maintaining, protecting, or enforcing the confidentiality of our trade secrets or that our confidentiality and non-disclosure agreements for such trade secrets will provide sufficient protection of our trade secrets, know-how, or other proprietary information in the event of any unauthorized use, misappropriation, or other disclosure. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret or know-how is difficult, fact-intensive, expensive, and time-consuming, and the outcome is unpredictable. In addition, trade secrets and know-how can be difficult to protect and some courts inside and outside the U.S. are less willing or unwilling to protect trade secrets and know-how. Further, these agreements do not prevent our competitors from independently developing product or service offerings that are substantially equivalent or superior to our offerings. If any of our trade secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that technology or information to compete with us, and
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
our competitive position would be materially and adversely harmed. The loss of trade secret protection could make it easier for third parties to compete with our products and services by copying functionality, and pervasive data leakage could render our capabilities redundant over time.
Read it in 10-K Feb 11, 2026 at sec.gov
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AddedRisk Factors
We have been, and may in the future be, subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
Our success depends, in part, on our ability to operate our business without infringing, misappropriating or otherwise violating third-party intellectual property rights. We have been, and may in the future be, subject to claims and litigation alleging that we or our products or services infringe, misappropriate or otherwise violate others’ intellectual property rights, including the trademarks, copyrights, patents and other intellectual property rights of third parties, including from our competitors or nonpracticing entities. We may also learn of possible infringement, misappropriation or other violation of our trademarks, copyrights, patents and other intellectual property. Patent and other intellectual property litigation may be protracted and expensive, and the results are difficult to predict and may result in significant settlement costs or payment of substantial damages. Furthermore, a successful claimant could secure a judgment that requires us to stop offering some products or services or prevents us from conducting our business as we have historically done or may desire to do in the future. We might also be required to seek a license and pay royalties for the use of such intellectual property, which may not be available on commercially acceptable terms, or at all. Alternatively, we may be required to modify our products and services, which could require significant effort and expense and may ultimately not be successful.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
•We have at times experienced outages and other disruptions due to internal system or human errors and could in the future be subject to outages or other disruptions due to similar errors. While we have taken steps to address these
Read it in 10-K Feb 11, 2026 at sec.gov
AddedRisk Factors
•We, and certain types of information we collect, compile, store, use, process, transfer, publish and sell, are subject to laws and regulations governing the protection of personal and sensitive information in the various jurisdictions in
Read it in 10-K Feb 11, 2026 at sec.gov
RemovedRisk Factors
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RewordedRisk Factors
If we are less successful in our recruiting efforts, or if we are unable to attract, retain or train key qualified personnel or to navigate key management transitions, personnel, our ability to develop and deliver successful products and services or achieve strategic goals on our investments in our various AI initiatives may be adversely affected, which could have a material adverse effect on our business and results of operations. affected.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Costs and adaptation of our business practices to comply with evolving laws and implement regulations governing and restricting the increasing privacy-related and data protection, data maintenance processing and transfer restriction measures have been, of certain data is, and we expect will continue to be, significant, particularly as the laws and regulations across jurisdictions change frequently and sometimes conflict. significant.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Changes and increased enforcement in the global privacy, data localization localization, operational resilience, and data protection legislative, regulatory, and commercial environments in which we operate may materially and adversely impact our ability to collect, compile, use, and publish data data, require us to disclose information about our security environment, and may impact could have a material adverse effect on our business, financial results. condition or results of operations.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
There is also increasing public concern among certain privacy and data protection advocates, government regulators, litigators, and the press regarding marketing regarding, and privacy matters as well as data protection, particularly as they relate to individual resulting increasing regulations of, privacy, threats to personal information, data, and perceived national security interests. consumer protection issues.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
For example, we have faced and could in the future face negative perceptions or publicity with respect to our sustainability and corporate responsibility policies and practices (including DEI) or our ESG sustainability products, methodologies, or scores, including as a result of a revision, suspension or withdrawal of, or a failure to meet, our publicly disclosed ESG (including DEI) sustainability and climate-related corporate responsibility targets, goals or practices, or as a result of misalignment with evolving evolving, and in certain instances conflicting, market standards, ESG expectations of regulators and other stakeholders, and regulations and codes of conduct or regulatory expectations. conduct.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
RewordedRisk Factors
Our service providers could from time to time experience system breakdowns or failures, outages (such as the 2024 CrowdStrike outage), outages, downtime, cyber attacks, adverse changes to financial condition, bankruptcy or other adverse conditions, which could have a material adverse effect on our business and reputation. conditions.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
We are also subject to risks relating to new or heightened climate change-related regulations or legislation, state, federal and international sustainability regulations, legislation and regulatory expectations, which are evolving, varied and at times conflicting, and which could impact us and our customers and result in increased regulatory, compliance or operational costs.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
RewordedRisk Factors
These licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to commercialize our products and services, licenses the software on unfavorable terms, terms or requires us to seek licenses from third parties to offer our products and services, or requires us to re-engineer our products and services or take other remedial actions, any of which could have a material adverse effect on our business. business, financial condition or results of operations.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
We are also subject to reputational risks relating to the perception of whether or not we are facilitating a migration away from fossil fuels. taking policy positions with regard to energy consumption and sources or other sustainability or energy expansion matters.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedRisk Factors
Failure of these third parties to maintain these safeguards could result from time to time results in unauthorized access to our systems or a system or network disruption that has at times in the past led to, and could in the future lead to to, improper disclosure of confidential information or data, regulatory penalties and or remedial costs.
Read it in 10-K Feb 11, 2026 at sec.gov
Quiet changesRisk Factors
In addition, such measures, as well as any associated inquiries or investigations or any other government actions, increase our operating costs and require significant management time and attention, and may result in negative publicity and subject us to significant costs that may harm our business, including fines or damages as well as demands or orders that we modify or cease existing business practices.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed mid-2026, subject to the satisfaction of customary legal and regulatory requirements and approvals.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
Our industry-leading benchmarks, differentiated data, and solutions provide a unique value proposition that provide customers with the ability to make more confident decisions and stay a step ahead. Our strategy focuses on three key objectives: to Advance market leadership, Expand high-growth adjacencies, and Amplify enterprise capabilities and integration of AI. In 2026, we are focused on delivering on these key strategic priorities.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•Delivering market-leading value proposition through best-in-class products, including world-class benchmarks and highly differentiated data, that are transforming the user experience, accelerating innovation, and optimizing go-to-market to enhance client retention and growth; and
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•Expanding trusted, enduring client relationships through differentiated products and best-in-class client experiences that meet clients’ evolving needs.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•Accelerating in high-growth adjacencies such as private markets, energy expansion, supply chain intelligence, wealth, and decentralized finance, alongside leading-edge AI and technology, such as blockchain and quantum computing.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•Enabling growth, innovation, and operating leverage through our integrated operating model that removes siloes across enterprise data, enterprise technology, and client coverage teams.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•Driving cutting-edge innovation, in line with client expectations, by integrating and scaling new technology and AI into our products and our operations, and leveraging strategic collaborations and new potential commercial models;
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•Enhancing our data estate by continuing to add differentiated data sets at scale, thereby enabling new revenue, efficiency, and time-to-market;
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
•Leveraging technology, process and skills innovation to empower our people, enhance productivity, and deliver enterprise impact via a people-forward culture, skills focus, people + AI process redesign, and aligned incentives; and
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
We believe that delivering on our key strategic priorities will create shareholder value through long-term profitable growth and we expect to continue to deliver targeted capital return to shareholders.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
On October 10, 2025, the Company and CME Group completed the sale of OSTTRA to Kohlberg Kravis Roberts & Co. (“KKR”), a leading global investment firm. The terms of the deal for OSTTRA equaled total enterprise value at $3.1 billion, subject to customary purchase price adjustments, which will be divided evenly between the Company and CME Group pursuant to the 50/50 joint venture. We received proceeds from the sale of $1.5 billion in cash ($1.4 billion after-tax), subject to purchase price adjustments. During the year ended December 31, 2025, we recorded a pre-tax gain of $270 million ($187 million after-tax) for the Company, including the impact of accumulated other comprehensive income related to our investment.
Read it in 10-K Feb 11, 2026 at sec.gov
AddedMD&A
On January 5, 2026, the OECD issued administrative guidance outlining a framework under which U.S.-parented groups may be excluded from the application of the OECD’s global minimum tax rules. Each member jurisdiction will need to adopt this guidance into local law, and the timing and manner of adoption may vary. We are continuing to monitor developments related to this guidance and will evaluate the impact on our financial statements as additional information becomes available.
Read it in 10-K Feb 11, 2026 at sec.gov
RemovedMD&A
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RewordedMD&A
Excluding the impact of a higher gain on dispositions in 2024 compared to a loss on dispositions, net in 2023 2025 of 7 8 percentage points, higher IHS Markit merger costs in 2023 2024 of 5 percentage points, a net acquisition-related benefit in 2024 compared to acquisition-related costs in 2023 of 4 percentage points, higher employee severance charges in 2023 of 3 percentage points, higher disposition-related costs in 2023 of 1 percentage point points and higher lease impairments in 2023 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2024 of 1 percentage point, partially offset by higher disposition-related costs in 2025 of 3 percentage points, acquisition-related costs in 2025 compared to a net acquisition-related benefit in 2024 of 2 percentage points points, higher employee severance charges in 2025 of 1 percentage point, and legal settlement higher lease impairments in 2025 of 1 percentage point, higher Executive Leadership Team costs in 2024 2025 of 1 percentage point and higher legal costs in 2025 of 1 percentage point, operating profit increased 21%. 11%.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Subscription revenue increased in 2024 2025 primarily due to growth in Data, Analytics & Insights, growth for work flow solutions at in Enterprise Solutions, data feed products within Data and Advisory Solutions, RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products growth in RatingsXpress®, RatingsDirect®, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024 at Market Intelligence, Intelligence; continued demand for Commodity Insights Energy market data and market insights products and products; new business growth within the Dealer business and business, strong underwriting volumes and market share growth within the Financial business business, and the favorable impact of improved contract terms at Mobility, partially offset by a decrease Mobility; and higher data subscription revenue at Engineering Solutions due to its sale on May 2, 2023. Indices.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Excluding the impact of a gain on dispositions in 2024 of 3 percentage points, a net acquisition-related cost in 2025 compared to acquisition-related benefit in 2024 compared to acquisition-related costs in 2023 of 16 2 percentage points, a higher gain on dispositions partially offset by IHS merger costs in 2024 of 2 percentage points, higher employee severance charges in 2023 of 2 percentage points, higher IHS Markit merger costs in 2023 of 2 percentage points and an asset impairment in 2023 2024 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2024 of 6 percentage points, operating profit increased 5% 11% primarily due to revenue growth, lower outside services expenses and decreased incentives, partially offset by higher compensation costs driven by annual merit increases, increased incentives, increased technology costs increases and additional headcount and expenses associated with the acquisition of Visible Alpha.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Depreciation and amortization was $1,179 million in 2025 compared to $1,173 million in 2024 compared to $1,143 million in 2023, 2024, primarily due to an increase in depreciation due to new asset purchases and higher intangible asset amortization driven by the acquisition acquisitions of Visible Alpha in May of 2024. 2024 and With Intelligence in November of 2025, partially offset by assets being fully amortized at Market Intelligence.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Subscription revenue increased in 2024 primarily due to growth in Data, Analytics & Insights, growth for work flow solutions at Enterprise Solutions, data feed products within Data Solutions and Advisory Solutions, growth in RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products at Market Intelligence, Analytics, continued demand for Commodity Insights Energy market data and market insights products and new business growth within the Dealer business and strong underwriting volumes within the Financial business at Mobility, partially offset by a decrease at Engineering Solutions due to its sale on May 2, 2023.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
The increase was primarily due to driven by revenue growth, partially offset by increased incentives as a result of financial performance, higher compensation costs driven by annual merit increases and investments additional headcount, an increase in advertising and promotion costs and an increase in strategic initiatives, and higher technology costs. investments.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
RewordedMD&A
Excluding the impact of higher legal settlement costs in 2024 2025 of 1 percentage point, operating profit increased 46% 12% primarily due to revenue growth, growth and decreased incentive costs, partially offset by increased incentives as a result of financial performance and higher compensation costs driven by annual merit increases and additional headcount. headcount, and an increase in strategic investments.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
The increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics & Insights, growth for work flow solutions at Enterprise Solutions, data feed products within Data Solutions and Advisory Solutions, growth in RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products. Analytics.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
Revenue increased 6% primarily due to subscription revenue growth in Data, Analytics & Insights, growth for work flow solutions at Enterprise Solutions, data feed products within Data Solutions and Advisory Solutions, growth in RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions and Market Intelligence Desktop products, Analytics, partially offset by increased cancellations during the year ended December 31, 2024.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
In 2024, 2025, free cash flow increased decreased to $5.1 billion compared to $5.3 billion compared to $3.3 billion in 2023 2024 primarily due to an increase in cash used for capital expenditures and distributions to noncontrolling interest holders and a decrease in cash provided by operating activities as discussed below.
Read it in 10-K Feb 11, 2026 at sec.gov
RewordedMD&A
The increase at Mobility was primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business and business, strong underwriting volumes and market share growth within the Financial business. business and the favorable impact of improved contract terms.
Read it in 10-K Feb 11, 2026 at sec.gov
Quiet changesMD&A
To conduct our operations, in certain instances, our Mobility business also moves data across national borders and consequently can be subject to a variety of evolving and developing laws and regulations regarding privacy, data protection, and data security in an increasing number of jurisdictions.
Read it in 10-K Feb 11, 2026 at sec.gov
Sources
The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.
Also
New risk factors: paragraphs with nothing like them last year, quoted in full.
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