RemovedRisk Factors
The 10-K against last year's
392 changes: 142 added, 153 removed, 88 reworded, 9 quiet changes
10-K 0001628280-26-012555 (2026-02-27) vs 10-K 0002005951-25-000005 (2025-03-07)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
MD&A 166 words changed in this paragraph; it is 33% similar to last year's version.
Years ended December 31, 2025 2024 2023 2022 ($ in millions, except per share data) Net income attributable to common shareholders $699 $319 $825 $1,034 Income tax expense 260 241 Depreciation, depletion and amortization 2,550 1,464 Impairment and restructuring costs 385 56 Transaction and integration-related expenses associated with the Combination 120 395 78 — Amortization of fair value step up on inventory — 224 — — Bridge facility fees — 10 — Goodwill impairment — — 12 Impairment of Interest expense, net 729 398 Pension and other assets — — 159 Loss on debt extinguishment 13 — — postretirement non-service (income) expense, net (30) 24 Share-based compensation expense 139 206 Other expense, net 61 25 Other adjustments 90 32 29 Income tax on items listed above (137) (8) (21) 26 34 Adjusted Net Income $904 $937 $1,213 Earnings per share - Basic $0.83 $3.19 $4.00 Transaction and integration-related expenses associated with the Combination 1.02 0.30 — Amortization of fair value step up on inventory 0.58 — — Bridge facility fees — 0.04 — Goodwill impairment — — 0.05 Impairment of other assets — — 0.62 Loss on debt extinguishment 0.03 — — Other adjustments 0.23 0.13 0.11 Income tax on items listed above (0.35) (0.03) (0.09) Adjusted Earnings Per Share – Basic $2.34 $3.63 $4.69 EBITDA $4,939 $3,386
Source: Item 7, 10-K 0001628280-26-012555 vs Item 7, 10-K 0002005951-25-000005
Risk Factors 32 words changed in this paragraph; it is 33% similar to last year's version.
Source: Item 1A, 10-K 0001628280-26-012555 vs Item 1A, 10-K 0002005951-25-000005
Accounting Policies 29 words changed in this paragraph; it is 33% similar to last year's version.
Source: Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0001628280-26-012555 vs Item 8, Note 1 – Description of Business and Summary of Significant Accounting Policies, 10-K 0002005951-25-000005
Legal Proceedings 25 words changed in this paragraph; it is 36% similar to last year's version.
energy, supplies (including fiber, wood, and chemicals), transport and software licensing over periods generally ranging from one year to six years. Some of the amounts are based on management’s estimates and assumptions
Source: Item 3, via Note 21 – Commitments and Contingencies, 10-K 0001628280-26-012555 vs Item 3, via Note 21 – Commitments and Contingencies, 10-K 0002005951-25-000005
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of SW's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-03-07. Each links to the text at sec.gov.
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
Show the other 16
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A