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TFCTruist Financial

Financials · Banks · NYSE
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The 10-K against last year's

463 changes: 64 added, 60 removed, 334 reworded, 5 quiet changes

10-K Feb 24, 2026 vs Feb 25, 2025
Risk FactorsRedline ↓
25.0%
of the text changed · 19,308 words now
27.9%
of the text changed · 19,295 words now
Legal ProceedingsRedline ↓
13.5%
of the text changed · 2,914 words now
Accounting PoliciesRedline ↓
14.4%
of the text changed · 11,010 words now

10-K 0000092230-26-000030 (2026-02-24) vs 10-K 0000092230-25-000020 (2025-02-25)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

Risk Factors 259 words changed in this paragraph; it is 33% similar to last year's version.
Truist has elected to be treated as an FHC, which permits us to engage in a number of financial and related activities beyond banking, including securities, advisory, banking such as securities underwriting and merchant banking activities. Truist banking. FHCs and Truist Bank their IDI subsidiaries are subject to ongoing requirements for Truist to continue to qualify as an FHC. If a BHC an FHC or any of its insured depository institutions IDIs were found not to be well capitalized well-capitalized or well managed, managed as defined under by applicable law, the BHC can be restricted from engaging in FRB may impose corrective capital and managerial requirements on the broader range of financial FHC, which could impact resources and related activities permitted for FHCs, including limit amounts otherwise available to creditors and shareholders. In such a situation, the ability to acquire companies engaged in those activities, and can be required to discontinue these activities or even divest any of its insured depository institutions. In addition, if an insured-depository-institution subsidiary of a BHC were to fail to achieve a satisfactory or better rating under the CRA, FRB may also place limitations on the ability of the BHC FHC to expand conduct certain business activities that FHCs are generally permitted to conduct as well as the FHC’s ability to make certain acquisitions. If the failure to meet these standards persists, the FHC may be required to divest its IDI subsidiaries or cease all activities other than those activities that may be conducted by BHCs that are not FHCs. Furthermore, if an IDI subsidiary of an FHC has not maintained a satisfactory CRA rating, the FHC would not be able to commence any new financial and related activities or acquire a company that engages in such activities, although the FHC would still be allowed to engage in activities closely related to banking and make acquisitions could be restricted. investments in the ordinary course of conducting banking activities.

Source: Item 1A, 10-K 0000092230-26-000030 vs Item 1A, 10-K 0000092230-25-000020

MD&A 210 words changed in this paragraph; it is 34% similar to last year's version.
Operational risk is the risk of loss associated with external events or inadequate or failed internal processes, people, systems, or from external events. systems. It includes legal risk, which is the risk of loss arising from defective transactions, litigation or claims made, litigation, claims, or the failure to adequately protect company-owned Company-owned assets. An operational loss occurs when an event results in a loss or reserve originating from operational risk. The Company executes business activities in diverse markets and relies on the ability of its teammates and systems to process a high number of transactions. Operational risk is inherent in all business activities, and the management of this risk is important to the achievement of the Company’s objectives. Business units and enterprise functions have primary responsibility and accountability for identifying, mitigating, and monitoring operational risks embedded in their business activities, including additional or increased risks created by economic and financial disruptions. Business continuity and disaster recovery planning are critical to effectively managing operational risks. Each business unit and enterprise function is required to develop, maintain, and test these plans at least annually to identify recovery activities that, if needed, can support mission critical functions, including technology, networks and data centers supporting client applications and business operations. While the Company strives to design processes to minimize operational risks, there is no absolute assurance that business disruptions or operational losses will not occur as a result of an external event or internal control breakdown. On an ongoing basis, management makes process changes and investments to enhance Truist’s systems of internal controls and business continuity and disaster recovery plans.

Source: Item 7, 10-K 0000092230-26-000030 vs Item 7, 10-K 0000092230-25-000020

Legal Proceedings 131 words changed in this paragraph; it is 77% similar to last year's version.
This class action case was filed in Fulton County State Court on July 12, 2010, and an amended complaint was filed on August 9, 2010. Plaintiff alleges that all overdraft fees charged to his account which related to debit card and ATM transactions are actually interest charges and therefore subject to the usury laws of Georgia. The amended complaint asserts claims for violations of civil and criminal usury laws, conversion, and money had and received, and seeks damages on a class-wide basis, including refunds of challenged overdraft fees and pre-judgment interest. On October 6, 2017, the trial court granted plaintiff’s motion for class certification and defined the class as “Every Georgia citizen who had or has one or more accounts with SunTrust Bank and who, from July 12, 2006, to October 6, 2017 (i) had at least one overdraft of $500.00 or less resulting from an ATM or debit card transaction (the “Transaction”); (ii) paid any Overdraft Fees as a result of the Transaction; and (iii) did not receive a refund of those Fees,” and the granting of a certified class was affirmed on appeal. The class seeks sought a return of up to $ 452 million in paid overdraft fees from the 2006 to 2017 period above, plus prejudgment interest which, interest, which based on the this amount of claimed fees, was fees would have been estimated to be at approximately $ 431 463 million as of December 31, 2024. A court-ordered mediation was held on February 28, 2024, but no resolution was reached. On March 4, 2024, the trial court issued an order granting in part and denying in part Truist’s motions to amend the class definition to narrow the scope of the class, to compel arbitration against certain class members, and for summary judgment. Truist and the class separately appealed the trial court’s order to the Georgia Court of Appeals. On February 20, 2025, the Georgia Court of Appeals ruled on the appeals and affirmed in part and reversed in part the trial court’s March 4, 2024 order. Truist continues to assess the court’s rulings. 2025.

Source: Item 3, via Note 16 – Commitments and Contingencies, 10-K 0000092230-26-000030 vs Item 3, via Note 16 – Commitments and Contingencies, 10-K 0000092230-25-000020

Accounting Policies 110 words changed in this paragraph; it is 32% similar to last year's version.
December 31, 2024 Standards Not Yet Adopted Improvements 2027 Expense Disaggregation Disclosures / Introduces new requirements to Income Tax Disclosures Improves the transparency disclose more detailed information about certain types of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information expenses not already presented in separate expense captions in the rate reconciliation Consolidated Statements of Income, including employee compensation, depreciation, intangible asset amortization, and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments selling expenses. Banks that present a caption for salaries and benefits under SEC rules would be permitted to improve the effectiveness of income tax disclosures. retain their current definition. Permits either a prospective or retrospective transition approach. Truist is evaluating the impact of this standard on its disclosures. This standard relates to footnote disclosures only.

Source: Item 8, Note 1 – Basis of Presentation, 10-K 0000092230-26-000030 vs Item 8, Note 1 – Basis of Presentation, 10-K 0000092230-25-000020

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of TFC's Risk Factors and MD&A, 10-K 2026-02-24 against 10-K 2025-02-25. Each links to the text at sec.gov.

AddedRisk Factors
•The use of AI in our products and services, as well as our business and the industry more broadly, may negatively impact our business, operations, financial condition, results of operations, prospects, and reputation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
•The Company’s risk and control framework may fail to identify, assess, monitor, and mitigate the risks we face and cause us to suffer unexpected losses that could adversely affect our business, financial condition, results of operations, prospects, and reputation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
•Truist faces risks of non-compliance and may incur additional operational and compliance costs under laws relating to anti-money laundering, economic sanctions, embargo programs, anti-bribery, and anti-corruption.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
The Company has experienced, and may continue to experience, failures and disruptions affecting the stability, performance, security, and availability of its applications, operating systems, and infrastructure. These include degraded processing performance, data quality issues, loss of network connectivity, software malfunctions and misconfigurations, and interruptions in the availability and reliability of cloud-based and other third-party systems and services. The Company’s substantial and increasing reliance on cloud service providers and other external technology vendors heightens exposure to risks outside of its control, including system outages, downtime, cyber-attacks, and adverse financial and operating conditions at those providers and vendors. The Company’s expanding use of AI tools and related technologies introduces additional operational risks, including reliance on data integrity and model performance as well as third-party AI services that may fail, degrade, or produce inaccurate or unexpected outputs.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
The Company regularly updates and modifies its applications, operating systems, and infrastructure to support business and operations, including growth initiatives and regulatory compliance requirements. These activities involve significant costs and create additional risks related to the implementation, integration, and effectiveness of new or modified applications, systems, and infrastructure. The introduction, updating, or retraining of AI models and other methods of automation may amplify these risks. Changes in model behavior or configuration may produce unintended outcomes, increase susceptibility to operational errors, or reduce the effectiveness of existing controls. Failures associated with upgrades, configuration changes, system conversions, AI model deployment, integration efforts, and related activities may result in operational interruptions, system failures, or reduced control effectiveness.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
Failures to properly maintain, upgrade, or secure applications, operating systems, and infrastructure may increase the Company’s susceptibility to cybersecurity threats, including supply chain attacks, and may impair the Company’s ability to meet business continuity and resiliency objectives. AI-enabled technologies may further expand the cyber-attack surface and velocity, including exposure to adversarial manipulation, data poisoning, and vulnerabilities in third-party AI and other platforms. These events have resulted in adverse client impacts, including the inability to access account information or conduct transactions through ATM, online, or mobile channels, the exposure of confidential, proprietary, personal, and other sensitive information, the posting of duplicative or delayed transactions, and delays in obtaining assistance through call centers. The Company cannot assure that similar or more severe operational or technology failures and disruptions, including AI-related failures or third-party service interruptions, will not occur in the future or that their effects can be prevented, contained, or remediated in a timely manner.

Read it in 10-K 2026-02-24 at sec.gov ↗

Show the other 16
AddedRisk Factors
The use of AI in our products and services, as well as our business and the industry more broadly, may negatively impact our business, operations, financial condition, results of operations, prospects, and reputation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
Our industry is subject to rapid and significant technological change. To compete effectively, the Company uses new and evolving technologies, including AI, to help improve our marketing, referrals, products, services, and client service, to increase productivity for internal code and software development and testing, and to automate certain business decisions and risk management practices, such as fraud identification. The Company's use of AI is subject to risks that models, prompts, algorithms, and datasets, as well as related decisions, predictions, analysis, and other output, are flawed, inaccurate, of poor quality, insufficient, biased, or otherwise erroneous or inadequate, any of which may not be easily detectable. In addition, the models and processes relating to AI are not always transparent, which could increase the risk of unintended deficiencies. Ineffective implementation of AI by us or our third-party providers could subject us to additional risks that we cannot adequately predict or mitigate. Further, inappropriate or controversial data practices by developers and end-users, or other factors adversely affecting public opinion of AI and machine learning, could impair the acceptance and use of AI. If any of these risks are realized, we could suffer business and operational disruptions, operational inefficiencies, competitive harm, legal liability, increased regulatory scrutiny, reputational harm, or other consequences that the Company cannot predict, any of which could negatively affect the Company's financial condition and results of operations.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
Regulatory and other legal frameworks surrounding AI continue to evolve and remain uncertain. If we do not have sufficient rights to use models, prompts, algorithms, and datasets on which our AI technologies rely or the related decisions, predictions, analysis, or other output, we could incur significant damages, substantial fees, deprivation of access, or considerable expense through a violation of applicable law, third-party intellectual property, privacy, or other rights, or other violations. New or changing statutes, regulations, or industry standards and practices may increase costs, restrict use cases, or require significant changes to our deployment or our existing systems and controls. If we fail to appropriately respond to changes within the AI landscape, including changing public sentiment, we could face legal, regulatory, or brand and stakeholder risk that may negatively impact our business, operations, financial results, financial condition, or reputation. In addition, the use of AI by companies has resulted in, and may in the future result in, cybersecurity breaches, attacks, and other similar incidents as well as data privacy violations.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedRisk Factors
The Company’s risk and control framework may fail to identify, assess, monitor, and mitigate the risks we face and cause us to suffer unexpected losses that could adversely affect our business, financial condition, results of operations, prospects, and reputation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
During 2025, we focused on delivering strong, purpose-driven performance by deepening client relationships, enhancing operational efficiency, investing in talented teammates and innovative technology, and increasing capital return to shareholders. Through disciplined risk management and sound governance, we believe we strengthened our foundation and positioned Truist for sustainable growth.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
◦ In CSBB, grow deposits with a focus on Premier clients, increase client acquisition, deepen client relationships, and drive digital acquisition and client engagement.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
Looking ahead, our strategic priorities remain unchanged. By successfully executing on them, we seek to accelerate revenue growth, drive greater positive operating leverage, and return more capital to shareholders, all while maintaining our risk discipline. These outcomes are central to driving improved profitability.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
(1) Represents a non-GAAP measure. A reconciliation of each non-GAAP measure to the most directly comparable GAAP measure is included within the table above or in the “Non-GAAP Financial Measures” section in this report.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
(1) Effective December 31, 2025, Truist reclassified treasury management fees to ‘Card and treasury management fees’ from ‘Other deposit revenue.’ Prior period balances have been conformed to current period presentation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
(4) Effective December 31, 2025, Truist reclassified operating lease income into ‘Other income.’ Prior period balances have been conformed to current period presentation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
(1) Effective December 31, 2025, Truist reclassified the underlying activities of restructuring charges, which were previously reported in a separate financial statement caption, to their natural expense categories of ‘Personnel,’ ‘Net occupancy,’ ‘Professional fees and outside processing,’ and ‘Other expense.’ Prior period balances have been conformed to current period presentation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
(2) Effective December 31, 2025, Truist reclassified operating lease depreciation into ‘Other expense.’ Prior period balances have been conformed to current period presentation.

Read it in 10-K 2026-02-24 at sec.gov ↗

AddedMD&A
• Personnel expense increased due to higher investments in talent in revenue producing businesses as well as the technology and risk infrastructure organizations, incentives, insurance costs, and severance charges, partially offset by lower expenses for other employee benefits.

Read it in 10-K 2026-02-24 at sec.gov ↗

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