TPRTapestry, Inc.

12 paragraphs in Risk Factors of the 10-K filed Aug 13, 2026 with nothing like them in the 10-K filed Aug 14, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.

Compared with the Risk Factors in the latest 10-K of the other 46 Consumer discretionary companies: a paragraph with at least half its words the same at another company is called similar, and the companies are listed under it. A paragraph most of them have is marked boilerplate. No line means no other company has one like it. This counts text; it does not say how serious a risk is.

On February 20, 2026, the U.S. Supreme Court ruled that tariffs collected under the International Emergency Economic Powers Act ("IEEPA") were invalid. The U.S. Court of International Trade subsequently ordered refunds for qualifying customs entries. CBP has established a phased administrative process for submitting refund claims for certain IEEPA tariffs. The Company paid approximately $117 million in IEEPA tariffs. During the fourth quarter of fiscal 2026, we received cash refunds related to the previously paid IEEPA tariffs of $2.1 million. In addition, as of June 27, 2026, we determined that the receipt of the remaining refunds of the previously paid IEEPA tariffs was probable. We estimate the amount of the probable refund to be $114.7 million, which was recorded as a receivable. Although the Company believes collection of the IEEPA tariffs is probable based on currently available information, the timing of cash receipts is dependent upon the execution of the refund process by the CBP and the U.S. Treasury Department.

Following the Supreme Court's decision, the U.S. Administration announced a 10% global tariff under Section 122 of the Trade Act of 1974 which became effective February 24, 2026, for a period of up to 150 days, which expired on July 24, 2026. On May 7, 2026, the CIT ruled the Section 122 tariffs were invalid. The government has appealed the ruling and the Company is awaiting a decision from the U.S. Court of Appeals. On July 23, 2026, the U.S. Administration announced the final remedy in

the Section 301 investigations relating to forced labor practices, imposing new tariff rates ranging from 10% to 12.5% on most imports from certain countries, effective upon the expiration of the temporary Section 122 tariffs.

The U.S. Supreme Court’s ruling did not impact any of the recently imposed tariffs, under either Section 122, Section 301, or Section 338 of the various trade statutes, nor does it prohibit the imposition of future tariffs through alternative trade authorities available to the U.S. administration. Accordingly, uncertainty with respect to tariffs remains ongoing, and U.S. import tariffs and international trade arrangements will continue to change, potentially without warning and to an extent or duration that is difficult to predict. Changing tariff rates and shifting trade policies have created significant uncertainty for suppliers, consumers, and us, and our efforts to mitigate the impacts of tariffs are time-consuming and costly and may not be effective. Our ability to navigate any uncertainty, changes or expansion in tariffs or other trade restrictions could have a material negative impact on our business, financial condition and results of operations. In addition, any negative perception of or sentiment towards the U.S., whether in response to changes in tariffs, trade policy or otherwise, could impact the perception of our Company.

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We are also engaging in initiatives to harmonize the customer experience between our retail and outlet channels, by bringing select full price products into the outlet channel and enabling a single-cart checkout process for retail and outlet on our Coach brand e-commerce site. If we are unable to effectively execute our multi-channel strategy, along with our e-commerce and digital strategies, and provide reliable and unified experiences for our customers across all business channels and touchpoints, our reputation and ability to compete with other brands could suffer, which could adversely impact our business, results of operations and financial condition.

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The successful implementation of the Company’s 2028 growth strategy, Amplify, is key to the long-term success of our business.

The Company introduced its 2028 growth strategy, Amplify, in the first quarter of fiscal 2026, which focuses on four key pillars: (i) Building Emotional Connections with Consumers; (ii) Fueling Fashion Innovation & Product Excellence; (iii) Delivering Compelling Experiences to Drive Global Growth; and (iv) Igniting the Power of Our People.

There is no assurance that we will be able to sustain such efforts in accordance with our plans, that such efforts will result in the intended or otherwise desirable outcomes or that such efforts, even if successfully sustained, will be effective in achieving long-term growth or increased profitability. Refer to Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" for further information regarding Amplify. If our incorporation of the initiatives under Amplify falls short, our business, financial condition and results of operations could be materially adversely affected.

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The development, use, or misuse of AI technologies, and the failure to effectively adopt such technologies, may not be successful and could negatively impact our business.

Similar paragraph at 2 of 46 other Consumer discretionary companies: ULTA, WSM

We are increasingly integrating AI technologies, including generative AI and machine learning, across various aspects of our business, which presents evolving risks that may be difficult to predict or mitigate. AI technologies may produce inaccurate, biased, or unreliable outputs, cause or contribute to the violation of intellectual property rights, and may be prone to cybersecurity incidents or service interruptions. If our use of AI technologies produces deficient, inaccurate, controversial, or misleading outputs, or has other unintended consequences, we could be subject to legal liability, regulatory action, and competitive or reputational harm.

Use of AI by our employees or third-party service providers could increase the risk of exposure of our proprietary, confidential, sensitive or personal information. The use of AI or machine learning technologies by our third-party service providers in their business activities, whether or not known to us, could also expose us to risks, including use of AI tools in violation of agreements with us, use of unauthorized third-party data, inputting our valuable information into AI tools, or deployment of new AI tools without our approval, any of which may give rise to legal or regulatory violations, loss of IP rights, reputational harm, or issues relating to data privacy and data protection.

The regulatory landscape governing AI is rapidly evolving. Several jurisdictions around the globe, including the European Union and several U.S. states, have proposed or enacted laws governing AI, including the European Union AI Act and enacted or potential U.S. federal and state AI legislation. These obligations and restrictions may lead to regulatory fines or penalties for non-compliance, make it harder for us to conduct our business using AI, require us to change our business practices, or prevent or limit our use of AI. Further, we may be unable to quickly and successfully adapt to rapid change resulting from advancements in AI and similar technologies, or our competitors may have more success implementing and utilizing these technologies than we do, which could adversely affect our competitive position. Any of these factors could adversely affect our business, financial condition, and results of operations.

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New in the latest 10-Q

16 paragraphs in the 10-Q filed Nov 5, 2026 with nothing like them in the 10-Q filed May 7, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.

10-Q

2026 2025 (millions, except per share data) (unaudited) Net sales $ 1,894 $ 1,705 Cost of sales 406 404 Gross profit 1,488 1,301 Selling, general and administrative expenses 1,064 973 Operating income (loss) 424 328 Interest expense, net 13 13 Other expense (income) — (4) Income (loss) before provision for income taxes 411 319 Provision (benefit) for income taxes 51 44 Net income (loss) $ 360 $ 275 Net income (loss) per share: Basic $ 1.81 $ 1.32 Diluted $ 1.76 $ 1.28 Shares used in computing net income (loss) per share: Basic 199.3 207.6 Diluted 204.5 215.5

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2026 2025 (millions) (unaudited) Net income (loss) $ 360 $ 275 Other comprehensive income (loss), net of tax: Unrealized gains (losses) on cash flow hedging derivatives, net (9) 13 Foreign currency translation adjustments (5) 20 Other 1 — Other comprehensive income (loss), net of tax (13) 33 Comprehensive income (loss) $ 347 $ 308

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2026 2025 (millions) (unaudited) CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES Net income (loss) $ 360 $ 275 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization 40 37 Amortization of cloud computing arrangements 14 14 Provision for bad debt 2 1 Share-based compensation 31 22 Deferred income taxes 15 59 Changes to lease related balances, net 3 (6) Other non-cash charges, net (14) 3 Changes in operating assets and liabilities: Trade accounts receivable (106) (46) Inventories (222) (161) Accounts payable 95 34 Accrued liabilities (124) (71) Other liabilities (7) 6 Other assets 110 (54) Net cash provided by (used in) operating activities 197 113 CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES Purchases of investments (21) (9) Proceeds from maturities and sales of investments 16 1 Purchases of property and equipment (48) (32) Proceeds from sale of business, net of cash divested — 109 Net cash provided by (used in) investing activities (53) 69 CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES Payment of dividends (92) (83) Repurchase of common stock (603) (698) Payment of debt issuance costs — (1) Proceeds from/(Repayments of) commercial paper, net 200 240 Proceeds from share-based awards 73 70 Taxes paid to net settle share-based awards (104) (79) Net cash provided by (used in) financing activities (526) (551) Effect of exchange rate changes on cash and cash equivalents 6 (12) Net increase (decrease) in cash and cash equivalents (376) (381) Cash and cash equivalents at beginning of period 975 1,100 Cash and cash equivalents at end of period $ 599 $ 719 Supplemental information: Cash paid for income taxes, net $ 76 $ 35 Cash paid for interest $ 76 $ 83 Noncash investing activity - property and equipment obligations $ 29 $ 31

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Tapestry, Inc. (the "Company") is a global house of iconic accessories and lifestyle brands uniting the magic of Coach and Kate Spade New York. Together, we stretch what’s possible - advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life.

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In the first quarter of fiscal 2027, the Company changed the presentation in the condensed consolidated financial statements and related disclosures to whole millions from the historical presentation of tenths of millions and, as a result, any necessary rounding adjustments have been made to prior year disclosed amounts.

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the entity or receive the expected returns of the entity and substantially all of the entity’s activities involve or are conducted on behalf of the investor with disproportionately few voting rights.

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Shares issued, pursuant to share-based compensation arrangements, net of shares withheld for taxes 2.0 — (31) — — (31)

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2026 2026 (millions) Current Debt: Commercial Paper Borrowings $ 200 $ — 4.125% Senior Notes due 2027 397 — Total Current Debt $ 597 $ — Long-Term Debt: 4.125% Senior Notes due 2027 $ — $ 397 5.100% Senior Notes due 2030 750 750 3.050% Senior Notes due 2032 500 500 5.500% Senior Notes due 2035 750 750 Total long-term debt $ 2,000 $ 2,397 Less: Unamortized discount and debt issuance costs on senior notes (15) (16) Less: Fair value basis adjustment(1) (25) (2) Total long-term debt, net $ 1,960 $ 2,379

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(2) Short-term investments are recorded at fair value, which approximates their carrying value, and are primarily based upon quoted vendor or broker priced securities in active markets.

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Tapestry, Inc. is a global house of iconic accessories and lifestyle brands uniting the magic of Coach and Kate Spade New York. Together, we stretch what’s possible - advancing brands further than they could go alone, expanding their reach to new geographies and generations. Inspired by our consumers, we create experiences and products that build lasting brand love and elevate everyday life.

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Net interest expense remained even at $13 million in the first quarter of fiscal 2027 and the first quarter of fiscal 2026.

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Items affecting comparability in the current or comparable periods, as applicable, include:

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• Distribution Network Optimization Costs - The Company incurred Distribution Network Optimization Costs which consist of non-recurring costs, primarily related to optimizing its distribution centers. These costs mainly relate to the transition from our Ohio fulfillment center to a third-party facility in Pennsylvania.

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Management believes that existing cash balances, cash flows from operations, existing credit facilities, our commercial paper program, and access to capital markets will provide sufficient liquidity to meet our debt obligations, including any repayment of debt or refinancing of debt, working capital needs, planned capital expenditures, other contractual obligations and payment of anticipated quarterly dividends for at least the next twelve months and the foreseeable future thereafter.

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On February 20, 2026, the U.S. Supreme Court ruled that tariffs collected under the IEEPA were invalid. The CIT subsequently ordered refunds for qualifying customs entries, including applicable interest. CBP established a phased administrative process for submitting refund claims for certain IEEPA tariffs.

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During the fourth quarter of fiscal 2026, the Company received cash refunds related to the previously paid IEEPA tariffs of $2 million which was recognized as a reduction to Cost of sales. In addition, as of June 27, 2026, the Company applied the loss recovery model and determined that the receipt of the remaining refunds of the previously paid IEEPA tariffs was probable. The Company estimated the amount of the probable refund to be $115 million, of which $96 million was recognized as a reduction to Cost of sales, $10 million was recorded as Accrued liabilities and $9 million was applied as a reduction to tariffs that remained in Inventory. During the first quarter of fiscal 2027, the Company collected substantially all the cash related to the tariff refund.

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The 10-Q's risk factors against the 10-K

Item 1A of the 10-Q filed Nov 5, 2026 against Item 1A of the 10-K filed Aug 13, 2026. A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed. Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed, Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal (cut words struck through, new words highlighted and underlined). Text on the page, not a score; each links to the filing at sec.gov.

What the 10-Q itself says about its risk factors:
Refer to Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended June 27, 2026 for a description of certain significant risks and uncertainties to which our business, financial condition and results of operations are subject.

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