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VRTVertiv

Industrials · Electronic Components · NYSE
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The 10-K against last year's

175 changes: 27 added, 17 removed, 126 reworded, 5 quiet changes

10-K Feb 13, 2026 vs Feb 18, 2025
Risk FactorsRedline ↓
21.1%
of the text changed · 12,765 words now
25.8%
of the text changed · 5,211 words now
Legal ProceedingsRedline ↓
3.9%
of the text changed · 952 words now

10-K 0001674101-26-000008 (2026-02-13) vs 10-K 0001628280-25-005905 (2025-02-18) Not compared: Accounting Policies.

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 243 words changed in this paragraph; it is 56% similar to last year's version.
Variability in the mix and profitability of domestic and international activities, identification and resolution of various tax uncertainties, changes in tax laws and rates or other regulatory actions regarding taxes taxes, including the implementation of any global minimum tax for corporations, and the extent to which we are able our ability to realize net operating loss and other carryforwards included in deferred tax assets and avoid potential adverse outcomes included in deferred tax liabilities, among other matters, may significantly impact our effective income tax rate in the future. Our Further, our effective tax rate in any given financial reporting period may be materially impacted by the mix and level of earnings or losses by jurisdiction as well as the discrete recognition of taxable events and exposures. Changes in tax laws and rates or other regulatory actions may significantly impact the positions taken with regard to tax contingencies and we may be subject to audit and review by tax authorities, which may result in future taxes, interest and penalties. Additionally, final laws enacting the Organization for Economic Co-operation and Development's global minimum tax framework ("Pillar Two Laws") are effective beginning in 2024 in the European Union and other countries where we do business. The Company faces uncertainty related to the potential implementation of Pillar Two Laws in other countries where we operate. We are continuing to monitor the legislative process and evaluate the potential impact of implementation of Pillar Two Laws by other countries. We are regularly subject to audits by tax authorities. Although we believe our tax estimates are reasonable, the final determination of tax audits and any related litigation could be materially different from our historical income tax provisions and accruals. Economic and political pressures to increase tax revenue in various jurisdictions may make resolving tax disputes more difficult and may lead to unpredictability in our tax estimates. The results of an audit or litigation could adversely affect our financial statements in the period or periods for which that determination is made and may have negative impacts on future periods as well. Additionally, actions brought by such foreign taxing authorities could impact our licenses, permits, or certifications in that jurisdiction, which could affect our ability to operate in that jurisdiction. If we lost our ability to operate in jurisdictions, especially those where we have manufacturing facilities, our results of operations and financial performance could be materially impacted.

Source: Item 1A, 10-K 0001674101-26-000008 vs Item 1A, 10-K 0001628280-25-005905

MD&A 129 words changed in this paragraph; it is 36% similar to last year's version.
•Capacity Expansion: We have strategically invested in expanding our global capacity expansion to meet both current and anticipated additional customer demand. For example, since acquiring E&I in demand across key infrastructure segments. Since late 2021, we have approximately Vertiv has more than doubled our its manufacturing capacity for switchgear, busbar and integrated power solutions by through the opening of new facilities and adding production to capacity increases at existing facilities. Additionally, in order to operations worldwide. These expansions support our thermal management activity, we opened a new manufacturing facility in Pune, India in 2024. We also recently opened a new facility in Pelzer, South Carolina ability to support the production of modular solutions, modular deliver critical power systems infrastructure at scale for data centers and other infrastructure systems. We anticipate continuing to invest in capacity globally to provide the geographic presence that our customers need, mission-critical applications amid accelerating demand, particularly driven by AI and the ability to rapidly scale and to ensure resiliency. high-performance computing workloads.

Source: Item 7, 10-K 0001674101-26-000008 vs Item 7, 10-K 0001628280-25-005905

Legal Proceedings 69 words changed in this paragraph; it is 65% similar to last year's version.
In November 2023, following the filing of the putative securities class action and the Sullivan Action described above, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) and a parallel request for documents from the U.S. Attorney’s Office for the Southern District of New York, which relate to the allegations made in those actions. The Company is actively responding responded to these matters. requests. Since 2024, the Company has not received any further requests from the U.S. Attorney’s Office for the Southern District of New York relating to this matter. On December 30, 2025, the SEC’s Division of Enforcement informed the Company that it had concluded its investigation as to the Company and did not intend to recommend any enforcement action against the Company at this time.

Source: Item 3, 10-K 0001674101-26-000008 vs Item 3, 10-K 0001628280-25-005905

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of VRT's Risk Factors and MD&A, 10-K 2026-02-13 against 10-K 2025-02-18. Each links to the text at sec.gov.

RemovedRisk Factors
Operations in emerging markets can also present risks that are not encountered in countries with well-established economic and political systems, including:

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedRisk Factors
•changes or instability in a region’s economic or political conditions, including actual or anticipated military or political conflicts, could make it difficult for us to anticipate future business conditions, cause operational delays, complicate permitting and other regulatory matters and make our customers less willing to make cross-border investments;

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedRisk Factors
•foreign state takeovers of our facilities, trade protectionism, state-initiated industry consolidation or other similar government actions or control;

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedRisk Factors
•changes in and compliance with international, national or local regulatory and legal environments, including laws and policies affecting trade, economic sanctions, foreign investment, labor relations, foreign anti-bribery and anti-corruption;

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedRisk Factors
•trade regulations, tariffs, boycotts and embargoes, which could impair our ability to obtain materials necessary to fulfill contracts, pursue business or establish operations in such countries;

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedRisk Factors
•fluctuations in freight costs, limitations on shipping and receiving capacity, and other disruptions in the transportation and shipping infrastructure;

Read it in 10-K 2025-02-18 at sec.gov ↗

Show the other 5
RemovedRisk Factors
•political or social instability that may hinder our ability to send personnel abroad or cause us to move our operations to facilities in countries with higher costs and less efficiencies;

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedRisk Factors
•difficulties associated with repatriating earnings generated or held abroad in a tax-efficient manner, changes in tax laws, or tax inefficiencies; and

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedRisk Factors
•exposure to wage, price and capital controls, local labor conditions and regulations, including local labor disruptions and rising labor costs which we may be unable to recover in our pricing to customers.

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedRisk Factors
Wars, conflicts and other types of geopolitical tensions, and any resulting sanctions by the U.S., European Union and other countries may contribute to inflation, market disruptions and increased volatility in commodity prices more acutely in the U.S. and Europe and a slowdown in global economic growth.

Read it in 10-K 2025-02-18 at sec.gov ↗

RemovedMD&A
•Capacity Expansion: We have invested in capacity expansion to meet current and anticipated additional customer demand. For example, since acquiring E&I in late 2021, we have approximately doubled our manufacturing capacity for switchgear, busbar and integrated solutions by opening new facilities and adding production to existing facilities. Additionally, in order to support our thermal management activity, we opened a new manufacturing facility in Pune, India in 2024. We also recently opened a new facility in Pelzer, South Carolina to support the production of modular solutions, modular power systems and other infrastructure systems. We anticipate continuing to invest in capacity globally to provide the geographic presence that our customers need, and the ability to rapidly scale and to ensure resiliency.

Read it in 10-K 2025-02-18 at sec.gov ↗

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