Wyndham Hotels & Resorts, Inc. WH
New risk paragraphs, branching off last year
Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 13, 2025. A box jumps to the paragraph as filed, below.
Paragraphs with nothing like them in last year's 10-K
3 paragraphs in Risk Factors of the 10-K filed Feb 19, 2026 with nothing like them in the 10-K filed Feb 13, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
Our ability to generate ancillary revenues may be impacted by a number of factors including credit cardholder spending levels and enrollment rates under our co-branded credit card program, changes in the laws or regulations related thereto, or changes to the rules, policies, guidelines or standards of credit card payment networks. Additionally, our ability to generate revenues from our existing and future partnership and affiliate relationships may be based on the engagement of our guests and the success of these third parties’ business models. If we are unable to grow our ancillary revenues as a result of these or other factors, our results of operations, financial condition or cash flows could be adversely affected.
We have incorporated artificial intelligence (“AI”) solutions into our business, offerings, services and features, primarily through third-party AI applications provided by Salesforce and Canary, and these applications may become increasingly important to our operations over time. Our competitors or other third parties may incorporate AI into their products more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of
We are subject to various risks related to the credit we extend to our franchisees, which can be more significant in the event of a franchisee’s insolvency.
Paragraphs in the 10-Q filed Oct 22, 2026 that were not in the one before
New in the latest 10-Q
8 paragraphs in the 10-Q filed Oct 22, 2026 with nothing like them in the 10-Q filed Jul 23, 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.
Financial statements and notes
The following table presents activity for the nine months ended September 30, 2026:
Read in the 10-Q
The following table presents activity for the nine months ended September 30, 2025:
Read in the 10-Q
(d) Reflects the impact of our deferral of revenues from Revo, which unfavorably impacted our third quarter international and global average royalty rates by 11 bps and 1 bp, respectively, and year-to-date international and global average royalty rates by 26 bps and 7 bps, respectively.
Read in the 10-Q
by favorable ADR trends. Latin America increased 2% year-over-year and 9% sequentially primarily driven by Mexico, reflecting favorable ADR trends and a resilient urban portfolio. EMEA increased 2% year-over-year driven by strong performance in Turkey, India and Spain and increased 8% sequentially reflecting recovery in Germany and stabilization across the Middle East. Growth in these regions was offset by China, where RevPAR declined 10% year-over-year as softer travel demand, particularly in Tier 2 cities, continued to pressure performance.
Read in the 10-Q
• $29 million of higher revenues, excluding development advance note amortization, as discussed above; partially offset by
Read in the 10-Q
Show the other 3
• $19 million of higher revenues, excluding development advance note amortization, as discussed above; and
Read in the 10-Q
The following table presents activity for the nine months ended September 30, 2026:
Read in the 10-Q
The following table presents activity for the nine months ended September 30, 2025:
Read in the 10-Q
The 10-Q's risk factors against the 10-K
Item 1A of the 10-Q filed Oct 22, 2026 against Item 1A of the 10-K filed Feb 19, 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).
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:The discussion of our business and operations should be read together with the risk factors contained in Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (“Annual Report”), filed with the Securities and Exchange Commission, which describe various risks and uncertainties to which we are or may become subject. These risks and uncertainties have the potential to affect our business, financial condition, results of operations, cash flows, strategies or prospects in a material and adverse manner.
Read in the 10-Q
1 paragraph in the 10-Q's Item 1A, and none of them adds, rewords or quietly edits a paragraph of the 10-K's.
Phrases used for the first time
Two-word phrases in Risk Factors of the 10-K filed Feb 19, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 13, 2025
Where each one is used
- consumer sentiment: We face risks affecting the travel and hotel industries that include, but are not limited to: economic slowdown and potential recessionary pressures; economic factors such as general economic uncertainty or consumer sentiment, inflation, interest rate fluctuations, employment layoffs, increased costs of living and...
- franchisee’s insolvency: We are subject to various risks related to the credit we extend to our franchisees, which can be more significant in the event of a franchisee’s insolvency.
- similar proceedings: We strategically extend credit to assist franchisees in converting to, or building a new hotel under, one of our hotel brands through development advance notes, loans and mezzanine or other forms of subordinated financing. Additionally we have a program that guarantees a portion of loans taken by franchisees for...
- large language: Third-party internet travel intermediaries, peer-to-peer online networks and large language models may adversely affect us.
- language models: Third-party internet travel intermediaries, peer-to-peer online networks and large language models may adversely affect us.
- llm providers: Consumers use third-party internet travel intermediaries, including search engines, peer-to-peer online networks, and increasingly, large language models (“LLMs”) to search for and select lodging accommodations. As the percentage of internet reservations increases, travel intermediaries may be able to obtain higher...
- ancillary revenues: Our ability to generate ancillary revenues may be impacted by a number of factors including credit cardholder spending levels and enrollment rates under our co-branded credit card program, changes in the laws or regulations related thereto, or changes to the rules, policies, guidelines or standards of credit card...
- federal provincial: Our operations are regulated by federal, provincial, state and local governments in the countries in which we operate. In addition, U.S. and international federal, provincial, state and local regulators may enact new laws and regulations that may reduce our profits or require us to modify our business practices...
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
What was taken out
3 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Sources
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
Also
10-K change: what was reworded or cut, section by section.
Work with it
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/WH/export.csv") into a cell.