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The inability to effectively manage foreign market risk could adversely affect our business, consolidated financial condition, results of operations or liquidity. See Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") and Item 8, Note 1 to the Consolidated Financial Statements for information regarding our adoption of highly inflationary accounting in Argentina and Türkiye.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Operating profit of $796 decreased 3.6% primarily due to unfavorable pricing net of cost inflation, supply chain related investments and currency impacts, partially offset by gross productivity savings, lower marketing, research and general expenses and volume and mix gains.

Marked against last year's 10-K

Operating profit of $632 million $796 decreased 5.7% 3.6% primarily due to unfavorable pricing net of cost inflation, supply chain related investments and currency impacts, higher advertising and promotion expenses, and lower volumes, partially offset by favorable pricing net of inflation. Pricing gross productivity savings, lower marketing, research and unfavorable currency impacts were primarily driven by hyperinflationary economies. general expenses and volume and mix gains.

Item 7, MD&A, 10-K Feb 12, 2026open_in_new

We may not be able to increase prices to fully offset inflationary and other pressures on costs, such as raw and packaging materials, labor and distribution costs, which may impact our financial condition or results of operations.

Marked against last year's 10-K

We may not be able to increase prices to fully offset inflationary and other pressures on costs, such as raw and packaging materials, labor and distribution costs, which may impact our financial condition or results of operations.

Item 1A, Risk Factors, 10-K Jan 22, 2026open_in_new

Deterioration of global economic conditions, an economic recession or slow growth, periods of inflation, or economic uncertainty in our key markets may adversely affect customer and consumer spending as well as demand for our products.

Word for word as last year Item 1A, Risk Factors, 10-K Jan 22, 2026open_in_new

• periods of significant or prolonged inflation, deflation, or economic uncertainty and their impact on our product costs and profitability generally, and our inability to predict inflation over the long term;

Marked against last year's 10-K

• periods of significant or prolonged inflation inflation, deflation, or deflation economic uncertainty and their impact on our product costs and profitability generally, and our inability to predict inflation over the long term;

Item 7, MD&A, 10-K Aug 21, 2026open_in_new

Our sales and gross profit performance are influenced by multiple factors including price, volume, inflation, customer mix and product mix. The most significant factor affecting our sales and gross profit performance in fiscal 2026 was product cost inflation, as we …

Marked against last year's 10-K

Our sales and gross profit performance are influenced by multiple factors including price, volume, inflation, customer mix and product mix. The most significant factor affecting our sales and gross profit performance in fiscal 2025 2026 was product cost inflation, as we experienced 2.5% 3.0% inflation at the total enterprise level. U.S. Foodservice experienced a 0.5% 1.4% improvement in total case volume and a 1.4% decrease 1.7% increase in local case volume as compared to fiscal 2024. 2025. This volume reflects our broadline and specialty businesses, except for our specialty meats business, which measures its volume in pounds. businesses. We experienced growth in local case volume in our International Foodservice segment of approximately 4.0% 4.3% in fiscal 2025, 2026, as compared to fiscal 2024. 2025.

Item 7, MD&A, 10-K Aug 21, 2026open_in_new

• inflation, hyperinflation, and adverse economic effects resulting from governmental attempts to control inflation, such as the imposition of wage and price controls and higher interest rates. For example, while inflation rates in certain of the countries in which we operate have declined recently, many of the rates currently remain at the highest levels in decades, resulting in tighter monetary policies, including higher interest rates;

Marked against last year's 10-K

• inflation, hyperinflation, and adverse economic effects resulting from governmental attempts to control inflation, such as the imposition of wage and price controls and higher interest rates. For example, while inflation rates in many certain of the countries in which we operate are have declined recently, many of the rates currently remain at the highest levels in decades, resulting in tighter monetary policies, including higher interest rates;

Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… GAAP, if a foreign entity's economy is determined to be highly inflationary, then such foreign entity's financial statements are remeasured as if the functional currency were the reporting currency.

Marked against last year's 10-K

Our reporting currency is the U.S. dollar. The functional currency of the majority of our foreign subsidiaries is their local currency. The determination of functional currency may require significant judgment to identify the currency of the primary economic environment in which a subsidiary operates. This may include an evaluation of a number of economic factors including, including cash flow, sales price, sales market, expense, and financing indicators, as well, well as the extent of the subsidiary’s intra-entity transactions. However, in accordance with U.S. GAAP, if a foreign entity's economy is determined to be highly inflationary, then such foreign entity's financial statements are remeasured as if the functional currency were the reporting currency.

Item 7, MD&A, 10-K Feb 19, 2026open_in_new

• changing macroeconomic conditions in our markets, including as a result of inflationary pressure, economic slowdown or recession, major developments in trade relations, volatile commodity prices and increases and/or volatility in the cost of raw and packaging materials, labor, energy and logistics;

Marked against last year's 10-K

• changing macroeconomic conditions in our markets, including as a result of inflationary pressure, economic slowdown or recession, the war in Ukraine, the conflict in the Middle East, major developments in trade relations, volatile commodity prices and increases and/or volatility in the cost of raw and packaging materials, labor, energy and logistics;

Item 1A, Risk Factors, 10-K Feb 23, 2026open_in_new

Given that approximately two-thirds of our Net sales originate in markets outside the United States, we have experienced and will likely continue to experience volatile foreign currency fluctuations. This is particularly acute in hyper-inflationary economies, including Argentina, Nigeria and Türkiye.

New this year Item 7, MD&A, 10-K Feb 23, 2026open_in_new

approximately 4 percent to 5 percent input cost inflation in fiscal 2027. We attempt to minimize the effects of inflation through HMM,

New this year Item 7, MD&A, 10-K Jul 1, 2026open_in_new

long-term inflation assumptions. We review this assumption annually for each plan; however, our annual investment performance for

New this year Item 7, MD&A, 10-K Jul 1, 2026open_in_new

The conflict in the Middle East could also adversely impact our financial results and operations due to, for example, volatility in global energy markets, supply chain disruptions, inflationary pressures or trade restrictions.

New this year Item 1A, Risk Factors, 10-K Aug 4, 2026open_in_new

… Our costs are subject to fluctuations due to changes in commodity and input material prices, transportation costs, inflationary impacts and productivity efforts. We have significant exposures to certain commodities and input materials, in particular certain oil-derived materials like resins …

Marked against last year's 10-K

Commodities and Supply Chain. Our costs are subject to fluctuations due to changes in commodity and input material prices, transportation costs, inflationary impacts and productivity efforts. We have significant exposures to certain commodities and input materials, in particular certain oil-derived materials like resins and paper-based materials like pulp. Volatility in the market price of commodities and input materials directly affects our costs. Disruptions in manufacturing, supply and distribution operations can lead to increased costs. Legal or regulatory requirements and sustainability initiatives may result in increased costs. We strive to implement, achieve and sustain cost improvement plans, including supply chain optimization and general overhead and workforce optimization. Increased pricing in response to certain inflationary or cost increases may also offset portions of the cost impacts; however, such price increases may negatively impact product consumption. If we are unable to manage cost impacts through pricing actions and consistent productivity improvements, it may negatively impact our net sales, net earnings and cash flows.

Item 7, MD&A, 10-K Aug 4, 2026open_in_new

… In response to inflationary pressures and other factors, we have raised prices on many of our products across our global portfolio of brands in recent years. Ongoing periods of high inflation or increased costs resulting from higher tariffs imposed by …

Marked against last year's 10-K

Our products generally compete based on the basis of performance, brand recognition, price, value or other benefits to consumers. Significant price competition may require us to reduce the prices for some of our products to price levels that do not offset manufacturing cost increases, to respond to competitive and customer pressures and to maintain market share. Increases to our prices, as a result because of inflationary pressures or otherwise, could cause declining sales of products whose prices we have increased. In response to inflationary pressures and other factors, we have raised prices on many of our products across our global portfolio of brands in recent years. Ongoing periods of high inflation or increased costs resulting from higher tariffs imposed by the U.S. or other countries could lead to additional price increases on these or our other products, adversely impacting demand for our products. Advertising, promotion, merchandising and packaging also have a significant impact on retail customer decisions regarding the brands and product lines they sell and on consumer purchasing decisions. A newly introduced consumer product (whether improved or newly developed) usually encounters intense competition requiring substantial expenditures for advertising, sales promotion and trade merchandising. If a product gains consumer acceptance, it normally requires continued advertising, promotional support and product improvements to maintain its relative market position. If our advertising, marketing and promotional programs, including the use of digital and social media to reach consumers, are not effective, our sales growth may decline.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

Factors that can affect demand include competitors’ products, advertising and pricing actions, inflationary pressures, rates of unemployment, consumer confidence, health care costs, including increased costs as a result of changes in federal regulations, significant shifts in government policies, the deterioration …

Marked against last year's 10-K

Factors that can affect demand include competitors’ products, advertising and pricing actions, inflationary pressures, rates of unemployment, consumer confidence, health care costs, including increased costs as a result of changes in federal regulations, significant shifts in government policies, the deterioration of economic or trade relations between countries or regions, commodity costs, fuel and other energy costs and other economic factors affecting consumer spending behavior, including gasoline and home heating oil pricing, reduced unemployment benefits in periods of high unemployment, restrictions on travel and access to public spaces, and changes in tax policies, other effects of governmental shutdowns or a lapse of appropriations or fear of exposure to or actual impacts of a widespread disease outbreak. In particular, we derive a substantial percentage of our revenues from sales of laundry detergent, and the continued customer demand for these products are is critical to our future success. Some There has been a decrease in demand for some of our products have seen decreasing demand in recent years, including condoms, as a result of demographic and other changes. We believe that inflation is continuing to drive drove a decline in consumer spending for our most discretionary brands, Waterpik and Flawless, brand, as consumers reduce spending in these categories and shift to lower cost alternatives. Most notably, a growing number of water flosser consumers are continuing to switch switched to competitors' value-branded products. Moreover, in our vitamin business, we are experiencing significant product competition coming from new category entrants, including private label, which contributed to the previously announced impairment in our VMS business. In addition, our Specialty Products business has been negatively impacted by the return of foreign competition in the United States dairy market.

Item 1A, Risk Factors, 10-K Feb 12, 2026open_in_new

… Other factors that could result in or exacerbate adverse economic conditions include inflation, higher unemployment, mortgage and interest rates, consumer debt levels, trade disputes, as well as adverse climate or weather conditions, worsening or new epidemics, terrorism, or international tensions …

Word for word as last year Item 1A, Risk Factors, 10-K Mar 16, 2026open_in_new

• Managing costs with agility, including our strategies to mitigate tariffs and inflationary pressures, manage operating expenses, and reduce corporate SG&A as a percentage of sales;

New this year Item 1A, Risk Factors, 10-K Mar 16, 2026open_in_new

Inflationary factors, such as increases in merchandise costs, may adversely affect our business, financial condition and results of operations. We may not be able to adjust prices to sufficiently offset the effect of cost increases without negatively impacting consumer demand.

Marked against last year's 10-K

Inflationary factors factors, such as increases in merchandise costs costs, may adversely affect our business, financial condition and results of operations. We may not be able to adjust prices to sufficiently offset the effect of cost increases without negatively impacting consumer demand.

Item 1A, Risk Factors, 10-K Oct 7, 2026open_in_new

• Gross margin percentage decreased three basis points; it increased 10 basis points excluding the impact of gasoline price inflation;

Marked against last year's 10-K

• Gross margin percentage increased 20 decreased three basis points; 11 it increased 10 basis points excluding the impact of gasoline price deflation on net sales; inflation;

Item 7, MD&A, 10-K Oct 7, 2026open_in_new

We believe ongoing inflationary pressures could continue to affect our vendors and customers and our operating results. Both inflation and higher interest rates have significantly increased new store opening costs and occupancy costs in recent years and, while new store returns remain strong, these increased costs have negatively impacted our projected new store returns and influenced our new store growth plans.

Marked against last year's 10-K

While the overall growth rate of inflation moderated over the second half of 2024, we We believe ongoing inflationary pressures could continue to affect our operating results vendors and customers and our vendors and customers. Moreover, increases in market interest rates have had a negative impact on our interest expense. operating results. Both inflation and higher interest rates have significantly increased new store opening costs and occupancy costs, and costs in recent years and, while we continue to have strong new store returns and plan to grow our store base significantly in 2025, remain strong, these increased costs have negatively impacted our projected new store returns and influenced our new store growth plans.

Item 7, MD&A, 10-K Mar 20, 2026open_in_new

While accelerating levels of inflation in the United States have moderated since 2023, inflation remains elevated in certain areas, including food. If food inflation (and in particular, “food at home,” which moderately accelerated in 2025) rapidly accelerates again, we may …

Marked against last year's 10-K

While accelerating levels of inflation in the United States have moderated in 2023 and 2024, since 2023, inflation remains elevated in certain areas, including food. If food inflation (and in particular, “food at home”) inflation home,” which moderately accelerated in 2025) rapidly accelerates again, we may not be able to adjust prices sufficiently to offset the effect without negatively impacting customer demand or our overall gross margin. Additionally, to the extent that these inflationary pressures result in a recessionary environment, we may experience material adverse effects on our business, results of operations and cash flows. For more information, see the “Executive Overview” section of Management’s Discussion and Analysis of Financial Condition and Results of Operations, included in Part II, Item 7 of this report.

Item 1A, Risk Factors, 10-K Mar 20, 2026open_in_new

Inflation affects the way we operate in many markets around the world. In general, we believe that, over time, we will be able to increase prices to counteract the majority of the inflationary effects of increasing costs and to generate sufficient cash flows to maintain our productive capability.

Word for word as last year Item 7, MD&A, 10-K Feb 20, 2026open_in_new

• EMEA - favorable pricing initiatives, including inflationary pricing, partially offset by unfavorable mix;

Marked against last year's 10-K

• Latin America EMEA - favorable pricing initiatives, including inflationary pricing in Argentina, pricing, partially offset by increased funding for promotional and marketing support; unfavorable mix;

Item 7, MD&A, 10-K Feb 20, 2026open_in_new

… Furthermore, inflation, which has significantly risen, has and may continue to increase our operational costs, including labor costs and grain and feed ingredient costs, and continued increases in interest rates in response to concerns about inflation may have the effect …

Word for word as last year Item 1A, Risk Factors, 10-K Nov 10, 2025open_in_new

We continuously evaluate the changing macro-economic conditions including inflationary pressures, rising interest rates, demand outlook and export markets, and the Company's market capitalization. Although all our reporting units and indefinite life intangible assets had more than 20% excess …

Marked against last year's 10-K

We continuously evaluate the changing macro-economic conditions including inflationary pressures, rising interest rates, demand outlook and export markets, and the Company's market capitalization. Our reporting units with heightened risk of future impairments with $3.3 billion carrying value at September 28, 2024, as well as the brand with $0.5 billion carrying value, as described above, Although all had less than 20% of excess fair value above carrying value as of the date of the most recent estimated fair value determination with our Beef reporting unit having less than 10% excess fair value above carrying value. Consequently, their estimated fair values, especially our Beef reporting unit, remain highly sensitive to future discount rate increases, changing macro-economic conditions and achievement of projected long-term operating margins. Discount rates decreased by approximately 50 basis points from the date of our annual impairment assessment to September 28, 2024. Although the remaining reporting units and indefinite life intangible assets had more than 20% excess fair value over carrying amount value as of the date of the most recent estimated fair value determination, assessment, other than one reporting unit with goodwill of $0.2 billion as of September 27, 2025, they are also remain susceptible to impairments if any assumptions, estimates, or market factors significantly change in the future.

Item 7, MD&A, 10-K Nov 10, 2025open_in_new

▪ Fuel and transportation costs may become inflated and there may be supply chain shortages and delays, as has occurred in recent years.

New this year Item 1A, Risk Factors, 10-K Dec 5, 2025open_in_new

Gross profit as a percentage of net sales decreased in both the fourth quarter and full year of fiscal 2025 compared to the prior year. Each segment experienced a decline in gross profit as a percentage of net sales versus fiscal 2024. All segments benefited from cost savings generated through the Company’s T&M initiative, which were more than offset by inflationary pressures.

Marked against last year's 10-K

Gross profit as a percent percentage of net sales for decreased in both the fourth quarter and full year of fiscal 2024 increased, 2025 compared to the prior year. Each segment experienced a decline in gross profit as pricing actions and a percentage of net sales versus fiscal 2024. All segments benefited from cost savings from generated through the Company's Company’s T&M initiative initiative, which were partially more than offset by inflationary pressures. Compared to fiscal 2023, gross profit as a percent of net sales increased for the Retail and International segments and decreased for the Foodservice segment.

Item 7, MD&A, 10-K Dec 5, 2025open_in_new

• Rising levels of inflation and interest rates related to domestic and global economic conditions or supply chain issues;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

• Rising levels of inflation and interest rates related to domestic and global economic conditions or supply chain issues;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

… changes in supply and demand; supplier capacity constraints; inflation; weather conditions (including the effects of climate change); natural disasters; disease or pests; agricultural uncertainty; cost increases in farm inputs; health epidemics, pandemics, or other contagious outbreaks; labor shortages, strikes, or …

Marked against last year's 10-K

The raw materials and other supplies, including agricultural commodities (such as coffee, apples, and corn), fuel and packaging materials, transportation, and other supply chain inputs that we use for the manufacturing, production, and distribution of our products are subject to price volatility and fluctuations in availability caused by many factors, which include including: changes in supply and demand; supplier capacity constraints; inflation; weather conditions (including the effects of climate change); wildfires and other natural disasters; disease or pests; agricultural uncertainty; cost increases in farm inputs; health epidemics, pandemics, or other contagious outbreaks; labor shortages, strikes, or work stoppages; changes in or the enactment of new laws and regulations; governmental actions or controls (including import/export restrictions, such as new, increased, or retaliatory tariffs, sanctions, quotas, or trade barriers); port congestion or delays; transport capacity constraints; cybersecurity incidents or other disruptions; political uncertainties; acts of terrorism; governmental instability; speculation in global trading of commodities, such as coffee; or fluctuations in foreign currency exchange rates. Many of these factors could also cause a significant disruption at our manufacturing and distribution facilities or the facilities of our bottlers, contract manufacturers, or distributors, which could have a material adverse effect on our business. We have been affected by a number of these factors, led by inflationary pressures on input and other costs, which may continue.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

We do not currently have operations in Russia, Ukraine, or the Middle East, but due to the impact of the ongoing conflicts in those regions on the global economy, we have experienced and may continue to experience supply chain constraints; inflation in input costs, logistics, manufacturing, and labor costs; volatility in fuel and commodity prices and fluctuations in foreign exchange rates and interest rates, any of which could adversely impact our results of operations.

Marked against last year's 10-K

We do not currently have no operations in Russia, Ukraine, or the Middle East, but due to the impact of the ongoing conflicts in those regions on the global economy, we have experienced and may continue to experience supply chain constraints; inflation in input costs, logistics, manufacturing, and labor costs; volatility in fuel and commodity prices and fluctuations in foreign exchange rates and interest rates, any of which could adversely impact our results of operations.

Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

… Inflation had an impact on our results of operations for the year ended December 31, 2024, primarily due to domestic inflation as well as inflation related local currency price increases in certain international markets. Inflation did not have a significant …

Marked against last year's 10-K

Inflation did not have a significant impact on our results of operations for the year ended December 31, 2025. Inflation had an impact on our results of operations for the year ended December 31, 2024, primarily due to domestic inflation as well as inflation related local currency price increases in certain international markets. Inflation did not have a significant impact on our results of operations for the year ended December 31, 2023. Inflation had a negative impact on our results of operations, leading to increased cost of sales and operating expenses for the year ended December 31, 2022. To mitigate the impact of inflation, we implemented the Pricing Actions.

Item 7, MD&A, 10-K Feb 27, 2026open_in_new

Inflation – information about the impact that inflation may or may not have on our results;

Word for word as last year Item 7, MD&A, 10-K Feb 27, 2026open_in_new

• impacts from inflation, including reduced consumer spending and increased costs, such as for commodities;

Word for word as last year Item 1A, Risk Factors, 10-K Apr 22, 2026open_in_new

may include subdued spend, depressed sentiment, value-seeking behaviors, and reductions in the discretionary income available to purchase our products among consumers, elevated unemployment, changing prices, inflation, other unfavorable global and regional economic conditions, demographic trends in the U.S., global supply chain disruptions and constraints, geopolitical events and tensions, wars, and military conflicts, including the conflict in the Middle East.

New this year Item 7, MD&A, 10-K Apr 22, 2026open_in_new

… retail market where there is a single currency, one inflationary market and generally consistent store and club formats from year to year.

Marked against last year's 10-K

Comparable sales is a metric that indicates the performance Our discussion of our existing stores and clubs by measuring the change in sales for such stores and clubs, including eCommerce sales, for a particular period over the corresponding period in the previous year. The retail industry generally reports comparable sales using the retail calendar (also known as the 4-5-4 calendar). To be consistent with the retail industry, we provide comparable sales using the retail calendar in our quarterly earnings releases. However, when we discuss our comparable sales below, we are referring below refers to our calendar comparable sales calculated using our fiscal calendar, which may result in differences when compared to comparable sales using the retail calendar. calendar (also known as the 4-5-4 calendar) as provided in our quarterly earnings releases. We report on comparable sales in the U.S. as we believe it is a meaningful metric within the context of the U.S. retail market where there is a single currency, one inflationary market and generally consistent store and club formats from year to year.

Item 7, MD&A, 10-K Mar 13, 2026open_in_new

… tariffs and trade restrictions; inflationary trends; fluctuations in global currencies; swings in macroeconomic conditions and their effect on consumer confidence; changes in employment trends; volatility in fuel prices; and supply chain pressures, any of which may impact our results. While …

Marked against last year's 10-K

We expect continued uncertainty in our business and the global economy due to inflationary trends; the following factors: tariffs and trade restrictions; inflationary trends; fluctuations in global currencies; swings in macroeconomic conditions and their effect on consumer confidence; volatility changes in employment trends; volatility in fuel prices; and supply chain pressures, any of which may impact our results. For While we operate in a detailed discussion highly dynamic tariff environment, less than one third of what we sell in the U.S. is imported, with most of our imports coming from China, Mexico, Vietnam, India and Canada. Information on certain risks, factors, and uncertainties that can affect our operating results of operations by reportable segment, refer to "Results of Operations" below. and an investment in our securities can be found herein under "Item 1A. Risk Factors."

Item 7, MD&A, 10-K Mar 13, 2026open_in_new

… In 2025, certain inflationary elements such as direct materials and utilities stabilized, with a moderate overall increase in inflationary pressures driven by tobacco leaf costs. The impact of inflation on cost of sales during 2025 was not material to our …

Marked against last year's 10-K

Like many other global companies, we have experienced inflationary pressures in 2022, 2023 and 2023, 2024, including: growing pressures on the cost of certain direct materials, wages, energy, transportation, and logistics as well as an increased cost of capital due to interest rate increases driven by the response to increased inflation. For the year ended December 31, 2023, the impact on cost of sales was approximately $580 million. In 2024, the impact on cost of sales was approximately 30% of the 2023 level, benefiting from lower prices for direct materials and utilities, despite continued pressure on tobacco leaf costs. In 2025, we expect certain inflationary elements such as direct materials and utilities to stabilize, stabilized, with a moderate overall increase in inflationary pressures driven by tobacco leaf costs. The impact of inflation on cost of sales during 2025 was not material to our consolidated financial statements.

Item 7, MD&A, 10-K Feb 6, 2026open_in_new

… the impact of the effects of inflation, in cases of sustained and elevated inflation across several of our major markets, it may be difficult to effectively control the increases to our costs. Inflationary pressures may also negatively impact consumer purchasing …

Marked against last year's 10-K

Increasing inflationary Inflationary pressures have and may continue to result in significant increases to our expenses, including direct materials, wages, energy, transportation, and transportation logistics costs. Inflation can also increase financing costs due to related increases in benchmark interest rates. While we take actions, wherever possible, to reduce the impact of the effects of inflation, in cases of sustained and elevated inflation across several of our major markets, it may be difficult to effectively control the increases to our costs. In recent periods, increased inflation has and may continue to lead to growing pressures on the cost of certain direct materials, wages, energy, transportation, and logistics as well as an increased cost of capital due to interest rate increases driven by the response to increased inflation. Inflationary pressures may also negatively impact consumer purchasing power, which could result in reduced demand for our products. We expect a moderate inflationary increase in 2025. If we are unable to increase our prices sufficiently or take other actions to mitigate the effect of inflationary pressures, our profitability and financial position could be negatively impacted.

Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

• Türkiye’s net sales declined 4%, driven by the negative effect of foreign exchange, partially offset by higher prices in response to inflation and volumetric gains of JDTW.

Marked against last year's 10-K

• Türkiye’s net sales increased 30%, declined 4%, driven by higher prices across our portfolio, led by JDTW, in response to high inflation, partially offset by the negative effect of foreign exchange. exchange, partially offset by higher prices in response to inflation and volumetric gains of JDTW.

Item 7, MD&A, 10-K Jun 12, 2026open_in_new

… In particular, a significant deterioration in economic conditions, including economic slowdowns or recessions, increased unemployment levels, inflationary pressures, or disruptions to credit and capital markets could lead to decreased consumer confidence and consumer spending, thus reducing consumer demand for our …

Marked against last year's 10-K

Unfavorable global or regional economic conditions may be triggered by numerous developments beyond our control, including geopolitical events, health crises, and other events that trigger economic volatility on a global or regional basis. Those types of unfavorable economic conditions could adversely affect our business and financial results. In particular, a significant deterioration in economic conditions, including economic slowdowns or recessions, increased unemployment levels, inflationary pressures, or disruptions to credit and capital markets could lead to decreased consumer confidence and consumer spending, thus reducing consumer demand for our products and sales of used barrels. Unfavorable economic conditions could also cause governments to increase taxes on beverage alcohol to attempt to raise revenue, reducing consumers’willingness consumers’ willingness to make discretionary purchases of beverage alcohol products or pay for premium brands such as ours.

Item 1A, Risk Factors, 10-K Jun 12, 2026open_in_new

Our LIFO charge was $157 million in 2025, compared to $95 million in 2024. The increase in the LIFO charge was due to higher product cost inflation for 2025, compared to 2024.

Marked against last year's 10-K

Our LIFO charge was $157 million in 2025, compared to $95 million in 2024 and $113 million 2024. The increase in 2023. The decrease in our the LIFO charge was attributable due to lower higher product cost inflation for 2024 2025, compared to 2023. 2024.

Item 7, MD&A, 10-K Mar 31, 2026open_in_new

Our LIFO charge was $157 million in 2025, compared to $95 million in 2024. The increase in the LIFO charge was due to higher product cost inflation for 2025, compared to 2024.

Marked against last year's 10-K

Our LIFO charge was $157 million in 2025, compared to $95 million in 2024 and $113 million 2024. The increase in 2023. The decrease in our the LIFO charge was attributable due to lower higher product cost inflation for 2024 2025, compared to 2023. 2024.

Item 7, MD&A, 10-K Mar 31, 2026open_in_new

Transportation, inflationary impacts, and fluctuations in energy prices could affect the Company’s operating results.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

The Company’s operating costs and the selling prices of certain finished products are sensitive to changes in energy prices, inflationary pressures, and certain logistic constraints. The Company’s processing plants are powered principally by electricity, natural gas, and coal …

Marked against last year's 10-K

The Company’s operating costs and the selling prices of certain finished products are sensitive to changes in energy prices, inflationary pressures, and certain logistic constraints. The Company’s processing plants are powered principally by electricity, natural gas, and coal. The Company’s transportation operations are partially dependent upon rail access, diesel fuel and other petroleum-based products. products, as well as on the availability and cost of ocean freight and port operations. Significant increases in the cost or access of these items, including any consequences of inflationary impacts, regulation or taxation of greenhouse gases, has and could in the future adversely affect the Company’s production costs and operating results.

Item 1A, Risk Factors, 10-K Feb 17, 2026open_in_new

We continue to monitor the effects of the global macro environment, including the risk of recession; currency volatility; inflationary pressures; supply chain challenges; social and political issues; competitive pressures; legal and regulatory matters, including the imposition of tariffs and sanctions …

Marked against last year's 10-K

We continue to monitor the effects of the global macro environment, including the risk of recession; currency volatility; inflationary pressures; supply chain challenges; social and political issues; competitive pressures; legal and regulatory matters, including the imposition of tariffs and sanctions; geopolitical tensions; and global security issues. We are also mindful of inflationary pressures (including those caused by tariffs) on our cost base and are monitoring the impact on consumer preferences, the impact of changes being made in the organization, including those related to Beauty Reimagined and the PRGP, as well as the actual and potential impact of changes that have been made and are expected to be made as part of the PRGP on suppliers, retailers and others, and challenges relating to successfully outsourcing select services. In our outlook, we have made assumptions relating to these and other internal and external factors and challenges. Declines in net sales and profitability have, and may continue to, adversely impact the goodwill and other intangible assets associated with our brands, as well as long-lived assets, potentially resulting in impairments.

Item 7, MD&A, 10-K Aug 19, 2026open_in_new

The increase in gross margin in fiscal 2026 is driven by net benefits from the PRGP, partially offset by unfavorable impacts within manufacturing costs and other, reflecting the impact of inflation on our costs, as well as tariffs. The PRGP benefits were driven by the favorable impact of cost efficiencies within our global supply chain network and reductions in excess inventory.

Marked against last year's 10-K

The increase in gross margin in fiscal 2025 includes 2026 is driven by net benefits from the PRGP which drove overall favorability year-over-year, including the favorability PRGP, partially offset by unfavorable impacts within manufacturing costs and other and obsolescence charges. other, reflecting the impact of inflation on our costs, as well as tariffs. The impact year-over-year from manufacturing costs and other reflects PRGP benefits were driven by the favorable impact of cost efficiencies within our global supply chain network, partially offset by the impact of inflation on our costs. Obsolescence charges decreased year-over-year, due to a reduction network and reductions in excess inventory.

Item 7, MD&A, 10-K Aug 19, 2026open_in_new

• financial risks, including foreign currency fluctuations, currency controls and other limitations on access to foreign currency, persistent inflationary conditions in certain markets, and increased credit risk of customers, suppliers, distributors, or foreign governments;

New this year 10-K, 10-K Aug 7, 2026open_in_new

… The Company’s ability to fund innovation, product enhancements, marketing and other growth initiatives may be constrained by a number of factors, including inflationary cost pressures, retailer consolidation, increased regulatory compliance costs and other required product-related investments. Further, the …

New this year 10-K, 10-K Aug 7, 2026open_in_new

… consumer behavior, confidence, and spending, which can be affected by a variety of factors, including inflation, interest rates, housing prices, unemployment rates, legal and regulatory actions, immigration policies and trends, household debt and wage levels, credit usage, and crime rates …

Marked against last year's 10-K

Nearly all of our sales are in the U.S., making our results highly dependent on the health of the U.S. economy and U.S. consumer behavior, confidence, and spending, which can be affected by a variety of factors, including inflation, interest rates, housing prices, unemployment rates, legal and regulatory actions (including through executive orders), actions, immigration policies and trends, household debt and wage levels, credit usage, and crime rates. In addition, the interconnected nature of the global economy means that events occurring domestically or internationally, such as geopolitical conflicts, social unrest, terrorist attacks, armed conflicts, public health crises, legal and regulatory actions, immigration policies and trends, energy availability, trade policies, disputes, or sanctions, and market volatility can all affect macroeconomic conditions in the U.S. A deterioration in U.S. macroeconomic conditions or consumer confidence or spending could adversely affect our business in many ways, such as negatively impacting consumer demand (which may disproportionately affect demand for certain merchandise), reducing sales (including our credit card profit-sharing revenue), reducing gross margins, and increasing our expenses, each of which could adversely affect our results of operations and financial condition.

Item 1A, Risk Factors, 10-K Mar 11, 2026open_in_new

Political or economic uncertainty or instability, trade policies, disputes, or sanctions, currency fluctuations, the outbreak of pandemics or other illnesses, labor shortages, labor unrest or strikes, transport capacity and costs, inflation, port security, weather conditions, natural disasters, geopolitical conflicts, social …

Word for word as last year Item 1A, Risk Factors, 10-K Mar 11, 2026open_in_new

… We regularly experience inflation in the price of commodities, including food ingredients, which increases our cost of goods sold. Cheese, representing our largest food cost, and other commodities can be subject to significant cost fluctuations due to weather, availability, global …

Marked against last year's 10-K

Our business is exposed to fluctuations in prices of commodities. Any increase in the cost or sustained high levels of the cost of cheese, proteins or other commodities could adversely affect the profitability of stores, particularly if we are unable unable, unwilling, or it is unreasonable, to increase the retail price of our products to offset such costs. We regularly experience inflation in the price of commodities, including food ingredients, which increases our cost of goods sold. Cheese, representing our largest food cost, and other commodities can be subject to significant cost fluctuations due to weather, availability, global demand and other factors that are beyond our control. Additionally, increases in labor, mileage, insurance, fuel, and other costs related to the supply and transportation of food ingredients could adversely affect the profitability of our stores. Many of these factors are beyond our control, and we may not be able to adequately mitigate these costs or pass along these costs to our guests, given the significant competitive pricing in our industry.

Item 1A, Risk Factors, 10-K Jun 22, 2026open_in_new

General economic and political conditions, including social and political causes and movements, higher interest rates, higher fuel and other energy costs, inflation, tariffs, increases or fluctuations in commodity prices such as cheese, proteins and coffee, higher levels of unemployment, higher …

Word for word as last year Item 1A, Risk Factors, 10-K Jun 22, 2026open_in_new

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