Compare companies, side by side

… After imposing tariffs on steel and aluminum imports, in recent years, the United States has recently increased those tariffs and expanded the scope of their application. The U.S. Administration has also imposed tariffs more broadly on most imported goods …

Marked against last year's 10-K

We are also uncertain whether the prices of any of the above raw materials, or any other raw materials or ingredient for that matter, will rise, or continue to rise, in the future and, if so, whether we will be able to pass on such increases to our customers. Certain of our co-packing arrangements, for instance, allow such co-packers to increase their fees based on certain of their own cost increases. From time to time, we also enter into purchase agreements for portions of our annual anticipated requirements for certain of our raw materials such as glucose, sugar and sucralose. In After imposing tariffs on steel and aluminum imports, in recent years, the United States has recently increased those tariffs and expanded the scope of their application. The U.S. Administration has also imposed tariffs more broadly on steel most imported goods and aluminum as well as on goods imported from certain countries. The recently inaugurated U.S. presidential administration has also implemented or proposed additional tariffs on certain imports. countries and sectors. Additional tariffs imposed by the United States or other countries on a broader range of imports, States, or further trade measures taken by other countries, retaliatory or otherwise, could result in an increase in raw material costs.

Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

the impact of changes in U.S. trade policies, including the imposition of additional tariffs;

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

Changes in global trade policies, including tariffs, have caused inflationary pressures and higher costs on certain raw materials and imports. These actions have impacted our business through increased costs and uncertainty. If maintained, the tariffs, as well as related measures …

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

… Our gross profit margin was 37.9%, a decrease of 60 basis points, driven by increased commodity costs including the impact of tariffs, unfavorable product mix, and increased conversion cost including costs to support capacity for future growth, partially offset …

Marked against last year's 10-K

In 2024, gross Gross profit for 2025 increased by $88.5 $1.2 million, or 3.5%, from 2023. which is comparable to 2024. Our gross profit margin for 2024 was 38.5%, an increase 37.9%, a decrease of 90 60 basis points from 37.6% in 2023. The increase was points, driven by increased commodity costs including the favorable impact of our pricing actions, favorable tariffs, unfavorable product mix, and customer mix, less scrapped inventory and increased conversion cost savings led by our CCI and GOE programs. These favorable impacts were including costs to support capacity for future growth, partially offset by higher conversion costs, as compared pricing actions and CCI program-led cost savings. Excluding the impact of special charges related to 2023. the step up of acquired inventory included in cost of goods sold, adjusted gross margin was 37.9% for 2025.

Item 7, MD&A, 10-K Jan 22, 2026open_in_new

The imposition of tariffs (including U.S. tariffs imposed or threatened to be imposed on China, the European Union, Canada and Mexico and other countries and any tariffs imposed by such countries) have impacted and could continue to impact our supply chain resulting in increased input costs, including the

New this year Item 7, MD&A, 10-K Feb 3, 2026open_in_new

… The impact of tariffs will continue to vary, including based on where inputs are sourced from and shipped to. In addition, any supply chain constraints, inflationary impacts or reduced consumer demand for our products as a result of such tariffs …

New this year Item 7, MD&A, 10-K Feb 3, 2026open_in_new

We are closely monitoring the evolving consumer and regulatory landscape, including new tariffs announced in February 2026 in response to the U.S. Supreme Court ruling on IEEPA tariffs, and adjusting plans as needed. The collective interaction of tariffs, sourcing strategies, pricing actions, consumer response and behaviors, and other factors, could materially impact our sales and results of operations in future periods.

New this year Item 7, MD&A, 10-K Mar 11, 2026open_in_new

… government then imposed additional, non-IEEPA global Section 122 tariffs. Any trade disputes or further changes in tax or trade policy, including the imposition of additional tariffs or duties on imported products or changes in tariff levels, between the U …

Marked against last year's 10-K

A significant portion U.S. trade policy is changing rapidly and remains subject to uncertainty. In February 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were not authorized by the statute. The U.S. government then imposed additional, non-IEEPA global Section 122 tariffs. Any trade disputes or further changes in tax or trade policy, including the imposition of additional tariffs or duties on imported products or changes in tariff levels, between the U.S. and countries from which we source merchandise directly or indirectly through vendors could require us to take certain actions, including raising prices on products we sell and seeking alternative sources of supply from vendors in other countries. Approximately one-half of the merchandise that we offer is sourced, directly or indirectly, from outside the U.S., with China as our single largest source of merchandise we import. Any trade disputes or changes in tax or trade policy between the U.S. and countries from which we source merchandise, such as the imposition of additional tariffs or duties on imported products, could require us to take certain actions, including raising prices on products we sell and seeking alternative sources of supply from vendors in other countries. In particular, recent U.S. tariffs imposed or threatened to be imposed on several countries in 2025, including China, Mexico, Canada, India, Vietnam and other countries Bangladesh, and any retaliatory actions taken by such countries have resulted, and could result continue to result, in us incurring substantial additional costs to procure a large portion of the merchandise we offer and may require us to raise impact the margin rate for certain products, raising prices on certain products. products, and starting new vendor relationships in other countries. Many of these tariffs were imposed under IEEPA and were subsequently impacted by the February 2026 ruling, though the process, timing, and amount of any potential refund recovery for such tariffs remain uncertain. We continue to closely monitor these developments and their ultimate impact on our business, results of operations, and financial condition, all of which may be adversely impacted. In addition, if our competitors do not keep pace with any such price increases or are able to offset the impact of tariffs through other actions, such as diversification in their mix of vendors, our competitive position may be adversely affected. Any of these outcomes could adversely affect our reputation, results of operations, and financial condition.

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

• 30 basis points of net tariff impact from higher costs and recognized recoveries,

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

On February 20, 2026, the U.S. Supreme Court ruled that the tariffs imposed under the International Emergency Economic Powers Act (IEEPA) were invalid. The Company previously paid approximately $200 million in IEEPA tariffs that may be recoverable. During the three-month period ended June 30, 2026, the Company recognized recovery of half of this amount in its Consolidated Financial Statements.

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

Major developments in trade relations, including the imposition of new or increased tariffs by the United States and/or other countries, such as China, including those threatened or imposed following the United States’ 2025 executive orders, retaliatory tariffs imposed by …

Marked against last year's 10-K

Recent Major developments in trade relations and relations, including the imposition of new and/or additional or increased tariffs by the United States and and/or other countries, such as China, including those threatened or imposed following the United States’ February 2025 executive orders imposing orders, retaliatory tariffs on imports from Canada, Mexico imposed by the United States’ trading partners or through the renegotiation of trade agreements, have contributed to and China, may are expected to continue to contribute to inflationary pressures and, as a result, pressures, geopolitical tensions, macroeconomic and market volatility and consumer uncertainty. These developments have also impacted and may continue to impact consumer demand for sentiment, consumption, discretionary spending and/or purchasing patterns. In addition, they have impacted and may continue to impact the cost and/or availability of raw and packaging materials and the price of our products. We are following the dynamic situation closely and evaluating the impact of such tariffs and any retaliatory actions taken by other countries on our business, results of operations, cash flows and financial condition. While we have made and will continue to make efforts to mitigate the impact of these and any additional tariffs imposed by the United States and/or other countries, countries or shifts in trade agreements, they or our mitigating actions could impact the cost and/or price have a material effect on our business, results of our products, the cost operations, cash flows and availability of raw and packaging materials and commodities and/or consumer demand for our products due to, among other things, the impact of such tariffs on the global economy, inflationary pressures or geopolitical relations. financial condition.

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

Major developments in trade relations, including the imposition of new or increased tariffs by the United States and/or other countries, such as China, including those threatened or imposed following the United States’ 2025 executive orders, retaliatory tariffs imposed by …

Marked against last year's 10-K

Recent Major developments in trade relations and relations, including the imposition of new and/or additional or increased tariffs by the United States and and/or other countries, such as China, including those threatened or imposed following the United States’ February 2025 executive orders imposing orders, retaliatory tariffs on imports from Canada, Mexico imposed by the United States’ trading partners or through the renegotiation of trade agreements, such as the United States-Mexico-Canada Agreement, have contributed to and China, may are expected to continue to contribute to inflationary pressures and, as a result, pressures, geopolitical tensions, macroeconomic and market volatility. These developments have also impacted and may continue to impact consumer demand for sentiment, consumption, discretionary spending and/or purchasing patterns. In addition, they have impacted and may continue to impact the cost and/or availability of raw and packaging materials and the price of our products. We are following the dynamic situation closely and evaluating the impact of such tariffs and any retaliatory actions taken by other countries on our business, results of operations, cash flows and financial condition. While we have made and will continue to make efforts to mitigate the impact of these and any additional tariffs imposed by the United States and/or other countries, countries or shifts in trade agreements, they or our mitigating actions could impact the cost and/or price have a material effect on our business, results of our products, the cost operations, cash flows and availability of raw and packaging materials and commodities and/or consumer demand for our products due to, among other things, the impact of such tariffs on the global economy, inflationary pressures or geopolitical relations. financial condition. For additional information, see “Outlook” below.

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

Tariffs negatively impacted our operating results during fiscal 2026 and we are continuing to monitor and assess the potential effects of changing tariff conditions globally.

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

We are continuing to monitor and assess the potential effects of changing tariff conditions in the United States as well as in other markets in which we operate. These tariffs have led to significant volatility and uncertainty in global markets …

Marked against last year's 10-K

We are continuing to monitor and assess the potential effects of new and existing tariffs changing tariff conditions in the United States as well as in other markets in which we operate. These tariffs have led to significant volatility and uncertainty in global markets and difficulty in forecasting demand. We have implemented and are continuing to implement and consider additional mitigation measures. The impact was not material Our strategy remains optimizing our global supply chain network, by sourcing and manufacturing in the geography of sale where feasible. We also continue to fiscal 2025 profitability leverage trade programs where available and cash flows, however, even if we can minimize some of these impacts, we monitor for additional opportunities as countries continue to update their trade programs. We anticipate higher tariff rates tariffs to have an adverse effect on fiscal 2026 2027 profitability and cash flows, and depending on actual rates and countries imposing tariffs such adverse impacts could be material.

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

• The imposition of tariffs on U.S. imports and retaliatory tariffs in response, quotas, trade barriers, other trade protection measures and import or export licensing requirements;

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

Furthermore, changes in global trade policies, including tariffs on U.S. imports, continue to increase global economic and political uncertainty. For the year ended December 31, 2025, the imposition of tariffs on U.S. imports and retaliatory tariffs, had a …

Marked against last year's 10-K

Furthermore, certain geopolitical events, specifically the conflict between Russia and Ukraine, as well as the imposition of changes in global trade policies, including tariffs on U.S. imports and retaliatory tariffs in response, have increased imports, continue to increase global economic and political uncertainty. For the year ended December 31, 2024, neither the conflict between Russia and Ukraine, nor 2025, the imposition of tariffs on U.S. imports and retaliatory tariffs, had a material negative impact on our results of operations and commodity prices or supply availability. However, we prices. We are continuing to monitor each the ongoing negotiations related to tariffs, specifically, goods imported into the U.S. from Canada, Mexico and other countries, as well as export markets, in which we have significant business operations, all of these events for any significant escalation or expansion of economic or supply chain disruptions or broader inflationary costs, which may result in material adverse effects on our results of operations. The scope and length of tariffs, including their effects on the broader economy and our business, remain uncertain. These outcomes may be influenced by factors such as continued U.S. negotiations with impacted countries, retaliatory measures from other nations, possible tariff exemptions, public sentiment toward U.S. products and companies, and the domestic availability of lower-cost alternatives.

Item 7, MD&A, 10-K Feb 17, 2026open_in_new

• tariffs, sanctions, such as those imposed in response to the Russia and Ukraine conflict, trade barriers, trade disputes, and other regulatory or contractual limitations on our ability to operate in new foreign markets;

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

Disruptions in financial and credit markets, including those caused by inflation, global economic uncertainty or economic downturns, fluctuations in interest rates, or the imposition of new tariffs or changes to existing tariffs, trade wars, barriers or restrictions, or threats of …

Marked against last year's 10-K

Disruptions in financial and credit markets, including those caused by inflation, global economic uncertainty and or economic downturns, fluctuations in interest rates, or the imposition of new tariffs or changes to existing tariffs, trade wars, barriers or restrictions, or threats of such actions, and related uncertainty, may impact our ability to manage normal commercial relationships with our customers, suppliers, and creditors. creditors, and may also impact our ability to access liquidity through financial markets in a timely and cost-effective manner. These disruptions could have a negative impact on the ability of our customers to timely pay their obligations to us, thus reducing our cash flow, or the ability of our vendors to timely supply materials.

Item 7, MD&A, 10-K Feb 24, 2026open_in_new

… While we have not observed a material impact on adult nicotine consumer purchasing behavior as a result of tariffs, we continue to closely monitor the additional pressure that tariff-related price increases may exert. In addition, we are monitoring other …

New this year Item 7, MD&A, 10-K Feb 25, 2026open_in_new

and quality of tobacco, other raw materials, ingredients and component parts has not been material. However, the effects of current macroeconomic and geopolitical conditions, including tariffs, on prices, availability and quality of such items may continue, which could have a material adverse effect on our business, results of operations, cash flows or financial position.

Marked against last year's 10-K

raw materials, ingredients and component parts from disperse geographic regions throughout the world and entering into long-term contracts with some of our tobacco growers and direct material suppliers. To date, the impact on us of changes in the price, availability and quality of tobacco, other raw materials, ingredients and component parts has not been material. However, the effects of the current macroeconomic and geopolitical conditions conditions, including tariffs, on prices, availability and quality of such items may continue, which could have a material adverse effect on our business, results of operations, cash flows or financial position.

Item 7, MD&A, 10-K Feb 25, 2026open_in_new

The United States has announced and/or implemented significant new tariffs on imported goods from a wide range of countries, which has prompted retaliatory tariffs by a number of countries and a cycle of retaliatory tariffs by both the United …

Marked against last year's 10-K

The United States has announced and/or implemented significant new tariffs on imports imported goods from a wide range of countries, which has prompted retaliatory tariffs by a number of countries and a cycle of retaliatory tariffs by both the United States and other countries. In early April 2025, actions were taken by the United States and certain other countries to delay the effective date of certain of these tariffs, but as of the date of this report, a number of new tariffs remain in effect. These actions have, and are expected to continue to, result in retaliatory measures on U.S. goods. For example, in March 2025, several Canadian provinces removed all American beverage alcohol from store shelves, including Jack Daniel’s, in response to the United States announcing a 25% tariff on goods imported from Canada. If maintained, While certain U.S. tariffs were struck down by the U.S. Supreme Court in February 2026, the United States subsequently announced additional new tariffs on nonexempt imports, and the U.S. tariff rate remains at a historically high level. Additionally, newly announced tariffs, particularly in light of the U.S. Supreme Court’s decision invalidating the use of the International Emergency Economic Powers Act to authorize certain tariffs and the potential escalation of trade disputes disputes, could pose a significant risk to our business, including an increase to the cost of our products and, to the extent we absorb the costs of tariffs and do not pass them through to our customers, higher cost of goods sold and lower gross profit and margins. The extent and duration of the tariffs and the resulting impact on general economic conditions on our business are uncertain and depend on various factors, including negotiations between the United States and affected countries, modifications and delays to or invalidation of various tariffs and associated refund procedures, the responses of other countries or regions, exemptions or exclusions that may be granted, availability and cost of alternative sources of supply, and demand for our products in affected markets. Further, actions we take to adapt to new tariffs or trade restrictions may cause us to modify our operations or forgo business opportunities. Likewise, tariffs and import and export regulations could also limit the availability of our products, prompt consumers to seek alternative products, and provide an opportunity for competitors not subject to such tariffs to establish a presence in markets where we conduct our business.

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

We are subject to risks from changes to the trade policies, tariffs, and import and export regulations of the United States and foreign governments.

Marked against last year's 10-K

We are subject to risks from changes to the trade policies, tariffs, and import and export regulations of the U.S. United States and foreign governments.

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

• tariffs on products and ingredients that we import and export (including recent tariffs imposed or threatened to be imposed by

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

climate change, product scarcity, limited sources of supply, commodity market fluctuations, currency fluctuations, trade tariffs

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

• the imposition of increased or new tariffs, quotas, trade barriers, or similar restrictions on our sales or imports (including those that may affect our sourcing operations and the availability of raw materials and commodities), trade agreements, regulations, taxes, or policies that might negatively affect our sales or costs;

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

… Economic and financial uncertainties in our international markets, changes to major international trade arrangements, and the imposition of increased or new tariffs by the U.S. federal government, as well as retaliatory tariffs by certain foreign governments have negatively impacted …

Marked against last year's 10-K

Our performance has been in the past and may continue in the future to be impacted by economic and political conditions in the United States and in other nations where we do business. Economic and financial uncertainties in our international markets, changes to major international trade arrangements, and the imposition of increased or new tariffs by the U.S. federal government or government, as well as retaliatory tariffs by certain foreign governments have negatively impacted, and could continue to negatively impact our operations and sales. Other factors impacting our operations in the United States and in international locations where we do business include changes in laws, export and import restrictions, foreign currency exchange rates, foreign currency devaluation, cash repatriation restrictions, recessionary conditions, governmental subsidies provided to our consumers such as the Supplemental Nutrition Assistance Program (“SNAP”) in the U.S., foreign ownership restrictions, nationalization, the impact of hyperinflationary environments, a potential U.S. federal government shutdown, terrorist acts, political unrest, and military conflict. Such factors in either domestic or foreign jurisdictions, and our responses to them, could materially and adversely affect our product sales, financial condition, and operating results.

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

Changes in administration or shifts in legislative priorities may lead to alterations in the U.S. tax code or may potentially influence the global tax landscape and the Company's compliance requirements related to tariffs and sanctions.

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

… Increases in tariff and restrictive trade policies around the world has, and could, negatively impact the Company’s ability to enter certain markets or the price of products may become less competitive in those markets. For example, the Company’s …

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

… For example, prior trade disputes between the United States and China have led, and may in the future lead to, both countries to implement tariffs on imported goods. An implementation of tariffs or additional tariffs on imports of U.S …

Marked against last year's 10-K

In addition, international trade disputes can adversely affect agricultural commodity trade flows by limiting or disrupting trade between countries or regions, particularly disputes involving the United States and China. For example, prior trade disputes between the United States and China have led led, and may in the future lead to, both countries to implement tariffs on imported goods. An implementation of tariffs or additional tariffs on imports of U.S. agricultural products into China could result in the reinstatement or escalation of retaliatory tariffs on U.S. agricultural products by China. This has in the past led, and can in the future lead, to significant volatility in commodity prices, disruptions in historical trade flows and shifts in planting patterns in the United States and South America, which have presented challenges and uncertainties for our business. We cannot predict the impact that future trade policy or negotiated trade agreements could have on our business and operations. Additionally, failure to resolve any trade dispute between the countries may also lead to unexpected operating difficulties, enhanced regulatory scrutiny, greater difficulty transferring funds, and negative currency impacts.

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

Other Oilseeds Processing and Refining segment Net sales increased 12%, to $4,633 million for the year ended December 31, 2025. The increase was primarily due to higher sales prices in our tropical oils business due to stronger demand resulting from global biofuel mandates and import tariffs, partially offset by lower volumes.

Marked against last year's 10-K

Milling Other Oilseeds Processing and Refining segment Net sales decreased 18%, increased 12%, to $1,555 $4,633 million for the year ended December 31, 2024. 2025. The decrease increase was primarily due to lower higher sales prices in both our South American wheat milling tropical oils business due to stronger demand resulting from global biofuel mandates and North American corn milling businesses. These decreases were import tariffs, partially offset by an increase in volumes across both regions. lower volumes.

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

Government actions in various countries relating to tariffs affect the costs of some of our merchandise. The degree of our exposure is dependent on (among other things) the type of goods, rates imposed, and timing of the tariffs. Higher tariffs are more likely to adversely impact rather than improve our results.

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

Beginning in February 2025, the United States imposed tariffs under the International Emergency Economic Powers Act (IEEPA) on certain goods, materials, and products imported into the United States. We paid the government approximately $500 in IEEPA tariffs. In February 2026, the U.S. Supreme Court ruled that the IEEPA tariffs were unlawful. Following this ruling, the government launched a program to administer IEEPA refunds.

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

… new laws and regulations; governmental actions or controls or import/export restrictions, such as new, expanded or retaliatory tariffs, including tariffs that increase suppliers’ sourcing costs, sanctions, quotas or trade barriers; port congestion or delays; transport capacity constraints; cybersecurity incidents …

Marked against last year's 10-K

The raw materials and other supplies, including ingredients, agricultural commodities, energy, fuel, packaging materials, transportation, labor and other supply chain inputs that we use used for the production and distribution of our products, are subject to price volatility and fluctuations in availability caused by many factors. These factors include changes in supply and demand; supplier capacity constraints; a deterioration of our or our bottling partners’ relationships with suppliers; international conflicts; political uncertainties; acts of terrorism; governmental instability; inflation; weather conditions (including the effects of climate change); hurricanes, wildfires, floods, droughts and other natural disasters; disease or pests (including the impact of citrus greening disease on the citrus industry); agricultural uncertainty; health epidemics, pandemics or other contagious outbreaks; cattle disease outbreaks (including avian flu); labor shortages, strikes or work stoppages; changes in or the enactment of new laws and regulations; governmental actions or controls or import/export restrictions, such as new, expanded or retaliatory tariffs, including tariffs that increase suppliers’ sourcing costs, sanctions, quotas or trade barriers; port congestion or delays; transport capacity constraints; cybersecurity incidents or other disruptions; or fluctuations in foreign currency exchange rates. Many of our raw materials and supplies are purchased in the open market, and the prices we pay for such items are subject to fluctuation. We expect the inflationary pressures on certain input and other costs to continue to impact our business in 2025. 2026.

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

… Restrictions on our ability to transfer earnings or capital across borders; price controls; limitations on profits; the negotiation of new trade agreements; new, expanded or retaliatory tariffs, including tariffs that increase suppliers’ sourcing costs; import authorization requirements; and other restrictions …

Marked against last year's 10-K

Other financial uncertainties in our major markets and unstable geopolitical conditions or events in certain markets, including international conflicts, civil unrest, acts of war, terrorism, governmental changes, or changes in international relations, could undermine global consumer confidence and reduce consumers’ purchasing power, thereby reducing demand for our products. Throughout 2024, 2025, the Company faced disruption to our operations due to international conflicts, including the conflict between Russia and Ukraine and conflicts in the Middle East. conflicts. Geopolitical instability has in the past led, and may in the future lead, to logistical, transportation and supply chain disruptions; business disruptions (including labor shortages); increased risk of cybersecurity incidents or other disruptions to our information systems; reduced availability and increased costs of transportation, energy, packaging, raw materials and other input costs; and heightened security risk, impacting employee safety and/or damage to infrastructure or our assets. At times, we have faced product boycotts resulting from political activism, which have reduced demand for our products. Restrictions on our ability to transfer earnings or capital across borders; price controls; limitations on profits; the negotiation of new trade agreements; new, expanded or retaliatory tariffs; tariffs, including tariffs that increase suppliers’ sourcing costs; import authorization requirements; and other restrictions on business activities, which have been or may be imposed or expanded as a result of political and economic instability, deterioration of economic relations between countries or otherwise, could impact our profitability. In addition, U.S. trade sanctions against countries designated by the U.S. government as state sponsors of terrorism and/or financial institutions accepting transactions for commerce within such countries could increase significantly, which could make it difficult, or even impossible, for us to continue to make sales to bottlers in such countries. The imposition of retaliatory sanctions against U.S. multinational corporations by countries that are or may become subject to U.S. trade sanctions, or the delisting of our branded products by retailers in various countries in reaction to U.S. trade sanctions or other governmental actions or policies, could also negatively affect our business.

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

… has adopted new and increased tariffs on countries and specific goods, subject to evolving exemptions, with additional tariff increases proposed. Those changes, along with retaliatory actions by some trading partners, non-tariff restrictions or requirements being considered in connection with …

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

We are actively monitoring developments in the global tariff environment and will continue to evaluate the potential impact of the announced tariffs and related developments on our business and financial condition, as well as on our suppliers, and the actions we may take to mitigate any impact. For our risk factors related to the impact of tariffs, see Item 1A. Risk Factors.

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

• risks related to geopolitical, economic and market conditions and developments, including unfavorable conditions in the Americas and Europe, and changes in global trade policies, tariffs, and similar foreign conflicts, foreign exchange rates and the impact on our business, results of operations and financial condition;

Marked against last year's 10-K

• risks related to geopolitical, economic and market conditions and developments, including unfavorable conditions in the Americas and Europe Europe, and changes in global trade policies, tariffs, and similar foreign conflicts, foreign exchange rates and the impact on our business, results of operations and financial condition;

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

• Unfavorable geopolitical, economic and market conditions and developments, including changes in global trade policies and tariffs, can depress demand (including as to mix of products and services), sales and/or gross margins in a given market, and impact consumer confidence and foot traffic to restaurants.

Marked against last year's 10-K

• Unfavorable geopolitical, economic and market conditions and developments, including changes in global trade policies and tariffs, can depress demand (including as to mix of products and services), sales and/or gross margins in a given market, and impact consumer confidence and foot traffic to restaurants.

Item 1A, Risk Factors, 10-K Aug 21, 2026open_in_new

… While we operate in a 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 …

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

… We experienced the impacts noted above during fiscal 2026 as a result of incremental import tariffs. We expect the dynamic tariff environment to continue, including in fiscal 2027, and cannot predict with certainty the future impact that this environment will …

Marked against last year's 10-K

In fiscal 2025, 2026, our Walmart U.S. and Sam's Club U.S. operating segments generated approximately 82% of our consolidated net sales. A significant portion of the general merchandise we sell in our U.S. stores and clubs is manufactured in other countries. Significant changes in tax and trade policies, including tariffs, trade barriers, other restrictions on the exportation and importation of goods and government regulations affecting trade between the U.S. and other countries where we source many of the products we sell in our stores can impact, and clubs could have an adverse effect on impacted, our business and financial performance. A significant portion of the general merchandise we sell in our U.S. stores and clubs is manufactured in other countries. Any such actions, profit margins, including the imposition of further tariffs on imports could increase the cost to us of such merchandise (whether imported directly or indirectly) and cause through increases in the costs at which we purchase merchandise and the prices at which we sell such merchandise to our customers, and the costs we incur in pursuing our strategic initiatives, including those set forth under the headings Strategic Risks and Operational Risks above in this Item 1A. If we are unable to successfully manage the various impacts that changes in these tax and trade policies have on our business, our results of operations and financial performance could be impacted. We experienced the impacts noted above during fiscal 2026 as a result of incremental import tariffs. We expect the dynamic tariff environment to continue, including in fiscal 2027, and cannot predict with certainty the future impact that this environment will have on our results of operations or financial performance, which could materially adversely affect the financial performance of our U.S. and international operations as well as our business. be material.

Item 1A, Risk Factors, 10-K Mar 13, 2026open_in_new

Uncertainty remains regarding the potential impact of tariffs on consumer behavior and our business. Tariff rates on both direct imports and domestic purchases did not materially impact our financial results in 2025. The tariff environment remains dynamic, and the specific …

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

… or civil unrest, acts of war, disruptive global political events (for example, political tensions involving China, the conflict between Russia and Ukraine and the conflict in the Middle East), currency fluctuations, tariffs and duties, disruptions in maritime lanes, port labor

Marked against last year's 10-K

We directly imported approximately 4% of our purchases (measured at cost) in 2024, 2025, but many of our domestic vendors directly import their products or components of their products. Changes to the prices and flow of these goods often are for reasons beyond our control, such as political or civil unrest, acts of war, disruptive global political events (for example, political tensions involving China, the conflict between Russia and Ukraine and the conflict in the Middle East), currency fluctuations, tariffs and duties, disruptions in maritime lanes, port labor disputes, economic conditions and instability in countries in which foreign suppliers are located, the financial instability of suppliers, suppliers’ failure to meet our terms and conditions or our standards, issues with our suppliers’ labor practices or labor problems they may experience (such as strikes, stoppages or slowdowns, which could also increase labor costs during and following the disruption), the availability and cost of raw materials, pandemic outbreaks, merchandise quality or safety issues, transport availability and cost, increases in wage rates and taxes, transport security, inflation, and other factors relating to suppliers and the countries in which they are located or from which they import. Such changes could adversely affect our operations and profitability.

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

Operating Costs - Our operating costs include raw materials, labor, selling, general and administrative expenses, general business taxes, currency impacts, financing costs and tariff-related costs. We manage these costs through cost saving and productivity initiatives, sourcing and hedging programs, and …

Marked against last year's 10-K

Operating Costs - Our operating costs include raw materials, labor, selling, general and administrative expenses, general business taxes, currency impacts impacts, financing costs and financing tariff-related costs. We manage these costs through cost saving and productivity initiatives, sourcing and hedging programs, and pricing actions. To remain competitive on our operating structure, we continue to work on programs to expand our profitability, including our 2024 Transformation Initiative. While we saw stabilization in input costs in 2024 2025 with tailwinds in fiber, resin and energy, the overall cost basket remains elevated versus pre-pandemic levels. Additionally, we incurred approximately $100 of incremental tariff-related costs, primarily within our North America segment, related to changes in U.S. trade policy during fiscal 2025. In 2025, 2026, we expect net input costs costs, including as a result of tariffs, to be inflationary, broadly in line with fiscal 2025, including the impact from currency on our non-U.S. operations.

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

Our international operations are subject to foreign market risks, including changes in foreign currency exchange rates, currency restrictions, political, social and economic instability, and the imposition of increased or new tariffs, which may adversely affect our financial results.

Marked against last year's 10-K

Our international operations are subject to foreign market risks, including changes in foreign currency exchange rates, currency restrictions and restrictions, political, social and economic instability, and the imposition of increased or new tariffs, which may adversely affect our financial results.

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

• regulatory and trade risks, including the imposition of or increase in tariffs, trade restrictions or sanctions, changes in trade policies, capital controls or other government-imposed restrictions, labor laws, immigration restrictions, and import and export laws;

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

… Many of these inputs are subject to price volatility and availability constraints driven by factors beyond the Company’s control, including macroeconomic and geopolitical conditions, governmental actions (such as tariffs, sanctions, or trade restrictions), supply and demand imbalances, capacity constraints …

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

Changes in global trade policies, including tariffs and retaliatory tariffs, had a minor impact on the Company’s results of operations during fiscal 2025. The Company continues to monitor and evaluate the impact of proposed and enacted tariffs, including proposed and enacted retaliatory tariffs, and other trade restrictions, as well as its ability to mitigate their impacts.

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

▪ The imposition of tariffs, quotas, trade barriers, or other restrictions could increase the cost of key inputs or reduce their availability. In particular, recent U.S. tariffs imposed or threatened to be imposed on a variety of countries, and any retaliatory actions taken by such countries, could result in the Company incurring additional costs to procure key inputs.

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

… We are unable to predict future regulations, environmental effects, political unrest, acts of war or terrorism, disruptions to the economy, including but not limited to pandemics and other health crises, geopolitical conflicts, tariffs and other matters that affect the cost …

Marked against last year's 10-K

We sell a significant amount of fuel in our 1,702 1,731 fuel centers, which could face increased regulation, including due to climate change or other environmental concerns, and demand could be affected by concerns about the effect of emissions on the environment environment, as well as retail price increases. We are unable to predict future regulations, environmental effects, political unrest, acts of war or terrorism, disruptions to the economy, including but not limited to pandemics and other health crises, geopolitical conflicts, tariffs and other matters that affect the cost and availability of fuel, and how our customers will react to such factors, which could adversely affect our financial condition, results of operations or cash flows.

Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

… issues, a supplier’s financial distress, natural disasters or health crises, regulatory actions or ethical sourcing issues, trade sanctions, tariffs or other external factors over which we have no control, could interrupt product supply and, if not effectively managed and …

Word for word as last year Item 1A, Risk Factors, 10-K Mar 31, 2026open_in_new

Changes in import and export policies, including trade restrictions, new or increased tariffs or quotas, and customs restrictions, could require us to change the way we conduct business, impose increased costs, and reduce demand for our products. Tariffs and trade …

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

We are subject to changes in import and export policies, including trade restrictions, new or increased tariffs or quotas, and customs restrictions through our international sales and operations. Our exports account for less than 10% of our business, primarily composed …

New this year Item 7, MD&A, 10-K Nov 10, 2025open_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

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.

Not mentioned in the latest 10-K.