Compare companies, side by side

Our use of derivative financial instruments to reduce interest rate risk may result in added volatility in our operating results. We do not hold or issue derivative financial instruments for trading purposes. However, we have utilized, and in the future …

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

Total other expense, net, increased primarily due to non-recurring interest rate swap gains in the prior year and foreign exchange transaction losses in the current year, partly offset by lower net interest costs associated with the Company’s borrowings driven by rate favorability and higher interest income on cash equivalents in the current year.

Marked against last year's 10-K

Net income Total other expense, net, increased 78.4% compared to the prior year primarily due to higher Operating income, as described above, as well as lower Interest (expense) income, net which included higher non-recurring interest rate swap gains in the prior year and foreign exchange transaction losses in the current year, partly offset by lower net interest costs associated with the Company’s borrowings driven by rate favorability and higher interest income on cash equivalents in the current year.

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

• inflation and actions taken by central banks to counter inflation, including increasing interest rates;

Word for word as last year Item 1A, Risk Factors, 10-K Jan 15, 2026open_in_new

… During fiscal 2025, we entered into interest rate swaps for certain of our senior notes that effectively convert the fixed interest rates on the notes to floating interest rates. As of November 28, 2025, the carrying value of our senior …

Marked against last year's 10-K

In April 2024, January 2025, we issued $800 million of senior notes due January 17, 2028, $700 million of senior notes due January 17, 2030 and $500 million of senior notes due April 4, 2027, $750 million of senior notes due April 4, 2029 and $750 million of senior notes due April 4, 2034. January 17, 2035. In total, we have $5.65 $6.15 billion of senior notes outstanding, which rank equally with our other unsecured and unsubordinated indebtedness. During fiscal 2025, we entered into interest rate swaps for certain of our senior notes that effectively convert the fixed interest rates on the notes to floating interest rates. As of November 29, 2024, 28, 2025, the carrying value of our senior notes was $5.63 billion $6.21 billion, net of fair value of the interest rate swaps and unamortized discount and debt issuance costs, and our maximum commitment for interest payments was $806 million $1.03 billion for the remaining duration of our outstanding senior notes. notes and interest rate swaps. Interest on the notes is payable semi-annually, in arrears. arrears, and interest on the swaps is payable quarterly. Our senior notes do not contain any financial covenants. See Note 17 of our Notes to Consolidated Financial Statements for further details regarding our debt.

Item 7, MD&A, 10-K Jan 15, 2026open_in_new

• Substantial reductions of our cash resources and/or the incurrence of debt, which may be at higher than anticipated interest rates;

Word for word as last year Item 1A, Risk Factors, 10-K Dec 22, 2025open_in_new

The increase in cash provided by operating activities for fiscal 2025 compared to fiscal 2024 was primarily due to higher accounts receivable collections, partially offset by lower net income of $902.7 million, the unrealized loss from settlement of the interest rate treasury lock of $121.6 million in fiscal 2025 and higher disbursements for operations, including vendor and tax payments.

Marked against last year's 10-K

Net cash provided by investing activities was $1.2 billion for fiscal 2024 compared to net cash used in investing activities of $482.1 million for fiscal 2023. The increase in cash provided by investing operating activities for fiscal 2025 compared to fiscal 2024 was primarily driven due to higher accounts receivable collections, partially offset by lower net cash proceeds income of $1.4 billion $902.7 million, the unrealized loss from settlement of the Software Integrity Divestiture, lower cash paid for acquisitions interest rate treasury lock of $140.7 million, lower purchases of property and equipment of $66.5 $121.6 million in fiscal 2025 and higher proceeds from the sales disbursements for operations, including vendor and maturities of investments of $55.7 million. tax payments.

Item 7, MD&A, 10-K Dec 22, 2025open_in_new

Interest expense, net decreased by $8.9 million during 2025 compared to 2024. The decrease in interest expense, net was due to reduced interest expense on our interest rate swaps as well as increased interest income, primarily as a result of higher average cash balances than the prior year.

Marked against last year's 10-K

Interest expense, net decreased by $24.8 $8.9 million during 2024 2025 compared to 2023. 2024. The decrease in interest expense, net was due to reduced interest expense on our interest rate swaps as well as increased interest income, primarily as a result of higher average cash balances than the prior year.

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

Other income, net for the years presented herein included the net impact of foreign currency gains and losses from our hedging activities, as well as the recognition of certain tax incentives. During 2025 and 2024, Other income, net included a gain of $0.5 million and $3.9 million, respectively, on de-designated interest rate swaps.

Marked against last year's 10-K

Other income, net for the years presented herein included the net impact of foreign currency gains and losses from our hedging activities, as well as sales of certain state tax credits and the recognition of other certain tax incentives. During both 2024 2025 and 2023, 2024, Other income, net included a gain of $0.5 million and $3.9 million gain million, respectively, on de-designated interest rate swaps.

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

• Interest expense decreased by $7.6 million, primarily due to lower interest rates on our floating rate debt, net of hedging activity.

New this year Item 7, MD&A, 10-K Dec 12, 2025open_in_new

(4) Our interest rate swaps fix the SOFR rate for $350.0 million of our Term Loans at 3.47% through January 2028 and another $350.0 million of our Term Loans at 3.287% through December 2028. The interest rate swaps entered into in April 2022, which matured in September 2025, fixed the SOFR rate for $350.0 million of our Term Loans at 2.968% from September 2023 to September 2025.

Marked against last year's 10-K

(3) (4) Our interest rate swaps fix the SOFR rate for $350.0 million of our Term Loans at 3.47% through January 2028 and another $350.0 million of our Term Loans at 3.287% through December 2028. The interest rate swaps entered into in April 2022, which matured in September 2025, fixed the SOFR rate for $350.0 million of our Term Loans at 2.968% through from September 2023 to September 2025.

Item 7, MD&A, 10-K Dec 12, 2025open_in_new

• increasing or decreasing inflation or stagflation, and changing interest rates in many geographies and changes in currency exchange rates and currency regulations;

Word for word as last year Item 7, MD&A, 10-K Feb 25, 2026open_in_new

Global economic uncertainty, an economic downturn, the possibility of a recession, inflation, changing interest rates, changes to government spending and regulations, and weakening product demand could adversely affect our business and financial performance.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

(1) Interest income increased in fiscal 2026 compared to fiscal 2025 due to higher average investable balances, partially offset by lower average interest rates.

Marked against last year's 10-K

(1) Interest income increased in fiscal 2025 2026 compared to fiscal 2024 2025 due to higher average investable balances. balances, partially offset by lower average interest rates.

Item 7, MD&A, 10-K Sep 9, 2026open_in_new

requirements may strain our liquidity positions. Such conditions may also expose us to fluctuations in foreign currency exchange rates or interest rates that could materially and adversely affect our financial results. Any of the foregoing could harm our business and negatively impact our future financial results.

Marked against last year's 10-K

requirements may strain our liquidity positions. Such conditions may also expose us to fluctuations in foreign currency exchange rates or interest rates that could materially and adversely affect our financial results. Any of the foregoing could harm our business and negatively impact our future financial results.

Item 1A, Risk Factors, 10-K Sep 9, 2026open_in_new

Macroeconomic factors, including inflation, interest rate changes, capital market volatility, global supply chain constraints, tariffs, and global economic and geopolitical developments, have had and may continue to have direct and indirect impacts on our business and results of operations, particularly …

Marked against last year's 10-K

Macroeconomic factors, including inflation, interest rate changes, capital market volatility, global supply chain constraints, tariffs, and global economic and geopolitical developments, have had and may continue to have direct and indirect impacts on our business and results of operations, particularly demand for our products and net sales. While difficult to isolate and quantify, these macroeconomic factors have also impacted and may continue to impact our supply chain and manufacturing costs, employee wages, costs for capital equipment and equipment, the value of our investments. investments, revenue and competitive position. During fiscal year 2026, the computer server industry experienced supply constraints for certain components, including memory and storage, as well as GPU and CPU availability, which affected the timing of certain of our product deliveries, as well as the pricing of these items. Further, while many of these macroeconomic factors could have a long term long-term impact, others may have a short term short-term impact which could lead to our financial results not being comparable on a period to period period-to-period basis. Within our supply chain, we continuously manage product availability and costs with our vendors.

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

Customer demand for our products may be impacted by weak macroeconomic conditions, inflation, stagflation, recessionary or lower-growth environments, high or rising interest rates, equity market volatility or other negative economic factors in the U.S. or other nations. For …

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

Additionally, certain of our borrowings, primarily borrowings under our senior unsecured credit facilities, are at variable rates of interest and expose us to interest rate risk, which under certain conditions could cause our debt service obligations to increase significantly. As of December 31, 2025, we had $635 million of variable rate debt outstanding. When interest rates increase, our

Marked against last year's 10-K

Certain Additionally, certain of our borrowings, primarily borrowings under our senior unsecured credit facilities, are at variable rates of interest and expose us to interest rate risk. risk, which under certain conditions could cause our debt service obligations to increase significantly. As of December 31, 2024, 2025, we had $635 million of variable rate debt outstanding. When interest rates increase, our debt service obligations on the variable rate indebtedness increase even though the amount borrowed remains the same, and could negatively impact our net income absent any derivative instruments. From time to time, we may execute derivative instruments to reduce interest rate volatility, subject to acceptable terms. We cannot assure you we will enter into such derivative instruments in the future or that such instruments will be effective.

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

• market conditions or trends in our industry or the economy as a whole including market expectations of changes in interest rates;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

• requiring us to pay higher interest rates upon refinancing or on our variable-rate indebtedness if interest rates rise;

Word for word as last year Item 1A, Risk Factors, 10-K Aug 14, 2026open_in_new

The weighted average interest rate of total borrowings was 5% and 6% for the years ended June 30, 2026 and 2025, respectively.

Word for word as last year Item 7, MD&A, 10-K Aug 14, 2026open_in_new

The decrease in interest income was driven by a lower average balance of cash and available-for-sale debt investments and lower interest rates. The decrease in interest expense was driven by a lower average balance of debt outstanding and lower effective interest rates on commercial paper.

Marked against last year's 10-K

The decrease in interest income was driven by a lower average balance of cash and available-for-sale debt investments and lower interest rates. The increase decrease in interest expense was primarily driven by a higher lower average balance of debt outstanding during the period. and lower effective interest rates on commercial paper.

Item 7, MD&A, 10-K Sep 2, 2026open_in_new

We are exposed to fluctuations in the market values of our portfolio investments and in interest rates; impairment of our investments could harm our earnings.

Word for word as last year Item 1A, Risk Factors, 10-K Sep 2, 2026open_in_new

• volatility in the availability and cost of parts, materials or services, including increased costs due to tariffs, foreign export controls, rising inflation or interest rates or other market conditions;

Marked against last year's 10-K

• volatility in the availability and cost of parts, materials or services, including increased costs due to tariffs, foreign export controls, rising inflation or interest rates or other market conditions;

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

Interest income decreased in fiscal year 2026 compared to fiscal year 2025 primarily due to lower interest rates as well as an impact from slightly lower average invested cash balances versus the prior year.

Marked against last year's 10-K

Interest income decreased in fiscal year 2025 2026 compared to fiscal year 2024 2025 primarily due to lower interest rates, partially offset by higher rates as well as an impact from slightly lower average invested cash balances. Interest income increased in fiscal year 2024 compared to fiscal year 2023 primarily because of higher yields and higher cash balances. balances versus the prior year.

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

Returns on pension and retirement plan assets and interest rate changes could affect our earnings and cash flows in future periods.

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

… The funding position of our pension plans is affected by the performance of the financial markets, particularly the equity and debt markets, and the interest rates used to calculate our pension obligations for funding and expense purposes. Minimum annual pension …

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

Variable rate indebtedness that we may incur under our credit facility will subject us to interest rate risk, which could cause our debt service obligations to increase significantly.

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

• general macroeconomic conditions, such as fluctuating interest rates, the potential or actual imposition of tariffs or other impacts on trade relations, and slow or negative growth of our markets.

Marked against last year's 10-K

• general macroeconomic conditions, such as heightened fluctuating interest rates rates, the potential or actual imposition of tariffs or other impacts on trade relations, and slow or negative growth of our markets.

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

The Company is subject to interest rate volatility with regard to existing and future issuances of debt. The Company monitors its mix of fixed-rate and variable-rate debt, as well as its mix of short-term and long-term …

Marked against last year's 10-K

The Company is subject to interest rate volatility with regard to existing and future issuances of debt. The Company monitors its mix of fixed-rate and variable-rate debt, as well as its mix of short-term and long-term debt. As of December 31, 2024, less than 1% 2025, 3% of the Company’s outstanding borrowings were subject to floating interest rates. However, outstanding debt subject to floating interest rates will be higher going forward as a result of the borrowings under the Delayed Draw Term Loans that occurred subsequent to December 31, 2025, as discussed above. To the extent that interest rates change related to floating rate debt and the Company borrows under any of our floating rate debt instruments in the future (Commercial Paper Programs as well as our Revolving Credit Facility), change, our interest expense and interest payments on floating rate debt will be impacted accordingly. There can be no assurance that interest rates will not change significantly from current levels.

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

●effects of significant changes in economic, monetary and/or fiscal policies, including interest rate changes by the U.S. Federal Reserve or other international central banking systems, foreign currency fluctuations and significant income tax changes;

Marked against last year's 10-K

●effects of significant changes in economic, monetary and/or fiscal policies, including interest rate changes by the U.S. Federal Reserve or other international central banking systems, foreign currency fluctuations, fluctuations and significant income tax changes and inflationary pressures; changes;

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

Borrowings under our revolving credit facility are at variable rates of interest and expose us to interest rate risk. When interest rates increase, our debt service obligations increase even though the amount borrowed remains the same, and our net income …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

• Our variable rate indebtedness subjects us to interest rate risk, which could cause our debt service obligations to increase significantly.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

As discussed in Note 10 to our financial statements, we have hedged a portion of our long-term debt through the use of cross-currency and interest rate swap derivative instruments. These instruments help us manage and mitigate our risk of exposure to changes in foreign currency exchange rates and interest rates. See "Quantitative and Qualitative Disclosures About Market Risk" for additional discussion of our hedging activities.

Word for word as last year Item 7, MD&A, 10-K Feb 25, 2026open_in_new

General macro-economic and geopolitical conditions, including, among others, higher interest rates, changes in foreign exchange rates, inflation, a recession or an economic slowdown in the U.S. and/or internationally, trade disruptions, reduced business and/or consumer confidence and …

Marked against last year's 10-K

General macro-economic and geopolitical conditions, such as including, among others, higher interest rates, inflation changes in the cost of goods and services including labor, foreign exchange rates, inflation, a recession or an economic slowdown in the U.S. and/or internationally, trade disruptions, reduced business and/or consumer confidence and spending, economic and trade sanctions, announced or internationally expected tariffs, uncertainty in tariff policy, political instability and warfare could adversely affect our operations as well as demand for our products solutions. Such conditions include, for example, volatility and services, including our aftermarket and hosting services, which may make it difficult to accurately forecast and plan our future business activities. For example, disruption in the U.S. and global markets have been experiencing volatility and disruption due to as a result of interest rate and inflation increases, such as higher inflation rates in the U.S., which rose in imposition of tariffs by the second half of 2021 U.S. on imports from certain countries and have remained above the Federal Reserve's inflation target, resulting counter-tariffs, as well as the uncertainty in tariff policy and future impositions of tariffs, and continued escalation of geopolitical tensions, tensions and warfare, including those as a result of due to the conflicts between Russia and Ukraine and in the Middle East. We have experienced and continue to experience inflationary pressures in certain areas of our business. Although our business has not yet been materially negatively impacted by such inflationary pressures, conditions, we cannot be certain that neither we nor our customers will be materially impacted by such continued pressures. To the extent conditions in the domestic and global economy change, or there is significant uncertainty regarding any such changes, our business could be harmed as current and potential customers may reduce or postpone spending or choose not to purchase or renew subscriptions to our products, or may choose not to use certain of our other services, which they may consider discretionary. If our customers face decreased consumer demand, increased regulatory burdens or more limited access to international markets, we may face a decline in the demand for our products and services, and our operating results could be adversely impacted.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

• adverse social, political and economic conditions, such as inflation, high interest rates and risk of global or regional recession;

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

Our financial results may be adversely affected due to changes in product demand impacted by recessions, increases in interest rates, stagflation and other economic conditions.

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

• global economic conditions, including inflationary pressures, currency volatility, stagflation, slower economic growth or recession, high or rising interest rates, trade conflicts, tariffs, geopolitical uncertainty and instability in financial markets;

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

Interest income was $51 million during fiscal year 2026, compared to $61 million during fiscal year 2025, decreasing $10 million primarily due to lower interest rates and lower average cash balances.

Marked against last year's 10-K

Interest income was $51 million during fiscal year 2026, compared to $61 million during fiscal year 2025, compared to $56 million during fiscal year 2024, increasing $5 decreasing $10 million primarily due to increased lower interest rates and lower average cash deposits. balances.

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

▪ consumer confidence, income levels and customer capital spending, which can be impacted by changes in market conditions, including changes in government borrowing or spending, taxation, interest rates, the credit market, current or expected inflation, employment, and energy or other commodity prices;

Marked against last year's 10-K

▪ consumer confidence, income levels, levels and customer capital spending, which can be impacted by changes in market conditions, including changes in government borrowing or spending, taxation, interest rates, the credit market, current or expected inflation, employment, and energy or other commodity prices;

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

▪ fluctuations in the market values of our domestic and international investments, and in the capital and credit markets, which can be negatively affected by liquidity, credit deterioration or losses, interest rate changes, financial results, political risk, sovereign risk or other factors.

Marked against last year's 10-K

▪ fluctuations in the market values of our domestic and international investments, and in the capital and credit markets, which can be negatively affected by liquidity, credit deterioration or losses, interest rate changes, financial results, political risk, sovereign risk, risk or other factors.

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

Future investment returns on pension assets may be lower than expected or interest rates may decline, requiring us to make significant additional cash contributions to our future plans.

Word for word as last year Item 1A, Risk Factors, 10-K Dec 17, 2025open_in_new

• During the year ended October 31, 2023, we terminated forward-starting interest rate swap agreements resulting in proceeds of $107 million. See Note 9, “Derivatives,” for additional information.

Word for word as last year Item 7, MD&A, 10-K Dec 17, 2025open_in_new

Borrowings under certain of our facilities from time to time, including under our Credit Agreement, are at variable rates of interest and as a result expose us to interest rate risk. While interest rates have stabilized during 2025, if interest …

Marked against last year's 10-K

Borrowings under certain of our facilities from time to time, including under our Credit Agreement, are at variable rates of interest and as a result expose us to interest rate risk. Interest rates increased throughout 2022 and 2023. While interest rates have stabilized during 2024, 2025, if interest rates increase or remain at elevated levels, our debt service obligations on the variable rate indebtedness would increase even though the amount borrowed remained the same, and our net income and cash flows, including cash available for servicing our indebtedness, will correspondingly decrease. We may not maintain interest rate swaps with respect to all of our variable rate indebtedness, and any swaps we enter into may not fully mitigate our interest rate risk. To the extent the risk materializes and is not fully mitigated, the resulting increase in interest expense could have a material adverse effect on our results of operations. Further, significant changes in our credit rating, disruptions in the global financial markets, including bank failures, or incurrence of new or refinancing of existing indebtedness at higher interest rates could have a material and adverse effect on our access to and cost of capital for future financings, and financial condition.

Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

If interest rates increase, our debt service obligations under our variable rate indebtedness could increase significantly, which would have a material adverse effect on our results of operations.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 9, 2026open_in_new

• exposing us to interest rate risk to the extent of our variable rate indebtedness, particularly in the event of high or rising interest rates; and

Marked against last year's 10-K

• exposing us to interest rate risk to the extent of our variable rate indebtedness, particularly in the current environment event of high or rising interest rates; and

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

• risks related to changes in general macroeconomic conditions such as economic slowdowns, inflation, stagflation, high or rising interest rates, financial institution instability, and recessions, as well as risks related to global economic conditions such as the current armed conflict in Israel and the Middle East;

Marked against last year's 10-K

• risks related to changes in general macroeconomic conditions such as economic slowdowns, inflation, stagflation, high or rising interest rates, financial institution instability, and recessions; recessions, as well as risks related to global economic conditions such as the current armed conflict in Israel and the Middle East;

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

We use derivative instruments to manage risks related to foreign currencies, interest rates, equity prices, and credit; to enhance investment returns; and to facilitate portfolio diversification. Gains and losses from changes in fair values of derivatives that are not designated as hedging instruments are primarily recognized in other income (expense), net.

Word for word as last year Item 7, MD&A, 10-K Jul 29, 2026open_in_new

… Worsening economic conditions, including inflation, recession, pandemic, or other changes in economic conditions, periods of economic uncertainty, evolution of customer demand, technology investment cycles, interest rates, foreign exchange rates, or the timing and mix of customer spending, may cause lower …

Marked against last year's 10-K

Adverse economic or market conditions could harm our business. Worsening economic conditions, including inflation, recession, pandemic, or other changes in economic conditions, periods of economic uncertainty, evolution of customer demand, technology investment cycles, interest rates, foreign exchange rates, or the timing and mix of customer spending, may cause lower or delayed IT spending and adversely affect our results of operations. If demand for computing power, PCs, servers, and other computing devices declines, or consumer or business spending for those products declines, our results of operations could be adversely affected.

Item 1A, Risk Factors, 10-K Jul 29, 2026open_in_new

We expect to issue new debt in the future. The amount and timing of any such new debt will depend on a number of factors, including but not limited to maturities of our existing debt, acquisitions and strategic investments, working capital and capital expenditure requirements, favorable and/or acceptable interest rates and changes in corporate income tax law. Additional information regarding our debt is provided in this Annual Report in “Notes to Consolidated Financial Statements, Note 6. Debt.”

Marked against last year's 10-K

We expect to issue new debt in the future. The amount and timing of any such new debt will depend on a number of factors, including but not limited to maturities of our existing debt, acquisitions and strategic investments, working capital and capital expenditure requirements, favorable and/or acceptable interest rates and changes in corporate income tax law. Additional information regarding our debt is provided in this Annual Report in “Notes to Consolidated Financial Statements, Note 6. Debt.”

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

… In addition, any such refinancing, restructuring or sale of assets might not be available on economically favorable terms or at all, and if prevailing interest rates at the time of any such refinancing or restructuring are higher than our current …

Word for word as last year Item 1A, Risk Factors, 10-K Nov 4, 2026open_in_new

Interest expense and investment income fluctuates based on average cash, marketable securities, debt balances, average maturities, and interest rates.

Word for word as last year Item 7, MD&A, 10-K Mar 3, 2026open_in_new

• Our investment portfolio consisting of a variety of investment vehicles that are subject to interest rate trends, market volatility, and other economic factors.

Word for word as last year Item 1A, Risk Factors, 10-K Mar 3, 2026open_in_new

Interest expense. Interest expense was $3,210 million and $3,953 million for fiscal years 2025 and 2024, respectively. The decrease was primarily from a reduction in outstanding debt balances and debt refinancing activities that drove lower effective interest rates compared to the prior fiscal year.

Marked against last year's 10-K

Interest expense. Interest expense was $3,953 $3,210 million and $1,622 $3,953 million for fiscal years 2024 2025 and 2023, 2024, respectively. The increase decrease was primarily due from a reduction in outstanding debt balances and debt refinancing activities that drove lower effective interest rates compared to interest on debt incurred for the VMware Merger. prior fiscal year.

Item 7, MD&A, 10-K Dec 18, 2025open_in_new

Other income, net. Other income, net includes interest income, gains and losses on investments, foreign currency remeasurement and other miscellaneous items. Other income, net, was $455 million and $406 million for fiscal years 2025 and 2024, respectively. The increase was primarily due to a gain on the sale of a business, partially offset by lower interest income as a result of lower interest rates on lower invested balances.

Marked against last year's 10-K

Other income (expense), income, net. Other income (expense), income, net includes interest income, gains and losses on investments, foreign currency remeasurement and other miscellaneous items. Other income, net, was $406 $455 million and $512 $406 million for fiscal years 2024 2025 and 2023, 2024, respectively. The decrease increase was primarily due to a gain on the sale of a business, partially offset by lower interest income as a result of a lower interest rates on lower invested balance. balances.

Item 7, MD&A, 10-K Dec 18, 2025open_in_new

We are exposed to market risk through the interest rate on our borrowings under our $1.20 billion credit facility. As of December 28, 2025, no borrowings are outstanding under our credit facility. Future indebtedness incurred under our credit facility will expose us to interest rate risk.

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

Higher interest rates and other factors could cause our customers to reduce capital spending, which could adversely impact us.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 20, 2026open_in_new

Other income primarily consists of interest income on our marketable securities portfolio, which is partially offset by interest expense on our debt as well as our finance leases. Other income decreased in fiscal 2026 primarily due to a decrease in investment income from lower interest rates. We expect that interest expense may increase due to the outstanding balance related to the Informatica Credit Agreements.

Marked against last year's 10-K

Other income primarily consists of interest income on our marketable securities portfolio, which is partially offset by interest expense on our debt as well as our finance leases. Other income increased decreased in fiscal 2025 2026 primarily due to an increase a decrease in investment income from higher lower interest rates. We expect that interest expense may increase due to the outstanding balance related to the Informatica Credit Agreements.

Item 7, MD&A, 10-K Mar 2, 2026open_in_new

… our Commerce service offering customers; the global economic impact of geopolitical events, including ongoing conflicts and uncertainty about the interest rate environment; the timing of contract execution and term software license sales; the amount and timing of operating costs and …

New this year Item 1A, Risk Factors, 10-K Mar 2, 2026open_in_new

As of September 30, 2026, we had $700.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.873% and $1.2 billion in outstanding balance of the term loan at an interest rate of 5.761%, and we were in compliance with all financial covenants under the credit agreement.

Marked against last year's 10-K

As of September 30, 2025, 2026, we had $275.0 $700.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.423% 5.873% and $1.2 billion in outstanding balance of the term loan at an interest rate of 5.761%, and we were in compliance with all financial covenants under the credit agreement.

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

As of September 30, 2026, we had $ 700.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.873 % and $ 1.2 billion in outstanding balance of the term loan at an interest rate of 5.761 %, and we were in compliance with all financial covenants under the credit agreement.

Marked against last year's 10-K

As of September 30, 2025, 2026, we had $ 275.0 700.0 million in borrowings outstanding under the revolving line of credit at a weighted-average interest rate of 5.423 5.873 % and $ 1.2 billion in outstanding balance of the term loan at an interest rate of 5.761 %, and we were in compliance with all financial covenants under the credit agreement.

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

… The interest rates and commitment fees are also subject to upward and downward adjustments based on our progress towards the achievement of certain sustainability goals. As of July 31, 2026, there were no amounts outstanding, and no default or event …

Marked against last year's 10-K

In April 2023, we entered into a credit agreement (the “Credit Agreement”) that provides for a $400.0 $400 million unsecured revolving credit facility (the “Credit Facility”), with an option to increase the amount of the Credit Facility by up to an additional $350.0 $350 million, subject to certain conditions. The interest rates and commitment fees are also subject to upward and downward adjustments based on our progress towards the achievement of certain sustainability goals. As of July 31, 2025, 2026, there were no amounts outstanding, and we were in compliance with all covenants no default or event of default has occurred under the Credit Agreement. Refer to Note 11. 11 Debt in Part II, Item 8 of this Annual Report on Form 10-K for more information on the Credit Agreement.

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

… Further, economic conditions, including inflation, high interest rates, slow growth, fluctuations in foreign exchange rates, supply chain disruptions, including increased memory, storage, or other component shortages and costs, impacts of trade regulations or international trade disputes, and other conditions, may …

Marked against last year's 10-K

Our overall performance depends in part on worldwide economic and geopolitical conditions and their impact on customer behavior. Changes in legislation or regulations and actions by regulators, including changes in enforcement and administration policies, may have an impact on our results of operations financial condition and financial condition. operating results. Significant changes in U.S. or global trade policy, including further expansion of U.S. export/imports controls and tariffs, as well as retaliatory actions by other countries, may materially and adversely affect our business. Further, economic conditions, including inflation, high interest rates, slow growth, fluctuations in foreign exchange rates, supply chain disruptions, including increased memory, storage, or other component shortages and costs, impacts of trade regulations or international trade disputes, and other conditions, may materially and adversely affect our results of operations financial condition and financial performance. operating results.

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

• fluctuations in interest rates and currency exchange rates, including the relative strength or weakness of the U.S. dollar against foreign currencies that are important to our business;

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

• changes in global or local economic conditions, including inflation, hyperinflation, fluctuations in interest rates and other increasing price levels in certain sectors, such as energy, impacting availability and cost of goods and services;

Item 1A, Risk Factors, 10-K Feb 26, 2026open_in_new

• issuing common stock (potentially creating dilution) or incurring additional debt in order to finance a transaction, which financings may require us to accept onerous terms such as high interest rates or covenants that restrict our business;

Word for word as last year Item 1A, Risk Factors, 10-K Aug 4, 2026open_in_new

… If prevailing interest rates or other factors result in higher interest rates upon refinancing, then the interest expense relating to our debt would increase. Furthermore, if any rating agency changes our credit rating or outlook, our debt and equity securities …

Word for word as last year Item 1A, Risk Factors, 10-K Aug 4, 2026open_in_new

• increase our vulnerability to the impact of adverse economic conditions, including rising interest rates (which can make refinancing existing indebtedness more difficult or costly); and

Word for word as last year Item 1A, Risk Factors, 10-K Mar 6, 2026open_in_new

Other income, net increased by $65 million for fiscal 2026, primarily due to $77 million in higher net gains on equity investments and $26 million in higher realized net gains from the sale of debt securities to fund acquisition activities and share repurchases. These increases were offset by a $32 million reduction in interest income resulting from both decreased investment balances and lower interest rates.

Marked against last year's 10-K

Other income, net increased by $50 $65 million for fiscal 2025, 2026, primarily due to $77 million in higher net gains on equity investments and $26 million in higher realized net gains from the sale of debt securities to fund acquisition activities and share repurchases. These increases were offset by a $32 million reduction in interest income earned resulting from higher both decreased investment balances and increased average lower interest rates.

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

In November 2022, we entered into a $500.0 million, five-year revolving credit agreement ("2022 Credit Agreement"), which allows us to borrow up to $500.0 million at various interest rates and contains customary representations and warranties,

Marked against last year's 10-K

In November 2022, we entered into a $500.0 million, five-year revolving credit agreement ("2022 Credit Agreement"). The 2022 Credit Agreement Agreement"), which allows us to borrow up to $500.0 million at various interest rates and contains customary representations and warranties, affirmative and negative covenants and events of default. As of December 31, 2024, we were in compliance with all covenants.

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

… Borrowings under the 2025 Credit Agreement will bear a specified interest rate, based on the Secured Overnight Financing Rate, and interest period at the time of the confirmed borrowing. There were no outstanding borrowings under the 2025 Credit Agreement as …

Marked against last year's 10-K

In January 2025, we entered into a $150.0 million uncommitted revolving credit agreement ("2025 Credit Agreement"). Any outstanding borrowings are secured by collateral, consisting primarily of available-for-sale marketable securities. The 2025 Credit Agreement contains customary representations does not expire but is cancellable at any time and warranties, affirmative any borrowings can be due on demand. Borrowings under the 2025 Credit Agreement will bear a specified interest rate, based on the Secured Overnight Financing Rate, and negative covenants and events interest period at the time of default. Any the confirmed borrowing. There were no outstanding borrowings are secured by collateral consisting primarily under the 2025 Credit Agreement as of available-for-sale debt securities in our investment portfolio. December 31, 2025.

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

… From time to time, we use interest rate swaps or rate lock agreements to mitigate the potential impact of changes in benchmark interest rates on interest expense and cash flows.

Word for word as last year Item 7, MD&A, 10-K Dec 12, 2025open_in_new

We are exposed to financial market risks, including fluctuations in interest rate and foreign currency exchange rates.

Word for word as last year Item 7, MD&A, 10-K Dec 12, 2025open_in_new

• unstable or adverse economic, social, and/or operating environments, including social unrest, currency, inflation, and interest rate uncertainties;

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

An increase in interest rates or tightening of the supply of capital in the global financial markets (including a reduction in total tax equity availability) could make it difficult for customers to finance the cost of a PV solar power system and could reduce the demand for our modules and/or lead to a reduction in the average selling price for our modules.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• general economic conditions and trends, including the impact of interest rates on the overall stock market and the market for technology company stocks;

Word for word as last year Item 1A, Risk Factors, 10-K Mar 25, 2026open_in_new

The increase in other income (expense), net during fiscal 2026 compared to fiscal 2025 was primarily driven by higher net foreign exchange gains as the U.S. dollar weakened relative to certain foreign currencies and gain from the sale of an equity security, partially offset by a decrease in interest income from a lower balance in cash, cash equivalents and marketable securities and a lower interest rate environment.

Marked against last year's 10-K

The increase in other income (expense), net during fiscal 2025 2026 compared to fiscal 2024 2025 was primarily due driven by higher net foreign exchange gains as the U.S. dollar weakened relative to certain foreign currencies and gain from the sale of an increase equity security, partially offset by a decrease in interest income from a larger lower balance in cash, cash equivalents and marketable securities and a higher lower interest rate environment, partially offset by higher net foreign exchange losses as the U.S. dollar strengthened relative to certain foreign currencies. environment.

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

Macroeconomic conditions, including inflation, interest rates, component pricing, supply constraints and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company’s business, revenue, costs, gross margin, results of operations and financial condition.

Marked against last year's 10-K

Macroeconomic conditions, including inflation, interest rates rates, component pricing, supply constraints and currency fluctuations, have directly and indirectly impacted, and could in the future materially impact, the Company’s business, revenue, costs, gross margin, results of operations and financial condition.

Item 7, MD&A, 10-K Nov 3, 2026open_in_new

Adverse macroeconomic conditions, including slow growth or recession, high unemployment, inflation, tighter credit, higher interest rates, and currency fluctuations, can adversely impact consumer confidence and spending and materially adversely affect demand for the Company’s products and services. In addition …

Marked against last year's 10-K

Adverse macroeconomic conditions, including slow growth or recession, high unemployment, inflation, tighter credit, higher interest rates, and currency fluctuations, can adversely impact consumer confidence and spending and materially adversely affect demand for the Company’s products and services. In addition, consumer confidence and spending can be materially adversely affected in response to by changes in fiscal and monetary policy, financial market volatility, declines in income or asset values, and other economic factors.

Item 1A, Risk Factors, 10-K Nov 3, 2026open_in_new

We pay interest on outstanding borrowings under our revolving credit facilities and certain other debt obligations at interest rates that fluctuate based upon changes in various base interest rates. An adverse change in the base rates upon which our interest …

Word for word as last year Item 1A, Risk Factors, 10-K Oct 23, 2026open_in_new

Interest expense, net increased during the fiscal year ended August 31, 2026, compared to the fiscal year ended August 31, 2025, primarily due to higher interest rates on fixed interest rate debt obligations, attributable to the issuance of 4.200% Senior Notes and 4.750% Senior Notes during the fiscal year ended August 31, 2026.

Marked against last year's 10-K

Interest expense, net decreased increased during the fiscal year ended August 31, 2025, 2026, compared to the fiscal year ended August 31, 2024, 2025, primarily due to lower higher interest rates on fixed interest rate debt obligations, attributable to the issuance of 4.200% Senior Notes and lower borrowings primarily on our credit facilities and commercial paper program. 4.750% Senior Notes during the fiscal year ended August 31, 2026.

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

• amplify the risk of increased interest rates as certain of our borrowings, including borrowings under our credit facility, are at variable rates of interest;

Word for word as last year Item 1A, Risk Factors, 10-K Nov 21, 2025open_in_new

Interest expense includes interest on our revolving credit facility, term loan, senior notes that were redeemed in Q2'25, and senior notes due in 2028. The decrease in interest expense was driven by lower debt balances and lower interest rates.

Marked against last year's 10-K

Interest expense includes interest on our revolving credit facility loans facility, term loan, senior notes that were redeemed in Q2'25, and our Senior Notes senior notes due 2025 and in 2028. Interest expense in FY'23 also included $30 million of interest on a deferred acquisition payment associated with the ServiceMax acquisition. The decrease in interest expense was driven by the lower aggregate average of debt balances and deferred acquisition payment liability balances outstanding in FY'24 compared to FY'23. lower interest rates.

Item 7, MD&A, 10-K Nov 21, 2025open_in_new

conditions in the global or regional economies and global capital markets, and cyclical industry conditions, including recession, inflation, tariffs, supply chain disruptions, and higher interest rates;

Marked against last year's 10-K

conditions in the global or regional economies and global capital markets, and cyclical industry conditions, including recession, inflation, tariffs, supply chain disruptions, and higher interest rates;

Item 7, MD&A, 10-K Nov 9, 2026open_in_new

(2) Interest payments exclude the impact of any interest rate swap and cross-currency swap contracts. Interest payments on debt are projected for future periods using rates in effect as of fiscal year end 2026 and are subject to change in future periods.

Word for word as last year Item 7, MD&A, 10-K Nov 9, 2026open_in_new

• The effect of fluctuations in market interest rates on our income and/or cash flows;

Word for word as last year Item 7, MD&A, 10-K May 21, 2026open_in_new

• general economic, industry, public health or political conditions in the U.S. or internationally, including uncertain economic conditions in U.S., China and Europe, changes in geopolitical conditions, interest rates, persistent inflation, tariffs or instability in the banking sector;

Marked against last year's 10-K

• general economic, industry, public health or political conditions in the U.S. or internationally, including uncertain economic conditions in U.S., China and Europe, changes in tariffs, geopolitical conditions, interest rates, persistent inflation inflation, tariffs or instability in the banking sector;

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

The semiconductor industry is impacted by various macroeconomic challenges including fluctuations in consumer spending, fluctuations in demand for semiconductors, rising inflation, global tariffs and retaliatory measures and announcements regarding the same, increased interest rates, and fluctuations in currency rates. We …

Marked against last year's 10-K

The semiconductor industry has historically been is impacted by various macro-economic macroeconomic challenges including fluctuations in consumer spending, fluctuations in demand for semiconductors, rising inflation, global tariffs and retaliatory measures and announcements regarding the same, increased interest rates, and fluctuations in currency rates. We remain cautious in light of continued challenging global macroeconomic conditions and will continue to monitor the potential impact on our operations. The extent and duration of the direct and indirect impact of macroeconomic events on our business, results of operations and overall financial position remain uncertain and depend on future developments.

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

… Adverse macroeconomic conditions, including inflation, slowing growth, recession, stagflation, new or increased tariffs and other barriers to trade, tighter credit, higher interest rates, currency fluctuations, higher unemployment, labor shortages, lower capital expenditures by businesses, and lower consumer confidence and spending …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 27, 2026open_in_new

… Further, if prevailing interest rates or other factors result in higher interest rates upon any potential future financing, then interest expense related to the refinance indebtedness would increase.

Marked against last year's 10-K

As of April 25, 2025, 24, 2026, we had $3.3 $2.5 billion aggregate principal amount of outstanding indebtedness for our senior notes that mature at specific dates in calendar years 2025, 2027, 2030, 2032 and 2035. We may incur additional indebtedness in the future under existing credit facilities and/or enter into new financing arrangements. We may fail to pay these or additional future obligations, as and when required. Specifically, if we are unable to generate sufficient cash flows from operations or to borrow sufficient funds in the future to service or refinance our debt, our business, operating results, financial condition and cash flows may be harmed. If we cannot make scheduled payments on our debt, we will be harmed. in default and holders of our debt could declare all outstanding principal and interest to be due and payable, the lenders could terminate their commitments to loan money, and we could be forced into bankruptcy or liquidation. Any downgrades from credit rating agencies such as Moody’s Investors Service or Standard & Poor’s Rating Services may adversely impact our ability to obtain additional financing or the terms of such financing and reduce the market capacity for our commercial paper. Furthermore, Further, if prevailing interest rates or other factors result in higher interest rates upon any potential future financing, then interest expense related to the refinance indebtedness would increase.

Item 1A, Risk Factors, 10-K Jun 5, 2026open_in_new

… Unfavorable macroeconomic conditions, rising interest rates, international trade protection measures and disputes (including economic and trade barriers, tariffs, sanctions and export controls), or other circumstances could lead to an economic slowdown or global recession, potentially causing failures of counterparties, including …

Word for word as last year Item 1A, Risk Factors, 10-K Jun 5, 2026open_in_new

… As of December 31, 2025, the Company had a principal amount of $670 million outstanding under the EIB loan Facility A with a maturity of December 2030 and a fixed annual interest rate of 4.45% and a principal amount …

Marked against last year's 10-K

Our facility agreements with the European Investment Bank, (“EIB") Bank (EIB) provide for an aggregate €1,000 million in unsecured senior loan facilities, the proceeds from which are expected to fund the research, development and innovation of semiconductor devices, technologies and solutions in five European countries. Borrowings on these facilities may be denominated in Euro or U.S. Dollar. See Financing Activities further below. As of December 31, 2024, 2025, the Company had a principal amount of $670 million outstanding under the EIB loan facilities Facility A with a maturity of December 2030 and a fixed annual interest rate of 4.45%. On February 11, 2025, we have provided notice to EIB that we will fully draw the remaining amounts under the EIB facility agreements, drawing on February 25, 2025, an additional total 4.45% and a principal amount of $370 million outstanding under the EIB loan Facility B with a maturity of February 2031 and a fixed annual interest rate of 4.709% and a maturity of February 2031. 4.709%.

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

• exposing us to the risk of increased interest rates in the event we have borrowings under our $2,500 million revolving credit facility agreement (the “RCF Agreement”), which was restated to $3,000 million as per February 6, 2026, because loans under the RCF Agreement may bear interest at a variable rate;

Marked against last year's 10-K

• exposing us to the risk of increased interest rates in the event we have borrowings under our $2,500 million revolving credit facility agreement (the “RCF Agreement”) Agreement”), which was restated to $3,000 million as per February 6, 2026, because loans under the RCF Agreement may bear interest at a variable rate;

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

… fluctuations; and general economic, political and market conditions, including imposition of new or increased tariffs and other trade restrictions, interest rate changes and inflation. Stock price fluctuations could impact the value of our equity compensation, which could affect our ability …

Marked against last year's 10-K

Our stock price has experienced price and volume fluctuations and could be subject to wide fluctuations in the future. The trading price of our stock may fluctuate widely due to various factors including including: actual or anticipated fluctuations in our financial conditions and operating results, results; failure to meet expectations related to future growth; changes in financial estimates by us or financial estimates and ratings by securities analysts, analysts; changes in our capital structure, including issuance of additional debt or equity to the public, interest rate changes, inflation, public; competitive landscape; news regarding our products or products of our competitors, and competitors or other actions taken by competitors; broad market industry and industry fluctuations. competitor-related fluctuations; and general economic, political and market conditions, including imposition of new or increased tariffs and other trade restrictions, interest rate changes and inflation. Stock price fluctuations could impact the value of our equity compensation, which could affect our ability to recruit and retain employees. In addition, volatility in our stock price could adversely affect our business and financing opportunities.

Item 1A, Risk Factors, 10-K Feb 4, 2026open_in_new

… of funds and other assets of our subsidiaries between jurisdictions; changes in freight rates; changes to macroeconomic conditions, including interest rates, inflation and recession; transportation restrictions or disruptions; loss or modification of exemptions for taxes and tariffs; and compliance with …

Marked against last year's 10-K

We maintain operations around the world, including in the United States, Canada, Europe, Australia, Latin America and Asia. We rely on third-party wafer foundries in the United States, Europe and Asia. Nearly all product assembly and final testing of our products is performed at third-party operated manufacturing facilities, in China, Malaysia and Taiwan. Our shipping services are provided by third-party subcontractors. We also have international sales operations. International sales, as a percent of net revenue, were 66% 67% for the year ended December 28, 2024. 27, 2025. We expect that international sales will continue to be a significant portion of total sales in the foreseeable future. The political, legal and economic risks associated with our worldwide operations include, without limitation: expropriation; changes in a specific country’s or region’s political or economic conditions; changes in tax laws, trade protection measures and import or export licensing requirements and restrictions; imposition of new and increased tariffs; worsening trade relationship between the United States and China (or other countries); volatile global economic conditions, including downturns or recessions in which some competitors may become more aggressive in their pricing practices; difficulties in protecting our intellectual property; difficulties in managing staffing and exposure to different employment practices and labor laws; changes in immigration law and regulations; changes in foreign currency exchange rates; restrictions on transfers of funds and other assets of our subsidiaries between jurisdictions; changes in freight rates; changes to macroeconomic conditions, including interest rates, inflation and recession; transportation restrictions or disruptions; loss or modification of exemptions for taxes and tariffs; and compliance with U.S. laws and regulations related to international operations, including export control and economic sanctions laws and regulations and the Foreign Corrupt Practices Act. Recently, Changes in the public perception of the U.S. government in the regions where we operate or plan to operate could also negatively impact our business and other countries results of operations. Geopolitical tensions, such as the Ukraine-Russia, Israel-Hamas and coalitions Venezuela conflicts, could escalate and expand, which in turn could have issued sanctions negative impacts on the global economy and revisions financial markets. Also, in addition to export control and other regulations against Russia, Belarus, and restrictions imposed by the DNR and LNR regions of Ukraine, due to the conflict in Ukraine. Also, United States or China on exports or imports from one another, geopolitical changes between China and Taiwan could disrupt the operations of our Taiwan-based third-party wafer foundries, manufacturing facilities and subcontractors, and materially adversely affect delivery of products and our business, financial condition and/or operating results. Moreover, the Ukraine-Russia and Israel-Hamas conflicts could escalate and expand, which in turn could have negative impacts on the global economy and financial markets.

Item 1A, Risk Factors, 10-K Feb 4, 2026open_in_new

… For example, macroeconomic events including changes in trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions, fluctuating inflation and interest rates, and the conflicts in Ukraine and the Middle East have led …

Marked against last year's 10-K

Unfavorable conditions in the economy both in the United States and abroad may negatively affect the growth of our business and our results of operations. For example, macroeconomic events including changes in trade policies, such as trade wars, tariffs or other trade restrictions or the threat of such actions, fluctuating inflation and interest rates, the Russian invasion of Ukraine, and the conflicts in Ukraine and the Middle East have led to economic uncertainty. Historically, during periods of economic uncertainty and downturns, businesses may slow spending on information technology, which may impact our business and our customers’ businesses.

Item 7, MD&A, 10-K Feb 18, 2026open_in_new

The global economy, including credit and financial markets, has experienced periods of volatility and disruptions, including periods of diminished liquidity and credit availability, changes in consumer confidence, fluctuations in economic growth, volatility in unemployment rates, fluctuating inflation and interest rates …

Marked against last year's 10-K

The global economy, including credit and financial markets, has experienced extreme periods of volatility and disruptions, including severely periods of diminished liquidity and credit availability, declines changes in consumer confidence, declines fluctuations in economic growth, increases volatility in unemployment rates, fluctuating inflation and interest rates, and uncertainty about economic stability. For a discussion of certain of these economic, political, regulatory, and market risks, see “Risks Associated with our Growth - Unfavorable conditions in our industry or the global economy, or reductions in information technology spending, could limit our ability to grow our business and negatively affect our results of operations”. Any such volatility and disruptions may have adverse consequences on us or the third parties on whom we rely. If the equity and credit markets deteriorate, or do not improve, including as a result of political unrest or war, it may make any necessary debt or equity financing more difficult to obtain in a timely manner or on favorable terms, more costly or more dilutive. Increased inflation rates can adversely affect us by increasing our costs, including personnel costs.

Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

• increase our exposure to rising interest rates from variable rate indebtedness; and

Word for word as last year Item 1A, Risk Factors, 10-K Oct 9, 2026open_in_new

… to 2024 primarily due to decreases in interest expense as a result of increased capitalized interest driven by higher levels of building construction, partially offset by decreases in interest income due to lower interest rates on our cash and investments.

Marked against last year's 10-K

Interest Income (Expense), Net: Interest income (expense) improved in 2026 as compared to 2025 primarily due to an increase in interest income due to higher cash and investments balances and a decrease in interest expense due to lower debt balances. Interest income (expense) improved in 2025 as compared to 2024 primarily due to decreases in interest expense as a result of increased capitalized interest driven by higher levels of building construction, partially offset by decreases in interest income due to lower interest rates on our cash and investments. Interest income (expense) deteriorated for 2024 as compared to 2023 primarily due to increases in interest expense as a result of higher interest rates on our debt, partially offset by increases in interest income due to higher interest rates on our cash and investments.

Item 7, MD&A, 10-K Oct 9, 2026open_in_new

Additionally, other macroeconomic events, including interest rates, global inflation and tariffs, have led to economic uncertainty in the global economy. To mitigate risk, our cash and cash equivalents are distributed across several large financial institutions and are not concentrated in …

Marked against last year's 10-K

Additionally, other macroeconomic events, including higher interest rates, global inflation and bank failures, tariffs, have led to economic uncertainty in the global economy. To mitigate risk, our cash and cash equivalents are distributed across several large financial institutions and are not concentrated in one financial institution. We have not experienced any impact to our liquidity or to our current and projected business operations and financial condition due to recent macroeconomic events. Further, we have policy restrictions on the types of securities that can be purchased as part of our available-for-sale debt securities portfolio. These restrictions take industry and company concentration limits into consideration among other things. Furthermore, the majority of our non-marketable equity investments do not have material relationships with any one financial institution, and therefore, we believe that our exposure to loss as a result of bank failure is immaterial. We will continue to monitor the direct and indirect impact of macroeconomic events on our business and financial results.

Item 7, MD&A, 10-K Jan 29, 2026open_in_new

… The success of our activities is affected by general economic and market conditions, including, among others, inflation, interest rates, tax rates, foreign exchange rates, economic downturns, recession, economic uncertainty, political instability, warfare, changes in laws, trade barriers, supply chain disruptions …

Marked against last year's 10-K

We operate globally and as a result, our business, revenues and profitability are impacted by global macroeconomic and political conditions. The success of our activities is affected by general economic and market conditions, including, among others, inflation, interest rates, tax rates, foreign exchange rates, economic downturns, recession, economic uncertainty, political instability, warfare, changes in laws, trade barriers, supply chain disruptions and economic and trade sanctions. The U.S. capital markets experienced and continue to experience extreme volatility and disruption. Furthermore, inflation rates in the U.S. and other key markets have recently increased to levels not seen in decades resulting in federal action to increase interest rates, affecting capital markets. Such economic volatility could adversely affect our business, financial condition, results of operations and cash flows, flows and future market disruptions could negatively impact us. These unfavorable economic conditions could increase our operating costs and, because our typical contracts with customers lock in our price for a few years, our profitability could be negatively affected. Geopolitical destabilization and warfare have impacted and may continue to impact global currency exchange rates, commodity prices, energy markets, trade and movement of resources, which may adversely affect the buying power of our customers, customers and our access to and cost of resources from our suppliers, suppliers and ability to operate or grow our business. In addition, from time to time, the U.S. and other key international economies have been impacted and may continue to be impacted by geopolitical and economic instability, instability. These conditions include, among others, high levels of credit defaults, international trade disputes, changes in demand for various goods and services, high levels of persistent unemployment, wage and income stagnation, restricted credit, poor liquidity, reduced corporate profitability, volatility in credit, equity and foreign exchange markets, inflation, bankruptcies, tariffs, international trade agreements, export controls, economic and trade sanctions, health crises and overall economic uncertainty. These conditions can arise suddenly and affect the rate of digital transformation spending and could adversely affect our customers’ or prospective customers’ ability or willingness to purchase our services, delay purchasing decisions, reduce the value or duration of their subscriptions, or affect renewal rates.

Item 1A, Risk Factors, 10-K Jan 29, 2026open_in_new

… Furthermore, if prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. More broadly, disruptions in credit markets, including reduced liquidity …

Marked against last year's 10-K

We have been refinancing portions of our outstanding debt as it matures matures, and we may continue to do so in the future. There is a risk that we may not be able to refinance existing debt or that the terms of any refinancing may not be as favorable as the terms of our existing debt. Furthermore, if prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. More broadly, disruptions in credit markets, including reduced liquidity, changes in creditor sentiment or lender concentration limits, could increase our borrowing costs or limit our ability to access debt financing on acceptable terms, or at all.

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

… Some of our indebtedness may bear interest at variable rates, and increases in interest rates could increase our debt service obligations. In addition, changes in interest rates could adversely affect the economics of certain long-term commitments or customer arrangements …

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

• interest rates, as well as changes in existing and expected interest rates, which may vary across the jurisdictions in which we do business,

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

… We are exposed to interest rate risk through our Revolving Credit Facility, which is subject to variable interest rates, and interest rate increases have led to increased interest payments. Our existing indebtedness or incurrence of any additional indebtedness, including the …

Marked against last year's 10-K

Existing indebtedness under our Revolving Credit Facility or the Notes could have the effect, among other things, of reducing our flexibility to respond to changing business business, economic, industry and economic regulatory conditions. We also have incurred, and will continue to incur, various costs and expenses associated with our indebtedness. Our ability to arrange additional financing and make payments of principal and interest on our indebtedness when due depends upon our future performance, which will be subject to general economic conditions, industry cycles, and financial, business, and other factors affecting our operations, many of which are beyond our control. We are exposed to interest rate risk through our Revolving Credit Facility, which is subject to variable interest rates, and interest rate increases have led to increased interest payments. Our existing indebtedness or incurrence of any additional indebtedness, including the indebtedness contemplated incurred and assumed in connection with the Mergers, could reduce funds available for working capital, capital expenditures, acquisitions, share repurchases, and other general corporate purposes and may create competitive disadvantages relative to other companies with lower debt levels. If we were to refinance the Notes, we may not be able to do so on favorable terms or rates.

Item 1A, Risk Factors, 10-K Nov 10, 2026open_in_new

We do not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured finance or special purpose entities. We do not have any outstanding derivative financial instruments, off-balance sheet guarantees, interest rate swap transactions, or foreign currency forward contracts.

Word for word as last year Item 7, MD&A, 10-K Mar 5, 2026open_in_new

• deteriorating or volatile conditions in the global economy and financial markets, including as a result of weak or negative gross domestic product growth, uncertainty or disruptions in the capital and credit markets, changing interest rates, inflation, tariffs and trade restrictions, bank failures or adverse conditions impacting financial institutions, and supply-chain disruptions; and

Marked against last year's 10-K

• deteriorating or volatile conditions in the global economy and financial markets, including as a result of weak or negative gross domestic product growth, uncertainty or disruptions in the capital and credit markets, changing interest rates, inflation, tariffs and trade restrictions, bank failures or adverse conditions impacting financial institutions, and supply-chain disruptions; and

Item 1A, Risk Factors, 10-K Mar 5, 2026open_in_new

… A portion of our outstanding debt has interest rates that float based on prevailing interest rates, and we may incur additional variable-rate debt in the future. Such rates tend to fluctuate based on general economic conditions, general interest rates …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Significant increases in our level of indebtedness could impact the ratings assigned to our debt securities by rating organizations, which in turn would increase the interest rates and fees that we pay in connection with our indebtedness.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Fluctuation in inflation and interest rate could adversely affect our financial condition and results of operations.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

Variable rate indebtedness subjects the Company to interest rate risk, which could cause our debt service obligations to increase significantly.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 18, 2026open_in_new

• disruptions in our business due to general economic and market conditions, such as recessionary risks and a global economic downturn, international trade tensions and tariff policies, higher interest rates, monetary policy shifts, inflationary pressures, supply chain and labor shortages, changes in government administration, and geopolitical pressures;

Marked against last year's 10-K

• general economic conditions, both domestically and in foreign markets, and disruptions in our business due to general economic and the markets due to, among other things, market conditions, such as recessionary risks and a global economic downturn, international trade tensions and tariff policies, higher interest rates, monetary policy shifts, inflationary pressures, supply chain and labor shortages, the new U.S. presidential changes in government administration, the recent banking crisis, and geopolitical pressures;

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

Other income (expense), net consists primarily of interest income from our cash, cash equivalents and marketable securities. We expect other income (expense), net may fluctuate in the future as a result of changes in interest rates, changes in our cash, cash equivalents and marketable securities balances.

Marked against last year's 10-K

Other income (expense), net consists primarily of interest income from our cash, cash equivalents and marketable securities, and gains and losses on our strategic investments. securities. We expect other income (expense), net may fluctuate in the future as a result of changes in interest rates, changes in our cash, cash equivalents and marketable securities balances, and the re-measurement of our equity investments upon the occurrence of either observable price changes or impairments. balances.

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

- changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from health crisis events, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas, raw materials and other commodity prices …

Marked against last year's 10-K

- changes in macroeconomic and market conditions and market volatility, including developments and volatility arising from health crisis events, inflation, interest rates, the value of securities and other financial assets, precious metals, oil, natural gas, raw materials and other commodity prices and exchange rates (particularly between the U.S. dollar and the Japanese yen, South Korean won, Chinese yuan, New Taiwan dollar, euro, Chinese yuan, South Korean won Mexican peso and Mexican peso), euro), decreases or sudden increases of consumer demand, and the impact of such changes and volatility on our financial position and businesses;

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

The funded status of our pension plans is dependent upon multiple factors including actuarial assumptions, interest rates at year-end, prior investment returns and contributions made to the plans. During the year ended December 31, 2025, Corning made $50 million …

Marked against last year's 10-K

The funded status of our pension plans is dependent upon multiple factors including actuarial assumptions, interest rates at year-end, prior investment returns and contributions made to the plans. During the year ended December 31, 2024, 2025, Corning made no $50 million of voluntary contributions to our domestic defined benefit pension plan and $18 million of cash contributions to our international pension plans were $9 million. During 2025, plans. In 2026, the Company anticipates making voluntary cash contributions of $10 $40 million to our domestic defined benefit pension plan and $12 million to the international pension plans.

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

… These investments are subject to general credit, liquidity, market and interest rate risks, which may be exacerbated by market downturns or events that affect global financial markets, as described above. A majority of our investment portfolio comprises USG securities. A …

Marked against last year's 10-K

Additionally, we maintain an investment a portfolio of liquid investments for cash management purposes, including various holdings, types, and maturities. These investments are subject to general credit, liquidity, market and interest rate risks, which may be exacerbated by market downturns or events that affect global financial markets, as described above. A majority of our investment portfolio comprises USG securities. A decline in global financial markets for long periods or a downgrade of the USG credit rating due to an actual or threatened default on government debt could result in higher interest rates, a decline in the value of the U.S. dollar, reduced market liquidity or other adverse conditions. These factors could cause an unrealized or realized loss position in our investments or require us to record impairment charges.

Item 1A, Risk Factors, 10-K Feb 25, 2026open_in_new

Macroeconomic factors, including tariffs, inflation, interest rate changes, capital market volatility, global supply chain constraints, and global economic and geopolitical developments, have direct and indirect impacts on our results of operations, particularly demand for our products. While difficult to isolate …

Marked against last year's 10-K

Macroeconomic factors, including tariffs, inflation, interest rate changes, capital market volatility, global supply chain constraints, tariffs, and global economic and geopolitical developments, may have direct and indirect impacts on our results of operations, particularly demand for our products. While difficult to isolate and quantify, these macroeconomic factors impact our supply chain and manufacturing costs, employee wages, costs for capital equipment and equipment, the value of our investments. investments, revenue and competitive position. Our product and solution pricing generally does not fluctuate with short-term changes in our costs. Within our supply chain, we continuously manage product availability and costs with our vendors.

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

Interest income decreased by $9.1 million primarily due to lower interest rates and a reduced cash balance compared to 2024. Interest expense increased by $3.2 million primarily due to borrowing from the credit facility during 2025.

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

• other events or factors, including those resulting from global and macroeconomic conditions, including heightened inflation, rising interest rates, bank failures, and a potential recession, and speculation regarding the same, as well as public health crises, geopolitical tension, incidents of terrorism, or responses to these events.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 19, 2026open_in_new

… Uncertain economic conditions, including inflation, tariffs and other duties, higher interest rates, slower growth, fluctuations in foreign exchange rates, and other changes in economic conditions, may adversely affect our results of operations and financial performance. For further discussion of the …

Marked against last year's 10-K

Our overall performance depends in part on worldwide economic and geopolitical conditions and their impacts on customer behavior. Uncertain economic conditions, including inflation, tariffs and other duties, higher interest rates, slower growth, fluctuations in foreign exchange rates, and other changes in economic conditions, may adversely affect our results of operations and financial performance. For further discussion of the potential impacts of recent macroeconomic events on our business, financial condition, and operating results, see Part I, Item 1A titled “Risk Factors.” "Risk Factors."

Item 7, MD&A, 10-K Nov 25, 2025open_in_new

… and abroad, including, but not limited to, rising interest rates, inflationary pressures on goods and services, challenges in the financial and credit markets, labor shortages, supply chain disruptions, trade uncertainty, adverse changes in global taxation and tariffs, sanctions, outbreaks of …

Word for word as last year Item 1A, Risk Factors, 10-K Nov 25, 2025open_in_new

Interest expense, net, increased to $325.0 for the year ended December 31, 2025 as compared to $259.2 for the year ended December 31, 2024. The increase was due primarily to a higher weighted-average fixed-rate debt balance and fixed-rate debt interest rate, partially offset by lower weighted-average borrowings on our revolving credit facility.

Marked against last year's 10-K

Interest expense, net, increased by $94.5, or a 57.4% increase, to $325.0 for the year ended December 31, 2025 as compared to $259.2 for the year ended December 31, 2024 as compared to $164.7 for the year ended December 31, 2023. 2024. The increase was due primarily to a higher weighted average weighted-average fixed-rate debt balances balance and less fixed-rate debt interest income earned rate, partially offset by lower weighted-average borrowings on our cash and cash equivalents. revolving credit facility.

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

… Additionally, our credit agreement includes increases in interest rates if the ratings for our debt are downgraded. Furthermore, an increase in the level of our indebtedness may increase our vulnerability to adverse general economic and industry conditions and may affect …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• general economic conditions, including heightened inflation or interest rates, and geopolitical uncertainty or instability.

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

• expose us to the risk of increased interest rates as certain of our borrowings, including borrowings under a future revolving credit facility, may be at variable rates of interest; and

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

Interest income is earned primarily from the Company’s surplus cash balances and marketable securities. The decrease in interest income in 2025 primarily reflects the lower amounts invested in debt securities in 2025 and slightly lower interest rates on our investments in debt securities compared to 2024. Other, net, reflects net gains and losses from the Company’s foreign currency exposure and related hedges.

New this year Item 7, MD&A, 10-K Feb 5, 2026open_in_new

Factors such as inflation, interest rates, currency fluctuations, trade barriers, tariffs, war, civil unrest, and other political and economic developments and their impact on global economic conditions have in the past and may in the future negatively impact our business …

Marked against last year's 10-K

Factors such as inflation, interest rates, currency fluctuations, trade barriers, tariffs, war, civil unrest, and other political and economic developments and their impact on global economic conditions have in the past and may in the future negatively impact our business. In particular, These factors may have varying impacts on different geographic regions. For example, demand for our services has substantially declined in China during 2023 and may continue to decline further due to lower economic growth and 2024 as a result of various factors including Chinese regulatory mandates that make made it more difficult to register a domain name or establish an online presence using a domain name. Additionally, the rapid increase in demand for compute and network hardware, including servers, chips, memory and other technology, caused by new demand from AI companies, is increasing our costs for some of these goods and could increase our capital and operating costs. The overall economic impact, severity and duration of these conditions, as well as the timing, strength, and sustainability of any future economic growth or recovery, are not known at this time, and are not within the Company’s control.

Item 1A, Risk Factors, 10-K Feb 5, 2026open_in_new

… Volatile, negative or uncertain economic and geopolitical conditions, including as a result of recession or slowing economic growth, inflation, higher interest rates, tightening of credit markets and changes in trade policy (including trade disputes, the threat or imposition of tariffs …

Marked against last year's 10-K

Global macroeconomic conditions have a significant effect on our business as well as the businesses of our clients. Volatile, negative or uncertain economic conditions and geopolitical conditions, including as a result of recession or slowing economic growth, inflation, higher interest rates, tightening of credit markets and changes in trade policy (including trade disputes, the threat or imposition of tariffs or other trade restrictions and related retaliatory actions), have in the past and could in the future cause our clients to reduce, postpone or cancel spending on new or existing projects with us, negatively affecting our business and making it more difficult for us to accurately forecast client demand and have available the right resources to profitably address such client demand, including as a result of inflation, higher interest rates, tightening of credit markets, trade disputes, recession or slowing growth, among others. demand. For example, in 2024 the recent past some of our clients continued to reduce their discretionary spending in response to economic and geopolitical uncertainty, which negatively impacted our revenues. Clients may reduce demand for services quickly and with little warning, which may cause us to incur extra costs where we have employed more personnel than client demand supports. Further, our business depends on our ability to obtain payment from our clients of the amounts they owe us for the work we perform. Macroeconomic or geopolitical conditions, including recessionary or inflationary pressures, trade disputes or other challenges could result in financial difficulties for our clients, which clients that have in the past and could in the future cause clients to delay payments to us, request modifications to their payment arrangements or default on their payment obligations to us.

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

Information provided by the sensitivity analysis of foreign currency risk and interest rate risk does not necessarily represent the actual changes that would occur under normal market conditions.

New this year 10-K, 10-K Feb 12, 2026open_in_new

… Additional information regarding our indebtedness, including information about availability under our revolving credit facility and the principal repayment terms, interest rates, covenants, collateral and other key terms of our outstanding indebtedness, is included in Part II, Item 8., Note 8 …

Marked against last year's 10-K

As of June 27, 2025, July 3, 2026, we were in compliance with the Loan Agreement financial covenant that requires prohibits us to maintain from exceeding a maximum Leverage Ratio. Additional information regarding our indebtedness, including information about availability under our revolving credit facility and the principal repayment terms, interest rates, covenants, collateral and other key terms of our outstanding indebtedness, is included in Part II, Item 8., Note 8, Debt of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.

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

… Such resolution could include, among other things, supplementary security to be supplied by us, increased interest rates or waiver fees. If a resolution is not reached, we may be required to pay all of the outstanding lease obligations covered by …

Marked against last year's 10-K

We also guarantee a significant amount of lease and other financial obligations of Flash Ventures owed to third parties. In particular, Flash Ventures sells to and leases back a portion of its equipment from a consortium of financial institutions. All of the lease obligations are guaranteed 50% by us and 50% by Kioxia. The leases are subject to customary covenants and cancellation events that relate to Flash Ventures and each of the guarantors. If a cancellation event were to occur, Flash Ventures would be required to negotiate a resolution with the other parties to the lease transactions to avoid cancellation and acceleration of the lease obligations. Such resolution could include, among other things, supplementary security to be supplied by us, increased interest rates or waiver fees. If a resolution is not reached, we may be required to pay all of the outstanding lease obligations covered by our guarantees, which would significantly reduce our cash position and may force us to seek additional financing, which may not be available on terms acceptable to us, if at all.

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

From time to time, we issue debt securities with various interest rates and maturities. While we believe we will have the ability to service this debt, our ability to make principal and interest payments when due depends upon our future …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 6, 2026open_in_new

We have the following potential exposure to changes in interest rates: (i) the effect of changes in interest rates on the fair value of our investments in cash equivalents and short-term investments, which could produce a gain or a loss; and (ii) the effect of changes in interest rates on the fair value of our debt.

New this year 10-K, 10-K Feb 6, 2026open_in_new

As our bank debt contains a variable interest rate component based on our corporate credit ratings, a decline in our ratings has in the past resulted in, and could in the future result in, increased interest rates and debt service …

Word for word as last year Item 1A, Risk Factors, 10-K Aug 14, 2026open_in_new

Information regarding our indebtedness, including the principal repayment terms, interest rates, covenants and other key terms of our outstanding indebtedness, and additional information on the terms of our Preferred Shares is included in Part II, Item 8, Note 7, Debt, and Note 13, Shareholders’ Equity and Convertible Preferred Stock, of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K.

Marked against last year's 10-K

Information regarding our indebtedness, including the principal repayment terms, interest rates, covenants and other key terms of our outstanding indebtedness, and additional information on the terms of our convertible preferred shares Preferred Shares is included in Part II, Item 8, Note 8, 7, Debt, and Note 12, 13, Shareholders’ Equity and Convertible Preferred Stock, of the Notes to Consolidated Financial Statements in this Annual Report on Form 10-K.

Item 7, MD&A, 10-K Aug 14, 2026open_in_new

The interest rate risk associated with our borrowing and investing activities as of August 31, 2026 is not material in relation to our consolidated financial position, results of operations or cash flows. While we may do so in the future, we have not used derivative financial instruments to alter the interest rate characteristics of our investment holdings or debt instruments.

New this year 10-K, 10-K Oct 16, 2026open_in_new

(2) We maintain separate, uncommitted and unsecured multicurrency revolving credit facilities. These facilities provide local currency financing for the majority of our operations. Interest rate terms on the revolving facilities are at market rates prevailing in the relevant local markets. As of August 31, 2026 and 2025, we had no borrowings under these facilities.

New this year 10-K, 10-K Oct 16, 2026open_in_new

… Further, inherent in the company’s financing business are risks related to the concentration of credit, client creditworthiness, interest rate and currency fluctuations on the associated debt and liabilities and the determination of residual values. The company employs a number …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 2026open_in_new

… the aggregate principal amount of securities outstanding, the redemption features for the securities, the level, direction and volatility of interest rates, changes in exchange rates, exchange controls, governmental and stock exchange regulations and other factors over which the company has …

Word for word as last year Item 1A, Risk Factors, 10-K Feb 24, 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.

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.

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.

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.

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.