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• Fluctuations in interest rates, and changes in regulatory guidance related to such interest rates, could adversely impact our financial results.

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

Fluctuations in interest rates, and changes in regulatory guidance related to such interest rates, could adversely impact our financial results.

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

… The non-binding broker quotes are based on models that consider the prevailing interest rates, recent market transactions, and current business conditions. The Company determines the fair value of its certificates and other assets using a combination of non-binding …

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

… The price at which we sell the loan is driven by the terms of our securitization transactions and forward-flow arrangement, applicable interest rates, and whether or not the loan includes GAP waiver coverage.

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

… Despite recent interest rate cuts by the Federal Reserve beginning in September 2024, home mortgage interest rates have remained elevated. Ongoing volatility in interest rates may negatively impact our operations and financial results.

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

In 2025, consumer demand weakened due to ongoing affordability challenges, resulting from elevated mortgage interest rates and higher housing costs, as well as volatility in other macroeconomic and geopolitical conditions, including higher job losses and weakened consumer confidence. We have …

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

• risks associated with any mortgage debt, including the possibility of default, interest rate levels, particularly in a volatile interest rate environment, and uncertainties in the availability of replacement financing;

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

• exposing us to the risk of increased interest rates because certain of our indebtedness is at variable rates of interest;

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

Interest payments on the outstanding long-term debt in the table above total approximately $2.5 billion, with approximately $500 million due within the next twelve months on the outstanding amounts on a nominal basis. The estimated interest payments related to the variable rate portion of our debt, net of our interest rate swaps, are based on current Secured Overnight Financing Rate (“SOFR”) interest rates.

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

As of December 31, 2025, approximately 96%, including the impact of interest rate swaps, of our $11.5 billion of total debt outstanding, excluding the Revolving Facility balance, finance leases and debt issuance costs and discounts, is fixed with an …

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

Interest expense decreased $19 million, primarily due to savings from cross-currency interest rate hedging, partially offset by higher interest rates on refinanced long-term debt.

Item 7, MD&A, 10-K Nov 14, 2025open_in_new

(1) Amount disclosed is net of $12 million change in the fair value of our designated interest rate swaps. Refer to Note 3, Derivative Financial Instruments, for additional information on our interest rate swap designated as a fair value hedge.

Item 7, MD&A, 10-K Nov 14, 2025open_in_new

In the past, negative macroeconomic conditions, such as inflationary pressures, relatively low levels of unemployment, and increases in interest rates, caused decreases in consumer discretionary spending and disruption and volatility within the capital markets. Although the U.S. economy has …

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

… Inherent in a binomial options pricing model are unobservable (Level 3) inputs and assumptions related to expected share-price volatility, risk-free interest rate, expected term, and dividend yield. The Company estimates the volatility of shares of WML common stock …

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

In 2025, Interest income decreased due to lower average cash balances and lower average interest rates.

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

• Based on current interest and foreign currency exchange rates, the Company expects interest expense for the full year 2026 to increase between 4% and 6% driven primarily by higher average interest rates.

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

• macroeconomic conditions, including inflation, interest rate volatility, or global economic uncertainty,

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

high interest rates, foreign currency exchange rate volatility, escalating global conflicts, changes in

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

Additionally, interest rates have been at elevated levels in recent years and it is uncertain if and when such rates may decline. Higher interest rates may increase the cost of any borrowings under our various credit facilities, as well as negatively impact consumer sentiment and the global economy as a whole, which could result in a material adverse effect on our business.

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

… Based on certain simplifying assumptions, including an immediate across-the-board change in interest rates with no further changes for the remainder of their respective terms, a 25-basis point increase or decrease in interest rates would have the effect …

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

Our liabilities for workers’ compensation, general and product liability, property and vehicle claims do not have scheduled maturities; however, the timing of future payments is predictable based on historical patterns and is relied upon in determining the current portion of these liabilities. Accordingly, we reflect the net present value of the obligations we determine to be long-term using the risk-free interest rate as of the balance sheet dates.

Item 7, MD&A, 10-K Oct 26, 2026open_in_new

… For example, new or increased tariffs, inflation, rising interest rates and disruption to the global supply chain have negatively impacted costs and inventory availability and may continue to have a negative impact on future results and profitability. Credit market and …

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

adverse macroeconomic and geopolitical conditions, such as slow growth or recession, high unemployment, inflation, tighter credit, higher interest rates, heightened bankruptcies or liquidations, significant changes in oil prices, trade disruptions, and currency fluctuations;

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

… In addition, any downgrade of our debt ratings by Standard & Poor’s, Moody’s Investor Service, Fitch or similar ratings agencies, deterioration of our financial condition, increase in general interest rate levels and credit spreads or overall weakening in the …

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

Our mortgage banking business is also affected by interest rate fluctuations. We also may experience secondary marketing losses resulting from daily movements in interest rates to the extent we are unable to match interest rates and amounts on loans we

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

Interest rate movements, inflation and other economic factors can negatively impact our business.

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

• the economy generally, which in declining conditions including persistent inflation, volatile and/or elevated interest rates and higher levels of consumer debt may cause consumers to defer vehicle maintenance and repair and defer discretionary spending and purchases.

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

… We continue to be affected by softer consumer demand, as macro-economic headwinds such as high interest rates and persistent cost inflation continued to impact our customers, particularly in Europe. Economic activity in the U.S. manufacturing sector, measured by …

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

At February 1, 2026, we had an aggregate principal amount of senior notes outstanding of $48.8 billion, with $4.6 billion payable within 12 months. Future interest payments associated with these senior notes total $25.4 billion, with $2.0 billion payable within 12 months, based on current interest rates, which include the impact of our active interest rate swap agreements.

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

… Our comparable sales results reflect customer engagement with smaller home improvement projects, which was offset by the impact of continued macroeconomic uncertainties and other macroeconomic factors, including a persisting high interest rate environment, that continue to pressure broader home improvement …

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

• unexpected changes in laws, regulations, economic and trade sanctions, trade or monetary or fiscal policy, including interest rates

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

agreements, the availability of consumer financing, inflationary pressures, interest rate volatility, supply chain disruptions and other factors, including global health crises. Economic declines that result in a significant reduction in automotive sales and production by our customers have in the past had, and may in the future have, an adverse effect on our business, results of operations and financial condition.

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

The interest rate on our $42.8 million 6.800 percent senior notes due October 2037 is subject to adjustment from time to time if the debt rating assigned to such series of notes is downgraded below a certain rating level (or subsequently upgraded). The maximum adjustment is 2.000 percent above the initial interest rate, and the interest rate cannot be reduced below the initial interest rate. As of May 31, 2026, no such adjustments have been made to this rate.

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

From time to time, we enter into interest rate derivative instruments to manage interest rate risk inherent in our operations. See Note 8 of the Notes to Consolidated Financial Statements (Part II, Item 8 of this report).

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

… by trends in consumer confidence, general economic and business conditions, high levels of unemployment, periods of inflation, health pandemics, interest rates, foreign currency exchange rates, the availability of consumer credit and taxation. Consumer purchases of discretionary items, such as the …

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

The Company is exposed to changes in interest rates related to the fair value of the senior unsecured notes and enters into interest rate contracts to reduce exposure to changes in the fair value of certain fixed‑rate debt resulting …

10-K, 10-K Aug 13, 2026open_in_new

• subject us to higher interest expense in the event of increases in interest rates.

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

(4) Based on the 1-month rate as of December 31, 2025, Hong Kong Inter-Bank Offer Rate (“HIBOR”) of 3.08% and Singapore Overnight Rate Average (“SORA”) of 0.89% plus the applicable interest rate spread in accordance with the respective debt agreements.

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

Our long-term financial objectives include maintaining diversified financing sources, optimizing the mix and maturity of our long-term debt, and reducing our working capital. At year-end 2025, including the effect of interest rate swaps, our total long-term debt (current and noncurrent) had a weighted average interest rate of 4.5 percent, a weighted average maturity of approximately 5.4 years, and a ratio of fixed-rate to total long-term debt of 0.9 to 1.0.

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

… it more difficult to convince future project developers of the value added by our brands; and (2) increases in interest rates, reductions in mortgage availability or the tax benefits of mortgage financing or residential ownership generally, or increases in the …

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

Macroeconomic factors, including changes in inflation and interest rates, resource and supply volatility, global economic and geopolitical developments, including unpredictable shifts in global tariff and trade policies, and the development and adoption of technologies and services, including artificial intelligence, have …

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

… In addition, economic conditions and actions by policymaking bodies are contributing to changing interest rates and significant capital market volatility, which, along with any increases in our borrowing levels, could increase our future borrowing costs.

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

Our outstanding senior notes at December 31, 2025 had cumulative interest to maturity (based on coupon interest rates) of $5.7 billion, with $662 million payable within the next twelve months.

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

• worldwide political and economic conditions, including the effects of inflation, changes in interest rates, market volatility, or fluctuations in foreign currency exchange rates, particularly between the U.S. Dollar and the Euro;

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

… A weakening of economic conditions affecting disposable consumer income such as lower employment levels, negative consumer outlook, uncertainty, instability or changes in business or political conditions, social and political causes and movements, including government shutdowns, changes in interest rates, inflation …

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

… Changes in the credit and capital markets, including market disruptions, limited liquidity and interest rate fluctuations, may increase the cost of financing or restrict our access to these potential sources of future liquidity. Our continued access to liquidity sources on …

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

The adverse impact of general economic and related factors, such as fluctuating or increasing levels of interest rates, inflation, unemployment, underemployment and the volatility of fuel prices, declines in the securities and real estate markets and perceptions of these conditions can decrease the level of disposable income of consumers or consumer confidence. The demand for cruises is affected by international, national and local economic conditions.

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

… liquidity requirements will be correct, and our ability to be predictive is uncertain due to the dynamic nature of the current operating environment, including any current macroeconomic events and conditions such as inflation, rising fuel prices and higher interest rates.

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

(4) Interest payments related to our 2028 Notes and 2030 Notes include the variable interest rate payments included in our interest rate swaps.

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

(3) Long-term debt obligations represent principal amounts only and exclude interest rate swap valuation adjustments.

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

… Disruption in the financial markets, including as a result of rising interest rates, bank and private credit failures or other macroeconomic conditions, or an erosion of our credit strength or declines on our credit rating could impact negatively our ability …

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

… on discretionary spending and on our costs, shortages, and other disruptions in the labor supply, the impact of rising interest rates, consumer debt levels, changes in tax rates and policy, outbreak of pandemics, fluctuations in fuel and energy costs, inflation …

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

Interest expense, net of capitalized interest, decreased by $406 million, or 23%, to $1.3 billion in 2025 from $1.8 billion in 2024. The decrease was substantially all due to lower average interest rates, a decrease in total debt and increased capitalized interest.

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

a.Events and conditions around the world, including geopolitical uncertainty, war and other military actions, pandemics, inflation, higher interest rates and other general concerns impacting the ability or desire of people to travel could lead to a decline in demand for cruises as well as have significant negative impacts on our financial condition and operations.

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

… Our ability to issue such securities on satisfactory terms, if at all, will depend on the state of our business and financial condition, any ratings issued by major credit rating agencies, market interest rates, and the overall condition of the …

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

• result in downgrades in the credit ratings on our indebtedness, which could limit our ability to borrow additional funds on favorable terms or at all (including in order to refinance our other debt), increase the interest rates under our credit facilities and under any new indebtedness we may incur;

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

expose us to fluctuations in interest rates, including changes that may result from the implementation of new benchmark rates to SOFR.

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

Our business is influenced by a number of general macroeconomic factors that impact both our industry and consumers, including, but not limited to, inflation, including rising consumer staples; fuel and energy costs; unemployment trends; interest rates; and other economic factors …

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

• changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general;

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

Our interest expense could also be increased by rising interest rates. In addition, the financial and other covenants we agreed to with our lenders may limit our ability to incur additional indebtedness, make investments, pay dividends and engage in other …

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

However, the current uncertain macroeconomic environment, including the evolving tariff and trade policy landscape, a weak housing market, elevated interest rates, layoffs, inflationary pressure, economic uncertainty and global geopolitical instability could continue to impact our business. The tariff environment has materially changed over the last year, and we expect that uncertainty to continue into fiscal 2026. For information on risks, please see “Risk Factors” in Part I, Item 1A.

Item 7, MD&A, 10-K Mar 26, 2026open_in_new

In addition to our cash balances on hand, in June 2025, we amended our existing credit facility, which increased our unsecured revolving line of credit to $600 million, amended certain interest rates and extended the maturity date of the facility …

Item 7, MD&A, 10-K Mar 26, 2026open_in_new

Interest income decreased $113 million, or 14%, in 2025, due to lower interest rates, partially offset by higher investment balances.

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

As we look forward, we recognize the potential impact of challenging macroeconomic and geopolitical conditions on our business, including inflation, interest rates, foreign currency fluctuations, tariffs and trade controls, and potential decreased consumer spending. To date, these conditions have not …

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

• general conditions in the worldwide economy, including fluctuations in inflation, interest rates and global currency exchange rates;

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

The average interest rate return on cash and investments during the 52-weeks ended December 27, 2025 was 3.3%, and remained relatively flat compared to 3.3% during the 52-weeks ended December 28, 2024. Interest income increased primarily due to higher balances of cash and investments.

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

… In fiscal 2025, interest income, net decreased by approximately $37 million compared to fiscal 2024, primarily due to decreased interest income both from lower average interest rates and from lower average cash balances, which decreased largely due to our repayment …

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

… In addition to consumer sensitivity to the price points and value differentiation we offer on the merchandise we sell, elevated consumer costs of living for other goods and services (including increased fuel and energy costs, food prices, interest rates, and …

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

… These factors include, among others, inflation and deflation; actual or perceived declines in consumer purchasing power; economic recession; unemployment levels; availability of disposable income and actual and perceived wealth; health care costs; costs of oil, gas and other commodities; interest …

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

… Changes in the capital and credit markets and general market disruptions, such as prolonged volatility or significant disruption of global financial markets relating to the financial and regulatory environment; interest rate fluctuations; geopolitical conflict; and disruptions impacting traditional banking, have …

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

Interest income increased $111 million, or 7%, in the year ended December 31, 2025 as compared to the year ended December 31, 2024, primarily due to higher interest earned on our cash and cash equivalents and short-term investments due to an increase in our average portfolio balance, partially offset by a lower average interest rate.

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

However, we operate in a cyclical industry that is sensitive to shifting consumer trends, political and regulatory uncertainty, including with respect to trade and the environment, all of which can be compounded by inflationary pressures, rising energy prices, interest rate …

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

Interest income represents interest from cash equivalents, which includes highly liquid investments such as money market funds and certificates of deposit with an original maturity of three months or less from the date of purchase. Interest expense includes interest costs and facility fees associated with our credit facilities. Our credit facility interest rates are based on a variable rate structure which can result in increased cost in periods of rising or elevated interest rates.

Item 7, MD&A, 10-K Mar 26, 2026open_in_new

Macroeconomic conditions, including inflation and elevated interest rates, as well as labor, transportation, and shipping cost pressures, have had, and may continue to have, a negative impact on our business, financial condition, profitability,

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

• general economic conditions, including the effects of increased inflation and interest rates, and slow or negative growth of our markets; and

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

Interest income, net increased by $12 million, or 6%, in 2025, compared to 2024. The increase was primarily driven by interest earned on cash held in escrow under the Escrow Agreement, partially offset by a decrease in average interest rates.

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

The decrease in other income, net was primarily due to a decrease in interest income as a result of lower average cash balances and lower interest rates.

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

… That willingness can be affected by general economic conditions and uncertainty regarding the overall future environment, tariffs, inflation, changes in interest rates, foreign exchange fluctuations, energy and fuel costs, employment levels, consumer debt, housing market trends, commodity price volatility, and …

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

• economic instability and inflation, recession or interest rate fluctuations; and

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

Our expected cash interest payments, based on principal amounts of debt outstanding, contractual maturity dates, and interest rates, each as of December 31, 2025, for 2026, 2027, and 2028 are approximately $210 million, $170 million, and $155 million, respectively, excluding MGM China, and approximately $350 million, $275 million, and $240 million, respectively, on a consolidated basis, which includes MGM China.

Item 7, MD&A, 10-K Feb 11, 2026open_in_new

Interest and other income, net decreased in dollar terms for the year ended December 31, 2025 compared to the year ended December 31, 2024, primarily due to lower investment balances in U.S. Treasury securities and money market funds and decreased interest income due to lower interest rates in the current year.

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

… Factors such as unemployment, inflation, interest rate changes, taxes, access to credit, public health crises, trade disputes, and geopolitical instability can all impact consumer behavior, including discretionary spending, potentially reducing demand for our products. A significant decrease in guest traffic …

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

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