War and geopolitics
118 of 521 companies added a paragraph in Risk Factors that uses one of these words:
Ukraine, Russia, Israel, Middle East, geopolitical, war.
The paragraph is in the latest 10-K and nothing like it was in the one before.
It counts text; it does not say how serious a risk is. Words in capitals only (such as AI) must be in capitals.
By sector
Sector is the SEC's industry description of the company. Each count opens that sector's quotes below.
| Sector | Companies | Compared |
|---|---|---|
| Aircraft Engines & Engine Parts | 2 | 2 |
| Computer Peripheral Equipment, NEC | 2 | 2 |
| Optical Instruments & Lenses | 2 | 2 |
| Air Courier Services | 1 | 1 |
| Aircraft | 1 | 1 |
| Apparel & Other Finishd Prods of Fabrics & Similar Matl | 1 | 1 |
| Canned, Fruits, Veg, Preserves, Jams & Jellies | 1 | 1 |
| Farm Machinery & Equipment | 1 | 1 |
| Gas & Other Services Combined | 1 | 1 |
| Grain Mill Products | 1 | 1 |
| Guided Missiles & Space Vehicles & Parts | 1 | 1 |
| Misc Industrial & Commercial Machinery & Equipment | 1 | 1 |
| Miscellaneous Food Preparations & Kindred Products | 1 | 1 |
| Motor Vehicle Parts & Accessories | 1 | 1 |
| Oil & Gas Field Machinery & Equipment | 1 | 1 |
| Paper Mills | 1 | 1 |
| Retail-Eating & Drinking Places | 1 | 1 |
| Retail-Home Furniture, Furnishings & Equipment Stores | 1 | 1 |
| Retail-Radio, Tv & Consumer Electronics Stores | 1 | 1 |
| Retail-Retail Stores, NEC | 1 | 1 |
| Services-Management Services | 1 | 1 |
| Special Industry Machinery, NEC | 1 | 1 |
| Telephone & Telegraph Apparatus | 1 | 1 |
| X-Ray Apparatus & Tubes & Related Irradiation Apparatus | 1 | 1 |
| Finance Services | 17 | 28 |
| Search, Detection, Navigation, Guidance, Aeronautical Sys | 2 | 4 |
| Security & Commodity Brokers, Dealers, Exchanges & Services | 2 | 4 |
| Accident & Health Insurance | 1 | 2 |
| Converted Paper & Paperboard Prods (No Contaners/Boxes) | 1 | 2 |
| Fats & Oils | 1 | 2 |
| Industrial Organic Chemicals | 1 | 2 |
| Men's & Boys' Furnishgs, Work Clothg, & Allied Garments | 1 | 2 |
| Printed Circuit Boards | 1 | 2 |
| Pumps & Pumping Equipment | 1 | 2 |
| Radio & Tv Broadcasting & Communications Equipment | 1 | 2 |
| Rubber & Plastics Footwear | 1 | 2 |
| Services-Medical Laboratories | 1 | 2 |
| Ship & Boat Building & Repairing | 1 | 2 |
| Transportation Services | 1 | 2 |
| Services-Business Services, NEC | 7 | 16 |
| Biological Products, (No Diagnostic Substances) | 2 | 5 |
| Computer Storage Devices | 2 | 5 |
| Laboratory Analytical Instruments | 2 | 5 |
| Services-Computer Programming, Data Processing, Etc. | 2 | 5 |
| Investment Advice | 3 | 8 |
| Insurance Agents, Brokers & Service | 2 | 6 |
| Computer & office Equipment | 1 | 3 |
| Computer Communications Equipment | 1 | 3 |
| General Industrial Machinery & Equipment | 1 | 3 |
| Plastic Materials, Synth Resins & Nonvulcan Elastomers | 1 | 3 |
| Soap, Detergents, Cleang Preparations, Perfumes, Cosmetics | 1 | 3 |
| Water Transportation | 1 | 3 |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 1 | 3 |
| Pharmaceutical Preparations | 3 | 11 |
| Semiconductors & Related Devices | 4 | 15 |
| Electronic & Other Electrical Equipment (No Computer Equip) | 1 | 4 |
| Retail-Eating Places | 1 | 4 |
| Services-Computer Processing & Data Preparation | 1 | 4 |
| Real Estate Investment Trusts | 6 | 27 |
| Services-Prepackaged Software | 4 | 19 |
| Electric Services | 3 | 15 |
| Beverages | 1 | 5 |
| Industrial Instruments For Measurement, Display, and Control | 1 | 5 |
| Orthopedic, Prosthetic & Surgical Appliances & Supplies | 1 | 5 |
| National Commercial Banks | 2 | 11 |
| Fire, Marine & Casualty Insurance | 2 | 12 |
| Security Brokers, Dealers & Flotation Companies | 1 | 7 |
241 paragraphs · Retail-Eating Places show all sectors
Restaurant dining generally is dependent upon consumer discretionary spending, which may be affected by macroeconomic conditions that are beyond our control. A prolonged economic downturn or slow recovery may reduce consumer spending, leading to lower demand or shifts to lower-priced options. 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 or average transaction size would negatively impact our financial performance. If economic uncertainty persists, guests may adopt lasting changes in spending habits, potentially affecting our sales, profitability, and growth plans.
Read in the 10-K filed Feb 4, 2026 ↗