Pandemics
17 of 521 companies added a paragraph in Risk Factors that uses one of these words:
pandemic, COVID, epidemic, outbreak.
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 |
|---|---|---|
| Real Estate Operators (No Developers) & Lessors | 1 | 1 |
| Retail-Radio, Tv & Consumer Electronics Stores | 1 | 1 |
| Services-Misc Health & Allied Services, NEC | 1 | 1 |
| Rubber & Plastics Footwear | 1 | 2 |
| Operative Builders | 1 | 3 |
| Wholesale-Drugs, Proprietaries & Druggists' Sundries | 1 | 3 |
| Biological Products, (No Diagnostic Substances) | 1 | 5 |
| Services-Computer Programming, Data Processing, Etc. | 1 | 5 |
| National Commercial Banks | 2 | 11 |
| Investment Advice | 1 | 8 |
| Finance Services | 3 | 28 |
| Surgical & Medical Instruments & Apparatus | 1 | 10 |
| Fire, Marine & Casualty Insurance | 1 | 12 |
| Real Estate Investment Trusts | 1 | 27 |
20 paragraphs · National Commercial Banks show all sectors
However, there are significant risks involved in using models and AI, and we cannot assure that our use will enhance our businesses or produce only the intended or beneficial results. For example, generative AI has been known to produce false or “hallucinatory” inferences or output. Certain generative AI tools use machine learning and predictive analytics, which can create inaccurate, incomplete or misleading outputs; unexpected results; or errors or inadequacies, any of which may not be easily detectable. In addition, models and AI that are based on historical data sets might not be accurate predictors of future outcomes. The ability of models and AI to appropriately predict future outcomes may degrade over time due to limited historical patterns, extreme or unanticipated market movements, or customer behavior and liquidity, especially during severe market downturns or stress events (e.g., geopolitical or pandemic events). Consequently, our use of models and AI could result in inaccurate forecasts, ineffective risk management practices, inaccurate risk reporting and other negative or unexpected consequences.
Read in the 10-K filed Feb 19, 2026 ↗
After disruptions in 2022 through early 2024 as a result of the increases in the Fed Funds rate and dislocations in the office sector as a result of COVID-19, the commercial and residential real estate markets have remained relatively steady over the past 18 months as they have adjusted to a more “normalized” rate environment. Capitalization rates and commercial property prices have been supported by a continued inflow of capital into the real estate markets. However, potential headwinds (labor market, geo-political, rate environment) could impact the real estate markets and Key’s portfolio moving forward.
Read in the 10-K filed Feb 23, 2026 ↗