Clorox (CLX) 10-K Changes Lead 7 August 2026 Filing Roundup

Clorox (CLX) led the biggest 10-K filing change among 5 companies that filed annual reports on 7 August 2026, each compared against its prior-year 10-K.

Desk:
SEC What Changed — 7 August 2026 10-K filing snapshot
LRCX+202.05%
NWSA+1.15%
RSKIA+32.04%
CMPR+70.88%
CLX-7.81%

Five companies met our criteria from the five 10-K annual reports filed with the SEC on 7 August 2026. To qualify, a company must have filed an annual 10-K report on the target date and have a prior-year 10-K available for a direct year-over-year comparison.

SEC What Changed Methodology

Each company is scored on how similar its current annual filing text is to the prior year. Scores run from 0 to 1 — a score of 1 means the language is essentially unchanged; a lower score means more has changed. We flag three sections that carry the most disclosure signal: Business, Risk Factors, and MD&A. Recent research suggests that lower scores indicate that a company has made significant changes to their filings, these changes are often buried in the filings. If a company was to report positive news, they would likely do so in the form of a press release or statement on their website. The large changers have often underperformed in the market, while the stable-language filers have earned positive abnormal returns.

Key Takeaways

  • CLOROX CO /DE/ (High) — Clorox is signaling a more transformative year ahead, with GOJO and cybersecurity now the two biggest strategic watchpoints.
  • LAM RESEARCH CORP (Medium) — Lam is signaling that AI-driven complexity and advanced packaging remain the core growth engine, with sustainability now part of the competitive playbook.
  • GEORGE RISK INDUSTRIES, INC. (Medium) — The key change is that tariffs and slower collections are now tying up more cash, even as tax credits provide a partial offset.
  • NEWS CORP (Low) — News Corp is signaling tighter cyber controls but a wider and more burdensome privacy-regulation backdrop.
  • CIMPRESS plc (Low) — Cimpress is presenting itself more clearly as a scaled web-to-print platform, with growth and acquisition-driven expansion still the main story.

Ranking Table

RankCompanyCIKFull Filing SimilarityBusiness SimilarityRisk Factors SimilarityMD&A SimilarityMost Changed SectionAssessment
1CLOROX CO /DE/210760.9970.997n/a0.998Businesshigh
2LAM RESEARCH CORP7075490.9970.9930.9970.671MD&Amedium
3GEORGE RISK INDUSTRIES, INC.841120.9980.998n/a0.996MD&Amedium
4NEWS CORP15647080.9960.9970.990.999Risk Factorslow
5CIMPRESS plc12629760.9990.9970.9990.999Businesslow

CLOROX CO /DE/

Rank1
Lowest similarity sectionBusiness
Assessmenthigh
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

Clorox’s 2026 filing shifts the narrative from last year’s cyberattack disruption to a new focus on the planned GOJO acquisition. The company also updated its size and market footprint, showing lower sales, more employees, and slightly fewer markets served. Cybersecurity remains a key oversight topic, with AI now specifically called out as part of the threat landscape.

Main Changes

  • The forward-looking statement section now says the report includes statements about the "acquisition of GOJO Industries, Inc. (GOJO)," replacing last year’s reference to the "expected or potential impact" of a cyberattack-related operational disruption.
  • The business overview updates fiscal 2026 scale to "net sales of $6.7 billion" and "about 9,200 employees," versus $7.1 billion and about 7,600 employees in fiscal 2025, signaling a larger but lower-revenue footprint after the year’s changes.
  • Clorox now says it sells into "approximately 95 markets" instead of about 100, and the product list is refreshed to reflect the current portfolio presentation.
  • Cybersecurity oversight language is tightened to include updates on risks and the threat landscape "including artificial intelligence," and board updates are now described as "regular" rather than quarterly.

Watch Items

  • The GOJO reference suggests a major strategic transaction is now part of the company’s outlook and could affect integration, leverage, and portfolio mix.
  • The explicit mention of cyber risk and AI in oversight language keeps operational disruption and digital threats front and center after prior cyber issues.
  • Lower reported sales and a higher employee count point to a business that may be absorbing restructuring, portfolio changes, or acquisition-related complexity.

Important Filing Changes

2025 filing excerpt – Business

The Company has operations in approximately 25 countries or territories and sells its products in approximately 100 markets, primarily through mass retailers; grocery outlets; warehouse clubs; dollar stores; home hardware centers; drug, pet and military stores; third-party and owned e-commerce channels; and distributors. Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach, cleaning and disinfecting products; Pine-Sol ® and Tilex ® cleaners; Liquid-Plumr ® clog removers; Poett ® home care products; Glad ® bags and wraps; Fresh Step ® cat litter; Kingsford ® grilling products; Hidden Valley ® dressings, dips, seasonings and sauces; Brita ® water-filtration products; and Burt’s Bees ® natural personal care products. The Company also markets industry-leading products and technologies for professional customers, including those sold under the CloroxPro ™ and Clorox Healthcare ® brand names.

2026 filing excerpt – Business

The Company has operations in approximately 25 countries or territories and sells its products in approximately 95 markets, primarily through mass retailers; grocery outlets; warehouse clubs; dollar stores; home hardware centers; drug, pet and military stores; third-party and owned e-commerce channels; and distributors. Clorox markets some of the most trusted and recognized consumer brand names, including Clorox ® cleaning and disinfecting products; Pine-Sol ® cleaner; Liquid-Plumr ® clog removers; Poett ® home care products; Glad ® bags and wraps; Fresh Step ® cat litter; Kingsford ® grilling products; Hidden Valley ® dressings, dips, seasonings and sauces; Brita ® water-filtration products; and Burt’s Bees ® natural personal care products. The Company also markets industry-leading products and technologies for professional customers, including those sold under the Purell ® , CloroxPro ™ and Clorox Healthcare ® brand names.

2025 filing excerpt – Business

Clorox markets some of the most trusted and recognized consumer brand names, including its namesake bleach, cleaning and disinfecting products; Pine-Sol ® and Tilex ® cleaners; Liquid-Plumr ® clog removers; Poett ® home care products; Glad ® bags and wraps; Fresh Step ® cat litter; Kingsford ® grilling products; Hidden Valley ® dressings, dips, seasonings and sauces; Brita ® water-filtration products; and Burt’s Bees ® natural personal care products. The Company also markets industry-leading products and technologies for professional customers, including those sold under the CloroxPro ™ and Clorox Healthcare ® brand names. Over 80% of the Company’s sales are generated from brands that hold the No.

2026 filing excerpt – Business

Clorox markets some of the most trusted and recognized consumer brand names, including Clorox ® cleaning and disinfecting products; Pine-Sol ® cleaner; Liquid-Plumr ® clog removers; Poett ® home care products; Glad ® bags and wraps; Fresh Step ® cat litter; Kingsford ® grilling products; Hidden Valley ® dressings, dips, seasonings and sauces; Brita ® water-filtration products; and Burt’s Bees ® natural personal care products. The Company also markets industry-leading products and technologies for professional customers, including those sold under the Purell ® , CloroxPro ™ and Clorox Healthcare ® brand names. Over 80% of the Company’s sales are generated from brands that hold the No.

LAM RESEARCH CORP

Rank2
Lowest similarity sectionMD&A
Assessmentmedium
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

Lam Research’s new filing puts more emphasis on AI-related demand, advanced chip architectures, and the growing complexity of semiconductor manufacturing. It also sharpens the company’s message that its R&D, installed base, and ecosystem relationships are key to winning as customers move to more advanced nodes. The filing additionally highlights sustainability as part of the technology strategy and updates senior leadership roles tied to operations and technology.

Main Changes

  • The MD&A now frames demand around "high performance, energy efficient and highly integrated semiconductor devices" and says AI, cloud, communications, automotive and industrial demand are driving the need for advanced tools.
  • Lam added more explicit language that vertical scaling, 3D architectures, advanced patterning, new materials and advanced integration are making manufacturing more complex and are increasing demand for its deposition, etch and clean technologies.
  • The company broadened its differentiation message, saying it sees opportunities from R&D, installed-base learning, close ecosystem partnerships, portfolio breadth and a new focus on "sustainable differentiation."
  • Executive and operating disclosures were updated to reflect Karthik Rammohan as senior vice president, global operations and enterprise solutions, and to describe Vahid Vahedi as chief technology and sustainability officer.

Watch Items

  • The stronger AI and advanced-node framing suggests Lam is leaning harder into secular semiconductor spending rather than cyclical recovery alone.
  • The added sustainability and ESG emphasis may signal more investment in process efficiency and customer-facing technology positioning, which could support long-term competitiveness.
  • Leadership changes in operations and technology roles can matter if they translate into execution improvements across supply chain, manufacturing, and product development.

Important Filing Changes

2025 filing excerpt – MD&A

All other marks mentioned herein are the property of their respective holders. We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines.

2026 filing excerpt – MD&A

Executive Summary Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas like nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines.

2025 filing excerpt – MD&A

We are a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas such as nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering, and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.

2026 filing excerpt – MD&A

Executive Summary Lam Research Corporation is a global supplier of innovative wafer fabrication equipment and services to the semiconductor industry. We have built a strong global presence with core competencies in areas like nanoscale manufacturing enablement, chemistry, plasma and fluidics, advanced systems engineering and a broad range of operational disciplines. Our products and services are designed to help our customers build smaller and better performing devices that are used in a variety of electronic products, including mobile phones, personal computers, cloud and enterprise servers, wearables, automotive vehicles, and data storage devices.

2025 filing excerpt – Business

Proprietary Hydra technology in Kiyo ® products improves CD uniformity by correcting for incoming pattern variability, and atomic-scale variability control with production-worthy throughput. Syndion ® Product Family Plasma etch processes used to remove silicon and other materials deep into the wafer are collectively referred to as deep silicon etch. These may be deep trenches for CMOS image sensors, trenches for power and other devices, TSVs for HBM and advanced packaging, and other high aspect ratio features.

2026 filing excerpt – Business

The content on any website referred to in this Form 10-K is not a part of or incorporated by reference in this Form 10-K unless expressly noted. The Lam Research logo, Lam Research, and all product and service names used in this report are either registered trademarks or trademarks of Lam Research Corporation or its subsidiaries in the United States and/or other countries. All other marks mentioned herein are the property of their respective holders.

GEORGE RISK INDUSTRIES, INC.

Rank3
Lowest similarity sectionMD&A
Assessmentmedium
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

George Risk’s new filing points to higher inventory costs from U.S. tariff increases and a larger tax refund receivable tied to amended returns for extra R&D credits. It also shows slower receivables collection and a bigger inventory build, which suggests more cash tied up in operations. The business remains heavily dependent on security products and investment income, but the latest MD&A highlights some pressure on working capital.

Main Changes

  • MD&A now says inventory rose because the company held more raw materials on hand and those materials "have increased in price due to tariff increases implemented by the US government over the fiscal year," whereas the prior year inventory discussion cited lower raw materials and cost inflation without tariffs.
  • The company added that it increased its income tax refund receivable by amending FY2023 and FY2024 returns to claim additional R&D tax credits under the "One Big Beautiful Bill Act," which was passed in 2025.
  • Receivables collection slowed: average collection time increased to 72 days from 65 days, while the company said the increase in cash flow from receivables was still driven by higher sales, offset by slower collections.
  • The related-party banking disclosure was updated to note that Joel Wiens died on March 8, 2026 and ownership of FirsTier Bank transferred to his two sons; cash balances at the bank and interest income both declined year over year.

Watch Items

  • Tariff-driven input cost inflation could pressure margins if the company cannot pass through higher raw material costs.
  • The new tax refund receivable suggests a near-term cash benefit, but investors should watch whether the amended credits are fully realized and sustained.
  • Slower collections and higher inventory build point to working-capital use, which can weigh on operating cash flow if the trend continues.

Important Filing Changes

2025 filing excerpt – MD&A

In comparison, for the year ending April 30, 2024, net other income accounted for 39.08% of the income before income taxes. Management’s philosophy behind having holdings in marketable securities is to keep the money working and to gain interest on the cash that does not need to be put back into the business. Over the years, the investments have kept the earnings per share up when the results from operations have not fared as well.

2026 filing excerpt – MD&A

In comparison, for the year ending April 30, 2025, net other income accounted for 31.55% of the income before income taxes. Management’s philosophy for holding marketable securities is to keep the money working and earn interest on cash that does not need to be put back into the business. Over the years, the investments have kept the earnings per share up when the results from operations have not fared as well.

2025 filing excerpt – MD&A

Over the years, the investments have kept the earnings per share up when the results from operations have not fared as well. Management is always open to the possibility of acquiring a business that would complement our existing operations, such as the October 2017 purchase of substantially all of the assets from Labor Saving Devices, Inc. and Roy Bowling. There are no known seasonal trends with any of GRI’s products, since the Company mostly sells to distributors and original equipment manufacturers.

2026 filing excerpt – MD&A

Over the years, the investments have kept the earnings per share up when the results from operations have not fared as well. Management is always open to the possibility of acquiring a business that would complement our existing operations, as evidenced by the October 2017 purchase of substantially all of the assets from Labor Saving Devices, Inc. and Roy Bowling. There are no known seasonal trends with any of GRI’s products, since the Company mostly sells to distributors and original equipment manufacturers.

2025 filing excerpt – Business

The security division has approximately 1,000 current customers. One of the distributors, Ademco, Inc. (previously known as ADI), accounts for approximately 38.6% of the Company’s sales of these products. Anixter, Inc. accounts for another 22.4% of the security division of the Company sales.

2026 filing excerpt – Business

The security division has approximately 1,000 current customers. One of the distributors, ADI Global Distribution, LLC (ADI), accounts for approximately 37.1% of the Company’s sales of these products. Anixter, Inc. accounts for another 23.5% of the security division of the Company sales.

NEWS CORP

Rank4
Lowest similarity sectionRisk Factors
Assessmentlow
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

News Corp’s filing mostly adds detail rather than changing the core message, but it does broaden the description of cyber and privacy risk management. The company now describes a more formal cybersecurity framework and emphasizes that data privacy regulation is expanding across more states, which raises compliance complexity. The overall tone is cautious, with no new disclosure that cyber risk has already materially affected the business.

Main Changes

  • The cybersecurity risk paragraph was tightened from saying incidents could have a "material adverse effect on the Company in the future" to saying they could have a material adverse effect on the Company, removing the explicit future qualifier.
  • The company added that its incident response framework now includes a "policy, plan and standard," versus only a policy and plan before.
  • The Audit Committee reporting description was refreshed to say it receives updates on the "overall cybersecurity environment" and "threat landscape and key cyber risks," replacing the prior wording focused on a "global cyber risk-map."
  • In data privacy, the company added that it "collects, stores, uses, processes and transmits" personal data, and said comprehensive privacy laws have been enacted in "over 20 states"; the CCPA example now references opt-out rights for "targeted advertising" instead of "cross-context behavioral advertising."

Watch Items

  • The privacy-law expansion language signals a broader compliance burden as more states adopt comprehensive data rules and penalties.
  • Adding a cybersecurity "standard" suggests more formalized controls, but the filing still says cyber insurance may not cover all losses.
  • The updated board reporting language shows continued board-level attention to cyber risk, which matters if incident frequency or severity rises.

Important Filing Changes

2025 filing excerpt – Risk Factors

Risk Factors” in this Annual Report on Form 10-K, and there can be no assurance that cybersecurity threats or incidents will not have a material adverse effect on the Company in the future. While the Company maintains cyber risk insurance, such insurance may not be sufficient to cover all losses from cybersecurity incidents.

2026 filing excerpt – Risk Factors

Risk Factors” in this Annual Report on Form 10-K, and there can be no assurance that cybersecurity threats or incidents will not have a material adverse effect on the Company. While the Company maintains cyber risk insurance, such insurance may not be sufficient to cover all losses from cybersecurity incidents.

2025 filing excerpt – Risk Factors

While the Company maintains cyber risk insurance, such insurance may not be sufficient to cover all losses from cybersecurity incidents. Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Processes Integrated [Text Block] The Company maintains a cybersecurity incident response policy and plan, which in conjunction with the above measures, are designed to facilitate detection, analysis, containment, remediation and recovery from cybersecurity incidents and set forth processes to manage, escalate and, as appropriate, report such incidents based on their potential impact to the Company. Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] News Corp’s Board of Directors oversees the Company’s processes for identifying, assessing and managing significant risks…

2026 filing excerpt – Risk Factors

While the Company maintains cyber risk insurance, such insurance may not be sufficient to cover all losses from cybersecurity incidents. Cybersecurity Risk Management Processes Integrated [Flag] true Cybersecurity Risk Management Processes Integrated [Text Block] The Company maintains a cybersecurity incident response policy, plan and standard, which in conjunction with the above measures, are designed to facilitate detection, analysis, containment, remediation and recovery from cybersecurity incidents and set forth processes to manage, escalate and, as appropriate, report such incidents based on their potential impact to the Company. Cybersecurity Risk Management Third Party Engaged [Flag] true Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false Cybersecurity Risk Board of Directors Oversight [Text Block] News Corp’s Board of Directors oversees the Company’s processes for identifying, assessing and managing significant risks facing the Company, and each of the Board’s standing committees assists the Board within the areas delegated to that committee.

2025 filing excerpt – Business

The OPIS business has also aligned its oil and commodities price reporting, including the two price assessments currently administered by the Administrator, with the International Organisation of Securities Commission’s (“IOSCO’s”) Principles for Oil Reporting Agencies, which are intended to enhance the reliability of oil and commodity price assessments that are referenced in derivative contracts subject to regulation by IOSCO members. Certain of the Company’s information services businesses also use content that includes personal data from public and government records, other publicly available information and media. As a result, the Company and its activities are subject to laws and regulations governing the collection, use, sharing and transfer, storage and retention of personal data, as well as multiple emerging laws and regulations pertaining to data security, which continue to evolve and have implications for a number of its business practices.

2026 filing excerpt – Business

The OPIS business has also aligned its oil and commodities price reporting, including the two price assessments currently administered by the Administrator, with the International Organisation of Securities Commission’s (“IOSCO’s”) Principles for Oil Reporting Agencies, which are intended to enhance the reliability of oil and commodity price assessments that are referenced in derivative contracts subject to regulation by IOSCO members. Data Privacy and Security Regulation In the course of its business, the Company collects, stores, uses, processes and transmits personal data from consumers, customers, employees and other sources. Certain of the Company’s information services businesses also use content that includes personal data from public and government records, other publicly available information and media.

CIMPRESS plc

Rank5
Lowest similarity sectionBusiness
Assessmentlow
SEC filings2026 10-K HTML/iXBRL (SEC page, raw text) | 2025 10-K HTML/iXBRL (SEC page, raw text)

Cimpress sharpened its business description to emphasize its position as the global leader in web-to-print mass customization and highlighted a broader set of brands. The filing also shows a larger company than last year, with higher revenue, more employees, and an added Austrian facility from an acquisition. Overall, the changes read as a modest but positive signal of scale and portfolio expansion rather than a major strategic pivot.

Main Changes

  • The company rewrote its business description from a generic "strategically focused collection of businesses" to a clearer positioning as the "global leader in web-to-print mass customization" that helps businesses build brands with customized physical marketing products and branded merchandise.
  • It added named brands — including VistaPrint, WIRmachenDRUCK, Pixartprinting, Pens.com, BuildASign, druck.at, Drukwerkdeal, easyflyer, Exaprint, Packstyle, Printi, Tradeprint and BoxUp — where the prior filing did not list the portfolio.
  • Revenue was updated from "$3.4 billion" in fiscal 2025 to "$3.7 billion" in fiscal 2026, and the employee count increased from about 15,000 full-time workers to about 16,000.
  • Property disclosures changed to reflect a new 115,000 square foot facility in Bad Vöslau, Austria added through a fiscal 2026 acquisition, while the Shelbyville, Tennessee facility previously marked held for sale is no longer listed.

Watch Items

  • The more explicit "global leader" and brand portfolio language suggests management wants investors to view Cimpress as a scaled consumer and SMB platform, not just a print operator.
  • The added Austria facility and larger leased footprint point to continued expansion and integration activity, which can support growth but also adds execution risk.
  • Higher revenue and headcount indicate the business is still growing, but investors should watch whether that growth is translating into margin leverage.

Important Filing Changes

2025 filing excerpt – Business

Business Overview & Strategy Cimpress is a strategically focused collection of businesses that specialize in print mass customization, through which we deliver large volumes of individually small-sized customized orders of printed materials and promotional products. Our products and services include a broad range of marketing materials, business cards, signage, promotional products, logo apparel, packaging, books and magazines, wall decor, photo merchandise, invitations and announcements, design and digital marketing services, and other categories.

2026 filing excerpt – Business

Business Overview & Strategy Cimpress helps millions of businesses build brands, stand out, and grow via customized physical marketing products and branded merchandise. Founded in 1995, Cimpress is the global leader in web-to-print mass customization, delivering high-quality, affordable custom products quickly and conveniently—even in low quantities.

2025 filing excerpt – Business

Likewise, customized packaging is a way for a business to add their brand identity to what is oftentimes the first physical touchpoint with a customer for online purchases. Before mass customization, producing a high-quality custom product required high per-order setup costs, so it simply was not economical to produce a customized product in low quantities. There are three ingredients to mass customization applied to print applications: (1) web-to-print or e-commerce stores that offer a wide variety of customizable products, a replacement of more expensive and harder-to-scale physical stores with limited geographic reach; (2) software-driven order aggregation, which enables significantly reduced costs on low-volume orders; and (3) democratized design that combines intuitive design software, AI-assisted design capabilities and human designers that are typically located in low-cost locations to deliver high-quality, lower-cost, highly scalable alternatives to traditional graphic design services.

2026 filing excerpt – Business

Business Overview & Strategy Cimpress helps millions of businesses build brands, stand out, and grow via customized physical marketing products and branded merchandise. Founded in 1995, Cimpress is the global leader in web-to-print mass customization, delivering high-quality, affordable custom products quickly and conveniently—even in low quantities. Cimpress brands include VistaPrint, WIRmachenDRUCK, Pixartprinting, Pens.com, BuildASign, druck.at, Drukwerkdeal, easyflyer, Exaprint, Packstyle, Printi, Tradeprint and BoxUp.

2025 filing excerpt – Risk Factors

Many of the factors that lead to period-to-period fluctuations are outside of our control; however, some factors are inherent in our business strategies. Some of the specific factors that have caused, and/or could cause, our operating results to fluctuate from quarter to quarter or year to year include among others: • investments in our business in the current period intended to generate longer-term returns, where the costs in the near term will not be offset by revenue or cost savings until future periods, if at all • costs to produce and deliver our products and provide our services, including the effects of inflation and increased energy costs • our ability to attract and retain customers and generate purchases • shifts in revenue mix toward products and brands with lower profit margins, such as the decline of business cards and faster…

2026 filing excerpt – Risk Factors

Many of the factors that lead to period-to-period fluctuations are outside of our control; however, some factors are inherent in our business strategies. Some of the specific factors that have caused, and/or could cause, our operating results to fluctuate from quarter to quarter or year to year include among others: • investments in our business in the current period intended to generate longer-term returns, where the costs in the near term will not be offset by revenue or cost savings until future periods, if at all • costs to produce and deliver our products and provide our services, including the effects of inflation and increased energy costs • our ability to attract and retain customers and generate purchases • shifts in revenue mix toward products and brands with lower profit margins, such as the decline of business cards and faster growth in elevated products like promotional products and packaging • supply chain challenges • our pricing and marketing strategies and those of our competitors • variations in the demand for our products and services, including potential declines from pricing changes, whether generally or related to tariffs, import duties, surcharges, or other trade policies of the U.S. or other countries • currency and interest rate fluctuations, which affect our revenue, costs, and fair value of our assets and liabilities • our hedging activity • the commencement or termination of agreements with our strategic partners, suppliers, and others • our ability to manage our production, fulfillment, and support operations • general economic conditions, including volatility or economic downturns in some or all of our markets • expenses and charges related to our compensation arrangements with our executives and employees • costs and charges resulting from pending or threatened litigation • changes in our effective income tax rate or tax-related benefits or costs • costs to acquire businesses or integrate our acquired businesses • financing costs • impairments of our tangible and intangible assets including goodwill • the outcomes of our minority investments and joint ventures Some of our expenses, such as building leases, depreciation related to previously acquired property and equipment, and personnel costs, are relatively fixed. As a result, we sometimes have been, and may in the future be, unable or unwilling to adjust operating expenses to offset any revenue shortfall.

Why SEC Filing Changes Matter

Research by Cohen et al. (Lazy Prices, 2020) — using the complete history of SEC filings from 1995 to 2014 — shows that when firms make active changes to their annual disclosures, those changes convey an important signal about future operations and returns. A portfolio that shorted "changers" and bought "non-changers" earned over 22% per year in annual alpha historically. Changes to the Risk Factors section, Business description, and language referring to the executive team were especially informative. Critically, these returns accrued gradually as information was later revealed through news and earnings — not at the time of filing — suggesting many investors remain inattentive to these simple, public signals. This snapshot is a starting point for deeper investigation, not a buy or sell recommendation.

For more like this, see the full SEC What Changed archive, browse more equity research reports, or subscribe to Quantitative Research Notes for new filing-change alerts as soon as they publish.

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This material is provided for research and educational purposes only. It is not investment advice, a recommendation, or an offer to buy or sell any security or strategy.

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