Risk factors

Risk disclosures shift from bitcoin mining toward building and operating HPC data centers, with construction, power access and tenant performance central concerns.

The OBBBA adds restrictions and future Treasury guidance to risks around tax credits the company has historically claimed or transferred.

Government research funding fell in 2025, exposing revenue to further cuts in academic, agency, and life-sciences budgets.

Reinsurance receivables fell from $3.9 billion to $3.7 billion; ceded life insurance inforce and reinsurer concentration were unchanged.

A new AI risk covers the bank’s use of AI with sensitive data and uncertain, evolving regulation.

Vendor concentration shifted in 2025: Microsoft replaced Dell among the top three suppliers, while TD Synnex and Ingram Micro remained major sources.

The primary specialty pharmacy failed to meet product demand in 2025; the transition to Curant is not expected to finish until Q1 2026.

A new going-concern finding and auditor warning highlight dependence on financing, grants, or spending cuts to continue operating.

A new goodwill impairment risk reflects CTS’s acquisition-driven growth and potential write-downs affecting earnings.

Hess acquisition risk shifted from closing uncertainty to achieving run-rate synergies, production and free-cash-flow growth, and shareholder returns.

A newly identified HLBV accounting control weakness may not be remediated on a specific timetable.

Debt risk is now quantified: $1.6 billion outstanding at year-end 2025, primarily revolving credit and senior notes.