Risk factors

New risks center on international expansion, including MiCA/MiFID compliance across Europe and other non-U.S. jurisdictions.

Cyber disclosure now says AI tools are used in operations and may help attackers intensify cybersecurity threats.

New risk links tariffs, trade-policy shifts and a prolonged U.S. shutdown to tenant performance and logistics demand.

New disclosures emphasize dependence on third-party infrastructure and utilities, plus inflation, tariffs and retaliatory actions affecting costs and financing.

EAGLE’s origin is now attributed to aviation groups working with the EPA and FAA; the stated 2030 deadline to end U.S. general-aviation lead emissions is omitted.

2025 continuing-operations loss was $7,096.7 million, reversing 2024 earnings of $1,869.1 million.

Goodwill rose to $3,008 million, or 25% of total assets, from $2,981 million, or 23%, a year earlier.

Added a cybersecurity risk covering attacks on Grand Canyon Education, its university partners, and vendors holding confidential information.

Climate risk now explicitly includes policy, technology, market-preference and regulatory changes, alongside physical disruption from extreme weather.

Funding risk now specifically refers to customer deposits, with the existing warning about competition, deposit migration, and higher-cost funding unchanged.

Tariffs are newly identified as a threat to crane-component costs, supply chains and demand; 50% U.S. steel and aluminum derivative tariffs apply to certain products.

RIN prices averaged higher in 2025, and Murphy says its business model does not depend on RIN revenue, despite potential material revenue impact from declines.