Risk factors

AI is newly identified as a risk to product development, customer appeal and expected operating benefits.

Digital Markets weakness and an organizational change led to a $150 million goodwill impairment; goodwill and intangibles are 38% of assets.

Texas generated 37.7% of retail annualized base rent in 2025, down from 38.5% in 2024.

A new legal-proceedings risk highlights possible fines, business changes, uninsured costs, and operational disruption.

Kelly added a risk that AI-generated candidate materials and hostile actors could undermine screening and expose the company to client, legal, reputational, and security harm.

The planned spin-off is paused, but could resume and still face approval, tax-opinion, and SEC-filing conditions.

The Kenvue merger adds risks around closing, integration, retaining counterparties and employees, and achieving projected synergies.

New risks address 2025 tariffs affecting imported inputs and the Canada business, and modernization challenges involving manual processes, outsourcing and AI.

Going-concern doubt: $485,927 cash and $431,882 working capital at December 31, 2025, amid costs to find a deal.

Mounjaro and Zepbound rose to 56% of revenue; the six products above $3 billion represented 82% in 2025.

Newly flags AI adoption and misuse as potential sources of competitive disadvantage, operational disruption, reputational damage and legal liability.

AMaaS and robotaxi growth depends on third parties integrating, funding, approving, and safely operating Mobileye technology while winning customer acceptance.