Risk factors

Cyber risk now explicitly includes AI used by vendors and third-party administrators, potentially exposing their systems as well as CNA’s.

Environmental-attribute revenue now explicitly depends on eligibility, compliance, incentives and tax credits, with policy and market uncertainty threatening growth.

Debt risk is more immediate: the Company reported $600.0 million of debt as of February 9, 2026, versus no debt at year-end 2024.

CVS added scrutiny of vertical integration, including state efforts to bar pharmacy ownership or licensure when affiliated with a PBM.

Risk 43 no longer mentions production disruptions from disasters or other extraordinary events.

Drug-pricing proposals now explicitly include MFN or international reference pricing, Medicaid funding restrictions and tariffs on imported pharmaceuticals or components.

E15 summer sales still depend on annual emergency waivers after a court ruling limited the year-round waiver to FFVs.

Goodyear says it completed Goodyear Forward in 2025, but savings may not last and manufacturing remains less cost-competitive than peers.

New technology risk highlights complex, time-intensive EHR rollout and potential system failures, cost overruns and operational disruption.

New risk 11 says U.S. most-favored-nation pricing actions could pressure Incyte’s prices, reimbursement and profitability.

New EU Data Act obligations may constrain customer switching terms and recurring-revenue protections.

Boardwalk Pipelines added risks from tariffs on steel and other materials, environmental compliance, cyberattacks, and reliance on a concentrated customer base.