Fuller H B (FUL) risk factors, FY2025 10-K

Fuller H B's FY2025 10-K, filed Jan 22, 2026, lists 20 risk factors in 4 groups. Against the prior year's 21: 2 new, 3 dropped, 2 substantially reworded.

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Risk factors listed
204 groups
New this year
2vs 21 last year
Dropped
3since the prior 10-K
Substantially reworded
2of those kept
Section length
5k wordsItem 1A

What the changes say

  • New risks emphasize capital-market access, customer financing, and expanding global regulatory reporting obligations.
  • Pandemic and climate-change risks were removed from the disclosed risk factors.
  • Project ONE’s SAP S/4HANA fiscal-2025 implementation detail was removed.
  • Tax uncertainty language now says OECD-related changes became effective in 2025.

What changed since the prior 10-K

New

  • NewMacroeconomic Risks

    Distressed financial markets may result in disruption to the availability of capital

    Capital-market stress could raise pension funding needs, increase borrowing costs, hinder acquisitions, and reduce customers’ product demand.

  • NewLegal and Regulatory Risks

    Failure to comply with regulatory reporting requirements may negatively impact our financial results and reputation

    Expanding U.S., EU, and global reporting rules, including CSRD and California climate laws, could increase costs, disrupt operations, trigger penalties, and damage reputation.

Dropped

  • DroppedStrategic and Operational Risks

    Our business and operations have been, and may in the future, be adversely affected by epidemics, pandemics, outbreaks of disease and other adverse public health developments

  • DroppedMacroeconomic Risks

    Distressed financial markets may result in dramatic deflation of financial asset valuations and high interest rates may disrupt the availability of capital

  • DroppedLegal and Regulatory Risks

    Climate change, or legal, regulatory or market measures to address climate change, may materially adversely affect our financial condition and business operations

Reworded

  • 59% rewrittenLegal and Regulatory Risks

    The Company’s effective tax rate could be volatile and materially change as a result of the adoption of new tax legislation and other factors

    The OECD-related tax changes are now described as having become effective in 2025, rather than becoming effective in 2025.

  • 20% rewrittenStrategic and Operational Risks

    A failure in our information technology systems could negatively impact our business

    The risk removes the specific reference to upgrading to SAP S/4HANA at the beginning of fiscal 2025 under Project ONE.

All 20 risk factors

Headings as the filing states them, in filing order.

Strategic and Operational Risks

  1. 01Increases in prices and declines in the availability of raw materials have adversely affected, and could continue to erode, our profit margins, and could negatively impact our operating results
  2. 02We are at risk of cyber-attacks and other security breaches that could compromise sensitive business information, undermine our ability to operate effectively and expose us to liability, which could cause our business and reputation to suffer
  3. 03We experience substantial competition in each of the operating segments and geographic areas in which we operate
  4. 04Failure to develop and/or acquire new products and protect our intellectual property could negatively impact our future performance and growth
  5. 05Our operations may present health and safety risks
  6. 06A failure in our information technology systems could negatively impact our business20% rewritten
  7. 07Risks associated with acquisitions and divestitures could have an adverse effect on us and the inability to execute organizational restructuring may affect our results

Macroeconomic Risks

  1. 08Uncertainties in foreign economic, political, regulatory and social conditions and fluctuations in foreign currency may adversely affect our results
  2. 09Distressed financial markets may result in disruption to the availability of capitalNew
  3. 10Military conflicts, including the Russia and Ukraine conflict, and the global response to these events, could adversely impact our revenues, gross margins and financial results
  4. 11Catastrophic events could disrupt our operations or the operations of our suppliers or customers, having a negative impact on our financial results

Legal and Regulatory Risks

  1. 12The impact of changing laws or regulations or the manner of interpretation or enforcement of existing laws or regulations could adversely impact our financial performance and restrict our ability to operate our business or execute our strategies
  2. 13Costs and expenses resulting from compliance with environmental laws and regulations may negatively impact our operations and financial results
  3. 14Failure to comply with regulatory reporting requirements may negatively impact our financial results and reputationNew
  4. 15Our business exposes us to potential product liability, warranty, and tort claims, as well as recalls and regulatory enforcement actions, which may negatively impact our operations, financial results, and reputation
  5. 16We have lawsuits and claims against us with uncertain outcomes
  6. 17The Company’s effective tax rate could be volatile and materially change as a result of the adoption of new tax legislation and other factors59% rewritten
  7. 18Additional income tax expense or exposure to additional income tax liabilities could have a negative impact on our financial results

Financial Risks

  1. 19We may be required to record impairment charges on our goodwill or long-lived assets
  2. 20Our current indebtedness could have a negative impact on our liquidity or restrict our activities

Other Fuller H B 10-Ks

  • FY2024 10-K risk factors
    21 risks

    Raw materials represent approximately 75% of cost of sales, making input prices a major margin risk.

    Filed Jan 23, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.