What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2026-03-17 compared with 2025-03-27 · 94 added, 102 removed, 127 unchanged (61% of the section changed)

1 unchanged sentence

is principally a designer, distributor, and retailer of technical athletic apparel, footwear, and accessories.

We have a vision to create transformative products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all.

Our vision is to create transformative products and experiences that build meaningful connections, unlocking greater possibility and wellbeing for all.

Since our inception, we have fostered a distinctive corporate culture;

2 unchanged sentences

In this Annual Report on Form 10-K for the fiscal year ended February 1, 2026, lululemon athletica inc.

(together with its subsidiaries) is referred to as "lululemon," "the Company," "we," "us," or "our." We refer to the fiscal year ended February 2, 2025 as "2024," the fiscal year ended January 28, 2024 as "2023." Our next fiscal year ends on February 1, 2026 and is referred to as "2025."

(together with its subsidiaries) is referred to as "lululemon," "the Company," "we," "us," or "our." We refer to the fiscal year ended February 1, 2026 as "2025," the fiscal year ended February 2, 2025 as "2024." Our next fiscal year ends on January 31, 2027 and is referred to as "2026."

Components of this discussion of our business include:

11 unchanged sentences

We offer a comprehensive line of technical athletic apparel, footwear, and accessories marketed under the lululemon brand.

Our apparel assortment includes items such as pants, shorts, tops, and jackets designed for a healthy lifestyle including

athletic activities such as yoga, running, training, and most other activities.

We also offer apparel designed for being on the move and fitness-inspired accessories.

Our apparel assortment includes:

• Pants, shorts, tops, and jackets designed for a healthy lifestyle including athletic activities such as yoga, running, training, and most other activities;

• Apparel designed for being on the move;

• Fitness-inspired accessories.

We expect to continue to broaden our merchandise offerings through expansion across these product areas.

2 unchanged sentences

In this way, we believe we are better positioned to address the needs of our guests, helping us advance our product lines and differentiate us from our competitors.

During 2024, our women's range represented 63% of net revenue and our men's range represented 24% of net revenue.

Our comprehensive men's line is a key pillar of our strategic growth plans.

During 2025, our women's, men's, and accessories and other categories represented 63%, 24%, and 13% of net revenue, respectively.

Our strategy within these categories include:

• Women's - Our women's range remains core to our business, and we continue to innovate in bringing new performance fabrics and styles to attract and retain our guests;

• Men's - Our men's range is a key pillar of our strategic growth plans.

We believe net revenue from our men's range is growing as more guests discover the technical rigor and premium quality of our men's products, and are attracted by our distinctive brand;

We continue to innovate and introduce new products for our guests.

This includes introducing new product categories and expanding our accessories assortment.

• Accessories and other categories - We continue to innovate and introduce new product categories and expand our accessories assortment.

We believe this is another way in which we can attract new guests and enable them to experience our products.

Net revenue from our other product categories represented 13% of net revenue in 2024.

Our Markets and Segments

We operate in over 25 countries around the world and organize our operations into four regional markets:

We operate in 30 countries around the world and organize our operations into four regional markets:

Americas, China Mainland, Asia Pacific ("APAC"), and Europe and the Middle East ("EMEA").

1 unchanged sentence

We operate an omni-channel retail model and aim to efficiently and effectively serve our guests in the ways most convenient to them.

We continue to evolve and integrate our digital and physical channels in order to enrich our interactions with our guests, and to provide a seamless omni-channel experience.

We continue to evolve and integrate our digital and physical channels in order to enrich our interactions

with our guests, and to provide a seamless omni-channel experience.

We have invested in technologies which enable our omni-channel retailing model.

5 unchanged sentences

• One inventory pool – we are able to view and allocate the product held at our distribution centers to either our physical retail locations, or make it available to fulfill online demand.

We operate a combination of physical retail locations and e-commerce services via our websites, other region-specific websites, digital marketplaces, and mobile apps.

We operate a combination of physical retail locations and e-commerce services via our websites, other region-specific websites, third-party online marketplaces, and mobile apps.

Our physical retail locations remain a key part of our growth strategy and we view them as a valuable tool in helping us build our brand and product line as well as enabling our omni-channel capabilities.

5 unchanged sentences

Net revenue $ 7,847,044 $ 7,928,156

Net revenue growth

Our operations in the Americas are core to our business and we aim to continue to grow our net revenue in this market through ongoing product innovation and by building brand awareness.

We also plan to continue to invest in our omni-channel capabilities, to open new retail locations, and to relocate, optimize, and renovate our existing locations as needed.

Net revenue change (1.0) % 3.9 %

Our operations in the Americas are core to our business and we aim to maintain and grow our net revenue in this market through ongoing product innovation by increasing new style penetration, as well as improving our localized assortment by store and by market.

We continue to build brand awareness through a product activation strategy which is aligned with our new product innovation, including leveraging our ambassadors.

We also plan to continue to invest in our digital and omni-channel capabilities, relocate, optimize, and renovate our existing locations to reflect our updated store design, as well as strategically expand in certain markets through new store openings.

We generate net revenue in the Americas through our lululemon branded retail locations which include different sizes of company-operated stores, outlets, pop-ups, and other temporary locations.

We also serve our guests via our e-commerce website www.lululemon.com, our mobile app, our “Like New” re-commerce program, and through certain wholesale arrangements including university campus retailers and other organizations that we partner with to sell co-branded lululemon products as well as through wholesale arrangements with yoga and fitness studios and other select partners.

On September 10, 2024, we acquired the lululemon branded retail locations and operations run by a third party in Mexico.

We had previously granted the third party the right to operate retail locations and to sell lululemon products in Mexico.

We also serve our guests via our e-commerce website www.lululemon.com, our mobile app, our “Like New” re-commerce program, and through certain wholesale arrangements including fitness studios, athletic organizations, corporate sales, university campus retailers, and other organizations that we partner with to sell co-branded lululemon products.

On September 10, 2024, we acquired the lululemon branded retail locations and operations in Mexico previously run by a third-party licensee.

China Mainland

We opened our first store in China Mainland in fiscal 2014.

We have operated in China for over a decade, opening our first store in China Mainland in fiscal 2014.

In 2025, the net revenue we generated in China Mainland represented 16% of our total net revenue.

1 unchanged sentence

Net revenue $ 1,754,799 $ 1,361,337

Net revenue growth

41.3 % 67.2 %

We have experienced significant net revenue growth in China Mainland and believe that as we continue to expand our operations and build our brand awareness, net revenue will continue to increase in this market.

Net revenue change 28.9 % 41.3 %

We have experienced net revenue growth in China Mainland and believe that as we continue to expand our operations and build our brand awareness, net revenue will continue to increase in this market.

We continue to invest in brand building in our China Mainland segment, and our increased penetration of new product is also expected to drive revenue growth in China Mainland.

We believe China Mainland net revenue growth will drive an increase in our overall international net revenue.

We plan to continue to invest in China Mainland and expect that the majority of our company-operated store openings in 2025 will be in this market.

We plan to continue to invest in China Mainland and expect the most company-operated store openings in 2026 to be in this market.

We operate lululemon branded retail locations in China Mainland in a variety of different formats including different sizes of company-operated stores, outlets, pop-ups, and other temporary locations.

We also serve our guests via our WeChat store and on third party marketplaces such as T-Mall and JD.com.

We also serve our guests via our WeChat store and on third-party online marketplaces.

Rest of World

2 unchanged sentences

Net revenue $ 1,500,757 $ 1,298,633

Net revenue growth

26.8 % 42.9 %

We have experienced significant net revenue growth in APAC and EMEA and intend to continue to invest in these markets to build brand awareness.

Where we identify growth opportunities, we plan to open new retail locations, including in new markets across the EMEA and APAC regions.

Net revenue change 15.6 % 26.8 %

We have experienced net revenue growth in APAC and EMEA and intend to continue to invest in these markets to build brand awareness, including leveraging global ambassadors.

Where we identify growth opportunities, we plan to open new retail locations, including new EMEA and APAC markets in which we identify growth opportunities.

We operate lululemon branded retail locations in these markets in a variety of different formats including different sizes of company-operated stores, outlets, pop-ups, and stores operated by third parties under license and supply arrangements.

We also serve our guests via our country specific websites, our mobile app, and through third party regional marketplaces, such as Zalando, Lazada, and SSG.

We also serve our guests via our country specific websites, our mobile app, and through regional third-party online marketplaces.

Our Selling Channels

We conduct our business through a number of different channels in each market:

We have a number of different channels in each market:

Company-operated stores :

1 unchanged sentence

Our retail stores are located primarily on street locations, in lifestyle centers, and in malls.

Our sales per square foot was $1,574 and $1,609 for 2024 and 2023, respectively.

Number of company-operated stores by market February 2, 2025 January 28, 2024

Our sales per square foot were $1,426 and $1,574 for 2025 and 2024, respectively.

Number of company-operated stores by market February 1, 2026 February 2, 2025

United States 379 374

1 unchanged sentence

China Mainland 172 151

Number of company-operated stores by market February 1, 2026 February 2, 2025

Australia 34 33

1 unchanged sentence

Hong Kong SAR

New Zealand 8 8

Singapore 9 7

New Zealand 8 8

Macau SAR 3 2

Number of company-operated stores by market February 2, 2025 January 28, 2024

United Kingdom 20 19

1 unchanged sentence

Switzerland 1 1

Rest of World 163 154

Total company-operated stores 811 767

1 unchanged sentence

We believe this channel is effective in building brand awareness, especially in new markets.

We serve our guests via our e-commerce websites, other country and region-specific websites, digital marketplaces, and mobile apps.

We serve our guests via our e-commerce websites, other country and region-specific websites, third-party online marketplaces, and mobile apps.

E-commerce net revenue includes our buy online pick up in store, back-back room, and ship from store omni-channel retailing capabilities.

3 unchanged sentences

• Temporary locations - Our seasonal stores and pop-ups are typically opened for a short period of time, enabling us to serve guests during peak shopping periods in markets where we do not ordinarily have a physical location, or to expand access in markets where we see high demand at our existing locations.

• Wholesale - We sell to partners that offer convenient access for both core and new guests, including university campus retailers and other organizations that we partner with to sell co-branded lululemon products.

We also sell to yoga and fitness studios and other select partners.

• Wholesale - We sell to partners that offer convenient access for both core and new guests, including fitness studios, athletic organizations, corporate sales, university campus retailers, and other organizations that we partner with to sell co-branded lululemon products.

• Outlets - We utilize outlets to sell slower moving inventory and inventory from prior seasons at discounted prices.

2 unchanged sentences

Those products are then verified and quality checked before being resold online at likenew.lululemon.com.

We believe this program is a step towards a circular eco-system and helps reduce our environmental footprint.

• License and supply arrangements - We enter into license and supply arrangements when we believe it will be to our advantage to partner with third parties with significant experience and proven success in certain target markets.

Under these arrangements we have granted certain third parties the right to operate lululemon branded retail locations and to sell lululemon products on websites in specific countries.

On September 10, 2024, we acquired the lululemon branded retail locations and operations run by a third party in Mexico.

We had previously granted the third party the right to operate retail locations and to sell lululemon products in Mexico.

Number of retail locations operated by third parties by market February 2, 2025 January 28, 2024

We believe this program is a component of our circular ecosystem.

• License and supply arrangements - We have license and supply arrangements with third parties that we enter into when we believe it will be beneficial to partner with third parties with significant experience and proven success in

certain target markets.

Under these arrangements we have granted third parties the right to operate lululemon branded retail locations and to sell lululemon products on websites in specific countries.

Number of retail locations operated by third parties by market February 1, 2026 February 2, 2025

United Arab Emirates 13 10

2 unchanged sentences

Integrated Marketing

We believe that our brand awareness is relatively low, especially outside of the Americas, and also with men.

This represents an opportunity for us and we have designed a multi-faceted strategy that leverages what guests know us for;

our products, community, and experiences.

This strategy is designed to leverage owned and paid channels, our ambassador network, events, and content – to drive awareness, consideration, engagement, conversion, and ultimately loyalty and engagement at the global, regional, and local levels.

We believe we have an opportunity to expand our brand awareness and familiarity across many activities and categories including yoga, pilates, running, training, golf, and tennis.

We have designed a multi-faceted strategy leveraging what guests know us for;

our products, community, and experiences we create across stores and online.

This strategy leverages owned and paid channels, our ambassador network, events, and content – to drive awareness, consideration, engagement, conversion, and ultimately loyalty at the global, regional, and local levels.

Product Design and Development

2 unchanged sentences

Our design and development team identifies trends based on market intelligence and research, proactively seeks the input of our guests and our ambassadors, and broadly seeks inspiration consistent with our goals of function, style, and technical superiority.

As we strive to continue to provide our guests with technically advanced fabrics, our team works closely with our suppliers to incorporate the latest in technical innovation, bringing particular specifications to our products.

Our team works closely with our suppliers to incorporate the latest in technical innovation and advanced fabric, bringing particular specifications to our products.

We partner with independent inspection, verification, and testing companies, who conduct a variety of tests on our fabrics, testing performance characteristics including pilling, shrinkage, abrasion resistance, and colorfastness.

1 unchanged sentence

Sourcing and Manufacturing

We obtain our fabrics and produce our products through a limited number of suppliers.

We do not own or operate any manufacturing facilities.

We rely on a limited number of suppliers to provide fabrics for, and to produce, our products.

The following statistics are based on cost.

We work with a group of approximately 52 vendors that manufacture our products, five of which produced 49% of our products in 2024, with the largest manufacturer producing 15%.

The following presents information about our vendor distribution based on cost:

• Product manufacturing - We work with approximately 51 vendors, five of which produced 47% of our products in 2025, with the largest manufacturer producing 15%.

During 2025, 40% of our products were manufactured in Vietnam, 18% in Cambodia, 11% in Sri Lanka, 11% in Indonesia, and 7% in Bangladesh, and the remainder in other regions.

We work with a group of approximately 67 suppliers to provide the fabrics for our products.

• Fabrics - We work with a group of approximately 65 fabric suppliers.

In 2025, 48% of our fabrics were produced by our top five fabric suppliers, with the largest manufacturer producing 20%.

During 2024, 35% of our fabrics originated from Taiwan, 28% from China Mainland, and 11% from South Korea, and the remainder from other regions.

We also source other raw materials which are used in our products, including items such as content labels, elastics, buttons, clasps, and drawcords from suppliers located predominantly in APAC and China Mainland.

We have developed long-standing relationships with a number of our vendors and take care to ensure that they share our commitment to quality and ethics.

We do not, however, have any long-term contracts with the majority of our suppliers or manufacturing sources for the production and supply of our fabrics and garments, and we compete with other companies for fabrics, raw materials, and production.

Our product quality and sustainability teams closely assess and monitor each supplier's compliance with applicable laws and our Vendor Code of Ethics, including by partnering with leading inspection and verification firms.

During 2025, 34% of our fabrics originated from Taiwan, 29% from China Mainland, 10% from South Korea, and 10% from Vietnam, and the remainder from other regions.

• Other raw materials - We also source other raw materials which are used in our products, including content labels, elastics, buttons, clasps, and drawcords from suppliers located predominantly in APAC and China Mainland.

We have long-standing relationships with many of our vendors and work closely with them to ensure a shared commitment to quality and ethical standards.

We do not, however, have any long-term contracts with the majority of our suppliers or manufacturing sources for the production and supply of our fabrics and garments, and we compete with other

companies for fabrics, raw materials, and production.

Our product quality and sustainability teams closely assess and monitor each supplier's compliance with applicable laws and our Vendor Code of Ethics, using leading inspection and verification firms.

Distribution Facilities

We operate and distribute finished products from our distribution facilities in the United States, Canada, and Australia.

We own our distribution center in Groveport, Ohio, and lease our other distribution facilities.

We also utilize third-party logistics providers in a number of countries in which we operate to warehouse and distribute finished products from their warehouse locations.

We operate and distribute finished products from our distribution facilities in the United States, Canada, and Australia, where we own our distribution center in Groveport, Ohio, and lease other distribution facilities.

In our other markets we utilize third-party logistics providers to operate, warehouse, and distribute finished products from their warehouse locations.

We regularly evaluate our distribution infrastructure and consolidate or expand our distribution capacity as we believe appropriate for our operations and to meet anticipated needs.

Competition in the athletic apparel industry is based principally on brand image and recognition as well as product quality, innovation, style, distribution, and price.

We believe we successfully compete on the basis of our premium brand image and our technical product innovation.

We also believe our ability to introduce new product innovations, combine function and fashion, and connect through in-store, online, and community experiences sets us apart from our competition.

We believe we successfully compete on the basis of our premium brand image, our technical product innovation, and our commitment to creating highest quality product for our guests.

We also believe our ability to introduce new product innovations, combine function and style, and connect through in-store, online, and community experiences can set us apart from our competition.

In addition, we believe our vertical retail distribution strategy and community-based marketing differentiates us further, allowing us to more effectively control our brand image and connect with our guests.

3 unchanged sentences

Our business is affected by the general seasonal trends common to the retail apparel industry.

Our annual net revenue is typically weighted more heavily toward our fourth fiscal quarter, reflecting our historical strength in sales during the holiday season in the Americas, while our operating expenses are generally more equally distributed throughout the year.

Net revenue is typically larger during our fourth fiscal quarter, reflecting our historical strength in sales during the holiday season in the Americas, while our operating expenses are generally more equally distributed throughout the year.

As a result, a substantial portion of our operating profits are typically generated in the fourth quarter of our fiscal year.

For example, we generated approximately 37% of our full year operating profit during the fourth quarter of 2025.

Events predominantly impacting our international net revenue, such as those related to Lunar New Year and Singles Day, can fall in different fiscal quarters from year to year.

Human Capital

Our Impact Agenda sets out our social and environmental goals and strategy across three pillars - Be Human, Be Well, and Be Planet.

Details can be found in our Impact Report on our website.

Included within our Impact Agenda is a goal to invest a total of $75.0 million to advance equity in well-being by the end of 2025.

As of February 2, 2025, we have invested a total of $71.0 million (1) towards this goal.

The Be Human pillar of our Impact Agenda sets out our focus areas with respect to human capital, including inclusion for all, employee empowerment, and fair labor practices and the well-being of the people who make our products.

Inclusion for All

We are committed to fostering an environment where every individual feels valued and included, recognizing that diverse perspectives drive innovation and enrich our workplace.

We are proud that as of February 2, 2025, approximately 55% of our board of directors, 60% of our senior executive leadership team, and 45% of our vice presidents and above are women, while approximately 75% of our overall workforce are women.

During 2024, we implemented an ongoing feedback approach to gain insights into our workforce composition and gather measurable data on employees' feelings of engagement, inclusion, and belonging.

Our primary objective is to cultivate a workforce inspired and informed by the diversity of the communities we serve and where we operate.

We strive to maintain equitable pay, by geography, for comparable work across all our global operations.

We have achieved full pay equity across various demographics in regions where we analyze this data.

We offer all employees education, training, and facilitated discussions on topics such as preventing bias, ensuring equal opportunity, and fostering inclusive leadership behaviors.

We see strong engagement in inclusion-focused education and

(1) We have contributed $71.0 million to lululemon's Centre for Social Impact, $45.5 million of which has been contributed directly to social impact organizations.

The remaining $25.5 million primarily consists of contributions toward a donor-advised fund for future grant making.

training across our global employee base.

We strive to foster a culture where inclusion is part of everyday conversations and regularly review our policies, programs, and practices to try to ensure they support a more inclusive and fair workplace.

Employee Empowerment

We believe our people are key to the success of our business.

As of February 2, 2025, we employed approximately 39,000 people worldwide.

We strive to foster a distinctive culture rooted in our core values that attracts and retains passionate and motivated employees who are driven to achieve personal and professional goals.

We believe our people succeed because we create an environment that fosters growth and provides opportunities for all.

In 2025, we launched Impact Agenda 2030, which sets out our vision, strategy, and set of goals to guide our impact work, and is composed of two pillars - People and Planet.

Details can be found on our website.

The People pillar of our Impact Agenda focuses on wellbeing for our employees, supply chain, and community.

Employee Wellbeing

We believe our people are fundamental to our business.

We strive to create a workplace where individuals feel respected and valued, and have the resources and support to grow and thrive.

Our goal is to elevate employee wellbeing through a culture of high performance and high care, which we believe leads to higher employee retention and productivity.

We have an ongoing feedback approach to gain insights into our workforce composition and gather measurable data on employees' feelings of engagement, inclusion, and belonging.

We regularly review our policies, programs, and practices to help ensure they support a fair and inclusive workplace.

We also see strong engagement across our global employee base for inclusion-focused education and training, which helps us reflect a variety of perspectives and better meet the needs of the communities we serve.

We strive to maintain equal pay within our global employee population, meaning equal pay for equal work by geography.

We have achieved gender pay equity globally and full pay equity in the United States and have continued to maintain it based on periodic analysis.

(1) We define full pay equity as including gender and race.

Our analyses are point-in-time and may vary as workforce composition and roles evolve.

As of February 1, 2026, we had approximately 39,000 employees worldwide.

We understand that health and wealth programs need to offer choice at all stages of life.

Our current offerings support our goal of becoming the number one place where people come to develop and grow as inclusive leaders, and we regularly use feedback to inform opportunities to support this goal.

These offerings include, among other things:

Our current offerings include, among other things:

• Competitive compensation which rewards exceptional performance;

2 unchanged sentences

• An employee discount program, which includes a lifetime discount to celebrate the contribution of our long-tenured employees to keep them within our collective, even when they have moved on to pursue goals outside of lululemon;

• Reimbursement programs which reward physical activity;

• Reimbursement programs that support physical activity;

• A parenthood program that provides all eligible employees up to six months of paid leave;

• An employee assistance program which provides free confidential support to all our employees and their families in a variety of areas from mental well-being to financial services to advice for new parents;

• Training and development of all of our employees including, but not limited to, mentorship programs, global internships, leadership development, vision and goals, and coaching.

Fair Labor Practices and the Well-Being of the People who Make our Products

We work with suppliers who we believe share our values and collaborate with us to uphold robust standards, address systemic challenges, and support the well-being of people who make our products.

• An employee assistance program which provides free confidential support to all our employees and their families in a variety of areas including mental wellbeing, financial services, and advice for new parents;

• Training and development of all of our employees including, but not limited to, vision and goals, leadership development, coaching and mentorship programs, global internships, and our Impact Fellowship program that connects employees with non-profit partners.

Supply Chain Wellbeing

We strive to work with suppliers that share our values and collaborate with us to uphold ethical standards, address systemic challenges, and support the wellbeing of workers in the supply chain.

Our Responsible Supply Chain program is built on three pillars:

1 unchanged sentence

• Integration - Integrating responsible purchasing practices across key lululemon strategies, processes, and tools.

• Collaboration - Working with multi-stakeholder organizations, industry, suppliers, and brands to support systemic change and impact.

Our Vendor Code of Ethics outlines our commitment to respect human and labor rights, and promote safe and fair working conditions for people in our supply chain.

The code, which is based on international standards, sets the minimum standards for our supplier partners and is a component of our supplier and manufacturer agreements.

Our finished goods and fabric suppliers are assessed against the Vendor Code of Ethics prior to forming a business relationship, and regularly thereafter;

we work with factories that can uphold our strict requirements.

Our Foreign Migrant Worker Standard sets out our minimum requirements for what we believe are the appropriate and ethical recruitment, employment, and repatriation of foreign migrant workers.

• Collaboration - Working with multi-stakeholder organizations, industry, and suppliers to support systemic change and impact.

Our Vendor Code of Ethics outlines our expectations of suppliers, and our policies are informed by international human and labor rights standards and guidelines.

We approve new suppliers and facilities only after determining that they meet, in all material respects, the requirements of our New Vendor Approval Process, which evaluates adherence to worker rights and labor practices as outlined by the Vendor Code of Ethics, environmental practices, and core business factors such as quality, sourcing, and production at the facility level.

Our Responsible Recruitment & Employment Standard sets out the minimum requirements for the recruitment, selection, hiring, and management of migrant workers by or on behalf of our vendors, their service providers, and labor recruiters.

Community Wellbeing

We aim to foster mental health and wellbeing through movement and mindfulness.

During 2025, we achieved our goal to invest a total of $75.0 million to advance equity in wellbeing.

Intellectual Property

5 unchanged sentences

Securities and Exchange Commission Filings

Our website address is www.lululemon.com.

We provide free access to various reports that we file with, or furnish to, the United States Securities and Exchange Commission, or the SEC, through our website, as soon as reasonably practicable after they have been filed or furnished.

We provide free access to various reports that we file with, or furnish to, the United States Securities and Exchange Commission, or the SEC, through our website www.lululemon.com, as soon as reasonably practicable after they have been filed or furnished.

These reports include, but are not limited to, our Annual Reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and any amendments to those reports.

3 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business