10 unchanged sentences
The imposition of new tariffs on Mexico and Canada, and any retaliatory actions by such countries, may have a negative impact on our operations and profitability.
−Removed: The United States has recently initiated implementation of significant new tariffs on imports from Canada, Mexico and China, including 25% tariffs on goods imported from Mexico and Canada.
−Removed: While the tariffs on Mexico and Canada have been suspended on more than one occasion, the outlook remains uncertain as to whether such tariffs, and any resulting retaliatory tariffs on U.S.
+Added: In 2025, the United States implemented significant new tariffs on imports from Canada, Mexico and China, including 25% tariffs on goods imported from Mexico and Canada.
+Added: While the tariffs on Mexico and Canada have been suspended on more than one occasion and the U.S.
+Added: Supreme Court in February 2026 struck down the legal basis for the tariffs under the International Emergency Economic Powers Act, President Trump has announced he intends to implement new across-the-board tariffs under a different legal authority, subject to certain exemptions under the United States-Canada-Mexico Agreement.
+Added: The outlook remains uncertain as to whether such tariffs, and any resulting retaliatory tariffs on U.S.
exports by those countries, will ultimately be implemented and how long they may be in effect.
39 unchanged sentences
In March 2024, the EPA finalized the third phase of standards, which aim to reduce greenhouse gas emissions from heavy duty vehicles with model years 2028 to 2032, including tractor-trailers.
−Removed: Compliance with these federal and state requirements has increased the cost of our equipment and may further increase the cost of replacement equipment in the future.
+Added: Although the Trump Administration recently revoked the legal basis for the EPA and NHTSA standards, compliance with these federal and state requirements has increased the cost of our equipment, and any enforcement of the EPA and NHTSA standards or implementation of similar standards by future federal administrations may further increase the cost of replacement equipment in the future.
The Regulation section in Item 1 of Part I of this Annual Report on Form 10-K discusses several proposed and final regulations that could materially impact our business and operations.
43 unchanged sentences
Ongoing insurance and claims expenses could significantly reduce our earnings.
−Removed: Our future insurance and claims expenses might exceed historical levels, which could reduce our earnings.
+Added: Our future insurance and claims expenses have recently and might in the future exceed historical levels, which could reduce our earnings.
The Company is self-insured for a material portion of auto liability claims in excess of two million dollars and for health and workers’ compensation insurance up to certain limits.
The actual cost to settle self-insured claims can differ from amounts reserved due to various uncertainties, including the ultimate severity of the claims and potential amounts required to defend and settle claims.
−Removed: If claims costs increase, or if the severity or number of claims increase, and if we are unable to offset the resulting increases in expenses with higher freight rates, our earnings could be materially and adversely affected.
+Added: During the fourth quarter of 2025, we incurred a $26.5 million increase in our auto-liability reserve as a result of our reaching a preliminary agreement to settle a significant auto-liability claim that exceeds our applicable insurance coverage.
+Added: If claims costs continue to increase, if we experience significant additional claims for which we are self-insured or if the severity or number of claims increases, and if we are unable to offset the resulting increases in expenses with higher freight rates, our earnings could be materially and adversely affected.
Healthcare legislation and inflationary cost increases could also have a negative effect on our results.
1 unchanged sentence
By the nature of our operations we are exposed to the potential for a variety of litigation, including personal injury claims, vehicular collisions and accidents, alleged violations of federal and state labor and employment laws, such as class-action lawsuits alleging wage and hour violations and improper pay, commercial and contract disputes, cargo loss and property damage claims.
−Removed: While we purchase insurance coverage at levels we deem adequate, future litigation may exceed our insurance coverage or may not be covered by insurance.
+Added: While we purchase insurance coverage at levels we deem adequate, we recently reached a preliminary agreement to settle litigation over an auto-liability claim for an amount that substantially exceeds our insurance coverage, which materially and adversely affected our financial results for the fourth quarter of 2025.
+Added: It is possible that future litigation may similarly exceed our insurance coverage or may not be covered by insurance.
We accrue a provision for a litigation matter according to applicable accounting standards based on the ongoing assessment of the strengths and weaknesses of the litigation, its likelihood of success, and an evaluation of the possible range of loss.
28 unchanged sentences
The agreement permitting cross-border movements for both United States and Mexican-based carriers in the United States and Mexico presents additional risks in the form of potential increased competition and the potential for increased congestion in our lanes that cross the border between countries.
−Removed: On April 23, 2021, a decree was published that reforms various laws in Mexico regarding labor outsourcing.
−Removed: Under this new decree, operating companies are no longer able to source their labor resources used to carry out core business functions from service entities or third-party providers and could be subject to the loss of tax deductions and value-added tax credits on payments to outsourced personnel and certain penalties for failing to comply with the new requirements.
−Removed: The passage of this decree has not had a material adverse impact on our business and financial results to date.
Our results of operations may be affected by seasonal factors.
42 unchanged sentences
If our employees were to unionize, our operating costs would increase and our profitability could be adversely affected.
−Removed: Our business may be harmed by terrorist attacks, future war or anti-terrorism measures.
+Added: Our business may be harmed by terrorist attacks, anti-terrorism measures, military conflicts or political instability.
In order to prevent terrorist attacks, federal, state and municipal authorities have implemented and continue to follow various security measures, including checkpoints and travel restrictions on large trucks.
1 unchanged sentence
Such measures may have costs associated with them, which, in connection with the transportation services we provide, we or our independent contractors could be forced to bear.
−Removed: Further, a terrorist attack, war, or risk of such an event, also may have an adverse effect on the economy.
+Added: Further, a terrorist attack, military conflict (including the ongoing conflicts in the Ukraine and the Middle East, the recent U.S.
+Added: military action against Iran and retaliatory actions taken by the Iranian government, or any future conflict), or risk of future such events, also may have an adverse effect on the economy.
A decline in economic activity could adversely affect our revenue or restrict our future growth.
−Removed: Instability in the financial markets as a result of a health pandemic, terrorism or war also could affect our ability to raise capital.
+Added: Instability in the financial markets as a result of domestic or international conflicts, terrorism or political instability also could affect our ability to raise capital.
In addition, the insurance premiums charged for some or all of the coverage currently maintained by us could increase dramatically or such coverage could be unavailable in the future.
38 unchanged sentences
Given the daily average trading volume of our common stock, significant sales of the common stock in a brief period of time, or the expectation of these sales, could cause a decline in the price of our common stock.
−Removed: Additionally, low trading volumes may limit a stockholder’s ability to sell shares of our common stock.
+Added: Additionally, low trading volumes may limit a shareholder’s ability to sell shares of our common stock.
We currently do not intend to pay future dividends on our common stock.
1 unchanged sentence
Any determination to pay future dividends and other distributions in cash, stock, or property by the Company in the future will be at the discretion of our Board of Directors and will be dependent on then-existing conditions, including our financial condition and results of operations and contractual restrictions.
−Removed: Therefore, stockholders should not rely on future dividend income from shares of our common stock.
+Added: Therefore, shareholders should not rely on future dividend income from shares of our common stock.
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.