21 unchanged sentences
We withdraw allowable cash when we incur qualifying cemetery maintenance costs.
−Removed: If the investments in our trust funds experience significant declines in 2025 or subsequent years or in a high inflation environment, there could be insufficient funds in the trusts to cover the costs of delivering merchandise and services or maintaining our cemeteries in the future.
−Removed: We may be required to cover any such shortfall with cash flows from operations, which could have a material adverse effect on our financial condition, results of operations, and cash flows.
+Added: If the investments in our trust funds experience significant declines in 2026 or subsequent years or in a high inflation environment, there could be insufficient funds in the trusts to cover the costs of delivering merchandise and services or
+Added: 14 Service Corporation International
+Added: maintaining our cemeteries in the future.
+Added: We may be required to cover any shortfall with cash flows from operations, which could have a material adverse effect on our financial condition, results of operations, and cash flows.
For more information related to our trust investments, see Note 3 in Part II, Item 8.
2 unchanged sentences
As of December 31, 2025, no such charge was required in any reported period.
−Removed: 14 Service Corporation International
We may be required to replenish our affiliated funeral and cemetery trust funds to meet minimum funding requirements, which would have a negative effect on our earnings and cash flow.
13 unchanged sentences
We may be adversely affected by the effects of inflation.
−Removed: Inflation has the potential to adversely affect our liquidity, business, financial condition and results of operations by increasing our overall cost structure or by reducing the amount of discretionary income consumers have available to spend on our services.
−Removed: The recent existence of higher inflation in the economy has resulted in, and may continue to result in, higher interest rates and capital costs, supply shortages, increased costs of labor, components, manufacturing and shipping, as well as weakening exchange rates and other similar effects.
−Removed: As a result of inflation, we have experienced modest cost increases from certain vendors and suppliers on merchandise and goods and may continue to experience additional cost increases in the future, which could be of greater magnitude than those experienced to date.
+Added: Inflation has the potential to adversely affect our liquidity, business, financial condition and results of operations by increasing our overall cost structure or by reducing the amount of discretionary income consumers have available to spend on our merchandise and services.
+Added: Higher inflation in the economy may result in higher interest rates and capital costs, supply shortages, increased costs of labor, components, manufacturing and shipping, as well as weakening exchange rates and other similar effects.
+Added: As a result of inflation, we may experience modest cost increases from certain vendors and suppliers on merchandise and goods.
Although we may take measures to mitigate the effects of inflation, if these measures are not effective, our business, financial condition, results of operations and liquidity could be materially adversely affected.
10 unchanged sentences
• Enter into sale-leaseback transactions;
−Removed: • Engage in mergers, liquidations, and dissolutions;
+Added: • Engage in mergers, acquisitions, liquidations, and dissolutions;
• Sell assets;
5 unchanged sentences
• Change our lines of business.
−Removed: Our Bank Credit Facilities require us to maintain a leverage ratio.
+Added: Our Bank Credit Facilities require us not to exceed a maximum leverage ratio.
This covenant may require us to take actions to reduce our indebtedness or act in a manner contrary to our strategic plan and business objectives.
25 unchanged sentences
We cannot give assurance that we will be successful in our efforts to attract and retain a skilled sales force and licensed funeral professionals.
−Removed: Furthermore, the stringent licensing standards required for funeral professionals under various state regulations create a significant barrier to entry and make it especially challenging to find enough qualified talent.
+Added: Furthermore, the stringent licensing standards required for funeral professionals under various state regulations create a significant barrier to entry and make it especially challenging to find qualified talent.
If we are unable to maintain a qualified and productive sales force and team of licensed funeral professionals, our revenues may decline and our cash available for distribution may decrease.
+Added: 16 Service Corporation International
We use a combination of insurance, self-insurance, and large deductibles in managing our exposure to certain inherent risks;
3 unchanged sentences
These unanticipated changes could have a material adverse effect on our financial condition, results of operations, and cash flows.
−Removed: 16 Service Corporation International
Declines in overall economic conditions beyond our control could reduce future potential earnings and cash flows and could result in future impairments to goodwill and/or other intangible assets.
21 unchanged sentences
and could result in litigation or penalties.
+Added: A failure of a key information technology system or process could disrupt and adversely affect our business.
+Added: We rely extensively on information technology systems, some of which are managed or provided by third-party service providers, to analyze, process, store, manage, and protect transactions and data.
+Added: In managing our business, we also rely heavily on the integrity of, security of, and consistent access to this data for information such as sales, merchandise ordering, inventory replenishment, and order fulfillment.
+Added: For these information technology systems and processes to operate effectively, we or our service providers must periodically maintain and update them.
+Added: Our systems and the third-party systems on which we rely are subject to damage or interruption from a number of causes, including power outages;
+Added: computer and telecommunications failures;
+Added: computer viruses;
+Added: security breaches;
+Added: cyber-attacks, including the use of ransomware;
+Added: catastrophic events such as fires, floods, earthquakes, tornadoes, or hurricanes;
+Added: acts of war or terrorism;
+Added: and design or usage errors by our associates, contractors, or third-party service providers.
+Added: Although we and our third-party service providers seek to maintain our respective systems effectively and to successfully address the risk of compromise of the integrity, security, and consistent operations of these systems, such efforts may not be successful.
+Added: As a result, we or our service providers could experience errors, interruptions, delays, or cessations of service in key portions of our information technology infrastructure, which could significantly disrupt our operations and be costly, time consuming, and resource-intensive to remedy.
+Added: We may use artificial intelligence (“AI”) technologies in limited aspects of our operations and information technology systems.
+Added: AI technologies are evolving and may give rise to operational, legal, regulatory, data security, and privacy risks.
+Added: Such technologies may produce inaccurate, misleading, or biased outputs or be improperly used by employees, which could adversely affect our business, reputation, financial condition, or results of operations.
+Added: In addition, increased governmental or regulatory scrutiny or legal claims related to AI could result in additional costs or liabilities, even where our use of AI is limited in our information technology systems and processes.
Our Canadian business exposes us to operational, economic, and currency risks.
16 unchanged sentences
These obligations could further increase the risks described above.
−Removed: A failure of a key information technology system or process could disrupt and adversely affect our business.
−Removed: We rely extensively on information technology systems, some of which are managed or provided by third-party service providers, to analyze, process, store, manage, and protect transactions and data.
−Removed: In managing our business, we also rely heavily on the integrity of, security of, and consistent access to this data for information such as sales, merchandise ordering, inventory replenishment, and order fulfillment.
−Removed: For these information technology systems and processes to operate effectively, we or our service providers must periodically maintain and update them.
−Removed: Our systems and the third-party systems on which we rely are subject to damage or interruption from a number of causes, including power outages;
−Removed: computer and telecommunications failures;
−Removed: computer viruses;
−Removed: security breaches;
−Removed: cyber-attacks, including the use of ransomware;
−Removed: catastrophic events such as fires, floods, earthquakes, tornadoes, or hurricanes;
−Removed: acts of war or terrorism;
−Removed: and design or usage errors by our associates, contractors, or third-party service providers.
−Removed: Although we and our third-party service providers seek to maintain our respective systems effectively and to successfully address the risk of compromise of the integrity, security, and consistent operations of these systems, such efforts may not be successful.
−Removed: As a result, we or our service providers could experience errors, interruptions, delays, or cessations of service in key portions of our information technology infrastructure, which could significantly disrupt our operations and be costly, time consuming, and resource-intensive to remedy.
+Added: 18 Service Corporation International
Risks Related to Our Industry
20 unchanged sentences
If we are unable to continue to expand our cremation memorialization products and services, and cremations increase as a significant percentage of our services, our financial condition, results of operations, and cash flows could be materially adversely affected.
−Removed: 18 Service Corporation International
Our funeral and cemetery businesses are high fixed-cost businesses.
3 unchanged sentences
Because we cannot immediately decrease these costs when we experience lower sales volumes, a sales decline may cause our margin percentages to decline at a greater rate than the decline in revenue.
−Removed: Risks associated with our supply chain could materially adversely affect our financial performance.
+Added: Risks associated with our supply chain, such as tariffs, could materially adversely affect our financial performance.
We are dependent on our supply chain to supply merchandise to our funeral home and cemetery locations.
39 unchanged sentences
Changes in federal, state, or local tax laws, adverse tax audit results, or adverse tax rulings on positions taken could have a material adverse effect on the results of our operations, financial condition, or cash flows.
+Added: 20 Service Corporation International
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.