Johnson & Johnson: 10-K Risk Factor Changes

2025 vs 2024  ·  SEC EDGAR  ·  2026-10-16
Other years: 2026 vs 2025
⚠ AI Risk Brief Interpretation layer — deterministic data below

Geopolitical tensions and cybersecurity risks intensified; two Kenvue separation items removed, reducing legacy uncertainty.

Direction ↑ More concerning
✓ Deterministic extraction — no AI-generated data

Classification is based on semantic text similarity scoring and may include approximations. “No match” means no high-confidence textual match was found — not necessarily that a section was removed.

0
New Risks
2
Removed
8
Modified
12
Unchanged
🟡 Modified Disclosure change6/10

Due to the international nature of the Company's business, geopolitical or economic changes or events, including global tensions and war, could adversely affect our business, results of operations or financial condition.

high match confidence

Sentence-level differences:

  • Reworded sentence: "Our business and operations may be further impacted by the imposition of tariffs, trade protection measures or other policies adopted by any country that favor domestic companies and technologies over foreign competitors."
  • Added sentence: "In addition, the U.S."
  • Added sentence: "government recently announced tariffs on products manufactured in several jurisdictions, including China, Mexico and Canada, and has made announcements regarding the potential imposition of tariffs on other jurisdictions."
  • Added sentence: "While certain of the announced tariffs have been delayed, the U.S."
  • Added sentence: "government may in the future pause, reimpose or increase tariffs, and countries subject to such tariffs have and in the future may impose reciprocal tariffs or other restrictive trade measures in response."

Current (2025):

View prior text (2024)

As described above, the Company has extensive operations and business activity throughout the world. Global tensions, conflict and/or war among any of the countries in which we conduct business or distribute our products may result in foreign currency volatility, decreased demand for our products in affected countries, and challenges to our global supply chain related to increased costs of materials and other inputs for our products and suppliers. Most recently, we have experienced, and expect to continue to experience, impacts to the Company's business resulting from the Russia-Ukraine war, rising conflict in the Middle East as well as increasing tensions between the U.S. and China. In response to heightened conflict, such as the Russia-Ukraine war, governments may impose export controls and broad financial and economic sanctions. Our business and operations may be further impacted by the imposition of trade protection measures or other policies adopted by any country that favor domestic companies and technologies over foreign competitors. Additional sanctions or other measures may be imposed by the global community, including but not limited to limitations on our ability to file, prosecute and maintain patents, trademarks and other intellectual property rights. Furthermore, in some countries, such as in Russia, action may be taken that allows companies and individuals to exploit inventions owned by patent holders from the United States and many other countries without consent or compensation and we may not be able to prevent third parties from practicing the Company's inventions in Russia or from selling or importing products in and into Russia.

🟡 Modified An information security incident, including a cybersecurity breach, could have a negative impact on the Company’s business or reputation. 🔒
🔴 No Match in Current Filing The Company may be unable to achieve some or all of the anticipated strategic and financial benefits following the separation of Kenvue Inc. (Kenvue), including with respect to the Company’s remaining ownership interest. 🔒
🔴 No Match in Current Filing The Separation could result in substantial tax liability. 🔒

And 6 more changes in the full comparison.

9 changes in this historical filing

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