We are a global technology company, and our non-US operations accounted for approximately 82% of our consolidated revenue in 2025, 85% in 2024, and 84% in 2023. Geopolitical instability and unforeseen changes in any of the markets in which we operate could result in business disruptions or operational challenges that may adversely affect the demand for our products and services, or our reputation, our financial condition, and our results of operations and cash flows. These factors include, but are not limited to, the following:
uncertain or volatile political, social, and economic conditions;
uncertain or volatile political, social, and economic conditions;
exposure to expropriation, nationalization, deprivation or confiscation of our assets or the assets of our customers, or other governmental actions;
exposure to expropriation, nationalization, deprivation or confiscation of our assets or the assets of our customers, or other governmental actions;
social unrest, acts of terrorism, war, or other armed conflict;
social unrest, acts of terrorism, war, or other armed conflict;
confiscatory taxation or other adverse tax policies;
confiscatory taxation or other adverse tax policies;
theft of, or lack of sufficient legal protection for, proprietary technology and other intellectual property;
theft of, or lack of sufficient legal protection for, proprietary technology and other intellectual property;
deprivation of contract rights;
deprivation of contract rights;
trade and economic sanctions or other restrictions imposed by the European Union, the United States, the United Kingdom, China, or other regions or countries that could restrict or curtail our ability to operate in certain markets;
trade and economic sanctions or other restrictions imposed by the European Union, the United States, the United Kingdom, China, or other regions or countries that could restrict or curtail our ability to operate in certain markets;
public health crises;
public health crises;
local content and other similar regional requirements;
local content and other similar regional requirements;
unexpected changes in legal and regulatory requirements, including changes in interpretation or enforcement of existing laws;
unexpected changes in legal and regulatory requirements, including changes in interpretation or enforcement of existing laws;
restrictions on the repatriation of income or capital;
restrictions on the repatriation of income or capital;
supply chain disruptions;
supply chain disruptions;
changes to tariff policies;
changes to tariff policies;
currency exchange controls;
currency exchange controls;
currency exchange rate fluctuations and devaluations; and
currency exchange rate fluctuations and devaluations; and
inflation.
inflation.
As an example of a risk resulting from our global operations, in March 2022 we decided to immediately suspend new investment and technology deployment to our Russia operations. In July 2023, we announced that we were halting shipments of products into Russia from all our facilities worldwide in response to the continued expansion of international sanctions. Russia represented approximately 4% of our worldwide revenue during 2025. The carrying value of our net assets in Russia was approximately $0.7 billion as of December 31, 2025. This consisted of $0.2 billion of cash and short-term investments, $0.4 billion of receivables, $0.3 billion of fixed assets, $0.2 billion of other assets, and $0.4 billion of current liabilities.
We continue to actively monitor the dynamic situation in Russia and Ukraine and applicable laws, sanctions and trade control restrictions resulting from the conflict. The extent to which our reputation, operations, financial results and cash flows, including the ability to repatriate cash, may be affected by the ongoing conflict in Ukraine will depend on various factors, including the extent and duration of the conflict; the effects of the conflict on regional and global economic and geopolitical conditions; the effect of further laws, sanctions and trade control restrictions on our business, the global economy and global supply chains; and the impact of fluctuations in the exchange rate of
Historically, oil and gas prices have experienced significant volatility and can be affected by a variety of factors, including:
changes in the supply of and demand for hydrocarbons, which are affected by general economic and business conditions;
changes in the supply of and demand for hydrocarbons, which are affected by general economic and business conditions;
changes in the supply of and demand for hydrocarbons, which are affected by general economic and business conditions;
the costs of exploring for, producing, and delivering oil and gas;
the costs of exploring for, producing, and delivering oil and gas;
the costs of exploring for, producing, and delivering oil and gas;
the ability or willingness of the Organization of Petroleum Exporting Countries (OPEC) and the expanded alliance known as OPEC+ to set and maintain production levels for oil;
the ability or willingness of the Organization of Petroleum Exporting Countries (OPEC) and the expanded alliance known as OPEC+ to set and maintain production levels for oil;
the ability or willingness of the Organization of Petroleum Exporting Countries (OPEC) and the expanded alliance known as OPEC+ to set and maintain production levels for oil;
the level of oil and gas exploration and production activity;
the level of oil and gas exploration and production activity;
the level of oil and gas exploration and production activity;
the level of excess production capacity;
the level of excess production capacity;
the level of excess production capacity;
the level of refining and storage capacity;
the level of refining and storage capacity;
the level of refining and storage capacity;
the level of oil and gas inventories;
the level of oil and gas inventories;
the level of oil and gas inventories;
access to potential resources;
access to potential resources;
access to potential resources;
political and economic uncertainty and geopolitical unrest;
political and economic uncertainty and geopolitical unrest;
political and economic uncertainty and geopolitical unrest;
governmental laws, policies, regulations, subsidies, and other actions, including initiatives to promote the use of renewable energy sources;
governmental laws, policies, regulations, subsidies, and other actions, including initiatives to promote the use of renewable energy sources;
governmental laws, policies, regulations, subsidies, and other actions, including initiatives to promote the use of renewable energy sources;
speculation as to the future price of oil and the speculative trading of oil and gas futures contracts;
speculation as to the future price of oil and the speculative trading of oil and gas futures contracts;
speculation as to the future price of oil and the speculative trading of oil and gas futures contracts;
technological advances affecting energy consumption; and
technological advances affecting energy consumption; and
technological advances affecting energy consumption; and
extreme weather conditions, natural disasters, and public health or similar issues, such as pandemics and epidemics.
extreme weather conditions, natural disasters, and public health or similar issues, such as pandemics and epidemics.
extreme weather conditions, natural disasters, and public health or similar issues, such as pandemics and epidemics.
The oil and gas industry has historically experienced periodic downturns, which have been characterized by diminished demand for our products and services and downward pressure on the prices that we are able to charge. Sustained market uncertainty can also result in lower demand and pricing for our products and services. A significant industry downturn, sustained market uncertainty, or increased availability of economical alternative energy sources could result in a reduction in demand for our products and services, which could adversely affect our business, financial condition, results of operations, cash flows and prospects.