Compare two 10-K filings and see where the wording moved
Most of a 10-K carries over from one year to the next, so the useful signal is in what moved: a risk factor added, a segment redrawn, a debt covenant tightened, an accounting policy changed. Load both annual reports into one Search+ workspace as PDFs, ask about one comparison point at a time, and every answer cites the passage in each filing so you can read both versions yourself.
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Last updated October 2026
How to set up a 10-K comparison
- Load every filing you want to line up
Add this year's and last year's 10-K, or the latest annual report from each company you are weighing against each other, as the PDFs each company filed. Giving the files clear names, such as the company and fiscal year, makes citations easy to tell apart when they come back.
- Name the yardsticks in Workspace Context
Write the criteria you care about once, for example "Compare by fiscal year; for each difference, quote both filings and say which item each passage sits in." The instruction then shapes every comparison you run in that workspace.
- Take one criterion per question
Ask about a single point, such as how the description of customer concentration changed, rather than requesting every difference at once. Narrow answers are easier to verify, and each citation opens the excerpt from the filing it came from.
Comparison questions to put to two or more 10-Ks
Which risk factors appear in the newer 10-K but not in the earlier one, and which earlier ones were removed or merged?
Did the company change how it defines its reportable segments between these two years, and does the newer filing explain why?
How do the credit facility terms and covenant descriptions differ between the two annual reports?
How do these three companies each describe their exposure to a single large customer or supplier?
Did either filing adopt a new accounting standard or change a policy, and what effect does it say that had?
How does the MD&A outlook paragraph in the latest year compare with the one written a year earlier?
Comparison points that matter between annual reports
Companies seldom announce that a risk factor changed. A new sentence, a stronger verb or a risk moved higher in the list can be the only sign, which is why asking for differences item by item beats skimming two long sections.
When segments are reorganized or a business is reported as discontinued, the later filing may present last year's figures on the new basis. Compare the restated comparative column in the newer 10-K, not only the figure in the older one.
Two companies can use the same label, such as adjusted operating income or annual recurring revenue, for different calculations. Ask each filing how it defines the measure before comparing the values.
Peers may close their fiscal years in different months, so the periods covered by two 10-Ks can overlap only partly. Check the period stated on each cover page before you treat them as the same year.
Ask Search+ to compare two or more documents and it points out where they differ, citing each source. You can ask across the whole workspace or narrow a question to one filing.
What to compare across 10-K filings
| Comparison point | Why it matters | A question to ask Search+ |
|---|---|---|
| Risk factors (Item 1A) | New or reworded risks can signal what management now worries about | Which risk factors are new this year, and what do they say? |
| Business description (Item 1) | Shifts in products, markets or strategy show up here first | How has the description of the company's main markets changed? |
| MD&A results discussion | Management's reasons for a change can differ from one year to the next | What reasons does each year give for the change in gross margin? |
| Liquidity and capital resources | Borrowing, cash needs and funding sources move with conditions | How did the description of available credit change between the two years? |
| Segment note | Redrawn segments change what the comparative figures mean | Were the reportable segments redefined, and were prior periods recast? |
| Accounting policies note | A policy change can move reported results without any change in the business | Which accounting policies changed, and what effect does the filing describe? |
| Legal proceedings and contingencies | Cases open, settle or close between filings | Which legal matters appear in only one of the two filings? |
What a 10-K comparison in Search+ is
A comparison in Search+ is an answer written in chat that sets out how two or more filings differ on the point you asked about, with an inline citation to the supporting excerpt in each filing. You read the cited passages to confirm the difference and judge whether it matters.
Questions about comparing 10-K filings
Can Search+ tell me what changed between two years of a 10-K?
Will it catch a risk factor that was only slightly reworded?
Can I compare 10-Ks from companies with different fiscal year ends?
How many annual reports can go into one comparison?
Does a comparison tell me which company is the better investment?
Should I double-check a difference it reports?
See what moved between the filings
Start a workspace, upload two years of 10-K filings, and ask what changed in the sections you follow.
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