AM — what changed in the latest 10-Q
A section-by-section comparison of AM's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-10-28 vs the prior 10-Q · 2026-07-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +12 | −10 | ~39 | 25 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 4 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 3 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Not shown (absent or not faithfully extractable): Other information
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-10-28
Revenues. Total revenues increased by 11%, from $295 million for the three months ended September 30, 2025 to $327 million for the three months ended September 30, 2026. Total revenues included amortization of customer relationships of $18 million and $23 million for the three months ended September…
●Fresh water delivery revenue remained relatively consistent at $37 million and $36 million for the three months ended September 30, 2025 and 2026, respectively.
Depreciation expense. Depreciation expense increased by 10%, from $34 million for the three months ended September 30, 2025 to $38 million for the three months ended September 30, 2026 primarily due to incremental depreciation expense of $4 million related to gathering and water pipelines acquired i…
Gain on litigation. There was no gain on litigation during the three months ended September 30, 2025. During the three months ended September 30, 2026, we recognized a gain on litigation of $377 million related to the Veolia matter. See Note 16—Contingencies to the unaudited condensed consolidated f…
Income tax expense. Income tax expense increased by 207%, from $46 million for three months ended September 30, 2025 to $140 million for the three months ended September 30, 2026, which reflects effective tax rates of approximately 28% and 26%, respectively. This income tax expense increase was prim…
Text removed vs the prior filing · source: 10-Q · 2026-07-29
Revenues. Total revenues increased by 7%, from $305 million for the three months ended June 30, 2025 to $327 million for the three months ended June 30, 2026. Total revenues included amortization of customer relationships of $18 million and $23 million for the three months ended June 30, 2025 and 20…
●Fresh water delivery revenue decreased $6 million period over period primarily due to decreased fresh water delivery volumes of 1 MMBbl, or 16 MBbl/d, partially offset by an increase to the fresh water delivery rate as a result of the annual CPI-based adjustment. Water delivery volumes decreased be…
Equity-based compensation expenses. Equity-based compensation expenses remained consistent at $11 million for the three months ended June 30, 2025 and 2026. See Note 11—Equity-Based Compensation to the unaudited condensed consolidated financial statements for additional information.
Depreciation expense. Depreciation expense increased by 12%, from $33 million for the three months ended June 30, 2025 to $37 million for the three months ended June 30, 2026 primarily due to incremental depreciation expense of $4 million related to gathering and water pipelines acquired in the HG A…
Income tax expense. Income tax expense remained relatively consistent at $44 million and $41 million for the three months ended June 30, 2025 and 2026, which reflects effective tax rates of approximately 26% for each respective period.
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice