CRS — what changed in the latest 10-K
A section-by-section comparison of CRS'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-K · 2026-08-12 vs the prior 10-K · 2025-08-12
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| Business | Text added/removed | +1 | −1 | ~10 | 17 |
| Risk factors | Text added/removed | +1 | 0 | ~7 | 63 |
| Legal proceedings | Text added/removed | 0 | 0 | ~1 | 2 |
| MD&A | Text added/removed | +69 | −73 | ~32 | 68 |
| Market risk (Item 7A) | Text added/removed | 0 | −1 | ~2 | 4 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
Business
Text added vs the prior filing · source: 10-K · 2026-08-12
As of June 30, 2026, our total workforce consisted of approximately 4,500 employees. This included 450 production employees in Latrobe, Pennsylvania, who are covered under a collective bargaining agreement which expires on July 31, 2027. This also included 165 production employees in Washington, Pen…
Text removed vs the prior filing · source: 10-K · 2025-08-12
As of June 30, 2025, our total workforce consisted of approximately 4,500 employees. This included 179 production employees in Washington, Pennsylvania, who are covered under a collective bargaining agreement which expires on August 31, 2025. Negotiations with union representatives are currently in …
Risk factors
Text added vs the prior filing · source: 10-K · 2026-08-12
The use of new and evolving technologies, such as Artificial Intelligence ("AI"), presents risks and challenges that can impact our business. Unauthorized use or misuse of AI by the Company's employees, vendors or others may result in the disclosure of confidential Company or customer data, reputati…
MD&A
Text added vs the prior filing · source: 10-K · 2026-08-12
($ in millions)Net Sales% of TotalNet Sales% of TotalNet Sales% of Total
Settlement charge included in Other (income) expense, net0.3 — 51.9
As of June 30, 2026 and 2025, service cost amounts related to the net pension expense capitalized in gross inventory were $1.0 million and $1.6 million, respectively.
Carpenter Technology completed fiscal year 2026 as the most profitable year in the Company’s history, realizing $702.0 million in operating income. This represents an increase in adjusted operating income of $176.6 million, or 34 percent, from fiscal year 2025 when excluding the $3.6 million of rest…
The profitability improvement was accompanied by meaningful cash generation, reflecting the higher earnings and continued discipline in working capital management. We generated $605.0 million of cash from operating activities in fiscal year 2026, as compared with cash generated from operating activi…
Text removed vs the prior filing · source: 10-K · 2025-08-12
As of June 30, 2025 and 2024, amounts capitalized in gross inventory were $1.6 million and $1.6 million, respectively.
Fiscal year 2025 was the most profitable year in Carpenter Technology’s history with operating income of $521.8 million or adjusted operating income of $525.4 million. This represents an increase in adjusted operating income of $171.3 million, or 48 percent, from the prior fiscal year when excluding…
In addition to the strong operating performance, we generated $440.4 million of cash from operating activities in fiscal year 2025, as compared with cash generated from operating activities of $274.9 million in fiscal year 2024. Adjusted free cash flow was $287.5 million in fiscal year 2025, as comp…
Looking over the long term, the same dynamics that are driving our current performance are expected to get stronger. The markets that we serve, specifically Aerospace and Defense, Medical and Energy have a strong, multi-year outlook. Further, our customers rely on our diverse portfolio of advanced m…
We continue to closely monitor the evolving tariff news as well as engage with our customers and suppliers to analyze how tariffs could impact our business. We, as well as others in our industry, have established long-standing surcharge mechanisms to pass through changes in raw material prices to ou…
Market risk (Item 7A)
Text removed vs the prior filing · source: 10-K · 2025-08-12
From time to time we use interest rate swaps to achieve a level of floating rate debt relative to fixed rate debt where appropriate. Historically, we have entered into forward swap contracts to manage the risk of cash flow variability associated with fixed interest debt expected to be issued.
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