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American Express10-K · 6 Feb 2026
We issue cards under cobrand arrangements with Delta and the Delta cobrand portfolio continued to represent approximately 13 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, 2025.
Delta Air Lines10-K · 11 Feb 2026
In 2025, remuneration from American Express totaled $8.2 billion, which we expect to grow to $10 billion over the next few years.
Two holdings in different industries, one partnership. Both are in Berkshire Hathaway's portfolio.
Five risks shared across 26 companies
Delta and American Express
AXP · DALDelta cards are 13% of AmEx's billed business. AmEx paid Delta $8.2 billion in 2025.
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AXP
We issue cards under cobrand arrangements with Delta and the Delta cobrand portfolio continued to represent approximately 13 percent of worldwide billed business and approximately 21 percent of worldwide Card Member loans as of December 31, 2025.Business · 10-K filed 6 Feb 2026
DAL
In 2025, remuneration from American Express totaled $8.2 billion, which we expect to grow to $10 billion over the next few years.Business · 10-K filed 11 Feb 2026
The Google search case
AAPL · GOOGLApple isn't a party to the Google search case, but its own filing names the remedy as a risk.
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AAPL
A reversal of the order on appeal could result in imposition of certain remedies initially proposed by the DOJ, such as those prohibiting Google from offering the Company commercial terms for search distribution.Risk factors · 10-K filed 31 Oct 2025
GOOGL
The US Department of Justice (DOJ), various states, and other plaintiffs have filed, and may continue to file in the future, several antitrust lawsuits about aspects of our business, including our advertising technologies and practices, the operation and distribution of Google Search, and the operation and distribution of Android operating system and Play Store.Risk factors · 10-K filed 5 Feb 2026
A Florida hurricane
AXP · DVA · KOOne hurricane would hit AmEx cardholders, Coca-Cola's orange juice and DaVita's clinical lab.
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AXP
Card Members in California, Florida, New York, Texas, Georgia and New Jersey account for a significant portion of U.S. consumer and small business billed business and Card Member loans, and our results of operations could be impacted by events or conditions that disproportionately or specifically affect one or more of those states.Risk factors · 10-K filed 6 Feb 2026
DVA
For example, our clinical laboratory is in Florida, a state that has in the past experienced and may in the future experience hurricanes.Risk factors · 10-K filed 11 Feb 2026
KO
In particular, freezing weather or hurricanes in central Florida may result in shortages and higher prices for orange juice and orange juice concentrate throughout the industry.Business · 10-K filed 20 Feb 2026
The same ad budgets
GOOGL · NYT · SIRIAlphabet, Pandora and the New York Times depend on the same ad budgets.
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GOOGL
We generated more than 70% of total revenues from online advertising in 2025.Risk factors · 10-K filed 5 Feb 2026
NYT
In 2025, digital advertising represented approximately 73% of our advertising revenues.Business · 10-K filed 27 Feb 2026
SIRI
Our Pandora and Off-platform business generates a majority of its revenues from third parties advertising on the Pandora ad-supported service and other platforms.Risk factors · 10-K filed 5 Feb 2026
New bank capital rules
AXP · ALLY · COFNew bank capital rules would raise requirements at AmEx, Ally and Capital One.
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AXP
For example, if the U.S. federal bank regulatory agencies adopt the 2017 Basel Committee standards revisions to the standardized approach for credit risk and operational capital requirements, it could result in significantly higher regulatory capital requirements.Risk factors · 10-K filed 6 Feb 2026
ALLY
As proposed, the phase-in of accumulated other comprehensive income and loss would be expected to significantly affect our levels of regulatory capital.Business · 10-K filed 25 Feb 2026
COF
For example, changes to applicable capital, liquidity or other regulations, such as the Basel III Finalization Proposal, could result in increased regulatory capital requirements, operating expenses or cost of funding, which could negatively affect our financial results or our ability to distribute capital.Risk factors · 10-K filed 19 Feb 2026
Given only the list of holdings, a leading AI chatbot missed 2 of these 5 and couldn't quote any of them.
Every claim is a sentence a company filed.
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