v3.25.4

BUSINESS SEGMENTS (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2025
Segment Reporting [Abstract] |
Schedule of Segment Revenue, Segment Expenses, and Segment Profits | The following tables present our revenues (disaggregated by segment and major revenue stream), segment expenses, and segment profits for each of the last three fiscal years:
| 2025
(in millions) | U.S. & Canada | EMEA | Greater China | APEC
Gross fee revenues | $ | 3,004 |  | $ | 640 |  | $ | 261 |  | $ | 376 |
Contract investment amortization | (83) |  | (19) |  | (1) |  | (6) |
Net fee revenues | 2,921 |  | 621 |  | 260 |  | 370 |
Owned, leased, and other revenue | 528 |  | 592 |  | 26 |  | 162 |
Cost reimbursement revenue | 15,900 |  | 1,194 |  | 304 |  | 541 |
Total reportable segment revenue | 19,349 |  | 2,407 |  | 590 |  | 1,073 |
Less: |  |  |  |
Owned, leased, and other expense | 434 |  | 530 |  | 28 |  | 146 |
Depreciation, amortization, and other | 108 |  | 40 |  | 12 |  | 9 |
General and administrative | 118 |  | 104 |  | 52 |  | 63 |
Reimbursed expenses | 16,015 |  | 1,211 |  | 315 |  | 552 |
Other segment items (primarily non-operating income and expenses) | (5) |  | (3) |  | (2) |  | 2 |
Total reportable segment profit | $ | 2,679 |  | $ | 525 |  | $ | 185 |  | $ | 301 |
| 2024
(in millions) | U.S. & Canada | EMEA | Greater China | APEC
Gross fee revenues | $ | 2,951 |  | $ | 589 |  | $ | 250 |  | $ | 345 |
Contract investment amortization | (76) |  | (14) |  | (1) |  | (5) |
Net fee revenues | 2,875 |  | 575 |  | 249 |  | 340 |
Owned, leased, and other revenue | 437 |  | 595 |  | 27 |  | 141 |
Cost reimbursement revenue | 15,300 |  | 1,236 |  | 306 |  | 495 |
Total reportable segment revenue | 18,612 |  | 2,406 |  | 582 |  | 976 |
Less: |  |  |  |
Owned, leased, and other expense | 399 |  | 519 |  | 24 |  | 129 |
Depreciation, amortization, and other | 84 |  | 38 |  | 9 |  | 8 |
General and administrative | 113 |  | 90 |  | 45 |  | 53 |
Reimbursed expenses | 15,381 |  | 1,252 |  | 319 |  | 510 |
Other segment items (primarily non-operating income and expenses) | (5) |  | (5) |  | (1) |  | (4) |
Total reportable segment profit | $ | 2,640 |  | $ | 512 |  | $ | 186 |  | $ | 280 |
| 2023
(in millions) | U.S. & Canada | EMEA | Greater China | APEC
Gross fee revenues | $ | 2,799 |  | $ | 529 |  | $ | 265 |  | $ | 288 |
Contract investment amortization | (65) |  | (13) |  | — |  | (4) |
Net fee revenues | 2,734 |  | 516 |  | 265 |  | 284 |
Owned, leased, and other revenue | 506 |  | 574 |  | 18 |  | 135 |
Cost reimbursement revenue | 14,456 |  | 1,178 |  | 317 |  | 411 |
Total reportable segment revenue | 17,696 |  | 2,268 |  | 600 |  | 830 |
Less: |  |  |  |
Owned, leased, and other expense | 380 |  | 537 |  | 25 |  | 130 |
Depreciation, amortization, and other | 84 |  | 40 |  | 10 |  | 9 |
General and administrative | 114 |  | 84 |  | 42 |  | 47 |
Reimbursed expenses | 14,399 |  | 1,168 |  | 317 |  | 409 |
Other segment items (primarily non-operating income and expenses) | (5) |  | (2) |  | (2) |  | (8) |
Total reportable segment profit | $ | 2,724 |  | $ | 441 |  | $ | 208 |  | $ | 243 |
Schedule of Reconciliation of Total Segment Revenue and Profit to Consolidated Revenue and Profit | The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for each of the last three fiscal years:
(in millions) | 2025 |  | 2024 |  | 2023 |
Reconciliation of revenue |  |  |  |  |  |
Total reportable segment revenue | $ | 23,419 |  |  | $ | 22,576 |  |  | $ | 21,394 |  |
Unallocated corporate and other | 2,767 |  |  | 2,524 |  |  | 2,319 |  |
Consolidated revenue | $ | 26,186 |  |  | $ | 25,100 |  |  | $ | 23,713 |  |
Reconciliation of income before income taxes |  |  |  |  |  |
Total reportable segment profit | $ | 3,690 |  |  | $ | 3,618 |  |  | $ | 3,616 |  |
Unallocated corporate and other | 471 |  |  | 188 |  |  | 297 |  |
Interest expense, net of interest income | (767) |  |  | (655) |  |  | (535) |  |
Consolidated income before income taxes | $ | 3,394 |  |  | $ | 3,151 |  |  | $ | 3,378 |  |

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- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-31 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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