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

X

- 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

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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-Publisher FASB
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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
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