v3.25.4
Segments
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
The following table presents the Company’s operations by reportable segment. The Company is managed through three reportable segments, Technology & Analytics Solutions, Research & Development Solutions and Contract Sales & Medical Solutions. Technology & Analytics Solutions provides mission critical information, technology solutions and real world insights and services to the Company’s life science clients. Research & Development Solutions, which primarily serves biopharmaceutical customers, provides outsourced clinical research and clinical trial related services. Contract Sales & Medical Solutions provides health care provider (including contract sales) and patient engagement services to both biopharmaceutical customers and the broader healthcare market.

Certain costs are not allocated to the Company's segments and are reported as general corporate and unallocated expenses. These costs primarily consist of stock-based compensation and expenses related to integration activities and acquisitions, as well as certain general corporate and unallocated expenses. The Company also does not allocate restructuring costs, depreciation and amortization or impairment charges, if any, to its segments. Asset information by segment is not presented, as this measure is not used by the chief executive officer, who is the chief operating decision maker ("CODM"), to assess the Company’s performance.

For all segments, the CODM uses segment revenue and segment profit in the annual budgeting and forecasting process. The CODM considers budget-to-actual variances on a monthly and quarterly basis for both segment revenue and profit when making decisions about allocating operating and capital resources to the segments. The CODM also uses segment revenue and profit to assess the performance for each segment by comparing the results of each segment with one another and in determining the compensation of certain employees.

Effective January 1, 2026, the Company will be updating its segment reporting to align with industry evolution, its updated operating model, and how internal reporting will be provided to the CODM. As a result, the Contract Sales & Medical Solutions segment, which has become more closely related operationally to the Technology & Analytics Solutions segment commercial offerings, will be incorporated into the Technology & Analytics Solutions segment, which is renamed Commercial Solutions. Additionally, Real-World Late Phase and certain other Real-World offerings that have become more closely related operationally to the clinical research business, will be moved from the Technology & Analytics Solutions segment to the Research & Development Solutions segment. The Company will reflect the recast of segment information on this basis beginning with its Form 10-Q for the three months ended March 31, 2026.
The Company’s reportable segment information is presented below:
Year Ended December 31,
(in millions)202520242023
Revenues
Technology & Analytics Solutions$6,626 $6,160 $5,862 
Research & Development Solutions8,896 8,527 8,395 
Contract Sales & Medical Solutions788 718 727 
Total revenues16,310 15,405 14,984 
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions4,076 3,721 3,496 
Research & Development Solutions6,124 5,698 5,629 
Contract Sales & Medical Solutions680 611 620 
Total cost of revenues, exclusive of depreciation and amortization10,880 10,030 9,745 
Selling, general and administrative expenses
Technology & Analytics Solutions955 917 876 
Research & Development Solutions899 881 851 
Contract Sales & Medical Solutions60 60 58 
Total selling, general and administrative expenses reportable segments1,914 1,858 1,785 
Segment profit
Technology & Analytics Solutions1,595 1,522 1,490 
Research & Development Solutions1,873 1,948 1,915 
Contract Sales & Medical Solutions48 47 49 
Total segment profit3,516 3,517 3,454 
General corporate and unallocated expenses(85)(134)(268)
Depreciation and amortization(1,144)(1,114)(1,125)
Restructuring costs(105)(67)(84)
Total income from operations2,182 2,202 1,977 
Interest income(45)(47)(36)
Interest expense729 670 672 
Loss on extinguishment of debt6 — 6 
Other income, net(99)(90)(124)
Income before income taxes and equity in earnings of unconsolidated affiliates$1,591 $1,669 $1,459