v3.25.4

Segments (Tables)

12 Months Ended

Dec. 31, 2025

Segment Reporting [Abstract]

Reconciliation of Revenues and Income from Segments to Consolidated

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)						2025						2024						2023
Revenues
Technology & Analytics Solutions						$	6,626					$	6,160					$	5,862
Research & Development Solutions						8,896						8,527						8,395
Contract Sales & Medical Solutions						788						718						727
Total revenues						16,310						15,405						14,984
Cost of revenues, exclusive of depreciation and amortization
Technology & Analytics Solutions						4,076						3,721						3,496
Research & Development Solutions						6,124						5,698						5,629
Contract Sales & Medical Solutions						680						611						620
Total cost of revenues, exclusive of depreciation and amortization						10,880						10,030						9,745
Selling, general and administrative expenses
Technology & Analytics Solutions						955						917						876
Research & Development Solutions						899						881						851
Contract Sales & Medical Solutions						60						60						58
Total selling, general and administrative expenses reportable segments						1,914						1,858						1,785
Segment profit
Technology & Analytics Solutions						1,595						1,522						1,490
Research & Development Solutions						1,873						1,948						1,915
Contract Sales & Medical Solutions						48						47						49
Total segment profit						3,516						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 operations						2,182						2,202						1,977
Interest income						(45)						(47)						(36)
Interest expense						729						670						672
Loss on extinguishment of debt						6						—						6
Other income, net						(99)						(90)						(124)
Income before income taxes and equity in earnings of unconsolidated affiliates						$	1,591					$	1,669					$	1,459

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

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

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X

- References

No definition available.

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