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Segment Information
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
We provide our services and products and manage our business under three reportable segments: Healthcare, Education, and Commercial, which align our business by industry.
Healthcare
Our Healthcare segment serves acute care providers, including national and regional health systems; academic health systems; community health systems; the federal health system; and public, children’s and critical access hospitals, and non-acute care providers, including physician practices and medical groups; payors; and long-term care or post-acute providers. Our healthcare-focused services and products include financial and operational performance improvement consulting, which spans revenue cycle, business operations and care delivery transformation; digital offerings, spanning technology and analytic-related services, including enterprise health record (“EHR”), enterprise resource planning (“ERP”) and enterprise performance management (“EPM”), customer relationship management (“CRM”), data management, artificial intelligence (“AI”) and automation, and technology managed services, and a portfolio of software products; human capital management; revenue cycle managed services and outsourcing; financial advisory consulting; and strategy and innovation consulting. In June 2025, we enhanced our consulting offerings through the acquisition of Eclipse Insights, a leading provider of revenue cycle solutions.
Education
Our Education segment serves public and private colleges and universities, research institutes, not-for-profit organizations and other education-related organizations. Our education and research-focused services and products include our digital offerings, spanning technology and analytic-related services, including student information systems, ERP and EPM, CRM, data management, AI and automation, and technology managed services and our Huron Research Suite product suite (the leading software suite designed to facilitate and improve research administration service delivery and compliance); our research-focused consulting and managed services; our strategy and operations consulting services, which span finance, accounting, operations and athletics to organization and talent strategy and student and academic strategy; and our global philanthropy consulting services, which were bolstered by the acquisitions of Grenzebach Glier and Associates (“GG+A”) in March 2024 and Advancement Resources and Halpin in March 2025.
Commercial
Our Commercial segment is focused on serving industries and organizations facing significant disruption and regulatory change by helping them adapt to rapidly changing environments and accelerate business transformation. Our Commercial professionals work primarily with six primary buyers: the chief executive officer, the chief financial officer, the chief strategy officer, the chief human resources officer, the chief operating officer, and organizational advisors, including lenders and law firms. We have a deep focus on serving organizations in the financial services, energy and utilities, industrials and manufacturing industries and the public sector while opportunistically serving commercial industries more broadly, including professional and business services, life sciences, consumer products, and retail. Our Commercial professionals use their deep industry, functional and technical expertise to deliver our digital services and software products, financial advisory (special situation advisory and corporate finance advisory) consulting services, and strategy and innovation consulting services. In December 2024, we expanded our Commercial consulting and digital services offerings through the acquisition of AXIA Consulting, Inc. (“AXIA Consulting”), a leading provider of supply chain-focused consulting and technology solutions who has deep expertise in the industrials and manufacturing and retail sectors. Additionally, in the third quarter of 2025, we bolstered our Commercial consulting offerings through the acquisitions of Treliant, a global financial services consulting and managed services firm, and WP&C, a leading strategy and operations consulting firm specializing in driving operational efficiency and improved growth and profitability.
Our chief operating decision maker (“CODM”), who is our chief executive officer, manages the business under these three reportable segments. Our CODM uses segment operating income in the annual budgeting and quarterly forecasting process as well as on a monthly basis for evaluating the performance of each segment and making decisions about allocating capital and other resources to each segment. Our CODM does not evaluate segments using asset information.
Segment operating income consists of the revenues generated by a segment, less operating expenses that are incurred directly by the segment. Unallocated costs include corporate costs related to administrative functions that are performed in a centralized manner, as well as restructuring charges, depreciation and amortization, and interest expense that are not attributable to a particular segment. The administrative function costs include corporate office support costs, office facility costs, costs related to accounting and finance, human
resources, legal, marketing, information technology, and company-wide business development functions, as well as costs related to overall corporate management. 
The table below sets forth information about our operating segments for the three and nine months ended September 30, 2025 and 2024, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because the financial results of our international operations are not significant to our consolidated financial statements.
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Healthcare:
Revenues before reimbursable expenses$219,541 $183,136 $615,853 $553,976 
Reimbursable expenses4,811 4,555 15,091 14,365 
Total revenues224,352 187,691 630,944 568,341 
Operating expenses:
Direct costs139,210 119,233 395,281 362,048 
Reimbursable expenses4,811 4,722 15,091 14,564 
Selling, general and administrative expenses10,499 12,034 31,677 38,393 
Depreciation and amortization1,674 1,828 4,809 5,386 
Other segment items(1)
401 223 362 359 
Total segment operating expenses156,595 138,040 447,220 420,750 
Segment operating income$67,757 $49,651 $183,724 $147,591 
Education:
Revenues before reimbursable expenses$129,424 $121,048 $381,473 $355,384 
Reimbursable expenses2,450 2,206 7,103 6,601 
Total revenues131,874 123,254 388,576 361,985 
Operating expenses:
Direct costs86,750 84,310 264,099 253,907 
Reimbursable expenses2,450 2,154 7,103 6,694 
Selling, general and administrative expenses7,986 6,705 25,190 18,150 
Depreciation and amortization1,162 503 3,277 908 
Other segment items(1)
293 424 285 420 
Total segment operating expenses98,641 94,096 299,954 280,079 
Segment operating income$33,233 $29,158 $88,622 $81,906 
Commercial:
Revenues before reimbursable expenses$83,396 $65,865 $233,230 $188,304 
Reimbursable expenses1,662 1,279 4,430 3,861 
Total revenues85,058 67,144 237,660 192,165 
Operating expenses:
Direct costs62,712 44,348 176,105 133,765 
Reimbursable expenses1,662 1,260 4,430 3,888 
Selling, general and administrative expenses6,395 4,772 18,463 14,592 
Depreciation and amortization236 52 708 172 
Other segment items(1)
394 568 492 550 
Total segment operating expenses71,399 51,000 200,198 152,967 
Segment operating income$13,659 $16,144 $37,462 $39,198 
Three Months Ended
September 30,
Nine Months Ended
September 30,
2025202420252024
Total Huron:
Revenues before reimbursable expenses$432,361 $370,049 $1,230,556 $1,097,664 
Reimbursable expenses8,923 8,040 26,624 24,827 
Total revenues $441,284 $378,089 $1,257,180 $1,122,491 
Segment operating income$114,649 $94,953 $309,808 $268,695 
Items not allocated at the segment level:
Unallocated corporate expenses 56,549 46,821 163,201 143,386 
Other gains, net— (173)(71)(14,522)
Restructuring charges
2,432 1,921 4,279 6,201 
Depreciation and amortization5,668 3,939 14,013 11,861 
Operating income50,000 42,445 128,386 121,769 
Other expense, net(7,354)(4,864)(36,580)(14,533)
Income before taxes$42,646 $37,581 $91,806 $107,236 
(1)Other segment items in each segment consists of restructuring charges for all periods presented.
The following tables illustrate the disaggregation of segment total revenues and segment revenues before reimbursable expenses by our two principal capabilities: i) Consulting and Managed Services and ii) Digital, and includes a reconciliation to consolidated total revenues and consolidated revenues before reimbursable expenses. We manage our business on the basis of revenues before reimbursable expenses, which we believe is the most accurate reflection of our services because it eliminates the effect of reimbursable expenses that we bill to our clients at cost.
Three Months Ended
September 30,
Nine Months Ended
September 30,
Total Revenues by Capability2025202420252024
Healthcare:
Consulting and Managed Services$168,306 $132,537 $465,487 $398,352 
Digital56,046 55,155 165,457 169,989 
Total revenues$224,352 $187,692 $630,944 $568,341 
Education:
Consulting and Managed Services$67,911 $62,146 $200,920 $183,219 
Digital63,963 61,107 187,656 178,766 
Total revenues$131,874 $123,253 $388,576 $361,985 
Commercial:
Consulting and Managed Services$25,745 $24,598 $59,062 $68,186 
Digital59,313 42,546 178,598 123,979 
Total revenues$85,058 $67,144 $237,660 $192,165 
Total Huron:
Consulting and Managed Services$261,962 $219,281 $725,469 $649,757 
Digital179,322 158,808 531,711 472,734 
Total revenues$441,284 $378,089 $1,257,180 $1,122,491 
Three Months Ended
September 30,
Nine Months Ended
September 30,
Revenues before Reimbursable Expenses by Capability2025202420252024
Healthcare:
Consulting and Managed Services$164,367 $128,966 $453,496 $387,164 
Digital55,174 54,170 162,357 166,812 
Total revenues before reimbursable expenses$219,541 $183,136 $615,853 $553,976 
Education:
Consulting and Managed Services$66,458 $61,222 $197,331 $180,162 
Digital62,966 59,826 184,142 175,222 
Total revenues before reimbursable expenses$129,424 $121,048 $381,473 $355,384 
Commercial:
Consulting and Managed Services$25,494 $24,329 $58,535 $67,089 
Digital57,902 41,536 174,695 121,215 
Total revenues before reimbursable expenses$83,396 $65,865 $233,230 $188,304 
Total Huron:
Consulting and Managed Services$256,319 $214,517 $709,362 $634,415 
Digital176,042 155,532 521,194 463,249 
Total revenues before reimbursable expenses$432,361 $370,049 $1,230,556 $1,097,664 
For the three and nine months ended September 30, 2025 and 2024, substantially all of our revenues were recognized over time. During the three and nine months ended September 30, 2025 and 2024, no single client generated greater than 10% of our consolidated total revenues. At September 30, 2025 and December 31, 2024, no single client accounted for greater than 10% of our combined balance of receivables from clients, net and unbilled services, net.