BUSINESS SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2026

The following tables present our revenues (disaggregated by segment and major revenue stream), segment expenses, and segment profits for the 2026 second quarter, 2025 second quarter, 2026 first half, and 2025 first half:


	Three Months Ended June 30, 2026
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	906	$	159	$	68	$	86
Contract investment amortization	(23)		(5)		—		(1)
Net fee revenues	883		154		68		85
Owned, leased, and other revenue	148		158		12		47
Cost reimbursement revenue	4,232		298		84		141
Total reportable segment revenue	5,263		610		164		273
Less:
Owned, leased, and other expense	131		135		10		47
Depreciation, amortization, and other	90		9		2		2
General and administrative	33		25		13		15
Reimbursed expenses	4,241		298		84		142
Other segment items (primarily non-operating income and expenses)	(2)		(1)		—		(2)
Total reportable segment profit	$	770	$	144	$	55	$	69


	Three Months Ended June 30, 2025
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	800	$	168	$	64	$	83
Contract investment amortization	(21)		(4)		—		(2)
Net fee revenues	779		164		64		81
Owned, leased, and other revenue	140		164		10		43
Cost reimbursement revenue	4,043		327		78		132
Total reportable segment revenue	4,962		655		152		256
Less:
Owned, leased, and other expense	107		142		7		34
Depreciation, amortization, and other	27		9		3		2
General and administrative	29		26		12		15
Reimbursed expenses	4,015		323		77		130
Other segment items (primarily non-operating income and expenses)	(2)		(2)		—		(1)
Total reportable segment profit	$	786	$	157	$	53	$	76


	Six Months Ended June 30, 2026
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	1,679	$	291	$	137	$	190
Contract investment amortization	(44)		(10)		(1)		(3)
Net fee revenues	1,635		281		136		187
Owned, leased, and other revenue	288		274		20		86
Cost reimbursement revenue	8,295		562		160		287
Total reportable segment revenue	10,218		1,117		316		560
Less:
Owned, leased, and other expense	252		255		20		88
Depreciation, amortization, and other	114		19		5		4
General and administrative	63		52		25		31
Reimbursed expenses	8,375		577		168		297
Other segment items (primarily non-operating income and expenses)	(2)		(2)		(2)		—
Total reportable segment profit	$	1,416	$	216	$	100	$	140


	Six Months Ended June 30, 2025
(in millions)	U.S. & Canada		EMEA		Greater China		APEC
Gross fee revenues	$	1,509	$	286	$	124	$	181
Contract investment amortization	(41)		(8)		—		(3)
Net fee revenues	1,468		278		124		178
Owned, leased, and other revenue	260		278		17		78
Cost reimbursement revenue	7,932		613		147		263
Total reportable segment revenue	9,660		1,169		288		519
Less:
Owned, leased, and other expense	217		257		15		66
Depreciation, amortization, and other	54		19		5		4
General and administrative	59		51		24		29
Reimbursed expenses	7,903		611		147		263
Other segment items (primarily non-operating income and expenses)	(3)		—		(1)		1
Total reportable segment profit	$	1,430	$	231	$	98	$	156

Schedule of Segment Profits

The following table presents reconciliations of our total reportable segment revenue and profit to consolidated revenue and income before income taxes for the 2026 second quarter, 2025 second quarter, 2026 first half, and 2025 first half:


	Three Months Ended				Six Months Ended
(in millions)	June 30, 2026		June 30, 2025		June 30, 2026		June 30, 2025
Reconciliation of revenue
Total reportable segment revenue	$	6,310	$	6,025	$	12,211	$	11,636
Unallocated corporate and other	761		719		1,514		1,371
Consolidated revenue	$	7,071	$	6,744	$	13,725	$	13,007

Reconciliation of income before income taxes
Total reportable segment profit	$	1,038	$	1,072	$	1,872	$	1,915
Unallocated corporate and other	207		173		435		277
Interest expense, net of interest income	(201)		(191)		(405)		(374)
Consolidated income before income taxes	$	1,044	$	1,054	$	1,902	$	1,818