Revenues and Trade Accounts Receivable (Tables)

9 Months Ended

Sep. 30, 2026


	Three Months Ended September 30, 2026										Nine Months Ended September 30, 2026

(in millions)	HS		FS		P&R		CMT		Total		HS		FS		P&R		CMT		Total
Revenues
Geography:
North America	$	1,319	$	1,279	$	961	$	699	$	4,258	$	3,937	$	3,718	$	2,795	$	1,987	$	12,437
United Kingdom	63		179		162		128		532		180		515		477		361		1,533
Continental Europe	165		161		160		39		525		497		494		492		107		1,590
Europe - Total	228		340		322		167		1,057		677		1,009		969		468		3,123
Rest of World	40		148		88		73		349		124		417		250		207		998
Total	$	1,587	$	1,767	$	1,371	$	939	$	5,664	$	4,738	$	5,144	$	4,014	$	2,662	$	16,558

Service line:
Consulting and technology services	$	948	$	1,280	$	926	$	446	$	3,600	$	2,786	$	3,720	$	2,727	$	1,376	$	10,609
Outsourcing services	639		487		445		493		2,064		1,952		1,424		1,287		1,286		5,949
Total	$	1,587	$	1,767	$	1,371	$	939	$	5,664	$	4,738	$	5,144	$	4,014	$	2,662	$	16,558

Type of contract:
Time and materials	$	488	$	878	$	537	$	498	$	2,401	$	1,449	$	2,506	$	1,575	$	1,387	$	6,917
Fixed-price	797		826		759		371		2,753		2,406		2,459		2,190		1,112		8,167
Transaction or volume-based	302		63		75		70		510		883		179		249		163		1,474
Total	$	1,587	$	1,767	$	1,371	$	939	$	5,664	$	4,738	$	5,144	$	4,014	$	2,662	$	16,558


	Three Months Ended September 30, 2025										Nine Months Ended September 30, 2025

(in millions)	HS		FS		P&R		CMT		Total		HS		FS		P&R		CMT		Total
Revenues
Geography:
North America	$	1,331	$	1,115	$	978	$	604	$	4,028	$	3,959	$	3,254	$	2,807	$	1,774	$	11,794
United Kingdom	56		166		156		125		503		156		478		441		367		1,442
Continental Europe	174		164		167		34		539		500		471		479		102		1,552
Europe - Total	230		330		323		159		1,042		656		949		920		469		2,994
Rest of World	43		133		82		87		345		111		384		240		252		987
Total	$	1,604	$	1,578	$	1,383	$	850	$	5,415	$	4,726	$	4,587	$	3,967	$	2,495	$	15,775

Service line:
Consulting and technology services	$	929	$	1,118	$	981	$	466	$	3,494	$	2,707	$	3,237	$	2,786	$	1,379	$	10,109
Outsourcing services	675		460		402		384		1,921		2,019		1,350		1,181		1,116		5,666
Total	$	1,604	$	1,578	$	1,383	$	850	$	5,415	$	4,726	$	4,587	$	3,967	$	2,495	$	15,775

Type of contract:
Time and materials	$	506	$	829	$	589	$	446	$	2,370	$	1,482	$	2,405	$	1,725	$	1,334	$	6,946
Fixed-price	791		697		704		355		2,547		2,332		2,035		1,976		1,027		7,370
Transaction or volume-based	307		52		90		49		498		912		147		266		134		1,459
Total	$	1,604	$	1,578	$	1,383	$	850	$	5,415	$	4,726	$	4,587	$	3,967	$	2,495	$	15,775

The following table shows significant movements in the capitalized costs to fulfill for the nine months ended September 30:

Costs to obtain contracts were immaterial for the periods disclosed.

The table below shows significant movements in contract assets (current and noncurrent) for the nine months ended September 30:


(in millions)	2026		2025
Beginning balance	$	466	$	386
Revenues recognized during the period but not billed	659		482
Amounts reclassified to trade accounts receivable	(435)		(351)


Ending balance	$	690	$	517

The table below shows significant movements in the deferred revenue balances (current and noncurrent) for the nine months ended September 30:


(in millions)	2026		2025
Beginning balance	$	538	$	480
Amounts billed but not recognized as revenues	337		299
Revenues recognized related to the beginning balance of deferred revenue	(431)		(360)


Ending balance	$	444	$	419

The following table presents the activity in the allowance for credit losses for trade accounts receivable for the nine months ended September 30:


(in millions)	2026		2025
Beginning balance	$	23	$	26
Credit loss expense (1)	3		12
Write-offs charged against the allowance	(4)		(12)

Ending balance	$	22	$	26

(1)Reported in "Selling, general and administrative expenses" in our unaudited consolidated statements of operations.