BRUKER CORP Segments Disclosure
8. Business Segment Information
The Company's is the chief operating decision maker. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. We exclude from segment expenses and segment operating income (loss) certain corporate-related expenses and certain transactions or adjustments, such as costs related to restructuring actions, acquisition and related integration expenses, amortization of acquired intangible assets, and costs associated with our global information technology transition initiatives. The Company's intersegment sales and transfers are accounted for at discounted market-based prices based on intersegment agreements. The chief operating decision maker uses segment operating income (loss) to assess the performance for each segment by comparing the results of each segment with one another, comparing actual results to budget and prior year, as well as to allocate resources.
The following tables present segment results for the years ended December 31, 2025, 2024 and 2023 (in millions):
|
|
Year Ended |
|
|||||||||||||||||
|
|
BSI BioSpin |
|
|
BSI CALID |
|
|
BSI NANO |
|
|
BEST |
|
|
Total |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Segment revenue from external customers |
|
$ |
878.8 |
|
|
$ |
1,210.2 |
|
|
$ |
1,084.3 |
|
|
$ |
263.2 |
|
|
$ |
3,436.5 |
|
Intersegment revenue |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7.7 |
|
|
|
7.7 |
|
Total segment revenue |
|
$ |
878.8 |
|
|
$ |
1,210.2 |
|
|
$ |
1,084.3 |
|
|
$ |
270.9 |
|
|
$ |
3,444.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Segment expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of revenue |
|
$ |
465.9 |
|
|
$ |
525.1 |
|
|
$ |
524.1 |
|
|
$ |
218.5 |
|
|
$ |
1,733.6 |
|
Selling, general and administrative |
|
|
162.7 |
|
|
|
302.8 |
|
|
|
284.0 |
|
|
|
22.3 |
|
|
|
771.8 |
|
Research and development |
|
|
93.7 |
|
|
|
119.7 |
|
|
|
175.1 |
|
|
|
3.4 |
|
|
|
391.9 |
|
Segment Operating income |
|
$ |
156.5 |
|
|
$ |
262.6 |
|
|
$ |
101.1 |
|
|
$ |
26.7 |
|
|
$ |
546.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Total operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate, elimination and other (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
113.9 |
|
||||
Unallocated expenses (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
364.8 |
|
||||
Total consolidated operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
68.2 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(46.2 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|||||
Income before income taxes, equity in (losses) income of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
22.0 |
|
||||
|
|
Year Ended |
|
|||||||||||||||||
|
|
BSI BioSpin |
|
|
BSI CALID |
|
|
BSI NANO |
|
|
BEST |
|
|
Total |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Segment revenue from external customers |
|
$ |
905.7 |
|
|
$ |
1,093.5 |
|
|
$ |
1,098.3 |
|
|
$ |
268.9 |
|
|
$ |
3,366.4 |
|
Intersegment revenue |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
14.1 |
|
|
|
14.1 |
|
Total segment revenue |
|
$ |
905.7 |
|
|
$ |
1,093.5 |
|
|
$ |
1,098.3 |
|
|
$ |
283.0 |
|
|
$ |
3,380.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Segment expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of revenue |
|
$ |
437.7 |
|
|
$ |
465.4 |
|
|
$ |
518.9 |
|
|
$ |
222.5 |
|
|
$ |
1,644.5 |
|
Selling, general and administrative |
|
|
158.9 |
|
|
|
270.2 |
|
|
|
290.8 |
|
|
|
21.5 |
|
|
|
741.4 |
|
Research and development |
|
|
92.5 |
|
|
|
111.7 |
|
|
|
164.7 |
|
|
|
3.9 |
|
|
|
372.8 |
|
Segment Operating income |
|
$ |
216.6 |
|
|
$ |
246.2 |
|
|
$ |
123.9 |
|
|
$ |
35.1 |
|
|
$ |
621.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Total operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate, elimination and other (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
103.8 |
|
||||
Unallocated expenses (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
264.9 |
|
||||
Total consolidated operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
253.1 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(46.2 |
) |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
206.9 |
|
||||
|
|
Year Ended |
|
|||||||||||||||||
|
|
BSI BioSpin |
|
|
BSI CALID |
|
|
BSI NANO |
|
|
BEST |
|
|
Total |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue |
|
$ |
798.5 |
|
|
$ |
960.4 |
|
|
$ |
941.9 |
|
|
$ |
263.7 |
|
|
$ |
2,964.5 |
|
Intersegment revenue |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
17.0 |
|
|
|
17.0 |
|
Total segment revenue |
|
$ |
798.5 |
|
|
$ |
960.4 |
|
|
$ |
941.9 |
|
|
$ |
280.7 |
|
|
$ |
2,981.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Segment expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Cost of revenue |
|
$ |
374.8 |
|
|
$ |
393.2 |
|
|
$ |
438.2 |
|
|
$ |
225.9 |
|
|
$ |
1,432.1 |
|
Selling, general and administrative |
|
|
134.7 |
|
|
|
238.7 |
|
|
|
228.0 |
|
|
|
19.3 |
|
|
|
620.7 |
|
Research and development |
|
|
77.8 |
|
|
|
96.4 |
|
|
|
117.3 |
|
|
|
3.0 |
|
|
|
294.5 |
|
Segment Operating income |
|
$ |
211.2 |
|
|
$ |
232.1 |
|
|
$ |
158.4 |
|
|
$ |
32.5 |
|
|
$ |
634.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Reconciliation of Total operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Corporate, elimination and other (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
87.9 |
|
||||
Unallocated expenses (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
109.4 |
|
||||
Total consolidated operating income |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
436.9 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
107.3 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Income before income taxes, equity in income (losses) of unconsolidated investees, net of tax, and noncontrolling interests in consolidated subsidiaries |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
544.2 |
|
||||
Refer to Note 7, Revenue for information on revenue by geographical area.
Total capital expenditures and depreciation and amortization by segment are presented below for the years ended December 31, (in millions):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Capital Expenditures: |
|
|
|
|
|
|
|
|
|
|||
BSI BioSpin |
|
$ |
11.4 |
|
|
$ |
22.8 |
|
|
$ |
23.9 |
|
BSI CALID |
|
|
25.3 |
|
|
|
34.1 |
|
|
|
31.4 |
|
BSI NANO |
|
|
36.5 |
|
|
|
19.3 |
|
|
|
13.9 |
|
BEST |
|
|
13.8 |
|
|
|
24.3 |
|
|
|
27.5 |
|
Corporate |
|
|
16.0 |
|
|
|
14.8 |
|
|
|
10.2 |
|
Total capital expenditures |
|
$ |
103.0 |
|
|
$ |
115.3 |
|
|
$ |
106.9 |
|
Depreciation and Amortization: |
|
|
|
|
|
|
|
|
|
|||
BSI BioSpin |
|
$ |
43.2 |
|
|
$ |
41.0 |
|
|
$ |
25.7 |
|
BSI CALID |
|
|
92.3 |
|
|
|
67.0 |
|
|
|
29.3 |
|
BSI NANO |
|
|
67.2 |
|
|
|
61.7 |
|
|
|
48.0 |
|
BEST |
|
|
9.4 |
|
|
|
8.4 |
|
|
|
7.2 |
|
Corporate |
|
|
8.2 |
|
|
|
5.7 |
|
|
|
4.7 |
|
Total depreciation and amortization |
|
$ |
220.3 |
|
|
$ |
183.8 |
|
|
$ |
114.9 |
|
Long-lived assets (which include property, plant and equipment, net and operating lease right of use assets) by geographical area are as follows for the years ended December 31, (in millions):
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Germany |
|
$ |
426.7 |
|
|
$ |
370.0 |
|
|
$ |
350.2 |
|
United States |
|
|
172.5 |
|
|
|
188.0 |
|
|
|
124.9 |
|
Switzerland |
|
|
147.4 |
|
|
|
134.1 |
|
|
|
127.0 |
|
Europe excluding Germany and Switzerland |
|
|
129.0 |
|
|
|
91.8 |
|
|
|
57.4 |
|
Asia Pacific |
|
|
20.6 |
|
|
|
22.2 |
|
|
|
22.1 |
|
Other |
|
|
14.4 |
|
|
|
8.7 |
|
|
|
9.8 |
|
Total long-lived assets |
|
$ |
910.6 |
|
|
$ |
814.8 |
|
|
$ |
691.4 |
|
Total assets by segment are as follows for the years ended December 31, (in millions):
|
|
2025 |
|
|
2024 |
|
||
BSI BioSpin, BSI CALID, BSI NANO & Corporate |
|
$ |
6,094.2 |
|
|
$ |
5,648.4 |
|
BEST |
|
|
192.4 |
|
|
|
199.8 |
|
Eliminations and other (a) |
|
|
(45.2 |
) |
|
|
(41.5 |
) |
Total assets |
|
$ |
6,241.4 |
|
|
$ |
5,806.7 |
|
The Company is unable, without unreasonable effort or expense, to disclose the amount of total assets by the BSI BioSpin, BSI CALID, and BSI NANO Segments, as well as the Corporate function. Additionally, the Company’s chief operating decision maker does not receive long-lived asset information individually by these reportable segments and Corporate.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 27, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 16, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 29, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.