20. SEGMENT REPORTING AND OTHER DISAGGREGATED INFORMATION

Segment Reporting

We operate our business in two segments. These complementary operating segments provide different services and products and utilize different technologies for evaluating and improving reservoir performance and increasing oil and gas recovery from new and existing fields:

•

Reservoir Description: Encompasses the characterization of petroleum reservoir rock and reservoir fluids samples to increase production and improve recovery of crude oil and natural gas from our clients’ reservoirs. We provide laboratory-based analytical and field services to characterize properties of crude oil and crude oil-derived products to the oil and gas industry. Services associated with these fluids include determining the quality and measuring the quantity of the reservoir fluids and their derived products, such as gasoline, diesel and biofuels. We also provide proprietary and joint industry studies based on these types of analyses and manufacture associated laboratory equipment. In addition, we provide reservoir description capabilities that support various activities associated with energy transition projects, including services that support carbon capture, utilization and storage, geothermal projects, and the evaluation and appraisal of mining activities around lithium and other elements necessary for energy storage.

•

Production Enhancement: Includes services and manufactured products associated with reservoir well completions, perforations, stimulation, production and well abandonment. We provide integrated diagnostic services to evaluate and monitor the effectiveness of well completions and to develop solutions aimed at increasing the effectiveness of enhanced oil recovery projects.

We use the same accounting policies to prepare our operating segment results as are used to prepare our consolidated financial statements. All interest and other non-operating income (expense) is attributable to Corporate & Other and is not allocated to specific operating segments.

Our chief operating decision maker (“CODM”) is our chief executive officer, who also serves as Chairman of the Board of Directors. The CODM uses revenue from unaffiliated clients and segment operating income to allocate resources, primarily for working capital, staffing, and capital expenditures, during the annual budgeting process and monthly when comparing actual results to budgeted and forecasted results.

Summarized financial information of our operating segments is shown in the following table (in thousands):


As at and for the years ended:	Reservoir Description			Production Enhancement			Corporate & Other (1)			Consolidated
December 31, 2025
CODM Measure - Revenue from unaffiliated clients	$	347,683		$	178,837		$	—		$	526,520
Reconciliation of CODM measure - revenue from unaffiliated clients to segment operating income:
Inter-segment revenue		250			200			(450	)		—
Cost of services and product sales		269,274			147,389			924			417,587
General and administrative expense (2)		29,657			15,773			—			45,430
Depreciation and amortization		10,532			4,117			—			14,649
Other operating (income) expense, net (3)		(6,046	)		(284	)		(2,029	)		(8,359	)
Foreign exchange (gain) loss, net (3)		577			(13	)		181			745
CODM Measure - Segment operating income		43,939			12,055			474			56,468
Supplemental Disclosures:
Total assets		331,984			140,963			111,063			584,010
Capital expenditures		12,177			2,203			209			14,589

December 31, 2024
CODM Measure - Revenue from unaffiliated clients	$	346,146		$	177,702		$	—		$	523,848
Reconciliation of CODM measure - revenue from unaffiliated clients to segment operating income:
Inter-segment revenue		123			214			(337	)		—
Cost of services and product sales		269,169			151,916			(563	)		420,522
General and administrative expense (2)		25,531			14,239			—			39,770
Depreciation and amortization		10,660			4,293			—			14,953
Other operating (income) expense, net (3)		(11,542	)		550			(158	)		(11,150	)
Foreign exchange (gain) loss, net (3)		985			306			(94	)		1,197
CODM Measure - Segment operating income		51,466			6,612			478			58,556
Supplemental Disclosures:
Total assets (4)		317,488			149,446			118,196			585,130
Capital expenditures		11,413			1,318			297			13,028

December 31, 2023
CODM Measure - Revenue from unaffiliated clients	$	333,345		$	176,445		$	—		$	509,790
Reconciliation of CODM measure - revenue from unaffiliated clients to segment operating income:
Inter-segment revenue		156			249			(405	)		—
Cost of services and product sales		256,480			145,194			(1,717	)		399,957
General and administrative expense (2)		25,792			14,467			—			40,259
Depreciation and amortization		11,462			4,322			—			15,784
Other operating (income) expense, net (3)		(994	)		(5	)		(27	)		(1,026	)
Foreign exchange (gain) loss, net (3)		(278	)		197			257			176
CODM Measure - Segment operating income		41,039			12,519			1,082			54,640
Supplemental Disclosures:
Total assets		309,162			161,359			115,874			586,395
Capital expenditures		8,312			1,808			459			10,579

(1) “Corporate and other” represents those items not directly related to a particular operating segment and eliminations.

(2) General and administrative expense is presented as a total amount to the CODM and consists primarily of employee benefits, professional fees and information technology costs.

(3) Other operating (income) expense, net and foreign currency exchange (loss), net are included in the consolidated statement of operations as other (income) expense, net. See Note 18 - Other (Income) Expense, net for further detail.

(4) Total assets for Reservoir Description have been adjusted for certain prior period immaterial corrections. See Note 2 - Summary of Significant Accounting Policies.

Disaggregated Revenue

We derive our revenue from services and product sales contracts with clients primarily in the oil and gas industry. No single client accounted for 10% or more of revenue in any of the periods presented. Summarized financial information of our contracts is shown in the following table (in thousands):


	For the Years Ended December 31,
1	2025		2024		2023
Reservoir Description Services	$	334,660	$	334,325	$	322,921
Production Enhancement Services		64,762		53,880		48,993
Total Revenue - Services	$	399,422	$	388,205	$	371,914

Reservoir Description Product sales	$	13,023	$	11,821	$	10,424
Production Enhancement Product sales		114,075		123,822		127,452
Total Revenue - Product sales	$	127,098	$	135,643	$	137,876

Total Revenue	$	526,520	$	523,848	$	509,790

We attribute service revenue to the country in which the service was performed rather than where the reservoir or project is located while we attribute product sales revenue to the country where the product was shipped as we feel this gives a clearer view of our operations. We do, however, have significant levels of service revenue performed and recorded in the U.S. that are sourced from projects on non-U.S. oilfields. Summarized financial information of our geographic regions is shown in the following table (in thousands):



As at and for the years ended:	United States		Other Countries (1) (2)		Consolidated
December 31, 2025
Revenue	$	175,327	$	351,193	$	526,520
Property, plant and equipment, net		43,841		55,606		99,447

December 31, 2024
Revenue	$	178,895	$	344,953	$	523,848
Property, plant and equipment, net		46,666		50,397		97,063

December 31, 2023
Revenue	$	178,549	$	331,241	$	509,790
Property, plant and equipment, net		50,792		48,834		99,626

(1) Revenue earned in other countries was not individually greater than 10% of our consolidated revenue in 2025, 2024 and 2023.

(2) Property, plant and equipment, net in other countries, was not individually greater than 10% of our consolidated property, plant and equipment, net in 2025, 2024 and 2023.

Historical Timeline

Fiscal Year	Filed
2025	Mar 23, 2026	Showing above
2024	Feb 13, 2025

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.

Core Laboratories Inc. /DE/ Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures