12. Segment and Geographic Information

The Company has four reportable segments consisting of North America Loss Adjusting, International Operations, Broadspire, and Platform Solutions. The Company's reportable segments are comprised of the following:

•

North America Loss Adjusting, which services the North American property and casualty market. This is comprised of Loss Adjusting operations in the U.S. and Canada, including Global Technical Services and Field Operations. The Canadian operations include all operations within that country including third party administration and Contractor Connection.

•

International Operations, which services the global property and casualty market outside North America, is comprised of Loss Adjusting operations in the U.K., Europe, Australia, Asia and Latin America, and includes Crawford Legal Services. International Operations includes all operations within the respective countries, including Loss Adjusting, Global Technical Services, Legal Services, third party administration, and where applicable, Contractor Connection.

•

Broadspire, which provides third party administration for workers' compensation, auto and liability, disability absence management, medical management, and accident and health to corporations, brokers and insurers in the U.S.

•

Platform Solutions, which consists of the Contractor Connection, Networks, and Subrogation service lines in the U.S. The Networks service line includes Catastrophe operations.

The Platform Solutions reportable segment represents the aggregation of certain service line operating segments. Intersegment sales are recorded at cost and are not material.

Effective January 1, 2024, the Company combined the operating segments within North America Loss Adjusting and International Operations, and accordingly, there are no operating segments within these reportable segments to aggregate.

The Company's four reportable segments represent components of the business for which separate financial information is available, and which is evaluated regularly by the chief operating decision maker ("CODM"). The Company’s CEO is considered the CODM as he is responsible for strategic decisions including the allocation of resources to each reporting segment and the assessment of their performance. Specifically, he assesses the financial health of each segment, reviews budgeting and resource allocation, directs all strategic planning, reviews investments for new products and technology allocations, evaluates pricing strategies and cash flow management, and oversees risk management for each segment. The CEO regularly meets with the segment managers to discuss financial performance, operational issues and revenue forecasts. Additionally, the segment managers create segment-level budgets and forecasts and receive incentive compensation derived from the operating results of the segments. These financial packages are discussed in the meetings with the CEO. On December 31, 2025, Mr. Rohit Verma resigned from the Company and his position as President and CEO. On January 1, 2026, Mr. Bruce Swain was appointed interim President and CEO.

Operating earnings is the primary financial performance measure used by the Company's senior management and the CODM to evaluate the financial performance of the Company's four reportable segments and make resource allocation decisions. The Company believes this measure is useful to investors in that it allows them to evaluate reportable segment operating performance using the same criteria used by the Company's senior management and CODM. The CODM considers revenues before reimbursements and operating earnings when making decisions about the allocation of operating and capital resources. Operating earnings will differ from net income computed in accordance with GAAP since operating earnings represent segment earnings before certain unallocated corporate administrative costs, net corporate interest expense, stock option expense, amortization of acquisition-related intangible assets, contingent earnout adjustments, non-service pension costs, income taxes, restructuring and other costs, net, and net income or loss attributable to noncontrolling interests.

Segment operating earnings includes allocations of certain corporate and shared costs. If the Company changes its allocation methods or changes the types of costs that are allocated to its four reportable segments, prior period amounts presented in the current period financial statements are adjusted to conform to the current allocation process.

In the normal course of its business, the Company sometimes pays for certain out-of-pocket expenses that are thereafter reimbursed by its clients. Under GAAP, these out-of-pocket expenses and associated reimbursements are required to be included when reporting expenses and revenues, respectively, in the Company's consolidated results of operations. However, in evaluating segment results, Company management excludes these reimbursements and related expenses from segment results, as they offset each other.

Financial information as of and for the years ended December 31, 2025, 2024, and 2023 related to the Company's reportable segments is presented below:


	Year Ended December 31, 2025
	North America Loss Adjusting		International Operations		Broadspire		Platform Solutions		Total
	(In thousands)
Revenues before reimbursements	$	304,887	$	438,218	$	401,859	$	120,757	$	1,265,721
Less:
Segment Expenses:
Compensation		177,950		218,369		188,867		56,001		641,187
Benefits and payroll taxes		33,939		42,510		38,450		9,928		124,827
Non-employee labor		5,956		31,554		17,042		2,771		57,323
Total Compensation		217,845		292,433		244,359		68,700		823,337
Office rent and occupancy		4,370		13,670		8,329		3,458		29,827
Other office operating expense (1)		17,510		28,085		17,335		7,439		70,369
Depreciation		4,309		4,013		5,747		6,647		20,716
Professional fees		1,705		6,991		17,730		2,500		28,926
Cost of risk		1,696		2,027		3,656		1,846		9,225
Other, net (2)		479		4,416		1,310		3,181		9,386
Total Other Operating Expense		30,069		59,202		54,107		25,071		168,449
Allocated corporate, shared services, and administrative costs (3)		35,999		61,460		48,785		19,423		165,667
Total Segment Expenses		283,913		413,095		347,251		113,194		1,157,453
Segment Operating Earnings	$	20,974	$	25,123	$	54,608	$	7,563	$	108,268
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)										(25,995	)
Net corporate interest expense										(14,687	)
Non-service pension costs										(9,413	)
Stock option expense										(609	)
Amortization of acquisition-related intangible assets										(8,431	)
Contingent earnout adjustments										(537	)
Restructuring and other costs, net										(13,996	)
Income before income taxes										34,600
Income taxes										(14,924	)
Net Income										19,676
Net Income Attributable to Noncontrolling Interests										(42	)
Net Income Attributable to Shareholders of Crawford & Company									$	19,634


	Year Ended December 31, 2024
	North America Loss Adjusting		International Operations		Broadspire		Platform Solutions		Total
	(In thousands)
Revenues before reimbursements	$	312,158	$	418,607	$	388,074	$	173,671	$	1,292,510
Less:
Segment Expenses:
Compensation		184,732		208,200		181,355		91,457		665,744
Benefits and payroll taxes		35,659		39,082		36,769		14,480		125,990
Non-employee labor		5,790		26,411		17,159		5,849		55,209
Total Compensation		226,181		273,693		235,283		111,786		846,943
Office rent and occupancy		4,595		14,340		9,247		3,554		31,736
Other office operating expense (1)		16,015		28,289		16,200		9,067		69,571
Depreciation		3,149		3,314		4,767		6,807		18,037
Professional fees		1,869		11,685		17,414		2,166		33,134
Cost of risk		1,116		4,363		6,451		1,398		13,328
Other, net (2)		2,464		5,466		1,170		3,991		13,091
Total Other Operating Expense		29,208		67,457		55,249		26,983		178,897
Allocated corporate, shared services, and administrative costs (3)		38,596		56,456		45,113		23,729		163,894
Total Segment Expenses		293,985		397,606		335,645		162,498		1,189,734
Segment Operating Earnings	$	18,173	$	21,001	$	52,429	$	11,173	$	102,776
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)										(28,066	)
Net corporate interest expense										(16,862	)
Non-service pension costs										(9,764	)
Stock option expense										(574	)
Amortization of acquisition-related intangible assets										(7,497	)
Contingent earnout adjustments										1,099
Income before income taxes										41,112
Income taxes										(14,583	)
Net Income										26,529
Net Loss Attributable to Noncontrolling Interests										67
Net Income Attributable to Shareholders of Crawford & Company									$	26,596


	Year Ended December 31, 2023
	North America Loss Adjusting		International Operations		Broadspire		Platform Solutions		Total
	(In thousands)
Revenues before reimbursements	$	303,629	$	382,393	$	355,650	$	225,459	$	1,267,131
Less:
Segment Expenses:
Compensation		177,254		200,877		168,216		121,779		668,126
Benefits and payroll taxes		32,539		36,383		32,478		17,602		119,002
Non-employee labor		4,849		19,300		16,559		8,420		49,128
Total Compensation		214,642		256,560		217,253		147,801		836,256
Office rent and occupancy		4,637		15,501		9,796		3,739		33,673
Other office operating expense (1)		14,186		25,951		14,279		9,299		63,715
Depreciation		2,098		3,155		5,664		5,570		16,487
Professional fees		1,493		10,484		15,565		2,137		29,679
Cost of risk		1,368		3,929		3,600		1,006		9,903
Other, net (2)		3,052		6,445		860		4,322		14,679
Total Other Operating Expense		26,834		65,465		49,764		26,073		168,136
Allocated corporate, shared services, and administrative costs (3)		38,968		49,187		46,760		23,044		157,959
Total Segment Expenses		280,444		371,212		313,777		196,918		1,162,351
Segment Operating Earnings	$	23,185	$	11,181	$	41,873	$	28,541	$	104,780
Reconciliation of segment operating earnings:
Unallocated corporate administrative costs (4)										(19,419	)
Net corporate interest expense										(17,036	)
Non-service pension costs										(8,601	)
Stock option expense										(552	)
Amortization of acquisition-related intangible assets										(7,790	)
Contingent earnout adjustments										(4,025	)
Income before income taxes										47,357
Income taxes										(17,097	)
Net Income										30,260
Net Loss Attributable to Noncontrolling Interests										349
Net Income Attributable to Shareholders of Crawford & Company									$	30,609

(1) Other office and operating expenses include travel and entertainment, automobile expenses, office operating expenses and data processing costs.

(2) Other, net primarily includes bank service charges and advertising expenses.

(3) Allocated corporate, shared services, and administrative costs, comprise of expenses for administrative functions, including direct compensation, payroll taxes, and benefits which are allocated to each segment based on usage.

(4) Unallocated corporate and shared costs and credits represent expenses for the Company's chief executive officer and Board of Directors, certain adjustments to self-insured liabilities, certain unallocated legal and professional fees, and certain adjustments and recoveries to the Company's allowances for estimated credit losses.

Segment assets consist of accounts receivable, less allowance for expected credit losses, unbilled revenues at estimated billable amounts, goodwill and intangible assets arising from business acquisitions, net. Assets for the years ended December 31, 2025 and 2024 were as follows:


	North America Loss Adjusting		International Operations		Broadspire		Platform Solutions		Total
	(In thousands)
2025
Assets	$	96,020	$	144,167	$	72,777	$	72,578	$	385,542
2024
Assets		106,657		149,441		73,114		94,845		424,057

Revenues by geographic region and major service line for the North America Loss Adjusting, International Operations, Broadspire and Platform Solutions segments are shown in Note 2, "Revenue Recognition."

Capital expenditures for the years ended December 31, 2025, 2024, and 2023 are shown in the following table:


Year Ended December 31,	2025		2024		2023
	(In thousands)
North America Loss Adjusting	$	7,070	$	4,458	$	3,052
International Operations		1,321		2,225		1,061
Broadspire		14,620		12,643		12,494
Platform Solutions		3,538		5,405		4,815
Corporate		12,000		16,916		15,174
Total capital expenditures	$	38,549	$	41,647	$	36,596

The total of the Company's reportable segments' revenues before reimbursements reconciled to total consolidated revenues for the years ended December 31, 2025, 2024, and 2023 was as follows:


Year Ended December 31,	2025		2024		2023
	(In thousands)
Segments' revenues before reimbursements	$	1,265,721	$	1,292,510	$	1,267,131
Reimbursements		45,106		48,460		49,788
Total consolidated revenues	$	1,310,827	$	1,340,970	$	1,316,919

The Company's reportable segments' total assets reconciled to consolidated total assets of the Company at 2025 and 2024 are presented in the following table:


December 31,	2025		2024
	(In thousands)
Assets of reportable segments	$	385,542	$	424,057
Corporate assets:
Cash and cash equivalents		64,079		55,412
Income taxes receivable		4,350		5,337
Prepaid expenses and other current assets		41,362		40,334
Net property and equipment		16,649		20,554
Operating lease right-of-use asset, net		66,322		78,808
Capitalized software costs, net		112,812		111,854
Deferred income tax assets		24,684		25,305
Other noncurrent assets		48,500		42,094
Total corporate assets		378,758		379,698
Total assets	$	764,300	$	803,755

Revenues and long-lived assets for the U.S., U.K. and Canada are set out below as these countries are material for geographical area disclosure. For the purposes of these geographic area disclosures, long-lived assets consist of the net property and equipment, capitalized software costs, net and operating lease right-of-use, net line items on the Company's Consolidated Balance Sheets and excludes intangible assets and goodwill.


	U.S.		U.K.		Canada		All Other International		Total Company
	(In thousands)
2025
Revenues before reimbursements	$	738,350	$	179,412	$	89,153	$	258,806	$	1,265,721
Long-lived assets		125,570		21,133		14,974		34,106		195,783
2024
Revenues before reimbursements		783,024		168,357		90,879		250,250		1,292,510
Long-lived assets		140,701		23,101		16,676		30,737		211,215

Historical Timeline

Fiscal Year	Filed
2025	Mar 2, 2026	Showing above
2024	Mar 3, 2025

2023	Mar 4, 2024

2022	Mar 6, 2023

2021	Mar 15, 2022

2020	Mar 4, 2021

2019	Mar 5, 2020

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.

CRAWFORD & CO Segments Disclosure

Historical Timeline

About Segments Disclosures

Other Available Disclosures