Genpact LTDG
Genpact LTD Segments Disclosure
Segment reporting
The Company's operating segments are significant strategic business units that align its products and services with how it manages its business, approaches key markets and interacts with its clients.
The Company's reportable segments are as follows: (1) Financial Services; (2) Consumer and Healthcare; and (3) High Tech and Manufacturing.
The Company’s Chief Executive Officer, who has been identified as the Chief Operating Decision Maker ("CODM"), is presented with operating segment revenue and operating segment adjusted income from operations ("AOI"). The CODM uses both revenue and AOI to review the monthly and quarterly performance of the Company's operating segments. The CODM uses AOI, which is gross margin and G&A expenditures, to assess capacity for investments in each segment, including sales capacity, delivery resources, offerings and solutions, or partnerships. The Company does not allocate, and therefore the CODM does not evaluate, stock-based compensation expenses, amortization of acquired intangible assets, unallocated corporate expenses, foreign exchange gain/(loss), interest income/(expense), restructuring (expense)/income, acquisition related expenses, gains/(losses) from businesses held for sale, other income/(expense), or income taxes by segment. Unallocated corporate expenses primarily represent the impact of certain under or over-absorption of overhead, write-downs of property, plant and equipment and right-of-use assets, and allowances for credit losses, which are not allocated to the Company’s segments for management’s internal reporting purposes. The Company’s operating assets and liabilities pertain to multiple segments. The Company manages assets and liabilities on a total company basis, not by operating segment, and therefore asset and liability information and capital expenditures by operating segment are not presented to the CODM and are not reviewed by the CODM.
The Company adopted ASU No. 2023-07, "Segment Reporting" (Topic 280), during the year ended December 31, 2024 and has provided the additional segment related information as required by ASU 2023-07 for the years ended December 31, 2023, 2024 and 2025. The Company has identified cost of revenue as the significant segment expense which is provided to the CODM on a regular basis. The Company has also provided information related to other segment items.
Revenues, cost of revenue, other segment items and AOI for each of the Company’s segments in the year ended December 31, 2023 were as follows:
Net revenues | Cost of Revenue | Other segment items* | AOI | ||||||||||||||||||||
| Financial Services | $ | 1,225,375 | $ | 788,121 | $ | 243,899 | $ | 193,355 | |||||||||||||||
| Consumer and Healthcare | 1,570,719 | 1,037,755 | 290,507 | 242,457 | |||||||||||||||||||
| High Tech and Manufacturing | 1,680,794 | 1,080,347 | 302,538 | 297,909 | |||||||||||||||||||
| Net revenues | $ | 4,476,888 | |||||||||||||||||||||
Business held for sale (refer to Note (a) below) | (490) | (1,265) | (426) | 1,201 | |||||||||||||||||||
Net revenues (excluding business held for sale - refer to Note (a) below) | $ | 4,476,398 | |||||||||||||||||||||
| Unallocated corporate expenses | — | (28,016) | 28,016 | ||||||||||||||||||||
| Stock-based compensation | (88,576) | ||||||||||||||||||||||
Amortization of acquired intangible assets | (31,348) | ||||||||||||||||||||||
Foreign exchange gains, net | 4,274 | ||||||||||||||||||||||
| Interest income (expense), net | (47,935) | ||||||||||||||||||||||
Restructuring (expense) / income (refer to Note (b) below and Note 26) | 4,874 | ||||||||||||||||||||||
Operating loss from the business classified as held for sale (refer to Note (a) below) | (1,201) | ||||||||||||||||||||||
Loss on the sale of business classified as held for sale (refer to Note (a) below) | (802) | ||||||||||||||||||||||
Income tax benefit | 29,031 | ||||||||||||||||||||||
| Net income | $ | 631,255 | |||||||||||||||||||||
23. Segment reporting (Continued)
(a) In 2022, the Company's management approved a plan to divest a business that comprised part of the Company's Consumer and Healthcare segment. The revenues and associated losses attributable to this business have been excluded from the computation of AOI margin as management believes that excluding these items provides useful information about the Company's financial performance and underlying business trends.
(b) The Company does not allocate these charges to individual segments in internal management reports used by the CODM. Accordingly, such expenses are included in the Company's segment reporting as “unallocated costs.”
*Other segment items primarily includes selling, general and administrative expenses, other operating (income) expense, net and other income (expense), net. It excludes stock-based compensation expenses, restructuring (expense)/income and loss on the sale of business classified as held for sale.
Revenues, cost of revenue, other segment items and AOI for each of the Company’s segments in the year ended December 31, 2024 were as follows:
Net revenues | Cost of Revenue | Other segment items* | AOI | ||||||||||||||||||||
| Financial Services | $ | 1,288,852 | $ | 822,575 | $ | 250,366 | $ | 215,911 | |||||||||||||||
| Consumer and Healthcare | 1,692,707 | 1,099,482 | 300,079 | 293,146 | |||||||||||||||||||
| High Tech and Manufacturing | 1,785,580 | 1,155,016 | 311,152 | 319,412 | |||||||||||||||||||
| Net revenues | $ | 4,767,139 | |||||||||||||||||||||
| Unallocated corporate expenses | — | 14,533 | (14,533) | ||||||||||||||||||||
| Stock-based compensation | (66,383) | ||||||||||||||||||||||
Amortization of acquired intangible assets | (26,456) | ||||||||||||||||||||||
Foreign exchange gains, net | 2,937 | ||||||||||||||||||||||
| Interest income (expense), net | (47,214) | ||||||||||||||||||||||
Income tax expense | (163,150) | ||||||||||||||||||||||
| Net income | $ | 513,670 | |||||||||||||||||||||
*Other segment items primarily includes selling, general and administrative expenses (excluding stock-based compensation expenses), other operating (income) expense, net and other income (expense), net.
23. Segment reporting (Continued)
Revenues, cost of revenue, other segment items and AOI for each of the Company’s segments in the year ended December 31, 2025 were as follows:
Net revenues | Cost of Revenue | Other segment items* | AOI | ||||||||||||||||||||
| Financial Services | $ | 1,356,834 | 855,647 | 257,028 | 244,159 | ||||||||||||||||||
| Consumer and Healthcare | 1,724,666 | 1,119,139 | 310,434 | 295,093 | |||||||||||||||||||
| High Tech and Manufacturing | 1,998,379 | 1,274,081 | 354,096 | 370,202 | |||||||||||||||||||
| Net revenues | $ | 5,079,879 | |||||||||||||||||||||
| Unallocated corporate expenses | 21,886 | (21,886) | |||||||||||||||||||||
| Stock-based compensation | (89,616) | ||||||||||||||||||||||
Amortization of acquired intangible assets | (24,288) | ||||||||||||||||||||||
| Foreign exchange gains, net | 7,390 | ||||||||||||||||||||||
| Interest income (expense), net | (49,597) | ||||||||||||||||||||||
Acquisition-related expenses | (1,310) | ||||||||||||||||||||||
| Income tax expense | (177,653) | ||||||||||||||||||||||
| Net income | $ | 552,494 | |||||||||||||||||||||
*Other segment items primarily includes selling, general and administrative expenses (excluding stock-based compensation expenses), other operating (income) expense, net and other income (expense), net.
No single customer accounted for more than 10% of the Company's consolidated net revenues in 2023, 2024 or 2025.
Net revenues from geographic areas based on the location of the Company’s service delivery centers are as follows. A portion of net revenues attributable to India consists of net revenues for services performed by delivery centers in India or at clients’ premises outside of India by business units or personnel normally based in India.
| Year ended December 31, | |||||||||||||||||
| 2023 | 2024 | 2025 | |||||||||||||||
| India | $ | 2,320,853 | $ | 2,761,552 | $ | 2,982,991 | |||||||||||
| Asia, other than India | 643,096 | 700,259 | 788,059 | ||||||||||||||
| North and Latin America | 979,946 | 683,407 | 730,435 | ||||||||||||||
| Europe | 532,993 | 621,921 | 578,395 | ||||||||||||||
| Total net revenues | $ | 4,476,888 | $ | 4,767,139 | $ | 5,079,879 | |||||||||||
Property, plant and equipment, net by geographic region are as follows:
| As of December 31, | |||||||||||
| 2024 | 2025 | ||||||||||
| India | $ | 143,172 | $ | 134,222 | |||||||
| Asia, other than India | 21,524 | 25,824 | |||||||||
| North and Latin America | 19,584 | 21,981 | |||||||||
| Europe | 23,663 | 8,421 | |||||||||
| Total | $ | 207,943 | $ | 190,448 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Feb 29, 2024 | |
| 2022 | Mar 1, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 1, 2019 | |
| 2017 | Mar 1, 2018 | |
| 2016 | Mar 1, 2017 | |
| 2015 | Feb 26, 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.