Huron Consulting Group Inc.HURN
Huron Consulting Group Inc. Segments Disclosure
Segment Information
We provide our services and products and manage our business under three reportable segments: Healthcare, Education, and Commercial, which align our business by industry.
•Healthcare
Our Healthcare segment serves acute care providers, including national and regional health systems; academic health systems; community health systems; the federal health system; and public, children’s and critical access hospitals, and non-acute care providers, including physician practices and medical groups; payors; and long-term care or post-acute providers. Our healthcare-focused consulting and managed services offerings include financial and operational performance improvement consulting, which spans revenue cycle, business operations and care delivery transformation; organizational transformation; revenue cycle managed services and outsourcing; financial and capital advisory consulting; and strategy and innovation consulting. Our healthcare-focused digital services span technology and analytic-related services, including core systems of record, such as enterprise health record (“EHR”), enterprise resource planning (“ERP”), enterprise performance management (“EPM”), and customer relationship management (“CRM”) systems; data management, AI and automation; technology managed services; and payor core
administration systems. We also have a portfolio of software products we deliver to the healthcare industry. In June 2025, we enhanced our consulting offerings through the acquisition of Eclipse Insights LLC (“Eclipse Insights”), a leading provider of revenue cycle solutions. In November 2025, we acquired the consulting services division of AXIOM Systems Consulting Services, Inc. (“AXIOM”) to strengthen our digital-focused payor offerings.
•Education
Our Education segment serves public and private colleges and universities, research institutes, not-for-profit organizations and other education-related organizations. Our education and research-focused consulting and managed services offerings include our research-focused consulting and managed services; our strategy and operations consulting services, which span finance, accounting, operations and athletics to organization and talent strategy and student and academic strategy; and our advancement and fundraising consulting services, which were bolstered by the acquisition of Grenzebach Glier and Associates (“GG+A”) in March of 2024 and Advancement Resources and Halpin Parnership Limited (“Halpin”) in March 2025. Our education and research-focused digital offerings span technology and analytic-related services, including core systems of record, such as student information, ERP, EPM, and CRM systems; data management, AI and automation; and technology managed services. Our education and research-focused product offerings include our Huron Research Suite, the leading software suite designed to facilitate and improve research administration service delivery and compliance.
•Commercial
Our Commercial segment is focused on serving industries and organizations facing significant disruption and regulatory change by helping them adapt to rapidly changing environments and accelerate business transformation. Our Commercial professionals work primarily with seven primary buyers: the chief executive officer, the chief financial officer, the chief strategy officer, the chief human resources officer, the chief operating officer, the chief risk officer, and organizational advisors, including lenders and law firms. We have a deep focus on serving organizations in the financial services, industrials and manufacturing, and energy and utilities industries and the public sector while opportunistically serving commercial industries more broadly, including professional and business services, life sciences, consumer products, and retail. Our Commercial professionals use their deep industry, functional and technical expertise to deliver our digital services and software products, financial and capital advisory (special situation advisory and corporate finance advisory) consulting services, regulatory compliance and risk management consulting and managed services, strategy and innovation consulting services, and financial and operational performance improvement consulting services. In the third quarter of 2025, we bolstered our Commercial consulting offerings through the acquisitions of TVG-Treliant Holdings, LLC (“Treliant”), a global financial services consulting and managed services firm, and Wilson Perumal and Company, Inc. (“WP&C”), a leading strategy and operations consulting firm specializing in driving operational efficiency and improved growth and profitability.
Our chief operating decision maker (“CODM”), who is our chief executive officer, manages the business under these three reportable segments. Our CODM uses segment operating income in the annual budgeting and quarterly forecasting process as well as on a monthly basis for evaluating the performance of each segment and making decisions about allocating capital and other resources to each segment. Our CODM does not evaluate segments using asset information.
Segment operating income consists of the revenues generated by a segment, less operating expenses that are incurred directly by the segment. Unallocated costs include corporate costs related to administrative functions that are performed in a centralized manner, as well as restructuring charges, other gains and losses, depreciation and amortization, and interest expense that are not attributable to a particular segment. The administrative function costs include corporate office support costs, office facility costs, costs related to accounting and finance, human resources, legal, marketing, information technology, and company-wide business development functions, as well as costs related to overall corporate management.
The tables below set forth information about our operating segments for the years ended December 31, 2025, 2024, and 2023, along with the items necessary to reconcile the segment information to the totals reported in the accompanying consolidated financial statements. We do not present financial information by geographic area because the financial results of our international operations are not significant to our consolidated financial statements.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Healthcare: | |||||||||||||||||
| Revenues before reimbursable expenses | $ | 837,537 | $ | 756,263 | $ | 673,989 | |||||||||||
| Reimbursable expenses | 20,885 | 21,174 | 22,324 | ||||||||||||||
| Total revenues | 858,422 | 777,437 | 696,313 | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Operating expenses: | |||||||||||||||||
| Direct costs | 533,341 | 489,123 | 452,080 | ||||||||||||||
| Reimbursable expenses | 20,885 | 21,174 | 22,332 | ||||||||||||||
| Selling, general and administrative expenses | 41,594 | 49,728 | 41,351 | ||||||||||||||
| Depreciation and amortization | 6,465 | 7,162 | 6,373 | ||||||||||||||
Other segment items(1) | 555 | 1,322 | 1,277 | ||||||||||||||
| Total segment operating expenses | 602,840 | 568,509 | 523,413 | ||||||||||||||
| Segment operating income | $ | 255,582 | $ | 208,928 | $ | 172,900 | |||||||||||
| Education: | |||||||||||||||||
| Revenues before reimbursable expenses | $ | 500,174 | $ | 474,221 | $ | 429,663 | |||||||||||
| Reimbursable expenses | 9,335 | 9,320 | 9,229 | ||||||||||||||
| Total revenues | 509,509 | 483,541 | 438,892 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Direct costs | 347,642 | 337,607 | 308,800 | ||||||||||||||
| Reimbursable expenses | 9,335 | 9,320 | 9,311 | ||||||||||||||
| Selling, general and administrative expenses | 33,867 | 25,472 | 21,128 | ||||||||||||||
| Depreciation and amortization | 4,723 | 1,912 | 437 | ||||||||||||||
Other segment items(1) | 756 | 709 | 118 | ||||||||||||||
| Total segment operating expenses | 396,323 | 375,020 | 339,794 | ||||||||||||||
| Segment operating income | $ | 113,186 | $ | 108,521 | $ | 99,098 | |||||||||||
| Commercial: | |||||||||||||||||
| Revenues before reimbursable expenses | $ | 325,125 | $ | 255,601 | $ | 258,408 | |||||||||||
| Reimbursable expenses | 6,087 | 5,226 | 5,142 | ||||||||||||||
| Total revenues | 331,212 | 260,827 | 263,550 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Direct costs | 240,897 | 183,250 | 181,812 | ||||||||||||||
| Reimbursable expenses | 6,081 | 5,223 | 5,123 | ||||||||||||||
| Selling, general and administrative expenses | 25,538 | 20,371 | 20,251 | ||||||||||||||
| Depreciation and amortization | 944 | 223 | 210 | ||||||||||||||
Other segment items(1) | 1,895 | 562 | 1,952 | ||||||||||||||
| Total segment operating expenses | 275,355 | 209,629 | 209,348 | ||||||||||||||
| Segment operating income | $ | 55,857 | $ | 51,198 | $ | 54,202 | |||||||||||
| Total Huron: | |||||||||||||||||
| Revenues before reimbursable expenses | $ | 1,662,836 | $ | 1,486,085 | $ | 1,362,060 | |||||||||||
| Reimbursable expenses | 36,307 | 35,720 | 36,695 | ||||||||||||||
| Total revenues | $ | 1,699,143 | $ | 1,521,805 | $ | 1,398,755 | |||||||||||
| Segment operating income | $ | 424,625 | $ | 368,647 | $ | 326,200 | |||||||||||
| Items not allocated at the segment level: | |||||||||||||||||
Unallocated corporate expenses | 217,564 | 191,180 | 175,206 | ||||||||||||||
Other losses (gains), net | 2,968 | (14,466) | (444) | ||||||||||||||
| Restructuring charges | 6,035 | 7,590 | 8,204 | ||||||||||||||
| Depreciation and amortization | 19,488 | 15,524 | 17,886 | ||||||||||||||
| Operating income | 178,570 | 168,819 | 125,348 | ||||||||||||||
| Other income (expense), net | (43,490) | (14,803) | (41,453) | ||||||||||||||
| Income before taxes | $ | 135,080 | $ | 154,016 | $ | 83,895 | |||||||||||
(1)Other segment items in each segment primarily consists of restructuring charges for all periods presented.
The following tables illustrate the disaggregation of segment total revenues and segment revenues before reimbursable expenses by our two principal capabilities: i) Consulting and Managed Services and ii) Digital, and includes a reconciliation to consolidated total revenues and consolidated revenues before reimbursable expenses. We manage our business on the basis of revenues before reimbursable expenses, which we believe is the most accurate reflection of our services because it eliminates the effect of reimbursable expenses that we bill to our clients at cost.
| Year Ended December 31, | ||||||||||||||||||||
| Total Revenues by Capability | 2025 | 2024 | 2023 | |||||||||||||||||
| Healthcare: | ||||||||||||||||||||
| Consulting and Managed Services | $ | 638,414 | $ | 549,686 | $ | 493,263 | ||||||||||||||
| Digital | 220,008 | 227,751 | 203,050 | |||||||||||||||||
| Total revenues | $ | 858,422 | $ | 777,437 | $ | 696,313 | ||||||||||||||
| Education: | ||||||||||||||||||||
| Consulting and Managed Services | $ | 261,564 | $ | 245,358 | $ | 219,098 | ||||||||||||||
| Digital | 247,945 | 238,183 | 219,794 | |||||||||||||||||
| Total revenues | $ | 509,509 | $ | 483,541 | $ | 438,892 | ||||||||||||||
| Commercial: | ||||||||||||||||||||
| Consulting and Managed Services | $ | 98,328 | $ | 90,441 | $ | 92,182 | ||||||||||||||
| Digital | 232,884 | 170,386 | 171,368 | |||||||||||||||||
| Total revenues | $ | 331,212 | $ | 260,827 | $ | 263,550 | ||||||||||||||
| Total Huron: | ||||||||||||||||||||
| Consulting and Managed Services | $ | 998,306 | $ | 885,485 | $ | 804,543 | ||||||||||||||
| Digital | 700,837 | 636,320 | 594,212 | |||||||||||||||||
| Total revenues | $ | 1,699,143 | $ | 1,521,805 | $ | 1,398,755 | ||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| Revenues before Reimbursable Expenses by Capability | 2025 | 2024 | 2023 | |||||||||||||||||
| Healthcare: | ||||||||||||||||||||
| Consulting and Managed Services | $ | 622,637 | $ | 533,846 | $ | 476,726 | ||||||||||||||
| Digital | 214,900 | 222,417 | 197,263 | |||||||||||||||||
| Total revenues before reimbursable expenses | $ | 837,537 | $ | 756,263 | $ | 673,989 | ||||||||||||||
| Education: | ||||||||||||||||||||
| Consulting and Managed Services | $ | 256,913 | $ | 240,985 | $ | 214,971 | ||||||||||||||
| Digital | 243,261 | 233,236 | 214,692 | |||||||||||||||||
| Total revenues before reimbursable expenses | $ | 500,174 | $ | 474,221 | $ | 429,663 | ||||||||||||||
| Commercial: | ||||||||||||||||||||
| Consulting and Managed Services | $ | 97,333 | $ | 89,028 | $ | 90,323 | ||||||||||||||
| Digital | 227,792 | 166,573 | 168,085 | |||||||||||||||||
| Total revenues before reimbursable expenses | $ | 325,125 | $ | 255,601 | $ | 258,408 | ||||||||||||||
| Total Huron: | ||||||||||||||||||||
| Consulting and Managed Services | $ | 976,883 | $ | 863,859 | $ | 782,020 | ||||||||||||||
| Digital | 685,953 | 622,226 | 580,040 | |||||||||||||||||
| Total revenues before reimbursable expenses | $ | 1,662,836 | $ | 1,486,085 | $ | 1,362,060 | ||||||||||||||
For the years ended December 31, 2025, 2024, and 2023, substantially all of our revenues were recognized over time.
During the years ended December 31, 2025, 2024, and 2023, no single client generated greater than 10% of our consolidated total revenues. At December 31, 2025 and 2024, no single client accounted for greater than 10% of our combined balance of receivables from clients, net and unbilled services, net.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.