Revenues by Geography, Concentration of Credit Risk and Remaining Performance Obligations
The Company attributes revenues to geographical region based upon where the services are performed. The following tables represent revenues by geographical region and reportable segment for the years ended December 31, 2025, 2024 and 2023:
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| | December 31, 2025 |
| (in millions) | | Technology & Analytics Solutions | | Research & Development Solutions | | Contract Sales & Medical Solutions | | Total |
| Revenues: | | |
| Americas | | $ | 3,363 | | | $ | 4,105 | | | $ | 277 | | | $ | 7,745 | |
| Europe and Africa | | 2,646 | | | 2,273 | | | 266 | | | 5,185 | |
| Asia-Pacific | | 617 | | | 2,518 | | | 245 | | | 3,380 | |
| Total revenues | | $ | 6,626 | | | $ | 8,896 | | | $ | 788 | | | $ | 16,310 | |
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| | December 31, 2024 |
| (in millions) | | Technology & Analytics Solutions | | Research & Development Solutions | | Contract Sales & Medical Solutions | | Total |
| Revenues: | | |
| Americas | | $ | 3,182 | | | $ | 3,894 | | | $ | 280 | | | $ | 7,356 | |
| Europe and Africa | | 2,397 | | | 2,304 | | | 219 | | | 4,920 | |
| Asia-Pacific | | 581 | | | 2,329 | | | 219 | | | 3,129 | |
| Total revenues | | $ | 6,160 | | | $ | 8,527 | | | $ | 718 | | | $ | 15,405 | |
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| | December 31, 2023 |
| (in millions) | | Technology & Analytics Solutions | | Research & Development Solutions | | Contract Sales & Medical Solutions | | Total |
| Revenues: | | |
| Americas | | $ | 3,091 | | | $ | 4,157 | | | $ | 304 | | | $ | 7,552 | |
| Europe and Africa | | 2,156 | | | 2,103 | | | 200 | | | 4,459 | |
| Asia-Pacific | | 615 | | | 2,135 | | | 223 | | | 2,973 | |
| Total revenues | | $ | 5,862 | | | $ | 8,395 | | | $ | 727 | | | $ | 14,984 | |
When attributing revenues to individual countries based upon where the services are performed, no individual country, except for the United States, accounted for 10% or more of total revenues for the years ended December 31, 2025, 2024 and 2023. For the years ended December 31, 2025, 2024 and 2023, revenues in the United States accounted for approximately 42%, 42%, and 45% of total revenues, respectively, using this revenue attribution approach.
No individual customer represented 10% or more of total revenues for the years ended December 31, 2025, 2024 and 2023.
Transaction Price Allocated to the Remaining Performance Obligations
As of December 31, 2025, approximately $34.2 billion of revenues are expected to be recognized in the future from remaining performance obligations. The Company expects to recognize revenues on approximately 30% of these remaining performance obligations over the next twelve months, on approximately 85% over the next five years, with the balance recognized thereafter. Most of the Company's remaining performance obligations where revenues are expected to be recognized beyond the next twelve months are for service contracts for clinical research in the Company's Research & Development Solutions segment. The customer contract transaction price allocated to the remaining performance obligations differs from backlog in that it does not include wholly unperformed contracts under which the customer has a unilateral right to cancel the arrangement.
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.