ROBERT HALF INC.RHI
ROBERT HALF INC. Segments Disclosure
Note P—Business Segments
The Company has three reportable segments: contract talent solutions, permanent placement talent solutions and Protiviti. Operating segments are defined as components of the Company for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), a position currently held by the Company’s Chief Executive Officer, in deciding how to allocate resources and assess performance. The contract talent solutions reportable segment results from the aggregation of three operating segments with similar economic and qualitative characteristics: finance and accounting, administrative and customer support, and technology. The contract talent solutions and permanent placement talent solutions segments provide specialized engagement professionals and full-time personnel, respectively, for finance and accounting, technology, marketing and creative, legal, and administrative and customer support roles. The Protiviti segment provides business and technology risk consulting and internal audit services.
The CODM uses segment income to evaluate performance and allocate resources to each segment. Segment income excludes interest income, income taxes and the impacts of the income from investments held in employee deferred compensation trusts, along with the related compensation costs and expenses. The CODM considers variances between actual results and expectations as well as historical trends for segment income when making decisions about allocating capital and personnel resources to each segment.
The accounting policies of the segments are set forth in Note A—“Summary of Significant Accounting Policies.”
The following tables provide a reconciliation of service revenues and segment income by reportable segment to consolidated results (in thousands):
| Year Ended December 31, | |||||||||||||||||
| Contract Talent Solutions | 2025 | 2024 | 2023 | ||||||||||||||
Service revenues(1) | $ | 2,990,083 | $ | 3,357,872 | $ | 3,895,332 | |||||||||||
Segment costs of services(2) | 1,823,322 | 2,041,348 | 2,346,020 | ||||||||||||||
Compensation expenses(3) | 842,438 | 884,121 | 934,024 | ||||||||||||||
Other(4) | 275,702 | 301,885 | 322,473 | ||||||||||||||
| Segment selling, general and administrative expenses | 1,118,140 | 1,186,006 | 1,256,497 | ||||||||||||||
| Segment income | $ | 48,621 | $ | 130,518 | $ | 292,815 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| Permanent Placement Talent Solutions | 2025 | 2024 | 2023 | ||||||||||||||
Service revenues(1) | $ | 439,500 | $ | 487,204 | $ | 567,486 | |||||||||||
Segment costs of services(2) | 795 | 985 | 1,105 | ||||||||||||||
Compensation expenses(3) | 342,245 | 359,205 | 405,747 | ||||||||||||||
Other(4) | 74,896 | 80,962 | 85,630 | ||||||||||||||
| Segment selling, general and administrative expenses | 417,141 | 440,167 | 491,377 | ||||||||||||||
| Segment income | $ | 21,564 | $ | 46,052 | $ | 75,004 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| Protiviti | 2025 | 2024 | 2023 | ||||||||||||||
Service revenues(1) | $ | 1,948,923 | $ | 1,950,761 | $ | 1,929,699 | |||||||||||
Segment costs of services(2) | 1,528,314 | 1,487,511 | 1,454,127 | ||||||||||||||
Compensation expenses(3) | 97,943 | 93,296 | 88,337 | ||||||||||||||
Other(4) | 210,298 | 210,971 | 202,444 | ||||||||||||||
| Segment selling, general and administrative expenses | 308,241 | 304,267 | 290,781 | ||||||||||||||
| Segment income | $ | 112,368 | $ | 158,983 | $ | 184,791 | |||||||||||
| Year Ended December 31, | |||||||||||||||||
| Combined Segment | 2025 | 2024 | 2023 | ||||||||||||||
Service revenues(1) | $ | 5,378,506 | $ | 5,795,837 | $ | 6,392,517 | |||||||||||
Costs of services(2) | 3,352,431 | 3,529,844 | 3,801,252 | ||||||||||||||
Compensation expenses(3) | 1,282,626 | 1,336,622 | 1,428,108 | ||||||||||||||
Other(4) | 560,896 | 593,818 | 610,547 | ||||||||||||||
| Selling, general and administrative expenses | 1,843,522 | 1,930,440 | 2,038,655 | ||||||||||||||
| Combined segment income | 182,553 | 335,553 | 552,610 | ||||||||||||||
| Interest income, net | (11,799) | (22,118) | (23,973) | ||||||||||||||
| Income before income taxes | $ | 194,352 | $ | 357,671 | $ | 576,583 | |||||||||||
(1)Service revenues presented above are shown net of eliminations of intersegment revenues. Intersegment revenues between the contract talent solutions segment and the Protiviti segment were $485.2 million, $471.8 million and $442.3 million for the years ended December 31, 2025, 2024 and 2023, respectively. Service revenues related to the intersegment activity are reflected in the Protiviti segment.
(2)Segment costs of services consist of direct payroll, payroll taxes and benefit costs, as well as reimbursable expenses. Direct costs related to the intersegment activity are reflected in the Protiviti segment, including the costs of candidate payroll, fringe benefits and incremental recruiter compensation. For further information on costs of services, see Note A—“Summary of Significant Accounting Policies.”
(3)Includes payroll and applicable taxes, employee incentive compensation and other employee costs not included in direct costs as noted above.
(4)Other selling, general and administrative expenses is comprised of advertising, as well as other allocated expenses including lease expense, depreciation, cloud computing service costs and overhead costs. These costs are allocated to the individual segments based on an internal allocation method.
The Company operates internationally, with operations in North America, South America, Europe, Asia and Australia. Revenues have been attributed to geographic location based on the location of the legal entity generating revenues. The following table represents service revenues by geographic location (in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Service revenues (a) | ||||||||||||||||||||
| U.S. | $ | 4,171,327 | $ | 4,519,506 | $ | 4,957,163 | ||||||||||||||
| International (b) | 1,207,179 | 1,276,331 | 1,435,354 | |||||||||||||||||
| $ | 5,378,506 | $ | 5,795,837 | $ | 6,392,517 | |||||||||||||||
(a)No customer accounted for more than 10% of the Company’s total service revenues in any year presented.
(b)No country represented more than 10% of revenues in any year presented.
Assets by reportable segment are not presented, as the Company does not allocate assets to its reportable segments, nor is such information used by the CODM for purposes of assessing performance or allocating resources.
The following table represents long-lived assets, net, which includes property, plant and equipment, net, right-of-use assets and noncurrent deferred income taxes, by geographic location (in thousands):
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Long-lived assets, net | |||||||||||
| U.S. | $ | 343,056 | $ | 375,936 | |||||||
| International | 123,125 | 100,132 | |||||||||
| $ | 466,181 | $ | 476,068 | ||||||||
The following table represents depreciation expense by segment (in thousands):
| Year Ended December 31, | ||||||||||||||||||||
| 2025 | 2024 | 2023 | ||||||||||||||||||
| Depreciation expense | ||||||||||||||||||||
| Contract talent solutions | $ | 24,488 | $ | 26,230 | $ | 25,803 | ||||||||||||||
| Permanent placement talent solutions | 7,958 | 8,533 | 8,786 | |||||||||||||||||
| Protiviti | 17,585 | 17,290 | 16,775 | |||||||||||||||||
| $ | 50,031 | $ | 52,053 | $ | 51,364 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 14, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 15, 2019 | |
| 2017 | Feb 20, 2018 | |
| 2016 | Feb 13, 2017 | |
| 2015 | Feb 17, 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.