v3.26.1
SEGMENT INFORMATION (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Financial Information by Segment
The table below shows revenue, significant expenses regularly provided to the CODM and Adjusted Operating Income by reportable segment. The CODM, identified as the Company's CEO, utilizes the Adjusted Operating Income measure to assess the profitability of the Company and each of its reportable segments each quarter. Adjusted Operating Income is used in our budgeting and forecasting process, enabling the allocation of capital resources across the Company's strategic initiatives.
Three Months Ended June 30,
20262025
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$925 $1,260 $— $2,185 $888 $1,010 $— $1,898 
Intersegment revenue3 52 (55)— 3 50 (53)— 
Revenue928 1,312 (55)2,185 891 1,060 (53)1,898 
Compensation expense
357 306 — 663 355 280 — 635 
Non-compensation expense
207 107 — 314 200 97 — 297 
Intersegment expense
52 3 (55)— 50 3 (53)— 
Total616 416 (55)977 605 380 (53)932 
Adjusted Operating Income$312 $896 $— $1,208 $286 $680 $— $966 
Less:

Depreciation and
amortization		102 24 — 126 97 23 — 120 
Restructuring27 5 — 32 18 9 — 27 
Reserve for international non-income tax obligation
2 — — 2 — — — — 
Duplicate Rent1 1 — 2 — — — — 
Charges related to asset abandonment— — — — 1 — — 1 
Operating Income$1,046 $818 
Non-operating income (expense), net$125 $(46)
Income before provision for income taxes
$1,171 $772 
Six Months Ended June 30,
20262025
MA
MIS
Eliminations
Consolidated
MA
MIS
Eliminations
Consolidated
Total external revenue$1,851 $2,413 $— $4,264 $1,747 $2,075 $— $3,822 
Intersegment revenue6 103 (109)— 6 99 (105)— 
Revenue1,857 2,516 (109)4,264 1,753 2,174 (105)3,822 
Compensation expense
731 613 — 1,344 717 560 — 1,277 
Non-compensation expense
409 198 — 607 392 193 — 585 
Intersegment expense
103 6 (109)— 99 6 (105)— 
Total
1,243 817 (109)1,951 1,208 759 (105)1,862 
Adjusted Operating Income$614 $1,699 $— $2,313 $545 $1,415 $— $1,960 
Less:

Depreciation and
amortization		202 46 — 248 191 42 — 233 
Restructuring47 12 — 59 44 16 — 60 
Reserve for international non-income tax obligation
36 — — 36 — — — — 
Duplicate Rent1 1 — 2 — — — — 
Charges related to asset abandonment— — — — 3 — — 3 
Operating Income$1,968 $1,664 
Non-operating income (expense), net$73 $(88)
Income before provision for income taxes
$2,041 $1,576 
Restructuring Expenses Included in Consolidated Statements of Operations
Total expense included in the accompanying consolidated statements of operations relating to the aforementioned restructuring program is below:
Three months ended June 30,Six months ended June 30,Cumulative expense incurred
2026202520262025
Strategic and Operational Efficiency Restructuring Program
Personnel and related costs (1)
$32 $23 $57 $54 $203 
Real estate-related costs (2)
— 2 1 4 5 
Internally developed software-related charges (3)
— 2 1 2 4 
Total Restructuring$32 $27 $59 $60 $212 
(1) Primarily includes severance costs, expense related to the modification of equity awards, professional service fees for assistance with the reorganization of the Company's workforce and operating model and costs associated with the divestiture of the MA Regulatory Solutions business.
(2) Includes the incremental amortization of ROU Assets that have been abandoned or for which abandonment is planned in future periods.
(3) Includes the incremental amortization in the period relating to a change in estimated useful lives for certain internally developed software that has been abandoned or for which abandonment is planned in future periods.
The table below shows cumulative restructuring expense incurred through June 30, 2026 by reportable segment.
MAMISTotal
Strategic and Operational Efficiency Restructuring Program
$158 $54 $212 
Company's Reportable Segment Revenues Disaggregated by Segment and Geographic Region
The following table presents the Company’s reportable segment revenues disaggregated by segment and geographic region:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
MA:
U.S.$409 $381 $808 $756 
Non-U.S.:
EMEA361 347 735 678 
Asia-Pacific89 92 181 180 
Americas66 68 127 133 
Total Non-U.S.516 507 1,043 991 
Total MA925 888 1,851 1,747 
MIS:
U.S.809 611 1,590 1,301 
Non-U.S.:
EMEA289 266 530 504 
Asia-Pacific107 82 192 161 
Americas55 51 101 109 
Total Non-U.S.451 399 823 774 
Total MIS1,260 1,010 2,413 2,075 
Total MCO$2,185 $1,898 $4,264 $3,822 
    
Three Months Ended June 30,
Six Months Ended June 30,
2026202520262025
United States$1,218 $992 $2,398 $2,057 
Non-U.S.:
EMEA650 613 1,265 1,182 
Asia-Pacific196 174 373 341 
Americas121 119 228 242 
Total Non-U.S.967 906 1,866 1,765 
Total$2,185 $1,898 $4,264 $3,822