What changed in this filing

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Item 1. Business

2026-02-24 compared with 2025-02-25 · 67 added, 51 removed, 130 unchanged (48% of the section changed)

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By embracing diverse perspectives, encouraging new ideas and challenging the status quo, we create sustainable results for the organizations we serve.

We are headquartered in Chicago, Illinois, with additional locations in the United States and abroad in Canada, India, Singapore and Switzerland.

We are headquartered in Chicago, Illinois, with additional locations in the United States and abroad in Canada, France, India, Poland, Singapore, Switzerland and the United Kingdom.

The combination of our deep industry expertise and breadth of our offerings is the foundation of our growth strategy and why our clients choose Huron as their trusted advisor.

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• Rapidly Growing Global Digital Capability:

As data and technology persist and evolve across industries, Huron’s ability to provide a broad portfolio of digital offerings that support the strategic and operational needs of its clients is at the foundation of the Company’s strategy.

As data, technology and artificial intelligence (“AI”) evolve across industries, Huron’s ability to provide a broad portfolio of digital offerings that support the strategic and operational needs of its clients globally is at the foundation of the Company’s strategy.

Huron will continue to advance its integrated digital platform to support its strong growth trajectory.

• Solid Foundation for Margin Expansion:

The Company is well-positioned to further achieve margin expansion as well as strong annual adjusted diluted earnings per share growth.

We are committed to operating income margin expansion by growing the areas of the business that provide the most attractive returns, improving the operational efficiency of our delivery for clients, utilizing our global delivery platform in India, and scaling our selling, general, and administrative expenses as we grow.

The Company continues to be well-positioned to further achieve margin expansion as well as strong annual adjusted diluted earnings per share growth.

We are committed to operating income margin expansion by growing the areas of the business that provide the most attractive returns, improving our pricing realization and the operational

efficiency of our delivery for clients, utilizing our global delivery platform across regions, and scaling our selling, general, and administrative expenses as we grow.

• Strong Balance Sheet and Cash Flows:

A resilient, flexible balance sheet is the foundation of our financial strength, and strong free cash flows have and will continue to be the hallmark of Huron’s business model.

The Company is committed to deploying capital in a strategic and balanced way, including returning capital to shareholders and executing strategic, tuck-in acquisitions.

The Company is committed to deploying capital in a strategic and balanced way, including returning capital to shareholders and executing strategic, tuck-in acquisitions while prudently managing our leverage ratio.

OUR SERVICES AND PRODUCTS

We provide our services and products and manage our business under three operating segments - Healthcare, Education, and Commercial - which aligns our business by industry.

The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services, energy and utilities, industrials and manufacturing, and the public sector.

The Commercial segment includes all industries outside of healthcare and education, including, but not limited to, financial services, industrials and manufacturing, energy and utilities, and the public sector.

We also provide revenue reporting across two principal capabilities:

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and long-term care or post-acute providers.

Our healthcare-focused services and products include financial and operational performance improvement consulting, which spans revenue cycle, business operations and care delivery transformation;

digital offerings, spanning technology and analytic-related services, including enterprise health record (“EHR”), enterprise resource planning (“ERP”) and enterprise performance management (“EPM”), customer relationship management (“CRM”), data management, artificial intelligence (“AI”) and automation, and technology managed services, and a portfolio of software products;

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;

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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.

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 services and products include our digital offerings, spanning technology and analytic-related services, including student information systems, ERP and EPM, CRM, data management, AI and automation, and technology managed services and our Huron Research Suite product suite (the leading software suite designed to facilitate and improve research administration service delivery and compliance);

our research-focused consulting and managed services;

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 global philanthropy consulting services, which were bolstered by the acquisition of Grenzebach Glier and Associates in March of 2024.

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.

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 six primary buyers:

the chief executive officer, the chief financial officer, the chief strategy officer, the chief human resources officer, the chief operating officer, and organizational advisors, including lenders and law firms.

We have a deep focus on serving organizations in the financial services, energy and utilities, industrials and manufacturing 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, and strategy and innovation consulting services.

In December 2024, we expanded our Commercial consulting and digital services offerings through the acquisition of AXIA Consulting, a leading provider of supply chain-focused consulting and technology solutions who has deep expertise in the industrials and manufacturing and retail sectors.

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.

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.

Within each of our operating segments, we provide our offerings under two principal capabilities:

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Our Consulting and Managed Services experts help our clients address a variety of strategic, operational, financial, people and organizational-related challenges.

These services are often combined with technology, analytic and data-driven solutions powered by our Digital capability to support long-term relationships with our clients and drive lasting impact.

These services are often combined with technology, analytic, and data- and AI-driven solutions powered by our Digital capability to support long-term relationships with our clients and drive lasting impact.

Examples include the areas of revenue cycle management and research administration managed services and outsourcing at our healthcare, education and research-focused clients, where our projects are often coupled with our digital services and product offerings and management consulting services to sustain improved performance.

Our Digital capabilities represent our technology and analytics services, including technology-related managed services, and software products delivered across industries.

Our Digital experts help clients address a variety of business challenges, including, but not limited to, designing and implementing technologies to accelerate transformation, facilitate data-driven decision making and improve customer and employee experiences.

We have invested organically and inorganically to expand our Digital offerings, which now span beyond traditional ERP implementations into a broader set of administrative systems, industry-specific systems of record and systems of engagement that act as the “digital front door” to an organization.

Our Digital experts help clients address a variety of business challenges, including, but not limited to, the design and implementation of technologies to accelerate transformation, facilitate data-driven decision making, operate more efficiently by leveraging AI- and automation-enabled workflows, and improve customer and employee experiences.

We have invested organically and inorganically to expand our Digital offerings, which now span beyond core systems of record, such as ERP systems, into a broader set of administrative systems, including supply chain management, industry-specific systems of record and systems of engagement that act as the “digital front door” to an organization.

We have grown our data, analytics, AI and automation offerings to deliver a unified and actionable technology ecosystem for our clients.

Through our acquisition of AXIA Consulting, we have also expanded our supply chain management (“SCM”) offerings and broadened our technology portfolio with advanced Microsoft capabilities, while strengthening Huron's ability to empower clients to align their people and processes to support their digital-first goals.

We have expanded our ecosystem to work with more than 25 technology partners.

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a Workday Services, Preferred Channel, Extend, and Application Management Services Partner;

a Microsoft Solutions Partner;

an Amazon Web Services consulting partner;

a Microsoft Solutions Partner, an Informatica Platinum Partner;

an SAP Concur implementation partner;

and a Boomi Elite Partner.

an Informatica Platinum Partner;

and an SAP Concur implementation partner.

We have also grown our proprietary software product portfolio to address our clients' challenges with solutions that expand our base of recurring revenue and further differentiate our consulting, digital and managed services offerings.

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OUR CLIENTS AND INDUSTRIES

We provide services to both financially sound organizations and organizations in transition across industries, including healthcare, education, financial services, energy and utilities, industrials and manufacturing, public sector and other commercial industries.

We provide services to both financially sound organizations and organizations in transition across industries, including healthcare, education, financial services, industrials and manufacturing, energy and utilities, public sector and other commercial industries.

Our clients span hospitals, health systems and academic medical centers;

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The cornerstone of our human capital strategy lies in both our mission-driven approach and an enduring belief that great leaders and engaged coaches cultivate a work environment where team members feel valued, create deep connections, perform meaningful work and see their future with Huron.

Our unwavering focus extends across every aspect of the employee journey, from the recruitment phase to post-employment or retirement.

Our unwavering focus extends across every aspect of the employee journey, from the recruitment phase to post-

employment or retirement.

We strive to craft a personalized experience for our employees, empowering them to have a meaningful impact on our clients, communities, and each other.

In 2025, Huron received widespread recognition as an employer of choice.

For the fourteenth consecutive year, Consulting Magazine named Huron a ‘‘Best Firm to Work For,’’ acknowledging our strong commitment to our people, our values, our clients and the communities we serve.

For the fifteenth consecutive year, Consulting Magazine named Huron a “Best Firm to Work For,” acknowledging our strong commitment to our people, our values, our clients and the communities we serve.

Additionally, we were recognized by:

• Great Place to Work® in the United States, Canada, India, Singapore, and the U.K.;

• Fortune as one of the “Best Workplaces in Consulting & Professional Services™”;

• Glassdoor as a “Best Place to Work”;

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• Forbes as one of the “World’s Best Management Consulting Firms,” one of “America’s Best Management Consulting Firms,” and one of “America's Best Employers for Women”;

News and World Report as one of the ‘‘Best Companies to Work For’’ and one of the ‘‘Best Places to Work for Supporting Family Caregiving’’

• Vault as #4 in Consulting Internships

News and World Report as a top company to work for in the Midwest and in the Consulting and Human Resources industry;

• Vault as a “Top Ranked Internship” across multiple categories, including “Best Consulting Internships,” “Best Internships for Overall Inclusion,” and “Best Internships for Training and Mentoring.”

In addition to external recognitions, we monitor human capital-related internal metrics.

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As of December 31, 2025, our workforce was comprised of approximately 8,610 full-time professionals.

• Our nearly 270 managing directors and principals actively play a pivotal role in serving our clients, acting as strategic business advisors, coaches, and industry experts and collaborating with organizations and their leaders to tackle complex business challenges.

Managing directors and principals lead our revenue-generating sales and client service efforts, innovation and the development of our intellectual capital, foster the growth of our people, and act as stewards of our organizational culture.

• Our 305 managing directors and principals actively play a pivotal role in serving our clients, acting as strategic business advisors, coaches, and industry experts and collaborating with organizations and their leaders to tackle complex business challenges.

Managing directors and principals lead our revenue-generating sales and client service efforts, innovation and the development of our intellectual capital;

foster the growth of our people;

and act as stewards of our organizational culture.

Together, our managing directors and principals contribute significantly to our market reputation, addressing clients' challenges and ensuring the highest quality delivery of our engagements.

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• Senior directors, directors, senior managers and managers are primarily focused on managing day-to-day client relationships and our engagement teams while overseeing the delivery and quality of our work as well as developing our people and nurturing our collaborative culture.

• Associates and analysts focus on meeting client commitments by gathering and organizing data, conducting detailed analyses, crafting materials that synthesize information to support our recommendations, and implement financial, operational, and technology and analytic solutions to execute on the recommendations we provide to clients.

• Associates and analysts focus on meeting client commitments by gathering and organizing data, conducting detailed analyses, crafting materials that synthesize information to support our recommendations, and implementing financial, operational, and technology and analytic solutions that execute on the recommendations we provide to clients.

• Our functional professionals, who are led by our executives and corporate vice presidents, comprise Huron’s enterprise functional teams, including corporate development, facilities, finance and accounting, human resources, information technology, legal, marketing and operations.

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We continue to:

• Facilitate an interactive two-day orientation curriculum for newly hired employees to ensure a smooth induction into the organization.

• Offer just-in-time, 1:1 coaching and training opportunities that inform and prepare leaders and coaches to excel in moments that matter for our employees.

• Strive to develop world class leaders, guided by our values and leadership principles, by delivering programs and opportunities, such as our Senior Director Cohort, Milestone schools and Sponsorship program, which focus on key leadership behaviors.

• Provide access to a variety of learning opportunities that are offered through multiple modalities to further develop employees’ skills, including technical knowledge, EQ capabilities, team dynamics, and a proficiency in coaching and developing others.

• Facilitate a two-day orientation curriculum that ensures a smooth transition for new employees and fosters engagement through leadership-led welcome sessions;

• Offer just-in-time, 1:1 coaching and training opportunities, such as our Coaching at Huron program, that inform and prepare leaders and coaches to excel in moments that matter for our employees;

• Strive to develop world class leaders, guided by our values and leadership principles, by delivering programs and opportunities, such as our Senior Director Cohort, Milestone schools and iLead program, which focus on key leadership behaviors;

• Encourage employees to enhance their professional capabilities through external learning opportunities that certify and validate industry, functional and technical skills;

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We gauge our employee engagement success through various metrics, including:

• Employee engagement score, which was 82 in 2024 and surpassed the Glint Employee Engagement global benchmark of 74;

• Coach quality score, which was 83 in 2024 and above the Glint Coach Quality global benchmark of 82;

• Volunteer hours in our communities, which was nearly 13,000 hours in 2024 delivered by 42% of our total employee population.

• Employee engagement score, which was 83 in 2025 and surpassed the Microsoft Viva Glint Employee Engagement global benchmark of 75;

• Coach quality score, which was 83 in 2025 and above the Microsoft Viva Glint Coach Quality global benchmark of 82;

• Volunteer hours in our communities, which was nearly 16,600 hours in 2025 and delivered by 48% of our total employee population.

Diverse Culture and Community:

Cultivating an environment in which everyone works together, feels included, and has the opportunity to thrive has been a hallmark since our founding.

In 2024, we continued to expand our engagement, development and community building efforts to further strengthen the experience of our global, dynamic employee base.

In 2025, we continued to expand our engagement, development and community building efforts to further strengthen the experience of our global and dynamic employee base.

Specifically, we:

• Launched an enterprise-wide leadership development program for analyst, associate and senior associate levels that consists of open group discussions and a robust curriculum designed to align with the company's core competencies, values, and leadership principles.

• Expanded our Dinner and Dialogue series for our C-Suite to engage with, and learn directly from, small groups represented by our employee resource group (iMatter) teams as a way to build deeper connections.

• Hosted our first iMatter leaders’ summit to enhance collaboration among teams, provide an opportunity to plan for 2025, and recognize the dedication and achievements of iMatter Team leaders.

• Hosted the first integrated, open-access Women in Tech Summit in India marking an exciting expansion of the team's growth in that region, alongside a similar event in North America.

• Launched the First Gen Professionals network to provide a space for individuals to explore their identity, connect with others, and share best practices and career development resources.

• Hosted our fourth Amanda Bonser Leadership Summit in both North America and the Asia-Pacific region bringing together colleagues across the enterprise to connect and learn from one another;

• Extended the Working Families and Pride iMatter teams to the Asia-Pacific region to enhance the communities' reach, impact, and ability to create stronger connections;

• Expanded the iMatter Mentorship Program, which is open to all employees, to provide guidance and support for employees through colleague interaction;

• Continued our Dinner and Dialogue series for our C-Suite to engage with, and learn directly from, small groups represented by our employee resource group (iMatter) teams as a way to build deeper connections.

To learn more about how we continue to execute on our employee and community commitments, refer to our annual Corporate Social Responsibility report, which is available on our investor relations website located at ir.huronconsultinggroup.com.

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BUSINESS DEVELOPMENT AND MARKETING

Our business development and marketing activities are aimed at cultivating relationships, generating leads, and building a strong brand reputation with offices of the C-suite and senior level influencers and decision makers of organizations within our core industries.

We believe excellent service delivery to clients is critical to building and maintaining relationships and sustaining and strengthening our brand reputation, and we emphasize the importance of high-quality client service to all of our employees.

Currently, we generate new business opportunities through the combination of relationships our managing directors and principals have with individuals working at our prospective clients and with our technology partners and marketing activities.

Currently, we generate new business opportunities through the combination of relationships our managing directors and principals have with individuals working at our current and prospective clients and with our technology partners and marketing activities.

We also view market-based collaboration between our employees as a key component in building our business.

Often, the client relationship of an employee in one area

of our business leads to opportunities in another area, enhancing the opportunity to increase wallet share at a specific client.

Often, the client relationship of an employee in one area of our business leads to opportunities in another area, enhancing the opportunity to increase wallet share at a specific client.

All of our managing directors and principals understand their roles in ongoing relationship and business development, which is reinforced through our compensation and incentive programs.

We actively seek to identify new business opportunities and frequently receive referrals and repeat business from past and current clients.

In addition, to complement the business development efforts of our managing directors, we have dedicated business development professionals who are focused exclusively on developing client relationships and generating new business.

In addition, to complement the business development efforts of our managing directors and principals, we have dedicated business development professionals who are focused exclusively on developing client relationships and generating new business.

The professional services industry is extremely competitive, highly fragmented, and constantly evolving.

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We believe the principal competitive factors in our market include reputation, the ability to attract and retain top talent, the capacity to manage engagements effectively and with the highest quality to drive value for clients, and the ability to deliver measurable and sustainable results.

There is also competition on price, although to a lesser extent due to the criticality of the issues that many of our services and products address.

Some competitors have a greater geographic footprint, including a broader international presence, and more resources than we do, but we believe our reputation, industry and capability expertise, and ability to deliver high-value, quality service and measurable results to our clients across a balanced portfolio of offerings and to attract and retain employees with broad capabilities and deep industry expertise enable us to compete favorably in the professional services marketplace.

There is also competition on price, although to a lesser extent due to the criticality of the issues addressed and the value generated by our services and products.

Some competitors have a greater geographic footprint, including a broader international presence, and more resources than we do.

However, we believe our reputation, industry and capability expertise, ability to deliver high-value, quality service and measurable results to our clients across a balanced portfolio of offerings, and ability to attract and retain top talent enable us to compete favorably in the professional services marketplace.

AVAILABLE INFORMATION

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business