Segment Information

12 Months Ended

Dec. 31, 2025

As discussed in Note 1 - Nature of Operations and Summary of Significant Accounting Policies, we have organized our

business into the following three reportable segments, based on the different products and services we offer and the markets

we serve:

•Academia & Government. Working with the scientific and academic community, we empower institutions and

libraries to drive research excellence and student outcomes by connecting trusted content, deep expertise, and

responsible innovation. Our A&G segment is home to research, education, and library solutions, including Web of

Science, ProQuest, Ex Libris, and Innovative.

•Intellectual Property. Our comprehensive intellectual property data, software, and expertise helps companies drive

innovation, law firms achieve practice excellence, and organizations worldwide effectively manage and protect

critical intellectual property assets. Our IP segment is home to Derwent Innovation, CompuMark, Innography,

IPfolio, FoundationIP, and other IP solutions.

•Life Sciences & Healthcare. Our connected data, deep expertise, and intelligence platforms empower life sciences

and healthcare organizations with the contextual intelligence needed to deliver safe, effective, and commercially

successful treatments and solutions to patients faster. Our LS&H segment is home to comprehensive solutions used

by pharma, biotech, and medtech companies, including Cortellis, Medtech, Market Access and Commercialization,

and deep consulting expertise.

Our chief operating decision maker (“CODM”) is our chief executive officer (“CEO”), who evaluates performance for our

reportable segments based primarily on revenues and Adjusted EBITDA. Our CEO uses these measures predominantly

during the annual budgeting process and the quarterly forecast update and reporting process to identify and evaluate

investment decisions that provide the best opportunities to accelerate revenue growth and provide incremental margin

improvement. Our CEO does not review assets by segment for the purpose of assessing performance or allocating resources

due to the significant amount of intangible assets acquired through business combinations, as well as the centralized nature of

our working capital management functions.

Significant segment expenses include people-related costs, royalties and other product costs, technology costs (comprised

primarily of software licenses and hosting costs), and outside service costs (comprised primarily of professional services and

contracted labor). Other costs primarily include facilities costs and product marketing costs.

Adjusted EBITDA represents Net income (loss) before the Provision (benefit) for income taxes, Depreciation and

amortization, and Interest expense, net, adjusted to exclude share-based compensation, impairments, restructuring expenses,

the impact of certain non-cash fair value adjustments on financial instruments, acquisition and/or disposal-related transaction

costs, unrealized foreign currency gains/losses, legal settlements, and other items that are included in Net income (loss) for

the period that we do not consider indicative of our ongoing operating performance.

The following table summarizes reportable segment revenues, expenses, and profit and provides a reconciliation of total

reportable segment Adjusted EBITDA to Net income (loss) for the periods indicated:


	Year Ended December 31,
	2025	2024	2023
Academia & Government
Revenues	$1,266.0	$1,326.4	$1,323.3
People-related costs	(342.7)	(349.7)	(352.8)
Royalties and other product costs	(215.4)	(248.5)	(247.7)
Technology costs	(78.8)	(80.5)	(75.6)
Outside service costs	(33.8)	(39.9)	(43.0)
Other costs	(47.3)	(44.0)	(45.7)
A&G Adjusted EBITDA	$548.0	$563.8	$558.5
Intellectual Property
Revenues	$799.4	$811.4	$862.7
People-related costs	(294.4)	(283.3)	(277.7)
Royalties and other product costs	(75.5)	(76.1)	(91.3)
Technology costs	(50.9)	(46.3)	(44.6)
Outside service costs	(20.9)	(21.1)	(22.7)
Other costs	(23.6)	(26.1)	(26.0)
IP Adjusted EBITDA	$334.1	$358.5	$400.4
Life Sciences & Healthcare
Revenues	$389.8	$418.9	$442.8
People-related costs	(183.2)	(190.8)	(188.0)
Royalties and other product costs	(37.3)	(37.6)	(43.5)
Technology costs	(28.6)	(27.1)	(24.5)
Outside service costs	(10.6)	(13.0)	(14.4)
Other costs	(10.4)	(12.3)	(14.1)
LS&H Adjusted EBITDA	$119.7	$138.1	$158.3
Total Reportable Segments
Revenues	$2,455.2	$2,556.7	$2,628.8
People-related costs	(820.3)	(823.8)	(818.5)
Royalties and other product costs	(328.2)	(362.2)	(382.5)
Technology costs	(158.3)	(153.9)	(144.7)
Outside service costs	(65.3)	(74.0)	(80.1)
Other costs	(81.3)	(82.4)	(85.8)
Total Reportable Segments Adjusted EBITDA	$1,001.8	$1,060.4	$1,117.2
Benefit (provision) for income taxes	(7.2)	(82.9)	101.3
Depreciation and amortization	(757.2)	(727.0)	(708.3)
Interest expense, net	(265.4)	(283.4)	(293.7)
Share-based compensation expense	(63.0)	(60.6)	(108.9)
Goodwill and intangible asset impairments	(15.0)	(540.7)	(979.9)
Restructuring and lease impairments	(50.7)	(19.6)	(40.0)
Fair value adjustment of warrants	—	5.2	15.9
Transaction related costs	(22.5)	(17.9)	(8.2)
Other(1)	(21.9)	29.8	(6.6)
Net income (loss)	$(201.1)	$(636.7)	$(911.2)
(1) Includes the net impact of unrealized foreign currency gains and losses and other items that do not reflect our ongoing operating performance. This amount includes a net gain on sale of $54.7 from divestitures in 2024 and a gain of $49.4 related to a legal settlement in 2023. See Note 2 - Acquisitions and Divestitures and Note 16 - Commitments and Contingencies for further details.

Long-Lived Assets by Geography

The following table summarizes our long-lived assets by geography, based on physical location. Long-lived assets consist of

Property and equipment, net and Operating lease right-of-use assets and exclude Goodwill, Other intangible assets, net,

Deferred income taxes, and Other assets.


	Year Ended December 31,
	2025	2024
U.S.	$28.7	$35.0
India	17.0	18.9
U.K.	15.6	18.1
All other	38.0	35.1
Total long-lived assets	$99.3	$107.1

Commitments and Contingencies

Lawsuits and Legal Claims

We are engaged in various legal proceedings, claims, audits, and investigations that have arisen in the ordinary course of

business. These matters may include among others, antitrust/competition claims, intellectual property infringement claims,

employment matters, and commercial matters. The outcome of the matters against us are subject to future resolution,

including the uncertainties of litigation.

From time to time, we are involved in litigation in the ordinary course of our business, including claims or contingencies that

may arise related to matters occurring prior to our acquisition of businesses. At the present time, primarily because the

matters are generally in early stages, we can give no assurance as to the outcome of any pending litigation to which we are

currently a party, and we are unable to determine the ultimate resolution of these matters or the effect they may have on us.

We have and will continue to vigorously defend ourselves against these claims. We maintain appropriate levels of insurance,

which we expect are likely to provide coverage for some of these liabilities or other losses that may arise from these litigation

matters.

During the year ended December 31, 2023, we reached settlement related to a large legal claim, which was covered by

insurance. We recognized a total gain on settlement of $49.4 which is included in Other operating expense (income), net in

the Consolidated Statement of Operations.

Between January and March 2022, three putative securities class action complaints were filed in the United States District

Court for the Eastern District of New York against Clarivate and certain of its executives and directors alleging that there

were weaknesses in the Company’s internal controls over financial reporting and financial reporting procedures that it failed

to disclose in violation of federal securities law. The complaints were consolidated into a single proceeding on May 18, 2022.

On August 8, 2022, plaintiffs filed a consolidated amended complaint, seeking damages on behalf of a putative class of

shareholders who acquired Clarivate securities between July 30, 2020, and February 2, 2022, and/or acquired Clarivate

ordinary or preferred shares in connection with offerings on June 10, 2021, or Clarivate ordinary shares in connection with a

September 13, 2021, offering. The amended complaint, like the prior complaints, references an error in the accounting

treatment of an equity plan included in the Company’s 2020 business combination with CPA Global that was disclosed on

December 27, 2021, and related restatements issued on February 3, 2022, of certain of the Company’s previously issued

financial statements. The amended complaint also alleges that the Company and certain of its executives and directors made

false or misleading statements relating to the Company’s product quality and expected organic revenues and organic growth

rate, and that they failed to disclose significant known changes to the Company’s business model. Defendants moved to

dismiss the amended complaint on October 7, 2022. Without deciding the motion, the court entered an order on June 23,

2023, allowing plaintiffs limited leave to amend, and plaintiffs filed an amended complaint on July 14, 2023. On August 10,

2023, the court issued an order deeming defendants’ prior motions and briefs to be directed at the amended complaint and

permitting defendants to file supplemental briefs to address the new allegations in the amended complaint. Supplemental

briefing on the motions was completed on September 8, 2023. Defendants’ motions to dismiss the amended complaint are

currently pending.

In a separate but related litigation, on June 7, 2022, a class action was filed in Pennsylvania state court in the Court of

Common Pleas of Philadelphia asserting claims under the Securities Act of 1933, based on substantially similar allegations,

with respect to alleged misstatements and omissions in the offering documents for two issuances of Clarivate ordinary shares

in June and September 2021. The Company moved to stay this proceeding on August 19, 2022, and filed its preliminary

objections to the state court complaint on October 21, 2022. After granting a partial stay on January 4, 2023, the court denied

a further stay of the proceedings on April 17, 2023. On April 24, 2024, the court sustained the Company’s preliminary

objections, but permitted plaintiff leave to file an amended complaint, which plaintiff filed on May 28, 2024. On August 29,

2024, plaintiff filed a second amended complaint, to which the Company filed preliminary objections on September 30, 2024.

On April 25, 2025, the court issued an order permitting the parties to take discovery on issues raised in the Company’s

preliminary objections related to standing, and to file supplemental briefs upon completion of such discovery. The parties

filed their supplemental briefs on December 9, 2025. On February 18, 2026, following oral argument, the court entered an

order sustaining in part the preliminary objections for plaintiff’s failure to plead standing, dismissing the second amended

complaint without prejudice, with leave for plaintiff to file a third amended complaint, and overruling the remainder of the

preliminary objections without prejudice to being reasserted, if appropriate, in response to any third amended complaint.

Clarivate does not believe that the claims alleged against it have merit and will vigorously defend against them. Given the

early stage of the proceedings, we are unable to estimate the reasonably possible loss or range of loss, if any, arising from

these matters.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CLARIVATE PLC 10-K