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• Huron is like the consulting division of a major professional services firm such as Deloitte or PwC.
• Huron is a professional services firm that helps organizations with strategy, operations, and technology, similar to a smaller, more specialized Accenture.

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• Strategy and Business Transformation: Huron helps organizations define their future direction, develop strategic plans, and navigate significant organizational change and innovation.
• Operational and Performance Improvement: Services focused on enhancing efficiency, optimizing processes, reducing costs, and improving overall operational performance across various functions.
• Technology and Digital Solutions: Implementing and managing enterprise technology platforms, leveraging data analytics, and developing digital strategies to drive business value and foster innovation.

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Huron Consulting Group (symbol: HURN) primarily sells its professional services to other companies and institutions, making it a B2B (Business-to-Business) firm.

According to its latest 10-K filing for the fiscal year ended December 31, 2023, no single customer accounted for 10% or more of Huron's total consolidated revenues. Therefore, the company does not disclose specific major customer names.

Instead, Huron serves a diverse client base across several key sectors. Its major customer categories include:

• Healthcare Sector: Hospitals, health systems, academic medical centers, payers, and other healthcare provider organizations.
• Education Sector: Colleges, universities, research institutions, and academic medical centers.
• Life Sciences Sector: Pharmaceutical, biotechnology, and medical device companies.
• Commercial Sector: A broad range of organizations across industries such as financial services, energy and utilities, industrial products and services, manufacturing, consumer and retail, and the public sector.

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Mark Hussey, Chief Executive Officer and President

Mark Hussey was appointed CEO of Huron in January 2023 and President in February 2019. He previously served as Chief Operating Officer from February 2014 to July 2022, and as Chief Financial Officer from July 2011 to January 2017. Before joining Huron in 2011, Mr. Hussey spent nine years as CFO of CrossCom National, LLC, a privately held professional IT services organization. He also served as Executive Vice President and CFO for North America at Information Resources Inc. from 2000 to 2002. His career includes senior finance, accounting, and investor relations roles at entities such as EZLinks Golf, Inc., Dominick's Finer Foods, Inc., and The Quaker Oats Company.

John Kelly, Chief Financial Officer and Treasurer

John Kelly was appointed Executive Vice President and Chief Financial Officer of Huron effective January 3, 2017, and has served as Treasurer since February 2016. Prior to these roles, he was Huron's Chief Accounting Officer from February 2015 to January 2017, Controller from November 2012 to February 2015, and Assistant Controller from October 2009. Before joining Huron's Finance and Accounting department, Mr. Kelly was a Director in the Company's Disputes and Investigations practice. He previously held several positions within Deloitte & Touche's Assurance and Advisory Services group, most recently as a Senior Manager, before joining Huron in December 2006.

Ronnie Dail, Chief Operating Officer

Ronnie Dail was appointed Chief Operating Officer effective July 1, 2022. He brings over 30 years of management consulting experience, primarily focused on leading large-scale transformations for healthcare payors and providers. Mr. Dail joined Stockamp & Associates in 2004, which Huron acquired in 2008. Earlier in his career, he spent 12 years at Accenture (formerly Andersen Consulting LLP), specializing in complex program management, strategic planning, systems integration, and process improvement initiatives.

Kristen Bruner, Chief Human Resources Officer

Kristen Bruner serves as Huron's chief human resources officer and corporate vice president, bringing more than 25 years of experience to her role.

Hope Katz, Executive Vice President, General Counsel and Corporate Secretary

Hope Katz serves as executive vice president, general counsel, and corporate secretary for Huron, leading the company's legal, compliance, and governance functions.

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1. Intense Industry Competition and Pricing Pressure: Huron operates in a highly competitive consulting market, facing pressure from large multinational corporations, niche specialized firms, and increasingly, private equity-backed entrants. This competitive landscape can lead to significant pricing pressure on services, a reduction in available project opportunities, and challenges in both attracting and retaining highly skilled consultants. The need for continuous innovation and differentiation is crucial for Huron to maintain its market share and profitability.
2. Reliance on Acquisitions and Integration Risks: Huron's strategy to expand its expertise and offerings, particularly in digital transformation and recurring revenue streams, heavily involves acquisitions. While acquisitions can drive growth, this approach inherently introduces execution risks, as evidenced by past goodwill write-downs and modest acquisition paybacks. The successful and efficient integration of acquired entities is critical for realizing the expected benefits and avoiding disruptions to its business model.
3. Client Concentration and Regulatory/Economic Sensitivity in Healthcare and Education: Huron's specialization in the healthcare and education sectors, while a competitive strength, also presents concentration risks. Both industries are highly susceptible to changes in regulatory environments (such as shifts in healthcare reimbursement models or evolving higher education regulations) and broader economic downturns. Such external factors can directly lead to reduced client spending, delays or cancellations of consulting projects, and ultimately, negatively impact Huron's revenue and profitability. For instance, recent regulatory legislation has caused healthcare clients to prioritize immediate financial stability, affecting longer-term digital transformation projects.

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Huron Consulting Group (HURN) operates across several main product and service areas, with their addressable markets primarily focused within the United States. According to Huron's investor presentations, the estimated addressable markets for their core segments are as follows:

• Healthcare: The addressable market for Huron's healthcare services is estimated to be approximately $63 billion. This market size is primarily for the U.S. region, supported by underlying data from U.S.-centric reports on healthcare consultants, revenue cycle management, and IT spending in the healthcare and life sciences sectors.
• Education: For their education-related services, Huron identifies an addressable market of around $35 billion. This figure largely pertains to the U.S. market, based on data from the Integrated Postsecondary Education System (IPEDS) and Gartner's IT spending forecasts for education.
• Commercial Industries: Huron's commercial segment encompasses several industries, for which they identify the following addressable market sizes in the U.S.:
  • Financial Services: Approximately $23 billion.
  • Energy & Utilities: Approximately $22 billion.
  • Industrials & Manufacturing: Approximately $36 billion.
  • Public Sector: Approximately $43 billion.

Overall, Huron Consulting estimates its total addressable market (TAM) across these core end markets to be over $220 billion.

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Huron Consulting Group (HURN) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

1. Sustained Growth in Healthcare and Education Segments: Huron maintains leading market positions in the healthcare and education sectors, which are anticipated to continue their accelerated growth. The company sees strong demand for its performance improvement, financial advisory, consulting, and managed services in healthcare. Similarly, the education segment is experiencing robust demand for strategy and operations services, as well as digital and software offerings.
2. Expansion and Diversification of the Commercial Segment: Huron's commercial industry segment is a crucial driver, providing new avenues for growth and balancing its portfolio. This segment has shown significant growth, fueled by strong demand for digital offerings and strategic acquisitions.
3. Growth of Global Digital Capabilities and Offerings: The company is actively investing in and expanding its digital capabilities across all operating segments. This includes leveraging emerging technologies such as artificial intelligence (AI) and automation to enhance its integrated digital platform and support its growth trajectory.
4. Strategic Acquisitions (Programmatic M&A): Huron is committed to a programmatic inorganic growth strategy, utilizing strategic capital deployment to acquire businesses that enhance its offerings and market presence. Recent acquisitions, such as Eclipse Insights, Traliant, AXIA Consulting, and Wilson Perumal, have already contributed to revenue growth and are expected to continue to do so.
5. Strong Demand for Consulting and Managed Services: Across its diverse client base, Huron is experiencing consistent and strong demand for its core consulting and managed services capabilities. This reflects clients' ongoing need for expert assistance in navigating complex challenges, optimizing operations, and accelerating digital transformation.

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Share Repurchases

• On March 14, 2025, Huron Consulting's Board of Directors authorized a $200 million increase to its share repurchase program, bringing the total authorization to $700 million. This program is extended through December 31, 2026.
• As of October 28, 2025, Huron had completed repurchases totaling $589.43 million under a buyback plan initiated on November 20, 2020.
• In 2024, Huron returned $122.2 million to shareholders by repurchasing 1,218,434 shares of its common stock. In 2023, the company repurchased 1,461,815 shares for $123.6 million. [cite: 23 in first search result block]

Outbound Investments

• Huron has made 11 acquisitions in the last five years to expand its capabilities and market position. [cite: 6 in first search result block]
• Recent acquisitions include Treliant (August 2025), the payor consulting services division of AXIOM Systems (November 2025), Eclipse Insights (June 2025 agreement), AXIA Consulting (December 2024), and Grenzebach Glier (February 2024). [cite: 3 in first search result block, 10 in first search result block, 12 in first search result block, 18 in first search result block, 25 in first search result block]
• Acquisitions are a strategic driver for Huron, contributing approximately two-thirds of its growth from 2015 to 2024, with $475 million incurred on net acquisitions during this period. [cite: 9 in first search result block]

Capital Expenditures

• Huron's capital expenditures were $32.6 million in 2024.
• For 2023, the company projected capital expenditures in the range of $30 million to $35 million. For 2022, the estimate was $20 million to $25 million.
• Capital expenditures are primarily focused on strengthening the business, advancing its integrated digital platform, and enhancing its portfolio to support growth and client impact.