S&P Global Inc
spglobal.comHow Do They Make Money?
Subscription sales are the largest source; customers pay for continuing access to data, analytics and software over contract terms, with multi-year agreements generally invoiced annually at the start of each period. Rating fees apply when a rating is issued; index and market-data royalties track assets and trading volumes.
10-K for FY2025, filed Feb 11, 2026For subscription products and services, we generally provide continuous access to dynamic data sets and analytics for a defined period…View ↗
We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. For multi-year agreements, we…View ↗
Transaction revenue is recognized at the point in time when our performance obligation is satisfied by issuing a rating on our customer’s…View ↗
For asset-linked products and services, we provide licenses conveying continuous access to our index and benchmark-related intellectual…View ↗
For sales usage-based royalty products and services, we provide licenses conveying the right to continuous access to our intellectual…View ↗
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10-K for FY2025, filed Feb 11, 2026
FY2025 revenue by product or service ↗
$15.3B
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10-K for FY2025, filed Feb 11, 2026
$15.3B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subscription
Recurring
10-K for FY2025, filed Feb 11, 2026 |
51%
FY2022: 55%
|
Subscription, FY2025
$7.9B Sources
|
Recurring |
|
Non-subscription / Transaction
Sold outright
10-K for FY2025, filed Feb 11, 2026 |
21%
FY2022: 16%
|
Non-subscription / Transaction, FY2025
$3.1B Sources
|
Sold outright |
|
Non-transaction
Recurring
10-K for FY2025, filed Feb 11, 2026 |
13%
FY2022: 15%
|
Non-transaction, FY2025
$2.1B Sources
|
Recurring |
|
Asset-linked fees
Licensed
|
7.9%
FY2022: 7.7%
|
Asset-linked fees, FY2025
$1.2B Sources
|
Licensed |
|
Sales usage-based royalties
Licensed
|
2.9%
FY2022: 2.6%
|
Sales usage-based royalties, FY2025
$444M Sources
|
Licensed |
|
Recurring variable
Usage-based
|
4.1%
FY2022: 3.4%
|
Recurring variable, FY2025
$623M Sources
|
Usage-based |
Who Are Their Customers?
Serves financial institutions, investors and issuers; energy and commodity producers, traders and intermediaries; and automotive manufacturers, suppliers, dealerships and consumers. Products reach customers through both third-party and proprietary channels.
10-K for FY2025, filed Feb 11, 2026S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” the “Registrant,” “we,” “us” or “our”) is a…View ↗
Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. Market…View ↗
With offices in over 25 countries around the world, Ratings is an important part of the world’s financial infrastructure and has played a…View ↗
Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets. Energy provides…View ↗
Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 29 cents of every revenue dollar as net income in FY2025 and turned 36 cents into free cash flow.
10-K for FY2025, filed Feb 11, 2026
$6.5BView ↗
10-K for FY2025, filed Feb 11, 2026
$4.5BView ↗
10-K for FY2025, filed Feb 11, 2026
$5.5BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 28, 2026
Open tableView ↗
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Jul 28, 2026
Gives 2026 revenue growth guidance excluding Mobility
The outlook calls for revenue growth of 5.9% to 7.9%, excluding Mobility.
Sources
8-K, filed Jul 28, 2026
The Company reported pro forma revenue of $3.678 billion, which increased 11% year over year. Pro forma operating margin increased 410…View ↗
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Jul 2, 2026
Completes the separation of Mobility into a public company
Mobility Global became an independent public company, and S&P Global retained no ownership interest.
Sources
8-K, filed Jul 2, 2026
On July 1, 2026 (the “Distribution Date”), at 12:01 a.m. New York City time, the previously-announced separation (the “Separation”) of…View ↗
Growing. Revenue grew 85% in 4 years, from $8.3B in FY2021 to $15.3B in FY2025, about 17% a year.
Engineering business exit
The older report includes Engineering Solutions, which sold engineering standards and technical knowledge; the latest business list omits it after the sale.
10-K for FY2022, filed Feb 10, 2023 10-K for FY2025, filed Feb 11, 2026Our operations consist of six reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings")…View ↗
Engineering SolutionsView ↗
On January 14, 2023, we entered into a securities and asset purchase agreement with Allium Buyer LLC, a Delaware limited liability company…View ↗
Our operations consist of five businesses: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P…View ↗
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