S&P Global Inc.SPGI
S&P Global Inc. Segments Disclosure
Segment and Geographic Information
As discussed in Note 1 – Accounting Policies, we have five reportable segments: Market Intelligence, Ratings, Energy, Mobility and Indices.
Our Chief Executive Officer is our chief operating decision-maker (“CODM”) and evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other (income) expense, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments. We use the same accounting policies for our segments as those described in Note 1 – Accounting Policies.
Operating results for the years ended December 31, 2025, 2024 and 2023 are as follows:
| (in millions) | Market Intelligence | Ratings | Energy | Mobility | Indices | Engineering Solutions | Total | ||||||||||||||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||||||||||||||
| Revenue from external customers | $ | 4,902 | $ | 4,549 | $ | 2,299 | $ | 1,747 | $ | 1,839 | $ | — | $ | 15,336 | |||||||||||||||||||||||||||
Intersegment revenue 1 | 14 | 175 | — | — | 11 | — | 200 | ||||||||||||||||||||||||||||||||||
| Revenue | 4,916 | 4,724 | 2,299 | 1,747 | 1,850 | — | 15,536 | ||||||||||||||||||||||||||||||||||
| Intersegment elimination | (200) | ||||||||||||||||||||||||||||||||||||||||
| Total revenue | 15,336 | ||||||||||||||||||||||||||||||||||||||||
Less: segment expenses 2 | 3,246 | 1,645 | 1,205 | 1,051 | 537 | — | 7,684 | ||||||||||||||||||||||||||||||||||
Less: other segment items 3 | 679 | 66 | 151 | 318 | 42 | — | 1,256 | ||||||||||||||||||||||||||||||||||
| Intersegment elimination | (200) | ||||||||||||||||||||||||||||||||||||||||
| Segment operating profit | $ | 991 | $ | 3,013 | $ | 943 | $ | 378 | $ | 1,271 | $ | — | $ | 6,596 | |||||||||||||||||||||||||||
Corporate Unallocated expense 4 | 146 | ||||||||||||||||||||||||||||||||||||||||
| Equity in income on unconsolidated subsidiaries | (28) | ||||||||||||||||||||||||||||||||||||||||
| Operating profit | 6,478 | ||||||||||||||||||||||||||||||||||||||||
| Other income, net | (36) | ||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 287 | ||||||||||||||||||||||||||||||||||||||||
| Income before taxes on income | $ | 6,227 | |||||||||||||||||||||||||||||||||||||||
| (in millions) | Market Intelligence | Ratings | Energy | Mobility | Indices | Engineering Solutions | Total | ||||||||||||||||||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||||||||||||||
| Revenue from external customers | $ | 4,633 | $ | 4,207 | $ | 2,142 | $ | 1,609 | $ | 1,617 | $ | — | $ | 14,208 | |||||||||||||||||||||||||||
Intersegment revenue 1 | 12 | 163 | — | — | 11 | — | 186 | ||||||||||||||||||||||||||||||||||
| Revenue | 4,645 | 4,370 | 2,142 | 1,609 | 1,628 | — | 14,394 | ||||||||||||||||||||||||||||||||||
| Intersegment elimination | (186) | ||||||||||||||||||||||||||||||||||||||||
| Total revenue | 14,208 | ||||||||||||||||||||||||||||||||||||||||
Less: segment expenses 2 | 3,133 | 1,617 | 1,139 | 982 | 483 | — | 7,354 | ||||||||||||||||||||||||||||||||||
Less: other segment items 3 | 637 | 46 | 158 | 315 | 42 | — | 1,198 | ||||||||||||||||||||||||||||||||||
| Intersegment elimination | (186) | ||||||||||||||||||||||||||||||||||||||||
| Segment operating profit | $ | 875 | $ | 2,707 | $ | 845 | $ | 312 | $ | 1,103 | $ | — | $ | 5,842 | |||||||||||||||||||||||||||
Corporate Unallocated expense 4 | 305 | ||||||||||||||||||||||||||||||||||||||||
| Equity in income on unconsolidated subsidiaries | (43) | ||||||||||||||||||||||||||||||||||||||||
| Operating profit | 5,580 | ||||||||||||||||||||||||||||||||||||||||
| Other income, net | (25) | ||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 297 | ||||||||||||||||||||||||||||||||||||||||
| Income before taxes on income | $ | 5,308 | |||||||||||||||||||||||||||||||||||||||
| (in millions) | Market Intelligence | Ratings | Energy | Mobility | Indices | Engineering Solutions | Total | ||||||||||||||||||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||||||||||||||
| Revenue from external customers | $ | 4,365 | $ | 3,177 | $ | 1,946 | $ | 1,484 | $ | 1,392 | $ | 133 | $ | 12,497 | |||||||||||||||||||||||||||
Intersegment revenue 1 | 11 | 155 | — | — | 11 | — | 177 | ||||||||||||||||||||||||||||||||||
| Revenue | $ | 4,376 | $ | 3,332 | $ | 1,946 | $ | 1,484 | $ | 1,403 | $ | 133 | $ | 12,674 | |||||||||||||||||||||||||||
| Intersegment elimination | (177) | ||||||||||||||||||||||||||||||||||||||||
| Total revenue | 12,497 | ||||||||||||||||||||||||||||||||||||||||
Less: segment expenses 2 | 2,933 | 1,449 | 1,049 | 908 | 436 | 113 | 6,888 | ||||||||||||||||||||||||||||||||||
Less: other segment items 3 | 729 | 19 | 193 | 316 | 42 | 1 | 1,300 | ||||||||||||||||||||||||||||||||||
| Intersegment elimination | (177) | ||||||||||||||||||||||||||||||||||||||||
| Segment operating profit | $ | 714 | $ | 1,864 | $ | 704 | $ | 260 | $ | 925 | $ | 19 | $ | 4,486 | |||||||||||||||||||||||||||
Corporate Unallocated expense 4 | 502 | ||||||||||||||||||||||||||||||||||||||||
| Equity in income on unconsolidated subsidiaries | (36) | ||||||||||||||||||||||||||||||||||||||||
| Operating profit | 4,020 | ||||||||||||||||||||||||||||||||||||||||
| Other expense, net | 15 | ||||||||||||||||||||||||||||||||||||||||
| Interest expense, net | 334 | ||||||||||||||||||||||||||||||||||||||||
| Income before taxes on income | $ | 3,671 | |||||||||||||||||||||||||||||||||||||||
1Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2The segment expense category for Market Intelligence, Ratings, Energy, Mobility and Indices for the years ended December 31, 2025, 2024 and 2023 primarily include an aggregation of compensation costs, technology costs and strategic investments. The segment expense category for Engineering Solutions for the year ended December 31, 2023 primarily includes an aggregation of technology costs and compensation costs. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments; however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.
3 Other segment items for the year ended December 31, 2025 for each reportable segment primarily include amortization of intangibles from acquisitions, gain on dispositions and certain items primarily including employee severance charges, acquisition and disposition-related costs, legal costs and Executive Leadership Team transition costs. Other segment items for the years ended December 31, 2024 and 2023 for each reportable segment primarily include amortization of intangibles from acquisitions, (gain) loss on dispositions and certain items primarily including IHS Markit merger costs, employee severance charges and acquisition and disposition-related costs.
4 Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.
The following table presents our revenue disaggregated by revenue type for the years ended December 31:
| (in millions) | Market Intelligence | Ratings | Energy | Mobility | Indices | Engineering Solutions | Intersegment Elimination 1 | Total | |||||||||||||||||||||||||||||||||||||||
| 2025 | |||||||||||||||||||||||||||||||||||||||||||||||
| Subscription | $ | 4,107 | $ | — | $ | 2,016 | $ | 1,422 | $ | 320 | $ | — | $ | — | $ | 7,865 | |||||||||||||||||||||||||||||||
| Non-subscription / Transaction | 186 | 2,470 | 163 | 325 | — | — | — | 3,144 | |||||||||||||||||||||||||||||||||||||||
| Non-transaction | — | 2,254 | — | — | — | — | (200) | 2,054 | |||||||||||||||||||||||||||||||||||||||
| Asset-linked fees | — | — | — | — | 1,206 | — | — | 1,206 | |||||||||||||||||||||||||||||||||||||||
| Sales usage-based royalties | — | — | 120 | — | 324 | — | — | 444 | |||||||||||||||||||||||||||||||||||||||
| Recurring variable | 623 | — | — | — | — | — | — | 623 | |||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 4,916 | $ | 4,724 | $ | 2,299 | $ | 1,747 | $ | 1,850 | $ | — | $ | (200) | $ | 15,336 | |||||||||||||||||||||||||||||||
| Timing of revenue recognition | |||||||||||||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | $ | 186 | $ | 2,470 | $ | 163 | $ | 325 | $ | — | $ | — | $ | — | $ | 3,144 | |||||||||||||||||||||||||||||||
Services transferred over time | 4,730 | 2,254 | 2,136 | 1,422 | 1,850 | — | (200) | 12,192 | |||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 4,916 | $ | 4,724 | $ | 2,299 | $ | 1,747 | $ | 1,850 | $ | — | $ | (200) | $ | 15,336 | |||||||||||||||||||||||||||||||
| (in millions) | Market Intelligence | Ratings | Energy | Mobility | Indices | Engineering Solutions | Intersegment Elimination 1 | Total | |||||||||||||||||||||||||||||||||||||||
| 2024 | |||||||||||||||||||||||||||||||||||||||||||||||
| Subscription | $ | 3,882 | $ | — | $ | 1,873 | $ | 1,299 | $ | 292 | $ | — | $ | — | $ | 7,346 | |||||||||||||||||||||||||||||||
| Non-subscription / Transaction | 184 | 2,326 | 166 | 310 | — | — | — | 2,986 | |||||||||||||||||||||||||||||||||||||||
| Non-transaction | — | 2,044 | — | — | — | — | (186) | 1,858 | |||||||||||||||||||||||||||||||||||||||
| Asset-linked fees | — | — | — | — | 1,046 | — | — | 1,046 | |||||||||||||||||||||||||||||||||||||||
| Sales usage-based royalties | — | — | 103 | — | 290 | — | — | 393 | |||||||||||||||||||||||||||||||||||||||
| Recurring variable | 579 | — | — | — | — | — | — | 579 | |||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 4,645 | $ | 4,370 | $ | 2,142 | $ | 1,609 | $ | 1,628 | $ | — | $ | (186) | $ | 14,208 | |||||||||||||||||||||||||||||||
| Timing of revenue recognition | |||||||||||||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | $ | 184 | $ | 2,326 | $ | 166 | $ | 310 | $ | — | $ | — | $ | — | $ | 2,986 | |||||||||||||||||||||||||||||||
| Services transferred over time | 4,461 | 2,044 | 1,976 | 1,299 | 1,628 | — | (186) | 11,222 | |||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 4,645 | $ | 4,370 | $ | 2,142 | $ | 1,609 | $ | 1,628 | $ | — | $ | (186) | $ | 14,208 | |||||||||||||||||||||||||||||||
| (in millions) | Market Intelligence | Ratings | Energy | Mobility | Indices | Engineering Solutions | Intersegment Elimination 1 | Total | |||||||||||||||||||||||||||||||||||||||
| 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
| Subscription | $ | 3,685 | $ | — | $ | 1,707 | $ | 1,169 | $ | 277 | $ | 125 | $ | — | $ | 6,963 | |||||||||||||||||||||||||||||||
| Non-subscription / Transaction | 187 | 1,425 | 158 | 315 | — | 8 | — | 2,093 | |||||||||||||||||||||||||||||||||||||||
| Non-transaction | — | 1,907 | — | — | — | — | (177) | 1,730 | |||||||||||||||||||||||||||||||||||||||
| Asset-linked fees | — | — | — | — | 859 | — | — | 859 | |||||||||||||||||||||||||||||||||||||||
| Sales usage-based royalties | — | — | 81 | — | 267 | — | — | 348 | |||||||||||||||||||||||||||||||||||||||
| Recurring variable | 504 | — | — | — | — | — | — | 504 | |||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 4,376 | $ | 3,332 | $ | 1,946 | $ | 1,484 | $ | 1,403 | $ | 133 | $ | (177) | $ | 12,497 | |||||||||||||||||||||||||||||||
| Timing of revenue recognition | |||||||||||||||||||||||||||||||||||||||||||||||
Services transferred at a point in time | $ | 187 | $ | 1,425 | $ | 158 | $ | 315 | $ | — | $ | 8 | $ | — | $ | 2,093 | |||||||||||||||||||||||||||||||
Services transferred over time | 4,189 | 1,907 | 1,788 | 1,169 | 1,403 | 125 | (177) | 10,404 | |||||||||||||||||||||||||||||||||||||||
| Total revenue | $ | 4,376 | $ | 3,332 | $ | 1,946 | $ | 1,484 | $ | 1,403 | $ | 133 | $ | (177) | $ | 12,497 | |||||||||||||||||||||||||||||||
1 Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Segment information for the years ended December 31 is as follows:
| (in millions) | Depreciation & Amortization | Capital Expenditures | |||||||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | ||||||||||||||||||||||||||||||
| Market Intelligence | $ | 631 | $ | 627 | $ | 597 | $ | 78 | $ | 61 | $ | 73 | |||||||||||||||||||||||
| Ratings | 32 | 37 | 37 | 64 | 29 | 24 | |||||||||||||||||||||||||||||
| Energy | 138 | 137 | 137 | 11 | 7 | 7 | |||||||||||||||||||||||||||||
| Mobility | 320 | 317 | 314 | 28 | 18 | 22 | |||||||||||||||||||||||||||||
| Indices | 43 | 42 | 42 | 4 | 3 | 13 | |||||||||||||||||||||||||||||
| Engineering Solutions | — | — | 2 | — | — | — | |||||||||||||||||||||||||||||
| Total reportable segments | 1,164 | 1,160 | 1,129 | 185 | 118 | 139 | |||||||||||||||||||||||||||||
| Corporate | 15 | 13 | 14 | 10 | 6 | 4 | |||||||||||||||||||||||||||||
| Total | $ | 1,179 | $ | 1,173 | $ | 1,143 | $ | 195 | $ | 124 | $ | 143 | |||||||||||||||||||||||
Segment information as of December 31 is as follows:
| (in millions) | Total Assets | ||||||||||
| 2025 | 2024 | ||||||||||
| Market Intelligence | $ | 31,234 | $ | 29,478 | |||||||
| Ratings | 1,137 | 1,056 | |||||||||
| Energy | 8,543 | 8,636 | |||||||||
| Mobility | 12,974 | 13,222 | |||||||||
| Indices | 3,378 | 3,200 | |||||||||
| Total reportable segments | 57,266 | 55,592 | |||||||||
Corporate 1 | 3,738 | 4,629 | |||||||||
Assets held for sale 2 | 196 | — | |||||||||
| Total | $ | 61,200 | $ | 60,221 | |||||||
1Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, investments, assets for pension benefits and prepaid income taxes.
2Relates to the anticipated divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment and fixed assets related to our intent to sell our facility in Centennial, Colorado.
We do not have operations in any foreign country that represent more than 7% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue.
The following provides revenue and long-lived assets by geographic region:
| (in millions) | Revenue | Long-lived Assets 1 | |||||||||||||||||||||||||||
| Year ended December 31, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | |||||||||||||||||||||||||
| U.S. | $ | 9,322 | $ | 8,640 | $ | 7,542 | $ | 483 | $ | 483 | |||||||||||||||||||
| European region | 3,531 | 3,256 | 2,822 | 153 | 115 | ||||||||||||||||||||||||
| Asia | 1,640 | 1,491 | 1,375 | 203 | 182 | ||||||||||||||||||||||||
| Rest of the world | 843 | 821 | 758 | 34 | 32 | ||||||||||||||||||||||||
| Total | $ | 15,336 | $ | 14,208 | $ | 12,497 | $ | 873 | $ | 812 | |||||||||||||||||||
| Revenue | Long-lived Assets 1 | ||||||||||||||||||||||||||||
| Year ended December 31, | December 31, | ||||||||||||||||||||||||||||
| 2025 | 2024 | 2023 | 2025 | 2024 | |||||||||||||||||||||||||
| U.S. | 61 | % | 61 | % | 60 | % | 55 | % | 60 | % | |||||||||||||||||||
| European region | 23 | 23 | 23 | 18 | 14 | ||||||||||||||||||||||||
| Asia | 11 | 10 | 11 | 23 | 22 | ||||||||||||||||||||||||
| Rest of the world | 5 | 6 | 6 | 4 | 4 | ||||||||||||||||||||||||
| Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||
1Long-lived assets include right of use assets, property and equipment, net and capitalized technology costs, net.
See Note 2 – Acquisitions and Divestitures and Note 11 – Restructuring, for actions that impacted the segment operating results.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 11, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 8, 2022 | |
| 2020 | Feb 9, 2021 | |
| 2019 | Feb 10, 2020 | |
| 2018 | Feb 13, 2019 | |
| 2017 | Feb 9, 2018 | |
| 2016 | Feb 9, 2017 | |
| 2015 | Feb 12, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.