S&P Global Inc.
S&P Global Inc. is a U.S.-based provider of benchmarks, credit ratings, data, analytics, and workflow tools for capital markets, energy and commodities, and automotive markets. Its businesses include Market Intelligence, Ratings, Energy, Mobility, and S&P Dow Jones Indices, serving customers globally through subscription, transaction, and data-driven offerings.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueData, analytics, research, and workflow solutions for finance, corporate, and government users.
Credit ratings, surveillance, and related analytical services for debt issuers and investors.
Index benchmarks and index-linked data used for investing, licensing, and asset tracking.
Information, pricing, and analytics for energy, chemicals, shipping, metals, carbon, and agriculture markets.
Automotive data, forecasting, and analytics for manufacturers, suppliers, dealers, and service providers.
Products
Reported · share of revenue- Subscription51.3 %
- Non Subscription Transaction20.5 %
- Non Transaction13.4 %
- Asset Linked Fees7.9 %
- Recurring Variable Revenue4.1 %
- Sales Usage Based Royalties2.9 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
S&P Global sells primarily to institutional and enterprise customers that need market data, ratings, benchmarks, and workflow tools to make investment, financing, trading, and risk decisions. Its customer base spans asset managers, banks, insurers, exchanges, corporates, governments, regulators, and automotive industry participants. Many offerings are embedded in daily workflows, which makes the products useful for recurring decision-making and long-term contracts.
Buy market data, analytics, indices, and research to support portfolio construction, valuation, and performance tracking.
Use ratings, credit analytics, bookbuilding tools, and workflow software for underwriting, lending, and trading.
Purchase issuer solutions, credit-related information, and analytics to access capital markets and manage risk.
Buy pricing, intelligence, and analytics to support trading, sourcing, logistics, and market monitoring.
Use mobility data and forecasting to plan production, sales, and aftermarket activity.
Strategy
S&P Global’s strategy centers on strengthening its core franchises in ratings, data, indices, and workflow solutions while expanding adjacent products that deepen customer usage. It also emphasizes technology consolidation, AI-enabled product development, and broader cross-divisional selling to improve discoverability and customer retention.
These businesses anchor recurring customer relationships and support cross-selling across the platform.
AI can improve product utility, speed, and differentiation in data-intensive customer workflows.
Adjacencies broaden the addressable market and deepen wallet share with large enterprise customers.
Geography
Q1/2026S&P Global operates globally, with revenue concentrated in the United States and a large international base across Europe, Asia, and the rest of the world. The company’s products are delivered through global digital platforms and distribution channels, so geography matters mainly through customer location, regulatory regimes, and cross-border data and market access. Its international footprint also exposes it to currency, legal, and geopolitical differences across markets.
Share of the revenue the company reports by geography.
Risks
S&P Global faces cybersecurity, technology, and reputation risks because its products depend on trusted data, digital delivery, and third-party distribution networks. Its global footprint also exposes it to regulatory, geopolitical, currency, and data-localization risks, while ratings and benchmark businesses can face scrutiny over methodology, conflicts, and market sensitivity.
- Global regulatory and geopolitical exposureImpact: HighLikelihood: High
Operations span many jurisdictions with differing laws, data rules, and trade restrictions.
Exposure - Cybersecurity and information-system attacksImpact: HighLikelihood: Medium
The company relies on digital platforms, proprietary data, and third-party networks that are attractive targets.
Exposure - Reputation and methodology riskImpact: HighLikelihood: Medium
Ratings and index businesses depend on market confidence in objectivity and consistency.
Exposure - Third-party dependency riskImpact: MediumLikelihood: Medium
Distribution partners, vendors, and data providers are part of the delivery chain.
Exposure
Accounting
Judgemental itemsSubscriptions, usage-based fees, and advisory services are recognized differently and can shift quarterly timing.
Impact: Affects revenue mix, deferred revenue, and comparability across periods
The company carries significant acquired intangible assets from prior acquisitions.
Impact: Can create non-cash charges if expected cash flows weaken
Customers include large financial institutions and corporates, but credit losses still require judgment.
Impact: Affects receivables and operating results
Acquisitions and legal matters require estimates for fair value and potential liabilities.
Impact: Can affect purchase accounting and future earnings
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Last updated: 24/09/2026