S&P Global Inc
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of S&P Global Inc (SPGI). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Market Intelligence | $2.05B 27.0% | $2.19B 25.9% · +6.8% | $3.80B 34.0% · +73.8% | $4.37B 34.9% · +15.0% | $4.63B 32.6% · +6.1% | $4.90B 32.0% · +5.8% |
| Ratings | $3.61B 47.6% | $4.10B 48.5% · +13.6% | $2.91B 26.0% · -29.1% | $3.18B 25.4% · +9.3% | $4.21B 29.6% · +32.4% | $4.55B 29.7% · +8.1% |
| Energy | – | – | – | $1.95B 15.6% | $2.14B 15.1% · +10.1% | $2.30B 15.0% · +7.3% |
| Indices | $989.0M 13.0% | $1.15B 13.6% · +16.2% | $1.33B 11.9% · +15.6% | $1.39B 11.1% · +4.8% | $1.62B 11.4% · +16.2% | $1.84B 12.0% · +13.7% |
| Mobility | – | – | $1.14B 10.2% | $1.48B 11.9% · +29.9% | $1.61B 11.3% · +8.4% | $1.75B 11.4% · +8.6% |
| Engineering Solutions | $0 0.0% | $0 0.0% | $323.0M 2.9% | $133.0M 1.1% · -58.8% | $0 0.0% · -100.0% | $0 0.0% |
| Commodity Insights | $938.0M 12.4% | $1.01B 12.0% · +7.9% | – | – | – | – |
| Mobility | $0 0.0% | $0 0.0% | – | – | – | – |
| Commodity Insights | – | – | $1.69B 15.1% | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Market Intelligence | $569.0M 27.8% | $676.0M 30.9% | $2.49B 65.5% | $714.0M 16.4% | $875.0M 18.9% | $991.0M 20.2% |
| Ratings | $2.22B 61.6% | $2.63B 64.2% | $1.67B 57.5% | $1.86B 58.7% | $2.71B 64.3% | $3.01B 66.2% |
| Energy | – | – | – | $704.0M 36.2% | $845.0M 39.4% | $943.0M 41.0% |
| Indices | $666.0M 67.3% | $798.0M 69.5% | $927.0M 69.8% | $925.0M 66.5% | $1.10B 68.2% | $1.27B 69.1% |
| Mobility | – | – | $213.0M 18.7% | $260.0M 17.5% | $312.0M 19.4% | $378.0M 21.6% |
| Engineering Solutions | $0 | $0 | $15.0M 4.6% | $19.0M 14.3% | $0 | $0 |
| Commodity Insights | $478.0M 51.0% | $544.0M 53.8% | – | – | – | – |
| Mobility | $0 | $0 | – | – | – | – |
| Commodity Insights | – | – | $591.0M 35.1% | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| UNITED STATES | $4.50B 60.5% | $5.01B 60.4% · +11.3% | $6.65B 59.5% · +32.7% | $7.54B 60.4% · +13.4% | $8.64B 60.8% · +14.6% | $9.32B 60.8% · +7.9% |
| Europe [Member] | $1.77B 23.8% | $2.00B 24.0% · +12.8% | $2.60B 23.2% · +30.2% | $2.82B 22.6% · +8.7% | $3.26B 22.9% · +15.4% | $3.53B 23.0% · +8.4% |
| Asia [Member] | $782.0M 10.5% | $874.0M 10.5% · +11.8% | $1.25B 11.1% · +42.6% | $1.38B 11.0% · +10.4% | $1.49B 10.5% · +8.4% | $1.64B 10.7% · +10.0% |
| Rest Of World [Member] | $387.0M 5.2% | $416.0M 5.0% · +7.5% | $685.0M 6.1% · +64.7% | $758.0M 6.1% · +10.7% | $821.0M 5.8% · +8.3% | $843.0M 5.5% · +2.7% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Subscription | $3.04B 40.8% | $3.26B 39.2% · +7.2% | $6.20B 55.5% · +90.5% | $6.96B 55.7% · +12.3% | $7.35B 51.7% · +5.5% | $7.87B 51.3% · +7.1% |
| Non-subscription / Transaction | $2.03B 27.3% | $2.32B 28.0% · +14.3% | $1.81B 16.2% · -22.1% | $2.09B 16.7% · +15.8% | $2.99B 21.0% · +42.7% | $3.14B 20.5% · +5.3% |
| Non-transaction | $1.50B 20.2% | $1.70B 20.5% · +13.2% | $1.64B 14.7% · -3.4% | $1.73B 13.8% · +5.5% | $1.86B 13.1% · +7.4% | $2.05B 13.4% · +10.5% |
| Asset-linked fees | $648.0M 8.7% | $800.0M 9.6% · +23.5% | $862.0M 7.7% · +7.8% | $859.0M 6.9% · -0.3% | $1.05B 7.4% · +21.8% | $1.21B 7.9% · +15.3% |
| Recurring variable | – | – | $385.0M 3.4% | $504.0M 4.0% · +30.9% | $579.0M 4.1% · +14.9% | $623.0M 4.1% · +7.6% |
| Sales usage-based royalties | $227.0M 3.1% | $224.0M 2.7% · -1.3% | $286.0M 2.6% · +27.7% | $348.0M 2.8% · +21.7% | $393.0M 2.8% · +12.9% | $444.0M 2.9% · +13.0% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 7, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.