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 | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Ratings | $1.11B 29.3% | $1.11B 29.4% | $1.26B 30.1% | $1.29B 31.2% |
| Market Intelligence | $1.20B 31.7% | $1.21B 32.3% | $1.29B 31.0% | $1.29B 31.0% |
| Energy | $612.0M 16.2% | $555.0M 14.8% | $652.0M 15.6% | $568.0M 13.7% |
| Indices | $442.0M 11.7% | $443.0M 11.8% | $516.0M 12.4% | $531.0M 12.8% |
| Mobility | $420.0M 11.1% | $438.0M 11.7% | $454.0M 10.9% | $468.0M 11.3% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Ratings | $757.0M 68.4% | $715.0M 64.7% | $881.0M 70.1% | $913.0M 70.6% |
| Market Intelligence | $220.0M 18.4% | $259.0M 21.3% | $440.0M 34.1% | $293.0M 22.8% |
| Energy | $255.0M 41.7% | $233.0M 42.0% | $287.0M 44.0% | $233.0M 41.0% |
| Indices | $315.0M 71.3% | $309.0M 69.8% | $372.0M 72.1% | $373.0M 70.2% |
| Mobility | $86.0M 20.5% | $104.0M 23.7% | $93.0M 20.5% | $104.0M 22.2% |
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 | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| UNITED STATES | $2.34B 62.0% | $2.27B 60.4% | $2.63B 62.9% | $2.53B 61.0% |
| Europe | $849.0M 22.5% | $863.0M 23.0% | $895.0M 21.5% | $952.0M 23.0% |
| Asia | $382.0M 10.1% | $408.0M 10.9% | $430.0M 10.3% | $440.0M 10.6% |
| Rest Of World | $204.0M 5.4% | $215.0M 5.7% | $221.0M 5.3% | $224.0M 5.4% |
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 | Q1 2025 | Q2 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Subscription | $1.90B 50.3% | $1.95B 52.0% | $2.01B 48.3% | $2.06B 49.8% |
| Non-subscription / Transaction | $850.0M 22.5% | $745.0M 19.8% | $978.0M 23.4% | $895.0M 21.6% |
| Non-transaction | $481.0M 12.7% | $502.0M 13.4% | $538.0M 12.9% | $540.0M 13.0% |
| Asset-linked fees | $288.0M 7.6% | $286.0M 7.6% | $339.0M 8.1% | $348.0M 8.4% |
| Recurring variable revenue | $150.0M 4.0% | $158.0M 4.2% | $169.0M 4.1% | $173.0M 4.2% |
| Sales usage-based royalties | $110.0M 2.9% | $110.0M 2.9% | $133.0M 3.2% | $126.0M 3.0% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Operating metrics
Operating metrics are the figures a company uses to measure its own business — customer counts, stores, deliveries or the churn rate. None of them appear in the financial statements, and they often explain earlier than revenue does why revenue is moving.
| Metric | Q2 2025 | Q3 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|
| Billed investment-grade issuance | $429.00B | $392.00B | – | $539.00B +25.6% |
These metrics are not part of the financial statements; they sit in the narrative text of the filings. We read them out of the SEC filings using artificial intelligence and check every single figure against the original passage in the report; anything that is not found there verbatim is discarded. Source: SEC EDGAR (annual and quarterly reports, 10-K/10-Q).
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: September 22, 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.