58-61
Operating Division Trends*

U.S. GAAP

Ratings (1, 2)

Total Revenue

(dollars in millions)

'17
'18
'19
'20
'21
$2,988
$2,883
$3,106
$3,606
$4,097

Total Operating Profit

(dollars in millions)

'17
'18
'19
'20
'21
$1,517
$1,554
$1,783
$2,223
$2,629

Operating Profit Margin

'17
'18
'19
'20
'21
50.8%
53.9%
57.4%
61.6%
64.2%

Market Intelligence (1, 4)

Total Revenue

(dollars in millions)

'17
'18
'19
'20
'21
$1,683
$1,833
$1,959
$2,106
$2,247

Total Operating Profit

(dollars in millions)

'17
'18
'19
'20
'21
$457
$500
$566
$589
$703

Operating Profit Margin

'17
'18
'19
'20
'21
27.2%
27.3%
28.9%
28.0%
31.3%

Platts(5)

Total Revenue

(dollars in millions)

'17
'18
'19
'20
'21
$774
$815
$844
$878
$950

Total Operating Profit

(dollars in millions)

'17
'18
'19
'20
'21
$326
$401
$457
$458
$517

Operating Profit Margin

'17
'18
'19
'20
'21
42.1%
49.3%
54.1%
52.1%
54.4%

Indices (6)

Total Revenue

(dollars in millions)

'17
'18
'19
'20
'21
$728
$837
$918
$989
$1,149

Total Operating Profit

(dollars in millions)

'17
'18
'19
'20
'21
$478
$566
$632
$666
$798

Operating Profit Margin

'17
'18
'19
'20
'21
65.7%
67.6%
68.9%
67.4%
69.5%

Revenue

(dollars in millions)

2017

2018

2019

2020

2021

Ratings (1)

$2,988

$2,883

$3,106

$3,606

$4,097

% increase/(decrease)

18%

(4)%

8%

16%

14%

% of total

49%

46%

46%

48%

49%

Market Intelligence (1, 4)

$1,683

$1,833

$1,959

$2,106

$2,247

% increase/(decrease)

1%

9%

7%

8%

7%

% of total

28%

29%

29%

28%

27%

Platts (5)

$774

$815

$844

$878

$950

% increase/(decrease)

(16)%

5%

4%

4%

8%

% of total

13%

13%

13%

12%

11%

Indices

$728

$837

$918

$989

$1,149

% increase/(decrease)

14%

15%

10%

8%

16%

% of total

12%

13%

14%

13%

14%

Corporate

$15

% increase/(decrease)

N/M

N/M

N/M

N/M

N/M

% of total

0%

0%

0%

0%

0%

Interdivision elimination

$(110)

$(125)

$(128)

$(137)

$(146)

Total SPGI revenue

$6,063

$6,258

$6,699

$7,442

$8,297

% increase/(decrease)

7%

3%

7%

11%

11%

2017

2018

2019

2020

2021

Ratings (1)

$2,988

$2,883

$3,106

$3,606

$4,097

% increase/(decrease)

18%

(4)%

8%

16%

14%

% of total

49%

46%

46%

48%

49%

Market Intelligence (1, 4)

$1,683

$1,833

$1,959

$2,106

$2,247

% increase/(decrease)

1%

9%

7%

8%

7%

% of total

28%

29%

29%

28%

27%

Platts (5)

$774

$815

$844

$878

$950

% increase/(decrease)

(16)%

5%

4%

4%

8%

% of total

13%

13%

13%

12%

11%

Indices

$728

$837

$918

$989

$1,149

% increase/(decrease)

14%

15%

10%

8%

16%

% of total

12%

13%

14%

13%

14%

Corporate

$15

% increase/(decrease)

N/M

N/M

N/M

N/M

N/M

% of total

0%

0%

0%

0%

0%

Interdivision elimination

$(110)

$(125)

$(128)

$(137)

$(146)

Total SPGI revenue

$6,063

$6,258

$6,699

$7,442

$8,297

% increase/(decrease)

7%

3%

7%

11%

11%

Expenses

(dollars in millions)

2017

2018 (9)

2019

2020

2021

Ratings (1, 2)

$1,471

$1,329

$1,323

$1,383

$1,468

% increase/(decrease)

15%

(1)%

5%

6%

Market Intelligence (1, 4)

$1,226

$1,333

$1,393

$1,517

$1,544

% increase/(decrease)

31%

4%

9%

2%

Platts (5)

$448

$414

$387

$420

$433

% increase/(decrease)

N/M

(6)%

8%

3%

Indices

$250

$271

$286

$323

$351

% increase/(decrease)

11%

6%

13%

8%

Interdivision elimination

$(110)

$(125)

$(128)

$(137)

$(146)

Total division expense

$3,285

$3,222

$3,261

$3,506

$3,650

% increase/(decrease)

51%

1%

8%

4%

2017

2018 (9)

2019

2020

2021

Ratings (1, 2)

$1,471

$1,329

$1,323

$1,383

$1,468

% increase/(decrease)

15%

(1)%

5%

6%

Market Intelligence (1, 4)

$1,226

$1,333

$1,393

$1,517

$1,544

% increase/(decrease)

31%

4%

9%

2%

Platts (5)

$448

$414

$387

$420

$433

% increase/(decrease)

N/M

(6)%

8%

3%

Indices

$250

$271

$286

$323

$351

% increase/(decrease)

11%

6%

13%

8%

Interdivision elimination

$(110)

$(125)

$(128)

$(137)

$(146)

Total division expense

$3,285

$3,222

$3,261

$3,506

$3,650

% increase/(decrease)

51%

1%

8%

4%

Operating Profit by Division

(dollars in millions)

2017

2018 (9)

2019

2020

2021

Ratings (1, 2)

$1,517

$1,554

$1,783

$2,223

$2,629

% increase/(decrease)

21%

15%

25%

18%

% of total

55%

51%

52%

56%

57%

Market Intelligence (1, 4)

$457

$500

$566

$589

$703

% increase/(decrease)

(37)%

13%

4%

19%

% of total

16%

17%

16%

15%

15%

Platts (5)

$326

$401

$457

$458

$517

% increase/(decrease)

(70)%

14%

13%

% of total

12%

13%

13%

12%

11%

Indices (6)

$478

$566

$632

$666

$798

% increase/(decrease)

16%

12%

5%

20%

% of total

17%

19%

18%

17%

17%

Total division operating profit

$2,778

$3,021

$3,438

$3,936

$4,647

% increase/(decrease)

(20)%

14%

14%

18%

Total SPGI operating profit

$2,583

$2,790

$3,226

$3,617

$4,221

% increase/(decrease)

(23)%

16%

12%

17%

2017

2018 (9)

2019

2020

2021

Ratings (1, 2)

$1,517

$1,554

$1,783

$2,223

$2,629

% increase/(decrease)

21%

15%

25%

18%

% of total

55%

51%

52%

56%

57%

Market Intelligence (1, 4)

$457

$500

$566

$589

$703

% increase/(decrease)

(37)%

13%

4%

19%

% of total

16%

17%

16%

15%

15%

Platts (5)

$326

$401

$457

$458

$517

% increase/(decrease)

(70)%

14%

13%

% of total

12%

13%

13%

12%

11%

Indices (6)

$478

$566

$632

$666

$798

% increase/(decrease)

16%

12%

5%

20%

% of total

17%

19%

18%

17%

17%

Total division operating profit

$2,778

$3,021

$3,438

$3,936

$4,647

% increase/(decrease)

(20)%

14%

14%

18%

Total SPGI operating profit

$2,583

$2,790

$3,226

$3,617

$4,221

% increase/(decrease)

(23)%

16%

12%

17%

Operating Profit Margin by Division

2017

2018

2019

2020

2021

Ratings (1, 2)

50.8%

53.9%

57.4%

61.6%

64.2%

Market Intelligence (1, 4)

27.2%

27.3%

28.9%

28.0%

31.3%

Platts(5)

42.1%

49.3%

54.1%

52.1%

54.4%

Indices (6)

65.7%

67.6%

68.9%

67.4%

69.5%

Total division operating profit margin (7)

45.8%

48.4%

51.3%

52.9%

56.0%

Total SPGI profit margin

42.6%

44.6%

48.2%

48.6%

50.9%

2017

2018

2019

2020

2021

Ratings (1, 2)

50.8%

53.9%

57.4%

61.6%

64.2%

Market Intelligence (1, 4)

27.2%

27.3%

28.9%

28.0%

31.3%

Platts(5)

42.1%

49.3%

54.1%

52.1%

54.4%

Indices (6)

65.7%

67.6%

68.9%

67.4%

69.5%

Total division operating profit margin (7)

45.8%

48.4%

51.3%

52.9%

56.0%

Total SPGI profit margin

42.6%

44.6%

48.2%

48.6%

50.9%

Key Results, Adjusted for Foreign Exchange (Fx) Movements

(dollars in millions)

ReportedFxFx Adjusted

2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

Revenue

Ratings (1)

$2,988

$2,883

$3,106

$3,606

$4,097

$(7)

$(21)

$33

$(6)

$(39)

$2,981

$2,862

$3,139

$3,600

$4,058

Market Intelligence (1, 4)

1,683

1,833

1,959

2,106

2,247

2

(4)

5

(2)

(4)

1,685

1,829

1,964

2,104

2,243

Platts (5)

774

815

844

878

950

(1)

774

815

844

877

950

Indices

728

837

918

989

1,149

1

(1)

728

837

919

989

1,148

Elimination

(110)

(125)

(128)

(137)

(146)

(110)

(125)

(128)

(137)

(146)

Total division revenue

$6,063

$6,243

$6,699

$7,442

$8,297

$(5)

$(25)

$39

$(9)

$(44)

$6,058

$6,218

$6,738

$7,433

$8,253

Total SPGI revenue (8)

$6,063

$6,258

$6,699

$7,442

$8,297

$(5)

$(25)

$39

$(9)

$(44)

$6,058

$6,233

$6,738

$7,433

$8,253

Operating Profit

Ratings (1)

$1,517

$1,554

$1,783

$2,223

$2,629

$9

$(50)

$19

$(30)

$(34)

$1,526

$1,504

$1,802

$2,193

$2,595

Market Intelligence (1, 4)

457

500

566

589

703

6

(16)

(12)

(15)

3

463

484

554

574

706

Platts (5)

326

401

457

458

517

1

3

(7)

(2)

1

327

404

450

456

518

Indices (6)

478

566

632

666

798

(3)

3

(2)

(5)

475

569

630

661

798

Total division operating profit

$2,778

$3,021

$3,438

$3,936

$4,647

$12

$(60)

$(2)

$(52)

$(29)

$2,790

$2,961

$3,436

$3,884

$4,618

Total SPGI operating profit

$2,583

$2,790

$3,226

$3,617

$4,221

$12

$(60)

$(2)

$(52)

$(29)

$2,595

$2,730

$3,224

$3,565

$4,192

Operating profit margin by division adjusted for Fx movements versus the prior year

Ratings (1)

50.8%

53.9%

57.4%

61.6%

64.2%

51.2%

52.6%

57.4%

60.9%

63.9%

Market Intelligence (1, 4)

27.2%

27.3%

28.9%

28.0%

31.3%

27.5%

26.5%

28.2%

27.3%

31.5%

Platts (5)

42.1%

49.3%

54.1%

52.1%

54.4%

42.2%

49.6%

53.3%

52.0%

54.5%

Indices (6)

65.7%

67.6%

68.9%

67.4%

69.5%

65.3%

68.0%

68.6%

66.8%

69.5%

Operating profit margin adjusted for Fx movements versus the prior year

Total division

45.8%

48.4%

51.3%

52.9%

56.0%

46.1%

47.6%

51.0%

52.3%

56.0%

Total SPGI

42.6%

44.6%

48.2%

48.6%

50.9%

42.8%

43.8%

47.9%

48.0%

50.8%

ReportedFxFx Adjusted

2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

2017

2018

2019

2020

2021

Revenue

Ratings (1)

$2,988

$2,883

$3,106

$3,606

$4,097

$(7)

$(21)

$33

$(6)

$(39)

$2,981

$2,862

$3,139

$3,600

$4,058

Market Intelligence (1, 4)

1,683

1,833

1,959

2,106

2,247

2

(4)

5

(2)

(4)

1,685

1,829

1,964

2,104

2,243

Platts (5)

774

815

844

878

950

(1)

774

815

844

877

950

Indices

728

837

918

989

1,149

1

(1)

728

837

919

989

1,148

Elimination

(110)

(125)

(128)

(137)

(146)

(110)

(125)

(128)

(137)

(146)

Total division revenue

$6,063

$6,243

$6,699

$7,442

$8,297

$(5)

$(25)

$39

$(9)

$(44)

$6,058

$6,218

$6,738

$7,433

$8,253

Total SPGI revenue (8)

$6,063

$6,258

$6,699

$7,442

$8,297

$(5)

$(25)

$39

$(9)

$(44)

$6,058

$6,233

$6,738

$7,433

$8,253

Operating Profit

Ratings (1)

$1,517

$1,554

$1,783

$2,223

$2,629

$9

$(50)

$19

$(30)

$(34)

$1,526

$1,504

$1,802

$2,193

$2,595

Market Intelligence (1, 4)

457

500

566

589

703

6

(16)

(12)

(15)

3

463

484

554

574

706

Platts (5)

326

401

457

458

517

1

3

(7)

(2)

1

327

404

450

456

518

Indices (6)

478

566

632

666

798

(3)

3

(2)

(5)

475

569

630

661

798

Total division operating profit

$2,778

$3,021

$3,438

$3,936

$4,647

$12

$(60)

$(2)

$(52)

$(29)

$2,790

$2,961

$3,436

$3,884

$4,618

Total SPGI operating profit

$2,583

$2,790

$3,226

$3,617

$4,221

$12

$(60)

$(2)

$(52)

$(29)

$2,595

$2,730

$3,224

$3,565

$4,192

Operating profit margin by division adjusted for Fx movements versus the prior year

Ratings (1)

50.8%

53.9%

57.4%

61.6%

64.2%

51.2%

52.6%

57.4%

60.9%

63.9%

Market Intelligence (1, 4)

27.2%

27.3%

28.9%

28.0%

31.3%

27.5%

26.5%

28.2%

27.3%

31.5%

Platts (5)

42.1%

49.3%

54.1%

52.1%

54.4%

42.2%

49.6%

53.3%

52.0%

54.5%

Indices (6)

65.7%

67.6%

68.9%

67.4%

69.5%

65.3%

68.0%

68.6%

66.8%

69.5%

Operating profit margin adjusted for Fx movements versus the prior year

Total division

45.8%

48.4%

51.3%

52.9%

56.0%

46.1%

47.6%

51.0%

52.3%

56.0%

Total SPGI

42.6%

44.6%

48.2%

48.6%

50.9%

42.8%

43.8%

47.9%

48.0%

50.8%

Notes:

Notes for Ratings: 
2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC

Includes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

Notes for Market Intelligence: 
2020 results reflect the divestiture of Investor Relations webhosting business

2019 results reflect the acquisition of 451 Research, LLC and divestiture of Standard & Poor’s Investment Advisory Services LLC

2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc.

2017 results reflect the divestiture of QuantHouse

Note for Platts: 
2019 results reflect the acquisitions of Canadian Enerdata Ltd. and Live Rice Index and the divestiture of RigData

Notes for Indices: 
Includes operating profit attributable to noncontrolling interests ($215 million in 2021, $181 million in 2020, $170 million in 2019, $151 million in 2018, and $129 million in 2017) as part of the S&P Dow Jones Indices joint venture established in June 2012

(1)

Revenue for Ratings and expenses for Market Intelligence include an interdivision royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 2020 Ratings revenue reflects the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC

(2)

2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC. Includes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

(3)

2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC. Excludes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

(4)

2020 results reflect the divestiture of Investor Relations webhosting business. 2019 results reflect the acquisition of 451 Research, LLC and divestiture of Standard & Poor’s Investment Advisory Services LLC. 2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc. 2017 results reflect the divestiture of QuantHouse

(5)

2019 results reflect the acquisitions of Canadian Enerdata Ltd. and Live Rice Index and the divestiture of RigData

(6)

Includes operating profit attributable to noncontrolling interests ($215 million in 2021, $181 million in 2020, $170 million in 2019, $151 million in 2018, and $129 million in 2017) as part of the S&P Dow Jones Indices joint venture established in June 2012

(7)

Includes interdivision revenue elimination of $146 million in 2021, $137 million in 2020, $128 million in 2019, $125 million in 2018, and $110 million in 2017. Percentages may sum to greater than 100%

(8)

Total revenue includes Corporate revenue of $15 million related to the acquisition of Kensho in April 2018

(9)

In the first quarter of 2020, the Company changed its methodology for allocating its centrally managed technology-related expenses to its reportable segments to more accurately reflect each segment’s respective usage. Results recast for 2018 and 2019; prior years not restated. As a result, percent increases/decreases from 2017 to 2018 are not calculated

N/M: Not meaningful

Details may not sum to total due to rounding

*

SPGI: Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions