Financial Review: 66–68
Operating Division Trends*

Revenue

(dollars in millions)

Non-GAAP
Pro forma
Adjusted
2022

2023

2024

Market Intelligence (2, 3)

$4,093

$4,376

$4,645

% increase/(decrease)

5%

7%

6%

% of total

35%

35%

33%

Ratings (3)

$3,050

$3,332

$4,370

% increase/(decrease)

(26)%

9%

31%

% of total

26%

27%

31%

Commodity Insights (4)

$1,776

$1,946

$2,142

% increase/(decrease)

6%

10%

10%

% of total

15%

16%

15%

Mobility (5)

$1,351

$1,484

$1,609

% increase/(decrease)

8%

10%

8%

% of total

11%

12%

11%

Indices (6)

$1,355

$1,403

$1,628

% increase/(decrease)

8%

4%

16%

% of total

11%

11%

11%

Engineering Solutions (8)

$389

$133

% increase/(decrease)

(1)%

(66)%

N/M

% of total

3%

1%

N/M

Interdivision elimination

$(171)

$(177)

$(186)

Total SPGI revenue

$11,842

$12,497

$14,208

% increase/(decrease)

(4)%

6%

14%

Non-GAAP
Pro forma
Adjusted
2022

2023

2024

Market Intelligence (2, 3)

$4,093

$4,376

$4,645

% increase/(decrease)

5%

7%

6%

% of total

35%

35%

33%

Ratings (3)

$3,050

$3,332

$4,370

% increase/(decrease)

(26)%

9%

31%

% of total

26%

27%

31%

Commodity Insights (4)

$1,776

$1,946

$2,142

% increase/(decrease)

6%

10%

10%

% of total

15%

16%

15%

Mobility (5)

$1,351

$1,484

$1,609

% increase/(decrease)

8%

10%

8%

% of total

11%

12%

11%

Indices (6)

$1,355

$1,403

$1,628

% increase/(decrease)

8%

4%

16%

% of total

11%

11%

11%

Engineering Solutions (8)

$389

$133

% increase/(decrease)

(1)%

(66)%

N/M

% of total

3%

1%

N/M

Interdivision elimination

$(171)

$(177)

$(186)

Total SPGI revenue

$11,842

$12,497

$14,208

% increase/(decrease)

(4)%

6%

14%

Expenses

(dollars in millions)

Non-GAAP
Pro forma
Adjusted
2022

Ajusted
2023

Ajusted
2024

Market Intelligence (2, 3)

$2,791

$2,933

$3,133

% increase/(decrease)

3%

5%

7%

Ratings (3)

$1,345

$1,450

$1,617

% increase/(decrease)

(9)%

8%

12%

Commodity Insights (4)

$989

$1,049

$1,139

% increase/(decrease)

6%

6%

9%

Mobility (5)

$824

$908

$982

% increase/(decrease)

9%

10%

8%

Indices (6)

$428

$436

$483

% increase/(decrease)

5%

2%

11%

Engineering Solutions (8)

$322

$113

% increase/(decrease)

2%

(65)%

N/M

Interdivision elimination

$(171)

$(177)

$(186)

Total division expense

$6,527

$6,711

$7,168

% increase/(decrease)

1%

3%

7%

Total SPGI expense

$6,523

$6,765

$7,250

% increase/(decrease)

0%

4%

7%

Non-GAAP
Pro forma
Adjusted
2022

Ajusted
2023

Ajusted
2024

Market Intelligence (2, 3)

$2,791

$2,933

$3,133

% increase/(decrease)

3%

5%

7%

Ratings (3)

$1,345

$1,450

$1,617

% increase/(decrease)

(9)%

8%

12%

Commodity Insights (4)

$989

$1,049

$1,139

% increase/(decrease)

6%

6%

9%

Mobility (5)

$824

$908

$982

% increase/(decrease)

9%

10%

8%

Indices (6)

$428

$436

$483

% increase/(decrease)

5%

2%

11%

Engineering Solutions (8)

$322

$113

% increase/(decrease)

2%

(65)%

N/M

Interdivision elimination

$(171)

$(177)

$(186)

Total division expense

$6,527

$6,711

$7,168

% increase/(decrease)

1%

3%

7%

Total SPGI expense

$6,523

$6,765

$7,250

% increase/(decrease)

0%

4%

7%

Operating Profit by Division

(dollars in millions)

Non-GAAP
Pro forma
Adjusted
2022

Adjusted
2023

Adjusted
2024

Market Intelligence (2, 3)

$1,302

$1,443

$1,512

% increase/(decrease)

11%

11%

5%

% of total

25%

25%

22%

Ratings (3)

$1,705

$1,882

$2,753

% increase/(decrease)

(35)%

10%

46%

% of total

32%

33%

40%

Commodity Insights (4)

$787

$897

$1,003

% increase/(decrease)

7%

14%

12%

% of total

15%

16%

14%

Mobility (5)

$527

$576

$627

% increase/(decrease)

7%

9%

9%

% of total

10%

10%

9%

Indices (6, 7)

$927

$927

$1,145

% increase/(decrease)

10%

4%

18%

% of total

17%

17%

16%

Engineering Solutions (8)

$67

$20

% increase/(decrease)

(11)%

(69)%

N/M

% of total

1%

0%

N/M

Total division operating profit

$5,315

$5,786

$7,040

% increase/(decrease)

(11)%

9%

22%

Total SPGI operating profit

$5,319

$5,732

$6,958

% increase/(decrease)

(9)%

8%

21%

Non-GAAP
Pro forma
Adjusted
2022

Adjusted
2023

Adjusted
2024

Market Intelligence (2, 3)

$1,302

$1,443

$1,512

% increase/(decrease)

11%

11%

5%

% of total

25%

25%

22%

Ratings (3)

$1,705

$1,882

$2,753

% increase/(decrease)

(35)%

10%

46%

% of total

32%

33%

40%

Commodity Insights (4)

$787

$897

$1,003

% increase/(decrease)

7%

14%

12%

% of total

15%

16%

14%

Mobility (5)

$527

$576

$627

% increase/(decrease)

7%

9%

9%

% of total

10%

10%

9%

Indices (6, 7)

$927

$927

$1,145

% increase/(decrease)

10%

4%

18%

% of total

17%

17%

16%

Engineering Solutions (8)

$67

$20

% increase/(decrease)

(11)%

(69)%

N/M

% of total

1%

0%

N/M

Total division operating profit

$5,315

$5,786

$7,040

% increase/(decrease)

(11)%

9%

22%

Total SPGI operating profit

$5,319

$5,732

$6,958

% increase/(decrease)

(9)%

8%

21%

Operating Profit Margin by Division

Non-GAAP
Pro forma
Adjusted
2022

Adjusted
2023

Adjusted
2024

Market Intelligence (2, 3)

31.8%

33.0%

32.5%

Ratings (3)

55.9%

56.5%

63.0%

Commodity Insights (4)

44.3%

46.1%

46.8%

Mobility (5)

39.0%

38.8%

39.0%

Indices (6, 7)

68.4%

68.9%

70.3%

Engineering Solutions (8)

17.2%

15.4%

N/M

Total division operating profit margin (1)

44.9%

46.3%

49.6%

Total SPGI profit margin

44.9%

45.9%

49.0%

Non-GAAP
Pro forma
Adjusted
2022

Adjusted
2023

Adjusted
2024

Market Intelligence (2, 3)

31.8%

33.0%

32.5%

Ratings (3)

55.9%

56.5%

63.0%

Commodity Insights (4)

44.3%

46.1%

46.8%

Mobility (5)

39.0%

38.8%

39.0%

Indices (6, 7)

68.4%

68.9%

70.3%

Engineering Solutions (8)

17.2%

15.4%

N/M

Total division operating profit margin (1)

44.9%

46.3%

49.6%

Total SPGI profit margin

44.9%

45.9%

49.0%

Key Results, Adjusted for Foreign Exchange (Fx) Movements

(dollars in millions)

hellohellohellohellohellohellohello

Non-GAAP
Pro forma
Adjusted
2022

2023

2024

2022

2023

2024

Non-GAAP
Pro forma
Adjusted
2022

2023

2024

Revenue

Market Intelligence (2, 3)

$4,093

$4,376

$4,645

$36

$(1)

$(4)

$4,129

$4,375

$4,641

Ratings (3)

3,050

3,332

4,370

86

(6)

(3)

3,136

3,326

4,367

Commodity Insights (4)

1,776

1,946

2,142

5

1

1

1,781

1,947

2,143

Mobility (5)

1,351

1,484

1,609

13

5

2

1,364

1,489

1,611

Indices (6)

1,355

1,403

1,628

10

0

2

1,365

1,403

1,630

Engineering Solutions (8)

389

133

9

2

398

135

Elimination

(171)

(177)

(186)

(171)

(177)

(186)

Total SPGI revenue

$11,842

$12,497

$14,208

$159

$0

$(2)

$12,001

$12,497

$14,206

Operating Profit

Market Intelligence (2, 3)

$1,302

$1,443

$1,512

$(30)

$(29)

$(22)

$1,272

$1,414

$1,490

Ratings (3)

1,705

1,882

2,753

32

(23)

(27)

1,737

1,859

2,726

Commodity Insights (4)

787

897

1,003

(4)

(8)

(3)

783

889

1,000

Mobility (5)

527

576

627

1

6

3

528

582

630

Indices (6, 7)

927

967

1,145

7

(3)

934

964

1,145

Engineering Solutions (8)

67

20

3

1

70

21

Total division operating profit

$5,315

$5,786

$7,040

$8

$(56)

$(49)

$5,323

$5,730

$6,991

Total SPGI operating profit

$5,319

$5,732

$6,958

$8

$(56)

$(49)

$5,327

$5,676

$6,990

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

Market Intelligence (2, 3)

31.8%

33.0%

32.5%

30.8%

32.3%

32.1%

Ratings (3)

55.9%

56.5%

32.5%

55.4%

55.9%

62.4%

Commodity Insights (4)

44.3%

46.1%

46.8%

44.0%

45.6%

46.7%

Mobility (5)

39.0%

38.8%

39.0%

38.7%

39.1%

39.1%

Indices (6, 7)

68.4%

68.9%

70.3%

68.4%

68.7%

70.3%

Engineering Solutions (8)

17.2%

15.4%

N/M

17.6%

15.7%

N/M

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

Total division

44.9%

46.3%

49.6%

44.4%

45.8%

49.2%

Total SPGI

44.9%

45.9%

49.0%

44.4%

45.4%

48.6%

hellohellohellohellohellohellohello

Non-GAAP
Pro forma
Adjusted
2022

2023

2024

2022

2023

2024

Non-GAAP
Pro forma
Adjusted
2022

2023

2024

Revenue

Market Intelligence (2, 3)

$4,093

$4,376

$4,645

$36

$(1)

$(4)

$4,129

$4,375

$4,641

Ratings (3)

3,050

3,332

4,370

86

(6)

(3)

3,136

3,326

4,367

Commodity Insights (4)

1,776

1,946

2,142

5

1

1

1,781

1,947

2,143

Mobility (5)

1,351

1,484

1,609

13

5

2

1,364

1,489

1,611

Indices (6)

1,355

1,403

1,628

10

0

2

1,365

1,403

1,630

Engineering Solutions (8)

389

133

9

2

398

135

Elimination

(171)

(177)

(186)

(171)

(177)

(186)

Total SPGI revenue

$11,842

$12,497

$14,208

$159

$0

$(2)

$12,001

$12,497

$14,206

Operating Profit

Market Intelligence (2, 3)

$1,302

$1,443

$1,512

$(30)

$(29)

$(22)

$1,272

$1,414

$1,490

Ratings (3)

1,705

1,882

2,753

32

(23)

(27)

1,737

1,859

2,726

Commodity Insights (4)

787

897

1,003

(4)

(8)

(3)

783

889

1,000

Mobility (5)

527

576

627

1

6

3

528

582

630

Indices (6, 7)

927

967

1,145

7

(3)

934

964

1,145

Engineering Solutions (8)

67

20

3

1

70

21

Total division operating profit

$5,315

$5,786

$7,040

$8

$(56)

$(49)

$5,323

$5,730

$6,991

Total SPGI operating profit

$5,319

$5,732

$6,958

$8

$(56)

$(49)

$5,327

$5,676

$6,990

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

Market Intelligence (2, 3)

31.8%

33.0%

32.5%

30.8%

32.3%

32.1%

Ratings (3)

55.9%

56.5%

32.5%

55.4%

55.9%

62.4%

Commodity Insights (4)

44.3%

46.1%

46.8%

44.0%

45.6%

46.7%

Mobility (5)

39.0%

38.8%

39.0%

38.7%

39.1%

39.1%

Indices (6, 7)

68.4%

68.9%

70.3%

68.4%

68.7%

70.3%

Engineering Solutions (8)

17.2%

15.4%

N/M

17.6%

15.7%

N/M

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

Total division

44.9%

46.3%

49.6%

44.4%

45.8%

49.2%

Total SPGI

44.9%

45.9%

49.0%

44.4%

45.4%

48.6%

Notes:
(1)

Includes interdivision revenue elimination of $186 million for 2024, $177 million for 2023, and $171 million for 2022 non-GAAP pro forma adjusted. Percentages may sum to greater than 100%

(2)

Market Intelligence: 2024 results reflect the acquisitions of Visible Alpha and ProntoNLP and the divestitures of Fincentric and PrimeOne. 2023 results reflect the acquisitions of ChartIQ and TruSight LLC. 2022 non-GAAP pro forma adjusted results reflect the divestitures of CUSIP Global Services and Leveraged Commentary and Data. 2022 results reflect the acquisition of The Climate Services, Inc.

(3)

Ratings: 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. Ratings’ 2023 results reflect the acquisition of Bridge to India. Ratings’ 2022 results reflect the acquisition of the Shades of Green business

(4)

Commodity Insights: 2024 results reflect the acquisition of World Hydrogen Leaders. 2022 non-GAAP pro forma adjusted results reflect the divestitures of the Base Chemicals business and OPIS

(5)

Mobility: 2023 results reflect the acquisition of Market Scan Information Systems Inc. and divestiture of Aftersales

(6)

Indices: 2022 non-GAAP pro forma adjusted results reflect the divestiture of a family of leveraged loan indices

(7)

Indices: Includes operating profit attributable to noncontrolling interests ($284 million in 2024, $241 million in 2023, and $235 million in 2022 (includes an adjustment related to the JV Partner’s portion of the gain on the disposition of the L100 Index as part of the sale of LCD to Morningstar)) as part of the S&P Dow Jones Indices joint venture established in June 2012

(8)

Adjusted financials refer to non-GAAP adjusted metrics in 2024 and 2023, and non-GAAP pro forma adjusted metrics in 2022

N/M: Not meaningful

Details may not sum to total due to rounding

See Appendix for non-GAAP adjustments, deal-related amortization, and a reconciliation of adjusted information to U.S. GAAP

SPGI:  Refer to the SPGI footnotes on page 2 for further details on the Company’s divisions