S&P Global Market Intelligence

Data. Research. Software Services.

S&P Global Market Intelligence is the foremost provider of information services and workflow solutions to global markets. With deep understanding of our customers’ needs, we strive to help solve the most complex business challenges.

Our Focus Forward

Leading data, research, and workflow solutions

Customer at the core

Scaled data and technology capabilities and flexible distribution approach

Global footprint and deep industry expertise

Culture of innovation
and growth

Revenue Mix (1)

Revenue by Type (2, 3)

Diversified portfolio of data, workflow solutions, and analytics with strong financial profile

Globally diversified revenue base supporting multiple growth vectors across regions

96% recurring-based revenue provides strong foundation

Adjusted operating profit margin decreased slightly in 2024

S&P Global Market Intelligence’s revenue base is well diversified across customer types, asset classes, and geographies with 40% of revenue generated from outside the United States.

S&P Global Market Intelligence’s recurring-based revenue is primarily derived from data, valuation services, analytics, third-party research, and credit ratings-related data through both feed and web-based channels. Recurring revenue also includes software and hosted product offerings that provide maintenance and continuous access to our platforms over the contract term.

S&P Global Market Intelligence’s adjusted operating profit margin decreased by 50 basis points in 2024 compared to 2023.

Revenue by Geography U.S. GAAP

(dollars in millions)

2022

2023

2024

U.S.

$2,231

$2,600

$2,766

Ex-U.S.

1,580

1,776

1,879

Total revenue

$3,811

$4,376

$4,645

2022

2023

2024

U.S.

$2,231

$2,600

$2,766

Ex-U.S.

1,580

1,776

1,879

Total revenue

$3,811

$4,376

$4,645

See page 69 for footnotes on global revenue

Note:  U.S. and Ex-U.S. revenue is only presented on a U.S. GAAP basis; geographic breakdown is not available on a non-GAAP pro forma adjusted basis

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Recurring Revenue by Product Line

(dollars in millions)

Note: Recurring revenue comprises subscription and recurring variable revenue

Non-GAAP Pro Forma Adjusted Operating Profit Margin/Adjusted Operating Profit Margin

 
Pro forma (2)
31.8%
33.0%
32.5%
'22
'23
'24
31.8%
33.0%
32.5%
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96% of S&P Global Market Intelligence’s total revenue is recurring-based and provides a strong foundation for the business

Notes:
(1)

Beginning with 1Q 2025 results, the Desktop and Data and Advisory Solutions business lines have been combined and reported as a single line called Data, Analytics & Insights.

(2)

2022 results on a non-GAAP pro forma adjusted basis as if the merger was completed on January 1, 2021

(3)

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

Division revenues do not include interdivision revenue elimination

Totals may not sum to 100% due to rounding 

2023 and 2024 financials other than revenue refer to non-GAAP adjusted metrics compared to non-GAAP pro forma adjusted metrics in 2022

See footnotes on pages 2 and 16