Appendix: 79–82
Reconciliation of Adjusted Information

Results by Quarter: 2023–2024

Revenue

(in millions)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Market Intelligence	$1,071	$1,142	$1,079	$1,155	$1,099	$1,162	$1,127	$1,186	$4,376	$4,645
Ratings	824	1,062	851	1,135	819	1,110	838	1,062	3,332	4,370
Commodity Insights	508	559	462	516	479	522	497	545	1,946	2,142
Mobility	358	386	369	400	379	412	377	411	1,484	1,609
Indices	341	387	348	389	354	416	360	436	1,403	1,628
Engineering Solutions	100	–	33	–	–	–	–	–	133	–
Intersegment elimination	(42)	(45)	(41)	(46)	(46)	(47)	(47)	(48)	(177)	(186)
Total SPGI	$3,160	$3,491	$3,101	$3,549	$3,084	$3,575	$3,152	$3,592	$12,497	$14,208

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Market Intelligence	$1,071	$1,142	$1,079	$1,155	$1,099	$1,162	$1,127	$1,186	$4,376	$4,645
Ratings	824	1,062	851	1,135	819	1,110	838	1,062	3,332	4,370
Commodity Insights	508	559	462	516	479	522	497	545	1,946	2,142
Mobility	358	386	369	400	379	412	377	411	1,484	1,609
Indices	341	387	348	389	354	416	360	436	1,403	1,628
Engineering Solutions	100	–	33	–	–	–	–	–	133	–
Intersegment elimination	(42)	(45)	(41)	(46)	(46)	(47)	(47)	(48)	(177)	(186)
Total SPGI	$3,160	$3,491	$3,101	$3,549	$3,084	$3,575	$3,152	$3,592	$12,497	$14,208

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Operating Profit

(in millions)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Market Intelligence
Operating profit	$229	$189	$176	$230	$195	$230	$115	$226	$714	$875
Non-GAAP adjustments	(27)	45	33	3	31	(10)	130	9	168	46
Deal-related amortization	141	140	140	147	140	151	140	152	561	591
Adjusted operating profit	$343	$373	$349	$380	$366	$371	$386	$387	$1,443	$1,512
Ratings
Operating profit	$477	$679	$486	$725	$459	$676	$442	$627	$1,864	$2,707
Non-GAAP adjustments	1	2	4	20	3	6	4	4	11	32
Deal-related amortization	2	7	2	2	2	2	2	3	8	14
Adjusted operating profit	$480	$687	$491	$747	$464	$684	$447	$634	$1,882	$2,753
Commodity Insights
Operating profit	$187	$226	$156	$206	$184	$211	$177	$202	$704	$845
Non-GAAP adjustments	14	5	22	6	15	7	11	10	62	28
Deal-related amortization	33	32	33	32	33	32	32	33	131	130
Adjusted operating profit	$234	$264	$211	$244	$232	$250	$220	$245	$897	$1,003
Mobility
Operating profit	$64	$70	$68	$80	$80	$97	$46	$65	$260	$312
Non-GAAP adjustments	2	1	4	8	4	1	5	2	15	12
Deal-related amortization	74	76	76	76	76	76	76	76	301	303
Adjusted operating profit	$140	$147	$149	$164	$160	$174	$127	$143	$576	$627
Indices
Operating profit	$238	$272	$226	$263	$235	$282	$227	$287	$925	$1,103
Non-GAAP adjustments	(2)	2	3	3	2	1	2	–	5	6
Deal-related amortization	9	9	9	9	9	9	9	9	36	36
Adjusted operating profit	$245	$282	$238	$275	$246	$292	$238	$296	$967	$1,145
Engineering Solutions
Operating profit	$14	–	$4	–	–	–	–	–	$19	–
Deal-related amortization	2	–	–	–	–	–	–	–	1	–
Adjusted operating profit	$16	–	$4	–	–	–	–	–	$20	–
Total Segments
Operating profit	$1,209	$1,436	$1,116	$1,504	$1,153	$1,496	$1,007	$1,407	$4,486	$5,842
Non-GAAP adjustments	(11)	55	66	40	54	5	152	25	261	124
Deal-related amortization	260	264	260	266	260	270	259	273	1,039	1,074
Adjusted operating profit	$1,458	$1,754	$1,442	$1,811	$1,467	$1,771	$1,419	$1,705	$5,786	$7,040
Corporate Unallocated Expense
Corporate unallocated expense	$(79)	$(57)	$(216)	$(65)	$(87)	$(73)	$(120)	$(110)	$(502)	$(305)
Non-GAAP adjustments	52	20	180	27	47	20	72	55	352	121
Deal-related amortization	1	–	1	1	–	1	1	1	3	3
Adjusted corporate unallocated expense	$(26)	$(36)	$(35)	$(38)	$(39)	$(53)	$(47)	$(54)	$(147)	$(181)
Equity in Income on Unconsolidated Subsidiaries
Equity in income on unconsolidated subsidiaries	$14	$6	$11	$13	$8	$11	$3	$12	$36	$43
Non-GAAP adjustments	–	–	–	–	–	–	2	–	2	–
Deal-related amortization	14	14	14	14	14	14	14	14	56	56
Adjusted equity in income on unconsolidated subsidiaries	$28	$20	$25	$27	$22	$25	$18	$26	$93	$99
Total SPGI
Operating profit	$1,144	$1,385	$911	$1,452	$1,074	$1,434	$890	$1,309	$4,020	$5,580
Non-GAAP adjustments	41	75	246	66	102	25	226	80	615	245
Deal-related amortization	275	278	275	281	274	285	273	288	1,097	1,133
Total Adjusted operating profit	$1,460	$1,738	$1,432	$1,800	$1,450	$1,744	$1,390	$1,677	$5,732	$6,958

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Market Intelligence
Operating profit	$229	$189	$176	$230	$195	$230	$115	$226	$714	$875
Non-GAAP adjustments	(27)	45	33	3	31	(10)	130	9	168	46
Deal-related amortization	141	140	140	147	140	151	140	152	561	591
Adjusted operating profit	$343	$373	$349	$380	$366	$371	$386	$387	$1,443	$1,512
Ratings
Operating profit	$477	$679	$486	$725	$459	$676	$442	$627	$1,864	$2,707
Non-GAAP adjustments	1	2	4	20	3	6	4	4	11	32
Deal-related amortization	2	7	2	2	2	2	2	3	8	14
Adjusted operating profit	$480	$687	$491	$747	$464	$684	$447	$634	$1,882	$2,753
Commodity Insights
Operating profit	$187	$226	$156	$206	$184	$211	$177	$202	$704	$845
Non-GAAP adjustments	14	5	22	6	15	7	11	10	62	28
Deal-related amortization	33	32	33	32	33	32	32	33	131	130
Adjusted operating profit	$234	$264	$211	$244	$232	$250	$220	$245	$897	$1,003
Mobility
Operating profit	$64	$70	$68	$80	$80	$97	$46	$65	$260	$312
Non-GAAP adjustments	2	1	4	8	4	1	5	2	15	12
Deal-related amortization	74	76	76	76	76	76	76	76	301	303
Adjusted operating profit	$140	$147	$149	$164	$160	$174	$127	$143	$576	$627
Indices
Operating profit	$238	$272	$226	$263	$235	$282	$227	$287	$925	$1,103
Non-GAAP adjustments	(2)	2	3	3	2	1	2	–	5	6
Deal-related amortization	9	9	9	9	9	9	9	9	36	36
Adjusted operating profit	$245	$282	$238	$275	$246	$292	$238	$296	$967	$1,145
Engineering Solutions
Operating profit	$14	–	$4	–	–	–	–	–	$19	–
Deal-related amortization	2	–	–	–	–	–	–	–	1	–
Adjusted operating profit	$16	–	$4	–	–	–	–	–	$20	–
Total Segments
Operating profit	$1,209	$1,436	$1,116	$1,504	$1,153	$1,496	$1,007	$1,407	$4,486	$5,842
Non-GAAP adjustments	(11)	55	66	40	54	5	152	25	261	124
Deal-related amortization	260	264	260	266	260	270	259	273	1,039	1,074
Adjusted operating profit	$1,458	$1,754	$1,442	$1,811	$1,467	$1,771	$1,419	$1,705	$5,786	$7,040
Corporate Unallocated Expense
Corporate unallocated expense	$(79)	$(57)	$(216)	$(65)	$(87)	$(73)	$(120)	$(110)	$(502)	$(305)
Non-GAAP adjustments	52	20	180	27	47	20	72	55	352	121
Deal-related amortization	1	–	1	1	–	1	1	1	3	3
Adjusted corporate unallocated expense	$(26)	$(36)	$(35)	$(38)	$(39)	$(53)	$(47)	$(54)	$(147)	$(181)
Equity in Income on Unconsolidated Subsidiaries
Equity in income on unconsolidated subsidiaries	$14	$6	$11	$13	$8	$11	$3	$12	$36	$43
Non-GAAP adjustments	–	–	–	–	–	–	2	–	2	–
Deal-related amortization	14	14	14	14	14	14	14	14	56	56
Adjusted equity in income on unconsolidated subsidiaries	$28	$20	$25	$27	$22	$25	$18	$26	$93	$99
Total SPGI
Operating profit	$1,144	$1,385	$911	$1,452	$1,074	$1,434	$890	$1,309	$4,020	$5,580
Non-GAAP adjustments	41	75	246	66	102	25	226	80	615	245
Deal-related amortization	275	278	275	281	274	285	273	288	1,097	1,133
Total Adjusted operating profit	$1,460	$1,738	$1,432	$1,800	$1,450	$1,744	$1,390	$1,677	$5,732	$6,958

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Operating Profit Margin⁽¹⁾

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Market Intelligence	32.0%	32.7%	32.3%	32.9%	33.3%	32.0%	34.2%	32.6%	33.0%	32.5%
Ratings	58.3%	64.7%	57.7%	65.8%	56.6%	61.7%	53.4%	59.7%	56.5%	63.0%
Commodity Insights	46.1%	47.2%	45.6%	47.3%	48.4%	47.8%	44.4%	45.0%	46.1%	46.8%
Mobility	39.1%	38.1%	40.3%	40.9%	42.2%	42.2%	33.7%	34.7%	38.8%	39.0%
Indices	71.8%	72.9%	68.6%	70.7%	69.4%	70.2%	66.1%	67.9%	68.9%	70.3%
Engineering Solutions	16.2%	–	12.6%	–	N/M	–	N/M	–	15.4%	–
Total SPGI	46.2%	49.8%	46.2%	50.7%	47.0%	48.8%	44.1%	46.7%	45.9%	49.0%

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Market Intelligence	32.0%	32.7%	32.3%	32.9%	33.3%	32.0%	34.2%	32.6%	33.0%	32.5%
Ratings	58.3%	64.7%	57.7%	65.8%	56.6%	61.7%	53.4%	59.7%	56.5%	63.0%
Commodity Insights	46.1%	47.2%	45.6%	47.3%	48.4%	47.8%	44.4%	45.0%	46.1%	46.8%
Mobility	39.1%	38.1%	40.3%	40.9%	42.2%	42.2%	33.7%	34.7%	38.8%	39.0%
Indices	71.8%	72.9%	68.6%	70.7%	69.4%	70.2%	66.1%	67.9%	68.9%	70.3%
Engineering Solutions	16.2%	–	12.6%	–	N/M	–	N/M	–	15.4%	–
Total SPGI	46.2%	49.8%	46.2%	50.7%	47.0%	48.8%	44.1%	46.7%	45.9%	49.0%

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Other Expense (Income), Net

(in millions)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Other expense (income), net	$11	$(9)	$(11)	$(3)	$(5)	$2	$19	$(14)	$15	$(25)
Non-GAAP adjustments	–	–	–	–	–	–	(23)	–	(23)	–
Deal-related amortization	–	–	–	–	–	–	–	(6)	–	(6)
Non-GAAP pro forma adjusted other (income) expense, net/Adjusted other expense (income), net	$11	$(9)	$(11)	$(3)	$(5)	$2	$(4)	$(20)	$(9)	$(31)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Other expense (income), net	$11	$(9)	$(11)	$(3)	$(5)	$2	$19	$(14)	$15	$(25)
Non-GAAP adjustments	–	–	–	–	–	–	(23)	–	(23)	–
Deal-related amortization	–	–	–	–	–	–	–	(6)	–	(6)
Non-GAAP pro forma adjusted other (income) expense, net/Adjusted other expense (income), net	$11	$(9)	$(11)	$(3)	$(5)	$2	$(4)	$(20)	$(9)	$(31)

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Interest Expense, Net

(in millions)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Interest expense, net	$85	$78	$88	$77	$84	$72	$76	$69	$334	$297
Non-GAAP adjustments	7	7	6	6	7	6	7	6	27	26
Adjusted interest expense, net	$92	$85	$95	$84	$91	$78	$83	$75	$361	$323

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Interest expense, net	$85	$78	$88	$77	$84	$72	$76	$69	$334	$297
Non-GAAP adjustments	7	7	6	6	7	6	7	6	27	26
Adjusted interest expense, net	$92	$85	$95	$84	$91	$78	$83	$75	$361	$323

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Provision for Income Taxes

(in millions)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Provision for income taxes	$188	$248	$259	$293	$181	$313	$151	$287	$778	$1,141
Non-GAAP adjustments	24	13	(37)	16	23	(6)	41	12	52	34
Deal-related amortization	66	67	66	69	66	70	66	72	264	278
Non-GAAP pro forma adjusted provision for income taxes/Adjusted provision for income taxes	$279	$328	$288	$378	$270	$376	$258	$371	$1,094	$1,453

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Provision for income taxes	$188	$248	$259	$293	$181	$313	$151	$287	$778	$1,141
Non-GAAP adjustments	24	13	(37)	16	23	(6)	41	12	52	34
Deal-related amortization	66	67	66	69	66	70	66	72	264	278
Non-GAAP pro forma adjusted provision for income taxes/Adjusted provision for income taxes	$279	$328	$288	$378	$270	$376	$258	$371	$1,094	$1,453

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Effective Tax Rate

(in millions)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Adjusted operating profit	$1,460	$1,738	$1,432	$1,800	$1,450	$1,744	$1,390	$1,677	$5,732	$6,958
Adjusted other expense (income), net	11	(9)	(11)	(3)	(5)	2	(4)	(20)	(9)	(31)
Adjusted interest expense, net	92	85	95	84	91	78	83	75	361	323
Adjusted income before taxes on income	$1,357	$1,663	$1,348	$1,719	$1,364	$1,663	$1,311	$1,622	$5,380	$6,666
Adjusted provision for income taxes	$279	$328	$288	$378	$270	$376	$258	$371	$1,094	$1,453
Adjusted effective tax rate ⁽²⁾	20.5%	19.7%	21.3%	22.0%	19.8%	22.6%	19.7%	22.9%	20.3%	21.8%

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Adjusted operating profit	$1,460	$1,738	$1,432	$1,800	$1,450	$1,744	$1,390	$1,677	$5,732	$6,958
Adjusted other expense (income), net	11	(9)	(11)	(3)	(5)	2	(4)	(20)	(9)	(31)
Adjusted interest expense, net	92	85	95	84	91	78	83	75	361	323
Adjusted income before taxes on income	$1,357	$1,663	$1,348	$1,719	$1,364	$1,663	$1,311	$1,622	$5,380	$6,666
Adjusted provision for income taxes	$279	$328	$288	$378	$270	$376	$258	$371	$1,094	$1,453
Adjusted effective tax rate ⁽²⁾	20.5%	19.7%	21.3%	22.0%	19.8%	22.6%	19.7%	22.9%	20.3%	21.8%

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Net Income attributable to Noncontrolling Interests

(in millions)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Net income attributable to noncontrolling interests	$65	$77	$64	$74	$72	$76	$65	$87	$267	$315

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Net income attributable to noncontrolling interests	$65	$77	$64	$74	$72	$76	$65	$87	$267	$315

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Net Income attributable to SPGI and Adjusted Diluted EPS

(in millions, except per share data)

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Net income attributable to SPGI	$795	$991	$511	$1,011	$742	$971	$579	$880	$2,626	$3,852
Non-GAAP adjustments	9	55	277	44	71	25	202	61	560	185
Deal-related amortization	209	212	209	212	208	215	208	222	833	861
Adjusted net income attributable to SPGI	$1,013	$1,258	$996	$1,267	$1,022	$1,210	$988	$1,163	$4,019	$4,898
Diluted EPS	$2.47	$3.16	$1.60	$3.23	$2.33	$3.11	$1.83	$2.85	$8.23	$12.35
Non-GAAP adjustments	0.03	0.18	0.87	0.14	0.22	0.08	0.64	0.20	1.75	0.59
Deal-related amortization	0.65	0.67	0.65	0.68	0.65	0.69	0.66	0.72	2.61	2.76
Adjusted diluted EPS	$3.15	$4.01	$3.12	$4.04	$3.21	$3.89	$3.13	$3.77	$12.60	$15.70

hello	Q1		Q2		Q3		Q4		Full Year
	2023	2024	2023	2024	2023	2024	2023	2024	2023	2024
Net income attributable to SPGI	$795	$991	$511	$1,011	$742	$971	$579	$880	$2,626	$3,852
Non-GAAP adjustments	9	55	277	44	71	25	202	61	560	185
Deal-related amortization	209	212	209	212	208	215	208	222	833	861
Adjusted net income attributable to SPGI	$1,013	$1,258	$996	$1,267	$1,022	$1,210	$988	$1,163	$4,019	$4,898
Diluted EPS	$2.47	$3.16	$1.60	$3.23	$2.33	$3.11	$1.83	$2.85	$8.23	$12.35
Non-GAAP adjustments	0.03	0.18	0.87	0.14	0.22	0.08	0.64	0.20	1.75	0.59
Deal-related amortization	0.65	0.67	0.65	0.68	0.65	0.69	0.66	0.72	2.61	2.76
Adjusted diluted EPS	$3.15	$4.01	$3.12	$4.04	$3.21	$3.89	$3.13	$3.77	$12.60	$15.70

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Notes:

(1)

The adjusted operating profit margin is calculated as adjusted operating profit divided by revenue

(2)

The adjusted effective tax rate is calculated by dividing the adjusted provision for income taxes by the adjusted income before taxes on income

For additional information, see notes on pages 64 and 78

Details may not sum to total due to rounding

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Appendix: 79–82Reconciliation of Adjusted Information

Revenue

Operating Profit

Operating Profit Margin(1)

Other Expense (Income), Net

Interest Expense, Net

Provision for Income Taxes

Effective Tax Rate

Net Income attributable to Noncontrolling Interests

Net Income attributable to SPGI and Adjusted Diluted EPS

Notes:

Appendix: 79–82
Reconciliation of Adjusted Information

Operating Profit Margin⁽¹⁾