Financial Review

2024 Financial Highlights

RevenueAdjusted Operating Profit (8)Adjusted Operating
Profit Margin (8)

S&P Global

Increased by 14% to
$14.21 billion (1)		Increased by 21% to
$6.96 billion		Increased by 310 bps to
49.0%

Market Intelligence (2, 3)

Increased by 6% to
$4.65 billion		Increased by 5% to
$1.51 billion		Decreased by 50 bps to
32.5%

Ratings (3)

Increased by 31% to
$4.37 billion		Increased by 46% to
$2.75 billion		Increased by 650 bps to
63.0%

Commodity Insights

Increased by 10% to
$2.14 billion		Increased by 12% to
$1 billion		Increased by 70 bps to
46.8%

Mobility

Increased by 8% to
$1.61 billion		Increased by 9% to
$627 million		Increased by 20 bps to
39.0%

Indices

Increased by 16% to
$1.63 billion		Increased by 18% to
$1.15 billion (7)		Increased by 140 bps to
70.3% (7)

2024 Revenue Snapshots

$14.2B

2024 Revenue

Full-year 2024 revenue increased 14%, driven by growth in all five divisions and led by Ratings. Excluding Engineering Solutions, full-year 2024 revenue would have increased by 15%.

See pages 66 to 70 for Division Revenue

39%

Ex-U.S. Revenue

S&P Global had 42,350 employees, including 24,450 in Asia; 11,200 in the U.S. and Canada; 5,700 in Europe, the Middle East, and Africa; and 1,000 in Latin America.

See page 69 for Global Revenue

76%

Revenue Is Recurring

76% of S&P Global’s 2024 revenue was tied to subscription revenue, non-transaction revenue, asset-linked fees, and recurring variable that are ongoing in nature.

See page 70 for Revenue by Type

Revenue by Division (1)

(dollars in millions)

2024

$14,208

Market Intelligence $4,645
33%
Ratings $4,370
31%
Commodity Insights $2,142
15%
Mobility $1,609
11%
Indices $1,628
11%

Note:

Total Company revenue includes the adjustment for interdivision revenue elimination; individual division results do not include this adjustment

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Global Revenue U.S. GAAP (1)

 

2024

U.S.
61%
Ex-U.S.
39%

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 adjusted basis

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Revenue by Type (1)

(dollars in millions)

2024

$14,208

Subscription $7,346
52%
Non-Subscription/ Transaction $2,986
21%
Non-transaction $1,858
13%
Asset-linked fees $1,046
7%
Recurring variable $579
4%
Sales usage-based royalties $393
3%
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Notes:

Navigating the Numbers:

2024 and 2023 financial information, other than revenue, is presented on a non-GAAP adjusted basis. 2024 and 2023 revenue is presented on a reported basis. Engineering Solutions was sold as of May 2, 2023; results are included through that date.

Except as noted below, 2022 financial information is presented on a non-GAAP pro forma adjusted basis and presents the Company’s results of operations

as if the merger with IHS Markit was completed on January 1, 2021. 2022 reflects non-GAAP pro forma adjusted revenue for Market Intelligence, Commodity Insights, and Indices; pro forma revenue for Mobility and Engineering Solutions; and revenue for Ratings.

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

Notes for pages 64 to 70:

(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