Financial Review: 66–68Operating Division Trends*
Revenue
(dollars in millions)
Non-GAAP | 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 | Ajusted | Ajusted | |
| 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% |
Key Results, Adjusted for Foreign Exchange (Fx) Movements
(dollars in millions)
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Non-GAAP | 2023 | 2024 | 2022 | 2023 | 2024 | Non-GAAP | 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:
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%
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.
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
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
Mobility: 2023 results reflect the acquisition of Market Scan Information Systems Inc. and divestiture of Aftersales
Indices: 2022 non-GAAP pro forma adjusted results reflect the divestiture of a family of leveraged loan indices
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
Adjusted financials refer to non-GAAP adjusted metrics in 2024 and 2023, and non-GAAP pro forma adjusted metrics in 2022