58-61
Operating Division Trends*

U.S. GAAP

Ratings ^{(1, 2)}

Total Revenue

(dollars in millions)

$4,400

3,300

2,200

1,100

$2,988

$2,883

$3,106

$3,606

$4,097

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Total Operating Profit

(dollars in millions)

$2,800

2,100

1,400

700

$1,517

$1,554

$1,783

$2,223

$2,629

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Operating Profit Margin

80%

50.8%

53.9%

57.4%

61.6%

64.2%

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Market Intelligence ^{(1, 4)}

Total Revenue

(dollars in millions)

$2,400

1,800

1,200

600

$1,683

$1,833

$1,959

$2,106

$2,247

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Total Operating Profit

(dollars in millions)

$800

600

400

200

$457

$500

$566

$589

$703

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Operating Profit Margin

40%

27.2%

27.3%

28.9%

28.0%

31.3%

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Platts⁽⁵⁾

Total Revenue

(dollars in millions)

$1,000

750

500

250

$774

$815

$844

$878

$950

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Total Operating Profit

(dollars in millions)

$600

450

300

150

$326

$401

$457

$458

$517

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Operating Profit Margin

80%

42.1%

49.3%

54.1%

52.1%

54.4%

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Indices ⁽⁶⁾

Total Revenue

(dollars in millions)

$1,200

900

600

300

$728

$837

$918

$989

$1,149

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Total Operating Profit

(dollars in millions)

$800

600

400

200

$478

$566

$632

$666

$798

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Operating Profit Margin

80%

65.7%

67.6%

68.9%

67.4%

69.5%

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Revenue

(dollars in millions)

	2017	2018	2019	2020	2021
Ratings ⁽¹⁾	$2,988	$2,883	$3,106	$3,606	$4,097
% increase/(decrease)	18%	(4)%	8%	16%	14%
% of total	49%	46%	46%	48%	49%
Market Intelligence ^{(1, 4)}	$1,683	$1,833	$1,959	$2,106	$2,247
% increase/(decrease)	1%	9%	7%	8%	7%
% of total	28%	29%	29%	28%	27%
Platts ⁽⁵⁾	$774	$815	$844	$878	$950
% increase/(decrease)	(16)%	5%	4%	4%	8%
% of total	13%	13%	13%	12%	11%
Indices	$728	$837	$918	$989	$1,149
% increase/(decrease)	14%	15%	10%	8%	16%
% of total	12%	13%	14%	13%	14%
Corporate	–	$15	–	–	–
% increase/(decrease)	N/M	N/M	N/M	N/M	N/M
% of total	0%	0%	0%	0%	0%
Interdivision elimination	$(110)	$(125)	$(128)	$(137)	$(146)
Total SPGI revenue	$6,063	$6,258	$6,699	$7,442	$8,297
% increase/(decrease)	7%	3%	7%	11%	11%

	2017	2018	2019	2020	2021
Ratings ⁽¹⁾	$2,988	$2,883	$3,106	$3,606	$4,097
% increase/(decrease)	18%	(4)%	8%	16%	14%
% of total	49%	46%	46%	48%	49%
Market Intelligence ^{(1, 4)}	$1,683	$1,833	$1,959	$2,106	$2,247
% increase/(decrease)	1%	9%	7%	8%	7%
% of total	28%	29%	29%	28%	27%
Platts ⁽⁵⁾	$774	$815	$844	$878	$950
% increase/(decrease)	(16)%	5%	4%	4%	8%
% of total	13%	13%	13%	12%	11%
Indices	$728	$837	$918	$989	$1,149
% increase/(decrease)	14%	15%	10%	8%	16%
% of total	12%	13%	14%	13%	14%
Corporate	–	$15	–	–	–
% increase/(decrease)	N/M	N/M	N/M	N/M	N/M
% of total	0%	0%	0%	0%	0%
Interdivision elimination	$(110)	$(125)	$(128)	$(137)	$(146)
Total SPGI revenue	$6,063	$6,258	$6,699	$7,442	$8,297
% increase/(decrease)	7%	3%	7%	11%	11%

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Expenses

(dollars in millions)

	2017	2018 ⁽⁹⁾	2019	2020	2021
Ratings ^{(1, 2)}	$1,471	$1,329	$1,323	$1,383	$1,468
% increase/(decrease)	15%	–	(1)%	5%	6%
Market Intelligence ^{(1, 4)}	$1,226	$1,333	$1,393	$1,517	$1,544
% increase/(decrease)	31%	–	4%	9%	2%
Platts ⁽⁵⁾	$448	$414	$387	$420	$433
% increase/(decrease)	N/M	–	(6)%	8%	3%
Indices	$250	$271	$286	$323	$351
% increase/(decrease)	11%	–	6%	13%	8%
Interdivision elimination	$(110)	$(125)	$(128)	$(137)	$(146)
Total division expense	$3,285	$3,222	$3,261	$3,506	$3,650
% increase/(decrease)	51%	–	1%	8%	4%

	2017	2018 ⁽⁹⁾	2019	2020	2021
Ratings ^{(1, 2)}	$1,471	$1,329	$1,323	$1,383	$1,468
% increase/(decrease)	15%	–	(1)%	5%	6%
Market Intelligence ^{(1, 4)}	$1,226	$1,333	$1,393	$1,517	$1,544
% increase/(decrease)	31%	–	4%	9%	2%
Platts ⁽⁵⁾	$448	$414	$387	$420	$433
% increase/(decrease)	N/M	–	(6)%	8%	3%
Indices	$250	$271	$286	$323	$351
% increase/(decrease)	11%	–	6%	13%	8%
Interdivision elimination	$(110)	$(125)	$(128)	$(137)	$(146)
Total division expense	$3,285	$3,222	$3,261	$3,506	$3,650
% increase/(decrease)	51%	–	1%	8%	4%

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Operating Profit by Division

(dollars in millions)

	2017	2018 ⁽⁹⁾	2019	2020	2021
Ratings ^{(1, 2)}	$1,517	$1,554	$1,783	$2,223	$2,629
% increase/(decrease)	21%	–	15%	25%	18%
% of total	55%	51%	52%	56%	57%
Market Intelligence ^{(1, 4)}	$457	$500	$566	$589	$703
% increase/(decrease)	(37)%	–	13%	4%	19%
% of total	16%	17%	16%	15%	15%
Platts ⁽⁵⁾	$326	$401	$457	$458	$517
% increase/(decrease)	(70)%	–	14%	–	13%
% of total	12%	13%	13%	12%	11%
Indices ⁽⁶⁾	$478	$566	$632	$666	$798
% increase/(decrease)	16%	–	12%	5%	20%
% of total	17%	19%	18%	17%	17%
Total division operating profit	$2,778	$3,021	$3,438	$3,936	$4,647
% increase/(decrease)	(20)%	–	14%	14%	18%
Total SPGI operating profit	$2,583	$2,790	$3,226	$3,617	$4,221
% increase/(decrease)	(23)%	–	16%	12%	17%

	2017	2018 ⁽⁹⁾	2019	2020	2021
Ratings ^{(1, 2)}	$1,517	$1,554	$1,783	$2,223	$2,629
% increase/(decrease)	21%	–	15%	25%	18%
% of total	55%	51%	52%	56%	57%
Market Intelligence ^{(1, 4)}	$457	$500	$566	$589	$703
% increase/(decrease)	(37)%	–	13%	4%	19%
% of total	16%	17%	16%	15%	15%
Platts ⁽⁵⁾	$326	$401	$457	$458	$517
% increase/(decrease)	(70)%	–	14%	–	13%
% of total	12%	13%	13%	12%	11%
Indices ⁽⁶⁾	$478	$566	$632	$666	$798
% increase/(decrease)	16%	–	12%	5%	20%
% of total	17%	19%	18%	17%	17%
Total division operating profit	$2,778	$3,021	$3,438	$3,936	$4,647
% increase/(decrease)	(20)%	–	14%	14%	18%
Total SPGI operating profit	$2,583	$2,790	$3,226	$3,617	$4,221
% increase/(decrease)	(23)%	–	16%	12%	17%

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Operating Proﬁt Margin by Division

	2017	2018	2019	2020	2021
Ratings ^{(1, 2)}	50.8%	53.9%	57.4%	61.6%	64.2%
Market Intelligence ^{(1, 4)}	27.2%	27.3%	28.9%	28.0%	31.3%
Platts⁽⁵⁾	42.1%	49.3%	54.1%	52.1%	54.4%
Indices ⁽⁶⁾	65.7%	67.6%	68.9%	67.4%	69.5%
Total division operating proﬁt margin ⁽⁷⁾	45.8%	48.4%	51.3%	52.9%	56.0%
Total SPGI profit margin	42.6%	44.6%	48.2%	48.6%	50.9%

	2017	2018	2019	2020	2021
Ratings ^{(1, 2)}	50.8%	53.9%	57.4%	61.6%	64.2%
Market Intelligence ^{(1, 4)}	27.2%	27.3%	28.9%	28.0%	31.3%
Platts⁽⁵⁾	42.1%	49.3%	54.1%	52.1%	54.4%
Indices ⁽⁶⁾	65.7%	67.6%	68.9%	67.4%	69.5%
Total division operating proﬁt margin ⁽⁷⁾	45.8%	48.4%	51.3%	52.9%	56.0%
Total SPGI profit margin	42.6%	44.6%	48.2%	48.6%	50.9%

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Key Results, Adjusted for Foreign Exchange (Fx) Movements

(dollars in millions)

	Reported					Fx					Fx Adjusted
	2017	2018	2019	2020	2021	2017	2018	2019	2020	2021	2017	2018	2019	2020	2021
Revenue
Ratings ⁽¹⁾	$2,988	$2,883	$3,106	$3,606	$4,097	$(7)	$(21)	$33	$(6)	$(39)	$2,981	$2,862	$3,139	$3,600	$4,058
Market Intelligence ^{(1, 4)}	1,683	1,833	1,959	2,106	2,247	2	(4)	5	(2)	(4)	1,685	1,829	1,964	2,104	2,243
Platts ⁽⁵⁾	774	815	844	878	950	–	–	–	(1)	–	774	815	844	877	950
Indices	728	837	918	989	1,149	–	–	1	–	(1)	728	837	919	989	1,148
Elimination	(110)	(125)	(128)	(137)	(146)	–	–	–	–	–	(110)	(125)	(128)	(137)	(146)
Total division revenue	$6,063	$6,243	$6,699	$7,442	$8,297	$(5)	$(25)	$39	$(9)	$(44)	$6,058	$6,218	$6,738	$7,433	$8,253
Total SPGI revenue ⁽⁸⁾	$6,063	$6,258	$6,699	$7,442	$8,297	$(5)	$(25)	$39	$(9)	$(44)	$6,058	$6,233	$6,738	$7,433	$8,253
Operating Profit
Ratings ⁽¹⁾	$1,517	$1,554	$1,783	$2,223	$2,629	$9	$(50)	$19	$(30)	$(34)	$1,526	$1,504	$1,802	$2,193	$2,595
Market Intelligence ^{(1, 4)}	457	500	566	589	703	6	(16)	(12)	(15)	3	463	484	554	574	706
Platts ⁽⁵⁾	326	401	457	458	517	1	3	(7)	(2)	1	327	404	450	456	518
Indices ⁽⁶⁾	478	566	632	666	798	(3)	3	(2)	(5)	–	475	569	630	661	798
Total division operating profit	$2,778	$3,021	$3,438	$3,936	$4,647	$12	$(60)	$(2)	$(52)	$(29)	$2,790	$2,961	$3,436	$3,884	$4,618
Total SPGI operating profit	$2,583	$2,790	$3,226	$3,617	$4,221	$12	$(60)	$(2)	$(52)	$(29)	$2,595	$2,730	$3,224	$3,565	$4,192
Operating profit margin by division adjusted for Fx movements versus the prior year
Ratings ⁽¹⁾	50.8%	53.9%	57.4%	61.6%	64.2%						51.2%	52.6%	57.4%	60.9%	63.9%
Market Intelligence ^{(1, 4)}	27.2%	27.3%	28.9%	28.0%	31.3%						27.5%	26.5%	28.2%	27.3%	31.5%
Platts ⁽⁵⁾	42.1%	49.3%	54.1%	52.1%	54.4%						42.2%	49.6%	53.3%	52.0%	54.5%
Indices ⁽⁶⁾	65.7%	67.6%	68.9%	67.4%	69.5%						65.3%	68.0%	68.6%	66.8%	69.5%
Operating profit margin adjusted for Fx movements versus the prior year
Total division	45.8%	48.4%	51.3%	52.9%	56.0%						46.1%	47.6%	51.0%	52.3%	56.0%
Total SPGI	42.6%	44.6%	48.2%	48.6%	50.9%						42.8%	43.8%	47.9%	48.0%	50.8%

	Reported					Fx					Fx Adjusted
	2017	2018	2019	2020	2021	2017	2018	2019	2020	2021	2017	2018	2019	2020	2021
Revenue
Ratings ⁽¹⁾	$2,988	$2,883	$3,106	$3,606	$4,097	$(7)	$(21)	$33	$(6)	$(39)	$2,981	$2,862	$3,139	$3,600	$4,058
Market Intelligence ^{(1, 4)}	1,683	1,833	1,959	2,106	2,247	2	(4)	5	(2)	(4)	1,685	1,829	1,964	2,104	2,243
Platts ⁽⁵⁾	774	815	844	878	950	–	–	–	(1)	–	774	815	844	877	950
Indices	728	837	918	989	1,149	–	–	1	–	(1)	728	837	919	989	1,148
Elimination	(110)	(125)	(128)	(137)	(146)	–	–	–	–	–	(110)	(125)	(128)	(137)	(146)
Total division revenue	$6,063	$6,243	$6,699	$7,442	$8,297	$(5)	$(25)	$39	$(9)	$(44)	$6,058	$6,218	$6,738	$7,433	$8,253
Total SPGI revenue ⁽⁸⁾	$6,063	$6,258	$6,699	$7,442	$8,297	$(5)	$(25)	$39	$(9)	$(44)	$6,058	$6,233	$6,738	$7,433	$8,253
Operating Profit
Ratings ⁽¹⁾	$1,517	$1,554	$1,783	$2,223	$2,629	$9	$(50)	$19	$(30)	$(34)	$1,526	$1,504	$1,802	$2,193	$2,595
Market Intelligence ^{(1, 4)}	457	500	566	589	703	6	(16)	(12)	(15)	3	463	484	554	574	706
Platts ⁽⁵⁾	326	401	457	458	517	1	3	(7)	(2)	1	327	404	450	456	518
Indices ⁽⁶⁾	478	566	632	666	798	(3)	3	(2)	(5)	–	475	569	630	661	798
Total division operating profit	$2,778	$3,021	$3,438	$3,936	$4,647	$12	$(60)	$(2)	$(52)	$(29)	$2,790	$2,961	$3,436	$3,884	$4,618
Total SPGI operating profit	$2,583	$2,790	$3,226	$3,617	$4,221	$12	$(60)	$(2)	$(52)	$(29)	$2,595	$2,730	$3,224	$3,565	$4,192
Operating profit margin by division adjusted for Fx movements versus the prior year
Ratings ⁽¹⁾	50.8%	53.9%	57.4%	61.6%	64.2%						51.2%	52.6%	57.4%	60.9%	63.9%
Market Intelligence ^{(1, 4)}	27.2%	27.3%	28.9%	28.0%	31.3%						27.5%	26.5%	28.2%	27.3%	31.5%
Platts ⁽⁵⁾	42.1%	49.3%	54.1%	52.1%	54.4%						42.2%	49.6%	53.3%	52.0%	54.5%
Indices ⁽⁶⁾	65.7%	67.6%	68.9%	67.4%	69.5%						65.3%	68.0%	68.6%	66.8%	69.5%
Operating profit margin adjusted for Fx movements versus the prior year
Total division	45.8%	48.4%	51.3%	52.9%	56.0%						46.1%	47.6%	51.0%	52.3%	56.0%
Total SPGI	42.6%	44.6%	48.2%	48.6%	50.9%						42.8%	43.8%	47.9%	48.0%	50.8%

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Notes:

Notes for Ratings:
2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC

Includes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

Notes for Market Intelligence:
2020 results reflect the divestiture of Investor Relations webhosting business

2019 results reflect the acquisition of 451 Research, LLC and divestiture of Standard & Poor’s Investment Advisory Services LLC

2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc.

2017 results reflect the divestiture of QuantHouse

Note for Platts:
2019 results reflect the acquisitions of Canadian Enerdata Ltd. and Live Rice Index and the divestiture of RigData

Notes for Indices:
Includes operating profit attributable to noncontrolling interests ($215 million in 2021, $181 million in 2020, $170 million in 2019, $151 million in 2018, and $129 million in 2017) as part of the S&P Dow Jones Indices joint venture established in June 2012

(1)

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. 2020 Ratings revenue reflects the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC

(2)

2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC. Includes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

(3)

2020 results reflect the acquisitions of the ESG Ratings Business from RobecoSAM and Greenwich Associates LLC. Excludes the impact of $74 million of legal settlement expenses in 2018 and $55 million of legal settlement expenses in 2017

(4)

2020 results reflect the divestiture of Investor Relations webhosting business. 2019 results reflect the acquisition of 451 Research, LLC and divestiture of Standard & Poor’s Investment Advisory Services LLC. 2018 results reflect the acquisitions of the RateWatch business and Panjiva, Inc. 2017 results reflect the divestiture of QuantHouse

(5)

2019 results reflect the acquisitions of Canadian Enerdata Ltd. and Live Rice Index and the divestiture of RigData

(6)

Includes operating profit attributable to noncontrolling interests ($215 million in 2021, $181 million in 2020, $170 million in 2019, $151 million in 2018, and $129 million in 2017) as part of the S&P Dow Jones Indices joint venture established in June 2012

(7)

Includes interdivision revenue elimination of $146 million in 2021, $137 million in 2020, $128 million in 2019, $125 million in 2018, and $110 million in 2017. Percentages may sum to greater than 100%

(8)

Total revenue includes Corporate revenue of $15 million related to the acquisition of Kensho in April 2018

(9)

In the first quarter of 2020, the Company changed its methodology for allocating its centrally managed technology-related expenses to its reportable segments to more accurately reflect each segment’s respective usage. Results recast for 2018 and 2019; prior years not restated. As a result, percent increases/decreases from 2017 to 2018 are not calculated

N/M: Not meaningful

Details may not sum to total due to rounding

SPGI: Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions

58-61Operating Division Trends*

U.S. GAAP

Ratings (1, 2)

Total Revenue

Total Operating Profit

Operating Profit Margin

Market Intelligence (1, 4)

Total Revenue

Total Operating Profit

Operating Profit Margin

Platts(5)

Total Revenue

Total Operating Profit

Operating Profit Margin

Indices (6)

Total Revenue

Total Operating Profit

Operating Profit Margin

Revenue

Expenses

Operating Profit by Division

Operating Proﬁt Margin by Division

Key Results, Adjusted for Foreign Exchange (Fx) Movements

Notes:

58-61
Operating Division Trends*

Ratings ^{(1, 2)}

Market Intelligence ^{(1, 4)}

Platts⁽⁵⁾

Indices ⁽⁶⁾