Financial Review: 70
Revenue by Type*

Total Company (1, 2, 3, 4, 5, 6)

(dollars in millions)

57%
16%
14%
7%
4%
2%
55%
17%
14%
7%
4%
3%
52%
21%
13%
7%
3%
4%
'22
'23
'24
Subscription
$6,700
$6,963
$7,346
Non-subscription/ transaction
1,890
2,093
2,986
Non-transaction
1,638
1,730
1,858
Asset-linked fees
862
859
1,046
Recurring variable
467
504
393
Sales usage-based royalties
286
348
579
Total revenue
$11,842
$12,497
$14,208
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Market Intelligence (2, 3)

(dollars in millions)

84%
11%
5%
84%
12%
4%
84%
12%
4%
'22
'23
'24
Subscription
$3,443
$3,685
$3,882
Recurring variable
467
504
579
Non-subscription
183
187
184
Total revenue
$4,093
$4,376
$4,645
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Ratings (3)

(dollars in millions)

41%
59%
43%
57%
53%
47%
'22
'23
'24
Transaction
$1,241
$1,425
$2,326
Non-transaction
1,809
1,907
2,044
Total revenue
$3,050
$3,332
$4,370
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Commodity Insights (4)

(dollars in millions)

88%
8%
4%
88%
8%
4%
87%
5%
8%
'22
'23
'24
Subscription
$1,569
$1,707
$1,873
Non-subscription
140
158
103
Sales usage-based royalties
67
81
166
Total revenue
$1,776
$1,946
$2,142
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Mobility (5)

(dollars in millions)

78%
22%
79%
21%
81%
19%
'22
'23
'24
Subscription
$1,055
$1,169
$1,299
Non-subscription
296
315
310
Total Revenue
$1,351
$1,484
$1,609
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Indices (6)

(dollars in millions)

64%
20%
16%
61%
20%
19%
64%
18%
18%
'22
'23
'24
Asset-linked fees
$862
$859
$1,046
Subscription
274
277
292
Sales usage-based fees
219
267
290
Total revenue
$1,355
$1,403
$1,628
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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

Notes:
(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

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

See the following pages for description of each division’s subscription revenue, non-subscription/transaction revenue, non-transaction revenue, asset-linked fees, and sales usage-based royalties

Page 16:  Market Intelligence  
Page 25:  Ratings
Page 40:  Commodity Insights
Page 49:  Mobility
Page 56:  Indices