New Charts
United States
$5,898
billion
Financial
Investment Grade: $1,347B
23%
Speculative Grade: $196B
3%
Nonfinancial
Investment Grade: $2,417B
41%
Speculative Grade: $1,938B
33%
Change in Revenue Mix: 2007 vs. 2024
(dollars in millions)
6%
44%
27%
15%
9%
10%
9%
58%
15%
8%
10%
11%
58%
14%
7%
15%
11%
49%
17%
7%
15%
12%
50%
16%
7%
12%
12%
53%
17%
6%
'07
'20
'21
'22
'23
'24
CRISIL, Other*
$123
$378
$429
$472
$510
$521
Structured Finance
933
310
458
347
387
537
Corporates
578
2,098
2,356
1,498
1,666
2,314
Financial Institutions
321
537
573
510
541
726
Governments
183
283
280
224
228
272
Total
$2,138
$3,606
$4,097
$3,050
$3,332
$4,370
U.S. Corporates: Industrials (c)
(S&P penetration rate as a % of rated dollar volume) (data as of 12/31/2024)
98%
99%
98%
98%
97%
94%
96%
97%
98%
99%
'15
'16
'17
'18
'19
'20
'21
'22
'23
'24
S&P Rated Volume
$699
$655
$713
$475
$653
$1,106
$753
$423
$500
$628
Rated Volume
$713
$660
$725
$484
$673
$1,171
$786
$435
$510
$633
# of Rated Issues
956
894
1,081
740
859
1,427
1,059
659
760
920
Sources: Refinitiv, S&P Global Ratings
Revenue (1)
% of 2024 SPGI Revenue
2024
$14.2B
Market Intelligence (2) $4.6B
33%
Ratings $4.4B
31%
Commodity Insights (4) $2.1B
15%
Mobility $1.6B
11%
Indices $1.6B
11%
Revenue by Type (2,3)
(dollars in millions)
Pro forma (1)
89%
7%
4%
88%
8%
4%
88%
8%
4%
'21
'22
'23
Subscription
$1,486
$1,569
$1,707
Non-subscription
$117
$140
$158
Sales usage-based royalties
$66
$67
$81
Total revenue
$1,669
$1,776
$1,946
Cash Returned to Shareholders
(dollars in millions)
Note: Shares repurchased are reported on a settlement-date basis
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