S&P Global


A Message from S&P Global Investor Relations


The world is enduring an unprecedented economic impact from measures to curb the spread of COVID-19. Substantially all of S&P Global’s operations have continued uninterrupted, and we have increased the magnitude of our research and the scope of our customer outreach. We have also responded to help provide support to customers, hospitals, and others in these difficult times.

This year we are highlighting new Company-wide initiatives, including:
  • S&P Global Marketplace, which enables customers to access data across the enterprise 
  • Important new capabilities in ESG, benchmarks, data, and analytics
  • Progress in growth investments, particularly in China and in automation
And, as always, we include those sections most frequently sought by investors: 
  • Ten years of bond issuance data by world area and asset type
    pages 24–28 
  • S&P Global Ratings’ Track Record:  Standing the Test of Time
    page 29 
  • S&P Global Platts’ commodity futures contract history for benchmarks and expansion of its renewable energy business
    pages 46–47 
  • S&P Dow Jones Indices Annual Survey of Assets
    page 49 

Throughout the 2020 Investor Fact Book you will see examples of how the Company is providing essential intelligence that unlocks opportunity, fosters growth, and accelerates progress. The online edition features expanded content, including related video content, new reports/studies released during the year, and Excel downloads of key financials.

We would greatly appreciate any suggestions for additional content that you would find useful. Please pass along your suggestions and let us know if you have questions.

Robert (Chip) S. Merritt

Senior Vice President,
Investor Relations
T 212 438 4321

Celeste M. Hughes

Senior Manager, Communications
& Shareholder Relations,
Investor Relations
T 212 438 2192

Investing to Help Fuel Additional Future Growth


  • Global
  • Domestic ratings in China 
  • Market Intelligence China initiative
  • Platts commercial expansion in Asia
  • Innovation
  • Ramp up ESG data coverage(1)
  • Pilot new ESG analytic and data products(1)
  • Platts agriculture acceleration(1)
  • SME product-build(2)
  • Marketplace commercialization(2)
  • Platts benchmark acceleration(2)
  • Continued Kensho collaboration
  • Technology
  • Continued deployment of data science, AI, cloud, machine learning, and robotics tools

(1) Project completed
(2) New investment in 2020

Company Productivity Savings Exceeded Target Established in May 2018

$45–55m Productivity improvements across support functions and real estate$55–60m Productivity improvements in technology & digital infrastructure$65m*$55m*$100m goal $120m achieved*
  • Major Actions
  • Standardized and centralized processes
  • Implemented robotic process-
    automation projects
  • Sourced headcount to support growth opportunities in low-cost locations
  • Reduced real estate footprint
  • Consolidated data centers and migrated to the cloud
  • Standardized and rationalized
    technology stack

*  Achieved in 2Q 2020

Our 2020 vision is actually making us see double. Double-digit financial growth, that is.

S&P Global’s 2020 Investor Fact Book highlights the Company’s strong financial performance over time while continuing to invest for future growth. For 2019, free cash flow, excluding certain items, increased by 29% year-over-year to $2.6 billion. Adjusted diluted EPS increased by 12% to $9.53. Over the past four years, adjusted diluted EPS has seen a compound annual growth rate of 19%. Adjusted operating profit increased by 10% year-over-year to $3.4 billion. Our adjusted operating profit margin has improved by more than 1,000 basis points over the past four years. 

On Investor Day in May of 2018, we announced the launch of our Powering the Markets of the Future initiative to frame our business vision and help us allocate investments to where they can deliver the most growth. Management’s goal was to design a durable and flexible business frame with a lens that the Company could continually adjust and refocus to bring clarity to both near and distant financial targets. And while our Powering the Markets of the Future strategy helped us deploy $100 million in 2019 to evolve and grow our core businesses, make significant progress on our productivity programs, continue our investments in ESG, and make targeted acquisitions, it is our clear vision and focused employees that enable us to deliver meaningful financial progress year after year. 

For 2020 and beyond, we will continue to put our customers and people first, properly allocate resources, and fully utilize our six foundational capabilities—global, customer orientation, technology, innovation, operational excellence, and people—to help transform our clear vision into the transparent insight and essential intelligence needed to power the markets of the future and accelerate progress in the world.

Meaningful Progress Achieved in 2019 Toward Medium-Term Targets (1)



Total company measures:
Organic revenue growthMid-to-high
3 of 4 businesses4 of 4 businesses
Adjusted diluted EPS growthLow double-digit23%12%
FCF return to shareholders (2)75%
Adjusted operating profit margin: (4)
Ratingshigh 50s56.8%+100 bps to 57.8%
Market Intelligencemid 30s (3)31.7%+40 bps to 32.1%
Plattslow 50s51.4%+100 bps to 52.4%
Indiceshigh 60s (3)68.3%+120 bps to 69.5%
S&P Globallow 50s48.8%+140 bps to 50.2%

Terms of Use:

Please refer to all source material cited herein for more information, including information relating to disclaimers and intellectual property rights associated with such material.


Medium-term targets were introduced at S&P Global’s Investor Day in May 2018 and refer to a 3- to 4-year horizon


Free cash flow excluding certain items


Medium-term targets for Market Intelligence and Indices were narrowed during 4Q 2019 earnings call in February 2020

Market Intelligence’s target for adjusted operating profit margin was narrowed from mid-to-high 30s to mid 30s

Indices’ target for adjusted operating profit margin was narrowed from mid-to-high 60s to high 60s


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