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S&P Global Business Segments

Business, geographic, and product segment breakdowns

S&P Global generates $15.7B in annual revenue across 4 key segments: Asset-linked fees ($1.3B), Non-subscription / Transaction ($3.3B), Non-transaction ($2.1B), and Recurring variable revenue ($641.0M). The company-wide operating margin is 43.88%. Based on the Q1 2026 filing.

Asset-linked fees (TTM)$1.3BNon-subscription / Transaction (TTM)$3.3BNon-transaction (TTM)$2.1BRecurring variable revenue (TTM)$641.0MSales usage-based royalties (TTM)$466.0MSubscription (TTM)$8.0B
Latest FilingQ1 2026
Report Date2026-04-28
Market Cap$123.61B
P/E Ratio25.88
ROE14.8%

Products & Services

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Subscription$1.9B$1.9B$2.0B$2.0B$2.0B$2.0B
Non-subscription / Transaction$681.0M$850.0M$745.0M$812.0M$738.0M$978.0M
Non-transaction$493.0M$481.0M$502.0M$521.0M$549.0M$538.0M
Asset-linked fees$290.0M$288.0M$286.0M$303.0M$330.0M$339.0M
Recurring variable revenue$149.0M$150.0M$158.0M$158.0M$156.0M$169.0M
Sales usage-based royalties$97.0M$110.0M$110.0M$108.0M$115.0M$133.0M

Geographic

Concentration risk (as a percent)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia5.5%5.8%5.8%5.8%5.8%—
Europe5.8%5.8%5.8%5.8%5.8%—
Rest Of World1.5%1.3%1.3%1.3%1.3%—

Long-Lived Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Asia$182.0M———$203.0M—
Europe$115.0M———$153.0M—
Rest Of World$32.0M———$34.0M—
UNITED STATES$483.0M———$483.0M—

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
UNITED STATES$2.2B$2.3B$2.3B$2.4B$2.3B$2.6B
Europe$849.0M$849.0M$863.0M$885.0M$935.0M$895.0M
Asia$380.0M$382.0M$408.0M$430.0M$419.0M$430.0M
Rest Of World$201.0M$204.0M$215.0M$211.0M$213.0M$221.0M

Business Segments

Acquisitions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy$4.0M$0.0$0.0$0.0$0.0—
Indices$0.0$9.0M$9.0M$9.0M$9.0M—
Market Intelligence$57.3M$371.8M$371.8M$371.8M$371.8M—
Mobility$0.0$0.0$0.0$0.0$0.0—
Ratings$0.0$6.0M$6.0M$6.0M$6.0M—

Capital Expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy$1.8M$2.8M$2.8M$2.8M$2.8M—
Engineering Solutions$0.0$0.0$0.0$0.0$0.0—
Indices$750.0K$1.0M$1.0M$1.0M$1.0M—
Market Intelligence$15.3M$19.5M$19.5M$19.5M$19.5M—
Mobility$4.5M$7.0M$7.0M$7.0M$7.0M—
Ratings$7.3M$16.0M$16.0M$16.0M$16.0M—

Depreciation & Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy$34.3M$34.5M$34.5M$34.5M$34.5M—
Engineering Solutions$0.0$0.0$0.0$0.0$0.0—
Indices$10.5M$10.8M$10.8M$10.8M$10.8M—
Market Intelligence$156.8M$157.8M$157.8M$157.8M$157.8M—
Mobility$79.3M$80.0M$80.0M$80.0M$80.0M—
Ratings$9.3M$8.0M$8.0M$8.0M$8.0M—

Goodwill

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy$5.6B———$5.6B—
Indices$1.4B———$1.5B—
Market Intelligence$18.3B———$19.7B—
Mobility$8.9B———$8.9B—
Ratings$259.0M———$164.0M—

Goodwill, Other Increase (Decrease)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy-$1.0M$3.3M$3.3M$3.3M$3.3M—
Indices-$12.0M$25.0M$25.0M$25.0M$25.0M—
Market Intelligence-$6.5M$2.5M$2.5M$2.5M$2.5M—
Mobility-$1.3M$0.0$0.0$0.0$0.0—
Ratings-$3.8M-$1.0M-$1.0M-$1.0M-$1.0M—

Less: other segment items

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mobility$78.0M$76.0M$81.0M$76.0M$85.0M$89.0M
Energy$39.5M$39.0M———$35.0M
Indices$9.0M$9.0M$9.0M$11.0M$12.0M$11.0M
Market Intelligence$161.0M$174.0M$171.0M$163.0M$172.0M-$4.0M
Ratings$7.0M$4.0M$37.0M$13.0M$12.0M$1.0M
Engineering Solutions$0.0$0.0$0.0$0.0$0.0—

Operating profit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ratings$627.0M$757.0M$715.0M$819.0M$722.0M$881.0M
Market Intelligence$226.0M$220.0M$259.0M$277.0M$235.0M$440.0M
Indices$287.0M$315.0M$309.0M$317.0M$330.0M$372.0M
Energy$211.3M$255.0M———$287.0M

Reclassifications

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy—$0.0$0.0$0.0$0.0—
Indices—$0.0$0.0$0.0$0.0—
Market Intelligence—-$35.3M-$35.3M-$35.3M-$35.3M—
Mobility—$0.0$0.0$0.0$0.0—
Ratings—-$28.8M-$28.8M-$28.8M-$28.8M—

Restructuring Charges

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy—$4.8M$4.8M$4.8M$4.8M$19.0M
Mobility—$6.0M———$15.0M

Restructuring Reserve

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy————$12.0M$8.0M
Mobility$3.0M———$11.0M$7.0M

Significant expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Intelligence$799.0M$805.0M$787.0M$796.0M$856.0M$860.0M
Ratings$429.0M$388.0M$396.0M$408.0M$453.0M$420.0M
Energy$284.8M$318.0M———$330.0M
Mobility$268.0M$258.0M$253.0M$252.0M$288.0M$272.0M
Indices$139.0M$121.0M$128.0M$134.0M$156.0M$136.0M
Engineering Solutions$0.0$0.0$0.0$0.0$0.0—

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Intelligence$29.5B$29.0B$28.7B$28.8T$31.2B$31.0B
Mobility$13.2B$13.2B$13.1B$8.7B$13.0B$12.9B
Energy$8.6B———$8.5B$8.4B
Indices$3.2B$3.3B$3.4B$13.0B$3.4B$3.4B
Ratings$1.1B$1.2B$1.3B$1.2B$1.1B$1.3B

Total Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Energy$535.5M$612.0M———$652.0M

Indefinite-Lived Intangible Assets (Excluding Goodwill)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Indices$132.0M———$132.0M—
Market Intelligence$185.0M———$185.0M—

Initial Charge Recorded

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Intelligence—$77.0M———$56.0M
Ratings—$4.0M$6.0M$0.0$7.0M$17.0M
Indices—$1.0M——$3.0M$4.0M

Redeemable noncontrolling interests (Note 8)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Indices$4.2B$4.2B$4.5B$4.5B$4.9B$4.9B

Restructuring reserve balance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Market Intelligence$48.0M$26.0M$24.0M$23.0M$25.0M$12.0M
Indices$0.0$0.0$0.0$1.0M$4.0M$3.0M
Ratings$3.0M$2.0M$5.0M$3.0M$5.0M$3.0M

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Ratings$1.1B$1.1B$1.1B$1.2B$1.2B$1.3B
Market Intelligence$1.2B$1.2B$1.2B$1.2B$1.3B$1.3B
Indices$435.0M$445.0M$446.0M$462.0M$498.0M$519.0M
Mobility$411.0M$420.0M$438.0M$445.0M$444.0M$454.0M

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Mobility—$86.0M$104.0M$117.0M—$93.0M