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S&P Global SPGI Asset-linked fees — Revenue

Other product segments

Subscription
$2.06B+5.6%
Non-subscription / Transaction
$895M+20.1%
Non-transaction
$540M+7.6%
Recurring variable revenue
$173M+9.5%
Sales usage-based royalties
$126M+14.5%

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Other financials

Income statement

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Revenue$4.1B+10.4%
Gross profit$3.0B+13.1%
Operating income$1.8B+16.8%
Net income$1.2B+13.5%
EPS (diluted)$4.12+17.7%

Balance sheet

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Cash & equivalents$4.1B+124%
Total debt$15.7B+31.1%
Total equity$31.5B-5.7%
Total assets$62.9B+4.2%

Cash flow

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Operating cash flow$1.4B-0.4%
CapEx$38.0M-37.7%
Free cash flow$1.4B+1.2%

Valuation

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Market cap$119.46B-30.4%
Enterprise value$131.08B-27.9%
P/E24.3×-18.5×
P/S7.4×-4.3×

Profitability

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Gross margin70.9%+1.2pp
Operating margin44.4%+4.5pp
Net margin30.5%+3.2pp
FCF margin34.6%-2.2pp

Returns & leverage

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Return on equity15.2%+3.4pp
Debt / equity0.5×+0.1×
Current ratio0.0×

Where this comes from

Reported directly by S&P Global in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: S&P Global’s 10-Q, filed July 28, 2026.

Filed
Jul 28, 2026, 4:52 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0000064040-26-000045
(in millions)Market Intelligence / Three Months Ended June 30, 2026Ratings / Three Months Ended June 30, 2026Energy / Three Months Ended June 30, 2026Mobility / Three Months Ended June 30, 2026Indices / Three Months Ended June 30, 2026Intersegment Elimination 1 / Three Months Ended June 30, 2026Total
Subscription$1,076$518$383$87$2,064
Non-subscription / Transaction417462385895
Non-transaction593(53)540
Asset-linked fees348348
Sales usage-based royalties2799126
Recurring variable revenue173173
Total revenue$1,290$1,339$568$468$534$(53)$4,146
Timing of revenue recognition

Item 1. Financial Statements (Unaudited)

FAQ

What is S&P Global's asset-linked fees — revenue?
S&P Global (SPGI) reported asset-linked fees — revenue of $348M in Q2 2026.
How has S&P Global's asset-linked fees — revenue changed year-over-year?
S&P Global's asset-linked fees — revenue increased by 21.7% year-over-year, from $286M to $348M.
What is the long-term trend for S&P Global's asset-linked fees — revenue?
Over 4 years (2021 to 2025), S&P Global's asset-linked fees — revenue has grown at a 10.8% compound annual growth rate (CAGR), from $800M to $1.21B.
What does asset-linked fees — revenue mean?
This metric represents revenue generated from financial products and services where fees are directly tied to the value or performance of underlying assets under management or market indices. It reflects the company's ability to capture value from capital market activity and the scale of assets benchmarked against its proprietary data. This revenue stream is highly sensitive to market volatility and fluctuations in total assets under management within the financial services ecosystem.

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