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S&P Global SPGI Non-subscription / Transaction — Revenue

Other product segments

Subscription
$2.06B+5.6%
Non-transaction
$540M+7.6%
Asset-linked fees
$348M+21.7%
Recurring variable revenue
$173M+9.5%
Sales usage-based royalties
$126M+14.5%

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WWSubscription Revenues Net — Revenue
$161.39M-8.2%

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 ratio1×0.0×

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 / Transaction417462385——895
Non-transaction—593———(53)540
Asset-linked fees————348—348
Sales usage-based royalties——27—99—126
Recurring variable revenue173—————173
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 non-subscription / transaction — revenue?
S&P Global (SPGI) reported non-subscription / transaction — revenue of $895M in Q2 2026.
How has S&P Global's non-subscription / transaction — revenue changed year-over-year?
S&P Global's non-subscription / transaction — revenue increased by 20.1% year-over-year, from $745M to $895M.
What is the long-term trend for S&P Global's non-subscription / transaction — revenue?
Over 4 years (2021 to 2025), S&P Global's non-subscription / transaction — revenue has grown at a 7.9% compound annual growth rate (CAGR), from $2.32B to $3.15B.
What does non-subscription / transaction — revenue mean?
This metric represents revenue generated from non-recurring, event-driven activities such as credit rating issuances, transaction-based fees, or one-time data licensing. Unlike recurring subscription models, this revenue stream is highly sensitive to capital market activity, issuance volumes, and macroeconomic cycles. It serves as a key indicator of the company's exposure to market volatility and the health of the primary debt and equity markets.

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