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

Other product segments

Subscription
$2.01B+6.1%
Non-transaction
$538M+11.9%
Asset-linked fees
$339M+17.7%
Recurring variable revenue
$169M+12.7%
Sales usage-based royalties
$133M+20.9%

Similar metrics at other companies

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FISOther non-recurring fees — Revenue
$141M+14.6%
Intercontinental Exchange logo
ICESubscription revenues — Total revenues, less transaction-based expenses
$164M+2.5%
Intercontinental Exchange logo
ICERecurring revenues — Revenues, less transaction-based expenses:
$401M+1.0%
Fair Isaac logo
FICOOperating Segments — Transactional And Maintenance Revenue
$195.49M+17.3%
Moody's logo
MCOTransaction Revenue — Percentage of revenues
39%-1.0pp
SQ
SQSubscription and services-based revenue — Description of timing
——

Other financials

Income statement

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Revenue$4.2B+10.4%
Gross profit$2.9B+11.9%
Operating income$2.0B+26.9%
Net income$1.4B+28.0%
EPS (diluted)$4.69+32.5%

Balance sheet

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Cash & equivalents$1.8B+23.2%
Total debt$11.2B-6.8%
Total equity$31.2B-6.6%
Total assets$60.8B+1.5%

Cash flow

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Operating cash flow$1.0B+8.8%
CapEx$27.0M-37.2%
Free cash flow$1.0B+11.0%

Valuation

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Market cap$123.73B-18.4%
Enterprise value$133.13B-18.0%
P/E25.9×-12.5×
P/S7.9×-2.6×

Profitability

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Gross margin70.5%+0.9pp
Operating margin43.9%+4.0pp
Net margin30.4%+3.1pp

Returns & leverage

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Return on equity14.8%+3.1pp
Debt / equity0.4×0.0×
Current ratio0.7×-0.2×

Where this comes from

Reported directly by S&P Global in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: S&P Global’s 10-Q, filed April 28, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is S&P Global's non-subscription / transaction — revenue?
S&P Global (SPGI) reported non-subscription / transaction — revenue of $978M in Q1 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 15.1% year-over-year, from $850M to $978M.
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?
Revenue earned from one-time transactions and event-based services rather than recurring subscriptions.
How do you interpret non-subscription / transaction — revenue?
An increase suggests high market activity and strong demand for credit ratings or transaction-based services, while a decrease indicates a slowdown in capital market issuance or reduced deal flow.
How does non-subscription / transaction — revenue compare across companies?
Comparable to transaction-based revenue or issuance-related fees at other financial data providers, credit rating agencies, or investment banking service firms.