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S&P Global SPGI Sales usage-based royalties — Revenue

Other product segments

Subscription
$2.06B+5.6%
Non-subscription / Transaction
$895M+20.1%
Non-transaction
$540M+7.6%
Asset-linked fees
$348M+21.7%
Recurring variable revenue
$173M+9.5%

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ETONProduct Sales And Royalties — Revenue
$24.27M+73.4%

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
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
Services transferred at a point in time$41$746$23$85$895

Item 1. Financial Statements (Unaudited)

FAQ

What is S&P Global's sales usage-based royalties — revenue?
S&P Global (SPGI) reported sales usage-based royalties — revenue of $126M in Q2 2026.
How has S&P Global's sales usage-based royalties — revenue changed year-over-year?
S&P Global's sales usage-based royalties — revenue increased by 14.5% year-over-year, from $110M to $126M.
What is the long-term trend for S&P Global's sales usage-based royalties — revenue?
Over 4 years (2021 to 2025), S&P Global's sales usage-based royalties — revenue has grown at a 18.7% compound annual growth rate (CAGR), from $223M to $443M.
What does sales usage-based royalties — revenue mean?
This metric represents revenue generated from licensing intellectual property, data feeds, or indices where the fee is directly tied to the volume of usage or the number of transactions performed by the client. It reflects the recurring nature of data consumption and the scalability of the company's information products within financial and commodity markets. By linking revenue to actual client activity, this metric captures the depth of market integration and the value derived from the company's proprietary benchmarks.

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