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S&P Global SPGI Subscription — Revenue

Other product segments

Non-subscription / Transaction
$895M+20.1%
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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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

See full
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 subscription — revenue?
S&P Global (SPGI) reported subscription — revenue of $2.06B in Q2 2026.
How has S&P Global's subscription — revenue changed year-over-year?
S&P Global's subscription — revenue increased by 5.6% year-over-year, from $1.95B to $2.06B.
What is the long-term trend for S&P Global's subscription — revenue?
Over 4 years (2021 to 2025), S&P Global's subscription — revenue has grown at a 24.7% compound annual growth rate (CAGR), from $3.25B to $7.87B.
What does subscription — revenue mean?
This metric represents the total revenue generated from recurring subscription-based contracts across the company's various business segments. It reflects the stability and predictability of the firm's income stream by capturing fees from data platforms, credit ratings monitoring, and analytical software services. This revenue stream is a primary indicator of customer retention and the long-term value of the company's recurring business model.

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