S&P Global (SPGI) revenue breakdown
By segment, Market Intelligence is the largest at 32% of fiscal 2025 revenue; Energy grew fastest, 20% a year over 5 years.
By product, Subscription is the largest at 51% of fiscal 2025 revenue, growing 14% a year over 9 years.
Revenue by segment
Fiscal years, as S&P Global reports them in its 10-K filings; fiscal 2025 total $15.3B.
| Segments | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|
| Market Intelligence | $1.8B | $2.0B | $2.0B | $2.2B | $3.8B | $4.4B | $4.6B | $4.9B | 32% |
| Ratings | $2.9B | $3.1B | $3.6B | $4.1B | $2.9B | $3.2B | $4.2B | $4.5B | 30% |
| Energy | — | — | $938M | $1.0B | $1.7B | $1.9B | $2.1B | $2.3B | 15% |
| Indices | $837M | $918M | $989M | $1.1B | $1.3B | $1.4B | $1.6B | $1.8B | 12% |
| Mobility | — | — | — | — | $1.1B | $1.5B | $1.6B | $1.7B | 11% |
| Engineering Solutions | — | — | — | — | — | $133M | — | — | — |
| Platts | $815M | $844M | — | — | — | — | — | — | — |
| Engineering Solutions | — | — | — | — | $323M | — | — | — | — |
Revenue by product
Fiscal years, as S&P Global reports them in its 10-K filings; fiscal 2025 total $15.3B.
| Products | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Subscription | $2.4B | $2.5B | $2.7B | $2.8B | $3.0B | $3.3B | $6.2B | $7.0B | $7.3B | $7.9B | 51% |
| Non-subscription / Transaction | $1.5B | $1.6B | $1.4B | $1.6B | $2.0B | $2.3B | $1.8B | $2.1B | $3.0B | $3.1B | 21% |
| Non-transaction | $1.3B | $1.4B | $1.4B | $1.4B | $1.5B | $1.7B | $1.6B | $1.7B | $1.9B | $2.1B | 13% |
| Asset-linked fees | $400M | $484M | $542M | $623M | $648M | $800M | $862M | $859M | $1.0B | $1.2B | 8% |
| Recurring variable | — | — | — | — | — | — | $385M | $504M | $579M | $623M | 4% |
| Sales usage-based royalties | $178M | $188M | $225M | $200M | $227M | $224M | $286M | $348M | $393M | $444M | 3% |
Revenue by region
Fiscal years, as S&P Global reports them in its 10-K filings; fiscal 2025 total $15.3B.
| Regions | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| UNITED STATES | $3.5B | $3.7B | $3.8B | $4.0B | $4.5B | $5.0B | $6.7B | $7.5B | $8.6B | $9.3B | 61% |
| Europe | $1.3B | $1.5B | $1.5B | $1.7B | $1.8B | $2.0B | $2.6B | $2.8B | $3.3B | $3.5B | 23% |
| Asia | $575M | $594M | $647M | $710M | $782M | $874M | $1.2B | $1.4B | $1.5B | $1.6B | 11% |
| Rest Of World | $295M | $338M | $318M | $354M | $387M | $416M | $685M | $758M | $821M | $843M | 5% |
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Where does S&P Global make its money?
In fiscal 2025, by segment: Market Intelligence $4.9B, Ratings $4.5B, Energy $2.3B, Indices $1.8B, Mobility $1.7B.
From S&P Global's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.