S&P Global Inc. (NYSE: SPGI)

S&P Global Inc. is a global, diversified provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The company serves asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers in capital markets; producers, consumers, traders and intermediaries in energy, chemicals, shipping, metals, carbon and agriculture; and manufacturers, suppliers, dealerships, service shops and customers in automotive markets. S&P Global delivers its products and services through third-party and proprietary distribution channels worldwide.

S&P Global generates revenue primarily through subscription-based offerings, transaction fees, and non-subscription services across its five businesses. Subscription revenue comes from data platforms, analytics software, price assessments, and index-linked products delivered via feed, web, or API channels. Transaction revenue includes fees for credit ratings on new debt issuances, bank loans, and advisory services. Non-subscription revenue stems from conferences, consulting engagements, perpetual software licenses, and usage-based royalties from commodity exchanges and derivatives trading.

The company operates through the following segments: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Energy, S&P Global Mobility, and S&P Dow Jones Indices.

• S&P Global Market Intelligence: This segment provides multi-asset-class data and analytics integrated with purpose-built workflow solutions for trading and investment professionals, government agencies, corporations and universities. Its capabilities support performance tracking, alpha generation, investment idea generation, competitive analysis, valuation and credit risk management. Key product lines include the Capital IQ platforms (S&P Capital IQ Pro, Capital IQ, Office and Mobile), Wall Street Office, Enterprise Data Manager, Information Mosaic, iLevel, RatingsXpress®, RatingsDirect® and Credit Analytics.

• S&P Global Ratings: This segment is an independent provider of credit ratings, research and analytics on corporate and government debt issuers worldwide. Its forward-looking opinions assess issuers’ ability and willingness to meet financial obligations and the credit quality of individual debt issues such as corporate or municipal bonds. Ratings serves investors, corporations, governments, municipalities, commercial and investment banks, insurance companies, asset managers and other debt issuers through a global network spanning over 25 countries.

• S&P Global Energy: This segment delivers essential price data, analytics, industry insights and software services for energy and commodity markets including petroleum, gas, power & renewables, petrochemicals, metals & steel, agriculture and other commodities. Its business lines consist of Energy & Resources Data & Insights, Price Assessments (including benchmarks and forward curves), Upstream Data & Insights, and Advisory & Transactional Services. Revenue is generated through subscriptions to market data and insights, sales usage-based royalties from licensing price data to exchanges, and non-subscription sources like conferences and consulting.

• S&P Global Mobility: This segment serves the full automotive value chain including vehicle manufacturers (OEMs), suppliers, mobility service providers, retailers, consumers and finance and insurance companies. It offers analytics to predict future buyers, targeted marketing, vehicle history data for used car transactions, insights and forecasts spanning product planning to aftermarket, and reports and data feeds for lenders and insurers. Mobility operates across new and used car markets, providing forecasting, market reporting, predictive analytics, marketing automation software and vehicle history services.

• S&P Dow Jones Indices: This segment maintains a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. It provides transparent benchmarks to support decision making, collaborates with the financial community to create innovative products, and offers tools to monitor world markets. Revenue is derived from asset-linked fees (such as ETFs and mutual funds based on its benchmarks), sales usage-based royalties from exchange traded derivatives, index-related licensing fees for OTC derivatives and retail-structured products, and data and customized index subscription fees.

S&P Global holds a leading position in its core markets as a highly differentiated provider of critical financial and market infrastructure. The company benefits from strong brand recognition, particularly in credit ratings through S&P Global Ratings and in benchmarks through S&P Dow Jones Indices, where its indices are widely referenced across global investment products. Its competitive advantages include proprietary data sets, advanced analytics platforms, deep industry expertise and entrenched workflow integrations with major financial institutions, energy traders and automotive OEMs.

S&P Global serves a diverse global customer base including asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; energy producers, consumers, traders and intermediaries; and automotive manufacturers, suppliers, dealerships, service shops and consumers. Specific customer types referenced in the filing include investment managers, private equity firms, corporations, professional services firms, government agencies, regulators, OEMs, leading automotive suppliers, top North American dealerships, lenders and insurance companies supporting underwriting and claims management activities.