Market Intelligence was S&P Global’s largest segment in fiscal 2025, bringing in $4.90B of $15.34B (32%).
| Segment | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ratings | $2.91B | $3.18B | $4.21B | $4.55B | |||||||||||||
| Market Intelligence | $3.80B | $4.37B | $4.63B | $4.90B | |||||||||||||
| Mhe | — | — | — | — | |||||||||||||
| Market & Commodities Intelligence | — | — | — | — | |||||||||||||
| Energy | — | $1.95B | $2.14B | $2.30B | |||||||||||||
| S&P Ratings | — | — | — | — | |||||||||||||
| Commodity Insights | $1.69B | — | — | — | |||||||||||||
| Mobility | $1.14B | $1.48B | $1.61B | $1.75B | |||||||||||||
| Standard & Poor Capital Iq Or Standard And Poor Indices | — | — | — | — | |||||||||||||
| Standard & Poor Capital Iq | — | — | — | — | |||||||||||||
| S&P Capital Iq | — | — | — | — | |||||||||||||
| Indices | $1.33B | $1.39B | $1.62B | $1.84B | |||||||||||||
| Commodities & Commercial | — | — | — | — | |||||||||||||
| C&C | — | — | — | — | |||||||||||||
| Platts | — | — | — | — | |||||||||||||
| S&P Dj Indices | — | — | — | — | |||||||||||||
| Engineering Solutions | $323.00M | $133.00M | — | — | |||||||||||||
| Corporate | — | — | — | — | |||||||||||||
| Elimination | — | — | — | — | |||||||||||||
| Intersegment Elimination | — | — | — | — | |||||||||||||
| Intersegment Eliminations | — | — | — | — | |||||||||||||
| Revenue | — | — | — | — | |||||||||||||
| Total | $11.18B | $12.50B | $14.21B | $15.34B |
S&P Global brought in $15.34B from its five segments in fiscal 2025, the year ended December 31, 2025. That was up 7.9% from $14.21B in fiscal 2024. Market Intelligence was the largest at $4.90B (32.0%), ahead of Ratings at $4.55B (29.7%) and Energy at $2.30B (15.0%). The other two segments brought in $3.59B combined.
Compared with fiscal 2024, Indices grew fastest, up 13.7% to $1.84B. Every segment above 2% of revenue grew.
S&P Global began breaking out Energy in fiscal 2023, when it brought in $1.95B. S&P Global stopped reporting Commodity Insights ($1.69B in fiscal 2022) and Engineering Solutions ($133.00M in fiscal 2023) as separate segments.
United States was S&P Global’s largest region in fiscal 2025, bringing in $9.32B of $15.34B (61%).
| Geography | FY 2008 | FY 2009 | FY 2010 | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| United States | $6.65B | $7.54B | $8.64B | $9.32B | ||||||||||||||
| United States Retirement Plans | — | — | — | — | ||||||||||||||
| Segment, Geographical, Groups Of Countries, Group One | — | — | — | — | ||||||||||||||
| Segment Geographical Groups Of Countries Group One | — | — | — | — | ||||||||||||||
| Europe | $2.60B | $2.82B | $3.26B | $3.53B | ||||||||||||||
| Segment, Geographical, Groups Of Countries, Group Two | — | — | — | — | ||||||||||||||
| Segment Geographical Groups Of Countries Group Two | — | — | — | — | ||||||||||||||
| Asia | $1.25B | $1.38B | $1.49B | $1.64B | ||||||||||||||
| Rest Of World | $685.00M | $758.00M | $821.00M | $843.00M | ||||||||||||||
| Rest Of The World | — | — | — | — | ||||||||||||||
| Total | $11.18B | $12.50B | $14.21B | $15.34B |
S&P Global brought in $15.34B from its four regions in fiscal 2025, the year ended December 31, 2025. That was up 7.9% from $14.21B in fiscal 2024. United States was the largest at $9.32B (60.8%), ahead of Europe at $3.53B (23.0%) and Asia at $1.64B (10.7%). The remaining region, Rest Of World, brought in $843.00M.
Compared with fiscal 2024, Asia grew fastest, up 10.0% to $1.64B. Every region above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these regions grew from $11.18B to $15.34B, a compound annual growth rate of 11.1%. United States' share of the total rose from 59.5% to 60.8%.
Subscription was S&P Global’s largest product and service line in fiscal 2025, bringing in $7.87B of $15.34B (51%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Subscription | $6.20B | $6.96B | $7.35B | $7.87B | ||||||
| Non-Subscription / Transaction | $1.81B | $2.09B | $2.99B | $3.14B | ||||||
| Non-Transaction | $1.64B | $1.73B | $1.86B | $2.05B | ||||||
| Asset-Linked Fees | $862.00M | $859.00M | $1.05B | $1.21B | ||||||
| Recurring Variable | $385.00M | $504.00M | $579.00M | $623.00M | ||||||
| Sales Usage-Based Royalties | $286.00M | $348.00M | $393.00M | $444.00M | ||||||
| Corporate | — | — | — | — | ||||||
| Elimination | — | — | — | — | ||||||
| Intersegment Elimination | — | — | — | — | ||||||
| Total | $11.18B | $12.50B | $14.21B | $15.34B |
S&P Global brought in $15.34B from its six product and service lines in fiscal 2025, the year ended December 31, 2025. That was up 7.9% from $14.21B in fiscal 2024. Subscription was the largest at $7.87B (51.3%), ahead of Non-Subscription / Transaction at $3.14B (20.5%) and Non-Transaction at $2.05B (13.4%). The other three lines brought in $2.27B combined.
Compared with fiscal 2024, Asset-Linked Fees grew fastest, up 15.3% to $1.21B. Every line above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these lines grew from $11.18B to $15.34B, a compound annual growth rate of 11.1%. Subscription's share of the total fell from 55.5% to 51.3%.
S&P Global (SPGI) reports its revenue by segment, by geography and by product and service. In fiscal 2025, Market Intelligence was its largest segment, bringing in $4.90B (32.0% of the total), followed by Ratings at $4.55B (29.7%).
Market Intelligence was S&P Global's largest segment in fiscal 2025, bringing in $4.90B, or 32.0% of the $15.34B total across its five segments.
United States was S&P Global's largest region in fiscal 2025, bringing in $9.32B, or 60.8% of the $15.34B total across its four regions.
Subscription was S&P Global's largest product and service line in fiscal 2025, bringing in $7.87B, or 51.3% of the $15.34B total across its six product and service lines.
Among S&P Global's segments that make up at least 2% of revenue, Indices grew fastest in fiscal 2025, up 13.7% from $1.62B to $1.84B.
Every figure comes from S&P Global's annual financial filings, as reported. Each line keeps the name S&P Global gives it, and years follow its fiscal calendar.
S&P Global's revenue by segment goes back to fiscal 2009, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.