---
title: "S&P Global: Business Model"
description: "S&P Global revenue by business segment and geography from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/s-and-p-global/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# S&P Global: Business Model & Revenue Engine

## Direct Answer

S&P Global reports revenue across 5 business segments in its fiscal 2025 Form 10-K. Market Intelligence is the largest, with $4.9 billion of revenue (32% of the total), followed by Ratings at $4.5 billion (30%). 61% of revenue came from the United States.

## How Does S&P Global Make Money?

No single line supplies a majority of revenue: the largest, Market Intelligence, is 32%, which spreads S&P Global's exposure across several demand drivers. Between fiscal 2024 and 2025, Indices grew fastest (+13.7%) and Market Intelligence slowest (+5.8%), so the revenue mix tilts toward Indices while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Market Intelligence | $4.9 billion | $4.6 billion | 32.0% | 5.8% |
| Ratings | $4.5 billion | $4.2 billion | 29.7% | 8.1% |
| Energy | $2.3 billion | $2.1 billion | 15.0% | 7.3% |
| Indices | $1.8 billion | $1.6 billion | 12.0% | 13.7% |
| Mobility | $1.7 billion | $1.6 billion | 11.4% | 8.6% |

![Bar chart of S&P Global revenue by segment for fiscal 2025: Market Intelligence 32.0%, Ratings 29.7%, Energy 15.0%, Indices 12.0%, Mobility 11.4%.](https://www.getswoopr.com/images/charts/s-and-p-global-business-model-segment-mix.webp)
*S&P Global revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which S&P Global Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Market Intelligence | $991 million | 20.2% |
| Ratings | $3.0 billion | 66.2% |
| Energy | $943 million | 41.0% |
| Indices | $1.3 billion | 69.1% |
| Mobility | $378 million | 21.6% |

Segment operating income is the profit measure S&P Global reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within S&P Global more safely than against another company.

## What Does S&P Global Sell?

S&P Global also breaks revenue down by product and service line, which shows what customers pay for rather than how management organizes the business.

| Product or service | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Subscription | $7.9 billion | $7.3 billion | 51.3% | 7.1% |
| Non Subscription Transaction | $3.1 billion | $3.0 billion | 20.5% | 5.3% |
| Non Transaction | $2.1 billion | $1.9 billion | 13.4% | 10.5% |
| Asset Linked Fees | $1.2 billion | $1.0 billion | 7.9% | 15.3% |
| Recurring Variable Revenue | $623 million | $579 million | 4.1% | 7.6% |
| Sales Usage Based Royalties | $444 million | $393 million | 2.9% | 13.0% |

## Where Does S&P Global's Revenue Come From?

Regions follow the definitions in the filing; most companies assign revenue by customer location.

| Region | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| United States | $9.3 billion | $8.6 billion | 60.8% | 7.9% |
| Europe | $3.5 billion | $3.3 billion | 23.0% | 8.4% |
| Asia | $1.6 billion | $1.5 billion | 10.7% | 10.0% |
| Rest of World | $843 million | $821 million | 5.5% | 2.7% |

## What the Segment Figures Do Not Show

The rows above add up to 100% of S&P Global's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value S&P Global reported in the segment note and revenue disclosures of its Form 10-K filed February 11, 2026 (accession 0000064040-26-000013), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are S&P Global's business segments?

In its fiscal 2025 Form 10-K, S&P Global reports revenue for Market Intelligence, Ratings, Energy, Indices and Mobility.

### Which part of S&P Global brings in the most revenue?

Market Intelligence, with $4.9 billion of revenue in fiscal 2025, or 32% of the total.

### How much of S&P Global's revenue comes from outside the United States?

39% in fiscal 2025, by the geographic breakdown S&P Global reports in its Form 10-K. Companies assign revenue to regions differently (customer location, shipping address or selling entity), so check the filing's definition before comparing companies.

## References

- [SEC EDGAR: S&P Global Inc. Form 10-K filed February 11, 2026](https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm)
- [SEC EDGAR: S&P Global Inc. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=64040&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [S&P Global company dossier](https://www.getswoopr.com/stocks/companies/s-and-p-global/)
- [S&P Global financial metrics](https://www.getswoopr.com/stocks/companies/s-and-p-global/metrics/)
- [S&P Global financial risk indicators](https://www.getswoopr.com/stocks/companies/s-and-p-global/risks/)
- [S&P Global peer comparison](https://www.getswoopr.com/stocks/companies/s-and-p-global/competitors/)
- [S&P Global business model and revenue mix](https://www.getswoopr.com/stocks/companies/s-and-p-global/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).