S&P Global Inc (NYSE: SPGI)

Quick Facts / Company Snapshot

1. Official Name: S&P Global Inc. 2. Stock Exchange: New York Stock Exchange (NYSE) 3. Ticker Symbol: SPGI 4. Headquarters Location: 55 Water Street, New York, NY 10041 5. 2024 Total Revenue: $14,208 million 6. 2024 Operating Profit: $5,580 million 7. 2024 Net Income: $4,167 million 8. 2024 Diluted EPS: $12.35 9. 2024 Dividends Per Share: $3.64 10. Total Assets (2024): $60,221 million 11. Total Equity (2024): $33,256 million 12. Number of Employees: (Not explicitly stated in snippets, focus on “people” mentions: 29,000 users of internal AI) 13. Key Business Segments: Market Intelligence, Ratings, Commodity Insights, Mobility, Indices 14. Primary Revenue Source: Subscription Revenue (52% of total) 15. Credit Rating Agency: S&P Global Ratings (NRSRO registered) 16. CEO: Martina L. Cheung 17. CFO: Eric Aboaf 18. 2024 Free Cash Flow: $5,278 million 19. Capital Expenditures (2024): $143 million 20. Incorporation: New York Corporation

Company Overview

S&P Global Inc. stands as a premier provider of transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide. The organization operates with a clear purpose to accelerate progress by delivering essential intelligence that empowers companies, governments, and individuals to make decisions with conviction. The company’s offerings are integral to the global financial infrastructure, providing the critical insights required for efficient capital allocation and risk management.

The business is structured around five core reporting segments that collectively serve a vast array of industries. These segments—Market Intelligence, Ratings, Commodity Insights, Mobility, and Indices—work in concert to provide a comprehensive view of the global markets. From assessing the creditworthiness of debt issuers to tracking the price of oil and the performance of stock markets, S&P Global’s portfolio is deeply embedded in the workflows of financial professionals, corporate leaders, and government policymakers.

The company reported a substantial revenue increase of 14% in 2024, reaching $14,208 million compared to $12,497 million in the previous year.
Operating profit for the year 2024 stood at $5,580 million, reflecting a robust operating margin of 39%.

The operational strategy is guided by the “Powering Global Markets” framework, which emphasizes customer-centricity, innovation, and operational excellence. This strategy is designed to drive growth by enhancing foundational capabilities, evolving core businesses, and pursuing expansion into adjacent markets. A significant focus is placed on the integration of generative artificial intelligence (AI) into products and internal workflows to drive efficiency and create new value for clients.

S&P Global’s commitment to innovation is evident in its continuous investment in technology and data. The company manages an unparalleled data estate featuring over one trillion data points, a resource that has expanded one hundredfold over the past five years. This vast repository of information underpins the analytical models and benchmarks that the markets rely upon. The organization fosters a culture of discovery, partnership, and integrity, ensuring that its insights remain trusted and relevant in a rapidly evolving business environment.

In 2024, the company returned approximately $4.4 billion to shareholders through dividends and share repurchases.
The Board of Directors approved a quarterly common stock dividend of $0.96 per share in early 2025, continuing a 52-year history of dividend increases.

The company also places a strong emphasis on leadership and talent development, exemplified by its “People Forward” philosophy. This approach prioritizes the growth and success of its employees, ensuring the organization attracts and retains the expertise necessary to navigate complex global markets. With a leadership team that combines deep industry experience with strategic vision, S&P Global is positioned to capitalize on emerging trends such as the energy transition, the growth of private markets, and the digital transformation of finance.

Business Segments

S&P Global manages its diverse operations through five distinct reportable segments. Each segment is tailored to specific market needs, ranging from financial data and credit risk assessment to automotive insights and index benchmarking.

1. Market Intelligence

Revenue (2024): $4,645 million % of Total Revenue: 32.7%

S&P Global Market Intelligence acts as a comprehensive provider of multi-asset class data, research, and analytics, integrated with purpose-built workflow solutions. This segment serves a wide spectrum of clients, including investment professionals, government agencies, corporations, and universities. The primary objective is to help these clients track performance, generate alpha, identify investment ideas, understand competitive dynamics, and manage credit risk.

The segment’s portfolio is robust, offering desktop solutions, data feeds, and enterprise software. It includes widely recognized platforms such as S&P Capital IQ Pro, which provides deep fundamental research and data. The segment has actively expanded its capabilities through strategic acquisitions, such as the 2024 purchase of Visible Alpha, which enhanced its fundamental investment research capabilities with deep industry consensus data.

Market Intelligence revenue grew by 6% in 2024, driven by subscription growth in workflow solutions and data feed products.
The segment contributed $875 million to the company’s operating profit in 2024.

Operational highlights include the integration of generative AI into the Capital IQ Pro platform, allowing users to gain insights from data more efficiently. The segment also focuses on high-growth areas such as private markets and sustainability, ensuring its offerings remain aligned with evolving market demands. Revenue is primarily derived from subscriptions, which provide continuous access to data and analytics, as well as recurring variable fees based on usage metrics like asset levels or trade volumes.

2. Ratings

Revenue (2024): $4,370 million % of Total Revenue: 30.8%

S&P Global Ratings operates as a leading independent provider of credit ratings, research, and analytics. This segment plays a critical role in the global capital markets by offering investors and market participants transparent information and benchmarks regarding credit risk. The ratings issued by this segment express opinions about the ability and willingness of issuers—ranging from corporations to sovereign governments—to meet their financial obligations.

The segment generates revenue through two primary streams: transaction revenue and non-transaction revenue. Transaction revenue is tied to the new issuance of corporate, government, and structured finance debt instruments. Non-transaction revenue includes fees for the surveillance of existing ratings, annual relationship fees, and entity credit ratings. The business is subject to extensive regulation in multiple jurisdictions, including the U.S., the European Union, and the U.K., ensuring high standards of integrity and transparency.

Ratings revenue surged by 31% in 2024, driven by a 63% increase in transaction revenue due to higher issuance volumes.
The segment delivered an impressive operating profit of $2,707 million, with an operating margin of 62%.

In 2024, the segment benefited significantly from increased refinancing activity and a rise in collateralized loan obligation (CLO) issuance. The business continually monitors market conditions to provide timely updates to its ratings, a service that constitutes a significant portion of its non-transaction revenue. S&P Global Ratings also focuses on expanding its presence in emerging markets and developing methodologies to assess risks related to energy transition and sustainability.

3. Commodity Insights

Revenue (2024): $2,142 million % of Total Revenue: 15.1%

S&P Global Commodity Insights is a premier independent provider of information, benchmark prices, and analytics for the commodity and energy markets. This segment enables markets to perform with greater transparency and efficiency by providing essential data on petroleum, gas, power, renewables, petrochemicals, metals, agriculture, and shipping. Its offerings are vital for producers, consumers, traders, and intermediaries who need to navigate the complexities of global supply chains and energy transition.

The segment includes established business lines such as Price Assessments, which publishes benchmark prices referenced in derivative contracts, and Energy & Resources Data & Insights. It also offers Upstream Data & Insights for exploration and production, as well as Advisory & Transactional Services. The acquisition of World Hydrogen Leaders in 2024 further strengthened its capabilities in the hydrogen and derivative value chain, aligning with the global shift towards sustainable energy sources.

Commodity Insights revenue increased by 10% in 2024, supported by continued demand for market data and insights.
Sales usage-based royalties grew by 27%, driven by increased trading volumes for Platts-based contracts.

Revenue for this segment is generated primarily through subscriptions to market data and insights, as well as royalties from the licensing of proprietary price assessments to commodity exchanges. The segment is also expanding its footprint in the energy transition space, providing emission factors and market research to support clients’ sustainability goals.

4. Indices

Revenue (2024): $1,628 million % of Total Revenue: 11.5%

S&P Dow Jones Indices functions as a global index provider, maintaining a vast array of valuation and index benchmarks for investment advisors, wealth managers, and institutional investors. The segment’s mission is to provide transparent benchmarks that aid decision-making and foster the creation of innovative financial products. It manages some of the world’s most recognized indices, including the S&P 500 and the Dow Jones Industrial Average.

The segment derives revenue from asset-linked fees, which are based on the value of assets under management (AUM) in exchange-traded funds (ETFs) and mutual funds linked to its indices. Additionally, it generates sales usage-based royalties from the trading volume of derivatives contracts listed on various exchanges, as well as data subscription fees.

Indices revenue grew by 16% in 2024, primarily due to higher asset-linked fees and exchange-traded derivative revenue.
Ending AUM for ETFs linked to the segment’s indices increased by 33% to $4.389 trillion in 2024.

The Indices segment continues to innovate by developing thematic, factor-based, and sustainability-oriented indices. It maintains a strong position in the ETF market, benefiting from the long-term shift from active to passive investing. The segment operates through a joint venture, S&P Dow Jones Indices LLC, with CME Group, highlighting its strategic integration with global financial markets.

5. Mobility

Revenue (2024): $1,609 million % of Total Revenue: 11.3%

S&P Global Mobility is a leading provider of solutions serving the entire automotive value chain. This segment supports vehicle manufacturers (OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies. Its comprehensive portfolio includes data and insights on future vehicle sales, production forecasts, market reporting products, and vehicle history reports.

The segment’s revenue is driven by subscriptions to its core information products and non-subscription sales of data and consulting services. Key business lines include Dealer, Manufacturing, and Financial services. The acquisition of Market Scan in 2023 significantly enhanced the segment’s automotive pricing and incentive intelligence capabilities, integrating detailed transaction intelligence into its offerings.

Mobility revenue rose by 8% in 2024, fueled by new business growth within the Dealer and Financial business lines.
Subscription revenue accounted for 81% of the segment’s total revenue in 2024.

Mobility is focused on evolving its forecasting business to encompass new technologies and forms of mobility, such as hybrid electric vehicles. It also supports the digital retail transformation and provides critical data for insurance underwriting and claims management. The segment’s insights are essential for stakeholders navigating the transition towards sustainable and connected mobility solutions.

History and Evolution

S&P Global Inc. has a storied history that traces its roots back to the 1800s, characterized by a legacy of providing essential intelligence to decision-makers. The company has evolved from a publishing and financial information business into a diversified global leader in data, analytics, and benchmarks. This transformation has been marked by strategic portfolio reshaping, significant acquisitions, and a continuous focus on innovation.

In recent years, the company has undertaken decisive actions to refine its business focus. A pivotal moment in its modern history was the completion of the merger with IHS Markit Ltd on February 28, 2022. This transformative transaction significantly expanded the company’s capabilities, adding depth in capital markets, commodities, and automotive sectors. The merger brought businesses like Mobility and Engineering Solutions into the fold, although the latter was subsequently divested.

Following the merger, the company executed a series of strategic divestitures to optimize its portfolio. In 2022, S&P Global sold CUSIP Global Services, the Leveraged Commentary and Data (LCD) business, and a related family of leveraged loan indices. These sales were not only regulatory requirements for the merger but also strategic moves to sharpen the company’s focus on its core competencies. The sale of Engineering Solutions was completed in May 2023, further streamlining operations.

The company has also actively pursued acquisitions to bolster its technological and analytical capabilities. In 2023, it acquired Market Scan Information Systems to enhance its mobility offerings and ChartIQ to provide advanced charting capabilities for financial professionals. The acquisition of TruSight Solutions in the same year expanded its third-party vendor risk management solutions. In 2024, the momentum continued with the acquisition of Visible Alpha, adding deep consensus data to Market Intelligence, and World Hydrogen Leaders, reinforcing its position in the energy transition market.

The 2022 merger with IHS Markit involved an equity consideration of approximately $43.5 billion.
Divestitures in 2022, including CUSIP and LCD, generated a pre-tax gain of $1.9 billion.

Throughout its evolution, S&P Global has demonstrated an ability to anticipate market trends. The rebranding to S&P Global signaled a unified commitment to serving the global financial community. Under the leadership of former CEO Doug Peterson, the company divested non-core assets like J.D. Power and McGraw-Hill Construction, focusing intensely on financial data and analytics. The transition to new leadership in 2024, with Martina Cheung taking the helm, marks the next phase of this evolution, with a renewed emphasis on AI and customer-centric growth.

Products and Services

S&P Global offers a vast array of products and services designed to meet the complex needs of the global markets. These offerings are categorized across its five business segments, each delivering specialized value to its clients.

1. Market Intelligence Products

Revenue Contribution: $4,645 million (32.7% of Total)

This segment provides essential data and workflow solutions. S&P Capital IQ Pro is a flagship desktop platform offering comprehensive fundamental research, data, and analytics. It serves as a primary tool for investment professionals to perform valuation and risk analysis. RatingsXpress® and RatingsDirect® deliver credit ratings and related research directly to client systems or through desktop interfaces, enabling efficient credit risk management.

The segment also offers Data & Advisory Solutions, which include flexible feed-based delivery of research and market data. Enterprise Solutions provide software for data management and compliance, such as the Wall Street Office and iLevel platforms. Credit Analytics offers tools for assessing the creditworthiness of unrated companies, while the Global Markets Group delivers bookbuilding platforms for capital issuance.

Recurring variable revenue products grew 15% in 2024, driven by increased volumes.
New products like Spark Assist, an internal GenAI copilot, are being integrated to enhance productivity.

2. Ratings Services

Revenue Contribution: $4,370 million (30.8% of Total)

The core service of this segment is the provision of Credit Ratings. These are independent opinions on the creditworthiness of issuers and financial obligations. Services cover Corporate Ratings, Financial Institution Ratings, Insurance Ratings, and Sovereign Ratings.

In addition to issuer ratings, the segment provides ratings for specific debt instruments, including Corporate Bonds, Bank Loans, and Structured Finance products like CLOs. Surveillance Services offer ongoing monitoring of rated entities, ensuring ratings remain current. The segment also offers Green Evaluations and second-party opinions through its sustainability initiatives, although some of these capabilities are being integrated across divisions.

Transaction services revenue surged 63% in 2024 due to high refinancing activity.
Non-transaction services, including surveillance, provide stable recurring revenue.

3. Commodity Insights Products

Revenue Contribution: $2,142 million (15.1% of Total)

This segment is renowned for its Price Assessments and benchmarks, which are critical for the physical and financial commodity markets. These assessments cover oil, gas, LNG, power, coal, shipping, and metals. The segment provides Market Data and Market Insights, delivering news, analysis, and fundamental data.

Upstream Data & Insights offer detailed information on exploration and production activities. Advisory & Transactional Services include consulting and global trading services. The segment also organizes Conferences and Events, facilitating industry networking and knowledge exchange.

Sales usage-based royalties for proprietary data licensing grew 27% in 2024.
New offerings in energy transition, such as hydrogen price assessments, are gaining traction.

4. Indices Products

Revenue Contribution: $1,628 million (11.5% of Total)

The primary product here is the licensing of Indices for use in investment vehicles. This includes the licensing of benchmarks for ETFs and Mutual Funds. The segment also licenses indices for Exchange Traded Derivatives, generating royalties based on trading volumes.

Data Subscription Services provide clients with underlying index data for portfolio management and research. Customized Index Services allow clients to create bespoke benchmarks tailored to specific investment strategies.

Asset-linked fees generated $1,046 million in revenue in 2024.
Trading volume-based royalties contributed $290 million to the segment.

5. Mobility Products

Revenue Contribution: $1,609 million (11.3% of Total)

Mobility products serve the automotive lifecycle. Dealer Services include tools for inventory management, marketing, and vehicle history reports. Manufacturing Services provide forecasts on vehicle sales, production, and powertrain technologies. Financial Services support insurance underwriting with detailed vehicle data.

The segment also offers Predictive Analytics and Marketing Automation software for automakers and retailers. Recall Services help manufacturers manage safety campaigns efficiently.

Subscription products accounted for $1,299 million of segment revenue.
Financial and Dealer business lines were primary drivers of growth in 2024.

Brand Portfolio

S&P Global’s brand portfolio consists of some of the most trusted and recognizable names in the financial and commodity markets. These brands represent distinct areas of expertise but collectively reinforce the company’s reputation for transparency and integrity.

1. S&P Global Market Intelligence

Revenue Contribution: $4,645 million (32.7% of Total) This brand encompasses the data and analytics arm of the company. It is associated with high-quality financial intelligence and platforms like S&P Capital IQ. The brand stands for deep data integration and advanced analytical tools that empower financial professionals. Sub-brands include Kensho, the AI innovation hub that powers advanced analytics across the enterprise.

2. S&P Global Ratings

Revenue Contribution: $4,370 million (30.8% of Total) As a premier credit rating agency, this brand is synonymous with credit risk assessment. It is a cornerstone of the global debt markets. The brand includes CRISIL, a leading agile ratings, research, risk, and policy advisory company based in India, which operates as a majority-owned subsidiary.

3. S&P Global Commodity Insights

Revenue Contribution: $2,142 million (15.1% of Total) This brand is the authority on energy and commodity markets. It includes the prestigious Platts brand, which has provided benchmark prices for over a century. The portfolio also includes newly acquired brands like World Hydrogen Leaders, reflecting its expansion into sustainable energy markets.

4. S&P Dow Jones Indices

Revenue Contribution: $1,628 million (11.5% of Total) This brand manages the world’s leading indices. It is the home of the S&P 500 and the Dow Jones Industrial Average, iconic indicators of market health. The brand represents the gold standard for index-based investing and benchmarking.

5. S&P Global Mobility

Revenue Contribution: $1,609 million (11.3% of Total) Representing the automotive division, this brand provides insights across the vehicle lifecycle. It includes Carfax (implied through vehicle history reports description within the business scope, though the report focuses on the business line descriptions). It also incorporates Market Scan, a brand acquired to enhance automotive pricing and payment intelligence.

Geographical Presence

S&P Global maintains a diverse geographical footprint, with operations spanning major financial centers and industrial hubs worldwide. The company’s revenue is categorized into distinct regions, reflecting its global reach and the universal demand for its data and insights.

1. United States

Revenue (2024): $8,640 million % of Total Revenue: 60.8%

The United States remains the company’s largest market, contributing the majority of its revenue. S&P Global’s headquarters are located in New York, and it maintains significant operations across the country. The U.S. market drives a substantial portion of the Ratings and Market Intelligence revenue, given the depth of the American capital markets.

U.S. revenue grew by 15% in 2024.
Long-lived assets in the U.S. were valued at $4,786 million as of 2024.

2. European Region

Revenue (2024): $3,256 million % of Total Revenue: 22.9%

Europe is the second-largest revenue generator for S&P Global. The region includes critical financial hubs such as London, where the company has significant operations, particularly for its Commodity Insights and Indices businesses. The European market is also a key driver for sustainability and regulation-driven products.

Revenue from the European region increased by 15% in 2024.
The region accounts for the vast majority of international long-lived assets, valued at $46,947 million.

3. Asia

Revenue (2024): $1,491 million % of Total Revenue: 10.5%

The Asia region represents a strategic growth area for S&P Global. With operations in major economies like India (home to CRISIL), China, and Japan, the company is well-positioned to capture the growing demand for financial infrastructure in these markets.

Asia revenue saw an 8% increase in 2024.
Long-lived assets in Asia stood at $92 million.

4. Rest of the World

Revenue (2024): $821 million % of Total Revenue: 5.8%

This category includes markets in Canada, Latin America, the Middle East, and Africa. These regions contribute to the global diversity of the company’s revenue streams, particularly in the commodities and ratings sectors.

Revenue from the Rest of the World grew by 8% in 2024.
Long-lived assets in this region were valued at $47 million.

S&P Global Inc Logo

Financial Performance Analysis

S&P Global demonstrated robust financial performance in 2024, characterized by significant revenue growth and margin expansion. The company successfully navigated a dynamic macroeconomic environment, capitalizing on improved issuance volumes and sustained demand for data and analytics.

Consolidated Performance Trends

The company’s total revenue reached $14,208 million in 2024, a 14% increase from $12,497 million in 2023. This growth was broad-based, with all reportable segments contributing positively. When excluding the impact of the divestiture of Engineering Solutions, revenue growth would have been 15%.

Adjusted net income attributable to the company’s common shareholders increased by 22% to $4,019 million in 2024. This resulted in an adjusted diluted earnings per share (EPS) of $12.60, representing a 25% increase over the previous year.

The company also maintained a disciplined approach to capital allocation, returning capital to shareholders while investing in growth. Share repurchases totaled approximately $3.3 billion in 2024, and dividend payments amounted to $1.1 billion.

Profit and Loss Analysis

Income Statement Highlights (2024)

Metric	Amount ($ Millions)	YoY Change
Total Revenue	$14,208	+14%
Operating-Related Expenses	$4,391	+6%
Selling and General Expenses	$3,166	~0%
Depreciation and Amortization	$1,173	+3%
Total Expenses	$8,730	+3%
Gain (Loss) on Dispositions	$(59)	N/M
Operating Profit	$5,580	+39%
Interest Expense, Net	$297	-11%
Provision for Taxes on Income	$1,141	+47%
Net Income	$4,167	+44%
Net Income Attributable to SPGI	$3,852	+47%

Operating Margin: The operating profit margin expanded significantly to 39% in 2024 from 32% in 2023. This expansion was driven by revenue leverage and disciplined expense management.
Expenses: Total expenses increased modestly by 3%. Operating-related expenses rose due to higher compensation and technology costs, while selling and general expenses remained relatively flat.
Taxation: The effective tax rate for 2024 was 21.5%, slightly higher than the 21.2% recorded in 2023.

Balance Sheet Analysis

Financial Position (As of December 31, 2024)

Metric	Amount ($ Millions)
Total Assets	$60,221
Cash and Cash Equivalents	$1,666
Goodwill	$34,917
Other Intangible Assets	$16,556
Total Liabilities	$22,713
Long-Term Debt	$11,394
Unearned Revenue (Current)	$3,694
Total Equity	$33,256
Retained Income	$20,977

Assets: The company maintains a strong asset base, dominated by goodwill and intangible assets resulting from strategic acquisitions like the IHS Markit merger. Total assets decreased slightly by 1% from 2023.
Liquidity: Cash and cash equivalents increased to $1.7 billion. The company has a robust liquidity position, supported by a new $2.0 billion revolving credit facility entered into in December 2024.
Debt: Total debt stood at $11,459 million, consisting primarily of senior notes with maturities ranging from 2025 to 2062. The debt profile is well-laddered, with no commercial paper outstanding at year-end.
Equity: Equity decreased by 3% primarily due to share repurchases, offset partially by net income generation.

Cash Flow Analysis

Cash Flow Statement Highlights (2024)

Metric	Amount ($ Millions)	YoY Change
Net Cash from Operating Activities	$5,689	+53%
Net Cash Used for Investing Activities	$(255)	N/M
Net Cash Used for Financing Activities	$(4,998)	+17%
Free Cash Flow	$5,278	+61%

Operating Cash Flow: Cash provided by operating activities surged to $5.7 billion, driven by higher operating results and improved working capital management.
Investing Activities: Cash used for investing activities was $255 million, primarily for capital expenditures ($124 million) and acquisitions ($305 million), offset by proceeds from dispositions ($168 million).
Financing Activities: The primary use of cash in financing was for shareholder returns. The company spent $3.3 billion on share repurchases and $1.1 billion on dividends.
Free Cash Flow: Free cash flow reached $5.3 billion, a substantial increase from $3.3 billion in 2023, underscoring the company’s strong cash-generating capabilities.

Board of Directors and Leadership Team

S&P Global is governed by a diverse and experienced Board of Directors and led by a capable Executive Leadership Team.

Board of Directors

Richard E. Thornburgh: Non-Executive Chairman of the Board. He serves on the Compensation & Leadership Development, Executive, and Nominating & Corporate Governance Committees. He is set to retire in May 2025.
Martina L. Cheung: President and Chief Executive Officer. She is a member of the Executive Committee.
Marco Alverà: Group Chief Executive Officer, Tree Energy Solutions. Serves on Executive, Finance, and Nominating & Corporate Governance Committees.
Jacques Esculier: Former Chairman & CEO, WABCO Holdings Inc. Serves on Audit and Finance Committees.
Gay Huey Evans: Former Chairman, London Metal Exchange. Serves on Audit and Compensation & Leadership Development Committees.
William D. Green: Former CEO and Chairman, Accenture. Serves on Compensation & Leadership Development and Nominating & Corporate Governance Committees.
Stephanie C. Hill: President, Rotary and Mission Systems, Lockheed Martin. Serves on Compensation & Leadership Development, Executive, and Nominating & Corporate Governance Committees.
Rebecca Jacoby: Former Senior Vice President, Operations, Cisco Systems, Inc. Serves on Audit, Executive, and Finance Committees.
Robert P. Kelly: Former Chairman and CEO, The Bank of New York Mellon. Serves on Compensation & Leadership Development and Nominating & Corporate Governance Committees.
Ian P. Livingston: Former CEO, BT Group plc. Serves on Audit and Finance Committees. He is designated to succeed Richard Thornburgh as Chairman in May 2025.
Maria R. Morris: Former Executive Vice President, Global Employee Benefits, MetLife, Inc. Serves on Executive, Finance, and Nominating & Corporate Governance Committees.
Douglas L. Peterson: Senior Advisor, S&P Global Inc. (Retired CEO).
Gregory Washington: President, George Mason University. Serves on Audit and Compensation & Leadership Development Committees.

Executive Leadership Team

Martina L. Cheung: President and CEO.
Eric Aboaf: Chief Financial Officer.
Steve Kemps: Chief Legal Officer.
Saugata Saha: President, Market Intelligence and Chief Enterprise Data Officer.
Yann Le Pallec: President, S&P Global Ratings.
Dan Draper: Chief Executive Officer, S&P Dow Jones Indices.
Edouard Tavernier: President, S&P Global Mobility.
Mark Eramo & Dave Ernsberger: Co-Presidents, S&P Global Commodity Insights.
Swamy Kocherlakota: Chief Digital Solutions Officer.
Girish Ganesan: Chief People Officer.
Christina Twomey: Chief Communications Officer.
Sally Moore: Chief Client Officer.

Subsidiaries, Associates, Joint Ventures

S&P Global operates through a network of wholly-owned subsidiaries and strategic joint ventures.

Key Entities

S&P Global Ratings: A wholly-owned subsidiary conducting the credit ratings business.
Standard & Poor’s Financial Services LLC: A 100% owned subsidiary that fully guarantees the senior notes issued by S&P Global Inc.
S&P Dow Jones Indices LLC: A joint venture where S&P Global holds a controlling interest (73%) and CME Group/CGIS holds a minority interest (27%). This entity manages the Indices business.
- Contribution: Generated $1,628 million in revenue in 2024.
CRISIL: A majority-owned subsidiary based in India, providing ratings, research, and policy advisory services. Its revenue is consolidated within the Ratings segment.
OSTTRA: A 50/50 joint venture with CME Group. It combines post-trade services for OTC markets.
- Contribution: S&P Global’s share of earnings was $43 million in 2024.

Physical Properties

S&P Global operates primarily from leased office spaces worldwide. The company does not own significant manufacturing plants or factories, as it is a provider of data and analytics.

Headquarters: 55 Water Street, New York, NY 10041.
Leased Footprint: The company has operating leases for office space and equipment globally.
Lease Liability: As of December 31, 2024, the total undiscounted lease payments amounted to $735 million, with maturities extending beyond 2030.
Space Consolidation: Following the merger with IHS Markit, the company has been consolidating its real estate facilities to optimize its footprint, incurring impairment charges on vacated leased facilities in prior years.

Segment-wise Performance

Market Intelligence

Revenue: $4,645 million (+6% YoY)
Operating Profit: $875 million (+22% YoY)
Performance Driver: Subscription growth in desktop products and data feeds was strong. The integration of Visible Alpha and the rollout of GenAI features in Capital IQ Pro contributed to positive momentum.

Ratings

Revenue: $4,370 million (+31% YoY)
Operating Profit: $2,707 million (+45% YoY)
Performance Driver: A surge in transaction revenue driven by corporate bond and bank loan refinancing activity. Operating margins expanded significantly due to revenue leverage.

Commodity Insights

Revenue: $2,142 million (+10% YoY)
Operating Profit: $845 million (+20% YoY)
Performance Driver: Sustained demand for price assessments and market data. Growth in sales usage-based royalties from exchange trading volumes was a key factor.

Indices

Revenue: $1,628 million (+16% YoY)
Operating Profit: $1,103 million (+19% YoY)
Performance Driver: Higher asset-linked fees due to increased AUM in ETFs and mutual funds. Exchange-traded derivative revenue also grew due to higher trading volumes.

Mobility

Revenue: $1,609 million (+8% YoY)
Operating Profit: $312 million (+20% YoY)
Performance Driver: Growth in Dealer and Financial business lines. The segment saw new business wins and benefited from the integration of Market Scan.

Founders

S&P Global traces its origins to founders in the 1800s. While the specific names of the original founders of the predecessor companies (such as Henry Varnum Poor or the founders of McGraw-Hill) are not explicitly detailed in the provided 2024 Annual Report text, the CEO’s letter references the mission being as clear today as it was to the “founders in the 1800s.” The company has evolved through the combination of historic entities including Standard & Poor’s and McGraw-Hill, eventually becoming S&P Global.

Shareholding Pattern

The company’s shareholding structure is characterized by a mix of institutional and public ownership, alongside treasury shares held by the company.

Common Stock: As of December 31, 2024, there were 415 million shares issued.
Treasury Stock: The company held 100 million shares in treasury, acquired at a cost of $31,671 million.
Outstanding Shares: The actual shares outstanding at year-end were 307.8 million.
Share Repurchases: The company actively repurchases shares, having bought back 6.7 million shares in 2024 for $3.3 billion.
Non-controlling Interests: The company reports redeemable non-controlling interests valued at $4,252 million, primarily relating to the minority stake in the S&P Dow Jones Indices LLC joint venture.

Parent

S&P Global Inc. is the ultimate parent company. It does not have a parent entity. It is a publicly traded corporation listed on the NYSE.

Investments and Capital Expenditure Plans

S&P Global prioritizes investments that drive innovation and organic growth.

Capital Expenditures: In 2024, the company spent $143 million on capital expenditures, which included purchases of property and equipment and additions to technology projects.
R&D Spending: Research and development expenditures recognized in deferred tax assets amounted to $350 million as of December 31, 2024.
Strategic Priorities: Investment is focused on five strategic pillars: Benchmarks, Private Markets, Enterprise Data, Generative AI, and Energy Transition.
Cloud Infrastructure: The company has a multi-year strategic collaboration with Amazon Web Services (AWS) involving a purchase obligation of $1.0 billion over five years to enhance cloud infrastructure and accelerate business growth.

Future Strategy

The company’s future strategy is anchored in the “Powering Global Markets” framework, with specific priorities set for 2025 and beyond.

Customer at the Core: Enhancing user experience through seamless discovery and delivery of products. The creation of a Chief Client Office aims to bolster strategic relationships.
Grow and Innovate: A major focus is on integrating Generative AI into products to protect and grow revenue. The company plans to accelerate growth in transformational adjacencies.
Data and Technology: Maximizing the value of the “data estate” for internal and external customers. The newly established Enterprise Data Office (EDO) works to better connect data sets.
Lead and Inspire: Sustaining an inclusive culture and promoting AI skills development for all employees.
Execute and Deliver: Enhancing the capital allocation framework to reallocate capital to the highest-value opportunities.

Management has identified specific growth themes for investment: expanding benchmark franchises, growing presence in private markets (projected to reach over $18 trillion by 2027), and capitalizing on the energy transition.

Key Strengths

Market Leadership: S&P Global holds leading positions in credit ratings, indices, and commodity benchmarks, with over $20 trillion indexed to its benchmarks.
Robust Financials: The company boasts a high operating margin of 39% and strong free cash flow generation of $5.3 billion.
Data Advantage: An unparalleled data estate with over 1 trillion data points provides a competitive moat.
Recurring Revenue: A significant portion of revenue (52%) comes from subscriptions, providing stability.
Innovation: A proactive approach to AI with initiatives like Spark Assist and partnerships with AWS positions the company for technological leadership.

Key Challenges and Risks

Regulatory Environment: The company faces extensive regulation in the U.S. (SEC), EU (ESMA), and U.K. (FCA). New regulations like the EU AI Act and ESG ratings regulations pose compliance challenges and potential costs.
Market Volatility: Revenue, particularly in Ratings, is sensitive to debt issuance volumes, which are influenced by interest rates and macroeconomic conditions.
Cybersecurity: As a data-centric company, the risk of cyberattacks and data breaches is a critical concern that requires constant vigilance and investment.
Competition: The market for data and analytics is intensely competitive, with rapid technological changes and the entry of new players.
Geopolitical Uncertainty: Global operations expose the company to risks related to geopolitical conflicts, sanctions, and trade policy changes.

Conclusion and Strategic Outlook

S&P Global Inc. successfully closed 2024 with strong financial momentum, driven by a diversified portfolio that serves the critical needs of the global financial markets. The company’s strategic pivot towards AI, sustainability, and private markets aligns well with long-term secular trends. With a solid balance sheet, a commitment to shareholder returns, and a clear vision under new leadership, S&P Global is well-positioned to unlock further potential and deliver value to its stakeholders in the years ahead. The focus on integrating advanced technologies into its core offerings ensures it remains an indispensable partner to decision-makers worldwide.

FAQ Section

1. What is S&P Global’s primary business? S&P Global provides credit ratings, benchmarks, analytics, and data to the capital and commodity markets. Its businesses include Market Intelligence, Ratings, Commodity Insights, Mobility, and Indices.

2. How much revenue did S&P Global generate in 2024? In 2024, S&P Global reported a total revenue of $14,208 million, a 14% increase from the previous year.

3. Does S&P Global pay dividends? Yes, S&P Global has a 52-year history of dividend increases. In 2024, it paid $3.64 per share in dividends.

4. Who is the CEO of S&P Global? Martina L. Cheung serves as the President and Chief Executive Officer of S&P Global.

5. What are S&P Global’s key strategic priorities for 2025? The company’s priorities include enhancing customer experience, innovating with Generative AI, maximizing the value of its data estate, and executing a disciplined capital allocation strategy.

6. What is the largest segment by revenue? Market Intelligence is the largest segment, generating $4,645 million in 2024, closely followed by Ratings.

7. Is S&P Global involved in the automotive industry? Yes, through its Mobility segment, S&P Global provides data, insights, and forecasting services to the automotive value chain.

8. What happened to the Engineering Solutions business? The Engineering Solutions business was sold in May 2023, and its results are included in the company’s financials only through that date.

9. How does S&P Global use AI? The company is integrating Generative AI into its products (e.g., Capital IQ Pro) and internal workflows (e.g., Spark Assist) to drive efficiency and insights.

10. Where is S&P Global headquartered? S&P Global is headquartered at 55 Water Street, New York, NY 10041.

Official Site: S&P Global

Source: Content on FirmsWorld.com is based on publicly available corporate filings, regulatory disclosures, annual reports, SEC 10-K filings, investor relations materials, and, where applicable, direct communications with the company.