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SPGI
S&P Global Inc. Segment Breakdown
Asset Linked Fees
Non Subscription Transaction
Non Transaction
Sales Usage Based Royalties
Subscription
Recurring Variable Revenue
| Segment | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue ($M) | ||||||||||
| Asset Linked Fees | 400
7% |
484
8%+21% |
542
9%+12% |
623
9%+15% |
648
9%+4% |
800
10%+23% |
862
8%+8% |
859
7%-0% |
1,046
7%+22% |
1,206
8%+15% |
| Non Subscription Transaction | 1,460
26% |
1,574
26%+8% |
1,401
22%-11% |
1,625
24%+16% |
2,030
27%+25% |
2,320
28%+14% |
1,807
16%-22% |
2,093
17%+16% |
2,986
21%+43% |
3,144
21%+5% |
| Non Transaction | 1,357
24% |
1,473
24%+9% |
1,533
24%+4% |
1,536
23%+0% |
1,637
22%+7% |
1,844
22%+13% |
1,809
16%-2% |
1,907
15%+5% |
2,044
14%+7% |
2,254
15%+10% |
| Sales Usage Based Royalties | 178
3% |
188
3%+6% |
225
4%+20% |
200
3%-11% |
227
3%+14% |
224
3%-1% |
286
3%+28% |
348
3%+22% |
393
3%+13% |
444
3%+13% |
| Subscription | 2,364
42% |
2,454
40%+4% |
2,682
43%+9% |
2,843
42%+6% |
3,037
41%+7% |
3,255
39%+7% |
6,201
55%+91% |
6,963
56%+12% |
7,346
52%+6% |
7,865
51%+7% |
| Recurring Variable Revenue | — | — | — | — | — | — | 385
3% |
504
4%+31% |
579
4%+15% |
623
4%+8% |
| Total (check) | 5,759 | 6,173 | 6,383 | 6,827 | 7,579 | 8,443 | 11,350 | 12,674 | 14,394 | 15,536 |
| Operating Margin % | ||||||||||
| Asset Linked Fees | — | — | — | — | — | — | — | — | — | — |
| Non Subscription Transaction | — | — | — | — | — | — | — | — | — | — |
| Non Transaction | — | — | — | — | — | — | — | — | — | — |
| Sales Usage Based Royalties | — | — | — | — | — | — | — | — | — | — |
| Subscription | — | — | — | — | — | — | — | — | — | — |
| Recurring Variable Revenue | — | — | — | — | — | — | — | — | — | — |
Source: SEC EDGAR XBRL instance documents (SPGI 10-K filings).
Revenue and operating income per segment as tagged by the company under
us-gaap:StatementBusinessSegmentsAxis.