S&P Global Inc.

S&P Global Inc. is a US financial information and analytics group headquartered in New York and listed on the NYSE under SPGI. In 2025 the company reported total revenue of USD 15.336 billion, up 8% year on year, GAAP net income of USD 4.471 billion, up 16%, and adjusted EPS of USD 17.83, up 14%. Its operations span credit ratings, index benchmarks, and data and analytics platforms serving institutional clients worldwide.

Business Model and Revenue Streams

S&P Global generates revenue through fee-based services across ratings, benchmarks, and data subscriptions. The ratings business charges issuers for credit opinions on sovereign, financial institution, and corporate debt. S&P Dow Jones Indices licenses benchmarks tied to financial assets exceeding USD 150 trillion globally, producing asset-based and subscription fees. Data and analytics units sell platform access and recurring subscriptions to banks, asset managers, and corporates.

The mix of transaction-linked ratings fees and recurring subscription revenue provides diversification across market cycles. Ratings coverage extends to a depository universe of more than USD 45 trillion in outstanding debt, while the client base includes over 35,000 large corporates, commercial banks, hedge funds, and more than 100 sovereign finance ministries.

Market Position and Coverage

S&P Global operates in over 150 countries and territories, with a client roster spanning issuers, investors, and governments. Its ratings franchise is a reference point for debt capital markets, and its index benchmarks underpin a large share of passively managed investment products. The company competes with other global ratings agencies and data providers, differentiating through the breadth of its benchmark and analytics offerings.

The combination of ratings, indices, and analytics creates network effects: ratings inform issuance, indices anchor investment products, and data platforms support decision-making across the same institutional clients. This integrated position supports cross-selling and client retention.

Financial Performance

In 2025, S&P Global reported revenue of USD 15.336 billion, an 8% increase year on year. GAAP net income reached USD 4.471 billion, up 16%, and adjusted EPS was USD 17.83, up 14%. The growth reflects contributions across ratings, indices, and data services, with adjusted EPS growth outpacing revenue growth.

The company's revenue base is diversified by geography and business line, with operations in over 150 countries. Its ratings and index businesses are tied to debt issuance and asset growth, while subscription-based data services provide a recurring revenue foundation.

Strategic and Risk Considerations

S&P Global's position depends on maintaining the credibility of its ratings and benchmarks, regulatory acceptance, and the resilience of debt issuance and asset markets. The company faces competition from other ratings agencies and data providers, as well as regulatory scrutiny of ratings methodologies and index administration.

Its scale, with coverage of over 35,000 institutional clients and more than 100 sovereign finance ministries, supports a diversified revenue base. The combination of transaction-linked and recurring revenue, together with its benchmark and analytics franchises, places it at 96/100 on the VerityRank composite score.