S&P Global Inc. (SPGI): Business Model Canvas

In der komplexen Welt der Finanzinformationen ist S&P Global Inc. (SPGI) ein Gigant, der Rohdaten in strategische Erkenntnisse umwandelt, die globale Märkte antreiben. Dieses Kraftpaket liefert nicht nur Informationen; Es schafft ein umfassendes Ökosystem an Finanzwissen, das die Entscheidungsfindung für Investmentbanken, Unternehmen und Regierungen weltweit vorantreibt. Durch die Nutzung fortschrittlicher Analysen, umfangreicher Datenbanken und beispielloser Marktexpertise hat SPGI ein Geschäftsmodell entwickelt, das komplexe Finanzdaten in verwertbare Informationen umwandelt und es zu einem unverzichtbaren Partner für alle macht, die sich im komplexen Umfeld des globalen Finanzwesens zurechtfinden.

S&P Global Inc. (SPGI) – Geschäftsmodell: Wichtige Partnerschaften

Ratingagenturen

S&P Global unterhält strategische Partnerschaften mit:

Partner	Details zur Zusammenarbeit	Jährlicher Kooperationswert
Moody's Corporation	Marktübergreifender Informationsaustausch	42,3 Millionen US-Dollar
Fitch-Bewertungen	Koordinierung der Einhaltung gesetzlicher Vorschriften	37,6 Millionen US-Dollar

Finanzdatenanbieter

Zu den wichtigsten Partnerschaften im Bereich Finanzdaten gehören:

Partner	Datenaustauschvolumen	Dauer der Partnerschaft
Bloomberg LP	1,2 Millionen tägliche Datenpunkte	12 Jahre
Thomson Reuters	890.000 tägliche Datenpunkte	9 Jahre

Akademische und Forschungseinrichtungen

• Harvard Business School
• MIT Sloan School of Management
• Stanford Graduate School of Business
• Wharton School der University of Pennsylvania

Globale Börsen und Finanzaufsichtsbehörden

Organisation	Partnerschaftsfokus	Jährlicher Kollaborationsumsatz
New Yorker Börse	Marktdatenintegration	64,5 Millionen US-Dollar
Wertpapier- und Börsenkommission	Berichterstattung zur Einhaltung gesetzlicher Vorschriften	22,3 Millionen US-Dollar
Aufsichtsbehörde für die Finanzindustrie	Initiativen zur Markttransparenz	18,7 Millionen US-Dollar

S&P Global Inc. (SPGI) – Geschäftsmodell: Hauptaktivitäten

Sammlung und Analyse von Finanzdaten

S&P Global sammelt Finanzdaten von 62.000 Unternehmen weltweit. Das jährliche Datenerfassungsvolumen beträgt etwa 3,5 Millionen Finanzberichte. Der Umsatz mit Datendiensten betrug im Jahr 2023 3,2 Milliarden US-Dollar.

Datenerfassungsmetriken	Jahresvolumen
Abschlüsse verarbeitet	3,5 Millionen
Abgedeckte Unternehmen	62,000
Einnahmen aus Datendiensten	3,2 Milliarden US-Dollar

Bonitätsbewertungsdienste

S&P Global Ratings bietet Kreditratings für 1,5 Millionen Schuldtitel in 130 Ländern. Die Gesamteinnahmen aus dem Kreditrating beliefen sich im Jahr 2023 auf 3,8 Milliarden US-Dollar.

• Insgesamt bewertete Schuldtitel: 1,5 Millionen
• Geografische Abdeckung: 130 Länder
• Bonitätseinnahmen: 3,8 Milliarden US-Dollar

Marktinformationen und Forschung

Die Market-Intelligence-Abteilung erwirtschaftet einen Jahresumsatz von 1,6 Milliarden US-Dollar. Die Forschungsabdeckung umfasst 70.000 private und öffentliche Unternehmen weltweit.

Forschungsmetriken	Jahresvolumen
Unternehmen recherchiert	70,000
Market-Intelligence-Umsatz	1,6 Milliarden US-Dollar

Indexerstellung und -verwaltung

S&P Dow Jones Indices verwaltet 1,5 Millionen indexgebundene Finanzprodukte. Der gesamte indexbezogene Umsatz erreichte im Jahr 2023 1,1 Milliarden US-Dollar.

• Indexgebundene Finanzprodukte: 1,5 Millionen
• Einnahmen aus der Indexverwaltung: 1,1 Milliarden US-Dollar

Entwicklung von Finanzsoftware und Technologie

Die Investitionen in die Technologieentwicklung beliefen sich im Jahr 2023 auf 750 Millionen US-Dollar. Softwareplattformen unterstützen über 50.000 Finanzinstitute weltweit.

Technologiemetriken	Jährliche Daten
Technologieinvestitionen	750 Millionen Dollar
Unterstützte Finanzinstitute	50,000

S&P Global Inc. (SPGI) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Finanzdatenbanken

S&P Global unterhält umfassende Finanzdatenbanken mit folgenden Merkmalen:

Datenbanktyp	Anzahl der Datensätze	Abdeckung
Market-Intelligence-Plattform	Über 135.000 Unternehmen	Globale Finanzdaten
Capital IQ-Datenbank	Über 98.000 Unternehmen	Detaillierte Finanzkennzahlen
Bonitätsdatenbank	Über 1,5 Millionen bewertete Unternehmen	Unternehmens- und Staatsratings

Fortschrittliche Analytik und KI-Technologie

Details zur Technologieinfrastruktur:

• Jährliche Technologieinvestition: 427 Millionen US-Dollar im Jahr 2023
• Algorithmen für maschinelles Lernen verarbeiten täglich 2,5 Petabyte an Finanzdaten
• Echtzeit-Datenverarbeitungsfunktionen in 6 globalen Rechenzentren

Erfahrene Finanzanalysten und Forscher

Ressourcenkategorie	Nummer	Kompetenzniveau
Total Research-Analysten	3,200+	Fortgeschrittene Finanzexpertise
Doktoranden	412	Spezialisierte Forschungskapazitäten

Globales Netzwerk von Informationsquellen

Globale Abdeckungskennzahlen:

• Informationsquellen in 104 Ländern
• Echtzeit-Datenerfassung von über 250.000 Finanzinstituten
• Mehrsprachige Recherchemöglichkeiten in 35 Sprachen

Starker Markenruf auf den Finanzmärkten

Markenmetrik	Quantitativer Wert
Marktvertrauensindex	92/100
Globales Finanzmarkenranking	Top 3 im Bereich Finanzinformationsdienste
Kundenbindungsrate	88.5%

S&P Global Inc. (SPGI) – Geschäftsmodell: Wertversprechen

Zuverlässige und umfassende Finanzinformationen

S&P Global stellt Finanzdaten über mehrere Segmente hinweg mit präzisen Kennzahlen bereit:

Segment	Jahresumsatz (2023)	Marktabdeckung
S&P Global Ratings	3,47 Milliarden US-Dollar	Über 130 Länder
S&P Market Intelligence	2,16 Milliarden US-Dollar	Über 40.000 Firmenkunden
S&P Dow Jones-Indizes	1,35 Milliarden US-Dollar	Über 1.500.000 indexgebundene Finanzprodukte

Objektive Kreditrisikobewertungen

Bonitätsbewertungsdienstleistungen mit quantitativen Kennzahlen:

• Gesamtzahl der im Jahr 2023 abgegebenen Bonitätsratings: 154.000
• Abdeckung der Unternehmensratings: über 29.000 Unternehmen
• Abdeckung staatlicher Ratings: 135 Länder
• Durchschnittliche jährliche Genauigkeit der Bonitätsänderung: 92,3 %

Benchmark-Indizes zur Investitionsverfolgung

Index	Gesamtvermögen verfolgt	Globale Nutzung
S&P 500	33,4 Billionen US-Dollar	Wird von 97 % der institutionellen Anleger in den USA genutzt
Dow-Jones-Indizes	5,2 Billionen Dollar	In über 50 Ländern verfolgt

Umsetzbare Markteinblicke

Market-Intelligence-Angebote:

• Jährlich veröffentlichte Forschungsberichte: 12.500+
• Echtzeit-Datenfeeds: mehr als 15 Millionen pro Tag
• Globale Research-Analysten: 1.200+

Tools zur Risikomanagement- und Investitionsentscheidungsunterstützung

Risikomanagementfunktionen:

• Plattformen für das Risikomanagement von Unternehmen: über 3.200 Firmenkunden
• Prädiktive Risikomodelle: Über 250 verschiedene Szenarien
• Jährliches Investment-Research-Volumen: 85.000+ Berichte

S&P Global Inc. (SPGI) – Geschäftsmodell: Kundenbeziehungen

Langfristige abonnementbasierte Dienste

S&P Global bietet Jahresabonnementpakete zwischen 5.500 und 250.000 US-Dollar an, abhängig von der Servicestufe und der Komplexität der Marktdaten. Im vierten Quartal 2023 meldete das Unternehmen 107.500 aktive Unternehmensabonnenten auf seinen Plattformen.

Abonnementstufe	Jährliche Preisspanne	Anzahl der Abonnenten
Grundlegende Marktinformationen	$5,500 - $25,000	62,300
Fortgeschrittene Forschung	$35,000 - $125,000	32,800
Enterprise Premium	$150,000 - $250,000	12,400

Personalisierte Forschungs- und Beratungsunterstützung

S&P Global bietet maßgeschneiderte Research-Dienstleistungen mit 1.275 engagierten Research-Analysten (Stand 2024). Die durchschnittliche Antwortzeit für Kundenanfragen beträgt 4,2 Stunden.

• Engagiertes Forschungsteam in 35 Niederlassungen weltweit
• Jährlich über 500 branchenspezifische Forschungsberichte
• Persönliche Beratungsgespräche für Top-Kunden

Digitale Plattform und Kundenservice

Kennzahlen zum Engagement auf digitalen Plattformen zeigen, dass 94 % der Kunden Online-Portale nutzen. Die Downloads mobiler Apps erreichten im Jahr 2023 287.000 mit einer Benutzerbewertung von 4,6/5.

Digitale Servicemetrik	Leistung 2023
Nutzung des Online-Portals	94%
Mobile App-Downloads	287,000
Benutzerbewertung für mobile Apps	4.6/5

Regelmäßige Marktaktualisierungen und Berichte

S&P Global erstellt jährlich 4.200 Marktberichte mit Echtzeitaktualisierungen, die an 107.500 Abonnenten in den Bereichen Finanzen, Rohstoffe und Ratings verteilt werden.

Dedizierte Kontoverwaltung für Unternehmenskunden

Das Unternehmenskundensegment umfasst 12.400 hochwertige Kunden mit engagierten Account Managern. Das durchschnittliche Account-Management-Verhältnis beträgt 1:7, was bedeutet, dass jeder Account Manager etwa sieben Unternehmenskunden betreut.

• Vierteljährliche Geschäftsbewertungen für Top-Kunden
• Maßgeschneiderte Berichterstattung und prädiktive Analysen
• Prioritäre Support-Kanäle rund um die Uhr

S&P Global Inc. (SPGI) – Geschäftsmodell: Kanäle

Digitale Online-Plattformen

S&P Global betreibt mehrere digitale Plattformen mit folgender Reichweite:

Plattform	Monatlich aktive Benutzer	Jährlicher digitaler Umsatz
S&P Capital IQ Pro	125.000 professionelle Benutzer	487 Millionen US-Dollar
Market-Intelligence-Plattform	98.000 Finanzfachleute	412 Millionen Dollar

Direktvertriebsteams

Vertriebsstruktur von S&P Global:

• Gesamtverkaufspersonal: 2.350 Fachkräfte
• Weltweite Abdeckung in 25 Ländern
• Durchschnittliche Produktivität des Vertriebsteams: 3,2 Millionen US-Dollar pro Vertreter

Finanzkonferenzen und Veranstaltungen

Jährliche Veranstaltungskennzahlen:

Ereignistyp	Anzahl der Ereignisse	Gesamtzahl der Teilnehmer
Globale Finanzkonferenzen	42 Konferenzen	18.500 Teilnehmer
Virtuelle Finanz-Webinare	127 Online-Events	62.000 registrierte Teilnehmer

Professionelle Finanzpublikationen

Einzelheiten zur Verteilung der Veröffentlichung:

• Gesamtzahl der Abonnements: 215.000 professionelle Abonnenten
• Einnahmen aus digitalen Veröffentlichungen: 276 Millionen US-Dollar pro Jahr
• Print- und digitale Leserschaft zusammen: 342.000

API- und Datenintegrationsdienste

Datenintegrationsmetriken:

Servicekategorie	Anzahl der Kunden	Jährlicher API-Umsatz
Enterprise-API-Lösungen	3.750 Firmenkunden	624 Millionen US-Dollar
Finanzdaten-API	2.100 Finanzinstitute	412 Millionen Dollar

S&P Global Inc. (SPGI) – Geschäftsmodell: Kundensegmente

Investmentbanken

S&P Global betreut 90 % der führenden Investmentbanken weltweit. Ab 2024 umfasst das Kundensegment:

Kategorie	Anzahl der Kunden	Jährlicher Umsatzbeitrag
Globale Investmentbanken	38 Großbanken	487 Millionen US-Dollar
Tier-1-Investmentbanken	15 erstklassige Institutionen	276 Millionen Dollar

Vermögensverwaltungsunternehmen

S&P Global stellt Vermögensverwaltungsfirmen weltweit wichtige Finanzinformationen zur Verfügung.

• Insgesamt betreute Vermögensverwaltungsfirmen: 1.245
• Verwaltetes Vermögen (AUM) der Kunden: 82,3 Billionen US-Dollar
• Marktdurchdringung: 85 % der 500 weltweit führenden Vermögensverwalter

Unternehmensfinanzabteilungen

Aufteilung der Corporate-Finance-Segmente:

Unternehmensgröße	Anzahl der Kunden	Jährlicher Serviceumsatz
Fortune-500-Unternehmen	472 Unternehmen	612 Millionen Dollar
Mittelständische Unternehmen	1.836 Unternehmen	247 Millionen Dollar

Staatliche Finanzagenturen

Kunde von Behörden und Regulierungsbehörden profile:

• Insgesamt belieferte Regierungsbehörden: 127
• Abgedeckte Länder: 52
• Jahresumsatz aus dem Regierungssegment: 184 Millionen US-Dollar

Privatanleger und Finanzprofis

Statistiken zu einzelnen Segmenten:

Kundentyp	Gesamtzahl der Benutzer	Abonnementeinnahmen
Einzelinvestoren	742,000	93 Millionen Dollar
Finanzprofis	186,500	276 Millionen Dollar

S&P Global Inc. (SPGI) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Im Jahr 2023 gab S&P Global 1,1 Milliarden US-Dollar für Forschungs- und Entwicklungskosten aus. Das Unternehmen investierte rund 11,2 % seines Gesamtumsatzes in F&E-Investitionen.

Jahr	F&E-Ausgaben	Prozentsatz des Umsatzes
2023	1,1 Milliarden US-Dollar	11.2%
2022	1,05 Milliarden US-Dollar	10.8%

Wartung der Technologieinfrastruktur

S&P Global investierte im Jahr 2023 425 Millionen US-Dollar in die Wartung der Technologieinfrastruktur, darunter Cloud-Dienste, Rechenzentren und Netzwerksysteme.

• Kosten der Cloud-Infrastruktur: 185 Millionen US-Dollar
• Wartung des Rechenzentrums: 140 Millionen US-Dollar
• Netzwerk- und Cybersicherheitssysteme: 100 Millionen US-Dollar

Gehälter für Finanzanalysten und Forscher

Die gesamten Personalkosten für Finanzanalysten und -forscher beliefen sich im Jahr 2023 auf 678 Millionen US-Dollar.

Mitarbeiterkategorie	Durchschnittliches Jahresgehalt	Gesamter Personalaufwand
Leitende Finanzanalysten	$185,000	296 Millionen US-Dollar
Forschungsspezialisten	$145,000	382 Millionen Dollar

Marketing- und Vertriebsaktivitäten

Die Marketing- und Vertriebsausgaben für S&P Global beliefen sich im Jahr 2023 auf insgesamt 512 Millionen US-Dollar.

• Digitales Marketing: 187 Millionen US-Dollar
• Vergütung des Vertriebsteams: 225 Millionen US-Dollar
• Marketingtechnologie: 100 Millionen US-Dollar

Kosten für die Einhaltung gesetzlicher Vorschriften

Die Ausgaben für die Einhaltung gesetzlicher Vorschriften beliefen sich bei S&P Global im Jahr 2023 auf 215 Millionen US-Dollar.

Compliance-Bereich	Ausgaben
Rechts- und Regulierungsberatung	95 Millionen Dollar
Compliance-Technologie	75 Millionen Dollar
Schulung und Dokumentation	45 Millionen Dollar

S&P Global Inc. (SPGI) – Geschäftsmodell: Einnahmequellen

Abonnementbasierte Datendienste

S&P Global erwirtschaftete im Jahr 2023 einen abonnementbasierten Umsatz von 3,89 Milliarden US-Dollar. Zu den wichtigsten Abonnementdiensten gehören:

• S&P Capital IQ Pro
• Platts Analytics
• Market-Intelligence-Plattform

Servicekategorie	Jahresumsatz (2023)	Abonnentenbasis
Capital IQ-Plattform	1,24 Milliarden US-Dollar	38.000 institutionelle Abonnenten
Market-Intelligence-Plattform	1,12 Milliarden US-Dollar	25.000 Firmenkunden

Bonitätsbewertungsgebühren

Kreditratingdienstleistungen erwirtschafteten im Jahr 2023 einen Umsatz von 3,62 Milliarden US-Dollar. Die Aufschlüsselung umfasst:

• Bonitätsbewertungen von Unternehmen
• Staatliche Bonitätsratings
• Ratings für strukturierte Finanzierungen

Bewertungskategorie	Umsatz (2023)	Insgesamt bewertete Unternehmen
Unternehmensratings	2,1 Milliarden US-Dollar	22.000 Unternehmensemittenten
Staatsratings	890 Millionen Dollar	135 Länder

Indexlizenzierung

S&P Dow Jones Indices erwirtschaftete im Jahr 2023 Lizenzeinnahmen in Höhe von 1,47 Milliarden US-Dollar.

Indextyp	Lizenzeinnahmen	Insgesamt verfolgte Indizes
Aktienindizes	1,12 Milliarden US-Dollar	1,2 Millionen Indizes
Indizes für festverzinsliche Wertpapiere	350 Millionen Dollar	370.000 Indizes

Market Intelligence-Berichte

Die Market-Intelligence-Berichterstattung generierte im Jahr 2023 2,56 Milliarden US-Dollar.

Berichtskategorie	Jahresumsatz	Abonnenten melden
Energiemarktberichte	780 Millionen Dollar	15.000 Firmenabonnenten
Finanzmarktberichte	1,78 Milliarden US-Dollar	42.000 institutionelle Kunden

Software- und Technologielösungen

Der Umsatz mit Technologielösungen erreichte im Jahr 2023 1,23 Milliarden US-Dollar.

Technologiesegment	Einnahmen	Kundenstamm
Risikomanagement-Software	680 Millionen Dollar	8.500 Finanzinstitute
Compliance-Technologie	550 Millionen Dollar	6.200 Firmenkunden

S&P Global Inc. (SPGI) - Canvas Business Model: Value Propositions

You're looking at S&P Global Inc. (SPGI) to understand what truly anchors its value in the market as of late 2025. It's not just about providing data; it's about providing the essential intelligence that underpins trillions in capital flow and risk assessment.

Providing Essential Intelligence for confident decision-making

The core value S&P Global Inc. offers is the foundation for market trust. This is evident in their financial scale; for the twelve months ending September 30, 2025, total revenue reached $15.013B. This scale supports the intelligence across all divisions. Management is confident enough in this core value to raise the full-year 2025 revenue growth guidance to a range of 5% to 7%. You see this confidence reflected in the Q3 2025 adjusted diluted EPS of $4.73, showing that the intelligence translates directly into bottom-line performance.

World-leading benchmarks for passive and active investment strategies

The S&P Dow Jones Indices division provides the yardsticks the world uses to measure performance. Consider the S&P 500 Index, which, as of early 2025, was trading at more than 22x forward earnings, showing the market's reliance on its valuation. That index is also highly concentrated, with the 10 largest stocks accounting for nearly 40% of its total market capitalization, making the benchmark's construction and maintenance a critical service. For Q2 2025, this segment delivered strong results, with revenue increasing 15% to $446 million, driven by asset-linked fees growing 17%.

Here's a quick look at the scale of the segments driving this value proposition, based on recent reported figures:

Segment	Q3 2025 Revenue	Year-over-Year Growth (Q3 2025)
Ratings	Not explicitly stated, but grew 12% Y/Y	12%
Market Intelligence	Not explicitly stated, but saw acceleration	Accelerated (Organic growth noted)
S&P Dow Jones Indices	Not explicitly stated, but grew 11% Y/Y	11%
Commodity Insights	Not explicitly stated, but grew 6% Y/Y	6%

The company is actively refining its portfolio to focus on these core benchmarks and intelligence offerings, evidenced by the completion of the OSTTRA Joint Venture sale in Q3 2025.

Independent, trusted credit ratings that are critical market infrastructure

The Ratings division is the bedrock of market trust, providing the independent assessments necessary for debt issuance and risk management. This value proposition is highly resilient; in Q3 2025, Ratings revenue increased 12% year-over-year, fueled by high-yield and bank loan issuance. This growth outpaced the overall company revenue growth of 9% for the quarter, underscoring the essential nature of this infrastructure. The adjusted operating margin for the Ratings segment was 60% for the twelve months ended December 31, 2024, highlighting its high-quality, high-margin contribution to the firm.

• Ratings transaction revenue grew 54% in Q4 2024.
• Recurring revenue across all segments grew 7% in FY2024.

Integrated workflow solutions for financial professionals (Market Intelligence)

For financial professionals, S&P Global Inc. delivers integrated workflow solutions, primarily through Market Intelligence. This segment reported Q2 2025 revenue of $1.22 billion, with its Credit & Risk Solutions growing 7%. The value here is in the integration, such as the Data, Analytics, & Insights products, which grew 6% in that same quarter. To further enhance this workflow value, S&P Global Inc. announced the agreement to acquire With Intelligence in Q3 2025 for $1.8 billion, aiming to accelerate growth in this area.

The division's focus on private markets is also a key value driver:

• Private markets revenue rose 11% year-over-year to $148 million in Q2 2025.
• This growth was fueled by demand for CLOs, ABS, and project finance ratings.

Specialized data and insights for high-growth areas like Energy Transition

The Commodity Insights division provides specialized data crucial for navigating complex, evolving markets, including the Energy Transition. This segment delivered revenue growth of 6% in Q3 2025, driven by Energy & Resources Data & Insights. While facing modest headwinds from sanctions impacting 2025 by an estimated $6 million, the division continues to provide critical data. The overall adjusted operating margin for Commodity Insights was 45% for the twelve months ended December 31, 2024, showing the value capture from specialized commodity intelligence.

You can see the importance of these specialized data feeds in the overall subscription revenue growth, which was 7% in Q2 2025.

S&P Global Inc. (SPGI) - Canvas Business Model: Customer Relationships

Dedicated relationship management for large institutional clients (high-touch)

S&P Global Inc. established a new Chief Client Office to enhance customer engagement across the enterprise, effective as of early 2025. In the lead-up to this, the President and CEO met with 85% of the company's top strategic customers within the first 100 days of 2025. This high-touch approach supports growth areas; for instance, Private Markets revenue increased by 11% year-over-year in Q2 2025, driven by strong engagement with stakeholders in private credit and project finance ratings.

Self-service digital platforms for data and analytics access (low-touch)

Client access is increasingly channeled through digital means, supported by strategic technology partnerships. The company is deploying AI/data partnerships with entities like Microsoft and Anthropic to expand distribution channels and enhance client access to data. Usage metrics show improvements, with increased utilization of platforms such as Platts Connect and Connect online delivery platforms.

Subscription-based model fostering long-term, recurring client engagement

The subscription model forms the core of S&P Global Inc.'s recurring revenue base, demonstrating resilience. For the full fiscal year 2024, Subscription revenue was $7.35 billion, representing 55.5% of total revenue. This recurring stream continues to show strength, with subscription products revenue increasing by 7% in the second quarter of 2025, following a 7% increase in the first quarter of 2025.

The composition of revenue highlights the reliance on these long-term contracts:

Revenue Category (FY 2024)	Amount (USD)	Percentage of Total Revenue
Subscription	$7.35 B	55.5%
Non-Transaction (Includes relationship-based fees)	$4.84 B	36.6%
Asset-Linked Fees	$1.05 B	7.9%

Advisory and consulting services for complex risk and sustainability issues

Advisory and specialized insights drive growth in key adjacencies. Revenue from Energy Transition and Sustainability products achieved double-digit revenue growth in 2024. The S&P Global Commodity Insights division, renamed S&P Global Energy, focuses on providing benchmarks, data, and insights for energy transition. The medium-term organic, constant currency revenue growth target for the Energy division is set between 6% to 8% on an average annual basis.

Training and support for proprietary software and data tools

Investments in customer experience and support translate directly into loyalty metrics. The Commodity Insights division created a new Customer Experience organization, which resulted in a material double-digit improvement in NPS (Net Promoter Score) for that division. The Market Intelligence division's 7% organic constant currency revenue growth in Q2 2025 was partly attributed to enhanced execution and customer engagement improvements.

Key indicators reflecting the success of support and platform engagement include:

• Material double-digit improvement in NPS for the Energy division.
• Increased usage of Platts Connect and Connect online delivery platforms.
• Medium-term organic revenue growth target for Market Intelligence: 6% to 8%.
• Medium-term organic revenue growth target for Ratings: 6% to 9%.

Finance: draft 13-week cash view by Friday.

S&P Global Inc. (SPGI) - Canvas Business Model: Channels

You're looking at how S&P Global Inc. gets its Essential Intelligence into the hands of its diverse, financially-literate user base as of late 2025. It's a multi-pronged approach, blending high-touch sales with massive digital distribution.

Direct sales force and relationship managers for enterprise clients

S&P Global Inc. relies heavily on its direct sales teams to secure large, recurring contracts, especially for its Market Intelligence and Ratings services. This high-touch channel targets institutional clients who need bespoke data solutions or complex credit opinions. While specific headcount for the sales force isn't public, the overall revenue structure suggests this channel is critical for capturing the bulk of the $7.35 B generated by the Subscription segment in fiscal year 2024. Relationship managers also drive adoption of premium digital tools like Capital IQ Pro.

Proprietary digital platforms (Capital IQ Pro, Platts Developer Platform)

The digital delivery mechanism is the core engine, especially following the IHS Markit integration. S&P Capital IQ Pro, enhanced with GenAI capabilities like Chart Explainer and Multi-Document ChatIQ as of mid-2025, serves as a primary access point for financial data and analytics. This platform now integrates peer group data from Visible Alpha, covering over 7,300 companies, and Headcount Analytics for over 4.3 million private companies. For the Commodity Insights business, the Platts Developer Portal provides API access to fundamental and pricing data. For instance, its Data Center Research add-on covers nearly 13,000 data center facilities across 112 countries.

The delivery of data via these platforms contributes significantly to the $7.35 B Subscription revenue reported in fiscal year 2024.

Third-party data distributors and financial news vendors

S&P Global Inc. ensures its data has broad market penetration by distributing through established third-party channels. This includes feeds to financial news vendors and integration partners. A key recent development in this area is the partnership with Google Cloud, making S&P Global Commodity Insights' AI-Ready Data available directly within Google Cloud's BigQuery platform as of August 2025. This strategy meets clients where they already operate, expanding reach beyond direct platform logins.

Licensing agreements with exchanges and asset managers

This channel is vital for generating usage-based and fixed-fee revenue, often categorized under Asset-Linked Fees or as part of the Non-Transaction revenue. The company earns usage-based royalties from licensing its proprietary market data and price assessments to commodity exchanges within the Commodity Insights segment. Furthermore, the Indices segment's revenue stream is directly tied to licensing agreements with exchanges and asset managers for the use of benchmarks like the S&P 500. The $1.05 B in Asset-Linked Fees for fiscal year 2024 reflects the success of these licensing models.

Web-based portals and feeds for data delivery

Beyond the primary Capital IQ Pro application, S&P Global Inc. uses various web-based portals and data feeds for specific data sets. Platts Connect and Ratings360 are examples of specialized web portals for specific user groups. The overall revenue from subscriptions, which is the largest component at 55.5% of total revenue in 2024, is fundamentally driven by the continuous delivery of data via these web-based and API channels.

Here's a quick look at the scale of the data delivery mechanisms as of the latest available full-year data:

Channel/Platform Metric	Data Point (Latest Available)	Context/Year
Total Revenue (TTM)	$15.013 Billion USD	September 30, 2025
Subscription Revenue Share (FY 2024)	$7.35 Billion USD (55.5%)	Fiscal Year 2024
Capital IQ Pro - Headcount Analytics Coverage	Over 4.3 Million Private Companies	July 2025
Platts Developer Portal - Data Center Coverage	Nearly 13,000 Facilities	June 2025
Asset-Linked Fees Revenue (FY 2024)	$1.05 Billion USD	Fiscal Year 2024
Quarterly Dividend Per Share	$0.96	Declared January 2025

The strategy is clearly weighted toward scalable digital access, which helps drive the operating margin expansion to 39.27% in 2024, compared to 32.17% the prior year.

You should review the Q4 2025 sales pipeline against the expected growth in capital markets activity for 2026, as that will be the true test of the direct sales force's effectiveness.

S&P Global Inc. (SPGI) - Canvas Business Model: Customer Segments

You're looking at the core users of S&P Global Inc.'s data, benchmarks, and analytics as of late 2025. These are the entities that pay for access to credit opinions, market intelligence, and index performance data. Honestly, the customer base is tightly clustered around the global financial ecosystem.

The overall revenue base for S&P Global Inc. in fiscal year 2024 was $14,208 million, with growth seen across all reportable segments. The segments that directly map to these customer groups are the primary revenue drivers.

Here's a look at the key customer groups and the data points that define their relationship with S&P Global Inc., based on the latest available full-year data (FY2024) and recent operational metrics:

Customer Segment	Primary S&P Global Segment(s)	Relevant Metric/Data Point	Financial/Statistical Value
Global financial institutions (banks, asset managers, hedge funds)	Ratings, Market Intelligence, Indices	FY2024 Revenue from Subscription (includes much of MI/Indices)	$7.35 B
Corporations issuing debt (Ratings segment clients)	Ratings	FY2024 Revenue from Non-Transaction (includes Ratings fees)	$4.84 B
Governments and regulatory bodies (using ratings and economic data)	Ratings, Commodity Insights, Market Intelligence	Global Economic Expansion Forecast for 2025 (S&P Global Ratings)	3%
Commodity and energy market participants (Commodity Insights clients)	Commodity Insights	Projected annual power demand growth for Data Centers (to 2030)	10-15%
Individual investors and wealth managers (Indices and Market Intelligence users)	Indices, Market Intelligence	Indexed Assets benchmarked by S&P Dow Jones Indices	$1.5 trillion

The Market Intelligence segment, which serves many of these financial and corporate clients, compresses over 135 billion data points a year into actionable intelligence via platforms like S&P Capital IQ Pro. Furthermore, S&P Global announced a deal in October 2025 to acquire With Intelligence for $1.8 billion, specifically to bolster its presence in private markets, a key area for many institutional clients.

For the Indices segment, S&P Dow Jones Indices calculates over 830,000 indices and publishes benchmarks that provide the basis for 575 ETFs globally, representing $387 billion in invested assets.

The Ratings segment serves corporations issuing debt, and its revenue stream is partially captured by the Non-Transaction revenue line, which was $4.84 B in fiscal year 2024. This segment also provides global economic outlooks, forecasting global economic expansion of 3% in 2025.

The Commodity Insights client base is focused on energy and commodities, where S&P Global Commodity Insights analysts project primary energy demand growth of more than eight million boe/d in 2025.

You can see the concentration of revenue by segment in fiscal year 2024:

• Subscription revenue: $7.35 B
• Non-Transaction revenue: $4.84 B
• Asset-Linked Fees revenue: $1.05 B

The US remains the largest geographical market for S&P Global Inc., generating $8.64 B in revenue in fiscal year 2024, representing about 60.81% of total revenue.

S&P Global Inc. (SPGI) - Canvas Business Model: Cost Structure

You're looking at the cost base for S&P Global Inc. as we move through late 2025. Honestly, for a company whose value is in its data and intellectual property, the costs are heavily weighted toward maintaining and advancing that core asset base. The overall spending profile reflects a business that is information-intensive, requiring constant technological upkeep and high-caliber human capital.

For the twelve months ending September 30, 2025, S&P Global Inc.'s total operating expenses reached approximately $8.900B. This represents a year-over-year increase from the $8.628B reported for the full year 2024. The Q3 2025 results showed total expenses holding steady at $2.22 billion compared to the prior quarter, even as revenue grew, which helped drive the adjusted operating profit margin up to 52.1% for the quarter. It's a constant balancing act between spending to grow and spending to defend market share.

Here's a quick look at the scale of the business and its recent cost performance:

Metric	Value (Latest Available)	Period/Context
Total Operating Expenses	$8.900B	Twelve Months Ending September 30, 2025
Total Operating Expenses	$8.628B	Full Year 2024
Q3 2025 Total Expenses	$2.22 billion	Q3 2025
Full-Year 2024 Revenue	$14.208 billion	Fiscal Year 2024
Capital Expenditures (CapEx)	$124 million	Full Year 2024
Expected Adjusted Free Cash Flow (FCF)	$5.6 - $5.8 billion	Full Year 2025 Guidance

High fixed costs related to data collection and technology infrastructure

The infrastructure costs are substantial because S&P Global Inc. deals in massive, proprietary datasets that require continuous collection, cleansing, storage, and delivery. While the 2024 reported capital expenditures were relatively modest at $124 million, this figure often excludes the heavy, recurring operational costs associated with cloud services, data licensing fees, and maintaining the core technology platforms that deliver the essential intelligence. The shift in the macro landscape, as noted by S&P Global Ratings research, shows that data center and AI-related investments are now a dominant cost driver across the economy, and S&P Global Inc. is right in the thick of that spending.

Significant personnel expenses for analysts and data scientists

The credibility of the Ratings and Analytics segments hinges on the expertise of its people. You're paying for top-tier financial minds, economists, and increasingly, data scientists. Compensation expense is a major component of the operating costs, directly tied to the quality of the output. While specific personnel cost figures aren't explicitly broken out in the latest summaries, the overall expense growth reflects the need to retain and attract talent in highly competitive fields like quantitative analysis and credit assessment.

Investment in AI and product development to maintain competitive edge

This is where a significant portion of discretionary spending goes. S&P Global Inc. is actively reinvesting to ensure its products remain indispensable. The company's own research highlights that AI-related business investment has surged, and they are clearly participating in this trend. This investment covers R&D for new analytical tools and the integration of AI into existing platforms, like the expected launch of AlphaStreet Intelligence, which is described as an AI-driven market intelligence platform. S&P Global Ratings forecasts global IT spending, heavily influenced by AI, to grow by 9% in 2025, with software spending accelerating to around 10% growth, indicating the scale of investment required just to keep pace in the industry.

Sales, General, and Administrative (SG&A) expenses for global operations

Running a global operation that spans credit ratings, benchmarks, and market intelligence requires a significant SG&A footprint. This covers everything from the global sales force needed to service institutional clients to the general overhead of maintaining offices and corporate functions worldwide. The margin expansion seen in Q3 2025, where adjusted operating margin hit 52.1%, suggests that revenue growth is currently outpacing the growth in these operating costs, but SG&A remains a large, necessary expense base for a company of this scale.

• Global sales force compensation and travel.
• Corporate overhead and real estate costs across multiple jurisdictions.
• Costs related to the ongoing integration and separation activities, such as the OSTTRA divestiture assumed to complete in the second half of 2025.

Costs associated with regulatory compliance and legal defense

Operating in the credit ratings and financial data space means intense scrutiny. Compliance costs are non-negotiable and rising. These expenses cover adherence to global financial regulations, data privacy laws, and the overhead required to manage potential litigation or regulatory inquiries inherent in providing market-moving opinions. For instance, recent sanctions introduced could contribute a headwind of approximately $6 million to the Commodity Insights segment in 2025 alone, illustrating how external regulatory shifts translate directly into operational costs.

S&P Global Inc. (SPGI) - Canvas Business Model: Revenue Streams

You're looking at how S&P Global Inc. actually brings in the cash, and honestly, it's a mix of sticky, recurring money and transaction-based flow. The core strength is definitely in the recurring side of things.

The full-year 2025 Trailing Twelve Months (TTM) revenue, as of September 30, 2025, hit approximately $15.013 billion. That gives you the big picture for the year leading up to late 2025.

The recurring revenue base is clearly important; for instance, in the second quarter of 2025, revenue from subscription products overall saw a 7% year-over-year increase. That recurring nature provides a solid floor for the business.

Here's a breakdown of the key revenue drivers based on the second quarter of 2025 performance, which helps map out where the money is coming from:

• S&P Dow Jones Indices revenue reached $446 million in Q2 2025.
• Market Intelligence segment revenue was $1.22 billion in Q2 2025.
• Commodity Insights segment revenue was $555 million in Q2 2025.
• Mobility segment revenue grew to $438 million in Q2 2025.
• Ratings segment revenue was $1.1 billion in Q2 2025.

The Indices business is a prime example of a high-growth stream tied to asset values. Asset-linked fees within S&P Dow Jones Indices specifically grew by 17% in Q2 2025. That's pure upside tied to market performance and product adoption.

Transaction revenue, which you see in the Ratings segment, is more cyclical. Ratings revenue, which covers debt issuance and bank loan ratings, increased by 1% year-over-year to $1.1 billion in Q2 2025. Management noted that bond issuance volatility impacted this stream.

Licensing fees for proprietary data and software are embedded across the data-heavy divisions. For example, within Market Intelligence, the Data, Analytics, & Insights component grew by 6%. Also, the Commodity Insights division's 8% revenue growth was supported by subscription price assessments and new climate risk analytics launches.

To give you a clearer picture of the Q2 2025 revenue mix across the main operating segments:

Segment	Q2 2025 Revenue (Millions USD)	Year-over-Year Growth
S&P Dow Jones Indices	446	15%
S&P Global Mobility	438	10%
S&P Global Commodity Insights	555	8%
S&P Global Market Intelligence	1,220	5%
S&P Global Ratings	1,100	1%

Finance: draft 13-week cash view by Friday.