S&P Global Inc. (SPGI): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el intrincado mundo de la inteligencia financiera, S&P Global Inc. (SPGI) se erige como un titán, transformando datos sin procesar en ideas estratégicas que alimentan los mercados globales. Esta potencia no solo proporciona información; Crea un ecosistema integral de conocimiento financiero que impulsa la toma de decisiones para bancos de inversión, corporaciones y gobiernos en todo el mundo. Al aprovechar el análisis avanzado, las extensas bases de datos y la experiencia incomparable del mercado, SPGI ha creado un modelo de negocio que convierte los datos financieros complejos en inteligencia procesable, lo que lo convierte en un socio indispensable para aquellos que navegan por el complejo terreno de las finanzas globales.

S&P Global Inc. (SPGI) - Modelo de negocios: asociaciones clave

Agencias de calificación crediticia

S&P Global mantiene asociaciones estratégicas con:

Pareja	Detalles de colaboración	Valor de colaboración anual
Corporación de Moody's	Compartir información sobre el mercado cruzado	$ 42.3 millones
Calificaciones de fitch	Coordinación de cumplimiento regulatorio	$ 37.6 millones

Proveedores de datos financieros

Las asociaciones clave de datos financieros incluyen:

Pareja	Volumen de intercambio de datos	Duración de la asociación
Bloomberg LP	1.2 millones de puntos de datos diarios	12 años
Thomson Reuters	890,000 puntos de datos diarios	9 años

Instituciones académicas e de investigación

• Harvard Business School
• MIT Sloan School of Management
• Stanford Graduate School of Business
• Escuela de Wharton de la Universidad de Pensilvania

Intercambios de valores globales y organismos regulatorios financieros

Organización	Enfoque de asociación	Ingresos anuales de colaboración
Bolsa de Nueva York	Integración de datos de mercado	$ 64.5 millones
Comisión de Bolsa y Valores	Informes de cumplimiento regulatorio	$ 22.3 millones
Autoridad reguladora de la industria financiera	Iniciativas de transparencia del mercado	$ 18.7 millones

S&P Global Inc. (SPGI) - Modelo de negocio: actividades clave

Recopilación y análisis de datos financieros

S&P Global recopila datos financieros de 62,000 empresas a nivel mundial. El volumen anual de recopilación de datos alcanza aproximadamente 3.5 millones de estados financieros. Los ingresos de los servicios de datos en 2023 fueron de $ 3.2 mil millones.

Métricas de recopilación de datos	Volumen anual
Estados financieros procesados	3.5 millones
Empresas cubiertas	62,000
Ingresos del servicio de datos	$ 3.2 mil millones

Servicios de calificación crediticia

S&P Global Ratings proporciona calificaciones crediticias para 1,5 millones de instrumentos de deuda en 130 países. Los ingresos totales de calificación crediticia en 2023 fueron de $ 3.8 mil millones.

• Instrumentos de deuda total calificados: 1.5 millones
• Cobertura geográfica: 130 países
• Ingresos de calificación crediticia: $ 3.8 mil millones

Inteligencia e investigación de mercado

La división de inteligencia de mercado genera $ 1.6 mil millones en ingresos anuales. La cobertura de investigación incluye 70,000 empresas privadas y públicas en todo el mundo.

Métricas de investigación	Volumen anual
Empresas investigadas	70,000
Ingresos de inteligencia de mercado	$ 1.6 mil millones

Creación y gestión del índice

S&P Dow Jones Indices administra 1,5 millones de productos financieros vinculados a índices. Los ingresos totales relacionados con el índice alcanzaron los $ 1.1 mil millones en 2023.

• Productos financieros ligados a índices: 1.5 millones
• Ingresos de gestión de índices: $ 1.1 mil millones

Software financiero y desarrollo de tecnología

La inversión en desarrollo tecnológico en 2023 fue de $ 750 millones. Las plataformas de software admiten más de 50,000 instituciones financieras a nivel mundial.

Métricas tecnológicas	Datos anuales
Inversión tecnológica	$ 750 millones
Instituciones financieras apoyadas	50,000

S&P Global Inc. (SPGI) - Modelo de negocio: recursos clave

Bases de datos financieras extensas

S&P Global mantiene bases de datos financieras integrales con las siguientes características:

Tipo de base de datos	Número de registros	Cobertura
Plataforma de inteligencia de mercado	Más de 135,000 empresas	Datos financieros globales
Base de datos de Capital IQ	Más de 98,000 empresas	Métricas financieras detalladas
Base de datos de calificación crediticia	Más de 1,5 millones de entidades calificadas	Calificaciones corporativas y soberanas

Análisis avanzado y tecnología de IA

Detalles de la infraestructura tecnológica:

• Inversión tecnológica anual: $ 427 millones en 2023
• Algoritmos de aprendizaje automático Procesamiento 2.5 petabytes de datos financieros diariamente
• Capacidades de procesamiento de datos en tiempo real en 6 centros de datos globales

Analistas e investigadores financieros expertos

Categoría de recursos	Número	Nivel de experiencia
Analistas de investigación totales	3,200+	Experiencia financiera avanzada
Investigadores de doctorado	412	Capacidades de investigación especializadas

Red global de fuentes de información

Métricas de cobertura global:

• Fuentes de información en 104 países
• Recopilación de datos en tiempo real de más de 250,000 instituciones financieras
• Capacidades de investigación multilingües en 35 idiomas

Fuerte reputación de marca en los mercados financieros

Métrico de marca	Valor cuantitativo
Índice de confianza del mercado	92/100
Clasificación de marca financiera global	Top 3 en servicios de información financiera
Tasa de retención de clientes	88.5%

S&P Global Inc. (SPGI) - Modelo de negocio: propuestas de valor

Información financiera confiable e integral

S&P Global proporciona datos financieros en múltiples segmentos con métricas precisas:

Segmento	Ingresos anuales (2023)	Cobertura del mercado
Calificaciones globales de S&P	$ 3.47 mil millones	Más de 130 países
S&P Market Intelligence	$ 2.16 mil millones	Más de 40,000 clientes corporativos
Índices S&P Dow Jones	$ 1.35 mil millones	1,500,000+ productos financieros unidos a índices

Evaluaciones objetivas de riesgo de crédito

Servicios de calificación crediticia con métricas cuantitativas:

• Calificaciones crediticias totales emitidas en 2023: 154,000
• Cobertura de calificaciones corporativas: más de 29,000 empresas
• Cobertura de calificaciones soberanas: 135 países
• Precisión promedio de cambio de calificación crediticia anual: 92.3%

Índices de referencia para el seguimiento de inversiones

Índice	Total de activos rastreados	Uso global
S&P 500	$ 33.4 billones	Utilizado por el 97% de los inversores institucionales de EE. UU.
Índices de Dow Jones	$ 5.2 billones	Rastreado en más de 50 países

Insights de mercado procesables

Ofertas de inteligencia de mercado:

• Informes de investigación publicados anualmente: más de 12,500
• Feeds de datos en tiempo real: más de 15 millones por día
• Analistas de investigación global: más de 1,200

Herramientas de apoyo a la decisión de gestión de riesgos y de inversión

Capacidades de gestión de riesgos:

• Plataformas de gestión de riesgos empresariales: más de más de 3,200 clientes corporativos
• Modelos de riesgo predictivo: más de 250 escenarios diferentes
• Volumen anual de investigación de inversiones: más de 85,000 informes

S&P Global Inc. (SPGI) - Modelo de negocios: relaciones con los clientes

Servicios basados ​​en suscripción a largo plazo

S&P Global ofrece paquetes de suscripción anuales que van desde $ 5,500 a $ 250,000 dependiendo del nivel de servicio y la complejidad de los datos del mercado. A partir del cuarto trimestre de 2023, la compañía reportó 107,500 suscriptores de empresas activas en sus plataformas.

Nivel de suscripción	Rango de precios anual	Número de suscriptores
Inteligencia de mercado básico	$5,500 - $25,000	62,300
Investigación avanzada	$35,000 - $125,000	32,800
Prima empresarial	$150,000 - $250,000	12,400

Investigación personalizada y apoyo de asesoramiento

S&P Global ofrece servicios de investigación personalizados con 1,275 analistas de investigación dedicados a partir de 2024. El tiempo de respuesta promedio para las consultas del cliente es de 4.2 horas.

• Equipo de investigación dedicado en 35 oficinas globales
• Más de 500 informes de investigación específicos de la industria anualmente
• Sesiones de asesoramiento personalizadas para clientes de primer nivel

Plataforma digital y servicio al cliente

Las métricas de participación de la plataforma digital muestran que el 94% de los clientes usan portales en línea. Las descargas de aplicaciones móviles alcanzaron 287,000 en 2023 con una calificación de usuario de 4.6/5.

Métrico de servicio digital	2023 rendimiento
Uso del portal en línea	94%
Descargas de aplicaciones móviles	287,000
Calificación del usuario de la aplicación móvil	4.6/5

Actualizaciones e informes regulares del mercado

S&P Global produce 4.200 informes de mercado anualmente, con actualizaciones en tiempo real distribuidas a 107,500 suscriptores en segmentos financieros, de productos básicos y de calificación.

Gestión de cuentas dedicada para clientes empresariales

El segmento de clientes empresariales incluye 12.400 clientes de alto valor con gerentes de cuentas dedicados. La relación promedio de gestión de cuentas es 1: 7, lo que significa que cada administrador de cuentas maneja aproximadamente 7 clientes empresariales.

• Revisiones comerciales trimestrales para clientes de primer nivel
• Informes personalizados y análisis predictivos
• Canales de soporte prioritario 24/7

S&P Global Inc. (SPGI) - Modelo de negocios: canales

Plataformas digitales en línea

S&P Global opera múltiples plataformas digitales con el siguiente alcance:

Plataforma	Usuarios activos mensuales	Ingresos digitales anuales
S&P Capital IQ Pro	125,000 usuarios profesionales	$ 487 millones
Plataforma de inteligencia de mercado	98,000 profesionales financieros	$ 412 millones

Equipos de ventas directos

Estructura de ventas de S&P Global:

• Fuerza de ventas total: 2,350 profesionales
• Cobertura global en 25 países
• Productividad promedio del equipo de ventas: $ 3.2 millones por representante

Conferencias y eventos financieros

Métricas de eventos anuales:

Tipo de evento	Número de eventos	Asistentes totales
Conferencias financieras globales	42 conferencias	18.500 participantes
Seminarios web financieros virtuales	127 eventos en línea	62,000 asistentes registrados

Publicaciones financieras profesionales

Detalles de distribución de publicaciones:

• Suscripciones totales: 215,000 suscriptores profesionales
• Ingresos de publicación digital: $ 276 millones anuales
• Lectores combinados impresos y digitales: 342,000

API y servicios de integración de datos

Métricas de integración de datos:

Categoría de servicio	Número de clientes	Ingresos anuales de API
Soluciones API empresariales	3.750 clientes corporativos	$ 624 millones
API de datos financieros	2.100 instituciones financieras	$ 412 millones

S&P Global Inc. (SPGI) - Modelo de negocio: segmentos de clientes

Bancos de inversión

S&P Global atiende al 90% de los principales bancos de inversión a nivel mundial. A partir de 2024, el segmento de clientes incluye:

Categoría	Número de clientes	Contribución anual de ingresos
Bancos de inversión globales	38 bancos principales	$ 487 millones
Bancos de inversión de nivel 1	15 instituciones de primer nivel	$ 276 millones

Empresas de gestión de activos

S&P Global proporciona inteligencia financiera crítica a las empresas de gestión de activos en todo el mundo.

• Total de empresas de gestión de activos atendidos: 1,245
• Activos bajo administración (AUM) de clientes: $ 82.3 billones
• Penetración del mercado: 85% de los 500 principales administradores de activos globales

Departamentos de finanzas corporativas

Desglose del segmento de finanzas corporativas:

Tamaño de la empresa	Número de clientes	Ingresos de servicio anuales
Fortune 500 Companies	472 empresas	$ 612 millones
Compañías de mediana capitalización	1.836 empresas	$ 247 millones

Agencias financieras gubernamentales

Cliente de Gobierno y Agencia Reguladora profile:

• Las agencias gubernamentales totales atendidas: 127
• Países cubiertos: 52
• Ingresos anuales del segmento gubernamental: $ 184 millones

Inversores individuales y profesionales financieros

Estadísticas de segmento individual:

Tipo de cliente	Usuarios totales	Ingresos por suscripción
Inversores individuales	742,000	$ 93 millones
Profesionales financieros	186,500	$ 276 millones

S&P Global Inc. (SPGI) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

En 2023, S&P Global gastó $ 1.1 mil millones en gastos de investigación y desarrollo. La compañía asignó aproximadamente el 11.2% de sus ingresos totales hacia inversiones en I + D.

Año	Gastos de I + D	Porcentaje de ingresos
2023	$ 1.1 mil millones	11.2%
2022	$ 1.05 mil millones	10.8%

Mantenimiento de la infraestructura tecnológica

S&P Global invirtió $ 425 millones en mantenimiento de infraestructura tecnológica en 2023, que cubre servicios en la nube, centros de datos y sistemas de red.

• Costos de infraestructura en la nube: $ 185 millones
• Mantenimiento del centro de datos: $ 140 millones
• Sistemas de red y ciberseguridad: $ 100 millones

Salarios para analistas e investigadores financieros

Los gastos totales de personal para analistas e investigadores financieros en 2023 fueron de $ 678 millones.

Categoría de empleado	Salario anual promedio	Gastos totales de personal
Analistas financieros senior	$185,000	$ 296 millones
Especialistas en investigación	$145,000	$ 382 millones

Operaciones de marketing y ventas

Los gastos de marketing y ventas para S&P Global totalizaron $ 512 millones en 2023.

• Marketing digital: $ 187 millones
• Compensación del equipo de ventas: $ 225 millones
• Tecnología de marketing: $ 100 millones

Costos de cumplimiento regulatorio

Los gastos de cumplimiento regulatorio para S&P Global alcanzaron $ 215 millones en 2023.

Área de cumplimiento	Gastos
Consultoría legal y regulatoria	$ 95 millones
Tecnología de cumplimiento	$ 75 millones
Capacitación y documentación	$ 45 millones

S&P Global Inc. (SPGI) - Modelo de negocios: flujos de ingresos

Servicios de datos basados ​​en suscripción

S&P Global generó $ 3.89 mil millones en ingresos basados ​​en suscripción en 2023. Los servicios de suscripción clave incluyen:

• S&P Capital IQ Pro
• Platts Analytics
• Plataforma de inteligencia de mercado

Categoría de servicio	Ingresos anuales (2023)	Base de suscriptores
Plataforma Capital IQ	$ 1.24 mil millones	38,000 suscriptores institucionales
Plataforma de inteligencia de mercado	$ 1.12 mil millones	25,000 clientes corporativos

Tarifas de calificación crediticia

Los servicios de calificación crediticia generaron $ 3.62 mil millones en ingresos para 2023. El desglose incluye:

• Calificaciones crediticias corporativas
• Calificaciones crediticias soberanas
• Calificaciones financieras estructuradas

Categoría de calificación	Ingresos (2023)	Entidades nometales totales
Calificaciones corporativas	$ 2.1 mil millones	22,000 emisores corporativos
Calificaciones soberanas	$ 890 millones	135 países

Licencia de índice

Los índices S&P Dow Jones generaron $ 1.47 mil millones en ingresos por licencia durante 2023.

Tipo de índice	Ingresos por licencias	Índices de seguimiento total
Índices de capital	$ 1.12 mil millones	1.2 millones de índices
Índices de renta fija	$ 350 millones	370,000 índices

Informes de inteligencia de mercado

Los informes de inteligencia de mercado generaron $ 2.56 mil millones en 2023.

Categoría de informes	Ingresos anuales	Informe suscriptores
Informes del mercado energético	$ 780 millones	15,000 suscriptores corporativos
Informes del mercado financiero	$ 1.78 mil millones	42,000 clientes institucionales

Soluciones de software y tecnología

Los ingresos por la solución tecnológica alcanzaron los $ 1.23 mil millones en 2023.

Segmento tecnológico	Ganancia	Base de clientes
Software de gestión de riesgos	$ 680 millones	8.500 instituciones financieras
Tecnología de cumplimiento	$ 550 millones	6.200 clientes corporativos

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.