S&P Global Inc. (SPGI): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde complexe de l'intelligence financière, S&P Global Inc. (SPGI) est un titan, transformant les données brutes en idées stratégiques qui alimentent les marchés mondiaux. Cette centrale ne fournit pas seulement des informations; Il crée un écosystème complet de connaissances financières qui stimule la prise de décision pour les banques d'investissement, les sociétés et les gouvernements du monde entier. En tirant parti des analyses avancées, de vastes bases de données et de l'expertise inégalée du marché, SPGI a conçu un modèle commercial qui transforme les données financières complexes en intelligence exploitable, ce qui en fait un partenaire indispensable pour ceux qui naviguent sur le terrain complexe de la finance mondiale.

S&P Global Inc. (SPGI) - Modèle d'entreprise: partenariats clés

Agences de notation de crédit

S&P Global maintient des partenariats stratégiques avec:

Partenaire	Détails de collaboration	Valeur de collaboration annuelle
Moody's Corporation	Partage d'informations commerciales	42,3 millions de dollars
Cotes de fitch	Coordination de la conformité réglementaire	37,6 millions de dollars

Fournisseurs de données financières

Les principaux partenariats de données financières comprennent:

Partenaire	Volume d'échange de données	Durée du partenariat
Bloomberg LP	1,2 million de points de données quotidiens	12 ans
Thomson Reuters	890 000 points de données quotidiens	9 ans

Institutions universitaires et de recherche

• Harvard Business School
• École de gestion du MIT Sloan
• École supérieure des affaires de Stanford
• École Wharton de l'Université de Pennsylvanie

Exchanges de bourses mondiales et organismes de réglementation financière

Organisation	Focus de partenariat	Revenus de collaboration annuels
Bourse de New York	Intégration des données du marché	64,5 millions de dollars
Commission des valeurs mobilières	Représentation de la conformité réglementaire	22,3 millions de dollars
Autorité de réglementation de l'industrie financière	Marché des initiatives de transparence	18,7 millions de dollars

S&P Global Inc. (SPGI) - Modèle d'entreprise: activités clés

Collecte et analyse des données financières

S&P Global recueille les données financières de 62 000 entreprises dans le monde. Le volume annuel de collecte de données atteint environ 3,5 millions d'états financiers. Les revenus des services de données en 2023 étaient de 3,2 milliards de dollars.

Métriques de collecte de données	Volume annuel
États financiers traités	3,5 millions
Les entreprises couvertes	62,000
Revenus de services de données	3,2 milliards de dollars

Services de notation de crédit

S&P Global Ratings fournit des cotes de crédit pour 1,5 million d'instruments de dette dans 130 pays. Le chiffre d'affaires total du crédit en 2023 était de 3,8 milliards de dollars.

• Instruments de dette totaux évalués: 1,5 million
• Couverture géographique: 130 pays
• Revenus de cote de crédit: 3,8 milliards de dollars

Intelligence et recherche sur le marché

La division des renseignements du marché génère 1,6 milliard de dollars de revenus annuels. La couverture de la recherche comprend 70 000 entreprises privées et publiques dans le monde.

Métriques de recherche	Volume annuel
Les entreprises recherchées	70,000
Revenus de renseignement du marché	1,6 milliard de dollars

Création et gestion d'index

Les indices S&P Dow Jones gère 1,5 million de produits financiers liés à l'indice. Les revenus totaux liés à l'indice ont atteint 1,1 milliard de dollars en 2023.

• Produits financiers liés à l'indice: 1,5 million
• Revenus de gestion de l'indice: 1,1 milliard de dollars

Développement de logiciels financiers et de technologie

L'investissement en développement technologique en 2023 était de 750 millions de dollars. Les plateformes logicielles prennent en charge plus de 50 000 institutions financières dans le monde.

Métriques technologiques	Données annuelles
Investissement technologique	750 millions de dollars
Institutions financières soutenues	50,000

S&P Global Inc. (SPGI) - Modèle d'entreprise: Ressources clés

Bases de données financières étendues

S&P Global maintient des bases de données financières complètes avec les caractéristiques suivantes:

Type de base de données	Nombre de dossiers	Couverture
Plateforme de renseignement de marché	135 000 entreprises et plus	Données financières mondiales
Base de données Capital IQ	Plus 98 000 entreprises	Métriques financières détaillées
Base de données de notation de crédit	Plus de 1,5 million d'entités notées	Notes d'entreprise et souverain

Analyse avancée et technologie de l'IA

Détails de l'infrastructure technologique:

• Investissement technologique annuel: 427 millions de dollars en 2023
• Algorithmes d'apprentissage automatique Traitement 2,5 pétaoctets de données financières quotidiennement
• Capacités de traitement des données en temps réel dans 6 centres de données mondiaux

Analystes et chercheurs financiers experts

Catégorie de ressources	Nombre	Niveau d'expertise
Analystes de recherche totaux	3,200+	Expertise financière avancée
Chercheurs de doctorat	412	Capacités de recherche spécialisées

Réseau mondial de sources d'information

Métriques de couverture globale:

• Sources d'information dans 104 pays
• Collecte de données en temps réel de plus de 250 000 institutions financières
• Capacités de recherche multilingues en 35 langues

Solide réputation de la marque sur les marchés financiers

Métrique de la marque	Valeur quantitative
Indice de confiance du marché	92/100
Classement mondial de la marque financière	Top 3 des services d'information financière
Taux de rétention de la clientèle	88.5%

S&P Global Inc. (SPGI) - Modèle d'entreprise: propositions de valeur

Informations financières fiables et complètes

S&P Global fournit des données financières sur plusieurs segments avec des mesures précises:

Segment	Revenus annuels (2023)	Couverture du marché
S&P Global Ratings	3,47 milliards de dollars	130+ pays
S&P Market Intelligence	2,16 milliards de dollars	Plus de 40 000 clients d'entreprise
Indices S&P Dow Jones	1,35 milliard de dollars	1 500 000 produits financiers liés à l'indice

Évaluations des risques objectifs

Services de notation de crédit avec des mesures quantitatives:

• Notes de crédit totales émises en 2023: 154 000
• Couverture des notations des entreprises: 29 000+ entreprises
• Couverture des notes souveraines: 135 pays
• Précision annuelle moyenne de modification de la notation du crédit: 92,3%

Indices de référence pour le suivi des investissements

Indice	Total des actifs suivis	Utilisation mondiale
S&P 500	33,4 billions de dollars	Utilisé par 97% des investisseurs institutionnels américains
Indices Dow Jones	5,2 billions de dollars	Suivi dans plus de 50 pays

Informations sur le marché exploitables

Offres de l'intelligence du marché:

• Rapports de recherche publiés chaque année: 12 500+
• Flux de données en temps réel: 15 millions + par jour
• Analystes de la recherche mondiale: plus 1 200+

Outils de gestion des risques et d'aide à la décision d'investissement

Capacités de gestion des risques:

• Plateformes de gestion des risques d'entreprise: 3 200+ clients d'entreprise
• Modèles de risque prédictifs: 250+ scénarios différents
• Volume annuel de recherche sur les investissements: plus de 85 000 rapports

S&P Global Inc. (SPGI) - Modèle d'entreprise: relations avec les clients

Services basés sur l'abonnement à long terme

S&P Global propose des packages d'abonnement annuels allant de 5 500 $ à 250 000 $ selon le niveau de service et la complexité des données du marché. Au quatrième trimestre 2023, la société a signalé 107 500 abonnés à l'entreprise active sur ses plateformes.

Niveau d'abonnement	Fourchette de prix annuelle	Nombre d'abonnés
Intelligence de base du marché	$5,500 - $25,000	62,300
Recherche avancée	$35,000 - $125,000	32,800
Premium d'entreprise	$150,000 - $250,000	12,400

Recherche personnalisée et soutien consultatif

S&P Global fournit des services de recherche personnalisés avec 1 275 analystes de recherche dédiés à partir de 2024. Le temps de réponse moyen pour les demandes de renseignements des clients est de 4,2 heures.

• Équipe de recherche dédiée dans 35 bureaux mondiaux
• Plus de 500 rapports de recherche spécifiques à l'industrie chaque année
• Séances de conseil personnalisées pour les clients de haut niveau

Plateforme numérique et service client

Les métriques d'engagement de la plate-forme numérique montrent que 94% des clients utilisent des portails en ligne. Les téléchargements d'applications mobiles ont atteint 287 000 en 2023 avec une note d'utilisateur de 4,6 / 5.

Métrique de service numérique	Performance de 2023
Utilisation du portail en ligne	94%
Téléchargements d'applications mobiles	287,000
Note utilisateur de l'application mobile	4.6/5

Mises à jour et rapports du marché réguliers

S&P Global produit chaque année 4 200 rapports de marché, avec des mises à jour en temps réel distribuées à 107 500 abonnés dans les segments financiers, produits de base et de notation.

Gestion de compte dédiée pour les clients d'entreprise

Le segment des clients d'entreprise comprend 12 400 clients de grande valeur avec des gestionnaires de compte dédiés. Le taux de gestion du compte moyen est de 1: 7, ce qui signifie que chaque gestionnaire de compte gère environ 7 clients d'entreprise.

• Avis sur les entreprises trimestrielles pour les clients de haut niveau
• Rapports personnalisés et analyse prédictive
• Canaux de support prioritaires 24/7

S&P Global Inc. (SPGI) - Modèle d'entreprise: canaux

Plateformes numériques en ligne

S&P Global exploite plusieurs plateformes numériques avec la portée suivante:

Plate-forme	Utilisateurs actifs mensuels	Revenus numériques annuels
S&P Capital IQ Pro	125 000 utilisateurs professionnels	487 millions de dollars
Plateforme de renseignement de marché	98 000 professionnels financiers	412 millions de dollars

Équipes de vente directes

Structure de vente de S&P Global:

• Force de vente totale: 2 350 professionnels
• Couverture mondiale dans 25 pays
• Productivité moyenne de l'équipe de vente: 3,2 millions de dollars par représentant

Conférences et événements financiers

Mesures annuelles de l'événement:

Type d'événement	Nombre d'événements	Total des participants
Conférences financières mondiales	42 conférences	18 500 participants
Webinaires financiers virtuels	127 événements en ligne	62 000 participants inscrits

Publications financières professionnelles

Détails de la distribution de publication:

• Abonnements totaux: 215 000 abonnés professionnels
• Revenus de publication numérique: 276 millions de dollars par an
• Imprimer et numérique Lectorat combiné: 342 000

Services d'intégration API et de données

Métriques d'intégration des données:

Catégorie de service	Nombre de clients	Revenus API annuels
Solutions d'API d'entreprise	3 750 clients d'entreprise	624 millions de dollars
API de données financières	2 100 institutions financières	412 millions de dollars

S&P Global Inc. (SPGI) - Modèle d'entreprise: segments de clientèle

Banques d'investissement

S&P Global dessert 90% des principales banques d'investissement dans le monde. Depuis 2024, le segment de la clientèle comprend:

Catégorie	Nombre de clients	Contribution annuelle des revenus
Banques d'investissement mondiales	38 banques grandes	487 millions de dollars
Banques d'investissement de niveau 1	15 institutions de haut niveau	276 millions de dollars

Sociétés de gestion des actifs

S&P Global fournit une intelligence financière critique aux sociétés de gestion d'actifs dans le monde.

• Total des sociétés de gestion d'actifs desservies: 1 245
• Actifs sous gestion (AUM) des clients: 82,3 billions de dollars
• Pénétration du marché: 85% des 500 principaux gestionnaires d'actifs mondiaux

Services financiers d'entreprise

Répartition du segment des finances d'entreprise:

Taille de l'entreprise	Nombre de clients	Revenus de services annuels
Fortune 500 Companies	472 entreprises	612 millions de dollars
Sociétés de capitalisation	1 836 entreprises	247 millions de dollars

Agences financières gouvernementales

Client du gouvernement et de l'agence de réglementation profile:

• Total des agences gouvernementales servies: 127
• Pays couverts: 52
• Revenus annuels du segment gouvernemental: 184 millions de dollars

Investisseurs individuels et professionnels financiers

Statistiques des segments individuels:

Type de client	Total utilisateurs	Revenus d'abonnement
Investisseurs individuels	742,000	93 millions de dollars
Professionnels financiers	186,500	276 millions de dollars

S&P Global Inc. (SPGI) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

En 2023, S&P Global a dépensé 1,1 milliard de dollars en frais de recherche et développement. La société a alloué environ 11,2% de ses revenus totaux aux investissements en R&D.

Année	Dépenses de R&D	Pourcentage de revenus
2023	1,1 milliard de dollars	11.2%
2022	1,05 milliard de dollars	10.8%

Maintenance des infrastructures technologiques

S&P Global a investi 425 millions de dollars dans la maintenance des infrastructures technologiques en 2023, couvrant les services cloud, les centres de données et les systèmes de réseau.

• Coûts d'infrastructure cloud: 185 millions de dollars
• Maintenance du centre de données: 140 millions de dollars
• Systèmes de réseau et de cybersécurité: 100 millions de dollars

Salaires pour les analystes financiers et les chercheurs

Les dépenses totales du personnel pour les analystes financiers et les chercheurs en 2023 étaient de 678 millions de dollars.

Catégorie des employés	Salaire annuel moyen	Total des dépenses du personnel
Analystes financiers supérieurs	$185,000	296 millions de dollars
Spécialistes de la recherche	$145,000	382 millions de dollars

Opérations de marketing et de vente

Les frais de marketing et de vente pour S&P Global ont totalisé 512 millions de dollars en 2023.

• Marketing numérique: 187 millions de dollars
• Compensation de l'équipe de vente: 225 millions de dollars
• Technologie marketing: 100 millions de dollars

Coûts de conformité réglementaire

Les frais de conformité réglementaire pour S&P Global ont atteint 215 millions de dollars en 2023.

Zone de conformité	Dépenses
Conseil juridique et réglementaire	95 millions de dollars
Technologie de conformité	75 millions de dollars
Formation et documentation	45 millions de dollars

S&P Global Inc. (SPGI) - Modèle d'entreprise: Strots de revenus

Services de données basés sur l'abonnement

S&P Global a généré 3,89 milliards de dollars de revenus basés sur l'abonnement en 2023. Les principaux services d'abonnement comprennent:

• S&P Capital IQ Pro
• Platts Analytics
• Plateforme de renseignement de marché

Catégorie de service	Revenus annuels (2023)	Base d'abonné
Plateforme de Capital IQ	1,24 milliard de dollars	38 000 abonnés institutionnels
Plateforme de renseignement de marché	1,12 milliard de dollars	25 000 clients d'entreprise

Frais de notation de crédit

Les services de notation de crédit ont généré 3,62 milliards de dollars de revenus pour 2023. La panne comprend:

• Notes de crédit d'entreprise
• Notes de crédit souverain
• Notes de financement structurées

Catégorie de notation	Revenus (2023)	Entités nominales totales
Cote de l'entreprise	2,1 milliards de dollars	22 000 émetteurs d'entreprises
Notes souveraines	890 millions de dollars	135 pays

Licence d'index

Les indices S&P Dow Jones ont généré 1,47 milliard de dollars de revenus de licence en 2023.

Type d'index	Revenus de licence	Indices totaux suivis
Indices de capitaux propres	1,12 milliard de dollars	1,2 million d'indices
Indices à revenu fixe	350 millions de dollars	370 000 indices

Rapports d'intelligence du marché

Les rapports sur l'intelligence du marché ont généré 2,56 milliards de dollars en 2023.

Catégorie de rapport	Revenus annuels	Signaler les abonnés
Rapports sur le marché de l'énergie	780 millions de dollars	15 000 abonnés d'entreprise
Rapports du marché financier	1,78 milliard de dollars	42 000 clients institutionnels

Solutions logicielles et technologiques

Les revenus de la solution technologique ont atteint 1,23 milliard de dollars en 2023.

Segment technologique	Revenu	Clientèle
Logiciel de gestion des risques	680 millions de dollars	8 500 institutions financières
Technologie de conformité	550 millions de dollars	6 200 clients d'entreprise

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.