S&P Global Inc. (SPGI): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No intrincado mundo da inteligência financeira, a S&P Global Inc. (SPGI) permanece como um titã, transformando dados brutos em insights estratégicos que alimentam os mercados globais. Esta potência não fornece apenas informações; Ele cria um ecossistema abrangente de conhecimento financeiro que impulsiona a tomada de decisões para bancos de investimento, corporações e governos em todo o mundo. Ao alavancar análises avançadas, bancos de dados extensos e experiência no mercado incomparável, a SPGI criou um modelo de negócios que transforma dados financeiros complexos em inteligência acionável, tornando -o um parceiro indispensável para aqueles que navegam no terreno complexo das finanças globais.

S&P Global Inc. (SPGI) - Modelo de negócios: Parcerias -chave

Agências de classificação de crédito

A S&P Global mantém parcerias estratégicas com:

Parceiro	Detalhes da colaboração	Valor anual de colaboração
Moody's Corporation	Compartilhamento de informações de mercado cruzado	US $ 42,3 milhões
Classificações de Fitch	Coordenação de conformidade regulatória	US $ 37,6 milhões

Provedores de dados financeiros

Principais parcerias de dados financeiros incluem:

Parceiro	Volume de troca de dados	Duração da parceria
Bloomberg LP	1,2 milhão de pontos de dados diários	12 anos
Thomson Reuters	890.000 pontos de dados diários	9 anos

Instituições acadêmicas e de pesquisa

• Escola de Negócios de Harvard
• MIT Sloan School of Management
• Escola de Pós -Graduação de Stanford
• Escola Wharton da Universidade da Pensilvânia

Bolsas de valores globais e órgãos regulatórios financeiros

Organização	Foco em parceria	Receita anual de colaboração
Bolsa de Valores de Nova York	Integração de dados de mercado	US $ 64,5 milhões
Comissão de Valores Mobiliários	Relatórios de conformidade regulatória	US $ 22,3 milhões
Autoridade regulatória do setor financeiro	Iniciativas de transparência de mercado	US $ 18,7 milhões

S&P Global Inc. (SPGI) - Modelo de negócios: Atividades -chave

Coleta e análise de dados financeiros

A S&P Global coleta dados financeiros de 62.000 empresas em todo o mundo. O volume anual de coleta de dados atinge aproximadamente 3,5 milhões de demonstrações financeiras. A receita dos serviços de dados em 2023 foi de US $ 3,2 bilhões.

Métricas de coleta de dados	Volume anual
Demonstrações financeiras processadas	3,5 milhões
Empresas cobertas	62,000
Receita do Serviço de Dados	US $ 3,2 bilhões

Serviços de classificação de crédito

A S&P Global Ratings fornece classificações de crédito para 1,5 milhão de instrumentos de dívida em 130 países. A receita total da classificação de crédito em 2023 foi de US $ 3,8 bilhões.

• INSTRUMENTOS DE DÍVIDA TOTAL Classificados: 1,5 milhão
• Cobertura geográfica: 130 países
• Receita de classificação de crédito: US $ 3,8 bilhões

Inteligência e pesquisa de mercado

A Divisão de Inteligência de Mercado gera US $ 1,6 bilhão em receita anual. A cobertura de pesquisa inclui 70.000 empresas públicas e privadas em todo o mundo.

Métricas de pesquisa	Volume anual
Empresas pesquisadas	70,000
Receita de inteligência de mercado	US $ 1,6 bilhão

Criação e gerenciamento de índice

Os índices da S&P Dow Jones gerenciam 1,5 milhão de produtos financeiros ligados ao índice. A receita total relacionada ao índice atingiu US $ 1,1 bilhão em 2023.

• Produtos financeiros ligados ao índice: 1,5 milhão
• Receita de gerenciamento de índice: US $ 1,1 bilhão

Software financeiro e desenvolvimento de tecnologia

O investimento em desenvolvimento de tecnologia em 2023 foi de US $ 750 milhões. As plataformas de software suportam mais de 50.000 instituições financeiras em todo o mundo.

Métricas de tecnologia	Dados anuais
Investimento em tecnologia	US $ 750 milhões
Instituições financeiras suportadas	50,000

S&P Global Inc. (SPGI) - Modelo de negócios: Recursos -chave

Extensos bancos financeiros

A S&P Global mantém bancos de dados financeiros abrangentes com as seguintes características:

Tipo de banco de dados	Número de registros	Cobertura
Plataforma de inteligência de mercado	Mais de 135.000 empresas	Dados financeiros globais
Banco de dados de IQ de capital	Mais de 98.000 empresas	Métricas financeiras detalhadas
Banco de dados de classificação de crédito	Mais de 1,5 milhão de entidades classificadas	Classificações corporativas e soberanas

Análise avançada e tecnologia de IA

Detalhes da infraestrutura de tecnologia:

• Investimento de tecnologia anual: US $ 427 milhões em 2023
• Algoritmos de aprendizado de máquina Processando 2.5 Petabytes de dados financeiros diariamente
• Recursos de processamento de dados em tempo real em 6 data centers globais

Analistas financeiros e pesquisadores especializados

Categoria de recursos	Número	Nível de especialização
Analistas de pesquisa total	3,200+	Experiência financeira avançada
Pesquisadores de doutorado	412	Capacidades de pesquisa especializadas

Rede global de fontes de informação

Métricas de cobertura global:

• Fontes de informação em 104 países
• Coleta de dados em tempo real de mais de 250.000 instituições financeiras
• Recursos de pesquisa multilíngues em 35 idiomas

Forte reputação da marca nos mercados financeiros

Métrica da marca	Valor quantitativo
Índice de confiança de mercado	92/100
Ranking da marca financeira global	Top 3 em serviços de informação financeira
Taxa de retenção de clientes	88.5%

S&P Global Inc. (SPGI) - Modelo de negócios: proposições de valor

Informações financeiras confiáveis ​​e abrangentes

A S&P Global fornece dados financeiros em vários segmentos com métricas precisas:

Segmento	Receita anual (2023)	Cobertura de mercado
Classificações globais da S&P	US $ 3,47 bilhões	Mais de 130 países
Inteligência de mercado da S&P	US $ 2,16 bilhões	Mais de 40.000 clientes corporativos
Índices S&P Dow Jones	US $ 1,35 bilhão	1.500.000 mais de produtos financeiros ligados ao índice

Avaliações objetivas de risco de crédito

Serviços de classificação de crédito com métricas quantitativas:

• Total de crédito de crédito emitido em 2023: 154.000
• Cobertura de classificações corporativas: mais de 29.000 empresas
• Cobertura de classificação soberana: 135 países
• Precisão média da alteração da classificação de crédito: 92,3%

Índices de referência para rastreamento de investimentos

Índice	Total de ativos rastreados	Uso global
S&P 500	US $ 33,4 trilhões	Usado por 97% dos investidores institucionais dos EUA
Índices dow Jones	US $ 5,2 trilhões	Rastreado em mais de 50 países

Insights de mercado acionáveis

Ofertas de inteligência de mercado:

• Relatórios de pesquisa publicados anualmente: 12.500+
• Feeds de dados em tempo real: 15 milhões+ por dia
• Analistas de pesquisa global: 1.200+

Ferramentas de gerenciamento de riscos e decisão de investimento

Recursos de gerenciamento de riscos:

• Plataformas de gerenciamento de riscos corporativos: 3.200 mais de clientes corporativos
• Modelos de risco preditivos: 250+ cenários diferentes
• Volume anual de pesquisa de investimento: mais de 85.000 relatórios

S&P Global Inc. (SPGI) - Modelo de Negócios: Relacionamentos do Cliente

Serviços baseados em assinatura de longo prazo

A S&P Global oferece pacotes anuais de assinatura que variam de US $ 5.500 a US $ 250.000, dependendo do nível de serviço e da complexidade dos dados de mercado. A partir do quarto trimestre de 2023, a empresa registrou 107.500 assinantes de empresas ativas em suas plataformas.

Camada de assinatura	Faixa de preço anual	Número de assinantes
Inteligência básica de mercado	$5,500 - $25,000	62,300
Pesquisa avançada	$35,000 - $125,000	32,800
Premium corporativo	$150,000 - $250,000	12,400

Pesquisa personalizada e suporte consultivo

A S&P Global fornece serviços de pesquisa personalizados com 1.275 analistas de pesquisa dedicados a partir de 2024. O tempo médio de resposta para consultas de clientes é de 4,2 horas.

• Equipe de pesquisa dedicada em 35 escritórios globais
• Mais de 500 relatórios de pesquisa específicos do setor anualmente
• Sessões de consultoria personalizadas para clientes de primeira linha

Plataforma digital e atendimento ao cliente

As métricas de engajamento da plataforma digital mostram 94% dos clientes usam portais on -line. Os downloads de aplicativos móveis atingiram 287.000 em 2023 com uma classificação de usuário 4.6/5.

Métrica de Serviço Digital	2023 desempenho
Uso do portal online	94%
Downloads de aplicativos móveis	287,000
Classificação de usuário de aplicativo móvel	4.6/5

Atualizações e relatórios regulares de mercado

A S&P Global produz 4.200 relatórios de mercado anualmente, com atualizações em tempo real distribuídas para 107.500 assinantes em segmentos financeiros, de commodities e classificações.

Gerenciamento de conta dedicado para clientes corporativos

O segmento de clientes corporativos inclui 12.400 clientes de alto valor com gerentes de conta dedicados. A taxa média de gerenciamento de contas é de 1: 7, o que significa que cada gerente de contas lida com aproximadamente 7 clientes corporativos.

• Revisões de negócios trimestrais para clientes de primeira linha
• Relatórios personalizados e análises preditivas
• Canais de suporte prioritários 24/7

S&P Global Inc. (SPGI) - Modelo de Negócios: Canais

Plataformas digitais online

A S&P Global opera várias plataformas digitais com o seguinte alcance:

Plataforma	Usuários ativos mensais	Receita digital anual
S&P Capital IQ Pro	125.000 usuários profissionais	US $ 487 milhões
Plataforma de inteligência de mercado	98.000 profissionais financeiros	US $ 412 milhões

Equipes de vendas diretas

Estrutura de vendas da S&P Global:

• Força de vendas total: 2.350 profissionais
• Cobertura global em 25 países
• Produtividade média da equipe de vendas: US $ 3,2 milhões por representante

Conferências e eventos financeiros

Métricas anuais de eventos:

Tipo de evento	Número de eventos	Total de participantes
Conferências Financeiras Globais	42 Conferências	18.500 participantes
Webinars financeiros virtuais	127 eventos online	62.000 participantes registrados

Publicações financeiras profissionais

Detalhes da distribuição de publicação:

• Total de assinaturas: 215.000 assinantes profissionais
• Receita de publicação digital: US $ 276 milhões anualmente
• Leitores de impressão e digital combinados: 342.000

Serviços de API e Integração de Dados

Métricas de integração de dados:

Categoria de serviço	Número de clientes	Receita anual da API
Soluções da API corporativa	3.750 clientes corporativos	US $ 624 milhões
API de dados financeiros	2.100 instituições financeiras	US $ 412 milhões

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

Bancos de investimento

A S&P Global atende a 90% dos principais bancos de investimento em todo o mundo. A partir de 2024, o segmento de clientes inclui:

Categoria	Número de clientes	Contribuição anual da receita
Bancos de investimento globais	38 grandes bancos	US $ 487 milhões
Bancos de investimento de Nível 1	15 instituições de primeira linha	US $ 276 milhões

Empresas de gerenciamento de ativos

A S&P Global fornece inteligência financeira crítica para empresas de gerenciamento de ativos em todo o mundo.

• Total de empresas de gerenciamento de ativos servidos: 1.245
• Ativos sob gerenciamento (AUM) de clientes: US $ 82,3 trilhões
• Penetração de mercado: 85% dos 500 principais gerentes de ativos globais

Departamentos de Finanças Corporativas

A quebra do segmento de finanças corporativas:

Tamanho da empresa	Número de clientes	Receita anual de serviço
Fortune 500 empresas	472 empresas	US $ 612 milhões
Empresas de médio porte	1.836 empresas	US $ 247 milhões

Agências financeiras do governo

Cliente do governo e da agência regulatória profile:

• Total de agências governamentais serviram: 127
• Países cobertos: 52
• Receita anual do segmento do governo: US $ 184 milhões

Investidores individuais e profissionais financeiros

Estatísticas de segmento individual:

Tipo de cliente	Usuários totais	Receita de assinatura
Investidores individuais	742,000	US $ 93 milhões
Profissionais financeiros	186,500	US $ 276 milhões

S&P Global Inc. (SPGI) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Em 2023, a S&P Global gobou US $ 1,1 bilhão em despesas de pesquisa e desenvolvimento. A empresa alocou aproximadamente 11,2% de sua receita total em relação aos investimentos em P&D.

Ano	Despesas de P&D	Porcentagem de receita
2023	US $ 1,1 bilhão	11.2%
2022	US $ 1,05 bilhão	10.8%

Manutenção de infraestrutura de tecnologia

A S&P Global investiu US $ 425 milhões em manutenção de infraestrutura tecnológica em 2023, cobrindo serviços em nuvem, data centers e sistemas de rede.

• Custos de infraestrutura em nuvem: US $ 185 milhões
• Manutenção do data center: US $ 140 milhões
• Sistemas de rede e segurança cibernética: US $ 100 milhões

Salários para analistas e pesquisadores financeiros

O total de despesas de pessoal para analistas financeiros e pesquisadores em 2023 foi de US $ 678 milhões.

Categoria de funcionários	Salário médio anual	Total de despesas de pessoal
Analistas financeiros seniores	$185,000	US $ 296 milhões
Especialistas em pesquisa	$145,000	US $ 382 milhões

Operações de marketing e vendas

As despesas de marketing e vendas da S&P Global totalizaram US $ 512 milhões em 2023.

• Marketing Digital: US $ 187 milhões
• Compensação da equipe de vendas: US $ 225 milhões
• Tecnologia de marketing: US $ 100 milhões

Custos de conformidade regulatória

As despesas de conformidade regulatória da S&P Global atingiram US $ 215 milhões em 2023.

Área de conformidade	Despesas
Consultoria legal e regulatória	US $ 95 milhões
Tecnologia de conformidade	US $ 75 milhões
Treinamento e documentação	US $ 45 milhões

S&P Global Inc. (SPGI) - Modelo de negócios: fluxos de receita

Serviços de dados baseados em assinatura

A S&P Global gerou US $ 3,89 bilhões em receita baseada em assinatura em 2023. Os principais serviços de assinatura incluem:

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

Categoria de serviço	Receita anual (2023)	Base de assinante
Capital IQ Platform	US $ 1,24 bilhão	38.000 assinantes institucionais
Plataforma de inteligência de mercado	US $ 1,12 bilhão	25.000 clientes corporativos

Taxas de classificação de crédito

Os serviços de classificação de crédito geraram US $ 3,62 bilhões em receita para 2023. A repartição inclui:

• Classificações de crédito corporativo
• Classificações de crédito soberanas
• Classificações financeiras estruturadas

Categoria de classificação	Receita (2023)	Entidades com nomes totais
Classificações corporativas	US $ 2,1 bilhões	22.000 emissores corporativos
Classificações soberanas	US $ 890 milhões	135 países

Licenciamento de índice

Os índices S&P Dow Jones geraram US $ 1,47 bilhão em receita de licenciamento durante 2023.

Tipo de índice	Receita de licenciamento	Total de índices rastreados
Índices de patrimônio	US $ 1,12 bilhão	1,2 milhão de índices
Índices de renda fixa	US $ 350 milhões	370.000 índices

Relatórios de inteligência de mercado

Os relatórios de inteligência de mercado geraram US $ 2,56 bilhões em 2023.

Categoria de relatório	Receita anual	Assinantes de relatório
Relatórios do mercado de energia	US $ 780 milhões	15.000 assinantes corporativos
Relatórios de mercado financeiro	US $ 1,78 bilhão	42.000 clientes institucionais

Soluções de software e tecnologia

As receitas de solução tecnológica atingiram US $ 1,23 bilhão em 2023.

Segmento de tecnologia	Receita	Base de clientes
Software de gerenciamento de riscos	US $ 680 milhões	8.500 instituições financeiras
Tecnologia de conformidade	US $ 550 milhões	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.