S&p Global — Business Overview
What does S&P Global do?
S&P Global is a data, analytics, and intelligence company serving financial, energy, and automotive markets worldwide. Rather than managing money itself, it sells the information and tools that professionals use to make decisions — credit ratings, market benchmarks, pricing data, and workflow software. As of December 31, 2025, it employed approximately 44,500 people globally.
The company operates through five segments:
| Segment | What it does |
|---|---|
| Market Intelligence | Multi-asset data, analytics, and workflow software for investment and finance professionals (Capital IQ platforms, risk tools, enterprise software) |
| Ratings | Independent credit ratings on bonds and debt issued by corporations, governments, and other entities |
| Energy | Benchmark prices, data, and analytics for energy, commodities, chemicals, metals, and agriculture markets |
| Mobility | Data and analytics for the automotive industry — covering manufacturers, dealers, lenders, and insurers |
| Indices | Index benchmarks like the S&P 500, used as the basis for investment funds, ETFs, and derivatives |
A sixth segment, Engineering Solutions, was sold in May 2023. The Mobility segment is also expected to be spun off as a separate public company around mid-2026.
How does S&P Global make money?
Most of S&P Global's revenue comes from recurring subscriptions and asset-linked fees, making its income relatively predictable. Each segment has its own revenue mix, but subscriptions dominate across Market Intelligence, Energy, and Mobility. Ratings is the exception — it earns a meaningful portion from transaction revenue (fees tied to new debt issuances), which fluctuates with bond market activity.
The revenue types across segments include:
- Subscription fees — ongoing access to data platforms, analytics tools, and software (Market Intelligence, Energy, Mobility)
- Transaction fees — charged when new bonds or loans are rated (Ratings)
- Surveillance/non-transaction fees — ongoing monitoring of existing ratings (Ratings)
- Asset-linked fees — percentage of assets in funds tracking S&P indices, such as ETFs (Indices)
- Exchange-traded derivative royalties — fees based on trading volume of derivatives tied to S&P indices (Indices)
- Non-subscription revenue — conferences, consulting, and advisory services (Energy, Mobility)
What market does S&P Global operate in?
S&P Global sits at the center of the global financial data and analytics industry, serving capital markets, energy and commodity markets, and the automotive sector. This industry is broadly growing, driven by increasing demand for data-driven decision-making, regulatory complexity, and the expansion of passive investing (index funds and ETFs).
A few key secular trends work in S&P Global's favor: the decades-long growth of passive investing (index funds) directly benefits the Indices segment, since more assets tracking the S&P 500 means more fee revenue. The bond markets, which underpin Ratings revenue, are heavily influenced by interest rates — when borrowing is active, debt issuance rises and so do rating fees. The Energy segment benefits from growing demand for commodity price transparency and the energy transition driving new data needs.
Who are S&P Global's main competitors?
The financial data industry is consolidated among a small number of large players, and S&P Global holds leading or dominant positions in most of its markets. For credit ratings, S&P competes primarily with Moody's and Fitch, forming a well-known "Big Three" oligopoly. In market data and analytics, key competitors include Bloomberg, Refinitiv (now part of LSEG), and FactSet. In indices, MSCI is a close rival, particularly for international benchmarks.
S&P Global's core competitive advantages are its brand trust, data depth, and embedded workflows. Ratings has over 150 years of history and is present in more than 25 countries. Indices like the S&P 500 are so deeply embedded in the financial system — used as benchmarks for trillions of dollars in investment products — that switching costs are extremely high. Across Market Intelligence and Energy, proprietary datasets that take years to build create meaningful barriers to entry.
Where does S&P Global operate?
S&P Global is a genuinely global organization, with the majority of its workforce located in Asia. Of its approximately 44,500 employees, around 26,200 (roughly 59%) are based in Asia, 11,050 in the U.S. and Canada, 6,200 in Europe, Middle East, and Africa, and 1,050 in Latin America. This reflects a large operational and delivery presence in Asia, while revenues are generated across all major financial markets worldwide.
Ratings operates in over 25 countries, reflecting the global nature of bond markets and the need for local coverage of government and corporate issuers. The Energy segment serves global commodity markets including energy, shipping, metals, and agriculture — industries that are inherently international. The Indices business, anchored by globally recognized benchmarks like the S&P 500 and Dow Jones Industrial Average, serves investment professionals in virtually every major market worldwide.