Financial Review: 69Revenue by Type*
U.S. GAAP
82% of S&P Global’s 2022 revenue was tied to subscription revenue, non-transaction revenue, asset-linked fees, and recurring variable that are ongoing in nature
Notes:
2021 and 2022 non-GAAP pro forma adjusted results reflect the divestitures of CUSIP Global Services and Leveraged Commentary and Data. 2022 results reflect the acquisition of The Climate Services, Inc.
Revenue for Ratings and expenses for Market Intelligence include an interdivision royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Ratings’ 2022 results reflect the acquisition of the Shades of Green business
2021 and 2022 non-GAAP pro forma adjusted results reflect the divestitures of the Base Chemicals business and OPIS
2021 and 2022 non-GAAP pro forma adjusted results reflect the divestiture of a family of leveraged loan indices
Includes operating profit attributable to noncontrolling interests ($235 million in 2022 [includes an adjustment related to the JV Partner’s portion of the gain on the divestiture of a family of leveraged loan indices] and $215 million in 2021) as part of the S&P Dow Jones Indices joint venture established in June 2012
S&P Global divested the Engineering Solutions business. The sale was completed on May 2, 2023
Includes interdivision revenue elimination of $171 million for 2022 non-GAAP pro forma adjusted, $164 million for 2021 non-GAAP pro forma adjusted, and $146 million for 2021 reported. Percentages may sum to greater than 100%
2021 results on a stand-alone basis for S&P Global
2021 and 2022 results on a non-GAAP pro forma adjusted basis as if the merger completed on January 1, 2021
See the following pages for description of each division’s subscription revenue, non-subscription/transaction revenue, non-transaction revenue, asset-linked fees, sales usage-based royalties, and recurring variable
Page 17: Market Intelligence
Page 23: Ratings
Page 39: Commodity Insights
Page 49: Mobility
Page 55: Indices
N/M: Not meaningful
Details may not sum to total due to rounding
SPGI: Refer to the SPGI footnotes on page 4 for further details on the Company’s divisions