Financial Review: 69
Revenue by Type*

U.S. GAAP

Total Company (1, 2, 3, 4, 5, 7)

(dollars in millions)

U.S. GAAP Stand-alone (8)
Pro forma (9)
39%
28%
20%
10%
3%
50%
23%
14%
7%
4%
2%
57%
16%
14%
7%
4%
2%
'21
'21
'22
Subscription
$3,255
$6,229
$6,700
Non-subscription/ transaction
$2,320
$2,871
$1,890
Non-transaction
$1,698
$1,680
$1,638
Asset-linked fees
$800
$842
$862
Recurring variable
–
$536
$467
Sales usage-based royalties
$224
$224
$286
Total revenue
$8,297
$12,382
$11,842
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Market Intelligence (1, 2)

(dollars in millions)

U.S. GAAP Stand-alone (8)
Pro forma (9)
98%
2%
82%
14%
4%
84%
11%
5%
'21
'21
'22
Subscription
$2,131
$3,188
$3,443
Recurring variable
–
$536
$467
Non-subscription
$54
$166
$183
Total revenue
$2,185
$3,890
$4,093
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Ratings (2)

(dollars in millions)

U.S. GAAP Stand-alone (8)
Pro forma (9)
55%
45%
55%
45%
41%
59%
'21
'21
'22
Transaction
$2,253
$2,253
$1,241
Non-transaction
$1,844
$1,844
$1,809
Total revenue
$4,097
$4,097
$3,050
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Commodity Insights (3)

(dollars in millions)

U.S. GAAP Stand-alone (8)
Pro forma (9)
92%
1%
7%
89%
7%
4%
88%
8%
4%
'21
'21
'22
Subscription
$993
$1,486
$1,569
Non-subscription
$13
$117
$140
Sales usage-based royalties
$66
$66
$67
Total revenue
$1,012
$1,669
$1,776
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Mobility

(dollars in millions)

Pro forma (9)
76%
24%
78%
22%
'21
'21
'22
Subscription
–
$953
$1,055
Non-subscription
–
$293
$296
Total Revenue
–
$1,246
$1,351
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Indices (4)

(dollars in millions)

U.S. GAAP Stand-alone (8)
Pro forma (9)
69%
17%
14%
67%
20%
13%
64%
20%
16%
'21
'21
'22
Asset-linked fees
$800
$842
$862
Subscription
$191
$253
$274
Sales usage-based fees
$158
$158
$219
Total revenue
$1,149
$1,253
$1,355
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Engineering Solutions (6)

(dollars in millions)

Pro forma (9)
89%
11%
92%
8%
'21
'21
'22
Subscription
–
$349
$359
Non-subscription
–
$42
$30
Total revenue
–
$391
$389
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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:
(1)

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.­

(2)

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

(3)

2021 and 2022 non-GAAP pro forma adjusted results reflect the divestitures of the Base Chemicals business and OPIS

(4)

2021 and 2022 non-GAAP pro forma adjusted results reflect the divestiture of a family of leveraged loan indices

(5)

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

(6)

S&P Global divested the Engineering Solutions business. The sale was completed on May 2, 2023

(7)

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%

(8)

2021 results on a stand-alone basis for S&P Global

(9)

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