Filing Flows

Filing Flows › S&P Global (SPGI) › How it makes money

How S&P Global (SPGI) makes money

S&P Global (SPGI) made $3.7B of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Subscription brought in $1.7B (47%); Non-subscription / Transaction brought in $746M (20%); Non-transaction brought in $539M (15%). Of every dollar of revenue, 53¢ was left as operating profit, 34¢ was left as net earnings.

Drawing the Sankey…

S&P Global revenue by segment, Q3 2026S&P Global revenue by segment, Q3 2026Subscription$1.7BNon-subscription / Transaction$746MNon-transaction$539MAsset-linked fees$375MRecurring variable revenue$176MSales usage-based royalties$123M
S&P Global: revenue by line, Q1 2025 to Q3 2026S&P Global: revenue by line, Q1 2025 to Q3 2026SubscriptionNon-subscription / Tr…Non-transactionAsset-linked feesRecurring variable re…Sales usage-based roy…Recurring variableSubscription: $1.7B latest$1.7BNon-subscription / Transaction: $746M latest$746MNon-transaction: $539M latest$539MAsset-linked fees: $375M latest$375MRecurring variable revenue: $176M latestSales usage-based royalties: $123M latestRecurring variable: $0 latestQ1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Subscription went from 50% of revenue in Q1 2025 to 47% in Q3 2026, the largest shift in the mix.
S&P Global revenue by quarterS&P Global revenue by quarter$3.8BQ1 2025$3.8BQ2 2025$3.9BQ3 2025$3.9BQ4 2025$4.2BQ1 2026$4.1BQ2 2026$3.7BQ3 2026
S&P Global: where each dollar of revenue goesS&P Global: where each dollar of revenue goesOperating profit53¢Income tax13¢Net earnings34¢

Revenue by segment, Q3 2026

SegmentRevenueShareQ/QY/Y
Subscription$1.7B46.7%-17%+6%
Non-subscription / Transaction$746M20.3%-17%+2%
Non-transaction$539M14.7%-0.2%+3%
Asset-linked fees$375M10.2%+8%+24%
Recurring variable revenue$176M4.8%+2%+11%
Sales usage-based royalties$123M3.3%-2%+14%

Where each dollar of revenue goes

LineQ3 2026% of revenue
Revenue$3.7B100.0%
Operating profit$2.0B53.2%
Income tax$467M12.7%
Net earnings$1.2B33.7%

Revenue, quarter by quarter

QuarterRevenueY/Y
Q3 2026$3.7B+7%
Q2 2026$4.1B+10%
Q1 2026$4.2B+10%
Q4 2025$3.9B+9%
Q3 2025$3.9B+9%
Q2 2025$3.8B+6%
Q1 2025$3.8B+8%

From S&P Global's 10-Q filed Oct 28, 2026 (on EDGAR).

Questions

How does S&P Global make money?

S&P Global (SPGI) made $3.7B of revenue in the third quarter 2026 (Q3 2026), +7% from a year earlier. Subscription brought in $1.7B (47%); Non-subscription / Transaction brought in $746M (20%); Non-transaction brought in $539M (15%). Of every dollar of revenue, 53¢ was left as operating profit, 34¢ was left as net earnings.

What is S&P Global's biggest business?

Subscription: $1.7B in the third quarter 2026, 47% of revenue, +6% from a year earlier.

What is S&P Global's profit margin?

Net earnings were $1.2B, 33.7% of revenue, in the third quarter 2026; the operating margin was 53.2%.

Open the interactive view →

Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.