S&P Global (SPGI)
Provides credit ratings, market data, commodity benchmarks, and financial indices worldwide.
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S&P Global sells the trusted grades, data and reference prices that sit inside everyday decisions across finance and energy. After separating its car-data business, it is a more focused information company: ratings and market data still do most of the work, while indexes are growing fastest and artificial intelligence is changing how customers reach its data.
Item facts: FY2025 recast · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
6 in detail · 12 more below
S&P Global Ratings
Credit grades help investors judge whether borrowers will repay. About $11 trillion of rated debt matures over the next four and a half years; refinancing can lift fees, but issuance timing makes results uneven.
Competes with Moody's public and private ratings (Moody's Ratings) · Fitch issuer and issue ratings (Fitch Ratings)
In plain English
Before a company or government borrows, many lenders want an independent view of whether they will get their money back. S&P Global studies the borrower and gives the debt a grade. It is much like an inspector judging the strength of a bridge before traffic is allowed across it.
The borrower usually pays when new debt is sold. It can also pay for continuing checks, a standing relationship or a rating of the whole organization. Customers return because a widely accepted grade makes debt easier for lenders to compare, but revenue rises and falls with borrowing and refinancing activity.
Kensho Data & Platforms
Financial data delivered on screens and directly into customer software. More than 500 customers now connect its data into their own tools; watch whether this newer route grows beyond the established desktop business.
Competes with Terminal and Data License (Bloomberg) · Workspace (LSEG)
In plain English
Picture a reference desk stocked with company accounts, market prices, forecasts and research. Kensho Data & Platforms is the digital version: customers can search that material on Capital IQ Pro, S&P Global's main research screen, or pull selected data straight into their own software.
Banks, investors and corporate teams pay recurring fees for screens, data deliveries and online access. They keep paying because fresh, accurate information is woven into daily research and monitoring. The newer opportunity is to make the same library easy for question-answering software to retrieve without losing the customer's access rules.
Enterprise Solutions
Software for running lending, valuations, market deals and risk checks. One unnamed customer renewed for 10 years; watch whether long renewals and large contracts translate into broad growth.
Competes with Loan IQ (Finastra) · Credit Portfolio Management (Allvue)
In plain English
The unglamorous machinery behind a bank. Enterprise Solutions keeps loan records moving, helps value investments, processes the details of new stock and bond sales and checks who sits on the other side of a deal. These are jobs where a missed field or broken handoff can stop real money from moving.
Banks, investment managers and companies pay subscriptions, setup charges and fees that rise with use. Once the software is connected to many teams and records, changing it is disruptive, which can support long renewals. Demand still depends on lending, deal activity, new rules and whether customers choose one broad system or several specialist tools.
S&P Dow Jones Indices
Rules that define familiar market baskets and products built around them. Funds tied to its indexes held $5.480 trillion at year-end; watch market levels, fund flows and trading activity.
Competes with MSCI indexes (MSCI) · FTSE Russell indices (LSEG)
In plain English
An index is a recipe for building a basket of investments: it says what belongs, how much of each piece to use and when to change the mix. S&P Dow Jones Indices writes and maintains those recipes so funds and markets can build products around them.
Fund companies pay mainly according to how much investor money follows the indexes. Data users buy subscriptions, while exchanges pay fees when people trade contracts whose value follows an index. That makes the business unusually scalable, but its income moves with market values, investor flows, trading and continued trust in the rules.
CERA
Energy and infrastructure research, data, advice and events for long-range planning. Latest-quarter revenue grew just 1% as conflict, sanctions and softer events weighed; watch whether newer tools revive growth.
Competes with Lens (Wood Mackenzie) · Energy data and analytics (Rystad Energy)
In plain English
CERA helps energy and infrastructure planners answer practical questions: where supply may come from, how markets and policy are shifting, and where new facilities could fit. It combines collected data with written research, consulting and industry events, then packages that work for people making large, long-lived decisions.
Customers pay for ongoing access, individual advice and event participation. They return because plans for power, fuel, shipping and infrastructure need current information from many places. Recent disruption from sanctions and conflict has made some work harder, while newly added data-center site information broadens what CERA can help customers plan.
Platts
Reference prices used in commodity contracts and trading. This $1.240 billion line depends on observable deals and trusted methods; sanctions and extreme market swings can obstruct both use and collection.
Competes with Commodity prices (Argus Media) · Commodity benchmarks (ICIS)
In plain English
Platts is a price referee for markets where no single checkout screen shows what oil, gas or other commodities are worth. It gathers reported bids, offers and trades, applies a published method and produces a reference price that buyers and sellers can use in contracts.
Producers, traders and utilities subscribe to the prices, market reports and estimates of future prices. Exchanges and other trading venues also pay when Platts references are used to settle traded agreements. The model works only while enough real market activity can be observed and customers trust the process; sanctions can limit access, and wild swings can reduce some trading activity.
S&P Global RatingsCredit grades help investors judge whether borrowers will repay. About $11 trillion of rated debt matures over the next four and a half years; refinancing can lift fees, but issuance timing makes results uneven.Credit grades help investors judge whether borrowers will repay. About $11 trillion of rated debt matures over the next four and a half years; refinancing can lift fees, but issuance timing makes results uneven.
In plain English
Before a company or government borrows, many lenders want an independent view of whether they will get their money back. S&P Global studies the borrower and gives the debt a grade. It is much like an inspector judging the strength of a bridge before traffic is allowed across it.
The borrower usually pays when new debt is sold. It can also pay for continuing checks, a standing relationship or a rating of the whole organization. Customers return because a widely accepted grade makes debt easier for lenders to compare, but revenue rises and falls with borrowing and refinancing activity.
Competes with Moody's public and private ratings (Moody's Ratings) · Fitch issuer and issue ratings (Fitch Ratings)
Kensho Data & PlatformsFinancial data delivered on screens and directly into customer software. More than 500 customers now connect its data into their own tools; watch whether this newer route grows beyond the established desktop business.Financial data delivered on screens and directly into customer software. More than 500 customers now connect its data into their own tools; watch whether this newer route grows beyond the established desktop business.
In plain English
Picture a reference desk stocked with company accounts, market prices, forecasts and research. Kensho Data & Platforms is the digital version: customers can search that material on Capital IQ Pro, S&P Global's main research screen, or pull selected data straight into their own software.
Banks, investors and corporate teams pay recurring fees for screens, data deliveries and online access. They keep paying because fresh, accurate information is woven into daily research and monitoring. The newer opportunity is to make the same library easy for question-answering software to retrieve without losing the customer's access rules.
Competes with Terminal and Data License (Bloomberg) · Workspace (LSEG)
Enterprise SolutionsSoftware for running lending, valuations, market deals and risk checks. One unnamed customer renewed for 10 years; watch whether long renewals and large contracts translate into broad growth.Software for running lending, valuations, market deals and risk checks. One unnamed customer renewed for 10 years; watch whether long renewals and large contracts translate into broad growth.
In plain English
The unglamorous machinery behind a bank. Enterprise Solutions keeps loan records moving, helps value investments, processes the details of new stock and bond sales and checks who sits on the other side of a deal. These are jobs where a missed field or broken handoff can stop real money from moving.
Banks, investment managers and companies pay subscriptions, setup charges and fees that rise with use. Once the software is connected to many teams and records, changing it is disruptive, which can support long renewals. Demand still depends on lending, deal activity, new rules and whether customers choose one broad system or several specialist tools.
Competes with Loan IQ (Finastra) · Credit Portfolio Management (Allvue)
S&P Dow Jones IndicesRules that define familiar market baskets and products built around them. Funds tied to its indexes held $5.480 trillion at year-end; watch market levels, fund flows and trading activity.Rules that define familiar market baskets and products built around them. Funds tied to its indexes held $5.480 trillion at year-end; watch market levels, fund flows and trading activity.
In plain English
An index is a recipe for building a basket of investments: it says what belongs, how much of each piece to use and when to change the mix. S&P Dow Jones Indices writes and maintains those recipes so funds and markets can build products around them.
Fund companies pay mainly according to how much investor money follows the indexes. Data users buy subscriptions, while exchanges pay fees when people trade contracts whose value follows an index. That makes the business unusually scalable, but its income moves with market values, investor flows, trading and continued trust in the rules.
Competes with MSCI indexes (MSCI) · FTSE Russell indices (LSEG)
CERAEnergy and infrastructure research, data, advice and events for long-range planning. Latest-quarter revenue grew just 1% as conflict, sanctions and softer events weighed; watch whether newer tools revive growth.Energy and infrastructure research, data, advice and events for long-range planning. Latest-quarter revenue grew just 1% as conflict, sanctions and softer events weighed; watch whether newer tools revive growth.
In plain English
CERA helps energy and infrastructure planners answer practical questions: where supply may come from, how markets and policy are shifting, and where new facilities could fit. It combines collected data with written research, consulting and industry events, then packages that work for people making large, long-lived decisions.
Customers pay for ongoing access, individual advice and event participation. They return because plans for power, fuel, shipping and infrastructure need current information from many places. Recent disruption from sanctions and conflict has made some work harder, while newly added data-center site information broadens what CERA can help customers plan.
Competes with Lens (Wood Mackenzie) · Energy data and analytics (Rystad Energy)
PlattsReference prices used in commodity contracts and trading. This $1.240 billion line depends on observable deals and trusted methods; sanctions and extreme market swings can obstruct both use and collection.Reference prices used in commodity contracts and trading. This $1.240 billion line depends on observable deals and trusted methods; sanctions and extreme market swings can obstruct both use and collection.
In plain English
Platts is a price referee for markets where no single checkout screen shows what oil, gas or other commodities are worth. It gathers reported bids, offers and trades, applies a published method and produces a reference price that buyers and sellers can use in contracts.
Producers, traders and utilities subscribe to the prices, market reports and estimates of future prices. Exchanges and other trading venues also pay when Platts references are used to settle traded agreements. The model works only while enough real market activity can be observed and customers trust the process; sanctions can limit access, and wild swings can reduce some trading activity.
Competes with Commodity prices (Argus Media) · Commodity benchmarks (ICIS)
Named in filings, launches and programs
- S&P Capital IQ ProPlatformThe main Market Intelligence screen for financial data and research, and the home for the Barclays agreement.
- S&P Global AI Data PortalPlatformA July launch that lets customers' question-answering software retrieve S&P Global data while following access rules.
- CERA TitanPlatform · RampingA question-answering research interface shown to customers, with its commercial launch still expected later in 2026.
- datacenterHawkBrandAdded in September to bring data-center sites, fiber, power and infrastructure information into the Energy business.
- CRISILBrandAn India-centered ratings and analytics business inside S&P Global Ratings.
- Agusto & Company LimitedBrand · AnnouncedA pan-African rating agency in which S&P Global proposed buying a majority stake; completion was not yet confirmed.
- Chief Client OfficeCustomer programCoordinates relationships with major customers; Barclays is the named company-wide partner under a multi-year agreement.
- S&P Kaiko Digital Asset IndicesProduct lineA September index family for digital assets, housed inside S&P Dow Jones Indices.
- Visible AlphaPlatformCompany forecasts and research data acquired in 2024 and now included in Kensho Data & Platforms.
- With IntelligencePlatformData on investments outside public markets, acquired in 2025 and integrated into Capital IQ Pro.
- World Hydrogen LeadersEcosystemA hydrogen conference and networking business nested within the Energy division.
- ProntoNLPPlatformTechnology that helps software read ordinary language, acquired in 2024 and folded into Market Intelligence.
S&P Capital IQ ProPlatform
The main Market Intelligence screen for financial data and research, and the home for the Barclays agreement.
S&P Global AI Data PortalPlatform
A July launch that lets customers' question-answering software retrieve S&P Global data while following access rules.
CERA TitanPlatform · Ramping
A question-answering research interface shown to customers, with its commercial launch still expected later in 2026.
datacenterHawkBrand
Added in September to bring data-center sites, fiber, power and infrastructure information into the Energy business.
CRISILBrand
An India-centered ratings and analytics business inside S&P Global Ratings.
Agusto & Company LimitedBrand · Announced
A pan-African rating agency in which S&P Global proposed buying a majority stake; completion was not yet confirmed.
Chief Client OfficeCustomer program
Coordinates relationships with major customers; Barclays is the named company-wide partner under a multi-year agreement.
S&P Kaiko Digital Asset IndicesProduct line
A September index family for digital assets, housed inside S&P Dow Jones Indices.
Visible AlphaPlatform
Company forecasts and research data acquired in 2024 and now included in Kensho Data & Platforms.
With IntelligencePlatform
Data on investments outside public markets, acquired in 2025 and integrated into Capital IQ Pro.
World Hydrogen LeadersEcosystem
A hydrogen conference and networking business nested within the Energy division.
ProntoNLPPlatform
Technology that helps software read ordinary language, acquired in 2024 and folded into Market Intelligence.