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• A blend of Bloomberg's financial data services and Moody's credit ratings.
• The company behind the S&P 500 and Dow Jones Industrial Average, also acting as a credit rating agency like Moody's.
• It's like the official scorekeeper for financial markets (owning indices like the S&P 500) and a credit rater, similar to Moody's.

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• Credit Ratings: Provides independent credit opinions and analysis on debt issued by corporations, governments, and other entities.
• Market Intelligence: Offers financial data, analytics, and research across various asset classes to financial professionals and corporations.
• Commodity Insights: Delivers data, analytics, and news for global energy, metals, agriculture, and chemical markets.
• Mobility Solutions: Provides data, analytics, and forecasts for the global automotive industry, covering production, sales, and supply chain.
• Indices: Develops and maintains financial market indices, such as the S&P 500 and Dow Jones Industrial Average, used for benchmarking and investment products.

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S&P Global (symbol: SPGI) primarily sells its services to other companies, operating on a business-to-business (B2B) model.

S&P Global serves a highly diversified customer base across various industries globally. As stated in its SEC filings, no single customer accounted for 10% or more of its consolidated revenue in recent fiscal years. Therefore, S&P Global does not disclose specific "major customers" by name.

However, its client base consists broadly of the following categories of companies, with illustrative examples of public companies that are representative of the types of organizations that utilize S&P Global's data, analytics, ratings, and indices:

• Financial Institutions and Investment Banks: These firms are extensive users of S&P Global's market intelligence, credit ratings, and benchmarks for investment analysis, trading, risk management, and regulatory compliance.
  • JPMorgan Chase & Co. (JPM)
  • Goldman Sachs Group Inc. (GS)
  • Morgan Stanley (MS)
  • Bank of America Corp. (BAC)
• Asset Managers and Institutional Investors: These entities rely heavily on S&P Dow Jones Indices for creating index-based investment products (like ETFs), benchmarking portfolio performance, and utilizing S&P Global's data and ratings for active fund management and research.
  • BlackRock Inc. (BLK)
  • State Street Corporation (STT)
• Exchanges and Market Infrastructure Providers: These organizations license S&P Dow Jones Indices for derivative products (e.g., futures and options on the S&P 500) and utilize other data and connectivity services.
  • CME Group Inc. (CME)
  • Intercontinental Exchange Inc. (ICE)
  • Nasdaq Inc. (NDAQ)
• Corporations (Issuers): Non-financial corporations that issue debt instruments often seek credit ratings from S&P Global Ratings to access capital markets and inform investors. They also subscribe to various market and commodity insights. Due to the broad and diverse nature of this category, specific major customers are not publicly disclosed or individually identifiable.

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• Alphabet Inc. (GOOGL)
• Intercontinental Exchange, Inc. (ICE)
• Nasdaq, Inc. (NDAQ)
• Deloitte & Touche LLP

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Martina L. Cheung, President and Chief Executive Officer
Martina L. Cheung is the President and CEO of S&P Global, effective November 1, 2024. She also serves as a member of the Board of Directors. Ms. Cheung joined S&P Global in 2010 and has held various leadership roles, including President of S&P Global Ratings, Executive Lead of S&P Global Sustainable1, President of S&P Global Market Intelligence, and the company's Chief Strategy Officer. Prior to her tenure at S&P Global, she worked with Accenture's Financial Services Strategy group and was a Partner at Mitchell Madison Consulting. Ms. Cheung was instrumental in S&P Global's significant mergers and acquisitions, including the IHS Markit merger in 2022 and the SNL Financial acquisition in 2015.

Eric Aboaf, Chief Financial Officer
Eric Aboaf is the Chief Financial Officer and Executive Vice President for S&P Global, a role he assumed in February 2025. He oversees all aspects of the company's finance function, including strategy and M&A. Prior to joining S&P Global, Mr. Aboaf served for nearly eight years as the CFO and Vice Chairman for State Street Corporation. He also held the position of CFO at Citizens Financial Group and spent 12 years in senior financial roles at Citigroup, where his responsibilities included managing the company's $1.9 trillion balance sheet as Treasurer. Earlier in his career, he was a partner at Bain & Company, co-leading its U.S. financial services consulting practice with a focus on growth strategy.

Sally Moore, Executive Vice President, Chief Client Officer
Sally Moore is the Executive Vice President and Chief Client Officer for S&P Global, a position she assumed on November 1, 2024. She is a member of the company's Executive Leadership Team. Ms. Moore joined S&P Global through the merger with IHS Markit, where she served as Global Head of Corporate Development & Strategic Alliances. At Markit (which later merged with IHS Markit), she led the European credit business and global loan business and was a key figure in Markit's 2014 IPO and its $13 billion merger with IHS Markit in 2016. Before Markit, she spent six years at Thomson Reuters, where she was Co-head of the Loan Pricing Corporation's operations in Europe and later a Senior Vice President and Co-head of Sales in North America.

Saugata Saha, President, S&P Global Market Intelligence and Chief Enterprise Data Officer
Effective November 1, 2024, Saugata Saha took on the dual roles of President of S&P Global Market Intelligence and Chief Enterprise Data Officer for S&P Global. Previously, he served as President of S&P Global Commodity Insights, where he successfully transformed the business after the merger with IHS Markit. His earlier roles at S&P Global include Chief Financial Officer for S&P Global Market Intelligence and S&P Global Platts. Mr. Saha joined the firm in 2014 as the managing director of global strategy and business development for S&P Global Ratings. Prior to his career at S&P Global, he worked as a consultant at McKinsey & Company.

Swamy Kocherlakota, Executive Vice President, Chief Digital Solutions Officer
Swamy Kocherlakota is the Executive Vice President, Chief Digital Solutions Officer of S&P Global, and serves as the Executive Sponsor of Kensho, an artificial intelligence (AI) technology innovator within the company. In this role, he is responsible for driving S&P Global's digital transformation, focusing on leading-edge technology, digital ecosystems, and AI to deliver productivity improvements for both customers and colleagues.

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The key risks to S&P Global (SPGI) include:

1. Market Cycles and Economic Downturn: A significant risk to S&P Global's business is its exposure to market cycles and potential economic downturns. Revenue, particularly in the Ratings division, is inherently cyclical and directly tied to the volume of debt issuance. A sharp decline in asset markets or reduced debt issuance would negatively impact the company's revenue and operating margins.
2. Legal and Regulatory Risks: S&P Global faces considerable legal and regulatory risks. This category represents the top risk, encompassing potential litigation and reputational harm, especially within its ratings and indices businesses. Additionally, risks are associated with the use of open-source software and compliance with evolving regulations.
3. Technological Disruption and Competition from AI: The potential for artificial intelligence (AI) to disrupt S&P Global's business model, particularly in its Market Intelligence segment, is a notable risk. Critics suggest AI could diminish the demand for Capital IQ licenses or empower competitors to easily develop and offer similar data products by leveraging public data sources. While S&P Global has invested in AI capabilities, the evolving technological landscape poses a continuous challenge.

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The rapid development and adoption of advanced Artificial Intelligence (AI) and Machine Learning (ML) platforms for autonomous financial analysis, risk assessment, and predictive modeling. These emerging technologies could challenge S&P Global's traditional, human-intensive models for credit ratings and market intelligence by offering faster, potentially cheaper, and equally or more accurate insights and assessments, thereby threatening to commoditize existing expert-driven services.

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S&P Global (symbol: SPGI) operates across several key segments, each addressing significant global markets. Identifying precise addressable market sizes for all its core offerings can be complex due to the nuanced nature of financial information and analytics services. However, based on available data, the addressable markets for its main products and services are as follows:

• S&P Global Ratings (Credit Ratings): The global credit rating market size exhibited varied valuations across sources. It was approximately USD 6.5 billion in 2023, with projections to reach around USD 11.2 billion by 2032, growing at a CAGR of 6.1%. Another estimate placed the global credit rating market size at USD 10.74 billion in 2025, anticipated to grow to USD 21.46 billion by 2033, with an 8.1% CAGR. A higher estimate reported the global Credit Rating Market size at USD 58 Billion in 2023, projected to reach USD 77 Billion by 2031 at a CAGR of 4.2%.
• S&P Global Market Intelligence (Financial Data, Analytics, and Market Intelligence): S&P Global Market Intelligence provides multi-asset class data, research, news, and analytics to institutional investors, banks, and corporations globally. While a direct overall market size for "financial market intelligence" is broad, a related segment, the "Financial Performance Benchmarking Market," was valued at USD 3.5 billion globally in 2024 and is expected to grow to USD 8.4 billion by 2033, at a compound annual growth rate (CAGR) of 11.40%.
• S&P Dow Jones Indices (Indices and Benchmarks): S&P Dow Jones Indices is a leading global index provider that creates and maintains widely recognized financial indices like the S&P 500 and the Dow Jones Industrial Average. The S&P 500 alone represents approximately 80% of the total market capitalization of U.S. public companies, with an aggregate market cap of more than $57.401 trillion as of August 29, 2025. As of December 31, 2023, the S&P 500 constituted 51% of the global stock market value. The broader global equity market exceeded $1 quadrillion in 2023.
• S&P Global Commodity Insights (Commodity Intelligence): This segment offers information, news, benchmark prices, and analytics for global energy and commodities markets, covering areas such as oil, gas, power, petrochemicals, metals, agriculture, and shipping. The market for global commodity intelligence and data is an integral part of the larger commodities market, which itself is vast.
• S&P Global Mobility (Automotive Data and Insights): S&P Global Mobility includes brands like Carfax, Market Scan, and Polk Automotive Solutions, providing data and insights to the automotive sector. This division contributed $1.6 billion to S&P Global's revenue in 2024, and the company plans to spin it off into a separate public entity.
• S&P Global Sustainable1 (ESG Data and Solutions): S&P Global Sustainable1 provides ESG scores and solutions that help businesses and governments navigate the energy transition and mitigate climate risk. The global market for ESG data and analytics is growing rapidly.

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1. Expansion in High-Growth Strategic Areas: S&P Global is strategically focused on expanding its presence and offerings in high-growth segments such as private markets, sustainability, climate, energy transition, and credit and risk management. The company's acquisition of With Intelligence, for example, is specifically aimed at accelerating growth in its private markets solutions across all divisions. Recent performance has shown robust growth in private markets revenue.
2. Leveraging AI and Technology for New Products and Enhanced Customer Value: S&P Global is investing in and launching AI-ready datasets and products, such as its generative AI copilot Spark Assist, to optimize tasks and drive growth. This focus on technology and innovation is expected to lead to new product and service offerings, enhance existing solutions, and deepen customer engagement, thereby contributing to future revenue streams.
3. Continued Strength and Growth in Core Divisions: The company anticipates ongoing strong performance from its core divisions, particularly Ratings, Market Intelligence, and S&P Dow Jones Indices. Recent results for Q3 2025 highlighted significant revenue growth in Ratings and Market Intelligence, driven by factors like increased corporate and government bond issuance and subscription growth. S&P Dow Jones Indices also targets organic annual revenue growth above 10%.
4. Deepening Customer Engagement and Integrated Offerings: A core part of S&P Global's multi-year strategy is to enhance the value delivered to its global customer base by developing integrated, cross-divisional offerings and becoming more embedded in customer workflows. This approach aims to foster stronger customer relationships and increase the value derived from each customer through broader adoption of S&P Global's diverse data, analytics, and workflow solutions. Subscription revenue, a significant component of the company's total revenue, has consistently shown growth.

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