S&P GLOBAL INC., 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover Page - shares
shares in Millions
 9 Months Ended
Sep. 30, 2025
Oct. 24, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 1-1023  
Entity Registrant Name S&P Global Inc.  
Entity Incorporation, State or Country Code NY  
Entity Tax Identification Number 13-1026995  
Entity Address, Address Line One 55 Water Street  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10041  
City Area Code 212  
Local Phone Number 438-1000  
Title of 12(b) Security Common stock (par value $1.00 per share)  
Trading Symbol SPGI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   302.8
Entity Central Index Key 0000064040  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Current Fiscal Year End Date --12-31  
v3.25.3
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Revenue $ 3,888 $ 3,575 $ 11,420 $ 10,616
Expenses:        
Operating-related expenses 1,121 1,065 3,393 3,254
Selling and general expenses 805 815 2,372 2,270
Depreciation 28 22 79 70
Amortization of intangibles 266 271 803 803
Total expenses 2,220 2,173 6,647 6,397
Gain on dispositions 0 (21) (3) (21)
Equity in income on unconsolidated subsidiaries (7) (11) (28) (31)
Operating profit 1,675 1,434 4,804 4,271
Other income, net (2) 2 (25) (10)
Interest expense, net 79 72 233 227
Income before taxes on income 1,598 1,360 4,596 4,054
Provision for taxes on income 333 313 1,000 854
Net income 1,265 1,047 3,596 3,200
Less: net income attributable to noncontrolling interests (89) (76) (259) (228)
Net income attributable to S&P Global Inc. $ 1,176 $ 971 $ 3,337 $ 2,972
Net income:        
Basic (USD per share) $ 3.86 $ 3.12 $ 10.91 $ 9.51
Diluted (USD per share) $ 3.86 $ 3.11 $ 10.90 $ 9.50
Weighted-average number of common shares outstanding:        
Basic (shares) 304.3 311.2 305.8 312.6
Diluted (shares) 304.5 311.5 306.1 312.9
Actual shares outstanding at period end (shares) 303.4 310.3 303.4 310.3
v3.25.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income $ 1,265 $ 1,047 $ 3,596 $ 3,200
Other comprehensive income:        
Foreign currency translation adjustments 14 98 (5) 20
Income tax effect (8) 26 95 15
Foreign currency translation adjustment, net of income tax effect 6 124 90 35
Pension and other postretirement benefit plans 1 1 (1) (4)
Income tax effect 0 0 1 2
Pension and other postretirement benefit plans, net of income tax effect 1 1 0 (2)
Unrealized gain on cash flow hedges (12) 0 (7) 19
Income tax effect 2 0 2 (3)
Unrealized gain on cash flow hedges, net of income tax effect (10) 0 (5) 16
Comprehensive income 1,262 1,172 3,681 3,249
Less: comprehensive income attributable to nonredeemable noncontrolling interests (7) (7) (24) (20)
Less: comprehensive income attributable to redeemable noncontrolling interests (82) (69) (235) (208)
Comprehensive income attributable to S&P Global Inc. $ 1,173 $ 1,096 $ 3,422 $ 3,021
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,672 $ 1,666
Restricted cash 0 0
Accounts receivable, net of allowance for doubtful accounts: 2025 - $45; 2024 - $44 2,856 2,867
Prepaid and other current assets 926 926
Assets held for sale 200 0
Total current assets 5,654 5,459
Property and equipment, net of accumulated depreciation: 2025 - $843; 2024 - $823 270 265
Right of use assets 384 413
Goodwill 34,921 34,917
Other intangible assets, net 15,809 16,556
Equity investments in unconsolidated subsidiaries 1,874 1,774
Other non-current assets 837 837
Total assets 59,749 60,221
Current liabilities:    
Accounts payable 418 553
Accrued compensation and contributions to retirement plans 714 1,073
Short-term debt 3 4
Income taxes currently payable 197 199
Unearned revenue 3,627 3,694
Other current liabilities 799 869
Liabilities held for sale 45 0
Total current liabilities 5,803 6,392
Long-term debt 11,382 11,394
Lease liabilities — non-current 481 535
Pension and other postretirement benefits 187 180
Deferred tax liability — non-current 3,031 3,397
Other non-current liabilities 1,167 815
Total liabilities 22,051 22,713
Redeemable noncontrolling interests (Note 8) 4,460 4,252
Commitments and contingencies (Note 12)
Equity:    
Common stock, $1 par value: authorized - 600 million shares; issued - 2025 and 2024 415 million shares 415 415
Additional paid-in capital 44,352 44,321
Retained income 23,288 20,977
Accumulated other comprehensive loss (798) (883)
Less: common stock in treasury (34,124) (31,671)
Total equity — controlling interests 33,133 33,159
Total equity — noncontrolling interests 105 97
Total equity 33,238 33,256
Total liabilities and equity $ 59,749 $ 60,221
v3.25.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Allowance for doubtful accounts $ 45 $ 44
Accumulated depreciation $ 843 $ 823
Common stock, par value (USD per share) $ 1 $ 1
Common stock authorized (shares) 600,000,000 600,000,000
Common stock issued (shares) 415,000,000 415,000,000
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities:    
Net income $ 3,596 $ 3,200
Adjustments to reconcile net income to cash provided by operating activities:    
Depreciation 79 70
Amortization of intangibles 803 803
Provision for losses on accounts receivable 28 36
Deferred income taxes (287) (271)
Stock-based compensation 167 177
Gain on dispositions (3) (21)
Other 204 (15)
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:    
Accounts receivable (31) 188
Prepaid and other current assets 72 (14)
Accounts payable and accrued expenses (493) (131)
Unearned revenue (68) (209)
Other current liabilities (176) (399)
Net change in prepaid/accrued income taxes 86 314
Net change in other assets and liabilities (74) 221
Cash provided by operating activities 3,903 3,949
Investing Activities:    
Capital expenditures (149) (91)
Acquisitions, net of cash acquired (50) (264)
Proceeds from dispositions, net 19 94
Changes in short-term investments (52) (1)
Cash used for investing activities (232) (262)
Financing Activities:    
Payments on senior notes (4) (47)
Dividends paid to shareholders (880) (854)
Distributions to noncontrolling interest holders (234) (213)
Contingent consideration payments (8) (107)
Repurchase of treasury shares (2,501) (2,001)
Employee withholding tax on share-based payments, excise tax payments on share repurchases and other (101) (58)
Cash used for financing activities (3,728) (3,280)
Effect of exchange rate changes on cash 63 (1)
Net change in cash, cash equivalents, and restricted cash 6 406
Cash, cash equivalents, and restricted cash at beginning of period 1,666 1,291
Cash, cash equivalents, and restricted cash at end of period $ 1,672 $ 1,697
v3.25.3
Consolidated Statements of Equity - USD ($)
$ in Millions
Total
Total SPGI Equity
Common Stock $1 par
Additional Paid-in Capital
Retained Income
Accumulated Other Comprehensive Loss
Less: Treasury Stock
Noncontrolling Interests
Beginning balance at Dec. 31, 2023 $ 34,300 $ 34,200 $ 415 $ 44,231 $ 18,728 $ (763) $ (28,411) $ 100
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income [1] 3,041 3,021     2,972 49   20
Dividends (Dividend declared per common share) (868) (854)     (854)     (14)
Share repurchases, including excise tax (2,019) (2,019)   (30)     1,989  
Employee stock plans 126 126   72     (54)  
Change in redemption value of redeemable noncontrolling interests (482) (482)     (482)      
Other (12) 0         (12)
Ending balance at Sep. 30, 2024 34,086 33,992 415 44,273 20,364 (714) (30,346) 94
Beginning balance at Jun. 30, 2024 34,970 34,881 415 44,407 19,957 (839) (29,059) 89
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income [1] 1,103 1,096     971 125   7
Dividends (Dividend declared per common share) (285) (283)     (283)     (2)
Share repurchases, including excise tax (1,513) (1,513)   (225)     1,288  
Employee stock plans 92 92   91     (1)  
Change in redemption value of redeemable noncontrolling interests (281) (281)     (281)      
Ending balance at Sep. 30, 2024 34,086 33,992 415 44,273 20,364 (714) (30,346) 94
Beginning balance at Dec. 31, 2024 33,256 33,159 415 44,321 20,977 (883) (31,671) 97
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income [1] 3,446 3,422     3,337 85   24
Dividends (Dividend declared per common share) (894) (880)     (880)     (14)
Share repurchases, including excise tax (2,525) (2,525)   (45)     2,480  
Employee stock plans 103 103   76     (27)  
Change in redemption value of redeemable noncontrolling interests (146) (146)     (146)      
Other (2) 0           (2)
Ending balance at Sep. 30, 2025 33,238 33,133 415 44,352 23,288 (798) (34,124) 105
Beginning balance at Jun. 30, 2025 33,496 33,390 415 44,392 22,402 (795) (33,024) 106
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Comprehensive income [1] 1,180 1,173     1,176 (3)   7
Dividends (Dividend declared per common share) (295) (291)     (291)     (4)
Share repurchases, including excise tax (1,211) (1,211)   (110)     1,101  
Employee stock plans 71 71   70     (1)  
Change in redemption value of redeemable noncontrolling interests 1 1     1      
Other (4) 0           (4)
Ending balance at Sep. 30, 2025 $ 33,238 $ 33,133 $ 415 $ 44,352 $ 23,288 $ (798) $ (34,124) $ 105
[1]
1Excludes comprehensive income of $82 million and $69 million for the three months ended September 30, 2025 and 2024, respectively, and $235 million and $208 million for the nine months ended September 30, 2025 and 2024, respectively, attributable to our redeemable noncontrolling interests.
v3.25.3
Consolidated Statements of Equity (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Statement of Stockholders' Equity [Abstract]                
Common stock, par value (USD per share) $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1 $ 1
Dividends declared per common share (USD per share) $ 0.96 $ 0.91 $ 2.88 $ 2.73        
Comprehensive income attributable to redeemable noncontrolling interests $ 82 $ 69 $ 235 $ 208        
v3.25.3
Nature of Operations and Basis of Presentation
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations and Basis of Presentation Nature of Operations and Basis of Presentation
S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) is a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

Our operations consist of five reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”) and S&P Dow Jones Indices (“Indices”).
•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.
•Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.
•Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.
•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.
•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed over the 12 to 18 months from its announcement, subject to the satisfaction of customary legal and regulatory requirements and approvals.
The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2024 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

Restricted Cash

We had restricted cash of less than $1 million included in our consolidated balance sheets as of September 30, 2025 and December 31, 2024.

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of September 30, 2025 and December 31, 2024, contract assets were $81 million and $69 million, respectively, and are included in accounts receivable in our consolidated balance sheets.
Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance at September 30, 2025 compared to December 31, 2024 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $3.2 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.9 billion. We expect to recognize revenue on approximately fifty-five percent and eighty percent of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain Contracts

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain contracts were $314 million and $291 million as of September 30, 2025 and December 31, 2024, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 2 to 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the benefit of those costs is one year or less. These costs are recorded within selling and general expenses.

Equity in Income on Unconsolidated Subsidiaries

As of September 30, 2025, the Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combines each company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME Group’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both the company's business to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Our share of earnings or losses are recognized in Equity in income on unconsolidated subsidiaries in our consolidated statements of income.

On October 10, 2025, the Company and CME Group completed the sale of OSTTRA to Kohlberg Kravis Roberts & Co. (“KKR”), a leading global investment firm. The terms of the deal for OSTTRA equaled total enterprise value at $3.1 billion, subject to customary purchase price adjustments, which will be divided evenly between the Company and CME Group pursuant to the 50/50 joint venture. We received proceeds from the sale of $1.5 billion in cash, subject to purchase price adjustments, which we expect to result in approximately $1.4 billion of after-tax proceeds. We anticipate the sale to result in a pre-tax gain of approximately $270 million ($180 million after-tax) for the Company, including the impact of accumulated other comprehensive income related to our investment.
Other Income, net

The components of other income, net for the periods ended September 30 are as follows:
(in millions)Three MonthsNine Months
2025202420252024
Other components of net periodic benefit cost$(5)$(5)$(17)$(17)
Net loss (gain) from investments3 7 (8)7 
Other income, net$(2)$2 $(25)$(10)
v3.25.3
Acquisitions and Divestitures
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Acquisitions and Divestitures Acquisitions and Divestitures
On October 15, 2025, we entered into an agreement to acquire With Intelligence from Motive Partners for $1.8 billion. With Intelligence is expected to be integrated into our Market Intelligence segment. Combining With Intelligence's proprietary data, benchmarks and workflow solutions with S&P Global’s trusted expertise and brand in private markets intelligence and analytics, the company will create one of the most comprehensive data offerings for alternatives and private markets participants. The transaction is expected to close in 2025, or early 2026, subject to customary closing conditions, including receipt of certain regulatory approvals.

On September 24, 2025, Crisil, included within our Ratings segment, agreed to acquire McKinsey PriceMetrix Co., a leading provider of performance benchmarking and data-driven insights for the wealth management industry. This acquisition expands Crisil’s benchmarking offerings across the Wealth Management value chain. The transaction is expected to be completed over the coming months, subject to customary closing conditions. The proposed acquisition is not expected to be material to our consolidated financial statements.

On April 24, 2025, we entered into an agreement to acquire the Automatic Identification System (AIS) data services business of ORBCOMM Inc. The AIS business is a leading provider of satellite data services used to track and monitor vessels, enhancing maritime visibility and delivering critical insights that support business intelligence and decision-making for government and commercial clients worldwide. The AIS business is expected to be integrated within our Market Intelligence segment. We also expect to enter into a strategic alliance with ORBCOMM. Under this strategic alliance, the two organizations expect to develop a range of differentiated supply chain data and insight offerings and we will make an equity investment in ORBCOMM, underscoring our commitment to further investing in this sector while helping customers navigate the complex supply chain environment. The proposed acquisition is subject to customary closing conditions, including receipt of certain regulatory approvals and is expected to close during 2025. The proposed acquisition is not expected to be material to our consolidated financial statements.

Acquisitions

2025

On October 1, 2025, we completed the acquisition of ARC Research, a subsidiary of ARC Group, the leading independent provider of investment performance data, benchmarking capabilities and insights in the private wealth market. The acquisition is part of our Indices segment and expands our capabilities to deliver innovative, high-quality benchmarks and data solutions tailored to the evolving needs of wealth managers, private banks, and financial advisers. The acquisition of ARC Research is not expected to be material to our consolidated financial statements.

On June 6, 2025, we completed the acquisition of TeraHelix, a privately held financial technology firm. TeraHelix helps solve complex, enterprise-scale data challenges by providing frameworks that structure data models for smooth interoperability across platforms, systems and storage architectures. This acquisition is part of our Market Intelligence segment and strengthens our customer-centric approach to data, technology, and AI by meaningfully enhancing the ability to link datasets across classes and platforms. The acquisition of TeraHelix is not material to our consolidated financial statements.

2024

On May 1, 2024, we completed the acquisition of Visible Alpha, the financial technology provider of deep industry and segment consensus data creating a premium offering of fundamental investment research capabilities on Market Intelligence’s Capital IQ Pro platform. The acquisition is part of our Market Intelligence segment and further enhances the depth and breadth
of the overall Visible Alpha and S&P Capital IQ Pro offering. The acquisition of Visible Alpha is not material to our consolidated financial statements.

On May 14, 2024, we completed the acquisition of World Hydrogen Leaders, a globally-recognized portfolio of hydrogen related conferences and events, digital training and market intelligence. The acquisition is part of our Commodity Insight’s segment and complements Commodity Insights global conference business and provides customers with full coverage of the hydrogen and derivative value chain alongside Energy Transition and Sustainability solutions, including hydrogen price assessments, emission factors and market research. The acquisition of World Hydrogen Leaders is not material to our consolidated financial statements.

Divestitures

2025

During the nine months ended September 30, 2025, we did not complete any material dispositions.

2024

On August 15, 2024, we completed the sale of Fincentric, formerly known as Markit Digital. This sale followed our announced intent to explore strategic opportunities for Fincentric in February of 2024. Fincentric was S&P Global’s premier digital solutions provider focused on developing mobile applications and websites for retail brokerages and other financial institutions. Fincentric specializes in designing cutting-edge financial data visualizations, interfaces and investor experiences. Fincentric was acquired by S&P Global through the merger with IHS Markit and was part of our Market Intelligence segment. During the nine months ended September 30, 2025, we recorded a pre-tax gain of $3 million ($2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Fincentric in August of 2024. During the three and nine months ended September 30, 2024, we recorded a pre-tax gain of $21 million ($12 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of Fincentric in our Market Intelligence segment.
Assets and Liabilities Held for Sale

The components of assets and liabilities held for sale in the consolidated balance sheets consist of the following:

(in millions)September 30,December 31,
20252024
Accounts Receivable, net $37 $— 
Prepaid and other current assets1 — 
Property and equipment8 
Goodwill141 — 
Other non current assets13 — 
Assets held for sale$200 $— 
Accounts payable$9 $— 
Unearned revenue36 — 
Liabilities held for sale$45 $— 
1 Assets and liabilities held for sale as of September 30, 2025 relate to the anticipated divestitures of the Enterprise Data Management and Thinkfolio businesses within our Market Intelligence segment. Additionally, assets held for sale include fixed assets related to our intent to sell our facility in Centennial, Colorado.

The operating profit (loss) of our businesses that were held for sale or disposed of for the periods ended September 30 is as follows:
Three MonthsNine Months
(in millions)2025202420252024
Operating profit (loss) 1
$11 $8 $28 $21 
1 The operating profit (loss) presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective income tax rate was 20.8% and 21.8% for the three and nine months ended September 30, 2025, respectively, and 23.0% and 21.1% for the three and nine months ended September 30, 2024, respectively. The higher rate for the three months ended September 30, 2024 was primarily due to the tax charge on divestitures and change in the profit mix. The lower rate for the nine months ended September 30, 2024 was primarily due to a combination of discrete adjustments.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is subject to tax examinations in various jurisdictions. As of September 30, 2025 and December 31, 2024, the total amount of federal, state and local, and foreign unrecognized tax benefits was $357 million and $325 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of September 30, 2025 and December 31, 2024, we had $93 million and $65 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $12 million in the next twelve months as a result of the resolution of local tax examinations.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (“OBBBA”). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, as well as modifying certain international tax provisions. We do not anticipate a material impact to our 2025 financial statements as a result of the enacted OBBBA provisions.

The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%. This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements.
In June 2025, G7 reached an agreement with the U.S. regarding the application of the OECD global minimum tax rules to U.S. companies, which would exempt U.S. companies from OECD’s global minimum tax rules, and in return the U.S. withdrew proposed section 899 from OBBBA, which would have imposed retaliatory taxes on non-U.S. businesses. We are continuing to monitor implementation dates of this agreement and will be evaluating the impact on our financial statements once more details are available.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt 
A summary of short-term and long-term debt outstanding is as follows:
(in millions)September 30,
2025		December 31,
2024
4.75% Senior Notes, due 2025 1
— 4 
4.0% Senior Notes, due 2026 2
3 3 
2.95% Senior Notes, due 2027 3
499 498 
2.45% Senior Notes, due 2027 4
1,245 1,243 
4.75% Senior Notes, due 2028 5
788 797 
4.25% Senior Notes, due 2029 6
995 1,004 
2.5% Senior Notes, due 2029 7
498 497 
2.70% Sustainability-Linked Senior Notes, due 2029 8
1,240 1,238 
1.25% Senior Notes, due 2030 9
596 595 
2.90% Senior Notes, due 2032 10
1,479 1,477 
5.25% Senior Notes, due 2033 11
744 744 
6.55% Senior Notes, due 2037 12
291 291 
4.5% Senior Notes, due 2048 13
273 273 
3.25% Senior Notes, due 2049 14
590 590 
3.70% Senior Notes, due 2052 15
975 975 
2.3% Senior Notes, due 2060 16
683 683 
3.9% Senior Notes, due 2062 17
486 486 
Total debt11,385 11,398 
Less: short-term debt including current maturities3 4 
Long-term debt$11,382 $11,394 
1     We made a $4 million repayment of our 4.75% senior notes in the first quarter of 2025.
2     Interest payments are due semiannually on March 1 and September 1.
3    Interest payments are due semiannually on January 22 and July 22, and as of September 30, 2025, the unamortized debt discount and issuance costs total $1 million.
4    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $5 million.
5     Interest payments are due semiannually on February 1 and August 1.
6 Interest payments are due semiannually on May 1 and November 1.
7    Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2025, the unamortized debt discount and issuance costs total $2 million.
8    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.
9    Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $4 million.
10 Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $21 million.
11 Interest payments are due semiannually on March 15 and September 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $6 million.
12    Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $2 million.
13    Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.
14 Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.
15    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $25 million.
16    Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $17 million.
17    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $14 million.
The fair value of our total debt borrowings was $10.4 billion and $10.0 billion as of September 30, 2025 and December 31, 2024, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on December 17, 2029. As of September 30, 2025, and December 31, 2024, we had no outstanding commercial paper.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. There will be no sustainability pricing adjustment to our commitment fees or our margins under the credit facility for the approximately year-long period beginning April 7, 2025 as a result of our emissions performance for the year ended December 31, 2024. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant in our credit facility is a requirement that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this ratio has never been exceeded.
v3.25.3
Derivative Instruments
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivative Instruments Derivative Instruments
Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of September 30, 2025 and December 31, 2024, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates. As of September 30, 2025 and December 31, 2024, we held cross currency swap contracts to hedge a portion of our net investment in foreign subsidiaries against volatility in foreign exchange rates. These contracts are recorded at fair value that is based on foreign currency exchange rates and interest rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes.

Undesignated Derivative Instruments

During the nine months ended September 30, 2025 and twelve months ended December 31, 2024, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets. These forward contracts do not qualify for hedge accounting. As of September 30, 2025 and December 31, 2024, the aggregate notional value of these outstanding forward contracts was $672 million and 2.3 billion, respectively. The changes in fair value of these forward contracts are recorded in prepaid and other assets or other current liabilities in the consolidated balance sheets with their corresponding change in fair value recognized in selling and general expenses in the consolidated statements of income. The amount recorded in prepaid and other current assets was $12 million as of September 30, 2025. The amount recorded in other current liabilities was $9 million and $42 million as of September 30, 2025 and December 31, 2024, respectively. The amount recorded in selling and general expense related to these contracts was a net loss of $2 million and a net gain of $158 million for the three and nine months ended September 30, 2025, respectively, and a net gain of $100 million and $54 million for the three and nine months ended September 30, 2024, respectively.

Net Investment Hedges

As of September 30, 2025 and December 31, 2024, we held cross currency swaps to hedge a portion of our net investment in certain European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2029, 2030, 2032 and 2033. The notional
value of our outstanding cross currency swaps designated as a net investment hedge was $3.5 billion as of September 30, 2025 and December 31, 2024. The changes in the fair value of these swaps are recognized in foreign currency translation adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold, liquidated or substantially liquidated. We have elected to assess the effectiveness of our net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to the cross currency swaps recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in interest expense, net. We recognized net interest income of $10 million and $35 million for the three and nine months ended September 30, 2025, respectively, and net interest income of $11 million and $27 million for the three and nine months ended September 30, 2024, respectively.

Cash Flow Hedges

Foreign Exchange Forward Contracts

During the nine months ended September 30, 2025 and the twelve months ended December 31, 2024, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the third quarter of 2027 and the fourth quarter of 2026, respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of September 30, 2025, we estimate that $4 million of pre-tax loss related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of September 30, 2025 and December 31, 2024, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $606 million and $539 million, respectively.
Interest Rate Swaps
During the three months ended March 31, 2024, we terminated our interest rate swap contracts with an aggregate notional value of $813 million and received net proceeds of $155 million upon termination. These contracts were designated as cash flow hedges and were scheduled to mature beginning in the first quarter of 2027. We performed a final effectiveness test upon the termination of each swap, and the effective portion of the gain of $155 million was recorded in accumulated other comprehensive loss in our consolidated balance sheet. The gain will be recognized into interest expense, net over the term which related interest payments will be made when we enter into anticipated future debt refinancing.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of September 30, 2025 and December 31, 2024:

(in millions)September 30, December 31,
Balance Sheet Location20252024
Derivatives designated as cash flow hedges:
Prepaid and other current assets Foreign exchange forward contracts$5 $4 
Other current liabilitiesForeign exchange forward contracts$13 $5 
Derivatives designated as net investment hedges:
Other non-current assets Cross currency swaps$— $58 
Other non-current liabilitiesCross currency swaps$327 $2 
The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended September 30:
Three Months
(in millions)Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
2025202420252024
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts$(12)$— Revenue, Selling and general expenses$1 $3 
Interest rate swap contracts$— $— Interest expense, net$— $— 
Net investment hedges - designated as hedging instruments
Cross currency swaps$33 $(104)Interest expense, net$(1)$(1)
Nine Months
(in millions)Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
2025202420252024
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts$(7)$(1)Revenue, Selling and general expenses$5 $8 
Interest rate swap contracts$— $20 Interest expense, net$— $— 
Net investment hedges - designated as hedging instruments
Cross currency swaps$(386)$(58)Interest expense, net$(3)$(3)
The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended September 30:
(in millions)Three MonthsNine Months
2025202420252024
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period$4 $5 $1 $5 
Change in fair value, net of tax(8)3 (1)8 
Reclassification into earnings, net of tax(1)(3)(5)(8)
Net unrealized (losses) gains on cash flow hedges, net of taxes, end of period$(5)$5 $(5)$5 
Interest rate swap contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period$99 $100 $99 $84 
Change in fair value, net of tax— — — 16 
Reclassification into earnings, net of tax— — — — 
Net unrealized gains on cash flow hedges, net of taxes, end of period$99 $100 $99 $100 
Net Investment Hedges
Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period$(283)$14 $33 $(21)
Change in fair value, net of tax24 (79)(294)(46)
Reclassification into earnings, net of tax1 1 3 3 
Net unrealized losses on net investment hedges, net of taxes, end of period$(258)$(64)$(258)$(64)
v3.25.3
Employee Benefits
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we make a non-elective contribution and may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees’ compensation to the employees’ accounts.

We also provide certain medical, dental and life insurance benefits for active employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income.
The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended September 30 are as follows: 

(in millions)Three MonthsNine Months
2025202420252024
Service cost$— $— $1 $1 
Interest cost18 18 53 53 
Expected return on assets(24)(24)(73)(73)
Amortization of prior service credit / actuarial loss1 1 3 3 
Net periodic benefit cost$(5)$(5)$(16)$(16)

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and nine months ended September 30, 2025 and 2024.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans and our expected return on assets assumption for our retirement plans which became effective on January 1, 2025. The effect of the assumption changes on retirement and postretirement expense for the three and nine months ended September 30, 2025 did not have a material impact to our financial position, results of operations or cash flows.

In the first nine months of 2025, we contributed $7 million to our retirement plans and expect to make additional required contributions of approximately $4 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in the fourth quarter of 2025.
v3.25.3
Stock-Based Compensation
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based Compensation
We issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee members of the Board of Directors under a Director Deferred Stock Ownership Plan.
For the nine months ended September 30, 2025 and 2024, total stock-based compensation expense related to restricted stock and other stock-based awards was $167 million and $177 million, respectively. During the nine months ended September 30, 2025, the Company granted 0.3 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $527.44 per share. Total unrecognized compensation expense related to unvested equity awards as of September 30, 2025 was $232 million, which is expected to be recognized over a weighted average period of 1.2 years.
v3.25.3
Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Equity Equity
Dividends

On January 28, 2025, the Board of Directors approved an increase in the dividends for 2025 to a quarterly common stock dividend of $0.96 per share.
Stock Repurchases

On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2022 Repurchase Program”), which was approximately 9% of the total shares of our outstanding common stock at that time.
Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of September 30, 2025, 7.4 million shares remained available under the 2022 Repurchase Program. Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

We have entered into accelerated share repurchase (“ASR”) agreements with financial institutions to initiate share repurchases of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. Upon settlement of the ASR agreement, the financial institution typically delivers additional shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the
applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount. We account for our ASR agreements as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreements resulted in a reduction of outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The repurchased shares are held in Treasury. The forward stock purchase contracts are classified as equity instruments.

Effective January 1, 2023, the Inflation Reduction Act of 2022 has mandated a 1% excise tax on share repurchases. Excise tax obligations that result from the Company’s share repurchases are accounted for as a cost of the treasury stock transaction, and are included in other current liabilities on our consolidated balance sheets. The amount recorded in other current liabilities was $24 million and $30 million as of September 30, 2025 and December 31, 2024, respectively. During the nine months ended September 30, 2025, the Company made an excise tax payment of $30 million, which is included in financing activities in the consolidated statement of cash flows.

The terms of each ASR agreement entered into during the nine months ended September 30, 2025 and 2024, structured as outlined above, are as follows:
(in millions, except average price paid per share)
ASR Agreement Initiation DateASR Agreement Completion DateInitial Shares DeliveredAdditional Shares DeliveredTotal Number of Shares
Purchased		Average Price Paid Per ShareTotal Cash Utilized
August 12, 2025 1
1.7— 1.7$— $1,200 
May 6, 2025 2
August 8, 20251.00.2 1.2$518.47 $650 
February 19, 2025 3
May 6, 20251.00.3 1.3$491.12 $650 
July 31, 2024 4
October 22, 20242.60.3 3.0$505.19 $1,500 
February 12, 2024 5
April 12, 20241.00.2 1.2$421.05 $500 
1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.2 billion and initially received shares valued at 80% of the $1.2 billion at a price equal to the market price of the Company’s common stock on August 12, 2025. The Company received an initial delivery of 1.7 million shares from the ASR program. We completed the ASR agreement on October 23, 2025 and received an additional 0.6 million shares. We repurchased a total of 2.3 million shares under the ASR agreement for an average purchase price $513.82 per share. The ASR agreement was executed under our 2022 Repurchase Program.
2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company’s common stock on May 6, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on August 8, 2025 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company’s common stock on February 19, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on May 6, 2025 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a price equal to the market price of the Company’s common stock on July 31, 2024 when the Company received an initial delivery of 2.6 million shares from the ASR program on August 1, 2024. We completed the ASR agreement on October 22, 2024 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program
5 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company’s common stock on February 12, 2024 when the Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on April 12, 2024 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

During the nine months ended September 30, 2025, we received 4.6 million shares, including 0.3 million shares received in February of 2025 related to our October 28, 2024 ASR agreement. During the nine months ended September 30, 2025, we purchased a total of 4.3 million shares for $2.5 billion of cash. During the nine months ended September 30, 2024, we received 4.1 million shares, including 0.2 million shares received in February of 2024 related to our November 13, 2023 ASR agreement. During the nine months ended September 30, 2024, we purchased a total of 3.8 million shares for $2 billion of cash.

Redeemable Noncontrolling Interests

Our redeemable noncontrolling interests include an agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture that contains redemption features whereby interests held by minority partners are redeemable either
(i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC (“CGIS”) has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group’s and CGIS’ minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interests” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.
Noncontrolling interests that do not contain such redemption features are presented in equity.
Changes to redeemable noncontrolling interests during the nine months ended September 30, 2025 were as follows:
(in millions)
Balance as of December 31, 2024
$4,252 
Net income attributable to redeemable noncontrolling interests235 
Distributions payable to redeemable noncontrolling interests(209)
Redemption value adjustment146 
Other 1
36 
Balance as of September 30, 2025 2
$4,460 
1 Includes foreign currency translation adjustments.
2 As of September 30, 2025, $4,455 million relates to our redeemable noncontrolling interest in the Indices business.
Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the nine months ended September 30:

(in millions)Foreign Currency Translation AdjustmentsPension and Postretirement Benefit PlansUnrealized Gain (Loss) on Cash Flow HedgesAccumulated Other Comprehensive Loss
Balance as of December 31, 2024
$(609)$(372)$98 $(883)
Other comprehensive income (loss) before reclassifications87 1(3)(1)83 
Reclassifications from accumulated other comprehensive income (loss) to net earnings
3 3 2(4)32 
Net other comprehensive income 90 — (5)85 
Balance as of September 30, 2025
$(519)$(372)$93 $(798)
1Includes an unrealized gain related to our cross currency swaps. See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.
2Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the nine months ended September 30, 2025. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of restricted performance shares and stock options calculated using the treasury stock method.

The calculation of basic and diluted EPS for the periods ended September 30 is as follows:
(in millions, except per share amounts)Three MonthsNine Months
2025202420252024
Amounts attributable to S&P Global Inc. common shareholders:
Net income$1,176 $971 $3,337 $2,972 
Basic weighted-average number of common shares outstanding
304.3 311.2 305.8 312.6 
Effect of dilutive securities0.2 0.3 0.3 0.3 
Diluted weighted-average number of common shares outstanding
304.5 311.5 306.1 312.9 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$3.86 $3.12 $10.91 $9.51 
Diluted$3.86 $3.11 $10.90 $9.50 
We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three and nine months ended September 30, 2025 and 2024, there were no stock options excluded. Restricted performance shares outstanding of 0.6 million and 0.9 million as of September 30, 2025 and 2024, respectively, were excluded.
v3.25.3
Restructuring
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Restructuring Restructuring
We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2025 and 2024 restructuring plans consisted of a company-wide workforce reduction of approximately 820 and 1,230 positions, respectively, and are further detailed below. The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.
The initial restructuring charge recorded and the ending reserve balance as of September 30, 2025 by segment is as follows:

2025 Restructuring Plan2024 Restructuring Plan
(in millions)Initial Charge RecordedEnding Reserve BalanceInitial Charge RecordedEnding Reserve Balance
Market Intelligence$44 $23 $77 $12 
Ratings10 3 4 1 
Commodity Insights 11 5 13 2 
Mobility 11 10 6 1 
Indices1 1 1 — 
Corporate 28 15 24 11 
Total $105 $57 $125 $27 

We recorded a pre-tax restructuring charge of $105 million primarily related to employee severance charges for the 2025 restructuring plan during the nine months ended September 30, 2025 and have reduced the reserve by $48 million. The ending reserve balance for the 2024 restructuring plan was $88 million as of December 31, 2024. For the nine months ended September 30, 2025, we have reduced the reserve for the 2024 restructuring plan by $61 million. The reductions primarily related to cash payments for employee severance charges.
v3.25.3
Segment and Related Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
We have five reportable segments: Market Intelligence, Ratings, Commodity Insights, Mobility and Indices.

Our Chief Executive Officer is our chief operating decision-maker (“CODM”) and evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other income, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.


Operating results for the periods ended September 30 is as follows:

(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Total
Three Months Ended September 30, 2025
Revenue from external customers$1,232 $1,196 $556 $445 $459 $3,888 
Intersegment revenue 1
444— — 351 
Revenue1,236 1,240 556 445 462 3,939 
Intersegment elimination(51)
Total revenue 3,888 
Less: segment expenses 2
796 408 289 252 134 1,879 
Less: other segment items 3
163 13 32 76 11 295 
Intersegment elimination(51)
Segment operating profit$277 $819 $235 $117 $317 $1,765 
Corporate Unallocated expense 4
97 
Equity in income on unconsolidated subsidiaries(7)
Operating profit1,675 
Other income, net (2)
Interest expense, net79
Income before taxes on income$1,598 
(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Total
Nine Months Ended September 30, 2025
Revenue from external customers$3,643 $3,408 $1,722 $1,303 $1,344 $11,420 
Intersegment revenue 1
10129— — 8147 
Revenue3,653 3,537 1,722 1,303 1,352 11,567 
Intersegment elimination(147)
Total revenue 11,420 
Less: segment expenses 2
2,390 1,192 891 763 381 5,617 
Less: other segment items 3
507 54 108 233 30 932 
Intersegment elimination(147)
Segment operating profit$756 $2,291 $723 $307 $941 $5,018 
Corporate Unallocated expense 4
242 
Equity in income on unconsolidated subsidiaries(28)
Operating profit4,804 
Other income, net (25)
Interest expense, net233
Income before taxes on income$4,596 


(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Total
Three Months Ended September 30, 2024
Revenue from external customers$1,159 $1,069 $522 $412 $413 $3,575 
Intersegment revenue 1
3 41— — 3 47
Revenue1,162 1,110 522 412 416 3,622 
Intersegment elimination(47)
Total revenue 3,575 
Less: segment expenses 2
791 426 272 238 124 1,851 
Less: other segment items 3
141 8 39 77 10 275 
Intersegment elimination(47)
Segment operating profit$230 $676 $211 $97 $282 $1,496 
Corporate Unallocated expense 4
73 
Equity in income on unconsolidated subsidiaries(11)
Operating profit1,434 
Other income, net 2 
Interest expense, net72 
Income before taxes on income$1,360 
(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Total
Nine Months Ended September 30, 2024
Revenue from external customers$3,450 $3,186 $1,597 $1,198 $1,185 $10,616 
Intersegment revenue 1
9 121— — 8 138
Revenue3,459 3,307 1,597 1,198 1,193 10,754 
Intersegment elimination(138)
Total revenue 10,616 
Less: segment expenses 2
2,334 1,188 839 714 344 5,419 
Less: other segment items 3
476 39 115 237 33 900 
Intersegment elimination(138)
Segment operating profit$649 $2,080 $643 $247 $816 $4,435 
Corporate Unallocated expense 4
195 
Equity in income on unconsolidated subsidiaries(31)
Operating profit4,271 
Other income, net (10)
Interest expense, net227 
Income before taxes on income$4,054 
1    Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2 The segment expense category for Market Intelligence, Ratings, Commodity Insights, Mobility and Indices for the three and nine months ended September 30, 2025 and 2024 primarily include an aggregation of compensation costs, technology costs and strategic investments. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments; however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.
3 Other segment items for the three and nine months ended September 30, 2025 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, legal costs, acquisition and disposition-related costs and Executive Leadership Team transition costs. Other segment items for the three and nine months ended September 30, 2024 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including IHS Markit merger costs, employee severance charges and acquisition and disposition-related costs.
4 Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.
The following table presents our revenue disaggregated by revenue type for the periods ended September 30:
(in millions)Market IntelligenceRatingsCommodity InsightsMobility Indices
Intersegment Elimination 1
Total
Three Months Ended September 30, 2025
Subscription$1,035 $— $507 $362 $82 $— $1,986 
Non-subscription / Transaction43 668 18 83 — — 812 
Non-transaction— 572 — — — (51)521 
Asset-linked fees— — — — 303 — 303 
Sales usage-based royalties— — 31 — 77 — 108 
Recurring variable revenue158 — — — — — 158 
Total revenue$1,236 $1,240 $556 $445 $462 $(51)$3,888 
Timing of revenue recognition
Services transferred at a point in time$43 $668 $18 $83 $— $— $812 
Services transferred over time
1,193 572 538 362 462 (51)3,076 
Total revenue$1,236 $1,240 $556 $445 $462 $(51)$3,888 

(in millions)Market IntelligenceRatingsCommodity InsightsMobility Indices
Intersegment Elimination 1
Total
Nine Months Ended September 30, 2025
Subscription$3,045 $— $1,493 $1,062 $237 $— $5,837 
Non-subscription / Transaction141 1,885 139 241 — — 2,406 
Non-transaction— 1,652 — — — (147)1,505 
Asset-linked fees— — — — 876 — 876 
Sales usage-based royalties— — 90 — 239 — 329 
Recurring variable revenue467 — — — — — 467 
Total revenue$3,653 $3,537 $1,722 $1,303 $1,352 $(147)$11,420 
Timing of revenue recognition
Services transferred at a point in time$141 $1,885 $139 $241 $— $— $2,406 
Services transferred over time
3,512 1,652 1,583 1,062 1,352 (147)9,014 
Total revenue$3,653 $3,537 $1,722 $1,303 $1,352 $(147)$11,420 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndices
Intersegment Elimination 1
Total
Three Months Ended September 30, 2024
Subscription$981 $— $478 $331 $74 $— $1,864 
Non-subscription / Transaction39 597 18 81 — — 735 
Non-transaction— 513 — — — (47)466 
Asset-linked fees— — — — 266 — 266 
Sales usage-based royalties— — 26 — 76 — 102 
Recurring variable revenue142 — — — — — 142 
Total revenue$1,162 $1,110 $522 $412 $416 $(47)$3,575 
Timing of revenue recognition
Services transferred at a point in time$39 $597 $18 $81 $— $— $735 
Services transferred over time1,123 513 504 331 416 (47)2,840 
Total revenue$1,162 $1,110 $522 $412 $416 $(47)$3,575 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndices
Intersegment Elimination 1
Total
Nine Months Ended September 30, 2024
Subscription$2,893 $— $1,387 $966 $218 $— $5,464 
Non-subscription / Transaction136 1,804 133 232 — — 2,305 
Non-transaction— 1,503 — — — (138)1,365 
Asset-linked fees— — — — 756 — 756 
Sales usage-based royalties— — 77 — 219 — 296 
Recurring variable revenue430 — — — — — 430 
Total revenue$3,459 $3,307 $1,597 $1,198 $1,193 $(138)$10,616 
Timing of revenue recognition
Services transferred at a point in time$136 $1,804 $133 $232 $— $— $2,305 
Services transferred over time3,323 1,503 1,464 966 1,193 (138)8,311 
Total revenue$3,459 $3,307 $1,597 $1,198 $1,193 $(138)$10,616 
1 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Segment information as of September 30, 2025 and December 31, 2024 is as follows:
(in millions)Total Assets
September 30, December 31,
 20252024
Market Intelligence$28,764 $29,478 
Ratings1,180 1,056 
Commodity Insights3,335 8,636 
Mobility8,667 13,222 
Indices12,983 3,200 
Total reportable segments54,929 55,592 
Corporate 1
4,820 4,629 
Total$59,749 $60,221 
1Corporate assets consist principally of cash and cash equivalents, investments, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.
The following provides revenue by geographic region for the periods ended September 30:
(in millions)Three MonthsNine Months
2025202420252024
U.S.$2,362 $2,176 $6,973 $6,478 
European region885 802 2,596 2,407 
Asia430 388 1,221 1,111 
Rest of the world211 209 630 620 
Total$3,888 $3,575 $11,420 $10,616 

See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Leases
We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases early. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.
Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.
The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of September 30, 2025 and December 31, 2024:
(in millions)September 30, December 31,
Balance Sheet Location20252024
Assets
Right of use assetsLease right of use assets$384 $413 
Liabilities
Other current liabilitiesCurrent lease liabilities 116 109 
Lease liabilities — non-currentNon-current lease liabilities481 535 
The components of lease expense for the periods ended September 30 are as follows: 
(in millions)Three MonthsNine Months
2025202420252024
Operating lease cost$30 $32 $92 $97 
Sublease income(4)(3)(11)(10)
Total lease cost$26 $29 $81 $87 
Supplemental information related to leases for the periods ended September 30 are as follows:
(in millions)Three MonthsNine Months
2025202420252024
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases$35 $36 $104 $105 
Right of use assets obtained in exchange for lease obligations
Operating leases3 18 24 60 

Weighted-average remaining lease term and discount rate for our operating leases are as follows:
September 30, December 31,
20252024
Weighted-average remaining lease term (years)5.15.6
Weighted-average discount rate 4.29 %4.02 %

Maturities of lease liabilities for our operating leases are as follows:
(in millions)
2025 (Excluding the nine months ended September 30, 2025)
$35 
2026137 
2027127 
2028102 
202983 
2030 and beyond195 
Total undiscounted lease payments $679 
Less: Imputed interest82 
Present value of lease liabilities$597 

As of September 30, 2025, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $99 million which have been excluded from the table above. These leases are expected to begin in the fourth quarter of 2025 and continue through 2037, with lease terms ranging from 1 year to 12 years.

Related Party Agreements

In June of 2012, we entered into a license agreement (the “License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, replacing the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group’s equity index products. During the three and nine months ended September 30, 2025, S&P Dow Jones Indices LLC earned $44 million and $146 million of revenue under the terms of the License Agreement. During the three and nine months ended September 30, 2024, S&P Dow Jones Indices LLC earned $50 million and $146 million, respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

Legal and Regulatory Matters

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often subjected to government and regulatory proceedings, investigations and inquiries.

A class action lawsuit was filed in Australia on August 7, 2020 against the Company and a subsidiary of the Company. A separate lawsuit was filed against the Company and a subsidiary of the Company in Australia on February 2, 2021 by two
entities within the Basis Capital investment group. The lawsuits both relate to alleged investment losses in collateralized debt obligations rated by Ratings prior to the financial crisis between 2005 and 2007. In the third quarter of 2025, the Company entered into an agreement to settle the lawsuit brought by the Basis Capital entities. S&P Global has accrued the amount of the settlement in its consolidated financial statements. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve the class action lawsuit on terms deemed acceptable.

From time to time, the Company receives customer complaints. The Company believes it has strong contractual protections in the terms and conditions included in its arrangements with customers. Nonetheless, in the interest of managing customer relationships, the Company from time to time engages in dialogue with such customers in an effort to resolve such complaints, and if such complaints cannot be resolved through dialogue, may face litigation regarding such complaints. The Company does not expect to incur material losses as a result of these matters.

Moreover, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to our regulated products and services, antitrust matters and other matters, such as ESG. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global seeks to promptly address any compliance issues that it detects or that the staff of the SEC or another regulator raises, there can be no assurance that the SEC or another regulator will not seek remedies against S&P Global for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.
v3.25.3
Recently Issued or Adopted Accounting Standards
 9 Months Ended
Sep. 30, 2025
Accounting Changes and Error Corrections [Abstract]  
Recently Issued or Adopted Accounting Standards Recently Issued or Adopted Accounting Standards
In September of 2025, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that clarifies the guidance on which contracts are subject to derivative accounting and guidance on accounting for share based payments on contracts with customers. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In September of 2025, the FASB issued accounting guidance which removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In July of 2025, the FASB issued accounting guidance that provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. This guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In May of 2025, the FASB issued accounting guidance to improve the requirements for identifying the accounting acquirer in ASC 805, Business Combinations. The amendments in this update revise current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted as of the beginning of an interim or annual reporting period. This guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. We do not expect this guidance to have a significant impact on our consolidated financial statements.
In November of 2024, the FASB issued accounting guidance which requires that an entity disclose, in the notes to financial statements, additional information about specific expense categories. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on the Company’s disclosures.

In December of 2023, the FASB issued accounting guidance that expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of this guidance on the Company’s disclosures.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Nature of Operations and Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Nature of Operations
S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) is a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

Our operations consist of five reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”) and S&P Dow Jones Indices (“Indices”).
•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.
•Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.
•Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.
•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.
•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed over the 12 to 18 months from its announcement, subject to the satisfaction of customary legal and regulatory requirements and approvals.
Basis of Presentation
The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2024 (our “Form 10-K”). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests.
Restricted Cash
Restricted Cash
We had restricted cash of less than $1 million included in our consolidated balance sheets
Contract Assets, Unearned Revenue, Remaining Performance Obligations and Costs to Obtain Contracts
Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of September 30, 2025 and December 31, 2024, contract assets were $81 million and $69 million, respectively, and are included in accounts receivable in our consolidated balance sheets.
Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance at September 30, 2025 compared to December 31, 2024 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $3.2 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of September 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.9 billion. We expect to recognize revenue on approximately fifty-five percent and eighty percent of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

Costs to Obtain Contracts

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain contracts were $314 million and $291 million as of September 30, 2025 and December 31, 2024, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 2 to 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the benefit of those costs is one year or less. These costs are recorded within selling and general expenses.
Equity in Income on Unconsolidated Subsidiaries
Equity in Income on Unconsolidated Subsidiaries

As of September 30, 2025, the Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combines each company’s post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME Group’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business. The combination is intended to increase operating efficiencies of both the company's business to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Our share of earnings or losses are recognized in Equity in income on unconsolidated subsidiaries in our consolidated statements of income.
Recently Issued or Adopted Accounting Standards Recently Issued or Adopted Accounting Standards
In September of 2025, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that clarifies the guidance on which contracts are subject to derivative accounting and guidance on accounting for share based payments on contracts with customers. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In September of 2025, the FASB issued accounting guidance which removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In July of 2025, the FASB issued accounting guidance that provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. This guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In May of 2025, the FASB issued accounting guidance to improve the requirements for identifying the accounting acquirer in ASC 805, Business Combinations. The amendments in this update revise current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted as of the beginning of an interim or annual reporting period. This guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. We do not expect this guidance to have a significant impact on our consolidated financial statements.
In November of 2024, the FASB issued accounting guidance which requires that an entity disclose, in the notes to financial statements, additional information about specific expense categories. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on the Company’s disclosures.

In December of 2023, the FASB issued accounting guidance that expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of this guidance on the Company’s disclosures.
v3.25.3
Nature of Operations and Basis of Presentation (Tables)
 9 Months Ended
Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Components of Other Income, net
The components of other income, net for the periods ended September 30 are as follows:
(in millions)Three MonthsNine Months
2025202420252024
Other components of net periodic benefit cost$(5)$(5)$(17)$(17)
Net loss (gain) from investments3 7 (8)7 
Other income, net$(2)$2 $(25)$(10)
v3.25.3
Acquisitions and Divestitures (Tables)
 9 Months Ended
Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Operating Profit (Loss) of Businesses Held for Sale or Disposed
The components of assets and liabilities held for sale in the consolidated balance sheets consist of the following:

(in millions)September 30,December 31,
20252024
Accounts Receivable, net $37 $— 
Prepaid and other current assets1 — 
Property and equipment8 
Goodwill141 — 
Other non current assets13 — 
Assets held for sale$200 $— 
Accounts payable$9 $— 
Unearned revenue36 — 
Liabilities held for sale$45 $— 
1 Assets and liabilities held for sale as of September 30, 2025 relate to the anticipated divestitures of the Enterprise Data Management and Thinkfolio businesses within our Market Intelligence segment. Additionally, assets held for sale include fixed assets related to our intent to sell our facility in Centennial, Colorado.

The operating profit (loss) of our businesses that were held for sale or disposed of for the periods ended September 30 is as follows:
Three MonthsNine Months
(in millions)2025202420252024
Operating profit (loss) 1
$11 $8 $28 $21 
1 The operating profit (loss) presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale.
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Short-term and Long-term Debt Outstanding
A summary of short-term and long-term debt outstanding is as follows:
(in millions)September 30,
2025		December 31,
2024
4.75% Senior Notes, due 2025 1
— 4 
4.0% Senior Notes, due 2026 2
3 3 
2.95% Senior Notes, due 2027 3
499 498 
2.45% Senior Notes, due 2027 4
1,245 1,243 
4.75% Senior Notes, due 2028 5
788 797 
4.25% Senior Notes, due 2029 6
995 1,004 
2.5% Senior Notes, due 2029 7
498 497 
2.70% Sustainability-Linked Senior Notes, due 2029 8
1,240 1,238 
1.25% Senior Notes, due 2030 9
596 595 
2.90% Senior Notes, due 2032 10
1,479 1,477 
5.25% Senior Notes, due 2033 11
744 744 
6.55% Senior Notes, due 2037 12
291 291 
4.5% Senior Notes, due 2048 13
273 273 
3.25% Senior Notes, due 2049 14
590 590 
3.70% Senior Notes, due 2052 15
975 975 
2.3% Senior Notes, due 2060 16
683 683 
3.9% Senior Notes, due 2062 17
486 486 
Total debt11,385 11,398 
Less: short-term debt including current maturities3 4 
Long-term debt$11,382 $11,394 
1     We made a $4 million repayment of our 4.75% senior notes in the first quarter of 2025.
2     Interest payments are due semiannually on March 1 and September 1.
3    Interest payments are due semiannually on January 22 and July 22, and as of September 30, 2025, the unamortized debt discount and issuance costs total $1 million.
4    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $5 million.
5     Interest payments are due semiannually on February 1 and August 1.
6 Interest payments are due semiannually on May 1 and November 1.
7    Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2025, the unamortized debt discount and issuance costs total $2 million.
8    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.
9    Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $4 million.
10 Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $21 million.
11 Interest payments are due semiannually on March 15 and September 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $6 million.
12    Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $2 million.
13    Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.
14 Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2025, the unamortized debt discount and issuance costs total $10 million.
15    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $25 million.
16    Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $17 million.
17    Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $14 million.
v3.25.3
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Location and Fair Value Amounts of Cash Flow Hedges
The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of September 30, 2025 and December 31, 2024:

(in millions)September 30, December 31,
Balance Sheet Location20252024
Derivatives designated as cash flow hedges:
Prepaid and other current assets Foreign exchange forward contracts$5 $4 
Other current liabilitiesForeign exchange forward contracts$13 $5 
Derivatives designated as net investment hedges:
Other non-current assets Cross currency swaps$— $58 
Other non-current liabilitiesCross currency swaps$327 $2 
Schedule of Pre-tax Gains (Losses) on Cash Flow Hedges
The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended September 30:
Three Months
(in millions)Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
2025202420252024
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts$(12)$— Revenue, Selling and general expenses$1 $3 
Interest rate swap contracts$— $— Interest expense, net$— $— 
Net investment hedges - designated as hedging instruments
Cross currency swaps$33 $(104)Interest expense, net$(1)$(1)
Nine Months
(in millions)Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
2025202420252024
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts$(7)$(1)Revenue, Selling and general expenses$5 $8 
Interest rate swap contracts$— $20 Interest expense, net$— $— 
Net investment hedges - designated as hedging instruments
Cross currency swaps$(386)$(58)Interest expense, net$(3)$(3)
Schedule of Cash Flow Hedges included in AOCI
The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended September 30:
(in millions)Three MonthsNine Months
2025202420252024
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period$4 $5 $1 $5 
Change in fair value, net of tax(8)3 (1)8 
Reclassification into earnings, net of tax(1)(3)(5)(8)
Net unrealized (losses) gains on cash flow hedges, net of taxes, end of period$(5)$5 $(5)$5 
Interest rate swap contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period$99 $100 $99 $84 
Change in fair value, net of tax— — — 16 
Reclassification into earnings, net of tax— — — — 
Net unrealized gains on cash flow hedges, net of taxes, end of period$99 $100 $99 $100 
Net Investment Hedges
Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period$(283)$14 $33 $(21)
Change in fair value, net of tax24 (79)(294)(46)
Reclassification into earnings, net of tax1 1 3 3 
Net unrealized losses on net investment hedges, net of taxes, end of period$(258)$(64)$(258)$(64)
v3.25.3
Employee Benefits (Tables)
 9 Months Ended
Sep. 30, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic Benefit Cost
The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended September 30 are as follows: 

(in millions)Three MonthsNine Months
2025202420252024
Service cost$— $— $1 $1 
Interest cost18 18 53 53 
Expected return on assets(24)(24)(73)(73)
Amortization of prior service credit / actuarial loss1 1 3 3 
Net periodic benefit cost$(5)$(5)$(16)$(16)
v3.25.3
Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Accelerated Share Repurchase Agreements
The terms of each ASR agreement entered into during the nine months ended September 30, 2025 and 2024, structured as outlined above, are as follows:
(in millions, except average price paid per share)
ASR Agreement Initiation DateASR Agreement Completion DateInitial Shares DeliveredAdditional Shares DeliveredTotal Number of Shares
Purchased		Average Price Paid Per ShareTotal Cash Utilized
August 12, 2025 1
1.7— 1.7$— $1,200 
May 6, 2025 2
August 8, 20251.00.2 1.2$518.47 $650 
February 19, 2025 3
May 6, 20251.00.3 1.3$491.12 $650 
July 31, 2024 4
October 22, 20242.60.3 3.0$505.19 $1,500 
February 12, 2024 5
April 12, 20241.00.2 1.2$421.05 $500 
1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.2 billion and initially received shares valued at 80% of the $1.2 billion at a price equal to the market price of the Company’s common stock on August 12, 2025. The Company received an initial delivery of 1.7 million shares from the ASR program. We completed the ASR agreement on October 23, 2025 and received an additional 0.6 million shares. We repurchased a total of 2.3 million shares under the ASR agreement for an average purchase price $513.82 per share. The ASR agreement was executed under our 2022 Repurchase Program.
2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company’s common stock on May 6, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on August 8, 2025 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company’s common stock on February 19, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on May 6, 2025 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.5 billion and initially received shares valued at 85% of the $1.5 billion at a price equal to the market price of the Company’s common stock on July 31, 2024 when the Company received an initial delivery of 2.6 million shares from the ASR program on August 1, 2024. We completed the ASR agreement on October 22, 2024 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program
5 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company’s common stock on February 12, 2024 when the Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on April 12, 2024 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.
Schedule of Redeemable Noncontrolling Interest Rollforward
Changes to redeemable noncontrolling interests during the nine months ended September 30, 2025 were as follows:
(in millions)
Balance as of December 31, 2024
$4,252 
Net income attributable to redeemable noncontrolling interests235 
Distributions payable to redeemable noncontrolling interests(209)
Redemption value adjustment146 
Other 1
36 
Balance as of September 30, 2025 2
$4,460 
1 Includes foreign currency translation adjustments.
2 As of September 30, 2025, $4,455 million relates to our redeemable noncontrolling interest in the Indices business.
Schedule of Changes in the Components of Accumulated Other Comprehensive Loss
The following table summarizes the changes in the components of accumulated other comprehensive loss for the nine months ended September 30:

(in millions)Foreign Currency Translation AdjustmentsPension and Postretirement Benefit PlansUnrealized Gain (Loss) on Cash Flow HedgesAccumulated Other Comprehensive Loss
Balance as of December 31, 2024
$(609)$(372)$98 $(883)
Other comprehensive income (loss) before reclassifications87 1(3)(1)83 
Reclassifications from accumulated other comprehensive income (loss) to net earnings
3 3 2(4)32 
Net other comprehensive income 90 — (5)85 
Balance as of September 30, 2025
$(519)$(372)$93 $(798)
1Includes an unrealized gain related to our cross currency swaps. See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.
2Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the nine months ended September 30, 2025. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.
3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation for Basic and Diluted Earnings per Share
The calculation of basic and diluted EPS for the periods ended September 30 is as follows:
(in millions, except per share amounts)Three MonthsNine Months
2025202420252024
Amounts attributable to S&P Global Inc. common shareholders:
Net income$1,176 $971 $3,337 $2,972 
Basic weighted-average number of common shares outstanding
304.3 311.2 305.8 312.6 
Effect of dilutive securities0.2 0.3 0.3 0.3 
Diluted weighted-average number of common shares outstanding
304.5 311.5 306.1 312.9 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$3.86 $3.12 $10.91 $9.51 
Diluted$3.86 $3.11 $10.90 $9.50 
v3.25.3
Restructuring (Tables)
 9 Months Ended
Sep. 30, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance
The initial restructuring charge recorded and the ending reserve balance as of September 30, 2025 by segment is as follows:

2025 Restructuring Plan2024 Restructuring Plan
(in millions)Initial Charge RecordedEnding Reserve BalanceInitial Charge RecordedEnding Reserve Balance
Market Intelligence$44 $23 $77 $12 
Ratings10 3 4 1 
Commodity Insights 11 5 13 2 
Mobility 11 10 6 1 
Indices1 1 1 — 
Corporate 28 15 24 11 
Total $105 $57 $125 $27 
v3.25.3
Segment and Related Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Information
Operating results for the periods ended September 30 is as follows:

(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Total
Three Months Ended September 30, 2025
Revenue from external customers$1,232 $1,196 $556 $445 $459 $3,888 
Intersegment revenue 1
444— — 351 
Revenue1,236 1,240 556 445 462 3,939 
Intersegment elimination(51)
Total revenue 3,888 
Less: segment expenses 2
796 408 289 252 134 1,879 
Less: other segment items 3
163 13 32 76 11 295 
Intersegment elimination(51)
Segment operating profit$277 $819 $235 $117 $317 $1,765 
Corporate Unallocated expense 4
97 
Equity in income on unconsolidated subsidiaries(7)
Operating profit1,675 
Other income, net (2)
Interest expense, net79
Income before taxes on income$1,598 
(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Total
Nine Months Ended September 30, 2025
Revenue from external customers$3,643 $3,408 $1,722 $1,303 $1,344 $11,420 
Intersegment revenue 1
10129— — 8147 
Revenue3,653 3,537 1,722 1,303 1,352 11,567 
Intersegment elimination(147)
Total revenue 11,420 
Less: segment expenses 2
2,390 1,192 891 763 381 5,617 
Less: other segment items 3
507 54 108 233 30 932 
Intersegment elimination(147)
Segment operating profit$756 $2,291 $723 $307 $941 $5,018 
Corporate Unallocated expense 4
242 
Equity in income on unconsolidated subsidiaries(28)
Operating profit4,804 
Other income, net (25)
Interest expense, net233
Income before taxes on income$4,596 


(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Total
Three Months Ended September 30, 2024
Revenue from external customers$1,159 $1,069 $522 $412 $413 $3,575 
Intersegment revenue 1
3 41— — 3 47
Revenue1,162 1,110 522 412 416 3,622 
Intersegment elimination(47)
Total revenue 3,575 
Less: segment expenses 2
791 426 272 238 124 1,851 
Less: other segment items 3
141 8 39 77 10 275 
Intersegment elimination(47)
Segment operating profit$230 $676 $211 $97 $282 $1,496 
Corporate Unallocated expense 4
73 
Equity in income on unconsolidated subsidiaries(11)
Operating profit1,434 
Other income, net 2 
Interest expense, net72 
Income before taxes on income$1,360 
(in millions)Market Intelligence RatingsCommodity InsightsMobilityIndices Total
Nine Months Ended September 30, 2024
Revenue from external customers$3,450 $3,186 $1,597 $1,198 $1,185 $10,616 
Intersegment revenue 1
9 121— — 8 138
Revenue3,459 3,307 1,597 1,198 1,193 10,754 
Intersegment elimination(138)
Total revenue 10,616 
Less: segment expenses 2
2,334 1,188 839 714 344 5,419 
Less: other segment items 3
476 39 115 237 33 900 
Intersegment elimination(138)
Segment operating profit$649 $2,080 $643 $247 $816 $4,435 
Corporate Unallocated expense 4
195 
Equity in income on unconsolidated subsidiaries(31)
Operating profit4,271 
Other income, net (10)
Interest expense, net227 
Income before taxes on income$4,054 
1    Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2 The segment expense category for Market Intelligence, Ratings, Commodity Insights, Mobility and Indices for the three and nine months ended September 30, 2025 and 2024 primarily include an aggregation of compensation costs, technology costs and strategic investments. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments; however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.
3 Other segment items for the three and nine months ended September 30, 2025 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, legal costs, acquisition and disposition-related costs and Executive Leadership Team transition costs. Other segment items for the three and nine months ended September 30, 2024 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including IHS Markit merger costs, employee severance charges and acquisition and disposition-related costs.
4 Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.
The following table presents our revenue disaggregated by revenue type for the periods ended September 30:
(in millions)Market IntelligenceRatingsCommodity InsightsMobility Indices
Intersegment Elimination 1
Total
Three Months Ended September 30, 2025
Subscription$1,035 $— $507 $362 $82 $— $1,986 
Non-subscription / Transaction43 668 18 83 — — 812 
Non-transaction— 572 — — — (51)521 
Asset-linked fees— — — — 303 — 303 
Sales usage-based royalties— — 31 — 77 — 108 
Recurring variable revenue158 — — — — — 158 
Total revenue$1,236 $1,240 $556 $445 $462 $(51)$3,888 
Timing of revenue recognition
Services transferred at a point in time$43 $668 $18 $83 $— $— $812 
Services transferred over time
1,193 572 538 362 462 (51)3,076 
Total revenue$1,236 $1,240 $556 $445 $462 $(51)$3,888 

(in millions)Market IntelligenceRatingsCommodity InsightsMobility Indices
Intersegment Elimination 1
Total
Nine Months Ended September 30, 2025
Subscription$3,045 $— $1,493 $1,062 $237 $— $5,837 
Non-subscription / Transaction141 1,885 139 241 — — 2,406 
Non-transaction— 1,652 — — — (147)1,505 
Asset-linked fees— — — — 876 — 876 
Sales usage-based royalties— — 90 — 239 — 329 
Recurring variable revenue467 — — — — — 467 
Total revenue$3,653 $3,537 $1,722 $1,303 $1,352 $(147)$11,420 
Timing of revenue recognition
Services transferred at a point in time$141 $1,885 $139 $241 $— $— $2,406 
Services transferred over time
3,512 1,652 1,583 1,062 1,352 (147)9,014 
Total revenue$3,653 $3,537 $1,722 $1,303 $1,352 $(147)$11,420 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndices
Intersegment Elimination 1
Total
Three Months Ended September 30, 2024
Subscription$981 $— $478 $331 $74 $— $1,864 
Non-subscription / Transaction39 597 18 81 — — 735 
Non-transaction— 513 — — — (47)466 
Asset-linked fees— — — — 266 — 266 
Sales usage-based royalties— — 26 — 76 — 102 
Recurring variable revenue142 — — — — — 142 
Total revenue$1,162 $1,110 $522 $412 $416 $(47)$3,575 
Timing of revenue recognition
Services transferred at a point in time$39 $597 $18 $81 $— $— $735 
Services transferred over time1,123 513 504 331 416 (47)2,840 
Total revenue$1,162 $1,110 $522 $412 $416 $(47)$3,575 
(in millions)Market IntelligenceRatingsCommodity InsightsMobilityIndices
Intersegment Elimination 1
Total
Nine Months Ended September 30, 2024
Subscription$2,893 $— $1,387 $966 $218 $— $5,464 
Non-subscription / Transaction136 1,804 133 232 — — 2,305 
Non-transaction— 1,503 — — — (138)1,365 
Asset-linked fees— — — — 756 — 756 
Sales usage-based royalties— — 77 — 219 — 296 
Recurring variable revenue430 — — — — — 430 
Total revenue$3,459 $3,307 $1,597 $1,198 $1,193 $(138)$10,616 
Timing of revenue recognition
Services transferred at a point in time$136 $1,804 $133 $232 $— $— $2,305 
Services transferred over time3,323 1,503 1,464 966 1,193 (138)8,311 
Total revenue$3,459 $3,307 $1,597 $1,198 $1,193 $(138)$10,616 
1 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Segment information as of September 30, 2025 and December 31, 2024 is as follows:
(in millions)Total Assets
September 30, December 31,
 20252024
Market Intelligence$28,764 $29,478 
Ratings1,180 1,056 
Commodity Insights3,335 8,636 
Mobility8,667 13,222 
Indices12,983 3,200 
Total reportable segments54,929 55,592 
Corporate 1
4,820 4,629 
Total$59,749 $60,221 
1Corporate assets consist principally of cash and cash equivalents, investments, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.
Schedule of Revenue and Long-lived Assets by Geographic Region
The following provides revenue by geographic region for the periods ended September 30:
(in millions)Three MonthsNine Months
2025202420252024
U.S.$2,362 $2,176 $6,973 $6,478 
European region885 802 2,596 2,407 
Asia430 388 1,221 1,111 
Rest of the world211 209 630 620 
Total$3,888 $3,575 $11,420 $10,616 
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Location and Amounts of Leases
The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of September 30, 2025 and December 31, 2024:
(in millions)September 30, December 31,
Balance Sheet Location20252024
Assets
Right of use assetsLease right of use assets$384 $413 
Liabilities
Other current liabilitiesCurrent lease liabilities 116 109 
Lease liabilities — non-currentNon-current lease liabilities481 535 
Schedule of Components of Lease Expense and Supplemental Cash Flow Information
The components of lease expense for the periods ended September 30 are as follows: 
(in millions)Three MonthsNine Months
2025202420252024
Operating lease cost$30 $32 $92 $97 
Sublease income(4)(3)(11)(10)
Total lease cost$26 $29 $81 $87 
Supplemental information related to leases for the periods ended September 30 are as follows:
(in millions)Three MonthsNine Months
2025202420252024
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases$35 $36 $104 $105 
Right of use assets obtained in exchange for lease obligations
Operating leases3 18 24 60 
Schedule of Lease Term and Discount Rate
Weighted-average remaining lease term and discount rate for our operating leases are as follows:
September 30, December 31,
20252024
Weighted-average remaining lease term (years)5.15.6
Weighted-average discount rate 4.29 %4.02 %
Schedule of Maturities of Operating Lease Liabilities
Maturities of lease liabilities for our operating leases are as follows:
(in millions)
2025 (Excluding the nine months ended September 30, 2025)
$35 
2026137 
2027127 
2028102 
202983 
2030 and beyond195 
Total undiscounted lease payments $679 
Less: Imputed interest82 
Present value of lease liabilities$597 
v3.25.3
Nature of Operations and Basis of Presentation - Narrative (Details)
$ in Millions
 9 Months Ended
Oct. 10, 2025
USD ($)
Apr. 29, 2025
Sep. 30, 2025
USD ($)
Sep. 30, 2025
USD ($)
segment
Sep. 30, 2025
USD ($)
Segment
Dec. 31, 2024
USD ($)
Business Combination [Line Items]            
Number of reportable segments       5 5  
Restricted cash     $ 0 $ 0 $ 0 $ 0
Contract asset     81 81 81 69
Unearned revenue     3,200      
Capitalized contract costs     $ 314 $ 314 $ 314 $ 291
Subsequent Event            
Business Combination [Line Items]            
Total enterprise value $ 3,100          
Minimum            
Business Combination [Line Items]            
Amortization period of capitalized contract cost     2 years 2 years 2 years  
Maximum            
Business Combination [Line Items]            
Amortization period of capitalized contract cost     5 years 5 years 5 years  
Scenario, Plan | Minimum | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff            
Business Combination [Line Items]            
Expected term of completion for spinoff transaction   12 months        
Scenario, Plan | Maximum | Disposal Group, Disposed of by Means Other than Sale, Not Discontinued Operations, Spinoff            
Business Combination [Line Items]            
Expected term of completion for spinoff transaction   18 months        
OSTTRA | Subsequent Event            
Business Combination [Line Items]            
Cash proceeds from sale of equity method investments 1,500          
After tax proceeds from sale of equity method investments 1,400          
Pre-tax gain on sale 270          
Gain on sale after tax $ 180          
OSTTRA | Corporate Joint Venture            
Business Combination [Line Items]            
Investment in joint venture percentage     50.00% 50.00% 50.00%  
Noncontrolling interest ownership by noncontrolling owners percentage     50.00% 50.00% 50.00%  
OSTTRA | Corporate Joint Venture | Subsequent Event            
Business Combination [Line Items]            
Investment in joint venture percentage 50.00%          
Noncontrolling interest ownership by noncontrolling owners percentage 50.00%          
v3.25.3
Nature of Operations and Basis of Presentation - Remaining Performance Obligations (Details)
$ in Billions
Sep. 30, 2025
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligations $ 4.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | 12 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation percentage 55.00%
Period of recognition for remaining performance obligation 12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 | 24 months  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation percentage 80.00%
Period of recognition for remaining performance obligation 24 months
v3.25.3
Nature of Operations and Basis of Presentation - Schedule of Components of Other Income, net (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Other components of net periodic benefit cost $ (5) $ (5) $ (17) $ (17)
Net loss (gain) from investments 3 7 (8) 7
Other income, net $ (2) $ 2 $ (25) $ (10)
v3.25.3
Acquisitions and Divestitures - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Business Combination [Line Items]          
Pre-tax gain on sale   $ 0 $ 21 $ 3 $ 21
Sale | Fincentric          
Business Combination [Line Items]          
Pre-tax gain on sale     21 3 21
Gain on sale after tax     $ 12 $ 2 $ 12
Forecast | With Intelligence | Subsequent Event          
Business Combination [Line Items]          
Business combination, consideration transferred $ 1,800        
v3.25.3
Acquisitions and Divestitures - Assets and Liabilities Held-for-Sale (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]    
Accounts Receivable, net $ 37 $ 0
Prepaid and other current assets 1 0
Property and equipment 8
Goodwill 141 0
Other non current assets 13 0
Assets held for sale 200 0
Accounts payable 9 0
Unearned revenue 36 0
Liabilities held for sale $ 45 $ 0
v3.25.3
Acquisitions and Divestitures - Schedule of Operating Profit (Loss) of Businesses Held for Sale or Disposed (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]        
Operating profit (loss) $ 11 $ 8 $ 28 $ 21
v3.25.3
Income Taxes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Income Tax Disclosure [Abstract]          
Effective income tax rate (as a percent) 20.80% 23.00% 21.80% 21.10%  
Unrecognized tax benefits $ 357   $ 357   $ 325
Accrued interest and penalties associated with unrecognized tax benefits 93   93   $ 65
Reduction of unrecognized tax benefits is reasonably possible $ 12   $ 12    
v3.25.3
Debt - Schedule of Short-term and Long-term Debt Outstanding (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Total debt   $ 11,385 $ 11,398
Less: short-term debt including current maturities   3 4
Long-term debt   $ 11,382 11,394
Senior Notes | 4.75% Senior Notes due 2025      
Debt Instrument [Line Items]      
Stated interest rate 4.75% 4.75%  
Total debt   $ 0 4
Repayments of long term debt $ 4    
Senior Notes | 4.00% Senior Notes due 2026      
Debt Instrument [Line Items]      
Stated interest rate   4.00%  
Total debt   $ 3 3
Senior Notes | 2.95% Senior Notes due 2027      
Debt Instrument [Line Items]      
Stated interest rate   2.95%  
Total debt   $ 499 498
Unamortized debt discount and issuance costs   $ 1  
Senior Notes | 2.45% Senior Notes due 2027      
Debt Instrument [Line Items]      
Stated interest rate   2.45%  
Total debt   $ 1,245 1,243
Unamortized debt discount and issuance costs   $ 5  
Senior Notes | 4.75% Senior Notes due 2028      
Debt Instrument [Line Items]      
Stated interest rate   4.75%  
Total debt   $ 788 797
Senior Notes | 4.25% Senior Notes due 2029      
Debt Instrument [Line Items]      
Stated interest rate   4.25%  
Total debt   $ 995 1,004
Senior Notes | 2.5% Senior Notes due 2029      
Debt Instrument [Line Items]      
Stated interest rate   2.50%  
Total debt   $ 498 497
Unamortized debt discount and issuance costs   $ 2  
Senior Notes | 2.7% Sustainability-Linked Senior Notes, due 2029      
Debt Instrument [Line Items]      
Stated interest rate   2.70%  
Total debt   $ 1,240 1,238
Unamortized debt discount and issuance costs   $ 10  
Senior Notes | 1.25% Senior Notes due 2030      
Debt Instrument [Line Items]      
Stated interest rate   1.25%  
Total debt   $ 596 595
Unamortized debt discount and issuance costs   $ 4  
Senior Notes | 2.90% Senior Notes due 2032      
Debt Instrument [Line Items]      
Stated interest rate   2.90%  
Total debt   $ 1,479 1,477
Unamortized debt discount and issuance costs   $ 21  
Senior Notes | 5.25% Senior Notes due 2033      
Debt Instrument [Line Items]      
Stated interest rate   5.25%  
Total debt   $ 744 744
Unamortized debt discount and issuance costs   $ 6  
Senior Notes | 6.55% Senior Notes due 2037      
Debt Instrument [Line Items]      
Stated interest rate   6.55%  
Total debt   $ 291 291
Unamortized debt discount and issuance costs   $ 2  
Senior Notes | 4.5% Senior Notes due 2048      
Debt Instrument [Line Items]      
Stated interest rate   4.50%  
Total debt   $ 273 273
Unamortized debt discount and issuance costs   $ 10  
Senior Notes | 3.25% Senior Notes due 2049      
Debt Instrument [Line Items]      
Stated interest rate   3.25%  
Total debt   $ 590 590
Unamortized debt discount and issuance costs   $ 10  
Senior Notes | 3.70% Senior Notes due 2052      
Debt Instrument [Line Items]      
Stated interest rate   3.70%  
Total debt   $ 975 975
Unamortized debt discount and issuance costs   $ 25  
Senior Notes | 2.3% Senior Notes due 2060      
Debt Instrument [Line Items]      
Stated interest rate   2.30%  
Total debt   $ 683 683
Unamortized debt discount and issuance costs   $ 17  
Senior Notes | 3.9% Senior Notes due 2062      
Debt Instrument [Line Items]      
Stated interest rate   3.90%  
Total debt   $ 486 $ 486
Unamortized debt discount and issuance costs   $ 14  
v3.25.3
Debt - Narrative (Details) - USD ($)
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Dec. 17, 2024
Debt Instrument [Line Items]      
Long-term debt, fair value $ 10,400,000,000 $ 10,000,000,000.0  
Commercial paper, at carrying value $ 0 $ 0  
Indebtedness to cash flow (not greater than) 4    
Five Year Facility, Expiring December 17, 2029 | Revolving Credit Facility | Revolving line of credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity     $ 2,000,000,000
Five Year Facility, Previous Credit Facility | Revolving Credit Facility | Revolving line of credit      
Debt Instrument [Line Items]      
Maximum borrowing capacity $ 2,000,000,000    
Credit facility term 5 years    
Credit Facility | Revolving Credit Facility      
Debt Instrument [Line Items]      
Commitment fee 0.08%    
v3.25.3
Derivative Instruments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Foreign exchange forward contracts | Revenue, Selling and general expenses            
Derivative [Line Items]            
Derivative net (loss) gain $ (2) $ 100   $ 158 $ 54  
Designated as Hedging Instrument | Foreign exchange forward contracts            
Derivative [Line Items]            
Pre-tax loss expected to be reclassified into earnings within the next twelve months       4    
Designated as Hedging Instrument | Interest rate swap contracts            
Derivative [Line Items]            
Unrealized gain on cash flow hedges     $ 155      
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts            
Derivative [Line Items]            
Aggregate notional value 672     672   $ 2,300
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts | Prepaid and other current assets            
Derivative [Line Items]            
Aggregate notional value 12     12    
Fair Value Hedging | Not Designated as Hedging Instrument | Foreign exchange forward contracts | Other current liabilities            
Derivative [Line Items]            
Aggregate notional value 9     9   42
Net Investment Hedges | Cross currency swaps            
Derivative [Line Items]            
Net interest income 10 $ 11   35 $ 27  
Net Investment Hedges | Designated as Hedging Instrument | Cross currency swaps            
Derivative [Line Items]            
Aggregate notional value 3,500     3,500   3,500
Cash Flow Hedges | Designated as Hedging Instrument | Foreign exchange forward contracts            
Derivative [Line Items]            
Aggregate notional value $ 606     $ 606   $ 539
Maturity of derivatives 24 months     24 months   24 months
Cash Flow Hedges | Designated as Hedging Instrument | Interest rate swap contracts            
Derivative [Line Items]            
Terminated derivative, notional amount     813      
Derivative, cash received on hedge     $ 155      
v3.25.3
Derivative Instruments - Schedule of Location and Fair Value Amounts of Cash Flow Hedges (Details) - Designated as Hedging Instrument - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Cash Flow Hedges | Foreign exchange forward contracts | Prepaid and other current assets    
Derivatives, Fair Value [Line Items]    
Derivatives $ 5 $ 4
Cash Flow Hedges | Foreign exchange forward contracts | Other current liabilities    
Derivatives, Fair Value [Line Items]    
Derivatives 13 5
Net Investment Hedges | Cross currency swaps | Other non-current assets    
Derivatives, Fair Value [Line Items]    
Derivatives 0 58
Net Investment Hedges | Cross currency swaps | Other non-current liabilities    
Derivatives, Fair Value [Line Items]    
Derivatives $ 327 $ 2
v3.25.3
Derivative Instruments - Schedule of Pre-tax Gains (Losses) on Cash Flow Hedges (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) $ (10) $ 0 $ (5) $ 16
Designated as Hedging Instrument | Foreign exchange forward contracts | Cash Flow Hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) (12) 0 (7) (1)
Designated as Hedging Instrument | Foreign exchange forward contracts | Cash Flow Hedges | Revenue, Selling and general expenses        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) 1 3 5 8
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) 0 0 0 20
Designated as Hedging Instrument | Interest rate swap contracts | Cash Flow Hedges | Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) 0 0 0 0
Designated as Hedging Instrument | Cross currency swaps | Net Investment Hedges        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) 33 (104) (386) (58)
Designated as Hedging Instrument | Cross currency swaps | Net Investment Hedges | Interest expense, net        
Derivative Instruments, Gain (Loss) [Line Items]        
Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) $ (1) $ (1) $ (3) $ (3)
v3.25.3
Derivative Instruments - Schedule of Cash Flow Hedges included in AOCI (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 33,496 $ 34,970 $ 33,256 $ 34,300
Ending balance 33,238 34,086 33,238 34,086
Unrealized Gain (Loss) on Cash Flow Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     98  
Change in fair value, net of tax     (1)  
Reclassification into earnings, net of tax     (4)  
Ending balance 93   93  
Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (609)  
Change in fair value, net of tax     87  
Reclassification into earnings, net of tax     3  
Ending balance (519)   (519)  
Cash Flow Hedges | Unrealized Gain (Loss) on Cash Flow Hedges | Foreign exchange forward contracts        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 4 5 1 5
Change in fair value, net of tax (8) 3 (1) 8
Reclassification into earnings, net of tax (1) (3) (5) (8)
Ending balance (5) 5 (5) 5
Cash Flow Hedges | Unrealized Gain (Loss) on Cash Flow Hedges | Interest rate swap contracts        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance 99 100 99 84
Change in fair value, net of tax 0 0 0 16
Reclassification into earnings, net of tax 0 0 0 0
Ending balance 99 100 99 100
Net Investment Hedges | Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (283) 14 33 (21)
Change in fair value, net of tax 24 (79) (294) (46)
Reclassification into earnings, net of tax 1 1 3 3
Ending balance $ (258) $ (64) $ (258) $ (64)
v3.25.3
Employee Benefits - Schedule of Net Periodic Benefit Cost (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Retirement Benefits [Abstract]        
Service cost $ 0 $ 0 $ 1 $ 1
Interest cost 18 18 53 53
Expected return on assets (24) (24) (73) (73)
Amortization of prior service credit / actuarial loss 1 1 3 3
Net periodic benefit cost $ (5) $ (5) $ (16) $ (16)
v3.25.3
Employee Benefits - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Retirement Benefits [Abstract]  
Contribution towards retirement plans $ 7
Expected contributions towards retirement plans, remainder of the year $ 4
v3.25.3
Stock-Based Compensation (Details) - Restricted Stock and Unit Awards - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Stock-based compensation expense $ 167 $ 177
Restricted stock and unit awards granted in period (shares) 0.3  
Weighted-average grant fate fair value (USD per share) $ 527.44  
Unrecognized compensation expense $ 232  
Weighted average recognition period 1 year 2 months 12 days  
v3.25.3
Equity - Dividends and Stock Repurchases (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Feb. 28, 2025
shares
Feb. 29, 2024
shares
Sep. 30, 2025
USD ($)
$ / shares
shares
Sep. 30, 2024
$ / shares
Sep. 30, 2025
USD ($)
transaction
$ / shares
shares
Sep. 30, 2024
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
Jun. 22, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Dividends declared per common share (USD per share) | $ / shares     $ 0.96 $ 0.91 $ 2.88 $ 2.73    
Remaining shares available under repurchase program (shares)     7,400,000   7,400,000      
ARS agreement transactions | transaction         2      
Excise tax, payable | $     $ 24   $ 24   $ 30  
Excise tax payment | $         $ 30      
Shares delivered and purchased (shares)         4,600,000 4,100,000    
Stock repurchased during period (shares)         4,300,000 3,800,000    
Payments for repurchase of stock | $         $ 2,501 $ 2,001    
Uncapped Accelerated Share Repurchases Initiated October 28, 2024                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Shares delivered and purchased (shares) 300,000              
Uncapped ASR, November 13, 2023                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Shares delivered and purchased (shares)   200,000            
2022 Repurchase Program                
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                
Authorized for repurchase (shares)               30,000,000
Shares authorized for repurchase, compared to total common stock outstanding (as a percent)               9.00%
v3.25.3
Equity - Schedule of Accelerated Share Repurchase Agreements (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 2 Months Ended 3 Months Ended 9 Months Ended
Oct. 23, 2025
Aug. 13, 2025
Aug. 12, 2025
Aug. 08, 2025
May 06, 2025
Feb. 19, 2025
Oct. 22, 2024
Aug. 01, 2024
Jul. 31, 2024
Apr. 12, 2024
Feb. 12, 2024
Oct. 23, 2025
Jun. 30, 2025
Apr. 12, 2024
May 06, 2025
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                               4.6 4.1
Total Cash Utilized                               $ 2,501 $ 2,001
Uncapped ASR, August 12 2025                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)     1.7                            
Average price paid per share (USD per share)   $ 0                              
Total Cash Utilized   $ 1,200 $ 1,200                            
Accelerated share repurchases initial delivery percentage (as a percent)     80.00%                            
Uncapped ASR, August 12 2025 | Subsequent Event                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares) 0.6                     2.3          
Average price paid per share (USD per share)                       $ 513.82          
Uncapped ASR, August 12 2025 | Initial Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)     1.7                            
Uncapped ASR, August 12 2025 | Additional Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)   0.0                              
Uncapped ASR, August 12 2025 | Total Number of Shares Purchased                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)   1.7                              
Uncapped ASR, May 6 2025                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)       0.2 1.0                        
Average price paid per share (USD per share)                         $ 518.47        
Total Cash Utilized         $ 650               $ 650        
Accelerated share repurchases initial delivery percentage (as a percent)         80.00%                        
Uncapped ASR, May 6 2025 | Initial Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)         1.0                        
Uncapped ASR, May 6 2025 | Additional Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                         0.2        
Uncapped ASR, May 6 2025 | Total Number of Shares Purchased                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                         1.2        
Uncapped ASR, February 19, 2025                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)         0.3 1.0                      
Average price paid per share (USD per share)                             $ 491.12    
Total Cash Utilized           $ 650                 $ 650    
Accelerated share repurchases initial delivery percentage (as a percent)           80.00%                      
Uncapped ASR, February 19, 2025 | Initial Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)           1.0                      
Uncapped ASR, February 19, 2025 | Additional Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                             0.3    
Uncapped ASR, February 19, 2025 | Total Number of Shares Purchased                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                             1.3    
Uncapped ASR, July 31 2024                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)             0.3   2.6                
Average price paid per share (USD per share)               $ 505.19                  
Total Cash Utilized               $ 1,500 $ 1,500                
Accelerated share repurchases initial delivery percentage (as a percent)                 85.00%                
Uncapped ASR, July 31 2024 | Initial Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                 2.6                
Uncapped ASR, July 31 2024 | Additional Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)               0.3                  
Uncapped ASR, July 31 2024 | Total Number of Shares Purchased                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)               3.0                  
Uncapped ASR, February 12, 2024                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                   0.2 1.0            
Average price paid per share (USD per share)                           $ 421.05      
Total Cash Utilized                     $ 500     $ 500      
Accelerated share repurchases initial delivery percentage (as a percent)                     85.00%            
Uncapped ASR, February 12, 2024 | Initial Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                     1.0            
Uncapped ASR, February 12, 2024 | Additional Shares Delivered                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                           0.2      
Uncapped ASR, February 12, 2024 | Total Number of Shares Purchased                                  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                                  
Shares delivered and purchased (shares)                           1.2      
v3.25.3
Equity - Redeemable Noncontrolling Interests (Details)
 9 Months Ended
Sep. 30, 2025
Noncontrolling Interest [Line Items]  
Minimum interest in joint venture (as a percent) 20.00%
Agreement terms, change of control, put option for minority interest ownership, effective period 15 days
CME Group  
Noncontrolling Interest [Line Items]  
Noncontrolling interest ownership by noncontrolling owners percentage 27.00%
v3.25.3
Equity - Schedule of Redeemable Noncontrolling Interest Rollforward (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]  
Balance at beginning of period $ 4,252
Net income attributable to redeemable noncontrolling interests 235
Distributions payable to redeemable noncontrolling interests (209)
Redemption value adjustment 146
Other 36
Balance at end of period 4,460
Redeemable noncontrolling interests 4,460
Indices  
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]  
Balance at end of period 4,455
Redeemable noncontrolling interests $ 4,455
v3.25.3
Equity - Schedule of Changes in the Components of Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance $ 33,496 $ 34,970 $ 33,256 $ 34,300
Ending balance 33,238 34,086 33,238 34,086
Pension and other postretirement benefit plans, tax benefit (less than) 0 0 1 2
Accumulated Other Comprehensive Loss        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance (795) (839) (883) (763)
Other comprehensive income (loss) before reclassifications     83  
Reclassifications from accumulated other comprehensive income (loss) to net earnings     2  
Net other comprehensive income     85  
Ending balance (798) $ (714) (798) $ (714)
Foreign Currency Translation Adjustments        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (609)  
Other comprehensive income (loss) before reclassifications     87  
Reclassifications from accumulated other comprehensive income (loss) to net earnings     3  
Net other comprehensive income     90  
Ending balance (519)   (519)  
Pension and Postretirement Benefit Plans        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     (372)  
Other comprehensive income (loss) before reclassifications     (3)  
Reclassifications from accumulated other comprehensive income (loss) to net earnings     3  
Net other comprehensive income     0  
Ending balance (372)   (372)  
Pension and other postretirement benefit plans, tax benefit (less than)     1  
Unrealized Gain (Loss) on Cash Flow Hedges        
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]        
Beginning balance     98  
Other comprehensive income (loss) before reclassifications     (1)  
Reclassifications from accumulated other comprehensive income (loss) to net earnings     (4)  
Net other comprehensive income     (5)  
Ending balance $ 93   $ 93  
v3.25.3
Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Amounts attributable to S&P Global Inc. common shareholders:        
Net income $ 1,176 $ 971 $ 3,337 $ 2,972
Basic weighted-average number of common shares outstanding (shares) 304,300,000 311,200,000 305,800,000 312,600,000
Effect of dilutive securities (shares) 200,000 300,000 300,000 300,000
Diluted weighted-average number of common shares outstanding (shares) 304,500,000 311,500,000 306,100,000 312,900,000
Net income:        
Basic (USD per share) $ 3.86 $ 3.12 $ 10.91 $ 9.51
Diluted (USD per share) $ 3.86 $ 3.11 $ 10.90 $ 9.50
Stock Options        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive shares excluded from computation of diluted earnings (shares) 0 0 0 0
Restricted Stock and Unit Awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Antidilutive shares excluded from computation of diluted earnings (shares)     600,000 900,000
v3.25.3
Restructuring - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
position
Dec. 31, 2024
USD ($)
2025 Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Workforce reduction | position 820  
Employee severance charges $ 105  
Reductions to restructuring reserve 48  
Restructuring reserve balance $ 57  
2024 Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Workforce reduction | position 1,230  
Reductions to restructuring reserve $ 61  
Restructuring reserve balance $ 27 $ 88
v3.25.3
Restructuring - Schedule of Initial Restructuring Charge Recorded and the Ending Reserve Balance (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Dec. 31, 2024
2025 Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded $ 105  
Ending Reserve Balance 57  
2025 Restructuring Plan | Operating Segments | Market Intelligence    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 44  
Ending Reserve Balance 23  
2025 Restructuring Plan | Operating Segments | Ratings    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 10  
Ending Reserve Balance 3  
2025 Restructuring Plan | Operating Segments | Commodity Insights    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 11  
Ending Reserve Balance 5  
2025 Restructuring Plan | Operating Segments | Mobility    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 11  
Ending Reserve Balance 10  
2025 Restructuring Plan | Operating Segments | Indices    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 1  
Ending Reserve Balance 1  
2025 Restructuring Plan | Corporate    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 28  
Ending Reserve Balance 15  
2024 Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 125  
Ending Reserve Balance 27 $ 88
2024 Restructuring Plan | Operating Segments | Market Intelligence    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 77  
Ending Reserve Balance 12  
2024 Restructuring Plan | Operating Segments | Ratings    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 4  
Ending Reserve Balance 1  
2024 Restructuring Plan | Operating Segments | Commodity Insights    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 13  
Ending Reserve Balance 2  
2024 Restructuring Plan | Operating Segments | Mobility    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 6  
Ending Reserve Balance 1  
2024 Restructuring Plan | Operating Segments | Indices    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 1  
Ending Reserve Balance 0  
2024 Restructuring Plan | Corporate    
Restructuring Cost and Reserve [Line Items]    
Initial Charge Recorded 24  
Ending Reserve Balance $ 11  
v3.25.3
Segment and Related Information - Narrative (Details) - 9 months ended Sep. 30, 2025
segment
Segment
Segment Reporting [Abstract]    
Number of reportable segments 5 5
v3.25.3
Segment and Related Information - Schedule of Operating Results (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 3,888 $ 3,575 $ 11,420 $ 10,616
Operating profit 1,675 1,434 4,804 4,271
Equity in income on unconsolidated subsidiaries (7) (11) (28) (31)
Other income, net (2) 2 (25) (10)
Interest expense, net 79 72 233 227
Income before taxes on income 1,598 1,360 4,596 4,054
Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 812 735 2,406 2,305
Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 3,076 2,840 9,014 8,311
Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 1,986 1,864 5,837 5,464
Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 812 735 2,406 2,305
Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue 521 466 1,505 1,365
Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 303 266 876 756
Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 108 102 329 296
Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 158 142 467 430
Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue 3,888 3,575 11,420 10,616
Operating profit 1,765 1,496 5,018 4,435
Operating Segments | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 1,232 1,159 3,643 3,450
Operating profit 277 230 756 649
Operating Segments | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 1,196 1,069 3,408 3,186
Operating profit 819 676 2,291 2,080
Operating Segments | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 556 522 1,722 1,597
Operating profit 235 211 723 643
Operating Segments | Mobility        
Disaggregation of Revenue [Line Items]        
Revenue 445 412 1,303 1,198
Operating profit 117 97 307 247
Operating Segments | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 459 413 1,344 1,185
Operating profit 317 282 941 816
Intersegment Elimination        
Disaggregation of Revenue [Line Items]        
Revenue (51) (47) (147) (138)
Less: other segment items (51) (47) (147) (138)
Intersegment Elimination | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue (51) (47) (147) (138)
Intersegment Elimination | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue (4) (3) (10) (9)
Intersegment Elimination | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue (44) (41) (129) (121)
Intersegment Elimination | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Mobility        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Indices        
Disaggregation of Revenue [Line Items]        
Revenue (3) (3) (8) (8)
Intersegment Elimination | Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue (51) (47) (147) (138)
Intersegment Elimination | Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities        
Disaggregation of Revenue [Line Items]        
Revenue 3,939 3,622 11,567 10,754
Significant expenses 1,879 1,851 5,617 5,419
Less: other segment items 295 275 932 900
Reportable Legal Entities | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 1,236 1,162 3,653 3,459
Significant expenses 796 791 2,390 2,334
Less: other segment items 163 141 507 476
Reportable Legal Entities | Market Intelligence | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 43 39 141 136
Reportable Legal Entities | Market Intelligence | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 1,193 1,123 3,512 3,323
Reportable Legal Entities | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 1,240 1,110 3,537 3,307
Significant expenses 408 426 1,192 1,188
Less: other segment items 13 8 54 39
Reportable Legal Entities | Ratings | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 668 597 1,885 1,804
Reportable Legal Entities | Ratings | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 572 513 1,652 1,503
Reportable Legal Entities | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 556 522 1,722 1,597
Significant expenses 289 272 891 839
Less: other segment items 32 39 108 115
Reportable Legal Entities | Commodity Insights | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 18 18 139 133
Reportable Legal Entities | Commodity Insights | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 538 504 1,583 1,464
Reportable Legal Entities | Mobility        
Disaggregation of Revenue [Line Items]        
Revenue 445 412 1,303 1,198
Significant expenses 252 238 763 714
Less: other segment items 76 77 233 237
Reportable Legal Entities | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 462 416 1,352 1,193
Significant expenses 134 124 381 344
Less: other segment items 11 10 30 33
Reportable Legal Entities | Indices | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Indices | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 462 416 1,352 1,193
Reportable Legal Entities | Subscription | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 1,035 981 3,045 2,893
Reportable Legal Entities | Subscription | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Subscription | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 507 478 1,493 1,387
Reportable Legal Entities | Subscription | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 82 74 237 218
Reportable Legal Entities | Non-subscription / Transaction | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 43 39 141 136
Reportable Legal Entities | Non-subscription / Transaction | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 668 597 1,885 1,804
Reportable Legal Entities | Non-subscription / Transaction | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 18 18 139 133
Reportable Legal Entities | Non-subscription / Transaction | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Non-transaction | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Non-transaction | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 572 513 1,652 1,503
Reportable Legal Entities | Non-transaction | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Non-transaction | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Asset-linked fees | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Asset-linked fees | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Asset-linked fees | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Asset-linked fees | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 303 266 876 756
Reportable Legal Entities | Sales usage-based royalties | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Sales usage-based royalties | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Sales usage-based royalties | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 31 26 90 77
Reportable Legal Entities | Sales usage-based royalties | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 77 76 239 219
Reportable Legal Entities | Recurring variable revenue | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 158 142 467 430
Reportable Legal Entities | Recurring variable revenue | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Recurring variable revenue | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Recurring variable revenue | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Corporate Unallocated        
Disaggregation of Revenue [Line Items]        
Operating profit $ 97 $ 73 $ 242 $ 195
v3.25.3
Segment and Related Information - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Revenue $ 3,888 $ 3,575 $ 11,420 $ 10,616
Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 812 735 2,406 2,305
Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 3,076 2,840 9,014 8,311
Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 1,986 1,864 5,837 5,464
Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 812 735 2,406 2,305
Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue 521 466 1,505 1,365
Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 303 266 876 756
Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 108 102 329 296
Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 158 142 467 430
Reportable Legal Entities        
Disaggregation of Revenue [Line Items]        
Revenue 3,939 3,622 11,567 10,754
Reportable Legal Entities | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue 1,236 1,162 3,653 3,459
Reportable Legal Entities | Market Intelligence | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 43 39 141 136
Reportable Legal Entities | Market Intelligence | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 1,193 1,123 3,512 3,323
Reportable Legal Entities | Market Intelligence | Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 1,035 981 3,045 2,893
Reportable Legal Entities | Market Intelligence | Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 43 39 141 136
Reportable Legal Entities | Market Intelligence | Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Market Intelligence | Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Market Intelligence | Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Market Intelligence | Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 158 142 467 430
Reportable Legal Entities | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue 1,240 1,110 3,537 3,307
Reportable Legal Entities | Ratings | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 668 597 1,885 1,804
Reportable Legal Entities | Ratings | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 572 513 1,652 1,503
Reportable Legal Entities | Ratings | Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Ratings | Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 668 597 1,885 1,804
Reportable Legal Entities | Ratings | Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue 572 513 1,652 1,503
Reportable Legal Entities | Ratings | Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Ratings | Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Ratings | Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 556 522 1,722 1,597
Reportable Legal Entities | Commodity Insights | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 18 18 139 133
Reportable Legal Entities | Commodity Insights | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 538 504 1,583 1,464
Reportable Legal Entities | Commodity Insights | Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 507 478 1,493 1,387
Reportable Legal Entities | Commodity Insights | Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 18 18 139 133
Reportable Legal Entities | Commodity Insights | Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Commodity Insights | Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Commodity Insights | Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 31 26 90 77
Reportable Legal Entities | Commodity Insights | Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Mobility        
Disaggregation of Revenue [Line Items]        
Revenue 445 412 1,303 1,198
Reportable Legal Entities | Mobility | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 83 81 241 232
Reportable Legal Entities | Mobility | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 362 331 1,062 966
Reportable Legal Entities | Mobility | Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 362 331 1,062 966
Reportable Legal Entities | Mobility | Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 83 81 241 232
Reportable Legal Entities | Mobility | Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Mobility | Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Mobility | Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Mobility | Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Indices        
Disaggregation of Revenue [Line Items]        
Revenue 462 416 1,352 1,193
Reportable Legal Entities | Indices | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Indices | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue 462 416 1,352 1,193
Reportable Legal Entities | Indices | Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 82 74 237 218
Reportable Legal Entities | Indices | Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Indices | Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Reportable Legal Entities | Indices | Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 303 266 876 756
Reportable Legal Entities | Indices | Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 77 76 239 219
Reportable Legal Entities | Indices | Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination        
Disaggregation of Revenue [Line Items]        
Revenue (51) (47) (147) (138)
Intersegment Elimination | Services transferred at a point in time        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Services transferred over time        
Disaggregation of Revenue [Line Items]        
Revenue (51) (47) (147) (138)
Intersegment Elimination | Subscription        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Non-subscription / Transaction        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Non-transaction        
Disaggregation of Revenue [Line Items]        
Revenue (51) (47) (147) (138)
Intersegment Elimination | Asset-linked fees        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Sales usage-based royalties        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Recurring variable revenue        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Market Intelligence        
Disaggregation of Revenue [Line Items]        
Revenue (4) (3) (10) (9)
Intersegment Elimination | Ratings        
Disaggregation of Revenue [Line Items]        
Revenue (44) (41) (129) (121)
Intersegment Elimination | Commodity Insights        
Disaggregation of Revenue [Line Items]        
Revenue 0 0 0 0
Intersegment Elimination | Indices        
Disaggregation of Revenue [Line Items]        
Revenue $ (3) $ (3) $ (8) $ (8)
v3.25.3
Segment and Related Information - Schedule of Segment Information (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Segment Reporting Information [Line Items]    
Total assets $ 59,749 $ 60,221
Operating Segments    
Segment Reporting Information [Line Items]    
Total assets 54,929 55,592
Operating Segments | Market Intelligence    
Segment Reporting Information [Line Items]    
Total assets 28,764,000 29,478
Operating Segments | Ratings    
Segment Reporting Information [Line Items]    
Total assets 1,180 1,056
Operating Segments | Commodity Insights    
Segment Reporting Information [Line Items]    
Total assets 3,335 8,636
Operating Segments | Mobility    
Segment Reporting Information [Line Items]    
Total assets 8,667 13,222
Operating Segments | Indices    
Segment Reporting Information [Line Items]    
Total assets 12,983 3,200
Corporate    
Segment Reporting Information [Line Items]    
Total assets $ 4,820 $ 4,629
v3.25.3
Segment and Related Information - Schedule of Geographic Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 3,888 $ 3,575 $ 11,420 $ 10,616
U.S.        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue 2,362 2,176 6,973 6,478
European region        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue 885 802 2,596 2,407
Asia        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue 430 388 1,221 1,111
Rest of the world        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 211 $ 209 $ 630 $ 620
v3.25.3
Commitments and Contingencies - Narrative (Details)
$ in Millions
 3 Months Ended 9 Months Ended
Feb. 02, 2021
plaintiff
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Loss Contingencies [Line Items]          
Period of lease extension options   12 years   12 years  
Total estimated future lease payments   $ 99   $ 99  
Revenue   $ 3,888 $ 3,575 $ 11,420 $ 10,616
Basis Capital Investment Group, Investment Losses on Collateralized Debt Obligations          
Loss Contingencies [Line Items]          
Number of entities | plaintiff 2        
CME Group          
Loss Contingencies [Line Items]          
Noncontrolling interest ownership by noncontrolling owners percentage   27.00%   27.00%  
S&P DJ Indices | CME Group          
Loss Contingencies [Line Items]          
Noncontrolling interest ownership by noncontrolling owners percentage   27.00%   27.00%  
S&P DJ Indices | Related Party          
Loss Contingencies [Line Items]          
Revenue   $ 44 $ 50 $ 146 $ 146
Minimum          
Loss Contingencies [Line Items]          
Remaining lease terms   1 year   1 year  
Lease term   1 year   1 year  
Maximum          
Loss Contingencies [Line Items]          
Remaining lease terms   12 years   12 years  
Lease term   12 years   12 years  
v3.25.3
Commitments and Contingencies - Schedule of Location and Amounts of Leases (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Assets    
Lease right of use assets $ 384 $ 413
Liabilities    
Operating lease, liability, current, statement of financial position [Extensible List] Other Liabilities, Current Other Liabilities, Current
Current lease liabilities $ 116 $ 109
Non-current lease liabilities $ 481 $ 535
v3.25.3
Commitments and Contingencies - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]        
Operating lease cost $ 30 $ 32 $ 92 $ 97
Sublease income (4) (3) (11) (10)
Total lease cost $ 26 $ 29 $ 81 $ 87
v3.25.3
Commitments and Contingencies - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Cash paid for amounts included in the measurement for operating lease liabilities        
Operating cash flows for operating leases $ 35 $ 36 $ 104 $ 105
Right of use assets obtained in exchange for lease obligations        
Operating leases $ 3 $ 18 $ 24 $ 60
v3.25.3
Commitments and Contingencies - Schedule of Lease Term and Discount Rate (Details)
Sep. 30, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
Weighted-average remaining lease term (years) 5 years 1 month 6 days 5 years 7 months 6 days
Weighted-average discount rate 4.29% 4.02%
v3.25.3
Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
2025 (Excluding the nine months ended September 30, 2025) $ 35
2026 137
2027 127
2028 102
2029 83
2030 and beyond 195
Total undiscounted lease payments 679
Less: Imputed interest 82
Present value of lease liabilities $ 597