S&P Global provides data, benchmarks, analytics, and workflow tools to capital markets, energy and commodity markets, and the automotive industry. The company operates through five segments, with a sixth (Mobility, which includes CARFAX) being spun off in mid-2026. Ratings (~28-30% of revenue) issues credit ratings on corporate, government, structured finance, and private credit debt, earning transaction fees each time a bond is issued and surveillance fees on outstanding ratings. Market Intelligence (~33-35% of revenue) sells financial data, analytics, and workflow software — including Capital IQ Pro — to investment managers, banks, and financial institutions on a subscription basis. Indices (~14-16% of revenue) licenses the S&P Dow Jones family of benchmarks to ETFs, mutual funds, and derivatives markets, earning fees as a percentage of AUM and royalties on derivatives volumes. Energy (~13-15% of revenue) provides Platts price assessments, data, and analytics to energy and commodity markets, with Platts benchmarks directly embedded in many global physical commodity contracts. Over 75% of revenue is recurring subscriptions, making the business highly predictable, while transaction revenue in Ratings moves with debt issuance volumes. S&P Global has significant operating leverage, with expense growth consistently lagging revenue growth. Key growth priorities include private markets data and ratings, AI product development and data distribution through partners like Microsoft and Google, and expanding energy transition coverage.