
Revenue

(in millions)	2024		2023
Market Intelligence	$	1,142	$	1,071
Ratings	1,062		824
Commodity Insights	559		508
Mobility	386		358
Indices	387		341
Engineering Solutions	—		100
Intersegment elimination 1	(45)		(42)
Total revenue	$	3,491	$	3,160


Operating Profit

(in millions)	2024		2023
Market Intelligence 2	$	189	$	229
Ratings 3	679		477
Commodity Insights 4	226		187
Mobility 5	70		64
Indices 6	272		238
Engineering Solutions 7	—		14

Total reportable segments	1,436		1,209
Corporate Unallocated expense 8	(57)		(79)
Equity in Income on Unconsolidated Subsidiaries 9	6		14
Total operating profit	$	1,385	$	1,144

1Revenue for Ratings and expenses for Market Intelligence include an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

2Operating profit for 2024 includes employee severance charges of $31 million, IHS Markit merger costs of $11 million and acquisition-related costs of $3 million. Operating profit for 2023 includes a gain on disposition of $46 million, IHS Markit merger costs of $13 million and employee severance charges of $6 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $140 million and $141 million for 2024 and 2023, respectively.

3Operating profit for 2024 and 2023 includes employee severance charges of $2 million and $1 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $7 million and $2 million for 2024 and 2023, respectively.

4Operating profit for 2024 includes IHS Markit merger costs of $5 million. Operating profit for 2023 includes IHS Markit merger costs of $13 million and employee severance charges of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $32 million and $33 million for 2024 and 2023, respectively.

5Operating profit for 2024 includes IHS Markit merger costs of $1 million. Operating profit for 2023 includes IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million and $74 million for 2024 and 2023, respectively.

6Operating profit for 2024 includes IHS Markit merger costs of $1 million and employee severance charges of $1 million. Operating profit for 2023 includes a gain on disposition of $4 million, employee severance charges of $1 million and IHS Markit merger costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for 2024 and 2023.

8Corporate Unallocated expense for 2024 includes IHS Markit merger costs of $18 million, employee severance charges of $2 million, acquisition-related costs of $1 million and recovery of lease-related costs of $1 million. Corporate Unallocated expense for 2023 includes IHS Markit merger costs of $37 million, disposition related costs of $13 million, employee severance charges of $1 million and acquisition-related costs of $1 million. Additionally, Corporate Unallocated expense includes amortization of intangibles from acquisitions of $1 million for 2023.


(in millions)		Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions 1		Intersegment Elimination 2		Total

	2024
Subscription		$	947	$	—	$	450	$	311	$	70	$	—	$	—	$	1,778
Non-subscription / Transaction		54		582		83		75		—		—		—		794
Non-transaction		—		480		—		—		—		—		(45)		435
Asset-linked fees		—		—		—		—		244		—		—		244
Sales usage-based royalties		—		—		26		—		73		—		—		99
Recurring variable revenue		141		—		—		—		—		—		—		141
Total revenue		$	1,142	$	1,062	$	559	$	386	$	387	$	—	$	(45)	$	3,491

Timing of revenue recognition
Services transferred at a point in time		$	54	$	582	$	83	$	75	$	—	$	—	$	—	$	794
Services transferred over time		1,088		480		476		311		387		—		(45)		2,697
Total revenue		$	1,142	$	1,062	$	559	$	386	$	387	$	—	$	(45)	$	3,491


(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Engineering Solutions 1		Intersegment Elimination 2		Total

	2023
Subscription	$	890	$	—	$	409	$	281	$	66	$	94	$	—	$	1,740
Non-subscription / Transaction	56		379		80		77		—		6		—		598
Non-transaction	—		445		—		—		—		—		(42)		403
Asset-linked fees	—		—		—		—		210		—		—		210
Sales usage-based royalties	—		—		19		—		65		—		—		84
Recurring variable revenue	125		—		—		—		—		—		—		125
Total revenue	$	1,071	$	824	$	508	$	358	$	341	$	100	$	(42)	$	3,160

Timing of revenue recognition
Services transferred at a point in time	$	56	$	379	$	80	$	77	$	—	$	6	$	—	$	598
Services transferred over time	1,015		445		428		281		341		94		(42)		2,562
Total revenue	$	1,071	$	824	$	508	$	358	$	341	$	100	$	(42)	$	3,160

2 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.