
(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Total
	2025
Revenue from external customers	$	1,196	$	1,107	$	612	$	420	$	442	$	3,777
Intersegment revenue 1	3		42		—		—		3		48
Revenue	1,199		1,149		612		420		445		3,825
Intersegment elimination											(48)
Total revenue											3,777
Less: segment expenses 2	805		388		318		258		121		1,890
Less: other segment items 3	174		4		39		76		9		302
Intersegment elimination											(48)
Segment operating profit	$	220	$	757	$	255	$	86	$	315	$	1,633
Corporate Unallocated expense 4											66
Equity in income on unconsolidated subsidiaries											(11)
Operating profit											1,578
Other expense, net											4
Interest expense, net											78
Income before taxes on income											$	1,496



(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Total
	2024
Revenue from external customers	$	1,139	$	1,022	$	559	$	386	$	385	$	3,491
Intersegment revenue 1	3		40		—		—		2		45
Revenue	1,142		1,062		559		386		387		3,536
Intersegment elimination											(45)
Total revenue											3,491
Less: segment expenses 2	768		375		295		239		105		1,782
Less: other segment items 3	185		8		38		77		10		318
Intersegment elimination											(45)
Segment operating profit	$	189	$	679	$	226	$	70	$	272	$	1,436
Corporate Unallocated expense 4											57
Equity in income on unconsolidated subsidiaries											(6)
Operating profit											1,385
Other income, net											(9)
Interest expense, net											78

Income before taxes on income											$	1,316

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 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 In 2025, other segment items for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, Executive Leadership Team transition costs and acquisition and disposition-related costs. In 2024, other segment items 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.


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

	2025
Subscription		$	993	$	—	$	486	$	343	$	76	$	—	$	1,898
Non-subscription / Transaction		56		620		97		77		—		—		850
Non-transaction		—		529		—		—		—		(48)		481
Asset-linked fees		—		—		—		—		288		—		288
Sales usage-based royalties		—		—		29		—		81		—		110
Recurring variable revenue		150		—		—		—		—		—		150
Total revenue		$	1,199	$	1,149	$	612	$	420	$	445	$	(48)	$	3,777

Timing of revenue recognition
Services transferred at a point in time		$	56	$	620	$	97	$	77	$	—	$	—	$	850
Services transferred over time		1,143		529		515		343		445		(48)		2,927
Total revenue		$	1,199	$	1,149	$	612	$	420	$	445	$	(48)	$	3,777


(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Intersegment Elimination 1		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

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.


(in millions)	Total Assets
	March 31,		December 31,
	2025		2024
Market Intelligence	$	29,035	$	29,478
Ratings	1,234		1,056
Commodity Insights	8,753		8,636
Mobility	13,161		13,222
Indices	3,297		3,200
Total reportable segments	55,480		55,592
Corporate 1	4,409		4,629

Total	$	59,889	$	60,221