
(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Total
	Three Months Ended June 30, 2025
Revenue from external customers	$	1,214	$	1,105	$	555	$	438	$	443	$	3,755
Intersegment revenue 1	3		43		—		—		3		49
Revenue	1,217		1,148		555		438		446		3,804
Intersegment elimination											(49)
Total revenue											3,755
Less: segment expenses 2	787		396		285		253		128		1,849
Less: other segment items 3	171		37		37		81		9		335
Intersegment elimination											(49)
Segment operating profit	$	259	$	715	$	233	$	104	$	309	$	1,620
Corporate Unallocated expense 4											80
Equity in income on unconsolidated subsidiaries											(11)
Operating profit											1,551
Other income, net											(28)
Interest expense, net											77
Income before taxes on income											$	1,502


(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Total
	Six Months Ended June 30, 2025
Revenue from external customers	$	2,410	$	2,212	$	1,167	$	858	$	885	$	7,532
Intersegment revenue 1	6		85		—		—		6		97
Revenue	2,416		2,297		1,167		858		891		7,629
Intersegment elimination											(97)
Total revenue											7,532
Less: segment expenses 2	1,593		784		603		511		249		3,740
Less: other segment items 3	344		42		76		157		18		637
Intersegment elimination											(97)
Segment operating profit	$	479	$	1,471	$	488	$	190	$	624	$	3,252
Corporate Unallocated expense 4											145
Equity in income on unconsolidated subsidiaries											(22)
Operating profit											3,129
Other income, net											(23)
Interest expense, net											154
Income before taxes on income											$	2,998



(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Total
	Three Months Ended June 30, 2024
Revenue from external customers	$	1,152	$	1,095	$	516	$	400	$	386	$	3,549
Intersegment revenue 1	3		40		—		—		3		46
Revenue	1,155		1,135		516		400		389		3,595
Intersegment elimination											(46)
Total revenue											3,549
Less: segment expenses 2	775		388		272		236		114		1,785
Less: other segment items 3	150		22		38		84		12		306
Intersegment elimination											(46)
Segment operating profit	$	230	$	725	$	206	$	80	$	263	$	1,504
Corporate Unallocated expense 4											65
Equity in income on unconsolidated subsidiaries											(13)
Operating profit											1,452
Other income, net											(3)
Interest expense, net											77

Income before taxes on income											$	1,378



(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Total
	Six Months Ended June 30, 2024
Revenue from external customers	$	2,291	$	2,117	$	1,075	$	786	$	771	$	7,040
Intersegment revenue 1	6		80		—		—		5		91
Revenue	2,297		2,197		1,075		786		776		7,131
Intersegment elimination											(91)
Total revenue											7,040
Less: segment expenses 2	1,543		762		567		475		219		3,566
Less: other segment items 3	335		31		76		160		23		625
Intersegment elimination											(91)
Segment operating profit	$	419	$	1,404	$	432	$	151	$	534	$	2,940
Corporate Unallocated expense 4											122
Equity in income on unconsolidated subsidiaries											(19)
Operating profit											2,837
Other income, net											(13)
Interest expense, net											156

Income before taxes on income											$	2,694

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 six months ended June 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 six months ended June 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 six months ended June 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.


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

	Three Months Ended June 30, 2025
Subscription		$	1,017	$	—	$	500	$	357	$	80	$	—	$	1,954
Non-subscription / Transaction		42		597		25		81		—		—		745
Non-transaction		—		551		—		—		—		(49)		502
Asset-linked fees		—		—		—		—		286		—		286
Sales usage-based royalties		—		—		30		—		80		—		110
Recurring variable revenue		158		—		—		—		—		—		158
Total revenue		$	1,217	$	1,148	$	555	$	438	$	446	$	(49)	$	3,755

Timing of revenue recognition
Services transferred at a point in time		$	42	$	597	$	25	$	81	$	—	$	—	$	745
Services transferred over time		1,175		551		530		357		446		(49)		3,010
Total revenue		$	1,217	$	1,148	$	555	$	438	$	446	$	(49)	$	3,755


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

	Six Months Ended June 30, 2025
Subscription		$	2,010	$	—	$	986	$	700	$	155	$	—	$	3,851
Non-subscription / Transaction		98		1,217		122		158		—		—		1,595
Non-transaction		—		1,080		—		—		—		(97)		983
Asset-linked fees		—		—		—		—		574		—		574
Sales usage-based royalties		—		—		59		—		162		—		221
Recurring variable revenue		308		—		—		—		—		—		308
Total revenue		$	2,416	$	2,297	$	1,167	$	858	$	891	$	(97)	$	7,532

Timing of revenue recognition
Services transferred at a point in time		$	98	$	1,217	$	122	$	158	$	—	$	—	$	1,595
Services transferred over time		2,318		1,080		1,045		700		891		(97)		5,937
Total revenue		$	2,416	$	2,297	$	1,167	$	858	$	891	$	(97)	$	7,532


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

	Three Months Ended June 30, 2024
Subscription	$	965	$	—	$	459	$	323	$	74	$	—	$	1,821
Non-subscription / Transaction	43		626		31		77		—		—		777
Non-transaction	—		509		—		—		—		(46)		463
Asset-linked fees	—		—		—		—		245		—		245
Sales usage-based royalties	—		—		26		—		70		—		96
Recurring variable revenue	147		—		—		—		—		—		147
Total revenue	$	1,155	$	1,135	$	516	$	400	$	389	$	(46)	$	3,549

Timing of revenue recognition
Services transferred at a point in time	$	43	$	626	$	31	$	77	$	—	$	—	$	777
Services transferred over time	1,112		509		485		323		389		(46)		2,772
Total revenue	$	1,155	$	1,135	$	516	$	400	$	389	$	(46)	$	3,549


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

	Six Months Ended June 30, 2024
Subscription	$	1,912	$	—	$	909	$	635	$	144	$	—	$	3,600
Non-subscription / Transaction	97		1,207		115		151		—		—		1,570
Non-transaction	—		990		—		—		—		(91)		899
Asset-linked fees	—		—		—		—		489		—		489
Sales usage-based royalties	—		—		51		—		143		—		194
Recurring variable revenue	288		—		—		—		—		—		288
Total revenue	$	2,297	$	2,197	$	1,075	$	786	$	776	$	(91)	$	7,040

Timing of revenue recognition
Services transferred at a point in time	$	97	$	1,207	$	115	$	151	$	—	$	—	$	1,570
Services transferred over time	2,200		990		960		635		776		(91)		5,470
Total revenue	$	2,297	$	2,197	$	1,075	$	786	$	776	$	(91)	$	7,040

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
	June 30,		December 31,
	2025		2024
Market Intelligence	$	28,741	$	29,478
Ratings	1,324		1,056
Commodity Insights	8,727		8,636
Mobility	13,069		13,222
Indices	3,396		3,200
Total reportable segments	55,257		55,592
Corporate 1	5,138		4,629

Total	$	60,395	$	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.