
(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		Total
	Three Months Ended September 30, 2025
Revenue from external customers	$	1,232	$	1,196	$	556	$	445	$	459	$	3,888
Intersegment revenue 1	4		44		—		—		3		51
Revenue	1,236		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 profit											1,675
Other income, net											(2)
Interest expense, net											79
Income before taxes on income											$	1,598


(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		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	10		129		—		—		8		147
Revenue	3,653		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 profit											4,804
Other income, net											(25)
Interest expense, net											233
Income before taxes on income											$	4,596



(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		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
Revenue	1,162		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 profit											1,434
Other income, net											2
Interest expense, net											72

Income before taxes on income											$	1,360



(in millions)	Market Intelligence		Ratings		Commodity Insights		Mobility		Indices		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
Revenue	3,459		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 profit											4,271
Other income, net											(10)
Interest expense, net											227

Income before taxes on income											$	4,054

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.


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

	Three Months Ended September 30, 2025
Subscription		$	1,035	$	—	$	507	$	362	$	82	$	—	$	1,986
Non-subscription / Transaction		43		668		18		83		—		—		812
Non-transaction		—		572		—		—		—		(51)		521
Asset-linked fees		—		—		—		—		303		—		303
Sales usage-based royalties		—		—		31		—		77		—		108
Recurring variable revenue		158		—		—		—		—		—		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 Intelligence		Ratings		Commodity Insights		Mobility		Indices		Intersegment Elimination 1		Total

	Nine Months Ended September 30, 2025
Subscription		$	3,045	$	—	$	1,493	$	1,062	$	237	$	—	$	5,837
Non-subscription / Transaction		141		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 revenue		467		—		—		—		—		—		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 Intelligence		Ratings		Commodity Insights		Mobility		Indices		Intersegment Elimination 1		Total

	Three Months Ended September 30, 2024
Subscription	$	981	$	—	$	478	$	331	$	74	$	—	$	1,864
Non-subscription / Transaction	39		597		18		81		—		—		735
Non-transaction	—		513		—		—		—		(47)		466
Asset-linked fees	—		—		—		—		266		—		266
Sales usage-based royalties	—		—		26		—		76		—		102
Recurring variable revenue	142		—		—		—		—		—		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 time	1,123		513		504		331		416		(47)		2,840
Total revenue	$	1,162	$	1,110	$	522	$	412	$	416	$	(47)	$	3,575


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

	Nine Months Ended September 30, 2024
Subscription	$	2,893	$	—	$	1,387	$	966	$	218	$	—	$	5,464
Non-subscription / Transaction	136		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 revenue	430		—		—		—		—		—		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 time	3,323		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.


(in millions)	Total Assets
	September 30,		December 31,
	2025		2024
Market Intelligence	$	28,764	$	29,478
Ratings	1,180		1,056
Commodity Insights	3,335		8,636
Mobility	8,667		13,222
Indices	12,983		3,200
Total reportable segments	54,929		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.