Segment and Related Information (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Information

Operating results for the periods ended June 30 are as follows:

(in millions)	Market Intelligence		Ratings		Energy		Mobility		Indices		Total
	Three Months Ended June 30, 2026
Revenue from external customers	$	1,286	$	1,293	$	568	$	468	$	531	$	4,146
Intersegment revenue 1	4		46		—		—		3		53
Revenue	1,290		1,339		568		468		534		4,199
Intersegment elimination											(53)
Total revenue											4,146
Less: segment expenses 2	824		417		287		267		148		1,943
Less: other segment items 3	173		9		48		97		13		340
Intersegment elimination											(53)
Segment operating profit	$	293	$	913	$	233	$	104	$	373	$	1,916
Corporate Unallocated expense 4											104
Operating profit											1,812
Other income, net											(4)
Interest expense, net											87
Income before taxes on income											$	1,729

(in millions)	Market Intelligence		Ratings		Energy		Mobility		Indices		Total
	Six Months Ended June 30, 2026
Revenue from external customers	$	2,579	$	2,550	$	1,221	$	921	$	1,047	$	8,318
Intersegment revenue 1	7		91		—		—		6		104
Revenue	2,586		2,641		1,221		921		1,053		8,422
Intersegment elimination											(104)
Total revenue											8,318
Less: segment expenses 2	1,684		837		617		539		284		3,961
Less: other segment items 3	169		10		84		185		24		472
Intersegment elimination											(104)
Segment operating profit	$	733	$	1,794	$	520	$	197	$	745	$	3,989
Corporate Unallocated expense 4											175
Operating profit											3,814
Other income, net											(6)
Interest expense, net											182
Income before taxes on income											$	3,638

(in millions)	Market Intelligence		Ratings		Energy		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		Energy		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

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, Energy, Mobility and Indices for the three and six months ended June 30, 2026 and 2025 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, 2026 for each reportable segment primarily include amortization of intangibles from acquisitions, gain on dispositions and certain items primarily including acquisition and disposition-related costs and employee severance charges. 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.

4 Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.

The following table presents our revenue disaggregated by revenue type for the periods ended June 30:

(in millions)	Market Intelligence		Ratings		Energy		Mobility		Indices		Intersegment Elimination 1		Total
	Three Months Ended June 30, 2026
Subscription	$	1,076	$	—	$	518	$	383	$	87	$	—	$	2,064
Non-subscription / Transaction	41		746		23		85		—		—		895
Non-transaction	—		593		—		—		—		(53)		540
Asset-linked fees	—		—		—		—		348		—		348
Sales usage-based royalties	—		—		27		—		99		—		126
Recurring variable revenue	173		—		—		—		—		—		173
Total revenue	$	1,290	$	1,339	$	568	$	468	$	534	$	(53)	$	4,146
Timing of revenue recognition
Services transferred at a point in time	$	41	$	746	$	23	$	85	$	—	$	—	$	895
Services transferred over time	1,249		593		545		383		534		(53)		3,251
Total revenue	$	1,290	$	1,339	$	568	$	468	$	534	$	(53)	$	4,146
(in millions)	Market Intelligence		Ratings		Energy		Mobility		Indices		Intersegment Elimination 1		Total
	Six Months Ended June 30, 2026
Subscription	$	2,128	$	—	$	1,024	$	754	$	171	$	—	$	4,077
Non-subscription / Transaction	117		1,458		132		167		—		—		1,874
Non-transaction	—		1,183		—		—		—		(104)		1,079
Asset-linked fees	—		—		—		—		688		—		688
Sales usage-based royalties	—		—		65		—		194		—		259
Recurring variable revenue	341		—		—		—		—		—		341
Total revenue	$	2,586	$	2,641	$	1,221	$	921	$	1,053	$	(104)	$	8,318
Timing of revenue recognition
Services transferred at a point in time	$	117	$	1,458	$	132	$	167	$	—	$	—	$	1,874
Services transferred over time	2,469		1,183		1,089		754		1,053		(104)		6,444
Total revenue	$	2,586	$	2,641	$	1,221	$	921	$	1,053	$	(104)	$	8,318

(in millions)	Market Intelligence		Ratings		Energy		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		Energy		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

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.

Segment information as of June 30, 2026 and December 31, 2025 is as follows:

(in millions)	Total Assets
	June 30,		December 31,
	2026		2025
Market Intelligence	$	30,323	$	31,234
Ratings	1,417		1,137
Energy	8,480		8,543
Mobility	12,835		12,974
Indices	3,421		3,378
Total reportable segments	56,476		57,266
Corporate 1	6,310		3,738
Assets of held for sale 2	120		196
Total	$	62,906	$	61,200

1Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, investments, assets for pension benefits and deferred income taxes.

2Relates to the anticipated divestiture of Energy’s geoscience and petroleum engineering software portfolio and the divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment as of June 30, 2026 and December 31, 2025, respectively. Additionally, assets held for sale include fixed assets related to our facility in Centennial, Colorado as of December 31, 2025.

Schedule of Revenue and Long-lived Assets by Geographic Region

The following provides revenue by geographic region for the periods ended June 30:

(in millions)	Three Months				Six Months
	2026		2025		2026		2025
U.S.	$	2,530	$	2,269	$	5,154	$	4,611
European region	952		863		1,848		1,711
Asia	440		408		870		791
Rest of the world	224		215		446		419
Total	$	4,146	$	3,755	$	8,318	$	7,532