v3.26.1
Segment and Related Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
We have five reportable segments: Market Intelligence, Ratings, Energy, Mobility and Indices.

Our Chief Executive Officer is our chief operating decision-maker (“CODM”) and evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other (income) expense, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.


Operating results for the three months ended March 31 are as follows:
(in millions)Market Intelligence RatingsEnergyMobilityIndices Total
2026
Revenue from external customers$1,292 $1,257 $652 $454 $516 $4,171 
Intersegment revenue 1
445— — 352 
Revenue1,296 1,302 652 454 519 4,223 
Intersegment elimination(52)
Total revenue 4,171 
Less: segment expenses 2
860 420 330 272 136 2,018 
Less: other segment items 3
(4)1 35 89 11 132 
Intersegment elimination(52)
Segment operating profit$440 $881 $287 $93 $372 $2,073 
Corporate Unallocated expense 4
71 
Operating profit2,002 
Other income, net (2)
Interest expense, net96
Income before taxes on income$1,908 


(in millions)Market Intelligence RatingsEnergyMobilityIndices Total
2025
Revenue from external customers$1,196 $1,107 $612 $420 $442 $3,777 
Intersegment revenue 1
3 42— — 3 48
Revenue1,199 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 profit1,578 
Other expense, net 4 
Interest expense, net78 
Income before taxes on income$1,496 
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 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 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. Other segment items for 2025 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.
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 three months ended March 31:
(in millions)Market IntelligenceRatingsEnergyMobility Indices
Intersegment Elimination 1
Total
2026
Subscription$1,052 $— $506 $372 $84 $— $2,014 
Non-subscription / Transaction75 712 109 82 — — 978 
Non-transaction— 590 — — — (52)538 
Asset-linked fees— — — — 339 — 339 
Sales usage-based royalties— — 37 — 96 — 133 
Recurring variable revenue169 — — — — — 169 
Total revenue$1,296 $1,302 $652 $454 $519 $(52)$4,171 
Timing of revenue recognition
Services transferred at a point in time$75 $712 $109 $82 $— $— $978 
Services transferred over time
1,221 590 543 372 519 (52)3,193 
Total revenue$1,296 $1,302 $652 $454 $519 $(52)$4,171 

(in millions)Market IntelligenceRatingsEnergyMobilityIndices
Intersegment Elimination 1
Total
2025
Subscription$993 $— $486 $343 $76 $— $1,898 
Non-subscription / Transaction56 620 97 77 — — 850 
Non-transaction— 529 — — — (48)481 
Asset-linked fees— — — — 288 — 288 
Sales usage-based royalties— — 29 — 81 — 110 
Recurring variable revenue150 — — — — — 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 time1,143 529 515 343 445 (48)2,927 
Total revenue$1,199 $1,149 $612 $420 $445 $(48)$3,777 
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 March 31, 2026 and December 31, 2025 is as follows:
(in millions)Total Assets
March 31, December 31,
 20262025
Market Intelligence$30,975 $31,234 
Ratings1,294 1,137 
Energy8,425 8,543 
Mobility12,905 12,974 
Indices3,437 3,378 
Total reportable segments57,036 57,266 
Corporate 1
3,628 3,738 
Assets of held for sale 2
128 196 
Total$60,792 $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 March 31, 2026 and December 31, 2025, respectively. Additionally, assets held for sale include fixed assets related to our intent to sell our facility in Centennial, Colorado as of March 31, 2026 and December 31, 2025.

The following provides revenue by geographic region for the three months ended March 31:
(in millions)20262025
U.S.$2,625 $2,342 
European region895 849 
Asia430 382 
Rest of the world221 204 
Total$4,171 $3,777 

See Note 2 — Acquisitions and Divestitures and Note 10 — Restructuring for additional actions that impacted the segment operating results.