
(in millions)	Market Intelligence		Ratings		Energy		Mobility		Indices		Total
	2026
Revenue from external customers	$	1,292	$	1,257	$	652	$	454	$	516	$	4,171
Intersegment revenue 1	4		45		—		—		3		52
Revenue	1,296		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 profit											2,002
Other income, net											(2)
Interest expense, net											96
Income before taxes on income											$	1,908



(in millions)	Market Intelligence		Ratings		Energy		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

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.


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

	2026
Subscription		$	1,052	$	—	$	506	$	372	$	84	$	—	$	2,014
Non-subscription / Transaction		75		712		109		82		—		—		978
Non-transaction		—		590		—		—		—		(52)		538
Asset-linked fees		—		—		—		—		339		—		339
Sales usage-based royalties		—		—		37		—		96		—		133
Recurring variable revenue		169		—		—		—		—		—		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 Intelligence		Ratings		Energy		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

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,
	2026		2025
Market Intelligence	$	30,975	$	31,234
Ratings	1,294		1,137
Energy	8,425		8,543
Mobility	12,905		12,974
Indices	3,437		3,378
Total reportable segments	57,036		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.