v3.25.4
Segment and Geographic Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment and Geographic Information Segment and Geographic Information
As discussed in Note 1 – Accounting Policies, 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. We use the same accounting policies for our segments as those described in Note 1 – Accounting Policies.
Operating results for the years ended December 31, 2025, 2024 and 2023 are as follows:

(in millions)Market Intelligence RatingsEnergyMobilityIndices Engineering SolutionsTotal
2025
Revenue from external customers$4,902 $4,549 $2,299 $1,747 $1,839 $— $15,336 
Intersegment revenue 1
14175— — 11— 200 
Revenue4,916 4,724 2,299 1,747 1,850 — 15,536 
Intersegment elimination(200)
Total revenue 15,336 
Less: segment expenses 2
3,246 1,645 1,205 1,051 537 — 7,684 
Less: other segment items 3
679 66 151 318 42 — 1,256 
Intersegment elimination(200)
Segment operating profit$991 $3,013 $943 $378 $1,271 $— $6,596 
Corporate Unallocated expense 4
146 
Equity in income on unconsolidated subsidiaries(28)
Operating profit6,478 
Other income, net (36)
Interest expense, net287
Income before taxes on income$6,227 

(in millions)Market Intelligence RatingsEnergyMobilityIndices Engineering SolutionsTotal
2024
Revenue from external customers$4,633 $4,207 $2,142 $1,609 $1,617 $— $14,208 
Intersegment revenue 1
12 163— — 11 — 186
Revenue4,645 4,370 2,142 1,609 1,628 — 14,394 
Intersegment elimination(186)
Total revenue 14,208 
Less: segment expenses 2
3,133 1,617 1,139 982 483 — 7,354 
Less: other segment items 3
637 46 158 315 42 — 1,198 
Intersegment elimination(186)
Segment operating profit$875 $2,707 $845 $312 $1,103 $— $5,842 
Corporate Unallocated expense 4
305 
Equity in income on unconsolidated subsidiaries(43)
Operating profit5,580 
Other income, net (25)
Interest expense, net297 
Income before taxes on income$5,308 
(in millions)Market Intelligence RatingsEnergyMobilityIndices Engineering SolutionsTotal
2023
Revenue from external customers$4,365 $3,177 $1,946 $1,484 $1,392 $133 $12,497 
Intersegment revenue 1
11 155— — 11 — 177
Revenue$4,376 $3,332 $1,946 $1,484 $1,403 $133 $12,674 
Intersegment elimination(177)
Total revenue 12,497 
Less: segment expenses 2
2,933 1,449 1,049 908 436 113 6,888 
Less: other segment items 3
729 19 193 316 42 1 1,300 
Intersegment elimination(177)
Segment operating profit$714 $1,864 $704 $260 $925 $19 $4,486 
Corporate Unallocated expense 4
502 
Equity in income on unconsolidated subsidiaries(36)
Operating profit4,020 
Other expense, net 15 
Interest expense, net334 
Income before taxes on income$3,671 
1Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
2The segment expense category for Market Intelligence, Ratings, Energy, Mobility and Indices for the years ended December 31, 2025, 2024 and 2023 primarily include an aggregation of compensation costs, technology costs and strategic investments. The segment expense category for Engineering Solutions for the year ended December 31, 2023 primarily includes an aggregation of technology costs and compensation costs. 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 year ended December 31, 2025 for each reportable segment primarily include amortization of intangibles from acquisitions, gain on dispositions and certain items primarily including employee severance charges, acquisition and disposition-related costs, legal costs and Executive Leadership Team transition costs. Other segment items for the years ended December 31, 2024 and 2023 for each reportable segment primarily include amortization of intangibles from acquisitions, (gain) loss on dispositions 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.
The following table presents our revenue disaggregated by revenue type for the years ended December 31:

(in millions)Market IntelligenceRatingsEnergyMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2025
Subscription$4,107 $— $2,016 $1,422 $320 $— $— $7,865 
Non-subscription / Transaction186 2,470 163 325 — — — 3,144 
Non-transaction— 2,254 — — — — (200)2,054 
Asset-linked fees— — — — 1,206 — — 1,206 
Sales usage-based royalties— — 120 — 324 — — 444 
Recurring variable623 — — — — — — 623 
Total revenue$4,916 $4,724 $2,299 $1,747 $1,850 $— $(200)$15,336 
Timing of revenue recognition
Services transferred at a point in time
$186 $2,470 $163 $325 $— $— $— $3,144 
Services transferred over time
4,730 2,254 2,136 1,422 1,850 — (200)12,192 
Total revenue$4,916 $4,724 $2,299 $1,747 $1,850 $— $(200)$15,336 

(in millions)Market IntelligenceRatingsEnergyMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2024
Subscription$3,882 $— $1,873 $1,299 $292 $— $— $7,346 
Non-subscription / Transaction184 2,326 166 310 — — — 2,986 
Non-transaction— 2,044 — — — — (186)1,858 
Asset-linked fees— — — — 1,046 — — 1,046 
Sales usage-based royalties— — 103 — 290 — — 393 
Recurring variable579 — — — — — — 579 
Total revenue$4,645 $4,370 $2,142 $1,609 $1,628 $— $(186)$14,208 
Timing of revenue recognition
Services transferred at a point in time
$184 $2,326 $166 $310 $— $— $— $2,986 
Services transferred over time4,461 2,044 1,976 1,299 1,628 — (186)11,222 
Total revenue$4,645 $4,370 $2,142 $1,609 $1,628 $— $(186)$14,208 
(in millions)Market IntelligenceRatingsEnergyMobilityIndicesEngineering Solutions
Intersegment Elimination 1
Total
2023
Subscription$3,685 $— $1,707 $1,169 $277 $125 $— $6,963 
Non-subscription / Transaction187 1,425 158 315 — 8 — 2,093 
Non-transaction— 1,907 — — — — (177)1,730 
Asset-linked fees— — — — 859 — — 859 
Sales usage-based royalties— — 81 — 267 — — 348 
Recurring variable504 — — — — — — 504 
Total revenue$4,376 $3,332 $1,946 $1,484 $1,403 $133 $(177)$12,497 
Timing of revenue recognition
Services transferred at a point in time
$187 $1,425 $158 $315 $— $8 $— $2,093 
Services transferred over time
4,189 1,907 1,788 1,169 1,403 125 (177)10,404 
Total revenue$4,376 $3,332 $1,946 $1,484 $1,403 $133 $(177)$12,497 
1    Intersegment eliminations mainly consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Segment information for the years ended December 31 is as follows:
(in millions)Depreciation & AmortizationCapital Expenditures
 202520242023202520242023
Market Intelligence$631 $627 $597 $78 $61 $73 
Ratings32 37 37 64 29 24 
Energy138 137 137 11 7 7 
Mobility320 317 314 28 18 22 
Indices43 42 42 4 3 13 
Engineering Solutions— — 2 — — — 
Total reportable segments1,164 1,160 1,129 185 118 139 
Corporate15 13 14 10 6 4 
Total$1,179 $1,173 $1,143 $195 $124 $143 
Segment information as of December 31 is as follows:
(in millions)Total Assets
 20252024
Market Intelligence$31,234 $29,478 
Ratings1,137 1,056 
Energy8,543 8,636 
Mobility12,974 13,222 
Indices3,378 3,200 
Total reportable segments57,266 55,592 
Corporate 1
3,738 4,629 
Assets held for sale 2
196 — 
Total$61,200 $60,221 
1Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, investments, assets for pension benefits and prepaid income taxes.
2Relates to the anticipated divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment and fixed assets related to our intent to sell our facility in Centennial, Colorado.

We do not have operations in any foreign country that represent more than 7% of our consolidated revenue. Transfers between geographic areas are recorded at agreed upon prices and intercompany revenue and profit are eliminated. No single customer accounted for more than 10% of our consolidated revenue.

The following provides revenue and long-lived assets by geographic region:
(in millions)Revenue
Long-lived Assets 1
 Year ended December 31,December 31,
 20252024202320252024
U.S.$9,322 $8,640 $7,542 $483 $483 
European region3,531 3,256 2,822 153 115 
Asia1,640 1,491 1,375 203 182 
Rest of the world843 821 758 34 32 
Total$15,336 $14,208 $12,497 $873 $812 

Revenue
Long-lived Assets 1
Year ended December 31,December 31,
 20252024202320252024
U.S.61 %61 %60 %55 %60 %
European region23 23 23 18 14 
Asia11 10 11 23 22 
Rest of the world5 6 6 4 4 
Total100 %100 %100 %100 %100 %
1Long-lived assets include right of use assets, property and equipment, net and capitalized technology costs, net.

See Note 2 – Acquisitions and Divestitures and Note 11 – Restructuring, for actions that impacted the segment operating results.