v3.26.1
Segment and Related Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment and Related Information Segment and Related Information
Effective July 1, 2026, we have four reportable segments: Market Intelligence, Ratings, Energy and Indices. The results of Mobility are included through June 30, 2026. Beginning with the third quarter of 2026, the historical financial results of Mobility through June 30, 2026 will be reflected in our consolidated financial statements as discontinued operations in accordance with U.S. GAAP for all periods.

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, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.


Operating results for the periods ended June 30 are as follows:
(in millions)Market Intelligence RatingsEnergyMobilityIndices Total
Three Months Ended June 30, 2026
Revenue from external customers$1,286 $1,293 $568 $468 $531 $4,146 
Intersegment revenue 1
446— — 353 
Revenue1,290 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 profit1,812 
Other income, net (4)
Interest expense, net87
Income before taxes on income$1,729 
(in millions)Market Intelligence RatingsEnergyMobilityIndices 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
791— — 6104 
Revenue2,586 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 profit3,814 
Other income, net (6)
Interest expense, net182
Income before taxes on income$3,638 

(in millions)Market Intelligence RatingsEnergyMobilityIndices 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
Revenue1,217 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 profit1,551 
Other income, net (28)
Interest expense, net77 
Income before taxes on income$1,502 
(in millions)Market Intelligence RatingsEnergyMobilityIndices 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
Revenue2,416 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 profit3,129 
Other income, net (23)
Interest expense, net154 
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 IntelligenceRatingsEnergyMobility Indices
Intersegment Elimination 1
Total
Three Months Ended June 30, 2026
Subscription$1,076 $— $518 $383 $87 $— $2,064 
Non-subscription / Transaction41 746 23 85 — — 895 
Non-transaction— 593 — — — (53)540 
Asset-linked fees— — — — 348 — 348 
Sales usage-based royalties— — 27 — 99 — 126 
Recurring variable revenue173 — — — — — 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 IntelligenceRatingsEnergyMobilityIndices
Intersegment Elimination 1
Total
Six Months Ended June 30, 2026
Subscription$2,128 $— $1,024 $754 $171 $— $4,077 
Non-subscription / Transaction117 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 revenue341 — — — — — 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 IntelligenceRatingsEnergyMobilityIndices
Intersegment Elimination 1
Total
Three Months Ended June 30, 2025
Subscription$1,017 $— $500 $357 $80 $— $1,954 
Non-subscription / Transaction42 597 25 81 — — 745 
Non-transaction— 551 — — — (49)502 
Asset-linked fees— — — — 286 — 286 
Sales usage-based royalties— — 30 — 80 — 110 
Recurring variable revenue158 — — — — — 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 time1,175 551 530 357 446 (49)3,010 
Total revenue$1,217 $1,148 $555 $438 $446 $(49)$3,755 
(in millions)Market IntelligenceRatingsEnergyMobilityIndices
Intersegment Elimination 1
Total
Six Months Ended June 30, 2025
Subscription$2,010 $— $986 $700 $155 $— $3,851 
Non-subscription / Transaction98 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 revenue308 — — — — — 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 time2,318 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,
 20262025
Market Intelligence$30,323 $31,234 
Ratings1,417 1,137 
Energy8,480 8,543 
Mobility12,835 12,974 
Indices3,421 3,378 
Total reportable segments56,476 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.

The following provides revenue by geographic region for the periods ended June 30:
(in millions)Three MonthsSix Months
2026202520262025
U.S.$2,530 $2,269 $5,154 $4,611 
European region952 863 1,848 1,711 
Asia440 408 870 791 
Rest of the world224 215 446 419 
Total$4,146 $3,755 $8,318 $7,532 

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