Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Indices earns on money it never manages
Fees are computed on assets in funds built on its benchmarks, so index revenue grows with markets, not with customers.
For investorsWhat the index and ratings fees depend on from here
For foundersCreated once, sold many times: the data reuse playbook
Ratings and Market Intelligence sell about the same, yet Ratings keeps 65.6% as profit against 23.8%.
Operating profit rose 25.7%, but profit attributable to shareholders rose 5.4% after tax on divestitures and discontinued losses.
Issuers and fund sponsors pay because investors already rely on these standards, and 79.7% of revenue is delivered over time.
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Business Lens describes S&P Global from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
