S&P Global (SPGI) investor relations material

Business resilience and market positioning

• Benchmarks drive two-thirds of revenue and three-quarters of profit, with unique, highly resilient offerings in ratings, indices, and commodities pricing.

• Market Intelligence, while a smaller revenue contributor, is highly valued for its proprietary data sets and workflow tools, with strong network effects and customer loyalty.

• Vendor consolidation is a secular tailwind, as clients seek fewer, more strategic partners, benefiting from S&P's broad product suite.

• Enterprise contracts insulate against cyclical headwinds, reducing sensitivity to market fluctuations.

Customer demand and AI-driven growth

• Customers increasingly view S&P as a strategic partner, seeking higher data volumes and velocity, especially for GenAI applications.

• API call volumes through MCP connections have surged 500% quarter-over-quarter, reflecting rising data consumption.

• AI-related features and products, such as ChatIQ and Kensho LLM-ready APIs, are driving higher renewal rates and competitive wins.

• Market Intelligence growth is 30% higher for AI customers, with net renewal rates up 100 basis points.

Competitive landscape and strategic advantages

• S&P's greatest advantage is being the single source for most of its data, offering a holistic suite across divisions.

• The Chief Client Office has improved cross-divisional coordination, enhancing product awareness and facilitating vendor consolidation.

• Simplified sales incentives and commercial team structures have aligned internal goals with customer and shareholder outcomes.