S&P Global
32 named things its latest annual report says its results depend on, each in the company's own words. 18 of them are also named by other companies we've read.
Customers
Commodity exchanges
earns fromSales usage-based royalties — primarily from licensing our proprietary market price data and price assessments to commodity exchanges; andBusiness (Item 1)
Suppliers
Amazon Web Services (AWS)
depends onnamed as a riskCurrently, we run a significant amount of our computing on AWS.Risk factors (Item 1A)
Also named by AAON, ABNB, ADSK, AIOT, BLK, CARR, CG, COF and 56 more
Third-party data suppliers
depends onnamed as a riskCertain of our third-party data sources supply us with critical datasets that support our products and services for which suitable alternative sources may not be readily available.Risk factors (Item 1A)
Third-party AI providers
depends onnamed as a riskOur products and services with AI capabilities may rely on third-party AI providers for certain capabilities and infrastructure.Risk factors (Item 1A)
Also named by LAMR
Other companies
Debt issuance volume
earns fromnamed as a riskSince a significant component of our credit-rating and issuance based revenue is transaction-based, and is essentially dependent on the number and dollar volume of rated debt securities issued in the capital markets, unfavorable financial or economic conditions that either reduce investor demand for rated debt securities or reduce issuers’ willingness or ability to issue rated debt securities reduce the number and dollar volume of debt issuances for which Ratings provides credit ratings.Risk factors (Item 1A)
Automotive supply chain
depends onnamed as a riskDisruptions in the automotive supply chain impact production in the automotive industry and typically impact our Mobility business.Risk factors (Item 1A)
Mobility spin-off
named as a riskThere can be no assurance regarding the ultimate timing of the separation or that such separation will be completed.Risk factors (Item 1A)
Places
Asia
operates in · around 26,200As of December 31, 2025, we had approximately 44,500 permanent employees located worldwide, including around 26,200 in Asia, 11,050 in the U.S. and Canada, 6,200 in Europe, Middle East, and Africa, and 1,050 in Latin America.Business (Item 1)
Also named by AAPL, AYI, CART, CB, CDW, CHD, CLS, COHR and 31 more
Russia
operates innamed as a riskThese embargoes and sanctions laws have affected, and may in the future affect, our ability to continue to market and/or sell our products and services into these geographies and in turn adversely impact our revenue from such geographies.Risk factors (Item 1A)
Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more
New York City
operates innamed as a riskOur ability to conduct business may be materially and adversely impacted by a disruption in the infrastructure that supports our businesses and the communities in which we are located, including New York City, the location of our headquarters, and major cities worldwide in which we have offices and operations.Risk factors (Item 1A)
Also named by ABNB, COMP, ED, EVR, MCO, MS, PWR, RITM and 1 more
Taiwan Strait
named as a riskFor example, military conflicts typically result in adverse and uncertain economic conditions such as negatively impacting global demand for goods and services; causing supply chain disruptions (e.g., tensions across the Taiwan Straight that could lead to semiconductor supply disruption); increasing costs for transportation, energy and other raw materials; and causing an increase in cybersecurity incidents.Risk factors (Item 1A)
Also named by BSX
Regulators
U.S. Securities and Exchange Commission (SEC)
subject tonamed as a riskThe U.S. Congress, the International Organization of Securities Commissions ("IOSCO"), the SEC, the European Commission, including through the European Securities Market Authority (“ESMA”) and the U.K. Financial Conduct Authority (“FCA”), as well as regulators in other countries in which Ratings operates, have reviewed the role of rating agencies and their processes and the need for greater oversight or regulations concerning the issuance of credit ratings or the activities of credit rating agencies, and they may conduct such reviews in the future.Risk factors (Item 1A)
Also named by AB, ADSK, AMG, AMP, ARCC, ARES, BAM, BCSF and 44 more
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskThe Company has previously settled and paid fines in connection with such matters.Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
U.K. Financial Conduct Authority (FCA)
subject tonamed as a riskIndices is also supervised by the FCA for the U.K. Benchmark Regulation.Risk factors (Item 1A)
Australian Securities and Investments Commission
subject tonamed as a riskIndices is also subject to the benchmark regulation in Australia under which it is required to and has obtained a license from and is subject to the supervision of the Australian Securities and Investment Commission regarding its administration of the S&P ASX 200 index.Risk factors (Item 1A)
European Securities and Markets Authority (ESMA)
subject tonamed as a riskIndices has recently transitioned from supervision by the Dutch Authority for the Financial Markets to supervision by ESMA for the EU Benchmark Regulation.Risk factors (Item 1A)
Dutch Authority for the Financial Markets
subject tonamed as a riskEnergy is supervised by the Dutch Authority for the Financial Markets for the EU Benchmark Regulation.Risk factors (Item 1A)
European Commission energy price intervention
subject tonamed as a riskThe European Commission has adopted or proposed various options for regulatory intervention to address high energy prices including, among others, price limiting mechanisms on exchange traded gas products, the introduction of circuit breakers and the development of LNG import benchmarks.Risk factors (Item 1A)
Laws and programs
General Data Protection Regulation (GDPR)
subject to · €20 million (or £17.5 million under the U.K. GDPR) or 4% of annual global revenuesnamed as a riskFor example, a failure to comply with the GDPR or U.K. GDPR could result in fines up to the greater of €20 million (or £17.5 million under the U.K. GDPR) or 4% of annual global revenues.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
Driver's Privacy Protection Act (DPPA)
subject to · $2,500 per individual’s personal informationnamed as a riskAdditionally, in the case of a DPPA violation, U.S. courts may award liquidated damages of $2,500 per individual’s personal information.Risk factors (Item 1A)
Also named by VRSK
EU Digital Operational Resilience Act
subject tonamed as a riskFurther, global privacy, data localization, data maintenance, data transfer, operational resilience (e.g., the E.U. Digital Operational Resilience Act), data protection legislation, regulatory, enforcement, and policy activity are rapidly and continually evolving and creating a complex regulatory compliance environment.Risk factors (Item 1A)
Also named by BKNG, BLK, CRM, CRWD, DDOG, EQIX, FDS, MCO and 3 more
Dodd-Frank Wall Street Reform and Consumer Protection Act
subject tonamed as a riskThe businesses conducted by Ratings are regulated under the laws of various jurisdictions around the world, including the U.S. Credit Rating Agency Reform Act of 2006, the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities Exchange Act of 1934, the EU’s credit rating agency regulation, and the U.K.’s credit rating agency regulation.Risk factors (Item 1A)
Also named by BAM, CAT, CME, ELS, FISV, FNF, LEN, TROW and 1 more
MiFID II
subject tonamed as a riskMiFID II and the Market Abuse Regulation may impose additional regulatory burdens on the activities of Indices and Energy in the EU over time, but their impact on, and costs to, the Company have not yet been substantive.Risk factors (Item 1A)
EU Benchmark Regulation
subject tonamed as a riskEnergy and Indices are subject to financial and commodity benchmark regulation in the EU (the “EU Benchmark Regulation”) and the U.K. (the “U.K. Benchmark Regulation”) as well as increasing benchmark regulation in other jurisdictions.Risk factors (Item 1A)
Also named by MSCI
U.S. Credit Rating Agency Reform Act of 2006
subject tonamed as a riskThe businesses conducted by Ratings are regulated under the laws of various jurisdictions around the world, including the U.S. Credit Rating Agency Reform Act of 2006, the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities Exchange Act of 1934, the EU’s credit rating agency regulation, and the U.K.’s credit rating agency regulation.Risk factors (Item 1A)
EU Credit Rating Agency Regulation
subject tonamed as a riskThe businesses conducted by Ratings are regulated under the laws of various jurisdictions around the world, including the U.S. Credit Rating Agency Reform Act of 2006, the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities Exchange Act of 1934, the EU’s credit rating agency regulation, and the U.K.’s credit rating agency regulation.Risk factors (Item 1A)
U.K. Benchmark Regulation
subject tonamed as a riskEnergy and Indices are subject to financial and commodity benchmark regulation in the EU (the “EU Benchmark Regulation”) and the U.K. (the “U.K. Benchmark Regulation”) as well as increasing benchmark regulation in other jurisdictions.Risk factors (Item 1A)
EU ESG Rating Activities Regulation
subject tonamed as a riskCertain products and services provided by the S1 business in Energy are subject to the EU regulation on the transparency and integrity of ESG rating activities adopted by the European Parliament and Council in November 2024, and will also be subject to The Financial Services and Markets Act 2000 (Regulated Activities) (ESG Ratings) Order 2025 and will need to become supervised by the FCA for the ESG ratings it provides from June 2028.Risk factors (Item 1A)
Office of the United States Trade Representative Priority Watch List
operates innamed as a riskWe do business in a number of countries included on the Priority Watch List and/or Watch Lists maintained by the Office of the United States Trade Representative which are currently thought to afford less protection to intellectual property rights generally than some other jurisdictions.Risk factors (Item 1A)
IOSCO Principles for Oil Price Reporting Agencies
subject toEnergy has aligned its operations with the Principles for Oil Price Reporting Agencies ("PRA Principles") issued by IOSCO and, as recommended by IOSCO in its final report on the PRA Principles, has aligned to the PRA Principles for other commodities for which it publishes benchmarks.Risk factors (Item 1A)
IOSCO Principles for Financial Benchmarks
subject toIndices has aligned its governance regime, control framework and operations with the Principles for Financial Benchmarks ("Financial Benchmark Principles") issued by IOSCO and engages an independent auditor to perform an annual reasonable assurance review of its adherence to the Financial Benchmark Principles.Risk factors (Item 1A)
S&P ASX 200 index
subject toIndices is also subject to the benchmark regulation in Australia under which it is required to and has obtained a license from and is subject to the supervision of the Australian Securities and Investment Commission regarding its administration of the S&P ASX 200 index.Risk factors (Item 1A)