Recurring, Transaction & Index Economics

S&P Global FY2024

Use S&P Global's calendar-year 2024 disclosures to classify recurring, transaction, and asset-linked revenue; reconcile growth; and interpret operating leverage. USD millions unless stated. This is business-model education, not investment advice.

What you will learn

• Classify revenue by economic driver rather than label alone.
• Reconcile reported and organic growth.
• Connect issuance, assets, and subscriptions to different sensitivities.
• Calculate margins using matched definitions.
• Separate company explanation from analyst interpretation.
• Build a scenario-based revenue-quality memo.

Syllabus

1. 1Map the revenue engine12 min
2. 2Subscriptions and recurring-variable revenue12 min
3. 3Ratings: transaction sensitivity12 min
4. 4Indices: asset-linked and derivative drivers12 min
5. 5Margin and acquisition comparability12 min
6. 6Write a revenue-quality memo12 min
7. CBusiness case: S&P Global: Defend Recurrence or Lean Into Cyclical Upside?22 min