S&P Global is the financial markets' irreplaceable toll bridge — collecting fees on ~$130T of rated debt, $20T+ in index-benchmarked AUM, and mission-critical data subscriptions embedded in institutional workflows. The 2022 IHS Markit merger created a five-segment data conglomerate with 70%+ gross margins, 42%+ operating margins, and $5.5B+ in annual FCF. With AI enhancing rather than threatening its regulatory-moat-protected Ratings duopoly, a mid-2026 Mobility spinoff sharpening capital allocation, and private markets revenue growing 25%+ annually, SPGI compounds earnings at mid-teens rates with minimal cyclical risk to its subscription base.