In inversion-asymmetric semiconductors, spin-orbit coupling induces a k-dependent spin splitting of valence and conduction bands, which is a well-known cause for spin decoherence in bulk and heterostructures. Manipulating nonequilibrium spin coherence in device applications thus requires understanding how valence and conduction band spin splitting affects carrier spin dynamics. This paper studies the relevance of this decoherence mechanism for collective intersubband spin-density excitations (SDEs) in quantum wells. A density-functional formalism for the linear spin-density matrix response is presented that describes SDEs in the conduction band of quantum wells with subbands that may be non-parabolic and spin-split due to bulk or structural inversion asymmetry (Rashba effect). As an example, we consider a 40 nm GaAs/Al0.3Ga0.7As quantum well, including Rashba spin splitting of the conduction subbands. We find a coupling and wavevector-dependent splitting of the longitudinal and transverse SDEs. However, decoherence of the SDEs is not determined by subband spin splitting, due to collective effects arising from dynamical exchange and correlation.