S&P Global Q3 2025 slides: Revenue up 9%, raises full-year guidance

Introduction & Market Context

S&P Global Inc. (NYSE:SPGI) presented its third quarter 2025 results on October 30, showcasing strong performance across all business segments. The company’s stock responded positively, rising 4.14% to $492.62 following the earnings release, approaching its 52-week high of $579.05.

The financial information services provider benefited from favorable market conditions during the quarter, with credit spreads tightening significantly and driving refinancing activity in high-yield and bank loan issuance. U.S. equity inflows across the industry reached $213 billion in the third quarter, providing a supportive backdrop for S&P Global’s diverse business segments.

As shown in the following chart, billed issuance increased 13% year-over-year to $1,140 billion in Q3 2025, with particularly strong growth in investment grade issuance:

Quarterly Performance Highlights

S&P Global delivered impressive financial results for Q3 2025, with revenue increasing 9% year-over-year to $3.89 billion and adjusted diluted earnings per share rising 22% to $4.73. The company’s adjusted operating profit grew 16% compared to the same period last year, while adjusted operating margins expanded by 180 basis points on a trailing twelve-month basis.

The following slide summarizes the company’s key third quarter highlights, including nearly $1.5 billion returned to shareholders since Q2 2025 and plans for an additional $2.5 billion in share repurchases in Q4:

A detailed breakdown of the enterprise financial results shows strong performance across revenue, adjusted operating profit, and expenses:

The company also reported progress on strategic revenue initiatives, with particularly strong growth in Private Market Solutions, which increased 22% year-over-year to $164 million:

Segment Performance

All five of S&P Global’s business segments delivered solid results in the third quarter, as illustrated in this comprehensive performance summary:

Market Intelligence revenue grew 6% to $1.24 billion, with particularly strong performance in Enterprise Solutions, which increased 9%. The segment’s adjusted operating profit margin improved to 35.6% from 32.0% in Q3 2024.

Ratings delivered the strongest revenue growth among all segments at 12%, reaching $1.24 billion. This was driven by a 24% increase in Governments revenue and 11% growth in Corporate revenue. The segment’s adjusted operating margin expanded significantly to 67.1% from 61.7% a year earlier.

Commodity Insights saw 6% revenue growth to $556 million, with Energy & Resources Data & Insights increasing 11% and Price Assessments growing 7%. The segment maintained a strong adjusted operating margin of 48.1%.

Mobility revenue increased 8% to $445 million, primarily driven by 10% growth in Dealer revenue. The segment’s adjusted operating margin improved to 43.3% from 42.2% in Q3 2024. Notably, S&P Global confirmed it remains on track with the planned separation of the Mobility business.

S&P Dow Jones Indices delivered 11% revenue growth to $462 million, with Asset-Linked Fees increasing 14% and Data & Custom Subscriptions growing 10%. The segment maintained the highest adjusted operating margin in the company at 71.2%.

Strategic Initiatives

S&P Global highlighted several strategic initiatives during the presentation, including its acquisition of With Intelligence, which is expected to close by early 2026. This acquisition will accelerate the company’s vision to deliver end-to-end data, intelligence, and connectivity throughout the private markets value chain.

The company also emphasized its ongoing investment in artificial intelligence, having invested over $1 billion in AI initiatives since 2018. S&P Global’s AI journey includes partnerships with companies like NVIDIA and the development of various AI-powered tools and capabilities:

President and CEO Martina Cheung highlighted the company’s achievements, stating, "We delivered record revenue, record operating profit, and record EPS on every headline financial metric." She also emphasized the company’s commitment to innovation, particularly in AI and private markets data.

Updated 2025 Outlook

Based on strong year-to-date performance and favorable market conditions, S&P Global raised its full-year 2025 guidance. The company now expects revenue growth of 7-8%, up from the previous guidance of 5-7%, and adjusted operating profit margin of 50-50.5%, compared to the earlier projection of 48.5-49.5%.

The improved outlook extends across all business segments, with S&P Dow Jones Indices and Ratings seeing the most significant upward revisions:

Adjusted margin guidance was also raised for all segments, reflecting the company’s effective cost management and operating leverage:

CFO Eric Aboaf noted during the earnings call, "Our business really is about adding more and more data and in particular proprietary enhanced data every year," highlighting the company’s focus on high-value data assets as a driver of future growth.

With strong Q3 results, raised guidance, strategic acquisitions, and continued investment in AI capabilities, S&P Global appears well-positioned to maintain its growth momentum through the remainder of 2025 and beyond.

Full presentation:

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