Core Insights - S&P Global reported its second quarter results for 2025, with earnings release and supplemental materials available for review [1] Group 1: Earnings Results - The company's senior management will discuss the second quarter 2025 earnings results during a conference call scheduled for July 31 at 8:30 a.m. EDT [2] - Additional information from the conference call and supplemental slide content can be accessed on the company's Investor Relations website [2] Group 2: Company Overview - S&P Global provides essential intelligence, enabling governments, businesses, and individuals to make informed decisions through data, expertise, and technology [4] - The company is recognized for offering credit ratings, benchmarks, analytics, and workflow solutions across global capital, commodity, and automotive markets [5]

[Executive Summary](index=1&type=section&id=Executive%20Summary) S&P Global achieved strong Q2 2025 financial results, exceeding expectations with revenue and EPS growth, while advancing strategic initiatives and returning capital to shareholders [Second Quarter 2025 Financial Highlights](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) S&P Global exceeded Q2 2025 financial expectations, reporting 6% revenue growth to $3.755 billion and double-digit adjusted diluted EPS growth Key Financial Data for Q2 2025 | Metric | Q2 2025 | Q2 2024 | YoY Change | | :--------------------- | :--------------- | :--------------- | :------- | | Revenue | $3.755 billion | | 6% | | GAAP Net Income | $1.072 billion | | 6% | | GAAP Diluted EPS | $3.50 | | 9% | | Adjusted Net Income | $1.356 billion | | 7% | | Adjusted Diluted EPS | $4.43 | | 10% | - Net income growth was primarily driven by strong performance in **Market Intelligence** and **S&P Dow Jones Indices**[3](index=3&type=chunk) [Strategic Initiatives](index=1&type=section&id=Strategic%20Initiatives) The company is progressing with the Mobility division separation and OSTTRA joint venture divestiture, while appointing a new president and CEO - The Mobility division separation plan is on track, with Bill Eager appointed as President and CEO-elect of the future independent public company[4](index=4&type=chunk) - The divestiture of the OSTTRA joint venture is also on schedule for completion in 2025[4](index=4&type=chunk) [CEO Commentary & Key Highlights](index=1&type=section&id=CEO%20Commentary%20%26%20Key%20Highlights) CEO Martina Cheung highlighted strong Q2 financial performance, balancing expense management with strategic investments in technology and AI, expanding margins - The company achieved better-than-expected financial results in Q2, driven by the execution of client plans and resilience in debt and equity markets[5](index=5&type=chunk) - The company balanced expense management with investments in future growth, including technology and AI, while expanding profit margins[5](index=5&type=chunk) Key Operating Metrics for Q2 2025 | Metric | Change | | :--------------------- | :--- | | Quarterly Revenue YoY Growth | 6% | | GAAP Operating Margin Growth | 40 bps | | Adjusted Operating Margin Growth | 70 bps | | GAAP Diluted EPS Growth | 9% | | Adjusted Diluted EPS Growth | 10% | - The company expects to execute an additional **up to $1.3 billion** in accelerated share repurchases (ASR) in the coming weeks[6](index=6&type=chunk) [Second Quarter 2025 Financial Performance](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Performance) This section details S&P Global's Q2 2025 financial performance, covering revenue, operating profit, expenses, margins, and diluted EPS [Second Quarter 2025 Revenue](index=2&type=section&id=Second%20Quarter%202025%20Revenue) Q2 2025 revenue grew 6% to $3.755 billion, primarily driven by Market Intelligence and S&P Dow Jones Indices, with subscription revenue up 7% Q2 2025 Revenue Overview | Metric | Amount | YoY Change | | :--- | :--- | :------- | | Total Revenue | $3.755 billion | 6% | | Subscription Revenue | | 7% | - Revenue growth was primarily driven by the **Market Intelligence** and **S&P Dow Jones Indices** divisions[3](index=3&type=chunk)[9](index=9&type=chunk) [Second Quarter 2025 Operating Profit, Expense, and Operating Margin](index=2&type=section&id=Second%20Quarter%202025%20Operating%20Profit%2C%20Expense%2C%20and%20Operating%20Margin) Q2 operating margin increased 40 bps to 41.3%, and adjusted operating margin rose 70 bps to 51.4%, driven by Market Intelligence and S&P Dow Jones Indices Q2 2025 Operating Margins | Metric | Q2 2025 | Change | | :----------------- | :------------- | :--- | | Reported Operating Margin | 41.3% | +40 bps | | Adjusted Operating Margin | 51.4% | +70 bps | - Margin improvement was primarily driven by growth and margin expansion in the **Market Intelligence** and **S&P Dow Jones Indices** divisions[12](index=12&type=chunk) [Second Quarter 2025 Diluted Earnings Per Share](index=3&type=section&id=Second%20Quarter%202025%20Diluted%20Earnings%20Per%20Share) Q2 2025 GAAP diluted EPS grew 9% to $3.50, and adjusted diluted EPS increased 10% to $4.43, driven by net income growth and fewer shares Q2 2025 Diluted Earnings Per Share | Metric | Q2 2025 | Q2 2024 | YoY Change | | :----------------- | :--------------- | :--------------- | :------- | | GAAP Diluted EPS | $3.50 | $3.23 | 9% | | Adjusted Diluted EPS | $4.43 | $4.04 | 10% | - GAAP diluted EPS growth was primarily due to a **6% increase in net income** and a **2% reduction in diluted shares outstanding**[14](index=14&type=chunk) - Adjusted diluted EPS growth was primarily due to a **7% increase in adjusted net income** and a **2% reduction in diluted shares outstanding**, with currency factors having a positive impact of $0.02 on adjusted diluted EPS[15](index=15&type=chunk) [Full-Year 2025 Outlook and Capital Return](index=3&type=section&id=Full-Year%202025%20Outlook%20and%20Capital%20Return) This section details the company's updated full-year 2025 financial guidance and capital return strategy for shareholders [Full-Year 2025 Outlook](index=3&type=section&id=Full-Year%202025%20Outlook) The company updated its full-year 2025 guidance, projecting 5%-7% revenue growth and adjusted diluted EPS of $17.00-$17.25 Full-Year 2025 Guidance | Metric | GAAP | Adjusted | | :---------------------- | :---------------- | :---------------- | | Revenue Growth | 5% - 7% | 5% - 7% | | Operating Margin | 42.5% - 43.5% | 48.5% - 49.5% | | Diluted EPS | $14.35 - $14.60 | $17.00 - $17.25 | | Net Cash Provided by Operating Activities Less Capital Expenditures and Distributions to Noncontrolling Interests | $5.4 - $5.6 billion | | | Adjusted Free Cash Flow (Excluding Certain Items) | | $5.6 - $5.8 billion | - The revenue growth guidance was raised, primarily based on higher expected contributions from **Ratings**, **S&P Dow Jones Indices**, and **Mobility** divisions, partially offset by a slightly lower expected contribution from Commodity Insights[17](index=17&type=chunk) - GAAP diluted EPS guidance was lowered from the previous $14.60-$15.10, primarily due to lower expected gains from asset sales; the low end of adjusted diluted EPS guidance was raised by $0.25, while the high end remained unchanged[17](index=17&type=chunk) - The guidance assumes the OSTTRA divestiture will be completed in the second half of 2025, and adjusted guidance excludes acquisition-related intangible asset amortization[18](index=18&type=chunk) [Capital Return](index=3&type=section&id=Capital%20Return) The company expects to return approximately 85% of adjusted free cash flow to shareholders in 2025 via dividends and share repurchases - For full-year 2025, the company expects to return approximately **85% of adjusted free cash flow** to shareholders through dividends and share repurchases[19](index=19&type=chunk) - The Board of Directors has authorized a quarterly cash dividend of **$0.96 per share**[19](index=19&type=chunk) - The company expects to execute an additional **up to $1.3 billion** in accelerated share repurchases (ASR) in the coming weeks[19](index=19&type=chunk) [Supplemental Information and Disclosures](index=4&type=section&id=Supplemental%20Information%20and%20Disclosures) This section covers Q2 earnings call details, GAAP vs. non-GAAP financial comparisons, and important forward-looking statements [Supplemental Information/Conference Call/Webcast Details](index=4&type=section&id=Supplemental%20Information%2FConference%20Call%2FWebcast%20Details) A conference call on July 31, 2025, at 8:30 AM EDT will discuss Q2 earnings, with details on the investor relations website - The company will host a conference call on **July 31, 2025, at 8:30 AM EDT** to discuss Q2 earnings results[20](index=20&type=chunk) - Supplemental materials and the webcast are available at http://investor.spglobal.com/Quarterly-Earnings[20](index=20&type=chunk)[21](index=21&type=chunk) [Comparison of Adjusted Information to U.S. GAAP Information](index=4&type=section&id=Comparison%20of%20Adjusted%20Information%20to%20U.S.%20GAAP%20Information) The company provides both GAAP and non-GAAP financial metrics, with reconciliations, to offer supplementary information for investors and management - The company reports financial results in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and also provides various non-GAAP financial measures, including adjusted net income, adjusted diluted EPS, and adjusted operating profit and margin[23](index=23&type=chunk) - Non-GAAP measures are intended to provide useful supplemental information to help investors compare company performance and for management's internal assessment of business performance and resource allocation[25](index=25&type=chunk) - The company has provided reconciliation tables for non-GAAP financial measures to the most directly comparable GAAP measures in Exhibits 5, 7, and 8[24](index=24&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements, subject to inherent risks and uncertainties that may cause actual results to differ - This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, reflecting management's current views regarding future events, trends, contingencies, or outcomes[26](index=26&type=chunk) - Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from expectations[27](index=27&type=chunk) - Risk factors include: - Global economic, financial, political, and regulatory conditions, such as slowing GDP growth, inflation, and geopolitical uncertainties[27](index=27&type=chunk)[28](index=28&type=chunk) - Volatility in debt, equity, commodity, energy, and automotive markets[27](index=27&type=chunk) - The company's ability to maintain information and data security, and potential risks from system disruptions or data breaches[27](index=27&type=chunk) - The impact of competitive products, including those utilizing generative AI, and the ability to develop new products or technologies[27](index=27&type=chunk) - Risks that the Mobility division separation may not be completed as anticipated or at all, and potential loss of synergies post-separation[27](index=27&type=chunk)[31](index=31&type=chunk) - The company's ability to execute acquisitions and divestitures, and to successfully integrate acquired businesses[27](index=27&type=chunk) [About S&P Global](index=6&type=section&id=About%20S%26P%20Global) This section provides an overview of S&P Global, its mission, and contact information for investor relations and media [Company Overview](index=6&type=section&id=Company%20Overview) S&P Global (NYSE: SPGI) provides essential intelligence through data, expertise, and technology for confident decision-making - S&P Global (NYSE: SPGI) delivers essential intelligence through data, expertise, and connected technology, empowering governments, businesses, and individuals to make decisions with confidence[29](index=29&type=chunk) - The company provides credit ratings, benchmarks, analytics, and workflow solutions across global capital, commodity, and automotive markets[30](index=30&type=chunk) [Investor & Media Contacts](index=6&type=section&id=Investor%20%26%20Media%20Contacts) Detailed contact information for investor relations and media representatives is provided - Investor Relations Contact: Mark Grant, Senior Vice President, Investor Relations & Treasurer, Phone: +1 (347) 640-1521, Email: mark.grant@spglobal.com[31](index=31&type=chunk) - Media Contact: Christina Twomey, Chief Communications Officer, Phone: +1 (410) 382-3316, Email: christina.twomey@spglobal.com[31](index=31&type=chunk) [Exhibits](index=7&type=section&id=Exhibits) This section presents supplementary financial exhibits, including condensed consolidated statements of income, balance sheets, cash flows, and segment operating results [Exhibit 1 Condensed Consolidated Statements of Income](index=7&type=section&id=Exhibit%201%20Condensed%20Consolidated%20Statements%20of%20Income) The condensed consolidated statements of income detail S&P Global's Q2 2025 and 2024 financial performance, showing 6% revenue and net income growth Condensed Consolidated Statements of Income (Three/Six Months, $ millions) | Metric | Q2 2025 | Q2 2024 | YoY Change | Six Months 2025 | Six Months 2024 | YoY Change | | :--------------------------------- | :--------------- | :--------------- | :------- | :--------------- | :--------------- | :------- | | Revenue | $3,755 | $3,549 | 6% | $7,532 | $7,040 | 7% | | Expenses | $2,218 | $2,110 | 5% | $4,428 | $4,222 | 5% | | Operating Profit | $1,551 | $1,452 | 7% | $3,129 | $2,837 | 10% | | Net Income Attributable to S&P Global Inc. | $1,072 | $1,011 | 6% | $2,161 | $2,002 | 8% | | Diluted EPS | $3.50 | $3.23 | 9% | $7.04 | $6.38 | 10% | [Exhibit 2 Condensed Consolidated Balance Sheets](index=8&type=section&id=Exhibit%202%20Condensed%20Consolidated%20Balance%20Sheets) The condensed consolidated balance sheets present assets, liabilities, and equity as of June 30, 2025, and December 31, 2024 Condensed Consolidated Balance Sheets ($ millions) | Metric | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :--------------- | :--------------- | | **Assets:** | | | | Cash, Cash Equivalents, and Restricted Cash | $1,847 | $1,666 | | Other Current Assets | $4,030 | $3,793 | | Total Current Assets | $5,877 | $5,459 | | Property and Equipment, Net | $275 | $265 | | Operating Lease Right-of-Use Assets | $405 | $413 | | Goodwill and Other Intangible Assets, Net | $51,150 | $51,473 | | Equity Investments in Unconsolidated Subsidiaries | $1,846 | $1,774 | | Other Non-Current Assets | $842 | $837 | | **Total Assets** | **$60,395** | **$60,221** | | **Liabilities and Equity:** | | | | Short-Term Debt | $3 | $4 | | Unearned Revenue | $3,871 | $3,694 | | Other Current Liabilities | $2,108 | $2,694 | | Long-Term Debt | $11,385 | $11,394 | | Operating Lease Liabilities — Non-Current | $512 | $535 | | Deferred Tax Liabilities — Non-Current | $3,175 | $3,397 | | Pensions, Other Postretirement Benefits, and Other Non-Current Liabilities | $1,380 | $995 | | **Total Liabilities** | **$22,434** | **$22,713** | | Redeemable Noncontrolling Interests | $4,465 | $4,252 | | **Total Equity** | **$33,496** | **$33,256** | | **Total Liabilities and Equity** | **$60,395** | **$60,221** | [Exhibit 3 Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Exhibit%203%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The condensed consolidated statements of cash flows detail cash movements for the six months ended June 30, 2025 and 2024 Condensed Consolidated Statements of Cash Flows (Six Months, $ millions) | Activity Category | Six Months 2025 | Six Months 2024 | | :--------------------- | :--------------- | :--------------- | | Net Cash Provided by Operating Activities | $2,398 | $2,504 | | Net Cash Used in Investing Activities | ($131) | ($319) | | Net Cash Used in Financing Activities | ($2,162) | ($1,405) | | Net Change in Cash, Cash Equivalents, and Restricted Cash | $181 | $748 | | Cash, Cash Equivalents, and Restricted Cash at End of Period | $1,847 | $2,039 | [Exhibit 4 Operating Results by Segment](index=10&type=section&id=Exhibit%204%20Operating%20Results%20by%20Segment) This exhibit details S&P Global's segment-level revenue, expenses, and operating profit for Q2 2025 and 2024 Segment Revenue (Q2 2025, $ millions) | Segment | Q2 2025 Revenue | Q2 2024 Revenue | YoY Change | | :----------------- | :----------------- | :----------------- | :------- | | Market Intelligence | $1,217 | $1,155 | 5% | | Ratings | $1,148 | $1,135 | 1% | | Commodity Insights | $555 | $516 | 8% | | Mobility | $438 | $400 | 10% | | Indices | $446 | $389 | 15% | | Total Revenue | $3,755 | $3,549 | 6% | Segment Operating Profit (Q2 2025, $ millions) | Segment | Q2 2025 Operating Profit | Q2 2024 Operating Profit | YoY Change | | :----------------- | :--------------------- | :--------------------- | :------- | | Market Intelligence | $259 | $230 | 12% | | Ratings | $715 | $725 | (1)% | | Commodity Insights | $233 | $206 | 13% | | Mobility | $104 | $80 | 30% | | Indices | $309 | $263 | 18% | | Total Operating Profit | $1,551 | $1,452 | 7% | [Exhibit 5 Operating Results - Reported vs. Adjusted](index=12&type=section&id=Exhibit%205%20Operating%20Results%20-%20Reported%20vs.%20Adjusted) This exhibit compares reported (GAAP) and adjusted (non-GAAP) operating results, including expenses, operating profit, and EPS Adjusted Expenses (Q2 2025, $ millions) | Segment | Q2 2025 Expenses | Q2 2024 Expenses | YoY Change | | :----------------- | :----------------- | :----------------- | :------- | | Market Intelligence | $787 | $775 | 2% | | Ratings | $396 | $388 | 2% | | Commodity Insights | $285 | $272 | 5% | | Mobility | $253 | $236 | 7% | | Indices | $128 | $114 | 12% | | Total Adjusted Expenses | $1,823 | $1,749 | 4% | Adjusted Operating Profit (Q2 2025, $ millions) | Segment | Q2 2025 Adjusted Operating Profit | Q2 2024 Adjusted Operating Profit | YoY Change | | :----------------- | :--------------------------- | :--------------------------- | :------- | | Market Intelligence | $430 | $380 | 13% | | Ratings | $752 | $747 | 1% | | Commodity Insights | $270 | $244 | 10% | | Mobility | $185 | $164 | 13% | | Indices | $318 | $275 | 16% | | Total Adjusted Operating Profit | $1,931 | $1,800 | 7% | Adjusted Diluted EPS (Three/Six Months, $ millions except per share amounts) | Metric | Q2 2025 | Q2 2024 | YoY Change | Six Months 2025 | Six Months 2024 | YoY Change | | :------------------------- | :--------------- | :--------------- | :------- | :--------------- | :--------------- | :------- | | Adjusted Net Income Attributable to SPGI | $1,356 | $1,267 | 7% | $2,699 | $2,525 | 7% | | Adjusted Diluted EPS | $4.43 | $4.04 | 10% | $8.80 | $8.05 | 9% | [Exhibit 6 Revenue Information](index=18&type=section&id=Exhibit%206%20Revenue%20Information) This exhibit breaks down segment revenue by type, including subscription, non-subscription/transactional, and various fee structures Revenue by Type (Q2 2025, $ millions) | Revenue Type | Q2 2025 | Q2 2024 | YoY Change | | :--------------------- | :--------------- | :--------------- | :------- | | Subscription Revenue | $1,954 | $1,821 | 7% | | Non-Subscription/Transactional Revenue | $745 | $777 | (4)% | | Non-Transactional Revenue | $502 | $463 | 8% | | Sales-Based Usage Royalties | $286 | $245 | 17% | | Asset-Linked Fees | $110 | $96 | 15% | | Recurring Variable Revenue | $158 | $147 | 8% | - Subscription revenue primarily derives from data distribution, valuation services, analytics, third-party research, credit rating-related information, market data and insights, and software term licenses and core information products for Mobility[61](index=61&type=chunk) - Non-subscription/transactional revenue is primarily associated with public debt and bank loan ratings[62](index=62&type=chunk) [Exhibit 7 Non-GAAP Financial Information](index=20&type=section&id=Exhibit%207%20Non-GAAP%20Financial%20Information) This exhibit provides free cash flow, adjusted free cash flow, and organic, constant currency revenue for S&P Global and its segments Free Cash Flow and Adjusted Free Cash Flow (Three/Six Months, $ millions) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--------------------------------- | :--------------- | :--------------- | :--------------- | :--------------- | | Net Cash Provided by Operating Activities | $1,445 | $1,556 | $2,398 | $2,504 | | Capital Expenditures | ($61) | ($32) | ($104) | ($56) | | Distributions to Noncontrolling Interest Holders | ($74) | ($60) | ($168) | ($133) | | Free Cash Flow | $1,310 | $1,464 | $2,126 | $2,315 | | Adjusted Free Cash Flow (Excluding Certain Items) | $1,357 | $1,539 | $2,258 | $2,557 | S&P Global Organic, Constant Currency Revenue (Three/Six Months, $ millions) | Metric | Q2 2025 | Q2 2024 | YoY Change | Six Months 2025 | Six Months 2024 | YoY Change | | :----------------------- | :--------------- | :--------------- | :------- | :--------------- | :--------------- | :------- | | Total Revenue | $3,755 | $3,549 | 6% | $7,532 | $7,040 | 7% | | Total Organic Revenue | $3,730 | $3,508 | 6% | $7,482 | $6,974 | 7% | | Organic Revenue (Constant Currency Basis) | $3,715 | $3,508 | 6% | $7,480 | $6,974 | 7% | Segment Organic, Constant Currency Revenue (Q2 2025, $ millions) | Segment | Organic Revenue (Constant Currency Basis) | YoY Change | | :----------------- | :----------------------- | :------- | | Market Intelligence | $1,189 | 7% | | Ratings | $1,137 | —% | | Commodity Insights | $555 | 8% | | Mobility | $438 | 10% | | Indices | $445 | 15% | [Exhibit 8 Non-GAAP Guidance](index=22&type=section&id=Exhibit%208%20Non-GAAP%20Guidance) This exhibit reconciles 2025 GAAP diluted EPS to non-GAAP adjusted diluted EPS guidance, detailing various adjustment items 2025 Non-GAAP Guidance Reconciliation ($ per share) | Metric | Low End | High End | | :----------------------- | :----- | :----- | | GAAP Diluted EPS | $14.35 | $14.60 | | Acquisition-Related Amortization | $2.71 | $2.71 | | OSTTRA Potential Divestiture Gain | ($0.47) | ($0.47) | | Premium Amortization Benefit | ($0.06) | ($0.06) | | Tax Rate and Other | $0.47 | $0.47 | | Non-GAAP Adjusted Diluted EPS | $17.00 | $17.25 |

标普：日本有缓冲能力应对选举后的政策变化。 ...

Core Insights - The S&P CoreLogic Case-Shiller Indices reported a 2.3% annual gain in U.S. home prices for May 2025, a decrease from 2.7% in April 2025 [1][5] - The 10-City Composite Index showed a 3.4% annual increase, down from 4.1%, while the 20-City Composite Index recorded a 2.8% increase, down from 3.4% [2][5] - New York led the 20 cities with a 7.4% annual gain, followed by Chicago at 6.1% and Detroit at 4.9%, while Tampa experienced the lowest return with a decline of 2.4% [2][6] Year-over-Year Analysis - The U.S. National Home Price NSA Index reported a 2.3% annual return for May, reflecting a narrowing trend in annual gains for four consecutive months [2][4] - The 10-City Composite and 20-City Composite both saw annual gains decrease to 3.4% and 2.8%, respectively [2][5] - Regional disparities were noted, with New York, Chicago, and Detroit showing strong gains, while several Western markets, including Los Angeles and San Francisco, reported minimal or negative growth [6] Month-over-Month Trends - The pre-seasonally adjusted U.S. National Index posted a 0.4% gain in May, while after seasonal adjustment, it showed a decrease of 0.3% [3][7] - All three headline indices (U.S. National, 10-City, and 20-City) reported a 0.4% increase on a non-seasonally adjusted basis, marking the slowest monthly gain since January [7] - The month-over-month trends indicated broad-based fatigue, with only four cities showing month-over-month acceleration [7] Market Dynamics - The slowdown in home price growth is attributed to tighter financial conditions, subdued transaction volumes, and local market dynamics, rather than solely higher mortgage rates [8] - Affordability issues and constrained inventory are contributing to the stability of national home prices, which are holding steady but barely [8]

Core Insights - S&P Global Inc. (SPGI) is set to release its second-quarter 2025 results on July 31, with a history of surpassing earnings estimates, averaging a surprise of 7.5% over the past four quarters [1][9]. Revenue Expectations - The Zacks Consensus Estimate for SPGI's revenues is $3.7 billion, reflecting a 3.7% increase from the same quarter last year, driven by strong core product demand and effective marketing initiatives [2][10]. - Market Intelligence revenues are projected at $1.2 billion, indicating a 3.7% year-over-year growth, supported by strong data analytics performance and positive M&A contributions [3][10]. - Ratings revenues are estimated at $1.1 billion, slightly above last year's figure, benefiting from increased issuance and refinancing activity [4]. - Commodity Insights revenues are expected to reach $539.8 million, showing a 4.6% year-over-year growth, aided by high demand for data and insights [5]. - Mobility revenues are projected at $420.1 million, reflecting a 5% increase from the previous year, driven by strong demand for CARFAX and effective marketing [6]. - Indices revenues are estimated at $397.2 million, implying a 2.1% year-over-year increase, primarily due to strong asset-linked fee growth [7]. Profitability Metrics - Adjusted EBITDA is estimated at $2.1 billion for the quarter, up 2.5% from the previous year, driven by top-line growth and strategic expense management [8]. - The consensus estimate for earnings per share is $4.25, indicating a 5.2% year-over-year increase, likely supported by margin expansion [8][10]. Earnings Prediction - The model predicts an earnings beat for SPGI, with an Earnings ESP of +0.52% and a Zacks Rank of 2 (Buy), enhancing the likelihood of exceeding earnings expectations [9].

Group 1 - Standard & Poor's has confirmed Luxembourg's "AAA/A - 1+" rating with a stable outlook [1]

Core Insights - The Permian Basin has seen a significant decline in methane emissions intensity, dropping by over 50% from 2022 to 2024 due to improved operations and advanced technologies [1][6][10] - In 2024, the methane emissions intensity for upstream oil and gas operations was recorded at 0.44% per barrel of oil equivalent, marking a 29% reduction from the previous year [2][5] - Absolute methane emissions in 2024 decreased by 21.3 billion cubic feet, equivalent to avoiding 11.1 million tons of carbon dioxide emissions [2][3] Emissions Data - Since the end of 2022, total methane emissions have declined by 55.2 billion cubic feet, which corresponds to avoiding 28.8 million tons of carbon dioxide emissions [3][9] - The analysis utilized over 500 high-resolution aerial surveys covering 90% of the Permian Basin's production, providing a comprehensive estimate of methane emissions [3][10] Technological Advancements - The reduction in emissions is attributed to advancements in equipment and the deployment of new technologies, including AI-driven analysis and on-the-ground sensors [6][7] - Methane emissions management is becoming a standard part of field operations, with operators increasingly using AI and machine learning for emissions detection and prevention [7][8] Economic Context - Despite the significant emissions reductions, the commercial value of gas in the region remains low, with an average spot market price of $0.02 in 2024 [5] - The economic loss from fugitive emissions was only 0.002% of total hydrocarbon revenues in 2024, indicating a minimal financial impact from the emissions [5] Data Quality and Measurement - Access to reliable methane data is crucial for benchmarking and allowing companies to differentiate themselves in emissions management [4][6] - The observed emissions data is derived from approximately 529 survey flights conducted over 175 days in 2024, providing high-resolution measurements [11][12]

Core Viewpoint - The latest data from S&P Global indicates that Australia's private sector is experiencing accelerated growth in July 2025, driven by a recovery in manufacturing output and increased activity in the services sector [1][2]. Group 1: Economic Indicators - The S&P Global Flash Australia PMI Composite Output Index rose from 51.6 in June to 53.6 in July, indicating expansion in the private sector [1]. - The manufacturing PMI output index increased from 50.6 in June to 51.6 in July, while the services PMI activity index rose from 51.8 to 53.8 [3]. - New orders in the private sector saw the largest increase in over three years, particularly in manufacturing, which experienced its highest growth in two and a half years [2]. Group 2: Employment and Business Sentiment - Private enterprises increased hiring in response to the growth in new orders, although business optimism has weakened, reaching an eight-month low [2]. - Despite the increase in new orders, manufacturing employment growth has slowed, and procurement activities have decreased, indicating a cautious outlook among manufacturers [2]. Group 3: Inflation and Monetary Policy - Price pressures faced by private enterprises intensified in July, suggesting a potential rise in inflation in the coming months, which adds uncertainty to the monetary policy outlook of the Reserve Bank of Australia [2].

标普全球7月24日发布数据显示，日本7月标普全球综合PMI报51.5，日本7月标普全球服务业PMI报 53.5，日本7月标普全球制造业PMI报48.8。 ...

Core Insights - S&P Global has signed a multi-year strategic agreement with Barclays to enhance the bank's offerings and support its businesses through access to S&P Global products and data [1][2][3] - The agreement will allow Barclays to contribute its data to S&P Global's pricing and valuation services, improving accuracy in various financial instruments [1][3] Company Collaboration - The partnership is described as a significant milestone that strengthens the relationship between S&P Global and Barclays, both of which are established institutions in the financial sector [2][3] - S&P Global's Chief Client Officer emphasized the empowerment of Barclays through access to world-class research and data, facilitating deeper insights and innovation [3] Product and Service Enhancement - S&P Capital IQ Pro, the platform involved in this agreement, is designed to meet the evolving needs of financial institutions, providing high-quality data, integrated research, and advanced analytics [3] - The collaboration aims to help Barclays navigate market conditions and provide liquidity and expert advice to its clients [3]