Core Insights - The S&P Global Australia Composite PMI rose from 51.6 in June to 53.8 in July 2025, marking the highest level since April 2022, indicating a continuous increase in the private sector output for the tenth consecutive month [1][2] Economic Performance - The acceleration in Australia's private sector output in July was driven by increased business activity in the services sector and a recovery in manufacturing output [2] - The services sector business activity index increased from 51.8 in June to 54.1 in July, indicating sustained expansion above the neutral 50-point mark for the past 18 months [2] - The manufacturing PMI rose to 51.3 in July from 50.6 in June, remaining above the 50-point threshold for the seventh consecutive month, with overall new orders in manufacturing recovering despite a decline in new export orders [2] Employment and Pricing - Private enterprises accelerated hiring in July to address backlog orders, while facing ongoing cost pressures, leading to the largest price increase in nearly two years due to strong demand [2] - Business confidence in the manufacturing sector reached its highest level in over three years, reflecting optimism despite challenges [2] Future Outlook - While there are positive growth signs in the services sector, future activity indicators suggest a slight weakening in business optimism for the coming months [3] - The Reserve Bank of Australia is expected to implement further interest rate cuts, but inflationary pressures in the services sector have intensified, warranting close monitoring of future price trends [3]

周一（8月4日）亚盘早盘，英镑兑美元暂报1.3281，涨幅0.02%，昨日收盘报1.3278。英国商业活动在 七月仅录得微弱增长，就业人数以五个月来最快的速度减少。 标普全球英国综合采购经理人指数（PMI）公布，从六月的52.0点降至51.0点，略高于区分增长与收缩 的50.0点。路透社的调查此前预测降幅会较小，为51.8。 调查中的就业指标跌至45.1，为二月以来的最 低点，部分企业将此归咎于英国财政大臣瑞秋·里夫斯决定从四月起提高员工社会保障缴费。标普全球 市场财智首席商业经济学家克里斯·威廉姆森表示，预算措施对就业的持续影响尤其令人担忧。 他认 为，在当前需求疲软的环境下，较高的员工成本加剧了企业对员工数量的担忧，导致七月员工人数再次 大幅减少。标普全球指出，对需求疲软的担忧也影响了招聘决策。市场预计英国央行将在8月7日进行近 12个月以来的第五次降息，尽管六月通胀率升至3.6%，仍高于央行2%的目标，但其重点在于就业市场 放缓的迹象。威廉姆森称，周四的调查表明英国经济季度增速仅为0.1%，并存在可能更弱的风险。然 而，PMI指数也凸显了英国央行的两难境地：企业收取的价格增速自四月以来首次加快，因为供应 ...

Group 1 - The core point of the article is that the UK manufacturing Purchasing Managers' Index (PMI) reached 48.0 in July, marking a six-month high, but it remains in the contraction zone [1] - The PMI has been in the contraction zone for ten consecutive months, indicating ongoing challenges in the manufacturing sector [1] - Standard & Poor's Global noted that the pace of decline in UK manufacturing has slowed to the mildest level in this downturn cycle, with business confidence rising to a five-month high [1] Group 2 - Despite the improvements, there are still downside risks present, including weak domestic and international market conditions, low customer confidence, and manufacturers' concerns regarding government budget decisions [1]

New light vehicle sales in July are expected to be up slightly, supported by the next pull-ahead wave, this time for electric vehicles SOUTHFIELD, Mich., Aug. 1, 2025 /PRNewswire/ -- S&P Global Mobility projects new light vehicle sales volume in July 2025 will reach 1.33 million units. This would translate to an estimated sales pace of 15.9 million units (seasonally adjusted annual rate: SAAR), up mildly from the 15.5 million-unit pace averaged from May-June. "Overall, auto demand in July is expected to rem ...

Quarter in Focus: Segment Performance, Margins, and Strategic Moves Adjusted operating profit in this unit climbed 13%, supported by controlled expense growth and positive trends in customer renewal rates and sales pipelines. The Credit Ratings segment, which provides credit scores and risk analysis for bond issuers, saw GAAP revenue rise 1% in Q2 2025. That result was held back by a drop in bond issuance, which management expects to remain "flat" over the remainder of 2025. Here, nearly half the unit's rev ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) S&P Global Inc.'s unaudited consolidated financial statements as of June 30, 2025, show overall growth in revenue and net income, with stable assets and a slight decrease in operating cash flow [Consolidated Statements of Income](index=4&type=section&id=Consolidated%20Statements%20of%20Income) Consolidated Income Statement Highlights (in millions, except EPS) | Metric | Q2 2025 | Q2 2024 | YoY Change | Six Months 2025 | Six Months 2024 | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $3,755 | $3,549 | +5.8% | $7,532 | $7,040 | +7.0% | | **Operating Profit** | $1,551 | $1,452 | +6.8% | $3,129 | $2,837 | +10.3% | | **Net Income Attributable to S&P Global** | $1,072 | $1,011 | +6.0% | $2,161 | $2,002 | +7.9% | | **Diluted EPS** | $3.50 | $3.23 | +8.4% | $7.04 | $6.38 | +10.3% | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Consolidated Balance Sheet Summary (in millions) | Account | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | **$60,395** | **$60,221** | | Cash and cash equivalents | $1,847 | $1,666 | | Goodwill | $35,072 | $34,917 | | **Total Liabilities** | **$22,434** | **$22,713** | | Long-term debt | $11,385 | $11,394 | | **Total Equity** | **$33,496** | **$33,256** | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Six Months Ended June 30 Cash Flow Summary (in millions) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Operating Activities** | **$2,398** | **$2,504** | | **Investing Activities** | **($131)** | **($319)** | | **Financing Activities** | **($2,162)** | **($1,405)** | | Effect of exchange rate changes | $76 | ($32) | | **Net Change in Cash** | **$181** | **$748** | - Cash used for financing activities increased significantly in the first six months of 2025, primarily due to a large increase in share repurchases (**$1,301 million** in 2025 vs. **$500 million** in 2024)[22](index=22&type=chunk) [Notes to the Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20Consolidated%20Financial%20Statements) The notes detail key accounting policies and significant events, including the planned Mobility segment spin-off, OSTTRA sale, tax rate changes, debt, derivatives, and share repurchases - On April 29, 2025, the Board of Directors decided to pursue a full separation of the Mobility segment into a new publicly traded company via a tax-free spin-off, expected to be completed in 12 to 18 months[28](index=28&type=chunk) - The company and CME Group have agreed to sell their 50/50 joint venture, OSTTRA, to KKR for an enterprise value of **$3.1 billion**; S&P Global anticipates a pre-tax gain of **$220 million** from the sale, expected to close in 2025[41](index=41&type=chunk) - The effective income tax rate for the first six months of 2025 was **22.2%**, up from **20.1%** in the same period of 2024, due to a change in the mix of income by jurisdiction and discrete benefits in 2024[50](index=50&type=chunk) - During the first six months of 2025, the company repurchased a total of **2.4 million shares** for **$1.3 billion** through Accelerated Share Repurchase (ASR) agreements[87](index=87&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=32&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management reports strong first-half 2025 financial performance with increased revenue and operating profit across all segments, driven by strategic initiatives including the Mobility segment spin-off, while maintaining strong liquidity [Overview](index=32&type=section&id=Overview) - S&P Global is a provider of credit ratings, benchmarks, analytics, and workflow solutions across global capital, commodity, and automotive markets, operating through five segments: Market Intelligence, Ratings, Commodity Insights, Mobility, and Indices[125](index=125&type=chunk)[126](index=126&type=chunk) - The company announced a plan to separate its Mobility segment into a new, publicly traded company via a tax-free spin-off to shareholders, expected to be completed within 12 to 18 months from the April 29, 2025 announcement[127](index=127&type=chunk) - The company's 2025 strategy, 'Powering Global Markets,' focuses on five key areas: Financial performance, Customer experience, Growth and Innovation (including AI integration), Data and Technology, and Leadership and Culture[136](index=136&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) [Results of Operations — Consolidated Review](index=37&type=section&id=Results%20of%20Operations%20%E2%80%94%20Consolidated%20Review) Consolidated Results - Q2 & Six Months 2025 (in millions) | Period | Revenue | % Change | Operating Profit | % Change | | :--- | :--- | :--- | :--- | :--- | | **Q2 2025** | $3,755 | 6% | $1,551 | 7% | | **Six Months 2025** | $7,532 | 7% | $3,129 | 10% | - For Q2 2025, revenue growth was driven by all reportable segments; for the six-month period, growth was similarly broad-based, with notable contributions from higher asset-linked fees at Indices and subscription growth at Market Intelligence[130](index=130&type=chunk)[131](index=131&type=chunk)[133](index=133&type=chunk)[142](index=142&type=chunk) - Operating profit for the first six months of 2025 increased **10%** to **$3.1 billion**, primarily due to revenue growth, partially offset by higher compensation costs and strategic investments; excluding certain items like severance charges and prior-year merger costs, operating profit increased **9%**[134](index=134&type=chunk) [Segment Review](index=46&type=section&id=Segment%20Review) All five segments reported revenue growth in the first half of 2025, with strong performance across Market Intelligence, Ratings, Commodity Insights, Mobility, and Indices driven by diverse factors Segment Revenue & Operating Profit - Six Months Ended June 30, 2025 (in millions) | Segment | Revenue | YoY Change | Operating Profit | YoY Change | | :--- | :--- | :--- | :--- | :--- | | **Market Intelligence** | $2,416 | 5% | $479 | 14% | | **Ratings** | $2,297 | 5% | $1,471 | 5% | | **Commodity Insights** | $1,167 | 9% | $488 | 13% | | **Mobility** | $858 | 9% | $190 | 26% | | **Indices** | $891 | 15% | $624 | 17% | [Liquidity and Capital Resources](index=56&type=section&id=Liquidity%20and%20Capital%20Resources) - Cash and cash equivalents increased by **$181 million** in the first six months of 2025 to **$1.85 billion**[230](index=230&type=chunk) - Free cash flow for the first six months of 2025 was **$2.13 billion**, a decrease from **$2.32 billion** in the prior year, primarily due to lower cash from operating activities and higher capital expenditures[231](index=231&type=chunk)[252](index=252&type=chunk) - The company significantly increased share repurchases, spending **$1.3 billion** in the first six months of 2025 compared to **$500 million** in the same period of 2024[236](index=236&type=chunk)[237](index=237&type=chunk) - The company maintains a **$2.0 billion** commercial paper program supported by a credit facility expiring in December 2029, with no outstanding commercial paper as of June 30, 2025[238](index=238&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=63&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to market risks from changes in foreign exchange rates and interest rates, utilizing derivative instruments to hedge these exposures without speculative intent - Primary market risks are changes in foreign exchange rates and interest rates[260](index=260&type=chunk) - The company uses foreign exchange forward contracts and cross-currency swaps to mitigate the effect of adverse fluctuations in foreign exchange rates, including hedging a portion of its net investment in European subsidiaries[260](index=260&type=chunk) [Item 4. Controls and Procedures](index=63&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the quarter - An evaluation of disclosure controls and procedures concluded that they were effective as of June 30, 2025[262](index=262&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[263](index=263&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=64&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal and regulatory proceedings in the normal course of business; for detailed information, refer to Note 12 of the consolidated financial statements - Information on legal proceedings is detailed in Note 12 – Commitments and Contingencies - Legal & Regulatory Matters to the consolidated financial statements[265](index=265&type=chunk) [Item 1A. Risk Factors](index=64&type=section&id=Item%201A.%20Risk%20Factors) A new risk factor has been added concerning the planned separation of the Mobility business, which is subject to various conditions and may not be completed or achieve the intended benefits, potentially leading to significant expenses, management distraction, and adverse market reactions - A key risk factor is the planned separation of the Mobility business, which is contingent on satisfying numerous conditions and may not be completed on the expected timeline or at all[267](index=267&type=chunk) - Potential negative outcomes of the separation include not achieving the intended strategic and financial benefits, incurring significant expenses even if not completed, and the combined value of the two new companies being less than the current value[267](index=267&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Under its 2022 Share Repurchase Program, the company repurchased **1.4 million shares** during the second quarter of 2025, with **9.3 million shares** remaining available for repurchase as of June 30, 2025 - During Q2 2025, the company repurchased **1.4 million shares** under its 2022 Repurchase Program, primarily through Accelerated Share Repurchase (ASR) agreements[268](index=268&type=chunk)[272](index=272&type=chunk) - As of June 30, 2025, **9.3 million shares** remained available for purchase under the 2022 Repurchase Program[268](index=268&type=chunk) [Item 5. Other Information](index=65&type=section&id=Item%205.%20Other%20Information) The company disclosed limited, exempt transactions related to the purchase and sale of informational materials involving entities potentially owned or controlled by the Government of Iran, with no revenue or net profit recorded, and no directors or officers entered into or terminated Rule 10b5-1 trading plans during the second quarter of 2025 - The company disclosed limited dealings related to Iran for the purchase/sale of information and data, which are generally exempt from U.S. sanctions; no revenue or net profit was recorded from these transactions in Q2 2025[273](index=273&type=chunk)[274](index=274&type=chunk) - No directors or officers entered into or terminated any Rule 10b5-1 trading arrangements during the second quarter of 2025[275](index=275&type=chunk) [Item 6. Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including corporate governance documents, a separation agreement, letters from auditors, and certifications from the CEO and CFO - Key exhibits filed include the CEO and CFO certifications (31.1, 31.2, 32) and a letter on unaudited interim financials (15)[277](index=277&type=chunk)

Core Insights - S&P Global Inc. (SPGI) reported strong second-quarter 2025 results, with earnings and revenues exceeding expectations [1][8] - Adjusted earnings per share (EPS) reached $4.43, surpassing the Zacks Consensus Estimate by 4.2% and increasing 9.7% year over year [1][8] - Revenues totaled $3.8 billion, beating the consensus estimate by 2% and growing 5.8% year over year [1][8] Revenue Breakdown - Marketing Intelligence revenues were $1.2 billion, a 5% increase from the previous year, meeting estimates [3] - Ratings revenues rose 1% to $1.1 billion, also meeting projections [3] - Commodity Insights revenues increased 8% to $555 million, exceeding the estimate of $539.8 million [3] - Mobility and Indices segments saw significant growth, with revenues of $438 million (10% increase) and $446 million (15% increase), both surpassing projections [4] Profitability Metrics - Adjusted operating profit was $1.9 billion, reflecting a 7% year-over-year growth [4] - The adjusted operating profit margin improved to 51.4%, up 70 basis points from the previous year [4] Financial Position - At the end of Q2 2025, SPGI had cash and cash equivalents of $1.8 billion, up from $1.5 billion in the previous quarter [5] - Long-term debt remained stable at $11.4 billion [5] - The company generated $1.4 billion in cash from operating activities, with free cash flow of $1.3 billion [5] Future Outlook - SPGI raised its adjusted EPS guidance to a range of $17.00-$17.25, with a midpoint of $17.13, which is above the Zacks Consensus Estimate of $17.04 [6][8] - Revenue growth is projected at 5-7%, with capital expenditure guidance set at $180-$190 million [6]

Financial Data and Key Metrics Changes - Revenue increased by 6% year over year, with subscription revenue rising by 7% [9] - Adjusted diluted EPS grew by 10%, and adjusted expenses increased by 2% year over year [33][39] - The company achieved 150 basis points of margin expansion on a trailing twelve-month basis [9][31] Business Line Data and Key Metrics Changes - Market Intelligence division reported a revenue increase of 5%, with organic constant currency growth at 7% [36] - Private markets revenue grew by 11% year over year, driven by demand for middle market CLOs and project finance ratings [34] - Ratings revenue increased by 1% year over year, with transaction revenue decreasing by 4% [38] - Mobility revenue increased by 10% year over year, with dealable revenue up by 11% [44] Market Data and Key Metrics Changes - Build issuance declined by 4% year over year, but there was a recovery in June, marking the second highest June since 2019 [18][19] - Equity markets rebounded quickly from the lows seen in April, benefiting from strong net inflows for indices [20] - The company expects flat build issuance in the second half of the year and anticipates one to two rate cuts from the U.S. Fed [20] Company Strategy and Development Direction - The company is focusing on strategic investments while managing expenses, aiming for strong capital returns [9] - There is a significant emphasis on artificial intelligence and data distribution strategies, with partnerships with hyperscale partners [26][30] - The planned separation of the Mobility division is on track, with a new CEO appointed for the standalone company [11][45] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining organic growth, particularly in Market Intelligence, despite market uncertainties [56][60] - The outlook for the rest of the year assumes flat U.S. equity markets and slow but positive GDP growth across major economic zones [20] - Management remains cautious about potential volatility in the markets but is optimistic about the company's ability to deliver strong results [90] Other Important Information - The company has achieved 95% of its targeted revenue synergies, with run rate revenue synergies at $332 million [35] - New product launches and enhancements in AI have been well received by customers, contributing to revenue growth [62] Q&A Session Summary Question: Can you discuss the sustainability of the organic growth in Market Intelligence? - Management highlighted a fundamental transformation in the commercial teams and strong execution, which supports the sustainability of growth [58][59] Question: What factors contributed to the strong margin and expense management? - Management noted ongoing productivity improvements and strategic investment spending patterns as key factors [66][67] Question: Can you elaborate on the criteria for moving strategic clients into the Chief Client Office? - The Chief Client Office manages a select group of clients to provide individualized attention and enhance value creation [70][72] Question: How is the company addressing competitive dynamics in private credit? - Management emphasized consistent methodology and strong engagement with major sponsors to maintain leadership in the private credit market [84][86] Question: What milestones should investors track for the Mobility spin-off? - Key milestones include internal preparations, regulatory filings, and the establishment of a management team for the new entity [96][98] Question: What is the outlook for Mobility revenue growth in the second half? - Management indicated that while there may be some normalization, strong performance in the CARFAX business supports overall growth [101][103]

Financial Data and Key Metrics Changes - Revenue increased by 6% year over year, with subscription revenue rising by 7% [7][30] - Adjusted diluted EPS grew by 10% [30] - Adjusted expenses increased by 2% year over year, primarily due to higher compensation and currency translation [35][41] Business Line Data and Key Metrics Changes - Market Intelligence reported a revenue increase of 5%, with organic constant currency growth at 7% [34] - Private markets revenue grew by 11% year over year to $148 million, driven by demand for middle market CLOs and project finance ratings [31] - Ratings revenue increased by 1% year over year, with non-transaction revenue up by 8% [37] - Commodity Insights revenue increased by 8%, with Energy Resources, Data and Insights growing by 10% [38] - Mobility revenue increased by 10% year over year, with dealable revenue up by 11% [42] Market Data and Key Metrics Changes - Build issuance declined by 4% year over year, but there was a recovery in June, marking the second highest June since 2019 [16][17] - U.S. equity markets rebounded quickly from lows seen in April, benefiting from strong net inflows for indices [18] - The outlook for the rest of the year assumes flat build issuance and flat U.S. equity markets from June 30 [18] Company Strategy and Development Direction - The company is focusing on strategic investments while maintaining disciplined expense management, resulting in 150 basis points of margin expansion [7] - There is a strong emphasis on expanding leadership in artificial intelligence and enhancing product offerings [9][23] - The company is pursuing opportunities in private credit as part of its broader private markets initiative [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver strong results in the second half of the year, despite uncertainties in the market [28][47] - The company anticipates one to two rate cuts from the U.S. Fed in the second half of the year, with slow but positive GDP growth expected [18] - Management remains cautious about the potential for volatility in the market, particularly regarding refinancing and M&A activities [86] Other Important Information - The company announced the appointment of Bill Eager as President of S&P Global Mobility and CEO Designate for the planned standalone public company [10] - The company is on track with the separation of the mobility business and will keep investors updated on progress [93] Q&A Session Summary Question: About the acceleration in organic growth in Market Intelligence - Management highlighted the transformation in Market Intelligence, focusing on structure, operating model, and incentive plans to sustain growth [54][56] Question: On margin and expense management - Management noted ongoing productivity improvements and strategic investment patterns as key factors in achieving better expense management [61][62] Question: About the Chief Client Office and criteria for moving strategic clients - Management explained that the Chief Client Office focuses on delivering individualized attention to a select group of strategic clients [65][66] Question: On competitive dynamics in private credit - Management emphasized the importance of consistent methodology and strong engagement with major private market participants to maintain leadership in private credit [78][80] Question: Regarding the second half ratings revenue assumption - Management indicated caution due to market volatility and a flat refinancing environment, while acknowledging potential upside surprises [84][86] Question: On milestones for the mobility spin-off - Management outlined internal and external milestones, including regulatory submissions and the naming of the management team [90][93] Question: About revenue guidance for mobility and potential pull forward - Management clarified that while there may be some pull forward, strong performance in the Carfax business is a key driver of growth [96][99] Question: On sanctions and upstream business growth - Management discussed the impact of sanctions on revenue and acknowledged the challenges faced by the upstream business [101]

Financial Highlights - S&P Global's revenue increased by 6% year-over-year[18], reaching $3755 million[42] - Subscription product revenue grew by 7% year-over-year[18] - Adjusted operating profit increased by 7% year-over-year[18], from $1749 million to $1823 million[44] - Adjusted diluted EPS increased by 10% year-over-year[18], reaching $4.43[45] - The company returned nearly $950 million to shareholders through dividends and share repurchases[18] Segment Performance - Market Intelligence revenue increased by 5%[42], totaling $1217 million[50], with organic constant currency revenue growth of 7%[51] - S&P Global Ratings revenue increased by 1%[42], reaching $1148 million[56], with transaction revenue decreasing by 4% year-over-year and non-transaction revenue increasing by 8% year-over-year[57] - Commodity Insights revenue increased by 8%[42], totaling $555 million[61], with organic constant currency revenue growth of 8%[62] - Mobility revenue increased by 10%[42], reaching $438 million[65], with organic constant currency revenue growth of 10%[66] - S&P Dow Jones Indices revenue increased by 15%[42], totaling $446 million[70], with organic constant currency revenue growth of 15%[71] Strategic Initiatives - Active users of Spark Assist have increased from approximately 30% to over 65%[33] - The number of internally published use cases, or "Sparks", has increased from 1300 to more than 3000[33] Market Conditions - Billed issuance decreased by 4%[24], from $1062 billion to $1017 billion[22]