The world's supply chains are operating at full capacity, with the notable exception of Europe, which remains in a protracted industrial recession. Asia's manufacturing growth was reported by major exporters, led by South Korea, China, and India. Despite the possibility of tariffs and significant uncertainty surrounding their implementation, global manufacturers are not stockpiling inventories. CLARK, N.J., Feb. 12, 2025 /PRNewswire/ -- The GEP Global Supply Chain Volatility Index — a leading indicator tra ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 1-1023 S&P Global Inc. (Exact name of registrant as specified in its charter) | New York | | | 13-1026995 | | --- | --- | --- | --- | | (State or ot ...

Financial Data and Key Metrics Changes - In 2024, revenue increased by 15% excluding Engineering Solutions, with subscription product revenue rising by 7% [10][42] - Adjusted EPS grew by 25%, exceeding initial guidance by over 13% [12] - The company returned $4.4 billion to shareholders through dividends and share repurchases [12][13] - Adjusted diluted EPS for Q4 increased by 20% year-over-year to $3.77 [44] Business Line Data and Key Metrics Changes - Ratings revenue increased by 27% in Q4, driven by strong refinancing activity [57] - Market Intelligence revenue grew by 5% in Q4, with improved retention rates [50] - Commodity Insights revenue rose by 10%, with energy transition products growing by 23% [60][45] - Mobility revenue increased by 9%, supported by CARFAX product suite demand [62] Market Data and Key Metrics Changes - Nearly $4 trillion in billed issuance occurred in 2024, significantly exceeding expectations [26] - The Vitality Index ended the year at $1.5 billion, representing nearly 11% of total revenue [29] - The company anticipates low single-digit growth in billed issuance for 2025 [69] Company Strategy and Development Direction - The company is focusing on customer engagement and has established a Chief Client Office [13][18] - Investments in technology, AI, and product innovation are prioritized to drive long-term growth [37][40] - The company aims to optimize its portfolio through acquisitions and divestitures to enhance competitive positioning [15][86] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about gradual improvements in the macroeconomic environment for 2025 [23] - There is caution regarding Europe and Asia, with expectations of strong demand in the U.S. [24] - The company expects to maintain a free cash flow conversion rate at or above 100% in 2025 [85] Other Important Information - The company plans to report Market Intelligence results in three business lines starting Q1 2025 [55] - The new Chief Financial Officer will officially join on February 19, 2025 [14] Q&A Session Summary Question: Focus on Market Intelligence segment and divestitures - Management is continuously optimizing the portfolio to ensure value creation for clients and shareholders [92] Question: Clarification on ACV growth in Market Intelligence - ACV growth contributed 1-2% to additional revenue growth, with a focus on simplifying operations and enhancing product offerings [101][103] Question: Ratings outlook and visibility - Management expects modest growth in billed issuance and a balanced view on M&A contributions [111][112] Question: Margins and expense management - The company is disciplined in expense management and integrating AI to improve efficiency, contributing to margin guidance [118][120] Question: Competitive environment in Market Intelligence - Increased competition and price sensitivity are noted, but the company is leveraging its breadth of products to capitalize on vendor consolidation opportunities [124]

S&P Global (SPGI) reported $3.59 billion in revenue for the quarter ended December 2024, representing a year-over-year increase of 14%. EPS of $3.77 for the same period compares to $3.13 a year ago.The reported revenue represents a surprise of +2.85% over the Zacks Consensus Estimate of $3.49 billion. With the consensus EPS estimate being $3.44, the EPS surprise was +9.59%.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine t ...

S&P Global Quarterly Update February 11, 2025 4Q and Full -Year 2024 1 Safe Harbor statement under the Private Securities Litigation Reform Act of 1995 • worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility, natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), geopolitical uncertainty (including military conflic ...

S&P Global (SPGI) came out with quarterly earnings of $3.77 per share, beating the Zacks Consensus Estimate of $3.44 per share. This compares to earnings of $3.13 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 9.59%. A quarter ago, it was expected that this independent ratings and analytics provider would post earnings of $3.64 per share when it actually produced earnings of $3.89, delivering a surprise of 6.87%.Over the last ...

[Executive Summary & Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Highlights) S&P Global achieved strong Q4 and full-year 2024 results, with significant revenue and earnings growth across all segments, exceeding guidance [Fourth Quarter 2024 Financial Highlights](index=1&type=section&id=Fourth%20Quarter%202024%20Financial%20Highlights) S&P Global achieved strong Q4 2024 results with significant revenue and earnings growth, primarily driven by the Ratings division's robust performance | Metric | Amount | Year-over-Year Change | | :------------------- | :---------- | :--------- | | Reported Revenue | $3.592 billion | +14% | | GAAP Net Income | $880 million | +52% | | GAAP Diluted EPS | $2.85 | +56% | | Adjusted Net Income | $1.163 billion | +18% | | Adjusted Diluted EPS | $3.77 | +20% | [Full-Year 2024 Financial Highlights](index=1&type=section&id=Full-Year%202024%20Financial%20Highlights) The company delivered solid full-year 2024 financial performance, achieving double-digit revenue and earnings growth, exceeding consolidated financial guidance | Metric | Amount | Year-over-Year Change | | :------------------- | :---------- | :--------- | | Reported Revenue | $14.208 billion | +14% | | Reported Revenue (Excluding Engineering Solutions) | | +15% | | GAAP Net Income | $3.852 billion | +47% | | GAAP Diluted EPS | $12.35 | +50% | | Adjusted Net Income | $4.898 billion | +22% | | Adjusted Diluted EPS | $15.70 | +25% | - Vitality revenue from new or enhanced products accounted for **11% of total revenue** in 2024[5](index=5&type=chunk) [CEO Commentary & Strategic Highlights](index=1&type=section&id=CEO%20Commentary%20%26%20Strategic%20Highlights) CEO Martina Cheung expressed satisfaction with 2024's strong performance, highlighting revenue growth, operating margin expansion, and EPS growth across all business segments - Martina Cheung assumed the role of President and Chief Executive Officer on **November 1, 2024**[8](index=8&type=chunk) - The company exceeded the high end of its guidance for both GAAP and adjusted revenue growth, operating margin, and diluted EPS[8](index=8&type=chunk) - Over **$4.4 billion** was returned to shareholders in 2024, including **$1.1 billion** in dividends and **$3.3 billion** in share repurchases[8](index=8&type=chunk) [2025 Financial Guidance Overview](index=1&type=section&id=2025%20Financial%20Guidance%20Overview) S&P Global provided optimistic 2025 guidance, projecting continued revenue growth, increased GAAP and adjusted diluted EPS, and a commitment to return 85% or more of adjusted free cash flow to shareholders 2025 Financial Guidance | Metric | Range | | :---------------------- | :---------------- | | Revenue Growth | 5.0% - 7.0% | | GAAP Diluted EPS | $14.20 - $14.45 | | Adjusted Diluted EPS | $17.00 - $17.25 | | Adjusted Free Cash Flow (Excluding Specific Items) | ~$6.0 billion | - The company targets returning **85% or more** of adjusted free cash flow to shareholders through dividends and share repurchases[20](index=20&type=chunk) - The Board authorized a quarterly cash dividend of **$0.96 per share**, marking the company's **52nd consecutive year** of dividend increases; it also authorized share repurchases totaling up to **$4.3 billion**, with an initial **$650 million** accelerated share repurchase (ASR) expected to commence in the coming weeks[20](index=20&type=chunk) [Fourth Quarter 2024 Financial Performance](index=2&type=section&id=Fourth%20Quarter%202024%20Financial%20Performance) The company demonstrated strong financial performance in Q4 2024, with significant growth in revenue, operating profit, and diluted earnings per share [Revenue Performance](index=2&type=section&id=2.1%20Revenue%20Performance) Fourth-quarter revenue increased by 14% year-over-year, with growth across all business segments and a 6% rise in subscription product revenue - Total fourth-quarter revenue increased by **14%**, with subscription product revenue growing **6%**[9](index=9&type=chunk) [Operating Profit and Margin](index=2&type=section&id=2.2%20Operating%20Profit%20and%20Margin) The company's Q4 operating margins significantly improved, with reported operating margin increasing to 36.5% and adjusted operating margin to 46.7%, driven by Ratings segment growth - Reported operating margin increased to **36.5%** (approximately **8 percentage points**), and adjusted operating margin increased to **46.7%** (**260 basis points**), primarily driven by Ratings segment growth[10](index=10&type=chunk) [Diluted Earnings Per Share](index=2&type=section&id=2.3%20Diluted%20Earnings%20Per%20Share) Q4 diluted EPS showed strong performance, with GAAP diluted EPS up 56% to $2.85 and adjusted diluted EPS up 20% to $3.77, benefiting from net income growth and reduced share count Fourth Quarter 2024 Diluted Earnings Per Share | | Q4 2024 | Q4 2023 | Year-over-Year Change | | :------------------ | :----------- | :----------- | :--------- | | GAAP Diluted EPS | $2.85 | $1.83 | 56% | | Adjusted Diluted EPS | $3.77 | $3.13 | 20% | - GAAP diluted EPS growth was primarily due to a **52% increase in net income** and a **2% reduction in diluted shares outstanding**; adjusted diluted EPS growth was primarily due to an **18% increase in adjusted net income** and a **2% reduction in diluted shares outstanding**[11](index=11&type=chunk) [Full-Year 2024 Financial Performance](index=3&type=section&id=Full-Year%202024%20Financial%20Performance) The company achieved robust full-year 2024 financial performance, marked by double-digit revenue growth and significant improvements in operating profit and diluted earnings per share [Revenue Performance](index=3&type=section&id=3.1%20Revenue%20Performance) Full-year 2024 revenue grew by 14%, with all five business segments contributing to growth, notably led by the Ratings division - Full-year 2024 revenue increased by **14%**, with all five business segments achieving growth, led by the Ratings division; excluding Engineering Solutions, revenue growth would be **15%**[12](index=12&type=chunk) [Operating Profit and Margin](index=3&type=section&id=3.2%20Operating%20Profit%20and%20Margin) The company's full-year 2024 reported operating margin increased to 39.3% and adjusted operating margin to 49.0%, primarily driven by revenue growth in the Ratings segment - Full-year reported operating margin increased by approximately **7 percentage points** to **39.3%**, and adjusted operating margin increased by **310 basis points** to **49.0%**, primarily driven by Ratings segment revenue growth[14](index=14&type=chunk) [Diluted Earnings Per Share](index=4&type=section&id=3.3%20Diluted%20Earnings%20Per%20Share) Full-year 2024 diluted EPS significantly increased, with GAAP diluted EPS up 50% to $12.35 and adjusted diluted EPS up 25% to $15.70, driven by Ratings growth and reduced share count Full-Year 2024 Diluted Earnings Per Share | | 2024 | 2023 | Year-over-Year Change | | :------------------ | :----- | :----- | :--------- | | GAAP Diluted EPS | $12.35 | $8.23 | 50% | | Adjusted Diluted EPS | $15.70 | $12.60 | 25% | - GAAP diluted EPS growth was primarily due to the company's Ratings segment growth; adjusted diluted EPS growth was primarily due to a **22% increase in adjusted net income** and a **2% reduction in diluted shares outstanding**[16](index=16&type=chunk)[17](index=17&type=chunk) [2025 Financial Outlook & Capital Allocation](index=4&type=section&id=2025%20Financial%20Outlook%20%26%20Capital%20Allocation) S&P Global outlined its 2025 financial outlook, projecting continued revenue growth and strong adjusted diluted EPS, alongside a clear capital return strategy [Full-Year 2025 Financial Guidance](index=4&type=section&id=4.1%20Full-Year%202025%20Financial%20Guidance) S&P Global issued its full-year 2025 financial outlook, forecasting revenue growth of 5.0% to 7.0% and adjusted diluted EPS between $17.00 and $17.25, with specific targets for operating margins and capital expenditures Full-Year 2025 Outlook | Metric | GAAP | Adjusted | | :-------------------------- | :---------------- | :---------------- | | Revenue Growth | 5.0% - 7.0% | 5.0% - 7.0% | | Operating Margin | 41.5% - 42.5% | 49.0% - 50.0% | | Diluted EPS | $14.20 - $14.45 | $17.00 - $17.25 | | Capital Expenditures | $190 - $200 million | $190 - $200 million | | Cash Flow from Operations less Capital Expenditures and Distributions to Noncontrolling Interests | ~$5.9 billion | | | Adjusted Free Cash Flow (Excluding Specific Items) | | ~$6.0 billion | - Non-GAAP adjusted guidance excludes acquisition and divestiture charges and acquisition-related intangible asset amortization[19](index=19&type=chunk) [Capital Return Strategy](index=4&type=section&id=4.2%20Capital%20Return%20Strategy) The company remains committed to returning 85% or more of adjusted free cash flow to shareholders in 2025 through dividends and planned accelerated share repurchases - For fiscal year 2025, the company maintains its goal of returning **85% or more** of adjusted free cash flow to shareholders through dividends and share repurchases[20](index=20&type=chunk) - The Board authorized a quarterly cash dividend of **$0.96 per share**, marking the company's **52nd consecutive year** of dividend increases[20](index=20&type=chunk) - The Board authorized share repurchases totaling up to **$4.3 billion**, with an initial **$650 million** accelerated share repurchase (ASR) expected to commence in the coming weeks[20](index=20&type=chunk) [Conference Call & Supplemental Information](index=4&type=section&id=Conference%20Call%20%26%20Supplemental%20Information) S&P Global will host a conference call on February 11, 2025, to discuss Q4 and full-year 2024 earnings, offering webcast and dial-in access, with a replay available - The company's senior management will host a conference call on **February 11, 2025, at 8:30 AM ET**, to review fourth-quarter and full-year 2024 earnings results[21](index=21&type=chunk) - A webcast and supplemental materials are available on the company's Investor Relations website[21](index=21&type=chunk)[22](index=22&type=chunk) - A telephone replay will be available approximately two hours after the call and will remain accessible until **March 11, 2025**[23](index=23&type=chunk) [Non-GAAP Financial Measures Explanation](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20Explanation) The company provides and reconciles non-GAAP financial measures like adjusted net income and diluted EPS, which management uses for performance evaluation and resource allocation, offering useful supplemental investor information - The company reports financial results in accordance with U.S. Generally Accepted Accounting Principles (GAAP) and refers to and presents certain additional non-GAAP financial measures[24](index=24&type=chunk) - Non-GAAP measures include adjusted net income, adjusted diluted EPS, adjusted operating profit and margin, and adjusted expenses[24](index=24&type=chunk) - The company believes these non-GAAP financial measures provide useful supplemental information for investors to better compare the company's performance across periods, and management also uses these measures internally to evaluate business operating performance and resource allocation[26](index=26&type=chunk) [Forward-Looking Statements & Risk Factors](index=5&type=section&id=Forward-Looking%20Statements%20%26%20Risk%20Factors) This press release contains forward-looking statements subject to inherent risks and uncertainties, reflecting management's current views, but actual results may differ significantly due to various factors - This press release contains "forward-looking statements" as defined by the **Private Securities Litigation Reform Act of 1995**[27](index=27&type=chunk) - Forward-looking statements are subject to inherent risks and uncertainties that could cause actual results to differ materially from expectations[28](index=28&type=chunk) - Risk factors include global economic, financial, political, and regulatory conditions, volatility in debt, equity, commodity, energy, and automotive markets, demand for credit ratings, data security, litigation, M&A activities, competitive offerings (including generative AI), ability to attract and retain key employees, and the evolving regulatory environment[28](index=28&type=chunk)[30](index=30&type=chunk) [About S&P Global](index=7&type=section&id=About%20S%26P%20Global) S&P Global (NYSE: SPGI) delivers essential intelligence through data, expertise, and connected technology, empowering confident decision-making for governments, businesses, and individuals globally - S&P Global provides essential intelligence through data, expertise, and connected technology, empowering governments, businesses, and individuals to make confident decisions[31](index=31&type=chunk) - The company offers credit ratings, benchmarks, analytics, and workflow solutions, serving global capital, commodity, and automotive markets[32](index=32&type=chunk) [Contact Information](index=7&type=section&id=Contact%20Information) Contact details for S&P Global's Investor Relations and Media teams are provided for inquiries - Investor Relations contact: Mark Grant, Senior Vice President, Investor Relations[33](index=33&type=chunk) - Media contacts: Christina Twomey, Chief Communications Officer; Josh Goldstein, Director of Communications[33](index=33&type=chunk) [Financial Statements (Exhibits)](index=8&type=section&id=Financial%20Statements%20%28Exhibits%29) This section presents the unaudited condensed consolidated financial statements, including income statements, balance sheets, and cash flow statements for the specified periods [Condensed Consolidated Statements of Income](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) This exhibit presents the unaudited condensed consolidated statements of income for the three and twelve months ended December 31, 2024 and 2023, detailing revenue, expenses, operating profit, net income, and EPS Condensed Consolidated Statements of Income (Summary) | (Millions of USD, except per share data) | Three Months | | | Twelve Months | | | :------------------------------------------ | :----- | :----- | :----- | :------ | :------ | | | 2024 | 2023 | % Change | 2024 | 2023 | % Change | | Revenue | $3,592 | $3,152 | 14% | $14,208 | $12,497 | 14% | | Expenses | 2,333 | 2,264 | 3% | 8,730 | 8,443 | 3% | | Operating Profit | 1,309 | 890 | 47% | 5,580 | 4,020 | 39% | | Net Income Attributable to S&P Global Inc. | $880 | $579 | 52% | $3,852 | $2,626 | 47% | | Diluted EPS | $2.85 | $1.83 | 56% | $12.35 | $8.23 | 50% | [Condensed Consolidated Balance Sheets](index=9&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) This exhibit provides the unaudited condensed consolidated balance sheets as of December 31, 2024 and 2023, outlining assets, liabilities, and equity Condensed Consolidated Balance Sheets (Summary) | (Millions of USD) | 2024 | 2023 | | :------------------------------------------ | :----- | :----- | | Cash, Cash Equivalents, and Restricted Cash | $1,666 | $1,291 | | Total Current Assets | $5,459 | $5,143 | | Goodwill and Other Intangible Assets, Net | $51,473 | $52,248 | | Total Assets | $60,221 | $60,589 | | Total Liabilities | $22,713 | $22,489 | | Total Equity | $33,256 | $34,300 | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This exhibit presents the unaudited condensed consolidated statements of cash flows for the years ended December 31, 2024 and 2023, detailing cash flows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Summary) | (Millions of USD) | 2024 | 2023 | | :------------------------------------------ | :----- | :----- | | Cash Provided by Operating Activities | $5,689 | $3,710 | | Cash (Used in) Provided by Investing Activities | $(255) | $562 | | Cash Used in Financing Activities | $(4,998) | $(4,280) | | Net Change in Cash, Cash Equivalents, and Restricted Cash | $375 | $4 | | Cash, Cash Equivalents, and Restricted Cash at Year-End | $1,666 | $1,291 | [Segment Operating Results](index=11&type=section&id=Segment%20Operating%20Results) This section details the operating performance of S&P Global's business segments, including revenue, expenses, and operating profit for the quarter and full year [Revenue by Segment](index=11&type=section&id=11.1%20Revenue%20by%20Segment) All business segments achieved revenue growth in both Q4 and full-year 2024, with the Ratings division showing the largest percentage increase Fourth Quarter 2024 Revenue by Segment | Business Segment | 2024 Revenue (Millions of USD) | 2023 Revenue (Millions of USD) | % Change | | :------------------ | :-------------------- | :-------------------- | :--------- | | Market Intelligence | $1,186 | $1,127 | 5% | | Ratings | $1,062 | $838 | 27% | | Commodity Insights | $545 | $497 | 10% | | Mobility | $411 | $377 | 9% | | Indices | $436 | $360 | 21% | Full-Year 2024 Revenue by Segment | Business Segment | 2024 Revenue (Millions of USD) | 2023 Revenue (Millions of USD) | % Change | | :------------------ | :-------------------- | :-------------------- | :--------- | | Market Intelligence | $4,645 | $4,376 | 6% | | Ratings | $4,370 | $3,332 | 31% | | Commodity Insights | $2,142 | $1,946 | 10% | | Mobility | $1,609 | $1,484 | 8% | | Indices | $1,628 | $1,403 | 16% | [Expenses by Segment](index=11&type=section&id=11.2%20Expenses%20by%20Segment) Segment expenses generally increased across the quarter and full year, while corporate unallocated expenses significantly decreased for the full year Full-Year 2024 Expenses by Segment | Business Segment | 2024 Expenses (Millions of USD) | 2023 Expenses (Millions of USD) | % Change | | :-------------------------- | :-------------------- | :-------------------- | :--------- | | Market Intelligence | $3,770 | $3,662 | 3% | | Ratings | $1,663 | $1,468 | 13% | | Commodity Insights | $1,297 | $1,242 | 4% | | Mobility | $1,297 | $1,224 | 6% | | Indices | $525 | $478 | 10% | | Corporate Unallocated expense | $305 | $502 | (39)% | [Operating Profit by Segment](index=11&type=section&id=11.3%20Operating%20Profit%20by%20Segment) All business segments delivered strong operating profit growth in both Q4 and full-year 2024, with the Ratings division exhibiting the most significant increase Fourth Quarter 2024 Operating Profit by Segment | Business Segment | 2024 Operating Profit (Millions of USD) | 2023 Operating Profit (Millions of USD) | % Change | | :------------------ | :-------------------- | :-------------------- | :--------- | | Market Intelligence | $226 | $115 | 95% | | Ratings | $627 | $442 | 42% | | Commodity Insights | $202 | $177 | 14% | | Mobility | $65 | $46 | 41% | | Indices | $287 | $227 | 26% | Full-Year 2024 Operating Profit by Segment | Business Segment | 2024 Operating Profit (Millions of USD) | 2023 Operating Profit (Millions of USD) | % Change | | :------------------ | :-------------------- | :-------------------- | :--------- | | Market Intelligence | $875 | $714 | 22% | | Ratings | $2,707 | $1,864 | 45% | | Commodity Insights | $845 | $704 | 20% | | Mobility | $312 | $260 | 20% | | Indices | $1,103 | $925 | 19% | [Segment-Specific Non-GAAP Adjustments](index=12&type=section&id=11.4%20Segment-Specific%20Non-GAAP%20Adjustments) This section details various non-GAAP adjustments applied to segment financial results, including severance, M&A costs, acquisition-related items, and transaction-related amortization, to derive adjusted figures - Market Intelligence segment adjustments include severance, gain on disposal, IHS Markit acquisition costs, and transaction-related amortization[44](index=44&type=chunk) - Ratings segment adjustments include severance, legal settlement charges, and transaction-related amortization[44](index=44&type=chunk) - Corporate Unallocated expense adjustments include severance, IHS Markit acquisition costs, disposal-related costs, executive leadership transition costs, and lease impairments[44](index=44&type=chunk) [Non-GAAP Reconciliations](index=13&type=section&id=Non-GAAP%20Reconciliations) This section provides detailed reconciliations of GAAP to non-GAAP financial measures, highlighting adjustments for expenses, operating profit, net income, and diluted EPS [Adjusted Expenses](index=13&type=section&id=12.1%20Adjusted%20Expenses) This section reconciles reported expenses to adjusted expenses for each business segment and S&P Global overall, highlighting non-GAAP adjustments and transaction-related amortization S&P Global Total Adjusted Expenses | | 2024 (Millions of USD) | 2023 (Millions of USD) | % Change | | :---------------------- | :-------------------- | :-------------------- | :--------- | | Three Months | $1,915 | $1,762 | 9% | | Twelve Months | $7,250 | $6,765 | 7% | [Adjusted Operating Profit](index=14&type=section&id=12.2%20Adjusted%20Operating%20Profit) This section reconciles reported operating profit to adjusted operating profit for each business segment and S&P Global overall, illustrating the impact of non-GAAP adjustments and transaction-related amortization S&P Global Total Adjusted Operating Profit | | 2024 (Millions of USD) | 2023 (Millions of USD) | % Change | | :---------------------- | :-------------------- | :-------------------- | :--------- | | Three Months | $1,677 | $1,390 | 21% | | Twelve Months | $6,958 | $5,732 | 21% | [Adjusted Other (Income) Expense, Net](index=15&type=section&id=12.3%20Adjusted%20Other%20%28Income%29%20Expense%2C%20Net) This section reconciles reported other (income) expense, net, to its adjusted counterpart, detailing non-GAAP adjustments and transaction-related amortization Adjusted Other (Income) Expense, Net | | 2024 (Millions of USD) | 2023 (Millions of USD) | % Change | | :---------------------- | :-------------------- | :-------------------- | :--------- | | Three Months | $(20) | $(4) | N/M | | Twelve Months | $(31) | $(9) | N/M | [Adjusted Interest Expense, Net](index=15&type=section&id=12.4%20Adjusted%20Interest%20Expense%2C%20Net) This section reconciles reported net interest expense to adjusted net interest expense, including non-GAAP adjustments Adjusted Interest Expense, Net | | 2024 (Millions of USD) | 2023 (Millions of USD) | % Change | | :---------------------- | :-------------------- | :-------------------- | :--------- | | Three Months | $75 | $83 | (8)% | | Twelve Months | $323 | $361 | (11)% | [Adjusted Provision for Income Taxes](index=15&type=section&id=12.5%20Adjusted%20Provision%20for%20Income%20Taxes) This section reconciles the reported provision for income taxes to the adjusted provision, detailing non-GAAP adjustments and transaction-related amortization Adjusted Provision for Income Taxes | | 2024 (Millions of USD) | 2023 (Millions of USD) | % Change | | :---------------------- | :-------------------- | :-------------------- | :--------- | | Three Months | $371 | $258 | 44% | | Twelve Months | $1,453 | $1,094 | 33% | [Adjusted Effective Tax Rate](index=16&type=section&id=12.6%20Adjusted%20Effective%20Tax%20Rate) The adjusted effective tax rates for the three and twelve months ended December 31, 2024, were 22.9% and 21.8% respectively, calculated by dividing adjusted provision for income taxes by adjusted pre-tax income Adjusted Effective Tax Rate | | 2024 | 2023 | | :---------------------- | :----- | :----- | | Three Months | 22.9% | 19.7% | | Twelve Months | 21.8% | 20.3% | [Adjusted Net Income and Diluted EPS](index=16&type=section&id=12.7%20Adjusted%20Net%20Income%20and%20Diluted%20EPS) This section reconciles reported net income attributable to S&P Global and diluted EPS to their adjusted counterparts, detailing non-GAAP adjustments and transaction-related amortization Adjusted Net Income and Diluted EPS Attributable to S&P Global | | Net Income Attributable to SPGI (Millions of USD) | Diluted EPS | | :---------------------- | :---------------------------- | :---------- | | **Three Months 2024** | $1,163 | $3.77 | | **Three Months 2023** | $988 | $3.13 | | **% Change** | 18% | 20% | | **Twelve Months 2024** | $4,898 | $15.70 | | **Twelve Months 2023** | $4,019 | $12.60 | | **% Change** | 22% | 25% | [Revenue Breakdown by Type](index=18&type=section&id=Revenue%20Breakdown%20by%20Type) This exhibit details S&P Global's revenue by type for Q4 and full-year 2024, including subscription, non-subscription/transaction, asset-linked fees, sales-based usage royalties, and recurring variable revenue Full-Year 2024 Total Revenue by Type | Revenue Type | 2024 Revenue (Millions of USD) | 2023 Revenue (Millions of USD) | % Change | | :-------------------------- | :-------------------- | :-------------------- | :--------- | | Subscription | $7,346 | $6,963 | 5% | | Non-Subscription / Transaction | $2,986 | $2,093 | 43% | | Non-Transaction | $1,858 | $1,730 | 7% | | Asset-Linked Fees | $1,046 | $859 | 22% | | Sales-Based Usage Royalties | $393 | $348 | 13% | | Recurring Variable | $579 | $504 | 15% | - Subscription revenue primarily derives from data distribution, valuation services, analytics, third-party research, credit rating-related information, market data and insights, and other information products and software periodic licenses[64](index=64&type=chunk) - Non-subscription/transaction revenue is primarily associated with public debt and bank loan ratings; asset-linked fees are primarily based on underlying assets in exchange-traded funds, mutual funds, and insurance products[64](index=64&type=chunk) [Free Cash Flow Reconciliation](index=20&type=section&id=Free%20Cash%20Flow%20Reconciliation) This exhibit provides the calculation of free cash flow and adjusted free cash flow, excluding certain items, for the three and twelve months ended December 31, 2024 and 2023 Full-Year 2024 Free Cash Flow and Adjusted Free Cash Flow | (Millions of USD) | 2024 | 2023 | | :------------------------------------------ | :----- | :----- | | Cash Provided by Operating Activities | $5,689 | $3,710 | | Capital Expenditures | $(124) | $(143) | | Distributions to Noncontrolling Interest Holders | $(287) | $(280) | | Free Cash Flow | $5,278 | $3,287 | | Adjusted Free Cash Flow Excluding Certain Items | $5,704 | $4,057 | [2025 Non-GAAP Guidance Reconciliation](index=21&type=section&id=2025%20Non-GAAP%20Guidance%20Reconciliation) This exhibit reconciles the 2025 GAAP diluted EPS guidance to the non-GAAP adjusted diluted EPS guidance, detailing adjustments for transaction-related amortization, premium amortization benefits, and tax rates 2025 Non-GAAP Adjusted Diluted EPS Reconciliation | | Low Value | High Value | | :-------------------------- | :---- | :---- | | GAAP Diluted EPS | $14.20 | $14.45 | | Transaction-Related Amortization | 2.91 | 2.91 | | Premium Amortization Benefit | (0.07) | (0.07) | | Tax Rate and Other | (0.04) | (0.04) | | Non-GAAP Adjusted Diluted EPS | $17.00 | $17.25 |

The upcoming report from S&P Global (SPGI) is expected to reveal quarterly earnings of $3.41 per share, indicating an increase of 9% compared to the year-ago period. Analysts forecast revenues of $3.48 billion, representing an increase of 10.3% year over year.The current level reflects an upward revision of 0.3% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.Be ...

Core Viewpoint - Wall Street anticipates a year-over-year increase in earnings for S&P Global, driven by higher revenues, with a focus on how actual results compare to estimates impacting stock price [1][2]. Earnings Expectations - The upcoming earnings report is expected to show quarterly earnings of $3.41 per share, reflecting a +9% year-over-year change, and revenues of $3.48 billion, which is a 10.3% increase from the previous year [3]. - The consensus EPS estimate has been revised 0.34% higher in the last 30 days, indicating a positive reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +1.32%, indicating a likelihood of beating the consensus EPS estimate [10][11]. - A positive Earnings ESP is a strong predictor of an earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy), 2 (Buy), or 3 (Hold) [8]. Historical Performance - In the last reported quarter, S&P Global exceeded the expected earnings of $3.64 per share by delivering $3.89, resulting in a surprise of +6.87% [12]. - Over the past four quarters, S&P Global has beaten consensus EPS estimates three times [13]. Conclusion - S&P Global is positioned as a compelling earnings-beat candidate, but investors should consider other factors beyond earnings results when making investment decisions [16].

NEW YORK, Jan. 29, 2025 /PRNewswire/ -- S&P Dow Jones Indices (S&P DJI) today released the November 2024 results for the S&P CoreLogic Case-Shiller Indices. The leading measure of U.S. home prices recorded a 3.8% annual gain in November 2024, a slight increase from the previous annual gains in 2024. More than 27 years of history are available for the data series and can be accessed in full by going to https://www.spglobal.com/spdji/en/index-family/indicators/sp-corelogic-case-shiller/.YEAR-OVER-YEARThe S&P ...