Core Insights - S&P Global Inc. (SPGI) reported strong third-quarter 2025 results, with earnings and revenues exceeding expectations [1][9] - Adjusted earnings per share (EPS) reached $4.73, surpassing the Zacks Consensus Estimate by 7.5% and increasing 21.6% year over year [1][9] - Revenues totaled $3.9 billion, beating the consensus estimate by 1.4% and growing 8.8% year over year [1][9] Revenue Breakdown - Marketing Intelligence revenues were $1.2 billion, a 6% increase from the previous year, meeting estimates [3] - Ratings revenues grew 12% to $1.2 billion, exceeding projections of $1.1 billion [3] - Commodity Insights revenues reached $556 million, up 6% year over year, but slightly missed estimates [3] - Mobility and Indices segments saw revenues of $445 million and $462 million, respectively, with year-over-year increases of 8% and 11% [4] Profitability Metrics - Adjusted operating profit was $2 billion, reflecting a 16% year-over-year increase [4] - The adjusted operating profit margin improved to 52%, up 330 basis points from the previous year [4] Financial Position - At the end of Q3 2025, SPGI had cash and cash equivalents of $1.7 billion, down from $1.8 billion in the previous quarter [5] - Long-term debt remained stable at $11.4 billion [5] - The company generated $1.5 billion in cash from operating activities, with free cash flow of $1.4 billion [5] Future Guidance - SPGI raised its adjusted EPS guidance to $17.60-$17.85, above the previous range of $17.00-$17.25 and higher than the Zacks Consensus Estimate of $17.29 [6] - Revenue growth guidance was increased to 7-8%, up from the previous 5-7% [6] - Capital expenditure guidance is set at $180-$190 million [6]

Financial Data and Key Metrics Changes - The company reported record revenue, operating profit, and EPS for Q3 2025, with revenue increasing by 9% year-over-year and adjusted EPS growing by 22% [6][24]. - Subscription revenue rose by 6%, contributing to a margin expansion of 180 basis points on a trailing 12-month basis [6][24]. - The company returned nearly $1.5 billion to shareholders through dividends and buybacks since the last earnings call, with an additional $2.5 billion share repurchase expected in Q4 [6][7]. Business Line Data and Key Metrics Changes - Ratings and indices businesses experienced double-digit revenue growth, highlighting the value of global franchises [7][28]. - Market Intelligence saw an acceleration in revenue growth, achieving 8% organic constant currency growth, the strongest in six quarters [29]. - Ratings revenue increased by 12% year-over-year, driven by strong investor demand and refinancing activity [31]. Market Data and Key Metrics Changes - Bond issuance increased by 13% year-over-year, particularly in high yield and structured finance [10][12]. - The equity markets performed well, contributing to a strong quarter in the Indices business [10][12]. - The company expects bond issuance growth in the mid to high teens range for Q4 2025 [12][31]. Company Strategy and Development Direction - The company is focused on strategic investments, innovation, and disciplined execution to drive growth [6][8]. - The planned acquisition of With Intelligence aims to enhance data offerings in private markets, combining unique datasets to provide essential intelligence [13][14]. - Recent partnerships with Cambridge Associates and Mercer are expected to enhance benchmarking capabilities in private markets [16][80]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions, with expectations for continued growth in ratings and issuance [10][31]. - The company anticipates a strong performance in Q4, with issuance levels expected to remain robust [60]. - Management highlighted the importance of AI innovations in driving both top-line growth and productivity improvements [70][75]. Other Important Information - The company announced the divestiture of its Enterprise Data Management and ThinkFolio businesses to streamline operations [8][9]. - Leadership changes were noted, with key executives departing and new appointments made to strengthen the management team [9][10]. Q&A Session Summary Question: Market Intelligence organic growth of 8% - Management attributed the growth to strong execution, product innovation, and alignment within sales teams, leading to competitive wins [46][49]. Question: Ratings issuance normalization and growth outlook - Management noted that issuance growth exceeded expectations, with a favorable outlook for Q4 driven by opportunistic issuance and strong maturity walls [57][60]. Question: Role of AI in Market Intelligence - Management emphasized that AI investments will enhance both growth and productivity, with ongoing innovations expected to drive commercial value [68][70]. Question: Strength of private markets growth - Management highlighted strong issuance in ratings and the positive impact of partnerships and acquisitions on private markets data offerings [78][80]. Question: Size of EDM and ThinkFolio divestiture - Management indicated that the divestitures were not material to consolidated financials but would be slightly accretive to revenue growth and margins in 2026 [84][86].

Financial Data and Key Metrics Changes - The company reported record revenue, operating profit, and EPS for Q3 2025, with revenue increasing by 9% year-over-year and adjusted EPS growing by 22% [6][24]. - Subscription revenue rose by 6%, contributing to the overall revenue growth [6]. - The company returned nearly $1.5 billion to shareholders through dividends and buybacks since the last earnings call, with an additional $2.5 billion share repurchase expected in Q4 [6][7]. Business Line Data and Key Metrics Changes - Ratings revenue increased by 12% year-over-year, driven by strong demand in high yield and structured finance [31]. - Market Intelligence saw an 8% organic constant currency growth, marking the strongest growth in six quarters, with double-digit growth in volume-driven products [29]. - Commodity Insights revenue grew by 6%, supported by double-digit growth in energy and resources data [33]. Market Data and Key Metrics Changes - Bond issuance increased by 13% year-over-year, particularly in high yield and structured finance [10]. - The equity markets performed well, contributing to a strong quarter in the Indices business [10]. - The company expects bond issuance growth in the mid to high teens range for Q4 2025 [12]. Company Strategy and Development Direction - The company is focused on strategic investments, innovation, and disciplined execution, with a multi-pronged approach to growth including acquisitions and partnerships [7][8]. - The planned acquisition of With Intelligence aims to enhance the company's data offerings in private markets, allowing for better benchmarking and performance analytics [13][14]. - The company is committed to portfolio optimization and may continue to make tactical divestitures [9]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions, noting strong investor demand and resilient market sentiment [31]. - The outlook for the ratings business remains positive, with expectations of continued growth driven by favorable market conditions [60]. - The company anticipates that AI innovations will significantly contribute to both revenue growth and margin expansion in the future [70][74]. Other Important Information - The company announced the divestiture of its enterprise mata Management and thinkFolio businesses as part of its portfolio optimization strategy [8][9]. - Recent leadership changes were noted, including the retirement of Mark Eramo and the appointment of Catherine Clay as the new CEO of S&P Dow Jones Indices [9][10]. Q&A Session Summary Question: Market Intelligence organic growth of 8% - Management attributed the growth to strong execution, product innovation, and alignment within the sales teams, leading to competitive wins [46][49]. Question: Ratings issuance normalization and growth outlook - Management noted that growth exceeded expectations, with a strong outlook for Q4 driven by opportunistic issuance and a healthy maturity wall [57][60]. Question: Role of AI in Market Intelligence margins - Management highlighted that AI investments have positioned the company well for growth and productivity, with ongoing innovations expected to drive margin expansion [68][74]. Question: Strength of private markets growth - Management reported strong performance in private markets driven by ratings issuance and partnerships, enhancing the company's data capabilities [77][80]. Question: Size of EDM and ThinkFolio divestiture - Management indicated that the divestitures were not material to consolidated financials but would be slightly accretive to revenue growth and margins in 2026 [83][84]. Question: AI defensiveness in Market Intelligence - Management expressed confidence that nearly 90% of Market Intelligence revenue is derived from proprietary sources, providing a strong competitive advantage [88].

Financial Data and Key Metrics Changes - The company reported record revenue, operating profit, and EPS for the third quarter, with revenue increasing by 9% year over year and subscription revenue growing by 6% [5][22] - Adjusted EPS increased by 22%, and the company achieved 180 basis points of margin expansion on a trailing 12-month basis [5][22] - The company returned nearly $1.5 billion to shareholders through dividends and buybacks since the last earnings call, with an additional $2.5 billion share repurchase expected in the fourth quarter [5][6] Business Line Data and Key Metrics Changes - Ratings revenue increased by 12% year over year, driven by strong demand in high yield and structured finance [29] - Market Intelligence saw an 8% organic constant currency growth, marking the strongest growth in six quarters, with double-digit growth in volume-driven products [26][29] - Commodity Insights revenue grew by 6%, supported by double-digit growth in energy and resources data and insights [30] Market Data and Key Metrics Changes - Bond issuance increased by 13% year over year, particularly in high yield and structured finance [10] - The equity markets performed well, contributing to a strong quarter in the Indices business [10] - The company expects bond issuance growth in the mid to high teens range for the fourth quarter [11] Company Strategy and Development Direction - The company announced the planned acquisition of With Intelligence, expected to close by early 2026, which will enhance its data offerings in private markets [12][13] - A focus on innovation, particularly in AI, is evident with recent product launches and partnerships aimed at enhancing customer value [15][19] - The company is streamlining its business through divestitures, including the Enterprise Data Management and ThinkFolio businesses, to better align its portfolio [8][9] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the current market conditions, noting strong investor demand and resilient market sentiment [10][29] - The outlook for the rest of the year assumes continued favorable market conditions, with expectations for bond issuance growth and stable equity markets [11][36] - Management highlighted the importance of ongoing innovation and strategic investments to drive future growth [39] Other Important Information - The company achieved its merger revenue synergy target ahead of schedule, exiting the quarter with $255 million of run rate synergies [25] - Adjusted expenses increased by 1% year over year, primarily due to higher base compensation, but were offset by productivity savings [28] Q&A Session Summary Question: Market Intelligence organic growth of 8% - Management attributed the growth to strong execution, product innovation, and alignment within the sales teams, leading to competitive wins [51][52] Question: Ratings issuance normalization and future growth - Management noted that growth exceeded expectations, with a favorable outlook for ratings issuance driven by strong maturity walls and refinancing activity [64][66] Question: Role of AI in Market Intelligence margins - Management emphasized that AI investments have positioned the company well for growth and productivity, with ongoing innovations expected to drive margin expansion [73][78] Question: Strength of private markets growth - Management highlighted strong issuance within ratings and the positive impact of partnerships and acquisitions on private markets data offerings [82][84] Question: Size of EDM and ThinkFolio divestiture - Management indicated that the divestitures were not material to consolidated financials but would be slightly accretive to revenue growth and margins in 2026 [87][88]

Core Insights - S&P Global reported quarterly earnings of $4.73 per share, exceeding the Zacks Consensus Estimate of $4.4 per share, and up from $3.89 per share a year ago, representing an earnings surprise of +7.50% [1][2] - The company achieved revenues of $3.89 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 1.39% and increasing from $3.58 billion year-over-year [2] - S&P Global has consistently surpassed consensus EPS estimates over the last four quarters [2] Earnings Outlook - The sustainability of S&P Global's stock price movement will depend on management's commentary during the earnings call and future earnings expectations [3][4] - The current consensus EPS estimate for the upcoming quarter is $4.12 on revenues of $3.8 billion, and for the current fiscal year, it is $17.29 on revenues of $15.16 billion [7] Industry Context - The Securities and Exchanges industry, to which S&P Global belongs, is currently ranked in the top 18% of over 250 Zacks industries, indicating a favorable outlook [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Group 1 - The article does not provide any specific information or data regarding companies or industries [1]

Financial Performance - 3Q 2025 - S&P Global's revenue increased by 9% to $3888 million in 3Q 2025, compared to $3575 million in 3Q 2024[41] - Operating profit increased by 16% to $2026 million, with an operating margin of 52.1%, a 330 bps increase from 48.8% in 3Q 2024[41] - Net income (less NCI) increased by 19% to $1442 million, compared to $1210 million in 3Q 2024[41] - Diluted EPS increased by 22% to $4.73, compared to $3.89 in 3Q 2024[41] - Adjusted Free Cash Flow, excluding certain items, increased by 6% to $1505 million[41] Segment Performance - 3Q 2025 - S&P Global Market Intelligence revenue increased by 6% to $1236 million, with a segment operating margin of 35.6%[71] - S&P Global Ratings revenue increased by 12% to $1240 million, with a segment operating margin of 67.1%[79] - S&P Global Commodity Insights revenue increased by 6% to $556 million, with a segment operating margin of 48.1%[86] - S&P Global Mobility revenue increased by 8% to $445 million, with a segment operating margin of 43.3%[92] - S&P Dow Jones Indices revenue increased by 11% to $462 million, with a segment operating margin of 71.2%[98] Updated 2025 Guidance - The company updated its 2025 revenue growth guidance from 5%-7% to 7%-8%[110, 116] - The company updated its 2025 diluted EPS guidance from $14.35-$14.60 to $14.80-$15.05 on a GAAP basis[110] and from $17.00-$17.25 to $17.60-$17.85 on an adjusted basis[116]

Core Insights - S&P Global Inc. will host an Investor Day on November 13, 2025, in New York City, focusing on the company's strategy, go-to-market initiatives, technology, and financial targets [1][2]. Group 1: Event Details - The Investor Day will feature presentations from Martina Cheung, President and CEO, Eric Aboaf, CFO, and other senior leaders [1]. - The event will be available for public viewing via a live webcast starting at 1:00 p.m. ET and concluding at 4:00 p.m. ET on November 13 [2]. - The webcast will be accessible live and in replay for one year on the company's investor relations website [2]. Group 2: Company Overview - S&P Global provides essential intelligence to governments, businesses, and individuals, enabling informed decision-making [4]. - The company is recognized for offering credit ratings, benchmarks, analytics, and workflow solutions across various global markets [5].

Group 1 - S&P Global reported its third quarter results for 2025, with earnings release and supplemental materials available on their investor relations website [1] - A conference call to review the third quarter earnings results is scheduled for October 30, 2025, at 8:30 a.m. EDT [1] - The webcast of the conference call will be available live and for replay on the company's investor relations website [1] Group 2 - S&P Global provides essential intelligence to governments, businesses, and individuals, enabling informed decision-making [2] - The company is recognized for offering credit ratings, benchmarks, analytics, and workflow solutions across various global markets [3] Group 3 - S&P Global announced a strategic collaboration with Eightfold AI to enhance its talent intelligence capabilities [4] - The company plans to launch its first AI-enhanced sector rotation index as part of its S&P Dow Jones Indices offering [5]

Financial Performance - The Company reported third-quarter 2025 revenue of $3.888 billion, a 9% increase compared to the third quarter of 2024[3] - GAAP net income for the third quarter increased 21% to $1.176 billion, with GAAP diluted earnings per share rising 24% to $3.86[3] - Adjusted net income for the third quarter increased 19% to $1.442 billion, and adjusted diluted earnings per share increased 22% to $4.73[3] - Revenue for Q3 2025 was $3,888 million, a 9% increase from $3,575 million in Q3 2024[37] - Net income attributable to S&P Global Inc. for the nine months ended September 30, 2025, was $3,337 million, up 12% from $2,972 million in the same period of 2024[37] - Basic earnings per share for Q3 2025 increased by 24% to $3.86, compared to $3.12 in Q3 2024[37] - Total revenue for the nine months ended September 30, 2025, was $11,420 million, an 8% increase from $10,616 million in the same period of 2024[43] Shareholder Returns - The Company returned approximately $1.5 billion to shareholders through dividends and share repurchases since July 2025[17] - A quarterly cash dividend of $0.96 has been authorized by the Board of Directors[23] - The Company expects to execute additional repurchases totaling $2.5 billion in the fourth quarter of 2025[8] Guidance and Projections - Full-year 2025 guidance now calls for revenue growth of 7% - 8% and GAAP diluted EPS in the range of $14.80 - $15.05[8] - Non-GAAP adjusted diluted EPS guidance for 2025 is projected between $17.60 and $17.85[82] Operating Margins - GAAP operating margin increased by 300 basis points to 43.1%, while adjusted operating margin increased by 330 basis points to 52.1%[14] - The Company is tightening the range for GAAP operating margin guidance and raising the guidance range for adjusted operating margin[19] - For the three months ended September 30, 2025, the Company's operating profit margin was 43%, with adjusted operating profit margin at 52%[59] Segment Performance - Ratings segment revenue grew by 12% to $1,240 million in Q3 2025, compared to $1,110 million in Q3 2024[43] - Market Intelligence segment reported a 20% increase in operating profit for Q3 2025, totaling $277 million, up from $230 million in Q3 2024[43] - The Mobility segment's revenue increased by 8% to $445 million in Q3 2025, up from $412 million in Q3 2024[43] - Commodity Insights segment revenue grew by 6% to $556 million in Q3 2025, compared to $522 million in Q3 2024[43] - The Indices segment reported an 11% increase in revenue for Q3 2025, reaching $462 million, up from $416 million in Q3 2024[43] Expenses and Liabilities - The company reported a 2% increase in expenses for Q3 2025, totaling $2,220 million, compared to $2,173 million in Q3 2024[37] - Total liabilities decreased to $22,051 million as of September 30, 2025, from $22,713 million at the end of 2024[39] - Corporate unallocated expenses increased by 33% to $97 million in Q3 2025, compared to $73 million in Q3 2024[43] Cash Flow and Assets - Cash provided by operating activities for the nine months ended September 30, 2025, was $3,903 million, compared to $3,949 million in 2024[41] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 were $1,672 million, slightly up from $1,666 million at the beginning of the period[41] - The Company reported free cash flow of $1,393 million for the three months ended September 30, 2025, compared to $1,330 million in the same period of 2024[67] Taxation - Provision for income taxes for Q3 2025 was $333 million, a 6% increase from $313 million in Q3 2024[52] - Adjusted provision for income taxes for the nine months ended September 30, 2025, was $1,251 million, a 16% increase from $1,082 million in the same period of 2024[52] - Adjusted effective tax rate for Q3 2025 was 20.8%, down from 23.0% in Q3 2024[54] Acquisitions - The Company announced an agreement to acquire With Intelligence for $1.8 billion, expected to enhance growth in Market Intelligence[4] - The nine months ended September 30, 2025, included acquisition-related costs of $24 million, compared to $10 million in the same period of 2024[66]