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]

Performance Overview - The Dividend Kings experienced a decline of 1.58% in September, underperforming the SPDR S&P 500 ETF (SPY) by 4.47% [1] Current Month Performance - The performance in the current month is not showing improvement compared to previous results [1]

Core Insights - S&P Global is considered a stable investment due to its essential financial data, credit rating, and analytics services, serving a significant portion of Fortune 100 and Fortune 500 companies [1][2] - The company has experienced slower stock growth over the past year, with only a 1% increase [1] - Despite market challenges, S&P Global is expected to raise its full-year revenue and adjusted EPS guidance, particularly in light of recent Federal Reserve interest rate cuts [10][11] Company Overview - S&P Global holds a near-duopoly in the financial data and credit rating services market alongside Moody's, serving major financial institutions and corporations [4] - The company's services are crucial in both bull and bear markets, although its credit rating business is sensitive to macroeconomic factors like inflation and interest rates [6] Financial Performance - Revenue growth has fluctuated, with a notable 35% increase in 2022 followed by a 12% growth in 2023, and a projected 5% to 7% increase for the full year [7][8] - Adjusted EPS growth has also varied, with a decline of 4% in 2022, but expected to rise by 8% to 10% in 2023 [7][8] Market Position - At a current price of $495 per share, S&P Global's stock is valued at 29 times the midpoint of its adjusted EPS forecast, which is reasonable compared to Moody's higher valuation [9] - The planned spin-off of S&P Global Mobility is anticipated to streamline operations and enhance earnings by 2026 [11] Dividend Information - S&P Global has a forward dividend yield of 0.8% and has consistently raised its dividend for over 50 years, indicating resilience against market challenges [12] Future Outlook - The upcoming Q3 earnings report on October 30 is critical, as exceeding analysts' estimates could lead to a significant stock price increase [13]

Core Insights - Absolute greenhouse gas emissions from Canadian oil sands production increased by less than 1% in 2024, despite a rise in total production [1][2] - The average greenhouse gas intensity of oil sands production decreased by 3% to 57 kgCO2e/bbl in 2024, indicating ongoing efficiency improvements [4][5] - Since 2009, the average GHG intensity has declined by 28%, equating to nearly 22 kgCO2e/b of marketable product [5] Emissions and Production Trends - In 2024, absolute annual emissions rose by less than 1 million metric tons of CO2 equivalent, while total oil sands production increased by 150,000 barrels per day [2] - From 2019 to 2024, absolute emissions grew by close to 5 MMtCO2e, averaging 1% annually, while production increased by nearly 400,000 b/d [3] - In the previous five years (2015-2019), absolute emissions rose by nearly 12 MMtCO2e with a production increase of 600,000 b/d, reflecting a higher annual average increase of 4% [3] Future Outlook - S&P Global Commodity Insights anticipates that absolute emissions will continue to grow at a slower rate, as GHG intensity reductions may be modestly outpaced by production additions [5] - The potential for a peak in oil sands absolute emissions exists, but stronger-than-expected production growth pushes that prospect further into the future [6]

Core Insights - U.S. home prices are experiencing a slowdown, with the National Index showing a year-over-year increase of only 1.5%, the weakest gain in over two years, and below the 3% inflation rate [2][6][9] - The housing market is adjusting after a pandemic boom, with high mortgage rates above 6.5% impacting buyer demand and limiting transaction activity [5][9] Year-over-Year Summary - The S&P Cotality Case-Shiller U.S. National Home Price NSA Index reported a 1.5% annual gain for August, down from 1.6% in the previous month [6][9] - The 10-City Composite showed a 2.1% annual increase, down from 2.3%, while the 20-City Composite posted a 1.6% increase, down from 1.8% [6][9] Monthly Summary - In August, the National Index fell by 0.3%, with the 10-City and 20-City Composites both declining by 0.6% [10][9] - Nineteen out of twenty cities experienced price declines before seasonal adjustment, indicating broad weakness in the market [4][9] Regional Performance - New York led with a 6.1% annual gain, followed by Chicago at 5.9% and Cleveland at 4.7% [4][7] - Conversely, Tampa saw a decline of 3.3%, with other cities like Phoenix and Miami also experiencing losses of 1.7% [4][7] Market Dynamics - The combination of high financing costs and near-record high prices is limiting transaction activity, particularly in markets that saw sharp gains during the pandemic [5][9] - The adjustment in the housing market may lead to a more sustainable environment, but current conditions are causing homeowners to see their real equity erode [5][9]

Core Insights - S&P Global Inc. (SPGI) is set to announce its Q3 2025 results on October 30, with a history of exceeding earnings estimates in the past four quarters, averaging a surprise of 6.1% [1][9]. Revenue Expectations - The Zacks Consensus Estimate for SPGI's revenues is $3.8 billion, reflecting a 7.3% increase compared to the same quarter last year [2][11]. - Market Intelligence revenues are projected at $1.2 billion, indicating a 6.3% year-over-year growth, driven by revenue transformation and high demand for specific services [3]. - Ratings revenues are expected to reach $1.1 billion, up 1.6% from the previous year, supported by non-transaction revenues and a successful private credit strategy [4]. - Commodity Insights revenues are anticipated at $555.4 million, suggesting a 6.4% growth year-over-year, aided by enterprise contracts and strong performance in Global Trading Services [5]. - Mobility revenues are estimated to grow by 8.6% to $447.4 million, driven by increased dealer revenues and improved underwriting volumes [6]. - Indices revenues are expected to be $435.1 million, indicating a 4.6% rise year-over-year, influenced by higher asset-linked fees and increased trading volumes [7]. Profitability Metrics - Adjusted EBITDA is projected at $2.1 billion, a 3.6% increase from the prior year, with an adjusted EBITDA margin of 56.3%, slightly down from 57% [8]. - The consensus estimate for earnings per share (EPS) is $4.40, reflecting a 13.1% growth year-over-year, driven by increased revenues and expanded margins [8][11]. Earnings Prediction - The model predicts an earnings beat for SPGI, supported by a positive Earnings ESP of +1.66% and a Zacks Rank of 3 (Hold) [9].

Core Insights - S&P Global has announced a strategic collaboration with Eightfold AI to enhance workforce development and promote skills-based career mobility within the company [1][3]. Group 1: Partnership Details - The collaboration will utilize Eightfold AI's Talent Design framework to integrate human expertise with advanced AI capabilities, improving skills-based career architecture and providing data-driven insights for workforce preparation [2][3]. - This partnership aims to empower employees by helping them discover internal career opportunities, access personalized learning, and develop future-ready skills aligned with business needs [3][5]. Group 2: Strategic Goals - S&P Global emphasizes its commitment to AI adoption and upskilling as part of its workforce strategy, which includes initiatives like EssentialTECH education and mandatory 'AI for Everyone' training [3][5]. - The collaboration is expected to create new pathways for career growth and internal mobility, enhancing innovation and delivering greater impact for customers [3][5]. Group 3: Leadership Perspectives - Girish Ganesan, Chief People Officer at S&P Global, highlighted that this partnership marks a significant step in equipping the workforce with necessary skills for transformative change [3]. - Ashutosh Garg, Co-Founder and CEO of Eightfold AI, noted the importance of combining human insight with AI to unlock additional potential in workforce intelligence initiatives [3].

Core Viewpoint - Standard & Poor's (S&P) has confirmed Greece's credit rating at BBB with a stable outlook, indicating a positive assessment of Greece's economic stability and fiscal management [1] Economic Outlook - S&P predicts that Greece will achieve an overall fiscal surplus for the second consecutive year by 2025, positioning it among the few developed countries that will see a reduction in public debt in absolute terms for two consecutive years [1] - Despite high external imbalances, Greece's participation in the Eurozone and adherence to EU fiscal treaties provide resilience against international balance of payments shocks [1] - The economic outlook for Greece remains robust, bolstered by strong demand in investment projects and the tourism sector [1]

Core Insights - S&P Global has announced the launch of Document Intelligence 2.0, an AI-powered enhancement to its S&P Capital IQ Pro platform, aimed at improving financial analysis and providing comprehensive insights in a complex global economy [1][2][3] Group 1: Document Intelligence 2.0 Features - Document Intelligence 2.0 utilizes generative AI to analyze extensive document repositories, allowing users to generate insights with precise citations for full auditability [2] - The platform includes a Multi-Document ChatIQ feature, enabling users to interact across multiple documents for efficient comparison and strategic insights [3] Group 2: Additional Enhancements - New features in S&P Capital IQ Pro include Earnings IQ Alerts for instant notifications on financial earnings metrics, Natural Language Screening for efficient company screening, and Visible Alpha Estimates for advanced financial analysis [7] - The platform has expanded its coverage in Fixed Income by adding nearly 3,600 new issuers to Credit Default Swaps and enhancing pricing data [7] Group 3: Commitment to Financial Intelligence - S&P Global emphasizes its commitment to providing essential intelligence that supports informed decision-making across global markets [3][5]

Core Insights - The report by S&P Global indicates that corporate losses this year are expected to increase by at least $1.2 trillion compared to earlier predictions, primarily due to the impact of tariffs, rising wages, energy prices, and increased capital expenditures, especially in AI infrastructure [2][5] - S&P Global forecasts total corporate spending to reach $53 trillion this year, revising its earlier estimates from January [2] - The analysis is based on predictions from over 15,000 analysts covering approximately 9,000 publicly traded companies, which collectively represent about 85% of the global stock market capitalization [2] Corporate Profitability - The report highlights a significant contraction in expected global corporate profit margins, with a projected loss of approximately $907 billion, equating to a 0.64% decrease in profits for the companies covered by sell-side analysts [2][4] - The loss is attributed to a combination of a $600 billion upward revision in revenue forecasts and a $300 billion downward revision in profit forecasts [2] Consumer Impact - Approximately two-thirds of the estimated $907 billion loss is being passed on to consumers through price increases, amounting to about $592 billion [3] - The remaining one-third, approximately $315 billion, is being absorbed internally by companies through reduced profit margins [4] Broader Economic Implications - The analysis extends beyond the 9,000 covered companies, including an additional estimated $155 billion in expenses from uncovered public companies and about $123 billion from private equity and venture capital-backed firms, leading to a total incremental cost of $1.2 trillion by 2025 [5] - The debate continues regarding who bears the brunt of the price increases driven by tariffs, with differing views on the impact across income levels [6][7] Tariff Effects - The report suggests that tariffs act as a regressive tax, disproportionately affecting low-income consumers who spend a larger portion of their income on goods subject to tariffs [6][7] - High-income households are less affected by these price increases due to their financial flexibility and spending patterns [7] Government Response - The White House maintains that the pressure on American consumers will be temporary, asserting that the costs of tariffs will ultimately be borne by foreign exporters [8] - Companies are reportedly adjusting and diversifying their supply chains in response to tariffs, including efforts to bring production back to the U.S. [8] Profit Loss Estimates - S&P Global warns that the estimated corporate profit losses could be higher than the "highly conservative" figures presented, as companies not covered by analysts tend to be smaller and less diversified [9]