S&P Global(US:SPGI)2025-10-30 11:10Financial 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]