S&P Global Q4 Earnings Miss Estimates, Revenues Increase Y/Y

Core Insights - S&P Global Inc. (SPGI) reported mixed fourth-quarter 2025 results, with earnings missing the Zacks Consensus Estimate while revenues exceeded expectations [1][9] Financial Performance - Adjusted earnings per share (EPS) for SPGI was $4.30, missing the consensus mark by 0.5% but showing a year-over-year increase of 14.1% [1][9] - Revenues reached $3.92 billion, surpassing the consensus estimate by 0.5% and growing 9% year over year [1][9] - Adjusted operating profit was $1.90 billion, reflecting a 12% increase year over year, with an adjusted operating profit margin of 47.3%, up 60 basis points from the previous year [4] Segment Performance - Revenues from Marketing Intelligence were $1.26 billion, a 7% increase from the previous year [3] - Ratings revenues grew 12% to $1.19 billion [3] - Revenues from Energy Organic rose 6% to $576 million [3] - Mobility and Indices segments saw increases of 8% and 14%, reaching $444 million and $498 million, respectively [3] Balance Sheet & Cash Flow - At the end of Q4 2025, SPGI had cash, cash equivalents, and restricted cash of $1.75 billion, up from $1.67 billion in Q4 2024 [5] - Long-term debt increased to $12.37 billion from $11.39 billion year over year [5] - The company generated $5.65 billion in cash from operating activities, with capital expenditures of $195 million and free cash flow of $1.62 billion [5] Shareholder Returns - In 2025, SPGI returned $6.2 billion to shareholders, which included $1.2 billion in dividends and $5.0 billion in share repurchases [6] 2026 Outlook - For 2026, SPGI expects adjusted EPS to be between $19.40 and $19.65, with the Zacks Consensus Estimate at $17.85 [7] - Revenue growth guidance has been raised to 6-8% [7] - Capital expenditure guidance is set at $215-$225 million [7] - The expected full-year tax rate is projected to be between 22-23% [7]