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 Performance - Q1 2025 - S&P Global's revenue increased by 8% from $3491 million in 1Q 2024 to $3777 million in 1Q 2025[40] - The company's operating profit increased by 10% from $1738 million in 1Q 2024 to $1920 million in 1Q 2025, with the operating margin increasing by 100 bps to 508%[40] - Net income (less NCI) increased by 7% from $1258 million in 1Q 2024 to $1344 million in 1Q 2025, and diluted EPS increased by 9% from $401 to $437[40] - Adjusted Free Cash Flow, excluding certain items, decreased by 11% from $1018 million in 1Q 2024 to $901 million in 1Q 2025[40] Segment Performance - Q1 2025 - S&P Global Market Intelligence revenue increased by 5% to $1199 million, with recurring revenue accounting for 953% of the total[71] - S&P Global Ratings revenue increased by 8% to $1149 million, with transaction revenue up 7% to $620 million and non-transaction revenue up 10% to $529 million[79] - S&P Global Commodity Insights revenue increased by 9% to $612 million, with recurring revenue accounting for 794% of the total[86] - S&P Global Mobility revenue increased by 9% to $420 million, with recurring revenue accounting for 817% of the total[92] - S&P Dow Jones Indices revenue increased by 15% to $445 million, with recurring revenue accounting for 817% of the total[98] Updated 2025 Guidance - The company revised its revenue growth guidance from 5%-7% to 4%-6%[110, 116] - The company revised its operating profit margin guidance from 415%-425% to 425%-435%[110] - The company revised its diluted EPS guidance from $1420-$1445 to $1460-$1510[110]