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].

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]