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S&P Global (SPGI) investor relations material
S&P Global Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Q3 2025 revenue rose 9% year-over-year to $3.89 billion, with all segments contributing to growth and net income up 21% to $1.18 billion; GAAP diluted EPS increased 24% to $3.86, and adjusted EPS rose 22% to $4.73.
Operating profit increased 17% to $1.68 billion, and adjusted operating profit rose 16% to $2.03 billion, reflecting margin expansion and strong demand.
Nearly $1.5 billion was returned to shareholders via dividends and buybacks since July, with an additional $2.5 billion in repurchases planned for Q4.
Announced $1.8 billion acquisition of With Intelligence and completed ARC Research and OSTTRA transactions to strengthen data and analytics offerings.
Continued focus on AI innovation, product launches, and strategic partnerships with major tech and investment firms.
Financial highlights
Q3 2025 revenue reached $3.89 billion, up 9% year-over-year; adjusted operating margin expanded to 52.1%, and GAAP margin to 43.1%.
Adjusted diluted EPS was $4.73, up 22% year-over-year; GAAP diluted EPS was $3.86, up 24%.
Free cash flow for the nine months ended September 30, 2025, was $3.52 billion; adjusted free cash flow was $3.76 billion.
Net income margin for Q3 2025 was 30.2%.
Cash and equivalents at quarter-end were $1.67 billion.
Outlook and guidance
Full-year 2025 revenue growth guidance raised to 7%-8%; adjusted operating margin guidance increased to 50%-50.5%.
Adjusted diluted EPS guidance raised to $17.60–$17.85; GAAP diluted EPS guidance to $14.80–$15.05.
Ratings revenue growth expected at 6.5%-8.5%; Indices at 10%-12%; Market Intelligence at 5.5%-6.5%.
Mobility segment spin-off planned within 12–18 months, subject to regulatory approvals.
2025 adjusted free cash flow (excluding certain items) expected at $5.6–$5.8 billion.
How do recent portfolio changes align with strategy?
Explain corporate unallocated expense guidance change
Detail Q4 share repurchase plans
AI's impact on MI revenue growth and margins?
Private Markets strategy post-With Intelligence?
Ratings growth outlook beyond 2025?
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Next S&P Global earnings date
Investor Day 202513 Nov, 2025
Next S&P Global earnings date
Investor Day 202513 Nov, 2025
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S&P Global is a provider of financial information and analysis, offering a broad range of services to various stakeholders worldwide. Central to its portfolio is a collection of ratings, benchmarks, and data-driven insights, catering to investors, businesses, and governments. Notably, the firm is responsible for the S&P 500 index, which aggregates the performance of 500 significant publicly traded companies in the U.S. The index is widely regarded as a key gauge for the U.S. stock market and offers insights into the country's economic trends. Beyond the iconic index, S&P Global provides a suite of other products and services that play an important role in the global financial ecosystem.
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