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S&P Global
S&P Global (SPGI) investor relations material
S&P Global Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary10 Feb, 2026
Executive summary
Delivered strong revenue growth in 2025, with full-year revenue up 8% and operating margin expansion, resulting in 14% adjusted EPS growth and 19% GAAP EPS growth, exceeding initial guidance.
Returned 113% of adjusted free cash flow to shareholders, increased dividends for the 53rd consecutive year, and repurchased over $5 billion in stock.
Launched a new strategic vision focused on advancing essential intelligence, with momentum in private markets, energy, and AI initiatives.
All divisions achieved revenue growth, with notable contributions from private markets and expanded client relationships.
Announced Mobility spin-off and completed the acquisition of With Intelligence, accelerating integration and cross-sell opportunities.
Financial highlights
Full-year 2025 revenue grew 8%, with organic constant currency revenue up 8% and adjusted operating margin at 50.4% (+140 bps year-over-year).
Adjusted diluted EPS reached $17.83, at the high end of guidance, with Q4 adjusted EPS up 14% to $4.30.
Returned $6.2 billion to shareholders in 2025, including $1.2 billion in dividends and $5.0 billion in share repurchases.
GAAP operating margin for 2025 improved by 3 percentage points to 42.2%.
Free cash flow for 2025 was $5.135 billion; adjusted free cash flow excluding certain items was $5.481 billion.
Outlook and guidance
2026 guidance projects organic constant currency revenue growth of 6%-8% and adjusted diluted EPS of $19.40-$19.65, up 9%-10% year-over-year.
Adjusted operating margins expected to expand by 50-75 bps (excluding OSTTRA), or 10-35 bps (including OSTTRA).
Division guidance: Market Intelligence 5.5%-7%, Ratings 4%-7%, Energy 5.5%-7%, Mobility 7.5%-9%, Indices 10%-12%.
Plans to return at least 85% of adjusted free cash flow to shareholders in 2026; quarterly dividend raised to $0.97.
Capital expenditures for 2026 expected at $215–$225 million; tax rate guidance of 22.0% to 23.0%.
How does 2026 guidance account for Mobility spin?
Detail AI integration in products and processes.
What drove Ratings' 28% billed issuance growth?
EDO expense reduction progress
Mobility spin Q2 milestones
Why did Energy Transition revenue decline 3%?
How does AI drive S&P Global's revenue growth?
What factors temper Ratings' 2026 outlook?
Detail AI's role in internal productivity gains
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Next S&P Global earnings date
Q1 202628 Apr, 2026
S&P Global
Next S&P Global earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
The Company Behind the S&P 500
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.
Standard & Poor’s
S&P Global, originally founded as the Standard Statistics Bureau, began its journey by tracking the financial performance of U.S. companies. In 1941, the company merged with Poor's Publishing, an entity that had been detailing the history of railroads and other industrials since 1888, leading to the creation of Standard & Poor's. Over the decades, it evolved into one of the world's leading financial market intelligence providers. Renowned for its stock market indices, especially the S&P 500, the company expanded its services to include credit ratings, research, and benchmarks. In 2016, to reflect its broadened services and global reach the company rebranded as S&P Global.
The S&P 500
The S&P 500 is one of the most widely followed and recognized stock market indices in the world. Established in 1957, it comprises 500 of the largest publicly traded companies in the U.S., capturing approximately 80% of the country's total market capitalization. As a market-capitalization-weighted index, the largest companies have the most influence on its movement. The S&P 500 serves as a key barometer of U.S. equity performance, reflecting the health of the U.S. economy and broader market trends. Financial professionals, such as investment banks as well as retail investors use it as a benchmark.
Beyond the Index
S&P Global is far more than just the S&P 500. The company is a provider of transparent and independent ratings, benchmarks, analytics, and data. S&P Global Ratings provides credit ratings that help investors assess risks associated with debt instruments. The Global Market Intelligence division offers insights into the finance and commodities sectors. S&P Global Platts is pivotal in providing information and benchmarks for the energy and commodities markets. Meanwhile, S&P Dow Jones Indices create indices that cover a wide range of financial markets and companies. However, it’s not alone in doing so, and when looking at some publicly traded companies providing indices we find MSCI and Nasdaq.
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