S&P Global (SPGI) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue rose 9% year-over-year to $3.89 billion, with record operating profit and EPS; adjusted EPS up 22%-24% and net income up 21%.

• Nearly $1.5 billion returned to shareholders via dividends and buybacks since July, with an additional $2.5 billion repurchase planned for Q4 2025.

• Announced $1.8 billion acquisition of With Intelligence and completed ARC Research and OSTTRA transactions, enhancing private markets and data offerings.

• Continued portfolio optimization with divestitures in Market Intelligence, including EDM, thinkFolio, and OSTTRA.

• Significant advancements in AI and partnerships with major technology firms; ongoing innovation and leadership changes.

Financial highlights

• Q3 2025 revenue reached $3.89 billion, up 9% year-over-year; adjusted operating profit up 16%-17% to $2.03 billion; GAAP operating margin expanded to 43.1%, adjusted margin to 52.1%.

• 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 $3.76 billion.

• Achieved $255 million in merger revenue synergies on a run-rate basis, ahead of schedule.

• Over 95% of revenue derived from proprietary sources.

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% in Q4; Indices at 10%-12%; Mobility at 8%-9%; Market Intelligence at 5.5%-6.5%.

• Commodity Insights guidance trimmed at the upper end due to sanctions and market headwinds.

• Share repurchases expected to be neutral to 2025 EPS, accretive in 2026 and beyond.