S&P Global (SPGI) Q4 2025 earnings summary

Executive summary

• Revenue grew 8% year-over-year in 2025, with operating margin up 140 bps and adjusted diluted EPS up 14%, exceeding initial guidance on all key metrics.

• Returned 113% of adjusted free cash flow to shareholders, increased dividends for the 53rd consecutive year, and repurchased over $5 billion in stock.

• All divisions achieved revenue growth, with notable momentum in private markets, expanded client relationships, and strategic focus on AI and data integration.

• Launched new growth strategy and medium-term financial targets at Investor Day, advancing market leadership and high-growth adjacencies.

• Entering 2026 with strong momentum, healthy subscription businesses, and more tailwinds than headwinds despite macroeconomic and geopolitical uncertainties.

Financial highlights

• Full-year 2025 revenue grew 8% to $15.336 billion, with Q4 revenue up 9% year-over-year to $3.916 billion.

• Adjusted operating margin for 2025 was 50.4% (+140 bps year-over-year); GAAP operating margin was 42.2%.

• Adjusted diluted EPS for 2025 was $17.83 (+14% year-over-year), at the high end of guidance.

• Returned $6.2 billion to shareholders in 2025, including $1.2 billion in dividends and $5.0 billion in share repurchases.

• Private markets revenue grew 16% year-over-year; energy transition and sustainability revenue declined 3%.

Outlook and guidance

• 2026 organic constant currency revenue growth expected at 6%-8%; reported growth about 60 bps higher due to M&A and FX.

• Adjusted operating margins to expand by 50-75 bps (excluding OSTTRA); adjusted diluted EPS guidance of $19.40-$19.65, up 9%-10% year-over-year.

• Division guidance: Market Intelligence 5.5%-7%, Ratings 4%-7%, Energy 5.5%-7%, Mobility 7.5%-9%, Indices 10%-12%.

• Capital expenditures for 2026 expected at $215–$225 million; tax rate guidance of 22.0% to 23.0%.

• Plans to return at least 85% of adjusted free cash flow to shareholders in 2026; quarterly dividend raised to $0.97.