S&P Global (SPGI) Q4 2025 earnings summary

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%.