S&P Global reported a strong fourth quarter and full-year 2025, driven by broad-based revenue growth across all divisions, particularly in Ratings and Indices. The company demonstrated improved operating margins and delivered significant shareholder returns, positioning itself for continued profitable growth in 2026.
Full-year 2025 reported revenue increased 8% year over year to $15.336 billion.
positiveFourth quarter GAAP net income increased 29% to $1,134 million and GAAP diluted EPS increased 32% to $3.75.
positiveFull-year 2025 GAAP net income increased 16% to $4.471 billion and GAAP diluted EPS increased 19% to $14.66.
positiveThe Company returned $6.2 billion to shareholders in 2025, including $1.2 billion in dividends and $5.0 billion in share repurchases, representing 113% of adjusted free cash flow.
positiveGAAP operating margin improved by approximately 3 percentage points year-over-year for the full year.
positiveIndices revenue increased 14% for both the quarter and full year.
positiveEnergy revenue was partly offset by declines in consulting and conference revenue, as well as a negative impact related to government sanctions on select customers.
attentionMarket Intelligence revenue was partly offset by slower growth in volume-driven products and year-over-year declines in non-subscription revenue.
attentionThe company is not providing 2026 GAAP guidance for all measures due to uncertainty around the timing of the Mobility division spin.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total | CC |
|---|---|---|---|---|---|
Market Intelligence | N/A | — | — | — | +5.0% |
Ratings | N/A | — | — | — | +7.0% |
Energy | N/A | — | — | — | +7.0% |
Mobility | N/A | — | — | — | +9.0% |
Indices | N/A | — | — | — | +13.0% |
| Total Revenue | $0.00M | — | — | 100.0% | — |
Segment performance shows business unit health and growth drivers. Constant currency (CC) removes FX impact for like-for-like comparison.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
We delivered a strong quarter driven by performance in all divisions, momentum in private markets, and expansion with our CCO clients.
I'm very proud of what we accomplished in 2025. We outlined our new mission of Advancing Essential Intelligence, and our medium-term strategy designed to drive durable, profitable growth.
Our unified leadership team and the talent of our people enabled us to execute very well.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.