S&P Global Inc. (SPGI) Earnings History

S&P Global Inc. - Q4 FY2025 EarningsBeat

Filed at: Feb 10, 2026, 7:10 AM EST|Read from source

EXECUTIVE SUMMARY

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.

POSITIVE HIGHLIGHTS

  • •

    Full-year 2025 reported revenue increased 8% year over year to $15.336 billion.

    positive
  • •

    Fourth quarter GAAP net income increased 29% to $1,134 million and GAAP diluted EPS increased 32% to $3.75.

    positive
  • •

    Full-year 2025 GAAP net income increased 16% to $4.471 billion and GAAP diluted EPS increased 19% to $14.66.

    positive
  • •

    The 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.

    positive
  • •

    GAAP operating margin improved by approximately 3 percentage points year-over-year for the full year.

    positive
  • •

    Indices revenue increased 14% for both the quarter and full year.

    positive

CONCERNS & RISKS

  • •

    Energy revenue was partly offset by declines in consulting and conference revenue, as well as a negative impact related to government sanctions on select customers.

    attention
  • •

    Market Intelligence revenue was partly offset by slower growth in volume-driven products and year-over-year declines in non-subscription revenue.

    attention
  • •

    The company is not providing 2026 GAAP guidance for all measures due to uncertainty around the timing of the Mobility division spin.

    attention

FINANCIAL METRICS

Revenue
Quarterly
$3.92B
+9.0%
Prior year: $3.59B
Annual (YTD)
$15.34B
N/A
Prior year: $14.21B
Net Income
Quarterly
$1.13B
+29.0%
Prior year: $880.00M
Annual (YTD)
$4.47B
N/A
Prior year: $3.85B
EPS (Diluted)
Quarterly
$2.85
0.0%
Prior year: $2.85
Operating Income
Quarterly
$1.67B
+28.0%
Prior year: $1.31B
Annual (YTD)
$6.48B
N/A
Prior year: $5.58B
EPS (Basic)
Quarterly
$3.76
+32.0%
Prior year: $2.85
Annual (YTD)
$14.67
N/A
Prior year: $12.36

MARGIN ANALYSIS

Operating Margin
Current Quarter
42.7%
Prior Year
36.7%
YoY Change
+600 bps
Net Margin
Current Quarter
29.0%
Prior Year
24.7%
YoY Change
+427 bps

Margin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.

REVENUE BY SEGMENT — Q4 FY2025 2025

VISUAL OVERVIEW

|
Market Intelligence
0.0%
N/A
CC: +5.0%
Ratings(1 segment)
0.0%
N/A
CC: +7.0%
Energy
0.0%
N/A
CC: +7.0%
Mobility(2 segments)
0.0%
N/A
CC: +9.0%
Indices(1 segment)
0.0%
N/A
CC: +13.0%

DETAILED BREAKDOWN

|
SegmentCurrentPrior YrYoY% TotalCC
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.

MANAGEMENT GUIDANCE

FY2026

organic constant currency revenue growth
$0.1M—$0.1M
Mid-point: $0.1M
diluted EPS
$19.40—$19.65
Mid-point: $19.52
reported revenue growth (GAAP)
$0.1M—$0.1M
Mid-point: $0.1M
capital expenditures (GAAP)
215,000,000—225,000,000
Mid-point: 220,000,000

Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.

SPECIAL ITEMS & ADJUSTMENTS

Q4 2025
Gain on disposition, net
Included in reported operating profit and net income.
+$270M
FY2025
Gain on disposition, net
Included in reported operating profit and net income.
+$273M
FY2025
Deal-related amortization
Excluded from adjusted financials.
+$1,109M
FY2025
Employee severance charges
Excluded from adjusted free cash flow.
+$168M
Total Impact
+$1,820M

Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.

MANAGEMENT COMMENTARY

We delivered a strong quarter driven by performance in all divisions, momentum in private markets, and expansion with our CCO clients.

— S&P Global Inc., Q4 FY2025 2025 Earnings Call

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.

— S&P Global Inc., Q4 FY2025 2025 Earnings Call

Our unified leadership team and the talent of our people enabled us to execute very well.

— S&P Global Inc., Q4 FY2025 2025 Earnings Call

Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.

OPERATIONAL METRICS

Billed Issuance
1.3
+28.0% YoY
Prior year: 1
index
Diluted Shares Outstanding
302.1
-2.2% YoY
Prior year: 308.9
millions

Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.

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Analysis

SPGI 10-K Analysis: The Three-Tailwind Trap Behind Record Margins