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Sep 30, 2025
S&P Global Q3 2025 Earnings Report
S&P Global reported strong Q3 2025 results driven by growth in Ratings and Market Intelligence segments.
Key Takeaways
S&P Global delivered solid financial performance in Q3 2025 with increased revenue, EPS, and net income. The company saw notable margin expansion and strong cash generation.
Revenue grew to $3.888 billion from $3.575 billion in Q3 2024.
EPS rose to $4.73, reflecting higher operating profit and margin expansion.
Net income increased to $1.442 billion.
Strong operating margin at 52.1% highlighted efficiency gains across segments.
Revenue by Segment
Forward Guidance
S&P Global raised full-year 2025 guidance with improved outlook for revenue, EPS, and margin.
Positive Outlook
- Raised 2025 revenue growth guidance to 7–8%
- Increased adjusted EPS outlook to $17.60–$17.85
- Improved operating profit margin guidance to 50–50.5%
- Reduced corporate unallocated expense guidance
- Strong FCF guidance maintained at $5.6–$5.8 billion
Challenges Ahead
- Deal-related amortization remains high at ~$1.11 billion
- OSTTRA JV operating profit excluded from margin guidance
- Continued exposure to foreign exchange volatility
- Strategic investments increasing expense base in some segments
- Legal, restructuring, and acquisition costs still present
Historical Earnings Impact
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Avg. Return Before/After Earnings
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