S&P Global Reports Fourth Quarter and Full-Year 2025 Results

New York, NY, February 10, 2026 - S&P Global (NYSE: SPGI) today reported fourth quarter and full-year 2025 results. This earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings.

The Company reported fourth quarter 2025 reported revenue of $3.916 billion, an increase of 9% compared to the fourth quarter of 2024. Fourth quarter GAAP net income increased 29% to $1,134 million and GAAP diluted earnings per share increased 32% to $3.75 driven primarily by strong revenue and operating profit growth in Ratings and Indices. Adjusted net income for the fourth quarter increased 12% to $1.299 billion and adjusted diluted earnings per share increased 14% to $4.30.

For the full-year 2025, reported revenue increased 8% year over year to $15.336 billion. 2025 GAAP net income increased 16% to $4.471 billion and GAAP diluted earnings per share increased 19% to $14.66, driven primarily by revenue and operating profit growth in the Company's Ratings, Indices, and Market Intelligence divisions. 2025 adjusted net income increased 11% to $5.441 billion compared to 2024 adjusted net income, and adjusted diluted earnings per share increased 14% to $17.83 compared to 2024 adjusted diluted earnings per share.

•S&P Global delivered revenue growth of 8% y/y in 2025. GAAP operating margin improved by approximately 3 percentage points y/y, and adjusted operating margin increased 140 basis points. •GAAP diluted EPS of $14.66 increased 19% y/y, while adjusted diluted EPS of $17.83 increased 14% y/y. •The Company returned $6.2 billion to shareholders in 2025, including $1.2 billion in dividends and $5.0 billion in share repurchases. This represents 113% of adjusted free cash flow for the year. •2026 adjusted guidance calls for organic constant currency revenue growth of 6.0% to 8.0%, and diluted EPS in the range of $19.40 to $19.65, GAAP guidance to be provided upon completion of the Mobility spin (expected mid-2026).			"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. The scale of innovation and pace of AI integration in our products and internal processes was a leap forward for our clients and the business. Our strategy, coupled with the resilience of our business model, and favorable secular and cyclical tailwinds, position us well to deliver the vision and financial targets we established at our Investor Day in November." Martina Cheung President and CEO

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Fourth Quarter 2025 Revenue

						Fourth quarter revenue increased 9%, driven by strong growth in all divisions. Revenue from subscription products increased 8%. (1) Total revenue for the fourth quarter 2024 and the fourth quarter 2025 includes the impact of inter-segment eliminations of $48M and $53M, respectively.

Market Intelligence revenue increased 7%, driven by strong organic subscription revenue growth and the acquisition of With Intelligence in November 2025, partly offset by slower growth in volume-driven products and year-over-year declines in non-subscription revenue. Ratings revenue increased 12%, driven by double-digit transaction and non-transaction revenue growth. Transaction revenue growth was driven by a 28% increase in Billed Issuance. Energy revenue increased 6% primarily due to strong subscription and usage-based revenue growth, partly offset by declines in consulting and conference revenue, as well as a negative impact related to government sanctions on select customers. Mobility revenue increased by 8% driven by double-digit growth in Dealer revenue and Financial & Other revenue, partially offset by slower growth in Manufacturing. Indices revenue increased 14%, largely driven by growth in asset-linked fees, which benefited from higher AUM and inflows, as well as strength in Exchange-Traded Derivatives and Data & Custom Subscriptions revenue growth.

Fourth Quarter 2025 Operating Profit, Expense, and Operating Margin

Note: All presentations of revenue above refer to reported revenue. Adjusted financials refer to non-GAAP adjusted metrics in all periods.

The Company's fourth quarter reported operating profit margin increased approximately 6 percentage points to 42.7%, primarily due to the increase in GAAP revenue. Adjusted operating profit margin increased 60 basis points to 47.3%, primarily due to profit growth in our Ratings and Indices divisions. GAAP operating margin also benefitted from a gain on divestiture, while adjusted operating margin improvement was slightly offset by the timing of investment expense and the acquisition of With Intelligence.

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Fourth Quarter 2025 Diluted Earnings Per Share

			4Q '25			4Q '24			y/y change
GAAP Diluted EPS			$3.75			$2.85			32%
Adjusted Diluted EPS			$4.30			$3.77			14%

Fourth quarter GAAP diluted earnings per share increased 32% to $3.75 primarily due to a 29% increase in net income, and a 2% decrease in diluted shares outstanding. Adjusted diluted earnings per share increased 14% to $4.30 due to a 12% increase in adjusted net income and a 2% decrease in diluted shares outstanding. Currency positively impacted GAAP diluted EPS by $0.04 and adjusted diluted EPS by $0.04. The largest non-core adjustments to earnings in the fourth quarter of 2025 were for a gain on disposition and deal-related amortization.

Full-Year 2025 Revenue

						Full-year 2025 revenue increased 8%, with strong growth in all five divisions. (1) Revenue in 2024 and 2025 includes the impact of inter-segment eliminations of $186M and $200M, respectively.

Market Intelligence revenue increased by 6%, driven by strong subscription and volume-driven revenue growth, partly offset by the loss of revenue from Fincentric, which was divested in August 2024. Ratings revenue increased 8%, driven by 10% non-transaction and 6% transaction revenue growth. Energy revenue increased by 7% driven by strong subscription and usage-based revenue growth, partly offset by declines in non-subscription revenue and a negative impact related to government sanctions on select customers. Mobility revenue increased by 9% driven by double-digit growth in Dealer and Financial & Other revenue, partially offset by slower growth in Manufacturing. Indices revenue increased 14%, primarily due to growth in asset-linked fees, which benefited from higher AUM and inflows, as well as growth in Exchange-Traded Derivatives and Data & Custom Subscriptions revenue.

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Full-Year 2025 Operating Profit, Expense, and Operating Margin

Note: All presentations of revenue above refer to reported revenue. Adjusted financials refer to non-GAAP adjusted metrics in all periods.

The Company's full-year reported operating margin increased by approximately 3 percentage points to 42.2%, and adjusted operating margin increased 140 basis points to 50.4%. Growth in both GAAP and adjusted operating margin was primarily driven by revenue growth across all five divisions. GAAP margin improvement also benefitted from a gain on divestiture. Adjusted operating margin improvements were slightly offset by the timing of investment expense and the acquisition of With Intelligence.

Full-Year 2025 Diluted Earnings Per Share

			2025			2024			y/y change
GAAP Diluted EPS			$14.66			$12.35			19%
Adjusted Diluted EPS			$17.83			$15.70			14%

Full-year 2025 GAAP diluted earnings per share increased 19% to $14.66.

Adjusted diluted earnings per share increased 14% to $17.83 compared to 2024, due to an 11% increase in adjusted net income and a 2% decrease in diluted shares outstanding. Currency positively impacted GAAP diluted EPS by $0.11 and adjusted diluted EPS by $0.11. The largest non-core adjustments to earnings in 2025 were for deal-related amortization and a gain on disposition.

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Full-Year 2026 Outlook

			Adjusted, unless specifically noted as GAAP
Organic, Constant Currency Revenue growth			6.0% to 8.0%
Reported Revenue growth (GAAP)			6.6% to 8.6%
Corporate unallocated expense			$220 to $230 million
Deal-related amortization			~$1.11 billion
Operating profit margin expansion			10 to 35 bps
Operating profit margin expansion, excluding OSTTRA			50 to 75 bps
Interest expense, net			$395 to $405 million
Tax rate			22.0% to 23.0%
Diluted EPS			$19.40 to $19.65
Capital expenditures (GAAP)			$215 to $225 million

In addition to the above, the Company expects adjusted free cash flow, excluding certain items, to grow mid-single digits year over year.

Non-GAAP adjusted guidance excludes merger expenses and amortization of intangibles related to acquisitions.

The Company is not providing 2026 GAAP guidance at this time, other than reported revenue growth and capital expenditures. Given the inherent uncertainty around the timing of the spin of the Company's Mobility division, and other related factors, management cannot reliably predict all of the necessary components of GAAP measures without unreasonable effort. Guidance assumes contributions from Mobility for the full year and excludes any impact from anticipated stranded costs. The Company expects to update adjusted guidance to exclude Mobility and institute GAAP guidance upon completion of the spin.

Beginning with January 2026 data, the Company expects to release its monthly billed issuance data and exchange-traded derivatives data on the 15th of each month (or the next business day thereafter), one month in arrears.

Capital Return: For the full-year 2026, the Company maintains its target of returning 85% or more of adjusted free cash flow to shareholders through dividends and share repurchases. The Board of Directors has authorized a quarterly cash dividend of $0.97, marking the 53rd consecutive year of dividend increases for the Company.

Supplemental Information/Conference Call/Webcast Details: The Company's senior management will review the fourth quarter and full-year 2025 earnings results on a conference call scheduled for today, February 10, at 8:30 a.m. ET. Additional information presented on the conference call, as well as the Company's Supplemental slide content, may be found on the Company's Investor Relations Website at http://investor.spglobal.com/Quarterly-Earnings.

The Webcast will be available live and in replay at http://investor.spglobal.com/Quarterly-Earnings.

Telephone access is available. U.S. participants may call (888) 603-9623; international participants may call +1 (630) 395-0220 (long-distance charges will apply). The passcode is "S&P Global" and the conference leader is Martina Cheung. A recorded telephone replay will be available approximately two hours after the meeting concludes and will remain available until March 10, 2026. U.S. participants may call (866) 360-7720; international participants may call +1 (203) 369-0172 (long-distance charges will apply). No passcode is required.

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Comparison of Adjusted Information to U.S. GAAP Information: The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: organic constant currency revenue; adjusted net income; adjusted diluted EPS; adjusted operating profit and margin; adjusted expenses; adjusted corporate unallocated expense; adjusted deal-related amortization; adjusted other (income) expense, net; adjusted interest expense, net; adjusted provision for income taxes; adjusted effective tax rate; adjusted equity in income on unconsolidated subsidiaries; and free cash flow and adjusted free cash flow excluding certain items.

The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP on Exhibits 5 and 7. The Company is not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort.

The Company's non-GAAP measures include adjustments that reflect how management views our businesses. The Company believes these non-GAAP financial measures provide useful supplemental information that, in the case of non-GAAP financial measures other than free cash flow and adjusted free cash flow excluding certain items, enables investors to better compare the Company's performance across periods, and management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate resources. The Company believes that the presentation of free cash flow and adjusted free cash flow excluding certain items allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management and that such measures are useful in evaluating the cash available to us to prepay debt, make strategic acquisitions and investments, and repurchase stock. However, investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports.

Forward-Looking Statements: