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    SPGI
    Earnings call· Dec 2025(Q4 FY25)

    S&P Global Q4 FY25 earnings call SPGI

    Feb 10, 2026 Source

    Executive summary

    S&P Global Q4 FY25 — Strong Subscription Growth and Margin Expansion

    S&P Global delivered a strong Q4 FY25, exceeding initial guidance with robust revenue growth and significant margin expansion, driven by strong subscription performance across Market Intelligence, Ratings, and Indices. The company is entering 2026 with confidence, bolstered by strategic investments in AI, private markets, and energy expansion, while maintaining a disciplined approach to capital allocation and operational efficiency.

    Highlights

    5

    • S&P Global delivered strong revenue growth, meaningful operating margin expansion, and 14% EPS growth in 2025.

    • The company exceeded its initial 2025 guidance on revenue, operating margin, and EPS, returning 113% of adjusted free cash flow to shareholders.

    • Ratings and Indices divisions each posted double-digit growth in Q4 FY25, driven by robust debt issuance and equity market appreciation.

    • Market Intelligence subscription revenue, comprising 85% of its total, grew approximately 7% organically and as reported in Q4 FY25.

    • The company announced its 53rd consecutive year of dividend increases and repurchased over $5 billion in stock in 2025.

    Concerns

    5

    • The tax rate came in near the high end of guidance, resulting in EPS approximately $0.08 lower than if it had been at the midpoint.

    • Energy Transition and Sustainability revenue decreased 3% to $101 million in Q4 FY25, reflecting a slowdown in customer spending.

    • Sanctions created a $3 million headwind on Energy's Q4 FY25 revenue, with an expected 60 basis points headwind for 2026.

    • A low double-digit decline in billed issuance from bank loans in Q4 FY25 contributed to a mix shift, impacting transaction revenue growth.

    • Modest growth is assumed for Mobility's manufacturing revenue in 2026 due to tariffs and regulatory uncertainty.

    Guidance & targets

    15
    CategoryTargetConfidence
    Full-year 2026 revenue growth (organic constant currency)
    6% to 8%
    high materiality
    High
    Full-year 2026 revenue growth (reported)
    Approximately 60 basis points higher than organic constant currency
    medium materiality
    High
    Full-year 2026 adjusted operating margins (excluding OSTTRA)
    Expand by 50 to 75 basis points
    high materiality
    High
    Full-year 2026 adjusted operating margins (including OSTTRA)
    Expand by 10 to 35 basis points
    medium materiality
    High
    Full-year 2026 adjusted diluted EPS
    $19.40 to $19.65
    high materiality
    High
    Market Intelligence organic constant currency revenue growth
    5.5% to 7%
    medium materiality
    Medium
    Ratings organic constant currency growth
    4% to 7%
    high materiality
    Medium
    Energy organic constant currency revenue growth
    5.5% to 7%
    medium materiality
    Medium
    Mobility organic constant currency growth
    7.5% to 9%
    medium materiality
    High
    Indices organic constant currency revenue growth
    10% to 12%
    high materiality
    Medium
    Billed issuance growth
    Low to mid-single digits
    high materiality
    Medium
    Market appreciation (Indices)
    5% to 7%
    medium materiality
    Medium
    Exchange-Traded Derivatives (ETD) volumes growth
    Low single-digit growth
    medium materiality
    Medium
    Enterprise Data Office cost reduction
    More than 20%
    medium materiality
    High
    Q1 2026 share buyback
    About $1 billion
    medium materiality
    High

    Segment performance

    5
    SegmentRevenueYoYQoQMargin
    Market Intelligence
    Reported revenue grew 7% and organic constant currency revenue grew 5% in Q4 FY25. Subscription revenue, which is ~85% of MI, grew ~7%. Data, Analytics & Insights revenue included a $9 million contribution from With Intelligence. Credit & Risk Solutions benefited from a major renewal in Financial Risk Analytics. Enterprise Solutions faced a 2 percentage point headwind from EDM and thinkFolio declines. Adjusted expenses increased 7%.
    Organic constant currency revenue growth: 5%Subscription revenue growth (organic and reported): ~7%Subscription revenue as % of total: ~85%Data, Analytics & Insights revenue growth: 7%Credit & Risk Solutions revenue growth: 10%Enterprise Solutions revenue growth: 4%
    		—7%—32.2%
    Ratings
    Revenue increased 12% (10% organic constant currency) in Q4 FY25, balanced across transaction and non-transaction streams. Transaction revenue was driven by strong investment-grade issuance, despite a low double-digit decline in bank loans. Non-transaction revenue was boosted by higher annual fee revenue from surveillance and strong CRISIL growth. Adjusted expenses increased 6%.
    Organic constant currency revenue growth: 10%Transaction revenue growth: 12%Non-transaction revenue growth: 11%
    		—12%—61.8%
    S&P Global Energy
    Revenue grew 6% in Q4 FY25, driven by strength in Energy & Resources Data & Insights and Price Assessments. Sanctions created a $3 million headwind. Advisory & Transactional Services saw softness in consulting and events, partially offset by double-digit growth in Global Trading Services. Upstream Data & Insights saw a slight increase due to upfront revenue recognition from software renewals. Adjusted expenses rose 5%.
    Energy & Resources Data & Insights growth: 9%Price Assessments growth: 8%Advisory & Transactional Services revenue decrease: 5%Upstream Data & Insights revenue increase: slight
    		—6%—45.5%
    S&P Dow Jones Indices
    Revenue grew 14% in Q4 FY25, with double-digit growth across all business lines. Asset-Linked Fees benefited from higher AUM and net inflows. Exchange-Traded Derivatives revenue was driven by SPX ETD volumes. Data & Custom Subscriptions included a ~2 percentage point contribution from ARC Research. Adjusted expenses were up 11%.
    Asset-Linked Fees growth: 13%Exchange-Traded Derivatives revenue growth: 20%Data & Custom Subscriptions growth: 13%
    		—14%—68.8%
    Mobility
    Revenue grew 8% in Q4 FY25, with strong growth in Dealer and Financials & Other. Manufacturing revenue grew 1% due to tariffs and regulatory uncertainty. Adjusted expenses grew 7%, partially offset by the lapping of elevated incentive compensation from the prior year.
    Dealer revenue growth: 10%Manufacturing revenue growth: 1%Financials & Other growth: 11%
    		—8%—35.4%

    Operational metrics

    32
    Dividend increases streak
    53rd consecutive year
    2025

    S&P Global announced its 53rd consecutive year of dividend increases.

    Stock repurchases
    $5 billion
    FY25

    The company repurchased more than $5 billion in stock in 2025.

    EPS growth
    14%exceeded initial guidance
    FY25

    S&P Global delivered 14% growth in EPS, exceeding initial guidance.

    Operating margin expansion
    60 bpsYoY
    Q4 FY25

    Adjusted expenses increased 8%, resulting in 60 basis points of year-on-year margin expansion to 47.3%.

    Operating margin expansion (ex-OSTTRA)
    130 bpsYoY
    Q4 FY25

    Excluding the contribution from OSTTRA, margin expansion would have been 130 basis points year-over-year.

    Adjusted diluted EPS growth
    14%
    Q4 FY25

    The company delivered 14% growth in adjusted diluted EPS in the quarter.

    Private Markets revenue growth
    16%YoY
    Q4 FY25

    Private Markets revenue grew 16% year-over-year, driven primarily by Ratings and Market Intelligence.

    Vitality revenue
    $470 million
    Q4 FY25

    S&P Global generated $470 million in Vitality revenue in the fourth quarter.

    Vitality Index
    12%
    Q4 FY25

    The company continued to deliver a Vitality Index of 12%.

    Billed issuance increase
    11%
    FY25

    In 2025, billed issuance increased 11% and surpassed $4.3 trillion.

    Billed issuance total
    $4.3 trillion
    FY25

    In 2025, billed issuance increased 11% and surpassed $4.3 trillion.

    2026 Maturity Wall (vs. 2025)
    12% highervs. 2025
    2026

    The 2026 maturity wall is 12% higher than the 2025 maturity wall a year ago.

    Energy sanctions headwind
    $3 million
    Q4 FY25

    Sanctions announced in the second half created a $3 million headwind on fourth quarter revenue.

    Ratings billed issuance growth
    28%
    Q4 FY25

    There was an unusually large gap between billed issuance growth of 28% and transaction revenue growth of 12% due to mix shift.

    Indices ARC Research revenue contribution
    ~2 percentage points
    Q4 FY25

    Data & Custom Subscriptions growth included a roughly 2 percentage point contribution from revenue related to the ARC Research acquisition.

    Mobility operating margin expansion
    70 bpsYoY
    Q4 FY25

    Mobility's operating margin expanded 70 basis points year-over-year to 35.4%.

    With Intelligence integration time
    Less than 6 weeks
    Q4 FY25

    The close process for With Intelligence was shortened to less than 6 weeks, much faster than originally assumed.

    With Intelligence data linked
    More than 75%
    Q4 FY25

    More than 75% of the fund manager and investor data sets from With Intelligence were linked in less than a month using Kensho Link.

    With Intelligence sales leads generated
    More than 200
    Q4 FY25

    Over 200 new sales leads and cross-sell opportunities were generated within the first 60 days of the With Intelligence integration.

    With Intelligence cost synergies
    Millions
    Q4 FY25

    Millions in cost synergies have already been realized since the With Intelligence deal closed at the end of November.

    Hyperscaler announced CapEx
    $650 billion
    future

    A total of about $650 billion in announced CapEx from hyperscale players, with a portion expected to be debt-funded and materialize in 2026.

    Kensho investment
    $1 billion
    since 2018

    S&P Global has deployed about $1 billion in AI since acquiring Kensho in 2018.

    Researcher cost savings from AI
    $10 million+
    last year

    AI tools have helped simplify, streamline, and save over $10 million in researcher activities over the last year.

    Headcount impacted by AI initiatives
    ~1/3 of 40,000+
    current

    Deep pools of human resources, comprising about one-third of the total 40,000+ headcount, are being impacted by AI initiatives.

    Market Intelligence ACV growth
    6.5% to 7%
    Q4 FY25

    Market Intelligence ACV growth was solidly in the 6.5% to 7% range for Q4 FY25, showing acceleration from the first half.

    Market Intelligence ACV growth
    6% to 6.5%
    H1 FY25

    Market Intelligence ACV growth was in the 6% to 6.5% range for the first half of FY25.

    Desktop revenue as % of enterprise
    6%
    current

    The Desktop business represents about 6% of S&P Global's enterprise revenue.

    Revenue tied to proprietary benchmarks
    95%
    2025

    Over 95% of S&P Global's revenue is tied to proprietary benchmarks, differentiated data, and critical workflow tools.

    EPS impact from tax rate
    $0.08
    Q4 FY25

    Had the tax rate been at the midpoint of guidance, EPS would have been approximately $0.08 higher.

    Enterprise Data Office expense base
    $0.5 billion
    current

    The Enterprise Data Office has an expense base of nearly $0.5 billion, with a goal to reduce it by 20% over the next two years.

    Market Intelligence adjusted Q4 operating margin (hypothetical)
    33.5%
    Q4 FY25

    Factoring in the early integration of With Intelligence, investment pull-forward, and lower variable revenues, MI's Q4 margin would have been around 33.5%.

    Market Intelligence full year operating margin
    34%
    FY25

    The hypothetical Q4 margin of 33.5% is close to the full year 34% margin for Market Intelligence.

    Industry KPIs

    3
    MetricValueDetails
    AUMhigher AUM
    Dry powderpent-up demand given the dry powder in the markets
    Fundraising inflowsstrong net inflows

    Product announcements

    3
    ProductTypeDetails
    S&P 500 Onchainlaunch
    AI capabilities for research and insightslaunch
    Enhanced gas, power and commodity flow intelligencelaunch

    Deals & partnerships

    5
    With Intelligenceacquisition

    The acquisition was completed with a close process shortened to less than 6 weeks. Post-close, over 75% of fund manager and investor data sets were linked in less than a month using Kensho Link, and Single Sign On was enabled through Capital IQ Pro in January.

    Cambridge Associates and Mercerpartnership

    A partnership was announced, and the beta for Cambridge Mercer was launched in Q4 FY25, receiving positive feedback. The collaboration focuses on standardizing private markets reporting taxonomy.

    Googlecollaboration

    A collaboration with Google was announced in December, providing S&P Global access to Gemini Enterprise.

    OpenAIcollaboration

    An MCP connector for OpenAI was announced, indicating a collaboration in AI solutions.

    Centrifugecollaboration

    A collaboration with Centrifuge led to the launch of the S&P 500 Onchain in 2025.

    Risks & headwinds

    7
    Macroeconomic distress, market volatility, or slowdown in economic growth2026

    Expected billed issuance to be lower than forecast.

    Mitigation: Careful monitoring and assessment of the macroeconomic environment, geoeconomic and geopolitical dynamics, and customer end markets.

    Slowdown in customer spending in Energy Transition and SustainabilityQ4 FY25, near term for 2026

    Revenue decreased 3% to $101 million in Q4 FY25.

    Mitigation: Outlook for 2026 does not depend on a meaningful recovery in the near term.

    Sanctions impact on Energy revenueQ4 FY25, expected to lap by end of Q3 2026

    $3 million headwind on Q4 FY25 revenue; approximately 60 basis points of headwind for 2026.

    Mitigation: Guidance assumes the duration and scope of sanctions will not materially change.

    Lower oil prices2026

    Expected to remain fairly stable but lower in 2026 than average over the last few years.

    Mitigation: Work underway to stabilize and reposition parts of the upstream portfolio.

    Softness in bank loan volumesQ4 FY25, continuing into 2026

    Low double-digit decline in billed issuance from bank loans in Q4 FY25; modest expectations for 2026.

    Mitigation: Reflected in modest expectations for those volumes in Ratings guidance.

    Modest growth in Mobility's manufacturing revenue2026

    Grew 1% in Q4 FY25; assumed modest growth for 2026.

    Mitigation: Guidance assumes modest growth until more concrete signs of acceleration are observed.

    Challenging compare for billed issuance2026, particularly Q3 and Q4

    Billed issuance increased 11% and surpassed $4.3 trillion in 2025, creating a difficult comparison for 2026.

    Mitigation: Base case assumes low to mid-single digits growth, with potential upside from elevated M&A or pull-forward from out-year maturity walls.

    Q&A highlights

    8

    Seeking color on the softness in MI's volume-driven products in Q4 FY25 and the unpredictability for 2026.

    Eric Aboaf explained that volume-driven revenue, which is a smaller portion of MI, fluctuates with market dynamics. While some products like WSO and Notice Manager saw positive volumetric growth, others like primary market book building for investment-grade and equity issuances, and ClearPar (due to slower loan syndications), saw declines. The 2026 guidance for MI reflects a cautious approach to these unpredictable volume-driven products.

    “It's a mix. We operate probably -- I've given you examples of 6 or 7 products or 20 to 25 products that have volume-driven drivers. And these will just move around with market dynamics that are generally things that we can monitor and measure and so forth.”

    asked by Ashish Sabadra · answered by Eric Aboaf

    2 min read6 chapters

    Detailed Narrative

    01

    Strategic Vision and Execution

    S&P Global's strategic vision, 'Advancing Essential Intelligence,' focuses on three key objectives: advancing market leadership, expanding into high-growth adjacencies, and amplifying enterprise capabilities. In 2025, the company made significant strides, including enhancing private market tools with new AI functionality, launching private equity benchmarks, and expanding energy insights. These efforts are aimed at leveraging proprietary benchmarks, differentiated data, and critical workflow tools to drive future growth.

    02

    Enterprise Capabilities and Efficiency

    The establishment and development of the Chief Client Office (CCO) and Enterprise Data Office (EDO) in 2025 have been pivotal. The CCO deepens engagement with large strategic customers, providing early insight into their needs and fostering co-development of solutions. The EDO has made meaningful headway in data integration and distribution, reducing manual data processing, eliminating over 10% of applications, and aiming for a 20% cost reduction by the end of 2027, with over half of total data workflows now automated.

    03

    AI Integration and Impact

    2025 marked a significant leap forward for S&P Global in AI, with new AI products and features launched across every division. The company adopts a platform-agnostic approach, collaborating with major technology partners like Anthropic, Google, and OpenAI. AI is viewed as a net tailwind, enhancing product functionality, driving internal productivity, and leading to increased demand for new data sets and add-ons, ultimately contributing to stronger growth and profitability.

    04

    Mobility Spin-off Progress

    The planned spin-off of the Mobility business is progressing well, with the new independent company named Mobility Global. Key milestones achieved include confidentially filing Form 10 with the SEC and appointing senior leadership. Looking ahead, the company expects to publicly file Form 10, host an Investor Day, and launch a public debt offering for Mobility in Q2 2026, targeting an investment-grade rating, with S&P Global continuing to consolidate Mobility until separation.

    05

    Market Outlook and Assumptions for 2026

    S&P Global enters 2026 with more tailwinds than headwinds, anticipating low to mid-single-digit billed issuance growth, 5% to 7% market appreciation for Indices, and low single-digit ETD volume growth. The outlook for Market Intelligence reflects a prudent approach to volume-driven products, while Energy's guidance accounts for sanctions and efforts to stabilize the upstream portfolio. The company remains vigilant of macroeconomic and geopolitical dynamics, but expects to deliver value through stable market conditions.

    06

    With Intelligence Acquisition Integration

    The integration of the With Intelligence acquisition demonstrated the effectiveness of S&P Global's enterprise mindset. The close process was shortened to less than 6 weeks, and post-close, over 75% of fund manager and investor data sets were linked in under a month using Kensho Link. This enabled Single Sign-On through Capital IQ Pro, generated over 200 new sales leads within 60 days, and realized millions in cost synergies, highlighting successful cross-team collaboration.

    AI-generated summary of the company’s earnings call. Not investment advice.