S&p Global Inc. · NYSE:SPGI
S&p Global — Q3 2025 Earnings Presentation
23 slides from S&p Global's earnings presentation, Oct 30, 2025
Slide 1: S&P Global Quarterly Update 3Q 2025
3Q 2025 S&P Global Quarterly Update October 30, 2025 1
Slide 2: Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995 This presentation contains “forward-looking Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in for
Slide 3: Comparison of adjusted information to U.S. GAAP information
Comparison of adjusted information to U.S. GAAP information This presentation includes Company financials on an as-reported basis. The Company also refers The Company’s non-GAAP measures include adjustments that reflect how management views to and presents certain additional non-GAAP financial measu
Slide 4: Strategy, Vision, and Execution
Strategy, Vision, and Execution Martina Cheung President and CEO 4
Slide 5: Third quarter highlights
Third quarter highlights Financial highlights 1 Operating highlights • Revenue increased 9% year over year • Strong execution and favorable market conditions • Revenue from subscription products grew 6% y/y • With Intelligence acquisition to scale Private Markets initiatives and accelerate MI revenu
Slide 6: Debt & Equity Market Conditions
Debt & Equity Market Conditions Billed issuance Updates on market conditions ($ in billions) +13% • Credit spreads tightened significantly, driving refinancing in High- $1,140 Yield and Bank Loan issuance $1,004 $392 (1%) • U.S. equity inflows across the industry were $213 billion in the third quart
Slide 7: With Intelligence acquisition puts S&P Global in a solid position to serve clients
With Intelligence acquisition1 puts S&P Global in a solid position to serve clients with high-quality public and private investment-related market intelligence • Transaction accelerates S&P Global’s vision to deliver end-to-end data, intelligence, and connectivity throughout the private markets valu
Slide 8: Supplementing strong organic innovation with acquisitions and partnerships to amplify customer value
Supplementing strong organic innovation with acquisitions and partnerships to amplify customer value Organic Innovation iLEVEL Document Flexible Portfolio Monitoring Intelligence AI delivery Launched AI-enabled Document Search Launched on Salesforce’s AgentExchange S&P Global AI-ready data distribut
Slide 9: Since 2018, S&P Global has:
Since 2018, S&P Global has: Kensho • invested over $1 billion in AI initiatives; Grounding Agent and MCP • established foundational capabilities to power Many new AI accelerated innovation; and products, features & enhancements • expanded margins meaningfully Ecosystem collaboration: Anthropic ChatA
Slide 10: Third Quarter & TTM Performance
Third Quarter & TTM Performance 3Q ’25 Revenue TTM Adjusted Operating TTM Adjusted Financial Performance Growth1 Margin2 Operating Margin Y/Y2 6% 34.1% +120 bps 12% 64.8% +290 bps 6% 47.5% +80 bps 8% 39.8% +100 bps 11% 70.8% +80 bps Total S&P Global 9% 50.3% +180 bps Total S&P Global ex-OSTTRA 49.7%
Slide 11: Third Quarter Financial Results
Third Quarter Financial Results Eric Aboaf Chief Financial Officer 11
Slide 12: Third quarter enterprise financial results
Third quarter enterprise financial results Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +9% $3,888 $3,888 $3,575 $462 +11% $3,575 $416 $445 +8% $412 $2,026 +16% $556 +6% $1,744 Indices $522 Mobility $1,240 +12% Commodity Insights $1,110 Adjusted Operating Profit 48.8%
Slide 13: Continued strong progress in strategic revenue initiatives
Continued strong progress in strategic revenue initiatives Energy Transition Private Market Revenue Vitality & Sustainability 1 Solutions 2 Synergies Index 3 ($ in millions) ($ in millions) ($ in millions) ($ in millions) 6% 22% Target Achieved $418 Vitality revenue 11% Vitality Index $90 $96 $164 $
Slide 14: S&P Global Market Intelligence
S&P Global Market Intelligence Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +6% $1,236 $1,236 $1,162 $1,162 $440 +18% $371 $694 +5% $660 35.6% Data, Analytics, & Insights 1 Adjusted Operating Profit 32.0% Enterprise Solutions $291 $318 +9% Adjusted Expense $791 $796 +1
Slide 15: S&P Global Ratings
S&P Global Ratings Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +12% $1,240 $1,240 $1,110 $139 +7% $1,110 $131 $83 +11% $75 $166 +24% Crisil, Other 1 $134 $832 +22% $684 Governments $181 $195 +8% Structured Finance Adjusted Operating Profit 67.1% Financials Adjusted Ex
Slide 16: S&P Global Commodity Insights
S&P Global Commodity Insights Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +6% $556 $556 $522 $49 +4% $522 $47 Advisory & Transactional $107 $105 -2% $267 +7% Services $250 Upstream Data & Insights $198 +7% $185 47.8% 48.1% Adjusted Operating Profit Price Assessments A
Slide 17: S&P Global Mobility
S&P Global Mobility Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +8% $445 $445 $412 $412 $84 +12% $74 $193 +11% $88 -3% $174 $90 43.3% 42.2% Financials & Other Adjusted Operating Profit Manufacturing $273 +10% Adjusted Expense $247 $238 $252 +6% Dealer Adjusted Operati
Slide 18: S&P Dow Jones Indices
S&P Dow Jones Indices Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +11% $462 $462 $416 $82 +10% $416 $74 Data & Custom $77 +1% Subscriptions $76 $328 +12% $292 Exchange-Traded Adjusted Operating Profit Derivatives $266 $303 +14% Adjusted Expense 70.2% 71.2% Asset-Linke
Slide 19: 2025 enterprise guidance
2025 enterprise guidance GAAP Adjusted Previous Current Previous Current Revenue Growth 5% - 7% 7% - 8% 5% - 7% 7% - 8% Operating Profit 42.5% - 43.5% 42.5% - 43% 48.5% - 49.5% 50% - 50.5% Margin Operating Profit 49.5% - 50% 42% - 42.5% Margin ex-OSTTRA Diluted EPS $14.35 - $14.60 $14.80 - $15.05 $1
Slide 20: 2025 division revenue outlook
2025 division revenue outlook Previous Current 5% - 6.5% 5.5% - 6.5% 2% - 5% 6.5% - 8.5% 6.5% - 8% 6.5% - 7.5% 7.5% - 9% 8% - 9% 8% - 10% 10% - 12% Indicates a change from prior guidance 20
Slide 21: 2025 division adjusted margin outlook
2025 division adjusted margin outlook Previous Current 33% - 34% 34% - 34.5% 63% - 64% 64.5% - 65.5% 47% - 48% 47% - 47.5% 39% - 40% 39.5% - 40% 69.5% - 70.5% 70.5% - 71.5% Indicates a change from prior guidance 21
Slide 22: 3Q 2025 Earnings Call Q&A
3Q 2025 Earnings Call Q&A Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations and Treasurer October 30, 2025 22
Slide 23: 3Q 2025 Earnings Call
3Q 2025 Earnings Call Martina Cheung REPLAY OPTIONS President and CEO Internet: Replay available for one year Eric Aboaf Go to http://investor.spglobal.com Chief Financial Officer Mark Grant Telephone: Replay available through November 30, 2025 Senior Vice President, Domestic: 866-361-4944 Investor