S&p Global Inc. · NYSE:SPGI
S&p Global — Q4 2025 Earnings Presentation
28 slides from S&p Global's earnings presentation, Feb 10, 2026
Slide 1: S&P Global Quarterly Update 4Q and Full-Year 2025
S&P Global Quarterly Update February 10, 2026 4Q and Full-Year 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 statements,” as defined in the Private Securities Litigation Reform Act of • our ability to protect our intellectual property from unauthorized use and infringement, including
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: Advancing Essential Intelligence
Advancing Essential Intelligence Martina Cheung President and CEO 4
Slide 5: Full-year 2025 highlights & 2026 outlook
Full-year 2025 highlights & 2026 outlook 2025 Highlights 2026 Outlook • On a year-over-year basis, revenue increased 8%, • Entering the year with momentum in how our people operating margin expanded 140 bps, and diluted EPS are innovating, customer engagement, and increased 14% collaboration with te
Slide 6: Full-year 2025 financial performance
Full-year 2025 financial performance Revenue Adjusted Adjusted Financial Performance Growth Operating Margin Operating Margin Y/Y 5.8% 34.0% +150 bps 8.1% 65.2% +220 bps 7.3% 47.6% +80 bps 8.6% 39.9% +90 bps 13.6% 71.0% +70 bps Total S&P Global 7.9% 50.4% +140 bps Total S&P Global October Guidance 7
Slide 7: Strategic vision to Advance Essential Intelligence outlined at Investor Day 2025
Strategic vision to Advance Essential Intelligence outlined at Investor Day 2025 ADVANCE EXPAND AMPLIFY Market High-Growth Enterprise Leadership Adjacencies Capabilities & AI Strong brands with 100+ years of trust Unique value proposition Scaled enterprise data operations Benchmarks and differentiat
Slide 8: Momentum built in 2025 across strategic focus areas
Momentum built in 2025 across strategic focus areas • New product launches, features, and • Rapid growth in Private Credit Ratings enhancements (e.g., Capital IQ Pro • With Intelligence acquisition 1 Document Intelligence 2.0 and RatingsDirect CreditCompanionTM) • iLEVEL AI integration • Collaborati
Slide 9: Amplifying our Enterprise Capabilities with our Chief Client Office and Enterprise Data Office
Amplifying our Enterprise Capabilities with our Chief Client Office and Enterprise Data Office Chief Client Office (CCO) Enterprise Data Office (EDO) • Covering approximately 30% of our revenue to bring the • Data teams unified to better respond to client needs for full breadth and depth of S&P Glob
Slide 10: Amplifying our Enterprise Capabilities by facilitating the accelerated integration of With Intelligence (Case Study)
Amplifying our Enterprise Capabilities by facilitating the accelerated integration of With Intelligence (Case Study) Accomplishments • Accelerated sign to close timeline, allowing S&P Global and With Intelligence teams to collaborate ahead of year-end and enter 2026 with a coordinated effort Private
Slide 11: 2026 Billed issuance outlook
2026 Billed issuance outlook Billed Issuance Growth Assumption Drivers of Billed Issuance Growth ($ in billions) Up LSD%- • Spreads across all fixed income and loan markets MSD% finished the year below historical averages, driving $4,327 robust issuance and reflecting strong investor $3,911 demand a
Slide 12: January 2026 global refinancing study
January 2026 global refinancing study Total debt maturing over the next… ($ in billions) $16,000 $14,000 $12,000 $10,000 +9% $8,000 +4% $6,000 $4,000 +12% $2,000 $0 12 mos 24 mos 36 mos 48 mos 60 mos 72 mos 1/1/2023 1/1/2024 1/1/2025 1/1/2026 Note: Includes bonds, loans, and revolving credit facilit
Slide 13: Market factors and commercial conditions
Market factors and commercial conditions Macroeconomic Environment Commodity Markets • Geoeconomic risks • Oil prices • Geopolitical risks • AI-driven power demand • Monetary & Fiscal Policy uncertainty • Regulatory activity • Trade & Regionalization Debt & Equity Markets End Markets • Three-year Ma
Slide 14: Entering the year from a position of strength
Entering the year from a position of strength Clearly articulated Market tailwinds strategic vision Fully aligned Executive Strong growth in Leadership Team subscription revenue Customer engagement at Productivity to invest the most senior levels and improve margins 14
Slide 15: 4Q 2025 Financial Results & 2026 Guidance
4Q 2025 Financial Results & 2026 Guidance Eric Aboaf Chief Financial Officer 15
Slide 16: Fourth quarter enterprise financial results
Fourth quarter enterprise financial results Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +9% $3,916 $3,916 $3,592 $498 +14% $3,592 Indices $436 $444 +8% Mobility $411 $1,852 +10% $576 +6% Adjusted Operating Profit $1,677 $545 Energy Adjusted Expenses 47.3% 46.7% Rating
Slide 17: Strategic revenue initiatives update
Strategic revenue initiatives update Private Market Energy Transition Vitality Solutions 1 & Sustainability 2 Index 3 ($ in millions) ($ in millions) ($ in millions) 16% (3%) $470 Vitality revenue 12% Vitality Index $169 $104 $101 $146 4Q ’24 4Q ’25 4Q ’24 4Q ’25 4Q ’25 Note: Categories presented on
Slide 18: S&P Global Market Intelligence
S&P Global Market Intelligence Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +7% $1,264 $1,264 $1,186 $1,186 Data, Analytics, & Insights 1 Adjusted Operating Profit $408 +5% $387 Enterprise Solutions $721 +7% Adjusted Expenses $676 Credit & Risk Solutions Adjusted Opera
Slide 19: S&P Global Ratings
S&P Global Ratings Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +12% Crisil, Other 1 $1,187 $1,187 Governments $1,062 $156 +11% $1,062 $140 $74 +20% Adjusted Operating Profit Structured Finance $61 $175 +14% Adjusted Expenses +16% $734 Financials $153 $634 $174 -6% Adj
Slide 20: S&P Global Energy
S&P Global Energy Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +6% $576 $576 $545 $53 -5% $545 Advisory & Transactional Services $56 Adjusted Operating Profit $115 +1% Upstream Data & Insights $262 +7% $113 Adjusted Expenses $245 Price Assessments Adjusted Operating Ma
Slide 21: S&P Dow Jones Indices
S&P Dow Jones Indices Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +14% $498 $498 Data & Custom Subscriptions $436 $84 +13% $436 Adjusted Operating Profit $74 Exchange-Traded Derivatives $85 +20% Adjusted Expenses $71 $342 +16% Asset-Linked Fees Adjusted Operating Marg
Slide 22: S&P Global Mobility
S&P Global Mobility Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +8% $444 $444 $411 $411 Financials & Other $80 +11% $72 Adjusted Operating Profit $157 +10% Manufacturing $91 +1% Adjusted Expenses $143 $90 Dealer Adjusted Operating Margin 34.7% 35.4% $274 +10% $268 $28
Slide 23: Update on Mobility Separation
Update on Mobility Separation Mobility spin expected to be completed in mid-2026 Milestones achieved: • Mobility Global will be the name of the independent company • Filed Form 10 confidentially with the SEC • Completed top leadership appointments Expected upcoming milestones: • Public Form 10 filin
Slide 24: Key assumptions underlying guidance
Key assumptions underlying guidance • Product innovation to drive organic growth Investment • Continued investment in Private Markets and Energy Expansion Priorities • Supporting our leading AI and technology platforms • Geographic reach and client segment expansion • Enhancements in data operations
Slide 25: 2026 Enterprise financial guidance
2026 Enterprise financial guidance Organic, Constant Currency Revenue growth 6.0% to 8.0% Net impact to reported revenue growth from acquisitions & divestitures 0.2% Net impact to reported revenue growth from foreign exchange 0.4% Reported Revenue growth 6.6% to 8.6% Adjusted operating profit margin
Slide 26: 2026 Division financial guidance
2026 Division financial guidance1 Net impact to reported Organic, Constant Currency revenue growth from: Revenue Growth Acquisitions & Foreign Divestitures Exchange 5.5% to 7% 0.7% 0.1% 4% to 7% - 0.9% 5.5% to 7% - - 7.5% to 9% - 0.4% 10% to 12% 0.3% - 1. Guidance assumes contributions from Mobility
Slide 27: 4Q 2025 and Full-Year 2025 Earnings Call Q&A
4Q 2025 and Full-Year 2025 Earnings Call Q&A Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations and Treasurer February 10, 2026 27
Slide 28: 4Q 2025 and Full-Year 2025 Earnings Call
4Q 2025 and Full-Year 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 March 10, 2026 Senior Vice President, Domestic: 866-36