S&P Global (SPGI.US) Exceeds Q3 2025 Revenue and Earnings Estimates, Raises Full-Year Outlook

S&P Global (SPGI.US) reported strong financial results for the third quarter of 2025, with revenue reaching $3.888 billion, marking a 9% increase year-over-year. Adjusted diluted earnings per share (EPS) for the quarter stood at $4.73, a 22% rise compared to the prior year. These figures surpassed analyst expectations, which estimated revenue at $3.825 billion and adjusted EPS at $4.40 for the quarter ended September 30, 2025.

Strong Segment Performance

The company's robust revenue growth was primarily fueled by significant contributions from its Ratings and Market Intelligence segments. Ratings revenue increased by 12% year-over-year to $1.240 billion, while Market Intelligence saw a 6% increase, generating $1.236 billion in revenue. Subscription product revenue also grew by 6% across the company.

Adjusted operating profit margin increased by 330 basis points to 52.1%, reflecting strong operational efficiency. This margin expansion was largely driven by growth in the Ratings and Market Intelligence divisions. Since July, the company has returned $1.5 billion to shareholders through dividends and share repurchases, with additional repurchases of $2.5 billion planned for the fourth quarter of 2025.

Management Outlook and Strategic Initiatives

Building on these results, S&P Global is raising its full-year 2025 guidance, now expecting revenue growth of 7% to 8%. The company also increased its adjusted diluted EPS forecast to a range of $17.60 to $17.85, up from the previous range of $17.00 to $17.25. This revised outlook reflects stronger-than-expected third-quarter performance and higher full-year expectations across multiple divisions.

The company remains committed to optimizing its business portfolio, as evidenced by the recent acquisition of With Intelligence for $1.8 billion, which is anticipated to accelerate growth in Market Intelligence. Furthermore, S&P Global announced the completion of the sale of OSTTRA and plans to divest its Enterprise Data Management (EDM) and thinkFolio businesses. The previously announced spin-off of the Mobility division into a separate public company is also progressing as planned.