10-QPeriod: Q2 FY2025

S&P Global Inc. Quarterly Report for Q2 Ended Jun 30, 2025

Filed August 1, 2025For Securities:SPGI

Summary

S&P Global Inc. (SPGI) reported a solid financial performance for the quarter ended June 30, 2025, with revenue increasing by 6% to $3.76 billion and operating profit rising by 7% to $1.55 billion compared to the same period in the prior year. This growth was observed across all reportable segments, indicating broad-based strength. Diluted earnings per share (EPS) saw a notable increase of 9% to $3.50. The company also continues to actively manage its capital structure, demonstrating this through substantial share repurchases and dividend payments. Looking ahead, S&P Global is progressing with its strategic plan to separate its Mobility segment, which is expected to be completed within the next 12 to 18 months, and is actively pursuing strategic acquisitions to enhance its Market Intelligence and Indices segments.

Financial Highlights

50 data points
Beta

Revenue

$3.75B

70.2% Gross Margin

Net Income

$1.07B

28.5% Net Margin

EPS (Diluted)

$3.50

Total Assets

$60.40B

Cash & Equivalents

$1.85B

Free Cash Flow

$1.45B

Financial Statements
Beta
Revenue$3.75B
Cost of Revenue$1.12B
Gross Profit$2.64B
SG&A Expenses$803.00M
Operating Expenses$2.22B
Operating Income$1.55B
Net Income$1.07B
EPS (Basic)$3.50
EPS (Diluted)$3.50
Shares Outstanding (Basic)305.90M
Shares Outstanding (Diluted)306.10M

Key Highlights

  • 1Revenue increased 6% year-over-year to $3.76 billion for the three months ended June 30, 2025, driven by growth across all segments.
  • 2Operating profit grew 7% year-over-year to $1.55 billion, reflecting revenue growth partially offset by increased compensation costs and strategic investments.
  • 3Diluted earnings per share (EPS) rose 9% to $3.50, showcasing improved profitability on a per-share basis.
  • 4The company generated strong operating cash flow of $2.40 billion for the six months ended June 30, 2025, though it decreased slightly from the prior year.
  • 5S&P Global continues its commitment to returning capital to shareholders, with significant share repurchases totaling $1.3 billion in the first six months of 2025.
  • 6The planned separation of the Mobility segment is on track, expected to be completed within 12-18 months, aiming to create a new publicly traded company.
  • 7Several strategic acquisitions were completed or announced, including TeraHelix and ORBCOMM's AIS data services business, aimed at strengthening S&P Global's data and analytics capabilities.

Frequently Asked Questions

Revenue growth was primarily driven by increases across all reportable segments. Specifically, Market Intelligence saw growth from subscription revenue, Indices benefited from higher asset-linked fees and exchange-traded derivative revenue, Commodity Insights was boosted by demand for market data and insights, Mobility grew due to strong performance in its Dealer and Financial businesses, and Ratings saw an increase in non-transaction revenue.

S&P Global continues to prioritize capital return to shareholders through a combination of substantial share repurchases and dividend payments. In the first six months of 2025, the company repurchased shares totaling $1.3 billion. The Board of Directors also approved an increased quarterly common stock dividend of $0.96 per share.

The company announced in April 2025 its intention to pursue a full separation of its Mobility segment through a spin-off. This transaction is expected to be tax-free for shareholders and is projected to be completed over the next 12 to 18 months, subject to customary legal and regulatory requirements and approvals.

Yes, S&P Global completed the acquisition of TeraHelix in June 2025, aimed at enhancing its data and AI capabilities within Market Intelligence. The company also entered into an agreement to acquire ORBCOMM's AIS data services business, and announced an agreement to sell its OSTTRA joint venture, which is expected to result in a pre-tax gain. The acquisition of ARC Research for the Indices segment was also announced.