1) Strategic Vision and Leadership
- S&P Global had a strong performance in 2025, achieving 14% EPS growth and exceeding initial guidance on revenue and operating margins.
- The company returned 113% of adjusted free cash flow to shareholders, marking the 53rd consecutive year of dividend increases and over $5 billion in stock repurchases.
- CEO Martina Cheung emphasized the company's strategic vision of "advancing essential intelligence," focusing on market leadership, expansion into high-growth adjacencies, and amplifying enterprise capabilities.
- Significant progress was made in private markets, energy expansion, and AI initiatives, with a strong emphasis on integrating AI into products and operations.
2) Financial and Segment Results
- Full-year reported revenue grew 9%, with organic constant currency revenue rising 8%.
- Ratings and Indices divisions posted double-digit growth, driven by robust debt issuance and equity market appreciation.
- Market Intelligence revenue grew 7%, with subscription revenue constituting approximately 85% of total revenue.
- Adjusted operating margins expanded to 47.3%, with notable contributions from Ratings (61.8% margin) and Indices (68.8% margin).
| Segment |
Revenue Growth (YoY) |
Operating Margin |
| Ratings |
12% |
61.8% |
| Indices |
14% |
68.8% |
| Market Intelligence |
7% |
32.2% |
| Energy |
6% |
45.5% |
3) Challenges and Headwinds
- The company faced disruptions in the issuance markets, particularly impacting the Ratings business, and saw sanctions affecting the energy sector.
- Market volatility and a slowdown in bank loan volumes contributed to softer performance in volume-driven products within Market Intelligence.
- The outlook for 2026 anticipates modest growth in bank loans and a cautious approach to M&A activity, with expectations of low to mid-single-digit growth in Billed Issuance.
4) Operational and Product Plans
- S&P Global plans to continue investing in AI and product innovation, with a focus on enhancing existing offerings and developing new solutions.
- The integration of With Intelligence is expected to drive cross-sell opportunities and improve operational efficiencies.
- The company is also preparing for the spin-off of its Mobility business, with plans for a public debt offering and an Investor Day in 2026.
5) Guidance and Outlook
- For 2026, S&P Global expects organic constant currency revenue growth of 6% to 8% and adjusted diluted EPS in the range of $19.40 to $19.65, representing 9% to 10% growth year-over-year.
- The guidance reflects a cautious outlook on market-driven components and a focus on maintaining margin expansion amidst ongoing investments in technology and product development.
Bottom line: S&P Global demonstrated strong financial performance in 2025, with a clear strategic vision and commitment to innovation. While facing some market headwinds, the company is well-positioned for growth in 2026, supported by its diversified revenue streams and ongoing investments in AI and product enhancements.
