S&P Global (SPGI) Q4 2025 Financial Results Summary
· Stocks · QuoteReporter
S&P Global (SPGI) Q4 2025 Financial Results Summary
New York, NY, February 10, 2026 – S&P Global (NYSE: SPGI) today reported its fourth quarter and full-year 2025 results, highlighting significant growth across various segments.
Key Financial Highlights
- Fourth Quarter 2025 Metrics:
- Revenue: $3.916 billion, up 9% from Q4 2024.
- GAAP Net Income: $1.134 billion, up 29% year-over-year.
- GAAP Diluted EPS: $3.75, up 32% compared to Q4 2024.
- Adjusted Net Income: $1.299 billion, up 12% year-over-year.
- Adjusted Diluted EPS: $4.30, up 14% from the previous year.
- Full-Year 2025 Metrics:
- Reported Revenue: $15.336 billion, up 8% year-over-year.
- GAAP Net Income: $4.471 billion, up 16% from 2024.
- GAAP Diluted EPS: $14.66, up 19% compared to 2024.
- Adjusted Net Income: $5.441 billion, up 11% year-over-year.
- Adjusted Diluted EPS: $17.83, up 14% from 2024.
- Operating Margins:
- GAAP Operating Margin increased by 3 percentage points to 42.2%.
- Adjusted Operating Margin increased by 140 basis points to 50.4%.
- Division Performance:
- Market Intelligence: Revenue increased 7%; adjusted operating margin of 32%.
- Ratings: Revenue increased 12%; adjusted operating margin of 62%.
- Energy: Revenue increased 6%; adjusted operating margin of 45%.
- Mobility: Revenue increased 8%; adjusted operating margin of 40%.
- Indices: Revenue increased 14%; adjusted operating margin of 71%.
Shareholder Returns
- Total Returned to Shareholders: $6.2 billion in 2025.
- Dividends Paid: $1.2 billion.
- Share Repurchases: $5.0 billion.
- This represented 113% of adjusted free cash flow for the year.
- Dividend Announcement: The Board of Directors authorized a quarterly cash dividend of $0.97, marking the 53rd consecutive year of dividend increases.
2026 Guidance
- Adjusted Growth Expectations:
- Organic, Constant Currency Revenue Growth: Expected to be between 6.0% to 8.0%.
- Diluted EPS Guidance: Estimated in the range of $19.40 to $19.65.
Additional Observations
- Quarterly Performance:
- Strong growth in all divisions, with subscription product revenues increasing 8%.
- Adjusted operating profit margin increased by 60 basis points to 47.3% due to profit growth in all divisions.
- Currency Impact: Currency factors added approximately $0.04 to both GAAP diluted EPS and adjusted diluted EPS.
Financial Metrics Overview
Fourth Quarter 2025 vs. Fourth Quarter 2024
- Revenue: 9% growth.
- GAAP Net Income: 29% growth.
- GAAP Diluted EPS: 32% growth.
- Adjusted Net Income: 12% growth.
- Adjusted Diluted EPS: 14% growth.
Full-Year 2025 vs. Full-Year 2024
- Reported Revenue: 8% growth.
- GAAP Net Income: 16% growth.
- GAAP Diluted EPS: 19% growth.
- Adjusted Net Income: 11% growth.
- Adjusted Diluted EPS: 14% growth.
In conclusion, S&P Global demonstrated robust financial performance in Q4 and full year 2025, marked by strong revenue growth and profitability across all business divisions. The company remains committed to returning value to its shareholders through dividends and share repurchases while maintaining a positive outlook for future performance.
Note: The following tables represent amounts in millions.
| (unaudited) | Three Months | 2025 | 2024 | % Change | Twelve Months | 2025 | 2024 | % Change |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3,916 | $3,592 | 9% | $15,336 | $14,208 | 8% | ||
| Expenses | 2,511 | 2,333 | 8% | 9,159 | 8,730 | 5% | ||
| Gain on dispositions, net | -270 | -38 | N/M | -273 | -59 | N/M | ||
| Equity in income on unconsolidated | 1 | -12 | N/M | -28 | -43 | (35)% | ||
| subsidiaries | ||||||||
| Operating profit | 1,674 | 1,309 | 28% | 6,478 | 5,580 | 16% | ||
| Other income, net | -11 | -14 | 21% | -36 | -25 | (45)% | ||
| Interest expense, net | 54 | 69 | (21)% | 287 | 297 | (3)% | ||
| Income before taxes on income | 1,631 | 1,254 | 30% | 6,227 | 5,308 | 17% | ||
| Provision for taxes on income | 407 | 287 | 42% | 1,407 | 1,141 | 23% | ||
| Net income | 1,224 | 967 | 27% | 4,820 | 4,167 | 16% | ||
| Less: net income attributable to | -90 | -87 | (4)% | -349 | -315 | (11)% | ||
| noncontrolling interests | ||||||||
| Net income attributable to S&P Global Inc. | $1,134 | $880 | 29% | $4,471 | $3,852 | 16% | ||
| Earnings per share attributable to S&P | ||||||||
| Global Inc. common shareholders: | ||||||||
| Net income: | ||||||||
| Basic | $3.76 | $2.85 | 32% | $14.67 | $12.36 | 19% | ||
| Diluted | $3.75 | $2.85 | 32% | $14.66 | $12.35 | 19% | ||
| Weighted-average number of common shares | ||||||||
| outstanding: | ||||||||
| Basic | 301.8 | 308.5 | 304.8 | 311.6 | ||||
| Diluted | 302.1 | 308.9 | 305.1 | 311.9 | ||||
| Actual shares outstanding at year end | 298.8 | 307.8 |
N/M – Represents a change equal to or in excess of 100% or not meaningful.
Note – % change in the tables throughout the exhibits are calculated off of the actual number, not the rounded number presented.