# S&P Global (SPGI) Q2 2025 Financial Results Summary
New York, NY, July 31, 2025 – S&P Global (NYSE: SPGI) today reported its financial results for the second quarter of 2025.
## Financial Highlights
– **Revenue**:
– Reported revenue for Q2 2025 was **$3.755 billion**, representing a **6% increase** from Q2 2024.
– Revenue from subscription products increased by **7%** year over year.
– **Net Income and Earnings Per Share (EPS)**:
– GAAP net income rose **6%** to **$1.072 billion**.
– GAAP diluted earnings per share increased **9%** to **$3.50**.
– Adjusted net income for the quarter was **$1.356 billion**, **7% higher** than the previous year.
– Adjusted diluted EPS grew **10%** to **$4.43**.
– **Operating Margins**:
– GAAP operating margin improved by **40 basis points** to **41.3%**.
– Adjusted operating margin increased by **70 basis points** to **51.4%**.
## Operational Insights
– The growth in net income was primarily driven by strong contributions from the Market Intelligence and S&P Dow Jones Indices divisions on both GAAP and adjusted bases.
– Segment performances varied:
– **Market Intelligence**: Revenue of **$1.217 billion**, a **5% increase** year over year.
– **Ratings**: Revenue reached **$1.148 billion**, marking a **1% increase**.
– **Commodity Insights**: Revenue was **$555 million**, up by **8%**.
– **Mobility**: Revenue grew **10%** to **$438 million**.
– **Indices**: Revenue soared **15%** to **$446 million**.
## Shareholder Returns and Repurchases
– The Board of Directors authorized a quarterly cash dividend of **$0.96**.
– The Company announced it would execute additional accelerated share repurchases totaling up to **$1.3 billion** in the upcoming weeks.
## Financial Guidance for 2025
– **Revenue Growth**: Guidance has been updated to reflect expected revenue growth of **5% – 7%**.
– **Earnings Per Share**:
– GAAP diluted EPS guidance is **$14.35 – $14.60**.
– Adjusted diluted EPS is forecasted to be in the range of **$17.00 – $17.25**.
– **Corporate Unallocated Expense**: Expected to be **$285 – $295 million** (up from previous guidance), due to higher restructuring charges.
## Cash Flow and Capital Investments
– Expected cash provided by operating activities less capital expenditures and distributions is projected at **$5.4 – $5.6 billion**.
– Adjusted free cash flow is anticipated to be **$5.6 – $5.8 billion**.
## Upcoming Plans
– The planned separation of the Mobility division is advancing and is on track for completion in 2025.
– Bill Eager, currently CEO of CARFAX, has been appointed as President of the Mobility division and will serve as CEO of the planned standalone public company.
## Summary of Key Metrics
| Metric | Q2 2025 | Q2 2024 | Year-over-Year Change |
|---|---|---|---|
| Revenue | $3.755 billion | $3.549 billion | +6% |
| GAAP Net Income | $1.072 billion | $1.011 billion | +6% |
| Adjusted Net Income | $1.356 billion | $1.267 billion | +7% |
| GAAP Diluted EPS | $3.50 | $3.23 | +9% |
| Adjusted Diluted EPS | $4.43 | $4.04 | +10% |
| GAAP Operating Margin | 41.3% | 40.9% | +40 basis points |
| Adjusted Operating Margin | 51.4% | 50.7% | +70 basis points |
In summary, S&P Global demonstrated strong financial performance in Q2 2025, with significant growth in both revenue and earnings driven by its Market Intelligence and S&P Dow Jones Indices segments. The Company is also committed to returning capital to shareholders while investing in future growth opportunities.
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# Condensed Consolidated Statements of Income
*(dollars in millions, except per share data)*
“`
| Three Months | 2025 | 2024 | % Change | Six Months | 2025 | 2024 | % Change | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3,755 | $3,549 | 6% | $7,532 | $7,040 | 7% | ||
| Expenses | 2,218 | 2,110 | 5% | 4,428 | 4,222 | 5% | ||
| Gain on dispositions, net | -3 | — | N/M | -3 | — | N/M | ||
| Equity in income on unconsolidated | -11 | -13 | (22)% | -22 | -19 | 13% | ||
| subsidiaries | ||||||||
| Operating profit | 1,551 | 1,452 | 7% | 3,129 | 2,837 | 10% | ||
| Other income, net | -28 | -3 | N/M | -23 | -13 | (81)% | ||
| Interest expense, net | 77 | 77 | (1)% | 154 | 156 | (1)% | ||
| Income before taxes on income | 1,502 | 1,378 | 9% | 2,998 | 2,694 | 11% | ||
| Provision for taxes on income | 342 | 293 | 17% | 667 | 540 | 23% | ||
| Net income | 1,160 | 1,085 | 7% | 2,331 | 2,154 | 8% | ||
| Less: net income attributable to | -88 | -74 | (19)% | -170 | -152 | (12)% | ||
| noncontrolling interests | ||||||||
| Net income attributable to S&P | $1,072 | $1,011 | 6% | $2,161 | $2,002 | 8% | ||
| Global Inc. | ||||||||
| Earnings per share attributable | ||||||||
| to S&P Global Inc. common | ||||||||
| shareholders: | ||||||||
| Net income: | ||||||||
| Basic | $3.50 | $3.23 | 8% | $7.05 | $6.39 | 10% | ||
| Diluted | $3.50 | $3.23 | 9% | $7.04 | $6.38 | 10% | ||
| Weighted-average number of | ||||||||
| common shares | ||||||||
| outstanding: | ||||||||
| Basic | 305.9 | 313.0 | 306.6 | 313.3 | ||||
| Diluted | 306.1 | 313.2 | 306.9 | 313.6 | ||||
| Actual shares outstanding at | ||||||||
| period end | 305.3 | 313.0 |
N/M – Represents a change equal to or in excess of 100% or not meaningful
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# Condensed Consolidated Balance Sheets
*(dollars in millions)*
“`
| Assets: | June 30, 2025 | December 31, 2024 |
|---|---|---|
| Cash, cash equivalents, and restricted cash | $ 1,847 | $ 1,666 |
| Other current assets | 4,030 | 3,793 |
| Total current assets | 5,877 | 5,459 |
| Property and equipment, net | 275 | 265 |
| Right of use assets | 405 | 413 |
| Goodwill and other intangible assets, net | 51,150 | 51,473 |
| Equity investments in unconsolidated | 1,846 | 1,774 |
| subsidiaries | ||
| Other non-current assets | 842 | 837 |
| Total assets | $ 60,395 | $ 60,221 |
| Liabilities and Equity: | ||
|---|---|---|
| Short-term debt | $ 3 | $ 4 |
| Unearned revenue | 3,871 | 3,694 |
| Other current liabilities | 2,108 | 2,694 |
| Long-term debt | 11,385 | 11,394 |
| Lease liabilities — non-current | 512 | 535 |
| Deferred tax liability — non-current | 3,175 | 3,397 |
| Pension, other postretirement benefits and other non-current liabilities | 1,380 | 995 |
| Total liabilities | 22,434 | 22,713 |
| Redeemable noncontrolling interests | 4,465 | 4,252 |
| Total equity | 33,496 | 33,256 |
| Total liabilities and equity | $ 60,395 | $ 60,221 |
