Slides
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S&P Global Quarterly Update October 30, 2025 1 3Q 2025
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Safe Harbor statement under the Private Securities Litigation Reform Act of 1995 This presentation contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this presentation and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward- looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; the Company’s cost structure, dividend policy, cash flows or liquidity; and the anticipated separation of S&P Global Mobility (“Mobility”) into a standalone public company. • worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), geopolitical uncertainty (including military conflict), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration; • the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange-traded derivatives; • the demand and market for credit ratings in and across the sectors and geographies where the Company operates; • the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data; • the outcome of litigation, government and regulatory proceedings, investigations and inquiries; • concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services; • the level of merger and acquisition activity in the United States and abroad; • the level of the Company’s future cash flows and capital investments; • the effect of competitive products (including those incorporating generative artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion; • the impact of customer cost-cutting pressures; • a decline in the demand for our products and services by our customers and other market participants; • our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors; • our ability to attract, incentivize and retain key employees, especially in a competitive business environment; • our ability to successfully navigate key organizational changes, including among our executive leadership; • the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions; • the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith; • the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire; • consolidation of the Company’s customers, suppliers or competitors; • the introduction of competing products or technologies by other companies; • the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure; • the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event; • the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; • the impact of changes in applicable tax or accounting requirements on the Company; • the separation of Mobility not being consummated within the anticipated time period or at all; • the ability of the separation of Mobility to qualify for tax-free treatment for U.S. federal income tax purposes; • any disruption to the Company’s business in connection with the proposed separation of Mobility; • any loss of synergies from separating the businesses of Mobility and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility not realizing all of the expected benefits of the separation; and • following the separation of Mobility, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company’s common stock had the separation not occurred. Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things: 2 The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in whi ch new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward -looking statements, which speak only as of the dates on which they a re made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as re quired by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial conditio n, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10 -K, as supplemented by Item 1A, Risk Factors, in our most recently filed Quarterly Report on Form 10 -Q.
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This presentation includes Company financials on an as-reported basis. The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted operating profit and margin; trailing twelve-month adjusted operating margin; organic constant currency revenue; adjusted expenses; and adjusted diluted EPS. The Company is not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort. Comparison of adjusted information to U.S. GAAP information The Company’s non-GAAP measures include adjustments that reflect how management views our businesses. The Company believes these non-GAAP financial measures provide useful supplemental information that enables investors to better compare the Company's performance across periods, and management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate resources. However, investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports. The Company's earnings releases, including its earnings release dated October 30, 2025, contain financial measures calculated in accordance with GAAP that correspond to the non- GAAP measures included in this presentation, and the earnings releases and the Earnings Supplemental Disclosure contain reconciliations of such GAAP and non-GAAP measures. The Company's earnings releases and the Earnings Supplemental Disclosure are available on the Company's website at https://investor.spglobal.com/quarterly-earnings. 3 European regulations affecting investors in credit rating agencies European Union Regulation 1060/2009 (as amended) applies to credit rating agencies (CRAs) registered in the European Union (“EU”) and therefore to the activities of S&P Global Ratings Europe Limited, an indirect wholly-owned subsidiary of S&P Global Inc., which is registered and regulated as a CRA with the European Securities and Markets Authority. The United Kingdom’s Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019 applies to CRAs registered in the United Kingdom (“UK”) and therefore to the activities of S&P Global Ratings UK Limited, an indirect wholly-owned subsidiary of S&P Global Inc., which is registered and regulated as a CRA with the Financial Conduct Authority. Any person obtaining direct or indirect ownership or control of 5% or more or 10% or more of the shares in S&P Global Inc. may (i) impact how S&P Global Ratings can conduct its CRA activities in the EU and the UK, and/or (ii) themselves become directly impacted by EU Regulation 1060/2009 (as amended) and the Credit Rating Agencies (Amendment etc.) (EU Exit) Regulations 2019. Persons who have or expect to obtain such shareholdings in S&P Global Inc. should promptly contact S&P Global’s Investor Relations department (investor.relations@spglobal.com) for more information and should also obtain independent legal advice in such respect.
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4 Strategy, Vision, and Execution Martina Cheung President and CEO
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51. All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. Third quarter highlights Financial highlights 1 • Revenue increased 9% year over year • Revenue from subscription products grew 6% y/y • Adjusted operating profit increased 16% y/y, while TTM adjusted operating margins expanded 180 bps • Adjusted diluted EPS increased 22% y/y • Since reporting Q2 2025 results, S&P Global has returned nearly $1.5 billion to shareholders through dividends and share repurchases • S&P Global expects to execute an additional $2.5 billion in share repurchases in Q4 2025, following Investor Day. Operating highlights • Strong execution and favorable market conditions • With Intelligence acquisition to scale Private Markets initiatives and accelerate MI revenue growth • Significant progress in our organic development roadmap, supplemented by client collaboration and partnerships • Continuing history of accelerating innovation in AI while delivering strong margin expansion • Portfolio optimization in Market Intelligence substantially complete
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6 Investment Grade High-Yield Other1 ($ in billions) Billed issuance Source: S&P Global Ratings 1. Other includes Loans, Structured Finance, and Government $481 $563 $129 $185 $395 $392 3Q ’24 3Q ’25 (1%) 44% 17% $1,004 $1,140 +13% • Credit spreads tightened significantly, driving refinancing in High- Yield and Bank Loan issuance • U.S. equity inflows across the industry were $213 billion in the third quarter. Global ETD revenue for S&P Global increased 1% year over year in the third quarter. • Updated guidance assumes billed issuance is up mid- to high- teens y/y in the fourth quarter, driven by an anticipated increase in refinancing activity, though M&A driven issuance is still expected to be down y/y in the fourth quarter • Updated guidance also assumes US equity markets hold flat from September 30 th and modest growth in ETD volumes y/y in the fourth quarter Updates on market conditions Debt & Equity Market Conditions
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7 With Intelligence acquisition1 puts S&P Global in a solid position to serve clients with high-quality public and private investment-related market intelligence • Transaction accelerates S&P Global’s vision to deliver end-to-end data, intelligence, and connectivity throughout the private markets value chain • Scaled, proprietary data serving 3,000+ customers, and sourced directly from allocators and fund managers • Extensive data assets include coverage across the fastest growing sections of the market, covering more than 70k funds, 30k investors, and 350k deals • Revenue growth in the high-teens, and expected to accelerate in 2026, with meaningful revenue and cost synergies • Expected to be slightly dilutive to margins and EPS in 2026 and accretive in 2027 1. On October 15, 2025, S&P Global announced an agreement to acquire With Intelligence. The acquisition is expected to close by early 2026, subject to customary conditions.
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8 Supplementing strong organic innovation with acquisitions and partnerships to amplify customer value Organic Innovation Flexible AI delivery S&P Global AI-ready data distribution Partnerships & Collaborations Cambridge Associates Mercer Centrifuge Acquisitions With Intelligence ARC Research iLEVEL Portfolio Monitoring Launched AI-enabled Document Search Document Intelligence Launched on Salesforce’s AgentExchange
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9 2018 2019 2020 2021 2022 2023 2024 2025 Kensho Grounding Agent and MCP Document Viewer on Capital IQ Pro Machine-Readable Data Feeds ChatAI on Platts Connect Kensho LLM-ready API Spark Assist ChatIQ on Capital IQ Pro Marketplace GenAI Search S&P Global appoints Chief AI Officer Ecosystem collaboration: Anthropic Google IBM Microsoft Rogo Salesforce Many new AI products, features & enhancements Acquisitions: ProntoNLP TeraHelix Acquisition: Since 2018, S&P Global has: • invested over $1 billion in AI initiatives; • established foundational capabilities to power accelerated innovation; and • expanded margins meaningfully Foundational AI Investments Early GenAI Innovation Accelerated Innovation in Production NVIDIA R&D partnership Kensho AGAVE on Platts MOC
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Financial Performance Total S&P Global Total S&P Global ex-OSTTRA 10 1. Revenue growth refers to GAAP revenue in all periods. 2. Adjusted financials refer to non-GAAP adjusted metrics in all periods. Third Quarter & TTM Performance 3Q ’25 Revenue Growth1 TTM Adjusted Operating Margin2 TTM Adjusted Operating Margin Y/Y2 11% 9% 6% 12% 8% +290 bps 47. 5 % 39.8% 70.8% 50.3% 64.8% +80 bps +100 bps +80 bps +180 bps 49.7% +190 bps 6% 34.1% +120 bps
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11 Third Quarter Financial Results Eric Aboaf Chief Financial Officer
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Revenue Third quarter enterprise financial results ($ in millions) Adjusted Operating Profit & Expense ($ in millions) Indices Mobility Commodity Insights Ratings Market Intelligence (some amounts may not sum due to rounding) Note: Totals presented reflect intersegment elimination of $47 million in 3Q 2024 and $51 million in 3Q 2025. All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. 12 Adjusted Operating Profit Adjusted Operating Margin Adjusted Expense $1,162 $1,236 $1,110 $1,240 $522 $556 $412 $445$416 $462 3Q ’24 3Q ’25 +11% +8% +6% +12% +6% $3,575 $3,888 +9% Adjusted Diluted Earnings Per Share: $4.73 (+22% y/y) S&P Global Organic Constant Currency Revenue Growth: +9% +2% +16% $1,831 $1,862 $1,744 $2,026 48.8% 52.1% 3Q ’24 3Q ’25 $3,575 $3,888 S&P Global Operating Margin excluding contributions from OSTTRA 48.1% 51.6%
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Continued strong progress in strategic revenue initiatives 13 $90 $96 3Q ’24 3Q ’25 6% $134 $164 3Q ’24 3Q ’25 22% Energy Transition & Sustainability 1 ($ in millions) Private Market Solutions 2 ($ in millions) Revenue Synergies ($ in millions) Vitality Index 3 ($ in millions) Vitality revenue Vitality Index Note: Categories presented on this slide are not mutually exclusive. Some products are included in multiple categories. 1. Revenue generated from evaluations, scores, physical risk analysis, and global climate and energy transition data and analytics. 2. Revenue generated from private company coverage and proprietary analytics. 3. Vitality Revenue, which is revenue from new or enhanced products, as a percent of GAAP revenue. $418 11% 3Q ’25 $355 $350 Run- rate 2026 Target Target Achieved
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S&P Global Market Intelligence Data, Analytics, & Insights 1 Enterprise Solutions Credit & Risk Solutions ($ in millions) ($ in millions) Adjusted Operating Profit Adjusted Operating Margin Adjusted Expense (some amounts may not sum due to rounding) 1. In prior periods Data, Analytics, & Insights was reported separately as Desktop and Data & Advisory Solutions. Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. 14 Revenue Adjusted Operating Profit & Expense $211 $224 $291 $318 $660 $694 3Q ’24 3Q ’25 +5% +9% +6% $1,162 $1,236 +6% $791 $796 $371 $440 32.0% 35.6% 3Q ’24 3Q ’25 $1,162 $1,236 +18% +1% Market Intelligence Organic Constant Currency Revenue Growth: +8%
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S&P Global Ratings ($ in millions) ($ in millions) Adjusted Operating Profit Adjusted Operating Margin Adjusted Expense 15 Adjusted Operating Profit & Expense $590 $657 $181 $195 $134 $166$75 $83$131 $139 3Q ’24 3Q ’25 +7% +11% +24% +8% +11% $1,110 $1,240 +12% $426 $408 $684 $832 61.7% 67.1% 3Q ’24 3Q ’25 $1,110 $1,240 +22% Corporates Structured Finance Crisil, Other 1 Financials Governments (some amounts may not sum due to rounding) 1. Other includes intersegment royalty, Taiwan Ratings Corporation, and adjustments. Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. -4% Ratings Organic Constant Currency Revenue Growth: +10% Transaction revenue increased 12% y/y. Non-Transaction revenue increased 12% y/y Revenue
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S&P Global Commodity Insights Advisory & Transactional Services Upstream Data & Insights Price Assessments Energy & Resources Data & Insights ($ in millions) ($ in millions) 16 Adjusted Expense (some amounts may not sum due to rounding) Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. Adjusted Operating Profit Revenue Adjusted Operating Profit & Expense Adjusted Operating Margin$183 $203 $185 $198 $107 $105 $47 $49 3Q ’24 3Q ’25 +4% -2% +7% +11% $522 $556 +6% +7% Commodity Insights Organic Constant Currency Revenue Growth: +6% $272 $289 $250 $267 47.8% 48.1% 3Q ’24 3Q ’25 $556$522 +6%
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S&P Global Mobility ($ in millions) ($ in millions) 17 Dealer Financials & Other Manufacturing Adjusted Expense (some amounts may not sum due to rounding) Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. Adjusted Operating Profit Revenue Adjusted Operating Profit & Expense Adjusted Operating Margin $247 $273 $90 $88 $74 $84 3Q ’24 3Q ’25 +12% -3% +10% $412 $445 +8% +11% +6% Mobility Organic Constant Currency Revenue Growth: +8% S&P Global remains on track with the planned separation of S&P Global Mobility $238 $252 $174 $193 42.2% 43.3% 3Q ’24 3Q ’25 $412 $445
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S&P Dow Jones Indices ($ in millions) ($ in millions) 18 Data & Custom Subscriptions Exchange-Traded Derivatives Adjusted Expense Asset-Linked Fees (some amounts may not sum due to rounding) Note: All financials other than revenue refer to non-GAAP adjusted metrics. Revenue refers to GAAP revenue. Adjusted Operating Profit Revenue Adjusted Operating Profit & Expense Adjusted Operating Margin $124 $134 $292 $328 70.2% 71.2% 3Q ’24 3Q ’25 $416 $462 $266 $303 $76 $77 $74 $82 3Q ’24 3Q ’25 +10% +1% +14% $416 $462 +11% +7% +12% Indices Organic Constant Currency Revenue Growth: +11%
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2025 enterprise guidance 19 GAAP Adjusted Revenue Growth Operating Profit Margin Operating Profit Margin ex-OSTTRA Diluted EPS 5% - 7% 42.5% - 43.5% $14.35 - $14.60 $14.80 - $15.05 5% - 7% 48.5% - 49.5% $17 .00 - $17 .25 $17 .60 - $ 1 7. 8 5 Indicates a change from prior guidance Previous Current Previous Current 7% - 8% 50% - 50.5% 42% - 42.5% 49.5% - 50% 42.5% - 43% 7% - 8% Note: Revenue refers to GAAP revenue in all instances.
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Previous Current 2025 division revenue outlook 20 Indicates a change from prior guidance 5% - 6.5% - 2% - 5% - 6.5% - 8% - 5.5% 6.5% 6.5% 6.5% 8.5% 7. 5 % 7. 5 %- 9% 8% - 9% 8% - 10% 10% - 12%
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Previous Current 2025 division adjusted margin outlook 21 33% - 34% - 63% - 64% - 47% - 48% - 34% 64.5% 47% 34.5% 65.5% 47. 5 % Indicates a change from prior guidance 39% - 40% 39.5% - 40% 69.5% - 70.5% 70.5% - 71.5%
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October 30, 2025 22 3Q 2025 Earnings Call Q&A Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations and Treasurer
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REPLAY OPTIONS Internet: Replay available for one year Go to http:/ /investor.spglobal.com Telephone: Replay available through November 30, 2025 Domestic: 866-361-4944 International: 203-369-0192 No password required 23 October 30, 2025 Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations and Treasurer 3Q 2025 Earnings Call