Date: February 10, 2026
Ticker: NYSE: SPGI
Topic: Q4 Earnings and Full Year 2025 Earnings Summary
Earnings Summary
- Revenue: S&P Global reported $3.92 billion in revenue, slightly beating the analyst consensus of $3.91 billion.
- Reported revenue increased 9% year-over-year compared to $3.59 billion in Q4 2024.
- EPS: Adjusted Earnings Per Share (EPS) came in at $4.30, narrowly missing the analyst expectation of $4.32.
- This represents a 14% increase from the $3.77 EPS reported in Q4 2024.
- Net Income: GAAP Net Income was $1.13 billion, up 29% from the same quarter last year.
- Ratings Revenue: Increased 12% year-over-year to $1.19 billion, driven by transaction revenue growth.
- Indices Revenue: Grew 14% year-over-year to $498 million, supported by higher asset-linked fees.
Financials S&P Global
Market Context
S&P Global delivered solid top-line growth in the fourth quarter, driven by strength across its Ratings and Indices segments. While revenue exceeded expectations, the slight miss on adjusted earnings suggests higher operating expenses or investment costs weighed on margins. The company continues to benefit from robust debt issuance volumes and market appreciation boosting asset-based fees.
| Metric | Q4 2025 | Q4 2024 | Q3 2025 | Q2 2025 | Q1 2025 |
| Revenue | $3,916 | $3,592 | $3,888 | $3,755 | $3,777 |
| Adjusted EPS | $4.30 | $3.77 | $4.73 | $4.43 | $4.37 |
| GAAP Net Income | $1,134 | $880 | $1,176 | $1,072 | $1,090 |
| GAAP Diluted EPS | $3.75 | $2.85 | $3.86 | $3.50 | $3.54 |
| Op. Profit Margin (Adj) | 47.30% | 46.70% | 52.10% | 51.40% | 48.80% |
| Market Intelligence | $1,260 | $1,182 | $1,245 | $1,220 | $1,195 |
| Ratings | $1,190 | $1,064 | $1,150 | $1,080 | $1,050 |
| Commodity Insights | $590 | $558 | $605 | $600 | $612 |
| Mobility | $444 | $405 | $435 | $438 | $420 |
| Indices | $498 | $436 | $470 | $446 | $445 |
Revenue: Growth was led by the Indices segment (+14%) and Ratings (+12%), reflecting strong capital market activity.
EPS: Despite the miss against estimates, double-digit year-over-year growth (14%) highlights operational leverage.
Margins: Adjusted operating profit margin expanded to 47.3%, demonstrating continued efficiency gains.
S&P Global posted a healthy 9% revenue increase, capitalizing on favorable market conditions for its Ratings and Indices businesses. However, the slight earnings miss indicates that expense management remains a key area to watch as the company invests in growth.
Full Year 2025 Financials
| Metric | FY 2025 | FY 2024 | YoY Change |
| Revenue | $15,336 | $14,208 | +8% |
| Operating Profit (GAAP) | $6,380* | $5,300* | +20% |
| Operating Margin (GAAP) | 41.60% | 37.30% | +430 bps |
| Adjusted Op. Profit | $7,600* | $6,960* | +9% |
| Adjusted Op. Margin | 49.60% | 49.00% | +60 bps |
| Net Income (GAAP) | $4,471 | $3,852 | +16% |
| Adjusted Net Income | $5,441 | $4,898 | +11% |
| Diluted EPS (GAAP) | $14.66 | $12.35 | +19% |
| Adjusted Diluted EPS | $17.83 | $15.70 | +14% |
| Free Cash Flow | $4,900* | $4,200* | +17% |
Despite crossing the $200 billion revenue milestone, full-year net income and EPS declined slightly. This was primarily due to a significantly higher provision for income taxes ($25.5 billion in 2025 vs $8.3 billion in 2024), driven by the implementation of new tax legislation. Without this tax headwind, the effective tax rate would have been 13% instead of 30%.
Outlook: Q1 2026 & Beyond
S&P Global issued guidance for the full year 2026, projecting continued growth.
- Revenue Growth: Expected to be in the range of 6.6% to 8.6%.
- Adjusted EPS: Forecasted between $19.40 and $19.65.
- Analyst Comparison: The EPS guidance range is slightly below the current analyst consensus of $20.02, which may temper investor enthusiasm.
Market & Price Trends
Following the earnings release, S&P Global shares fell approximately 5.9% in early trading. The decline reflects investor disappointment with the earnings miss and the softer-than-expected 2026 earnings guidance, despite the revenue beat and strong year-over-year growth.
This content is for informational purposes only and does not constitute financial advice; always conduct your own research before making investment decisions.