SPGI Posts Strong Q3 Revenue, Earnings

S&P Global reported Q3 2025 revenue of $3,888 million, an 8.8% year-over-year increase, with management- reported Q3 net income rising 21% and diluted EPS improving by 22% versus the prior-year quarter. For the nine months ended September 30, 2025, revenue totaled $11,420 million, up 7.6% year-over-year, while net income for the period was $3,596 million, a 12.4% increase from the prior year. Operating expenses for the first nine months were $6,647 million (up 3.9% year-over-year). Filings for Q2 and Q3 confirm top-line growth across the company but do not provide a quantitative breakdown by the five reportable segments (Market Intelligence, Ratings, Commodity Insights, Mobility and Dow Jones Indices) or by geography. The company disclosed a high level of amortization expense ($803 million for 9M 2025) and noted a positive cumulative foreign currency translation impact reflected in other comprehensive income (+$90 million through 9M 2025).

Regulatory oversight and legal risk are cited in filings given S&P Global’s role as a credit ratings provider; the company is subject to SEC and PCAOB oversight and audited by Ernst & Young per the 10-Q disclosures. Filings do not list material litigation tied to the quarter. Management transitions remain a material governance consideration: Douglas L. Peterson retired November 1, 2024 and Martina Cheung was appointed CEO; other executive changes disclosed in filings include the separation of Adam Kansler effective March 1, 2025 (with a $4.5 million severance and non-compete) and the appointment of CFO Eric Aboaf with related compensation disclosed (a cash bonus of approximately $2.4 million and equity awards of about $5.9 million). These changes are documented in the company’s public filings and factor into investor assessments of continuity and execution risk. Operationally, the elevated amortization charge and the presence of redeemable noncontrolling interests (comprehensive income excluded of $235 million for 9M 2025) highlight integration and accounting impacts from prior acquisitions. Management notes currency volatility as a driver of reported results at the consolidated level.