S&P Global Q3 2025: Revenue and Earnings Rise

Published: October 30, 2025

S&P Global Inc.

Direct News

Q3 2025 revenue increased ~9% year-over-year to $3,888 million (reported +8.8% YoY).
Q3 2025 net income rose 21% year-over-year (percent provided in company summary).
Nine-month 2025 revenue of $11,420M, up 7.6% vs. prior year; nine-month net income $3,596M, up 12.4% YoY.
Growth attributed broadly to performance in core divisions; filings do not disclose segment-level revenue splits.
No segment or geographic revenue breakdowns provided in Q2/Q3 10-Q filings; MD&A and Notes lack percent allocations.

Historical Context

Q3 2025 builds on sequential momentum: Q2 2025 revenue was $3,755 million (+5.8% YoY), while Q3 accelerated to $3,888 million (+8.8% YoY). Management changes preceding 2025—most notably the November 1, 2024 CEO transition to Martina Cheung and subsequent senior finance leadership changes earlier in 2025—are disclosed in filings and provide governance context for current execution. The company has not provided a detailed three-year strategy or granular segment breakdowns in the Q2/Q3 10-Q filings; investors must rely on consolidated results and the disclosures called out above for forward assessment.

Quarter snapshot and underlying drivers

S&P Global reported Q3 2025 revenue of $3,888 million, roughly a 9% increase year-over-year (the filings show an 8.8% YoY rise). The company’s reported net income for the quarter is described in summary materials as increasing 21% YoY. On a nine-month basis through September 30, 2025, revenue reached $11,420 million (+7.6% YoY) and net income totaled $3,596 million (+12.4% YoY). These gains are characterized as driven by S&P Global’s core divisions—Market Intelligence, Ratings, Commodity Insights, Mobility and Dow Jones Indices—although the company’s 10-Q filings do not provide quantitative segment revenue breakdowns for 2025 periods.

Profitability, expenses and cash flow context

Operating expenses for the nine months ended September 30, 2025 were $6,647 million, up 3.9% from the prior-year period. The filings highlight substantial amortization expense ($803 million for the nine months of 2025), which reflects ongoing integration and acquired intangible amortization and can affect comparability of operating profit. Cash and equivalents were reported at $1,672 million at September 30, 2025, roughly flat versus the prior year (-1.5%). Total assets and equity showed small declines versus year-ago balances.

Disclosure limits and what investors should watch

Investors should note the absence of segment- and geography-level percentage disclosures in the Q2 and Q3 10-Q notes and MD&A, which limits line-of-sight into which businesses or regions are driving the quarter’s revenue and margin trends. The filings also flag translation effects—foreign currency translation contributed a positive $90 million to other comprehensive income through the nine months—which can obscure underlying organic performance. High amortization is another earnings-quality consideration tied to prior acquisitions.

Key risks highlighted in filings

Regulatory and legal oversight is a standing consideration given the company’s Ratings business and applicable SEC/PCAOB supervision; the filings do not disclose material litigation for the quarter. Executive transitions are documented: Douglas L. Peterson retired Nov. 1, 2024 and Martina Cheung was appointed CEO; other executive changes and related compensation and separation arrangements are disclosed in the filings. Macroeconomic and market-activity sensitivity is noted—revenues are linked to capital and commodity market activity. Operational risks include integration and amortization effects tied to prior M&A.

Investor FAQ

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Historical Context

Quarter snapshot and underlying drivers

Profitability, expenses and cash flow context

Disclosure limits and what investors should watch

Key risks highlighted in filings

Investor FAQ

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