S&P Global Raises 2025 Revenue & EPS Guidance

Published: October 30, 2025

S&P Global Inc.

Direct News

S&P Global (SPGI) said it raised its 2025 revenue growth and EPS outlook following Q3 results.
Q3 2025 revenue: $3,888 million, up 8.8% year-over-year.
Nine months ended Sep 30, 2025 revenue: $11,420 million, up 7.6% year-over-year.
Operating expenses for 9M 2025: $6,647 million (+3.9% YoY); net income: $3,596 million (+12.4% YoY).
Company reports five operating segments but does not disclose segment-level revenue percentages for 2025 periods.
Management transitions and compensation actions noted in filings: CEO change Nov 1, 2024 and other executive changes through early 2025.

Historical Context

S&P Global, founded in 1860 and headquartered at 55 Water Street, New York, operates five primary business segments that provide data, analytics, ratings and index benchmarks. Earlier in 2025 the company reported sequential revenue growth—Q2 2025 revenue was $3,755 million (+5.8% YoY)—and referenced guidance in a Q2 8-K, though detailed numeric guidance disclosures for 2025 are limited in the Q2 and Q3 10-Q materials provided. Leadership transitions noted in 2024–early 2025, including a CEO succession and executive compensation actions, form part of the context for 2025 performance and the updated guidance announced after Q3.

Q3 results and guidance revision

S&P Global’s third-quarter report showed continued top-line momentum with Q3 revenue of $3,888 million, an 8.8% increase versus the prior year, and a nine-month revenue tally of $11,420 million, up 7.6% year-over-year. Following those results, management updated its outlook by raising its 2025 revenue growth and EPS guidance. Filings provided the guidance revision as a directional update; the company did not disclose granular guidance figures in the Q3 notes included in the provided materials. The sequential improvement from Q2 (Q2 2025 revenue: $3,755 million, +5.8% YoY) to Q3 suggests accelerating revenue trends through the first three quarters of 2025. The 9M operating expense increase (+3.9% YoY) was more moderate than revenue growth, and net income for the period rose 12.4% to $3,596 million, indicating operating leverage in the reported periods.

What underpins the outlook and limitations of public disclosures

Public filings confirm S&P Global operates through five reportable segments—Market Intelligence, Ratings, Commodity Insights, Mobility and Dow Jones Indices—but the 10-Q disclosures for Q2 and Q3 do not provide a quantitative revenue split by segment or geography for 2025. That limits the ability to attribute the raised guidance to any single business line based on the provided documents. Filings also highlight items investors should consider when assessing the durability of the revised outlook: material amortization expense (9M 2025 amortization noted at $803 million), foreign currency translation effects (9M 2025 other comprehensive income included a +$90 million FX-related impact), and the absence of disclosed structural moat metrics in the 10-Q Notes. These factors can influence reported profitability and the sustainability of near-term guidance upgrades.

Risks and governance context

Regulatory oversight and legal exposure are salient for a credit ratings provider; the filings reference SEC/PCAOB oversight but do not list specific litigation tied to the Q3 disclosures. Management continuity and transitionary costs are documented: CEO Douglas L. Peterson retired Nov 1, 2024 and Martina Cheung was appointed CEO; other executive separations and new hires (including severance and sign-on/equity awards) are recorded in filings through early 2025. These changes were disclosed in prior filings and are part of the governance and cost backdrop for 2025. Investors should also note operational considerations disclosed in the filings, including high amortization tied to prior acquisitions and consolidated comprehensive income items (e.g., redeemable noncontrolling interests adjustments) that affect reported results but are not direct operating cash flow drivers.

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Historical Context

Q3 results and guidance revision

What underpins the outlook and limitations of public disclosures

Risks and governance context

Investor FAQ

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