S&P Global Q3 2025: Revenue & Earnings Rise

S&P Global reported sequential and year‑over‑year top-line growth in Q3 2025, with revenue of $3,888 million, an 8.8% increase versus Q3 2024 (commonly reported as approximately 9%). Management also reported net income growth of 21% year‑over‑year for the quarter. Quarter results follow Q2 2025 revenue of $3,755 million (+5.8% YoY), signaling improving momentum through the first three quarters of the year. The company’s 9‑month results through September 30, 2025 show revenue of $11,420 million, up 7.6% versus the prior year period, and net income of $3,596 million, up 12.4%.

S&P Global’s SEC filings confirm the business is organized into five reportable segments: Market Intelligence, Ratings, Commodity Insights, Mobility and Dow Jones Indices. However, the Q3 and Q2 10‑Q filings and related notes do not disclose a quantitative segment revenue breakdown or geographic splits for the 2025 periods. Investors seeking revenue contribution by segment or region will not find those allocations in the current filings. The filings disclose several operational and balance sheet items relevant to investors: operating expenses for the 9 months were $6,647 million (+3.9% YoY), amortization remained significant at $803 million (9M 2025), and foreign currency translation effects contributed approximately $90 million to other comprehensive income over the nine months. Cash and equivalents were $1,672 million at Sept. 30, 2025, modestly below the comparable period a year earlier.

Regulatory oversight is an explicit risk for the company given its role as a credit ratings provider; filings reference applicable SEC and other oversight regimes. Operationally, high amortization related to past acquisitions highlights integration and expense run‑rate considerations. Macro sensitivity to capital markets and commodity cycles is noted as a revenue driver, and foreign exchange volatility has had measurable income‑statement effects in 2025. Filings also document leadership changes completed prior to the quarter: Douglas L. Peterson retired as CEO on Nov. 1, 2024, with Martina Cheung serving as CEO; other executive transitions and related separation and compensation arrangements (including a separation payment to Adam Kansler and onboarding compensation for CFO Eric Aboaf) are disclosed in filings and can affect near‑term governance and compensation expense profiles.