S&P Global closed the fourth quarter of 2025 with solid execution, reinforcing the strength of its diversified, data-driven business model.

For the full year, revenues reached $15.3 billion, up around 8%, while adjusted earnings per share grew in the mid-teens. In Q4, momentum was driven primarily by the Ratings and Indices divisions, benefiting from resilient debt issuance and continued growth in passive investing.

Margins remained strong, supported by operating leverage and disciplined cost control, even as the company continued to invest in technology and artificial intelligence. AI is increasingly embedded across workflows, improving data delivery, analytics, and client productivity rather than acting as a standalone product.

Management also reaffirmed confidence heading into 2026, highlighting steady cash generation, ongoing shareholder returns, and progress toward the planned spin-off of the Mobility business, which should further sharpen strategic focus.

The key takeaway is clear: S&P Global continues to compound value by owning critical financial infrastructure — data, benchmarks, and ratings — in a market environment that rewards scale, trust, and recurring revenues.

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