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October 30, 2025 • 3 min read
S&P Global Inc., a pivotal player in the financial information and analytics industry, recently published its financial results for the third quarter of 2025. For anyone looking to understand the company's health and get a pulse on broader market activity, this 10-Q filing offers a detailed look under the hood. Let's dive into the key numbers and what they tell us about the company's performance.
Overall, S&P Global reported a robust quarter, demonstrating broad-based strength across its business lines. The company posted total revenue of $3.89 billion, a solid 9% increase from the $3.58 billion reported in the same quarter last year. This top-line growth translated impressively to the bottom line, with net income attributable to the company jumping 21% to $1.18 billion, or $3.86 per diluted share.
The following flow diagram provides a visual breakdown of the company's quarterly revenue sources and how they are allocated through various costs to arrive at the final net income.
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A key takeaway from this quarter is that growth wasn't isolated to one area; all five of S&P Global's reportable segments contributed to the positive results.
Ratings: As the segment with the highest revenue this quarter, Ratings was a standout performer, with revenue climbing 12% to $1.24 billion. Its operating profit surged an impressive 21% to $819 million, demonstrating significant operating leverage. The growth was fueled by increased market activity, particularly in high-yield debt, where billed issuance volume soared by 44% compared to the prior year. This suggests a healthier environment for debt issuance and capital markets.
Market Intelligence: Coming in a very close second, the Market Intelligence segment delivered steady 6% growth, bringing in $1.24 billion. Its operating profit grew even faster at 20%, indicating improved efficiency and profitability in this data- and analytics-heavy division.
Indices: Home to the iconic S&P 500, this segment's revenue grew 11% to $462 million. The primary driver was a 14% increase in asset-linked fees, which are tied to the value of assets in investment products like ETFs that track S&P's benchmarks. This growth points to continued investor inflows and positive market performance.
Commodity Insights and Mobility: These segments also posted healthy gains, with revenue up 6% and 8% respectively, rounding out a picture of comprehensive growth across the enterprise.
S&P Global continued its focus on returning capital to shareholders. During the first nine months of 2025, the company ramped up its share repurchase program, buying back $2.5 billion of its stock, a significant increase from the $2.0 billion repurchased in the same period of 2024. The company also raised its quarterly dividend earlier in the year to $0.96 per share. These actions reflect management's confidence in the company's financial strength and future cash flow generation.
S&P Global's third-quarter results paint a picture of a company firing on all cylinders. The strong performance, particularly in the market-sensitive Ratings and Indices segments, suggests a constructive environment in the global capital markets. As the company continues to execute its strategy, investors will be watching how it navigates key initiatives, including the planned tax-free separation of its Mobility business, and whether it can maintain its impressive growth and profitability momentum in the quarters to come.
Last updated: October 30, 2025