S&p Global — Financial Results
Revenue and Profit Growth Accelerated Across the Entire Business
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $12.5B | $14.2B | $15.3B |
| Operating margin | 32% | 39% | 42% |
| Diluted EPS | $8.23 | $12.35 | $14.66 |
S&P Global grew revenue 8% in 2025, with every segment contributing. More impressively, the operating margin (the share of revenue left after running costs) expanded to 42% from 39%, meaning the company is becoming more profitable as it grows. Earnings per share rose 19% to $14.66.
Ratings Segment Is the Profit Engine, Powered by a Bond Issuance Boom
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Ratings revenue | $3.3B | $4.4B | $4.7B |
| Operating margin | 56% | 62% | 64% |
| Total billed issuance | $2.5T | $3.9T | $4.3T |
The Ratings business — which charges fees when companies issue bonds — is the company's most profitable division at a 64% operating margin. Bond issuance volumes rose 11% in 2025, driven by AI-related corporate borrowing in investment-grade and continued refinancing in high-yield debt. This segment generated over $3 billion in operating profit on its own.
Indices Segment Benefits Directly from the ETF Boom
| Metric | 2024 | 2025 |
|---|---|---|
| Revenue | $1.6B | $1.9B |
| ETF assets under management (ending) | $4.4T | $5.5T |
| Operating margin | 68% | 69% |
Asset-linked fees — revenue tied to the value of funds tracking S&P indices like the S&P 500 — grew 15% as ETF assets under management jumped 25% to $5.5 trillion. When markets rise and more investor money flows into index funds, this business earns more without proportional cost increases, making it highly cash-generative.
Mobility Spin-Off Announced, Removing the Automotive Business from S&P Global
On April 29, 2025, the board decided to spin off the Mobility segment (automotive data and analytics) into a separate publicly traded company, expected to complete around mid-2026. Mobility generated $1.75 billion in revenue in 2025, growing 9%, but management flagged headwinds from tariff uncertainty and softer EV adoption weighing on its manufacturing clients. Existing S&P Global shareholders are expected to receive shares in the new company tax-free.
$15 Billion Returned to Shareholders Over Three Years
S&P Global returned approximately $15.1 billion to shareholders from 2023 to 2025 — $11.6 billion in share repurchases (buying back its own stock) and $3.5 billion in dividends. In 2025 alone, $5 billion was spent on buybacks. A new 30-million-share repurchase program was authorized in November 2025, and the quarterly dividend was raised to $0.97 per share in January 2026, signaling continued confidence in cash generation.
Free Cash Flow Remains Exceptionally Strong Despite a Small Dip
Free cash flow (operating cash minus capital spending and payments to minority partners) came in at $5.1 billion in 2025, slightly below the $5.3 billion in 2024. The modest decline was due to higher capital spending and compensation payments, not a deterioration in the underlying business. This level of cash generation is what funds the aggressive buyback and dividend program while leaving room for acquisitions.