S&P Global's Q2 2025: Unpacking Contradictions in Growth Projections and Strategic Initiatives

Market Intelligence growth projections, private credit growth assumptions, Mobility spin-off progress, and Market Intelligence growth and productivity are the key contradictions discussed in S&P Global's latest 2025Q2 earnings call.



Revenue and Margin Expansion:
- S&P Global reported revenue growth of 6% year-over-year in Q2 2025, with subscription revenue increasing by 7%.
- The company expanded trailing 12-month margins by 150 basis points, driven by disciplined expense management and strategic product investments.

Market Intelligence Division Performance:
- The Market Intelligence division experienced 7% organic constant currency revenue growth in Q2, marking a significant improvement.
- This growth was driven by enhanced execution, customer engagement, and the implementation of new sales incentive programs.

Private Credit and Private Markets Revenue Growth:
- Private markets revenue increased by 11% year-over-year to $148 million in Q2, with demand for CLOs, ABS, and project finance ratings being key contributors.
- The growth is attributed to S&P Global's comprehensive product offerings in private markets and strong engagement with stakeholders.

AI and Data Distribution Strategy:
- SP Global expanded its AI and data distribution strategy by partnering with hyperscale platforms like Microsoft, Anthropic, and Kensho.
- These partnerships aim to provide access to S&P Global's data across various platforms, enhancing client engagement and revenue opportunities.