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- **Record Q3 Performance**: 9% revenue growth, 22% EPS growth, and 330bps margin expansion to 52.1%.
- **AI-Driven Innovation**: $1B+ AI investments yield 8% organic MI growth, With Intelligence acquisition, and AI partnerships with Microsoft, IBM.
- **Strategic Returns**: $1.5B+ shareholder returns, $2.5B Q4 buyback, and 85%+ free cash flow return.
- **Private Markets Surge**: 22% YoY growth in Private Markets, driven by With Intelligence and Cambridge/Mercer partnerships.
- **Headwinds in CI**: 6% CI growth tempered by $6M-$20M sanctions-related headwinds.

**【CEO Summary Section】**
- Delivered record revenue, operating profit, and EPS in Q3 2025, with 9% YoY revenue growth and 22% EPS growth.
- Highlighted strategic investments in AI, including the acquisition of With Intelligence, and partnerships with Microsoft, IBM, and Salesforce to integrate AI into products.
- Emphasized margin expansion (180bps on a trailing 12-month basis) and disciplined execution, returning $1.5 billion to shareholders through dividends and buybacks.
- Announced $2.5 billion share repurchase for Q4, returning ~85% of 2025 free cash flow.

**【CFO Financial Commentary】**
- Total revenue grew 9% YoY, with Market Intelligence (MI) organic growth accelerating to 8% (6% on a reported basis).
- Adjusted operating margin expanded 330bps to 52.1%, driven by expense control (2% YoY growth vs. 9% revenue growth).
- Ratings revenue up 12% YoY, benefiting from High Yield and Structured Finance issuance; RES revenue hit a record high.
- Commodity Insights (CI) revenue grew 6%, despite headwinds from sanctions and lower oil prices.
- Raised full-year guidance: total revenue growth 7-8%, adjusted EPS $17.60-$17.85.

**【Q&A Highlights】**
- **Market Intelligence Growth**: 8% organic growth driven by competitive wins (e.g., major bank adopting Capital IQ Pro), AI-driven product enhancements (e.g., Document Search), and ACV growth of 6.5-7.5%.
- **AI Impact**: AI investments over $1 billion since 2018 are now driving both top-line growth (e.g., With Intelligence acquisition) and cost savings (e.g., $6M+ in data operations efficiency).
- **Private Markets Expansion**: 22% YoY growth in Private Markets, fueled by With Intelligence acquisition and partnerships with Cambridge Associates and Mercer to create private markets benchmarks.
- **Sanctions Impact**: CI expects $6M-$20M headwinds in 2025-26 from U.S. sanctions on energy data.
- **Mobility Spin-Off**: On track for separation, with dealer revenue up 10% YoY and manufacturing revenue down 3% due to tariffs.


S&P Global Inc. (SPGI) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

SPGI

SPGI fundamentals

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