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Employees say:&nbsp;"What makes S&amp;P Global an exceptional place to work is the thoughtful way it invests in its people, often in ways that aren't typical. From Wellness Days and comprehensive wellness benefits that encourage real recharge, to tuition reimbursement that supports continuous learning and growth, employees are genuinely empowered to thrive. A collaborative, inclusive culture and strong commitment to work-life balance are paired with a generous time-off policy that reflects trust and respect. All of this is reinforced by a clear focus on innovation, giving people both the flexibility and the support to do meaningful, forward-thinking work."

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Employees say:"The company has a fantastic culture, great people, and provides great benefits. Managers are great about caring about you individually, and Directors and Managers are always super supportive of projects, initiatives, or ideas that you have to make our work better. Whenever I have brought up ideas, my directors or managers have been supportive and have recognized good ideas while giving very helpful feedback. You can do meaningful work in a fun environment, and work/life balance is very much respected. It is a great place to work!"

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100 Best Places to Work 2026_S&P Global Inc.

Employees say:"The company has fantastic culture, great people, and provides great benefits. Managers are great about caring about you individually, and Directors and Managers are always super supportive of projects, initiatives, or ideas that you have to make our work better. Whenever I have brought up ideas, my directors or managers have been supportive and have recognized good ideas while giving very helpful feedback. So you can do meaningful work in a fun environment, and work/life balance is very much respected. It is a great place to work!"

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A diverse set of high-powered Wall Street players dominate the 13-person board at market information stalwart S&amp;P Global. The New York–based company employs six current or former CEOs as directors, including Douglas Peterson, the company’s chief executive, and the ex-CEOs of Bank of New York Mellon and Accenture. Gay Huey Evans, former chair of the London Metal Exchange, is among S&amp;P Global’s five female directors. Richard Thornburg, the non-executive chair of the board, was formerly the CFO and chief risk officer of Credit Suisse and a non-executive chair of the financial giant. Gregory Washington, president of George Mason University, who has also led research for the NSF, NASA, and Air Force Research Laboratory, rounds out the board’s expertise. He is one of two Black directors, along with Stephanie Hill, executive vice president of rotary and mission systems at Lockheed Martin. In December, S&amp;P Global unveiled a strategic road map for its next growth phase, revealing plans to leverage A.I. and invest in private markets, sustainability, climate, energy transition, credit and risk management, and emerging markets.

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Dealing in financial information and analytics, it is the parent company of subsidiaries such as S&amp;P Global Ratings and S&amp;P Global Market Intelligence. The company also owns a majority stake in the S&amp;P Dow Jones Indices.

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F500-2020-451-S&P Global

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Best Companies

Rank last year

Years on list

U.S. employees

U.S. job openings

Year founded

Benefits

Subsidized childcare

Compressed work weeks

Option to work remotely

Minimum requirement in-office attendance (days per week)

Mental health coverage

Free mental health sessions (per year)

Free backup childcare time off (days)

Maximum $ amount covered for fertility services

Fully paid maternal leave (days)

Fully paid paternal leave (days)

Fully paid adoptive leave (days)

Maternal leave in addition to regular time off (days)

Paid days off for volunteering

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Current All-Star Rank

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Use of Corporate Assets

Social Responsibility

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Financial Soundness

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Global Competitiveness

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Revenues ($M)

Profits ($M)

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Total Return to Investors (last year)

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Total Return to Investors (10 year, annualized)

Best Workplaces In New York

Founded

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Best Workplaces In Financial Services And Insurance

S&amp;P Global is a leading provider of transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide. The company delivers markets intelligence through its divisions, including S&amp;P Global Ratings, S&amp;P Global Market Intelligence, S&amp;P Dow Jones Indices, S&amp;P Global Commodity Insights, S&amp;P Global Mobility, and Sustainable1. These services support decision-making across various sectors, from finance and commodities to sustainability and mobility. With a history dating back to 1860, S&amp;P Global continues to empower customers with the data and insights needed to navigate complex global markets.

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S&P Global (SPGI): Company Profile, Stock Price, News, Rankings

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S&P Global

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Good morning and welcome to S&P Global's third quarter 2025 earnings conference call. I'd like to inform you that this call is being recorded for broadcast. All participants are in a listen-only mode. We will open the conference to questions and answers after the presentation, and instructions will follow at that time. To access the webcast and slides, go to investor.spglobal.com. If you need any additional technical assistance, please press star zero and I will assist you momentarily. I would now like to introduce Mr. Mark Grant, Senior Vice President of Investor Relations and Treasurer for S&P Global. Sir, you may begin.

Good morning and thank you for joining today's S&P Global third quarter 2025 earnings call. Presenting on today's call are Martina Cheung, President and Chief Executive Officer, and Eric Aboaf, Chief Financial Officer. We issued a press release with our results earlier today. In addition, we have posted a supplemental slide deck with additional information on our results and guidance. If you need a copy of the release and financial schedules or the supplemental deck, they can be downloaded at investor.spglobal.com. The matters discussed in today's conference call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including projections, estimates, and descriptions of future events. Any such statements are based on current expectations and current economic conditions and are subject to risks and uncertainties that may cause actual results to differ materially from results anticipated in these forward-looking statements.

Additional information concerning these risks and uncertainties can be found in our Forms 10-K and 10-Q filed with the U.S. Securities and Exchange Commission. In today's earnings release and during the conference call, we are providing non-GAAP adjusted financial information. This information is provided to enable investors to make meaningful comparisons of the Company's operating performance between periods and to view the Company's business from the same perspective as management. The earnings release contains financial measures calculated in accordance with GAAP that correspond to the non-GAAP measures we are providing, and the press release and the supplemental deck contain reconciliations of such GAAP and non-GAAP measures. The financial metrics we'll be discussing today refer to non-GAAP adjusted metrics unless explicitly noted otherwise. I would also like to call your attention to certain European regulations.

Any investor who has or expects to obtain ownership of 5% or more of S&P Global should contact Investor Relations to better understand the potential impact of this legislation on the investor and the company. We are aware that we have some media representatives with us on the call. However, this call is intended for investors and we would ask that questions from the media be directed to our media relations team, whose contact information can be found in the press release. At this time, I would like to turn the call over to Martina Cheung.

thank you. Mark, in the third quarter we delivered record revenue, record operating profit, and record EPS on every headline financial metric. It was the strongest quarter we've ever had. Revenue increased 9% year-over-year with subscription revenue increasing at 6%. We continue to make important strategic investments while focusing on productivity and disciplined execution. This allowed us to deliver 180 basis points of margin expansion on a trailing 12-month basis and increase our adjusted EPS by 22%. We also returned nearly $1.5 billion to shareholders through dividends and buybacks since our last earnings call. We're also announcing today that we expect to launch an additional $2.5 billion share repurchase during the fourth quarter following our invest. This will allow us to return approximately 85% of 2025 adjusted free cash flow while still using the net proceeds from the Ostra divestiture for additional share repurchases.

We now expect to fund the acquisition of With Intelligence through a combination of $1 billion in incremental debt and cash on hand. The double-digit revenue growth in our ratings and indices businesses really highlight the incredible value of our global franchises. The investments we've made in prior years, particularly in capacity, new products, and technology, allow us to efficiently meet market demand in these periods of favorable market conditions. Market Intelligence also saw another quarter of revenue acceleration on both a reported and organic basis. Improvements in productivity and execution have supported the acceleration of revenue growth and margin expansion in the quarter. We continue to be pleased with the results the teams are delivering. We've been focused on innovation across the company and we made some very exciting announcements recently that we believe will accelerate our leadership in strategically important areas.

As I'll discuss in a moment, we've announced a number of important advancements in AI. We also announced the planned acquisition of With Intelligence and we announced an exciting partnership with both Cambridge Associates and Mercer. This multi-pronged approach to innovation and growth allows us to be nimble and decisive in our approach to strategic growth and combine assets in unique ways to serve our customers. We also wanted to call attention to our progress in artificial intelligence and later in the call, I'll give a bit of a preview into some of what we'll be discussing at Investor Day. This morning we announced in our press release that we have signed an agreement to divest our enterprise mata Management and thinkFolio businesses, subject to customary closing conditions.

This is a continuation of our efforts to streamline and simplify our business while making sure that our products and services are strategically aligned. We will always strive to be good stewards of our portfolio of businesses, and we may continue to make tactical divestitures from time to time. However, with these announcements, we can say that this multi-year exercise of portfolio optimization within Market Intelligence is substantially complete. Before I get into further details of our performance this quarter, I want to touch on some leadership announcements we've made recently. First, Dan Draper and Swamy Kocherlakota will be departing as previously announced, and second, Mark Eramo will be retiring. I want to extend my heartfelt thanks to each of them for their meaningful contributions and leadership over the years and for their help to ensure a smooth transition.

With Mark's retirement, Dave Ernsberger will assume the role of sole President of Commodity Insights. We're also thrilled to welcome Catherine Clay as the new CEO of S&P Dow Jones Indices, who will be joining next week. Now turning to the current market conditions, bond issuance increased 13% year-over-year in the quarter, with particular strength in high yield and structured finance. Equity markets continued to perform well in the third quarter as equity prices and equity inflows both contributed to a very strong quarter in our Indices business. With volatility tempering from the elevated levels we saw in the second quarter, our ETD growth moderated somewhat as well, but remained positive against a difficult compare from last year.

While we have seen some pull forward of high yield refinancing from the 2026 maturity wall, we remain encouraged by the fact that for high yield specifically, the Q4 maturity wall is 6% higher than what we saw at this point last year. While the one-year forward maturity wall also remains healthy in investment grade, the Q4 wall is very modestly lower than what we saw last year, while the one-year forward maturity wall is still higher. Our outlook for the rest of the year assumes bond issuance growth in the mid to high teens range in the fourth quarter and assumes that U.S. equity markets are flat from September 30th. Eric will walk through what that means for guidance in a moment.

Now turning to some very exciting news from earlier this month, we announced the planned acquisition of With Intelligence, which we expect to close by early 2026, subject to customary conditions. With Intelligence brings an incredible amount of differentiated data on private markets, including extensive data in private equity, private credit, infrastructure, hedge funds, and family offices. Importantly, this data is sourced directly from asset allocators and fund managers. S&P Global can combine that contributory data with our already massive data estate covering more than 50 million private companies, our pricing and valuation data from Market Intelligence, credit ratings and estimates, energy data from Commodity Insights, and infrastructure and data center information from 451 Research. This unique combination of differentiated private markets data will allow S&P Global to provide essential intelligence to customers that they will not be able to get from any other provider.

The team at With Intelligence has built a truly incredible company, and we believe that we will be able to accelerate the growth of With Intelligence as part of S&P Global's Market Intelligence division. Our goal is to create the most comprehensive solution for private markets participants anywhere in the world. We're excited to tell you more about our long-term vision for private markets at Investor Day in a couple of weeks, but this acquisition helps us take another meaningful step towards turning that vision into reality. The acquisition of With Intelligence is just one of the many ways we are adding to innovation. In the last few months, we've also made some very exciting announcements around our organic product innovation. In the third quarter, we announced AI-powered Document Search within iLEVEL. This comes quickly after the launch of Automated Data Ingestion, or ADI, in iLEVEL earlier this year.

iLEVEL is already the leading platform for private markets portfolio monitoring, and while ADI made it easier for users to bring new data into the platform, Document Search makes it easier for them to get portfolio intelligence out of the platform. Just last week, we announced the launch of Document Intelligence 2.0 within Capital IQ Pro. The new Document Intelligence allows users to extract real insights across multiple documents simultaneously. We've brought deep research functionality and allowed users to leverage that within our data and content without ever having to leave the Capital IQ platform. Users can now analyze multiple documents from different sources, including filings, transcripts, investor presentations, news, and proprietary research all simultaneously through a familiar conversational interface. We're not just making our products better either, we're also innovating new ways to let users interact with our data and content.

In recent months, we've announced collaborations with Microsoft, Anthropic, Google, Salesforce, IBM, and others to make sure that wherever our customers are working, they are doing it with S&P Global differentiated data. While still in early stages and with strong IP protections in place, we view these collaborations as important ways to reach new customers and help our existing customers to get the most out of the leading tools in the market. We'll have demos of all of these innovations available in the Products Showcase at our Investor Day in just a few weeks. Back in September, we announced a strategic collaboration with investment firms Cambridge Associates and Mercer to deliver comprehensive private markets performance analytics, and we expect to launch a beta by year end. We also announced a collaboration with Centrifuge to bring the S&P 500 index on chain, expanding access to the world's most widely recognized benchmark.

Centrifuge is a decentralized infrastructure provider specializing in real-world asset integration, and this collaboration lets us enter the fund tokenization space by licensing the S&P 500 index. In addition to the acquisition of With Intelligence, we also recently announced the completion of our acquisition of ARC Research. ARC Research is the leading independent provider of investment performance data, benchmarking capabilities, and insights in the private wealth market. It maintains the world's largest proprietary data set of more than 500,000 private client portfolios. With decades of history, we're thrilled to add ARC Research's impressive capabilities to our wealth initiatives within S&P Dow Jones Indices. We continue to look for new ways to meet our customers' needs, and these recent announcements of organic innovation, strong partnerships, and the acquisition of truly differentiated assets are all examples of S&P Global driving greater customer value.

We're seeing that show up in our customer conversations as well. In the third quarter, we had another major investment bank adopt Capital IQ Pro as its primary desktop solution in a competitive displacement driven by the value in our data transparency, modeling, flexibility, and strategic support. Through a full migration to Capital IQ Pro, Visible Alpha, and our GenAI capabilities, we also had a very strong expansion with a large global asset manager in the quarter where we were able to demonstrate clear customer value across multiple products, particularly within the software solutions of Market Intelligence, and more than triple the total value of the contract. Perhaps the best example of S&P Global moving from strength to strength is in the area of artificial intelligence. S&P Global moved early and powerfully into the AI space many years ago, and we have continued to grow the business profitably ever since.

As many of our investors will recall, we acquired Kensho back in 2018. Including that acquisition, since 2018 we have invested over $1 billion in AI innovation across three developmental stages. From 2018 through 2021, we invested to build out foundational capabilities through products like Kensho Link, Kensho Scribe, Kensho NERD, and Kensho Extract. These tools have enabled us to look across our global data estate, scrub, process, and tag data, and link that data across multiple data sets. We can also create machine-readable files from unstructured data like audio recordings of earnings transcripts, and automate the ingestion and tagging of new data sets. These foundational capabilities are incredibly important in a world where machine-readable metadata is a prerequisite for usage of any data in an LLM. In 2022, we shifted to early innovation in GenAI with the advent of large language models.

Our early actions in AI positioned us very well to leverage our expertise in the field and find exciting applications of LLMs in our ecosystem. We launched the first version of Document Intelligence as well as ChartIQ within Capital IQ Pro and Conversational Search in our S&P Global Marketplace. As more and more of our customers were coming to us for help finding ways to marry S&P Global data with the rapidly evolving technology, we accelerated the deployment of GenAI in our products over the last three years. You can see that on the slide. Almost all of the new GenAI-powered products, features, and enhancements were both leveraging the foundational AI technology built by Kensho over the past seven years. Importantly, our AI innovation serves as a powerful example of our ability to leverage our scale, our expertise, and our fiscal discipline.

The fact that we made such bold investments early on means that we've been able to innovate very efficiently from a financial perspective. Aside from 2022, we have delivered meaningful margin expansion every year since we acquired Kensho in 2018 while still accelerating our AI innovation. We are confident we'll be able to continue driving both technological innovation and margin expansion in the years to come. This brings me back to our stellar financial results in the third quarter. Eric will provide more details shortly, but our results in the third quarter really spotlight the hard work, dedication, and spectacular execution of our teams around the world. Not only did we see accelerating revenue growth for S&P Global, but we saw another consecutive quarter of acceleration in Market Intelligence on both a reported and an organic basis.

We also achieved meaningful margin expansion on a trailing twelve month basis in every single one of our divisions. We are pleased with the results in the quarter and look forward to seeing many of you at our Investor Day in just a couple of weeks. Eric, over to you.

Thank you, Martina, and good morning, everyone. Starting with Slide 12, the third quarter demonstrated the power of our business as we delivered accelerating revenue growth and very significant margin expansion while still reinvesting in product innovation. Reported and organic constant currency revenue both grew 9% while expenses grew 2%, enabling us to deliver 330 basis points of year-on-year margin expansion to 52.1%. Excluding the contribution from Astra, which was divested earlier this month, adjusted margins would have been 51.6%, and margin expansion would have been slightly higher. Through our disciplined execution and continued capital returns, we delivered 22% growth in adjusted diluted EPS. While this slide demonstrates the diversity of our revenue streams across the divisions, we also want to provide some additional insight into the different types of products and services that generate that revenue for us. The majority of our revenue comes from the benchmarks.

We provide all of Ratings, all of Indices, all of Platts within Commodity Insights, as well as the distribution of our Ratings content through Credit and Risk Solutions in Market Intelligence. We also generate revenue from workflow tools and software like Capital IQ and the Enterprise Solutions business in Market Intelligence and a portion of the upstream business in Commodity Insights. Our proprietary content, research, and data sets, as well as data that is heavily curated, enhanced, and linked, makes up the rest of the Commodity Insights and a large portion of Market Intelligence's Data Analytics and Insights business. What is left is data that is publicly available and not materially enhanced by S&P Global. That portion makes up about 12% of Market Intelligence and less than 5% of the company's total revenue.

That means that over 95% of the revenue is derived from proprietary sources, and the value that we generate for our customers really can't be replicated by any other single company. We plan to provide more detail around this breakdown at our investor day, but we thought it would be helpful in the current environment to at least provide this early view. Slide 13 illustrates the progress we are making in key strategic growth areas, energy transition and sustainability. Revenue grew 6% to $96 million in the quarter, driven by demand for data and insights from Commodity Insights and Sustainability products. In our Indices division. Moving to private markets, our revenue growth doubled from last quarter, accelerating to 22% year-over-year to $164 million. Growth was primarily driven by ratings benefiting from strength in private debt issuance and middle market.

S&P Global is committed to bringing increased transparency to the private markets and our acquisition of With Intelligence as well as our recent partnerships will enable us to further deliver on this mission while reinforcing our leadership position and accelerating our revenue growth. We are very excited to announce that in the third quarter we achieved our merger revenue synergy target on a run rate basis well in advance of the timeline we laid out back in 2022. We exited the quarter with $255 million of run rate synergies and thus no longer expect to report on these synergies going forward. Finally, our ability to innovate across our business remained a key growth driver in the third quarter. We continue to deliver a Vitality Index at or above our 10% target.

Turning to our divisions on slide 14, Market Intelligence accelerated revenue growth on both a reported and organic basis in the third quarter. We are particularly encouraged by the 8% organic constant currency growth which represents the strongest organic growth in Market Intelligence in six quarters. Continued strength in subscription was augmented by double-digit growth in our volume-driven products. We look forward to finishing the year strong. Data, Analytics and Insights had revenue growth of 5% with organic revenue growth up 6% year-over-year, aided by especially strong demand for industry and company data. Enterprise Solutions benefited from an increase in issuance volumes in the secondary loan markets and strong demand for our lending workflow solutions as well as robust growth in subscription products. Reported revenue growth of 9% included the impact of $10 million in Fincentric revenue in the year-ago period.

Excluding that impact, organic growth accelerated to 13% year-over-year. Credit and Risk Solutions grew 6% on a reported and organic basis, continuing to benefit from demand for ratings data feeds that are catering to client needs for digitization and automation. Adjusted expenses increased 1% year-over-year, largely driven by higher base compensation expense, partially offset by productivity savings and elevated incentive compensation. Last year this resulted in Market Intelligence's very significant operating margin expansion of 360 basis points to 35.6%. We are raising the low end of the guidance range for revenue growth given the acceleration in organic growth we've seen over the last two quarters. While we continue to expect some incremental investment expense to land in the fourth quarter, we are raising our guidance range for MI margins by 75 basis points at the midpoint for the full year.

Now turning to Ratings on Slide 15, in the third quarter, strong investor demand and resilient market sentiment contributed to a favorable financing environment and supported our growth in issuance volumes. Ratings revenue increased 12% year-over-year, well above our internal expectations and with the growth balanced between both transaction and non-transaction revenues. Transaction revenue grew 12% in the third quarter, benefiting from particular strength in high yield and bank loan issuance. Favorable market conditions supported refinancing activity as high yield issuers took advantage of spreads, and we continue to see elevated demand in structured finance. Non-transaction revenue also increased by 12%, driven primarily by higher annual fee revenue. Contributions from initial issuer credit ratings, or ICRs, and rating evaluation services, or RES, were both above our expectations as well. In fact, the third quarter was a record for us in RES revenue.

Adjusted expenses declined 4% based on the lapping of elevated incentive compensation last year and continued productivity improvements. This contributed to the division's 540 basis points of margin expansion to 67.1%. We are raising our outlook to reflect the third quarter's outperformance and our assumption of continued favorable market conditions in the fourth quarter. We expect build issuance growth in the mid to high teens range in the fourth quarter, driven by continued refinancing activity and opportunistic issuance. While we expect M&A volumes to improve going forward, we continue to expect 2025 volumes to be below historical norms, including in the fourth quarter. Now turning to Commodity Insights on Slide 16, revenue increased 6%, largely driven by the eighth consecutive quarter of double-digit growth in energy and resources data and insights. Energy and Resources Data and Insights and price assessments grew 11% and 7%, respectively.

Our commercial momentum persists as we continue to transition more customers to enterprise contract relationships, though growth was somewhat tempered by the incremental sanctions we called out last quarter. As I'm sure many of you saw, the U.S. recently introduced additional sanctions just last week, and I'll walk you through the expected impact shortly. Advisory and transactional services revenue grew 4%. We had another record quarter in global trading services. However, we continue to see the impact of headwinds we called out last quarter, primarily in consulting and non-subscription revenue associated with the uncertainty in the energy markets. Upstream data and Insights revenue declined 2% year-over-year as expected. The decline was driven by customer consolidation in the energy space, and lower oil prices weighed on discretionary spending. We expect these headwinds to persist through the fourth quarter and likely into next year.

The upstream business has some truly valuable and differentiated data, and we're working diligently to help our customers realize the value of our offering. As we mentioned last quarter, we are actively intervening by engaging with clients, accelerating product innovations, and aligning commercial incentives to stabilize the business and reposition it for growth. Adjusted expenses increased 6%, largely driven by the lap of a one-time credit related to higher royalty and conference costs and higher compensation expense, partially offset by productivity initiatives. Operating profit for Commodity Insights increased 7%, and operating margin expanded by 30 basis points year-over-year to 48.1%. We are tightening the ranges for both revenue growth and operating margin for the full year.

While we continue to expect strong revenue growth and margin expansion in CI for full year 2025 and beyond, we do expect the modest headwinds we discussed today to persist into at least the early part of next year. As I mentioned a moment ago, we have seen some additional sanctions introduced recently that could impact our Commodity Insights business. In total, we expect the sanctions introduced since we gave our initial guidance in February to contribute a headwind of approximately $6 million to Commodity Insights in 2025 and approximately $20 million of headwinds in 2026. This, of course, assumes the current sanctions remain in place and no new sanctions are introduced.

Now turning to Mobility on slide 17, revenue grew 8% year-over-year, highlighting the mission-critical nature of the division's products and strong execution, notwithstanding the ongoing tariff and regulatory uncertainty lingering across the OEM and manufacturing end markets. Dealer revenue increased 10% year-over-year driven by strong performance in products such as CARFAX and AutomotiveMastermind. Manufacturing revenue declined 3% year-over-year as tariffs and related uncertainty weighed on consulting. Revenues and discretionary spending at automotive OEMs, financials and other increased 12% as the business line continues to benefit from the strong underwriting volumes and commercial momentum. Adjusted expenses grew 6% driven by continued advertising and promotional investment, but offset by strong operating leverage and the lapping of elevated incentive compensation last year. Segment margins improved 110 basis points year-over-year to 43.3%.

Lastly, we remain on track to meet our key milestones for our spin-off of our Mobility division. We will continue to keep investors updated on the progress of the separation. Now turning to S&P Dow Jones Indices on slide 18. Revenue increased 11% with double-digit growth in asset-linked fees which benefited from both higher AUM and net inflows and in data and custom subscription revenue. Revenue associated with asset-linked fees grew 14% in the third quarter. This was driven by higher equity market appreciation and strong net inflows into products based on S&P Dow Jones Indices. Exchange-traded derivatives revenue were up 1% against a difficult year-over-year comparison, supported by higher average daily volumes in our SBX, ETDs, data and customs. Subscriptions increased 10% year-over-year driven by new business growth and end-of-day contracts which posted low double-digit growth and growth in our real-time offerings.

Adjusted expenses were up 7% year-over-year driven by strategic investments, partially offset by lower incentives indices. Operating profit grew 12% and operating margin expanded 100 basis points to 71.2%. Our outlook for 2025 assumes U.S. equity markets are flat from September 30 through the end of the year and we expect modest year-over-year growth in ETD volumes in the fourth quarter. Now turning to guidance, slide 19 outlines our enterprise guidance on a GAAP and adjusted basis. We are raising our enterprise outlook for total revenue growth and margins. We now expect total revenue growth in the range of 7% to 8% and we expect adjusted margins in the range of 50%-50.5%. We're also showing guidance for margin ex-Ostra for year on year comparability purposes.

As I'll discuss in the next slide, we expect higher revenue growth for Ratings and Indices, and we tighten our ranges to the upper end for Market Intelligence and Mobility, while we slightly lowered the higher end of the range for Commodity Insights. We now expect adjusted diluted EPS in the range of $17.60-$17.85, 4 percentage points above the initial guidance we provided back in February and representing growth of 12%-14% year-over-year. We expect the additional share repurchases we announced this morning to be neutral to adjusted EPS in 2025 given how late we are in the year, but we expect the reduction in share count to more than offset the additional interest expense in 2026 and beyond and be slightly accretive to EPS.

Moving to the division outlook on Slide 20, our revenue guidance for Market Intelligence was lifted towards the upper end of our prior range to 5.5%-6.5%, reflecting our strong execution and the acceleration in organic growth year to date. For Ratings, based on the current expectation for mid to high teens billed issuance in the fourth quarter, we expect revenue growth of 6.5%-8.5%, which is above previous guidance including our outperformance in the third quarter. We trimmed our outlook for Commodity Insights at the upper end of our prior range due to the sanctions and the other factors I discussed previously. For Mobility, we raised the revenue guidance range towards the upper end of our prior range. For Indices, we now expect 10%-12% revenue growth, reflecting market strength and higher net inflows.

Our updated outlook is now well above our initial 8%-10% outlook in February. On the next slide, we are raising our margin outlook for the enterprise with higher margins in nearly every division. As I discussed previously, we are pleased with the financial results the team delivered in the third quarter. These results highlight the vital importance of our products for customers, especially in the dynamic environment we've seen thus far in 2025. We continue to focus on rapid innovation, prudent strategic investment, and disciplined execution. We saw the results of that focus in the third quarter. As we look forward to Investor Day in a couple of weeks, we're excited to tell you more about what's coming next. We have a compelling strategy that we believe will drive revenue growth and margin expansion in the years to come.

With that, I'll turn the call back over to Mark for your questions.

Thank you, Eric. For those on the line, if you would like to ask a question, please press star one and record your name. To cancel or withdraw your question, simply press star two. For those joining via telephone, please turn off speakerphone in order to optimize sound quality. Participants will be limited to one question in order to allow time for others during today's Q&A session. Operator, we will now take the first question.

Thank you. Our first question comes from Toni Kaplan with Morgan Stanley. Your line is open.

Thanks so much. Market Intelligence organic growth of 8% was really a standout this quarter. I was hoping you could expand more on the success there. Whether you're seeing a better market environment.

Higher pricing or just more success with your new product introductions. Thanks for the color on sort of the AI and everything associated there.

It sounds like you've continuously invested there.

Just wanted to sort of hear your thoughts on MI in terms of growth drivers and investment.

Hi Toni, it's Martina. Thanks so much for the question and let me first respond and then I'll hand over to Eric. We were extremely pleased with the results in the quarter and it is a continuation of the strong execution that we've seen from the Market Intelligence leadership team throughout the course of this year. You recall that we've talked a lot about the revenue transformation that the team has undergone that includes greater alignment, reducing the silos amongst the sales teams, reducing the incentives, and simplifying the overall revenue model. In addition to that, as you said, we've had incredible product innovation that we're very excited about. All those things have contributed. We also have worked very closely, or see work very closely, between the Market Intelligence sales teams as well as the Chief Client Office.

As a result of that, we've seen competitive wins and we've seen some really great deals in the quarter. Maybe just one example of the competitive win with a major investment bank who chose Capital IQ Pro as their primary desktop. They did that because we could bring not just the comprehensive nature of the desktop, but also Visible Alpha as well as great excitement in the generative AI capabilities that we've announced. Those are some good examples of the growth drivers in focus. The other point that I would make, and yes, in response to your observation around the fact that we've been innovating and investing for a decade now, we see that with the acquisition of Kensho and really the foundational capabilities that Kensho's developed over many years. As I said in the prepared remarks, that's allowed us to build and innovate very economically from a financial perspective.

We'd anticipate continuing to do that going forward. Eric, maybe over to you as well for more comments.

We've been really pleased with the momentum around growth in my pipeline's been healthy. Sales are up around 10% on a year to date basis. We've got good momentum. That's translated into nice ACV growth. ACV has been ticking up quarter after quarter after quarter. In the first quarter we said it was a bit over reported revenue. In the second quarter we said it had ticked up. In the third quarter, I can also confirm that it's up again. On an organic ACV basis, which is how we describe the business, we're growing in the 6.5%-7% range. There's always a bit of ups and down in the reported growth because of the volumetric and transaction revenues that come in. That's what got us to 8% reported. I'm sorry, 8% organic this quarter.

We're seeing the momentum that we want to see and it's a result of a lot of the actions that Martina just summarized.

Thank you. Our next question comes from Faiza Alwy with Deutsche Bank. Your line is open.

I think you made some comments around the maturity wall for 2026 and some.

Maturity wall for investment grade. You also said that RES revenue was strongest ever. I'm curious how you would characterize.

Sort of where we are in terms of normalization of ratings issuance and how we should think about growth over the next few years in ratings.

Hi Faiza, thank you for the question. We have seen this year growth beyond what we actually expected at the beginning of the year. It's quite remarkable given the record issuance that we saw in 2024 Q3, as you pointed out, very strong high yields and bank loans. We saw opportunistic issuance. We saw M&A, again not at historical averages but more than we would have anticipated earlier in the year. Those are all contributing to the build issuance growth that we saw. The second point I would make around Q4 is, seasonally we usually see maybe not as fast growth from an issuance perspective in Q4. However, we are expecting Q4 to look more or less similar to Q3, probably 1 or 2% below or above Q3, which is why we guided to high teens there for issuance. That would be a combination of factors.

We are seeing opportunistic issuance with spreads at really record levels and we're seeing a little bit of pull forward from 2026 from a refinancing perspective. We do expect issuance across both investment grade and high yield. I would just mention the investment grade may fall into our frequent issuer fees, so you wouldn't see that necessarily in our transaction fees in Q4. Maybe just again there, consistent levels of M&A that we saw in Q3. I think as it relates to your overall question on how we feel about the outlook, at this point we are looking at maturity walls through 2026 that are about 8% higher than they were this time last year. Our maturity walls through 2028 are quite strong, and so we're excited about the ratings business going forward. Let me maybe pass over to Eric.

What I like about the ratings business is it's got both that transactional component that Martina just described and the non-transactional, which is really around surveillance, and I'll call it the accumulated set of clients and ratings that we support and monitor for our clients. What that creates is a bit of a flywheel or ballast to growth that creates continuity for us. That's quite strong. It includes both RES and ICRs, which were up over 20% this quarter. It includes some of the CP monitoring. CP was up strongly. The 12% was up this quarter on a year-on-year basis, which was really quite strong.

We don't expect it to be that strong every quarter, but it's the kind of continued revenue momentum or revenue engine, I would say, that really creates continued growth in the business at a nice and consistent pace and is a really important part of our franchise.

Thank you. Our next question comes from Manav Patnaik with Barclays. Your line is open.

For the slide on the AI spend over the years and how that's helped margins, I wanted to just ask within Market Intelligence itself going forward, you know, how big a role do you think AI will have in helping expand those margins in a meaningful way? Because it's always been, obviously, one of the more competitive areas that you've always had to invest is just trying to think about how that changes that balance.

Hi Manav. Let me start and I'll hand over to Eric as well. We're excited about AI and we have been for quite some time. We do think that our historical investment there and innovations over the last decade have positioned us extraordinarily well, especially in Market Intelligence. I characterize the benefit there in two ways because of course we will be able to innovate economically from a financial perspective, as I've mentioned in the prepared remarks, based on the foundational capabilities that we have. Bear in mind, we'll get growth and we'll get productivity in both cases of Market Intelligence. On the growth side, you'll see us continuing the rapid pace of innovation within our current product development state. We monetize that in two ways.

The first would be in features and enhancements that we wouldn't separately monetize but would be part of ongoing conversations around how we create value for customers. The second would be an actual add-on. A good example of that would be the ADI or automated documentation that we launched for iLEVEL, which has really great uptake in our iLEVEL customer base as an add-on. We will launch new products in the quarter. For example, we launched a new product combining Pronto NLP's capabilities with our machine readable filings. It really allows users to extract sentiments and characteristics from filings in a much more efficient way. Remember that we will also partner with new distribution channels, hyperscale partners and others such as Salesforce and IBM to ensure that we can monetize there as well.

One example I wanted to give you, there is a way in which we would think about these partners as greater channels for customer acquisition is that with the IBM partnership we will make S&P Global agents available within IBM's systems so that IBM customers can actually access S&P Global Maritime and Trade Insights, Procurement Insights, and Economic and Country Risk Insights. These are all ways in which we're increasing the monetization capabilities which will drive commercial value. Let me hand over to Eric on the productivity side.

It's Eric. As much as we're interested in AI on driving top line growth, and there are just a series of examples there and more to come, the benefits around productivity I think are beginning and are real. I'd give you a couple examples. For example, Market Intelligence and our other businesses together, we consolidated our data operations into an Enterprise Data Office, or about 6,000 employees within Market Intelligence that moved into that group. That's now 8,000 in total across the company. What we're able to do is begin to reduce some of the redundant activities, consolidate workflows, process map, and begin to actually consolidate tools. A lot of those tools that we're now using are in fact AI driven.

We actually moved about 6,000 of our data operators onto an internally developed content workflow tool that was vibe coded and actually then reduced some of our licensing costs for some of the fragmented or, I guess, multiplicity of tools that we previously had. That in and of itself has actually driven multiple millions of dollars of savings this year. It's not just in Market Intelligence, we're doing this across the company in Commodity Insights. As you know, we have a large pool of researchers where they leverage off of our data. We've started to use AI tools for content creation, first drafts of research reports to update and synthesize data sets, both structured and unstructured data. That too has already created multiple millions of dollars of savings this year and is part of what's actually helping with the margin expansion.

We see the benefit of Gen AI at the beginning, with more to come, and in truth it's a real aid to the business both for accelerating top line growth and to expand margins at the same time.

Thank you. Our next question comes from Scott Wurtzel with Wolfe Research. Your line is open.

Good morning, guys. Thank you for taking my question. Martina, just wondering if you can talk a little bit more about the strength of the private markets growth that you saw given the meaningful acceleration there, and, you know, following the partnerships that you made with Cambridge Associates and Mercer and the pending acquisition of With Intelligence, just how you feel about the overall positioning of your private markets data sets as we.

Head towards the end of the year here. Thanks.

Hi Scott. Yeah, we had a strong quarter and that was driven largely by very strong issuance within ratings, and in there it was across a multitude of products, not just debt ratings, but also structured finance. We saw data center securitization, middle market close and other issuance driven by private markets participants, and very good performance. We're excited as well to your point around the growth opportunities that we're afforded with the announcement of the partnership of Cambridge Associates and Mercer, but also With Intelligence. This is an area where we are responding to needs of customers in the market and gaps in the market. I'll give you one example here. First, with Cambridge Associates and Mercer there is a gap in the market right now to be able to actually get like-for-like comparisons for benchmark performance at the fund level, the deal level, the asset level.

With Cambridge Associates and Mercer, we've worked within their two leading companies in the space and we've created a common classification system and really a global standard so that when companies report in iLEVEL without needing to change their own reporting formats, we can interpret and concord their outcomes with this global standard which Cambridge Associates and Mercer have helped us to tune with their data. That gives them more accurate and easy like-for-like comparisons to do benchmarking and understand exposures, etc. That's wonderful. With Intelligence is bringing us data that has been critical for us in areas for use cases around deal sourcing, allocation and also performance benchmarking. These are areas that we've been developing organically over the last many years. With Intelligence really allows us to accelerate those initiatives. The team has built an incredible database also with some very unique data.

As we looked at it, the more closely we looked at it, the more excited we got about the quality of the data. You put all those things together and it gives us a great story and a great opportunity to expand our private markets revenues going forward. We're excited to talk about it more at Investor Day. Thanks for the question.

Thank you. Our next question comes from Ashish Sabadra with RBC Capital Markets. Your line is open.

Can you help us size the EDM and ThinkFolio divestiture? More importantly, I also wanted to follow up on an earlier question regarding MI. With an 8% organic constant currency growth this quarter and improving ACV growth, the enterprise wins that you've talked about, when we blend in the acquisition of With Intelligence, how do you view your prior midterm guidance of 7-9% MI revenue growth going forward?

It's Eric. Let me tackle those in order. As you know, we're still in 2025 and it's a little premature to get into 2026. EDM and ThinkFolio were not material to our consolidated financials. The revenues are relatively small even relative to MI, and to us it was a good opportunity to exit. It'll be slightly accretive to MI revenue growth on an organic basis and accretive to, slightly accretive to margin to MI as well in 2026. We're pleased with how this helps us reshape the portfolio. As you said, for 2026, what we'll do is be quite transparent about our guidance. We'll make sure that there's clarity around the expected impact around each of the divestitures and the With Intelligence acquisition, which we're really quite excited about as another vehicle for accelerating our growth in MI going into the future.

Thank you. Our next question comes from Alex Kramm with UBS. Your line is open.

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

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