S&P Global Inc. (NYSE:SPGI) shares surged Thursday after the company reported its stronger-than-expected third-quarter results.
S&P Global posted third-quarter adjusted earnings of $4.73 per share, topping analysts’ expectations of $4.41. and a 21.6% increase from the previous year.
The quarterly revenue rose 8.8% year over year to $3.89 billion, also ahead of the consensus estimate of $3.83 billion. The third-quarter adjusted operating profit margin increased 330 basis points to 52.1%.
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At the end of the quarter, the company’s cash, cash equivalents, and restricted cash totaled $1.67 billion.
Since July, the company has returned $1.5 billion to shareholders through dividends and share repurchases.
Following its Investor Day, it plans to complete additional repurchases, totaling $2.5 billion, in the fourth quarter of 2025.
Segment Performance
In the third quarter of 2025, S&P Global delivered broad-based growth across all operating segments.
Revenue from the Market Intelligence division rose 6% year over year to $1.24 billion, with operating profit climbing 20% to $277 million.
The Ratings segment reported a 12% increase in revenue to $1.24 billion, while operating profit advanced 21% to $819 million.
Commodity Insights posted a 6% revenue gain to $556 million and an 11% rise in operating profit to $235 million.
The Mobility business grew 8% to $445 million, with operating profit up 21% to $117 million.
Meanwhile, the Indices segment reported revenue of $462 million, up 11%, while operating profit increased 12% to $317 million from the prior-year quarter.
Expansion and Divestiture
Earlier this month, S&P Global announced an agreement to acquire With Intelligence for $1.8 billion, a move aimed at accelerating growth within its Market Intelligence division.
The acquisition is expected to complement the company’s ongoing innovation efforts and strengthen its private markets solutions across all business segments.
The company also announced the completion of the sale of OSTTRA.
It revealed plans to divest its Enterprise Data Management (EDM) and thinkFolio businesses, both part of the Market Intelligence division, with the transactions expected to close in the coming months.
Meanwhile, the previously announced spin-off of the Mobility division into a separate public company remains on schedule.
Outlook
The company raised its full-year 2025 adjusted earnings guidance to a range of $17.60 to $17.85 per share, up from its prior outlook of $17.00 to $17.25, and above the analyst consensus estimate of $17.37.
The company also expects its 2025 revenue growth to be 7%-8%, up from the prior range of 5%-7 %.
The company raised its 2025 operating profit margin outlook to 50.0%-50.5%, up from the previous range of 48.5%-49.5%.
Management Commentary
The company announced the retirement of Mark Eramo, Co-President of Commodity Insights.
Dave Ernsberger, currently serving as Co-President, will take over as the sole President of the division.
Eramo will remain with the company as a special advisor during the transition period.
S&P Global President and CEO, Martina Cheung, stated, “S&P Global delivered exceptional financial results in the third quarter, with accelerating revenue growth and significant margin expansion. As we focus on deep customer engagement and truly innovative approaches to creating customer value, we’re consistently hearing that S&P is the partner of choice for the world’s leading institutions.”
Price Action: SPGI shares were trading higher by 3.39% to $489.10 at last check Thursday.
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