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S&P Global (SPGI)

SPGI is a company that operates through several key business lines, providing essential data, analytics, and insights to various industries. The company primarily engages in Market Intelligence, Mobility, and Indices, offering subscription-based services and solutions that cater to finance, automotive, and investment sectors . SPGI's revenue growth is largely driven by the demand for market data and insights, with a strong emphasis on subscription models across its divisions .

  1. Market Intelligence - Provides data, analytics, and third-party research for finance and corporate professionals through Desktop, Data & Advisory Solutions, Enterprise Solutions, and Credit & Risk Solutions. Subscription revenue is a major contributor to this segment.

    • Desktop - Offers software access for financial data analysis.
    • Data & Advisory Solutions - Delivers tailored data and advisory services.
    • Enterprise Solutions - Supplies comprehensive data solutions for enterprises.
    • Credit & Risk Solutions - Provides tools for credit assessment and risk management.
  2. Mobility - Serves the automotive value chain, including OEMs, suppliers, and finance companies, with critical information and insights through subscription and consulting services.

  3. Indices - Offers valuation and index benchmarks for investment advisors and institutional investors, generating revenue from asset-linked fees, exchange-traded derivatives, and data subscriptions.

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NamePositionExternal RolesShort Bio

Christina Twomey

Executive

Chief Communications Officer

Young Leaders Council, Vital Voices

Joined SPGI in 2015; recognized for excellence in communications and crisis management.

Christopher F. Craig

Executive

Interim CFO

None

Joined SPGI in 2010; previously SVP, Controller, and Chief Accounting Officer; appointed Interim CFO in 2024.

Dan Draper

Executive

CEO, S&P Dow Jones Indices

Board Director, Lyric Opera of Chicago; Board Director, Delta Dental of Virginia

Joined SPGI in 2020; recognized for leadership in diversity and inclusion; extensive experience in asset management.

Dave Ernsberger

Executive

Co-President, S&P Global Commodity Insights

None

Joined SPGI in 1996; previously Head of Market Reporting and Trading Solutions; expertise in commodity price benchmarks.

Edouard Tavernier

Executive

President, S&P Global Mobility

None

Joined SPGI in 2022; previously EVP at IHS Markit; expertise in transportation and strategic acquisitions.

Eric W. Aboaf

Executive

EVP and CFO

Board Chair, New York City Urban Debate League

Joined SPGI in 2025; previously CFO and Vice Chairman at State Street Corporation; extensive experience in financial strategy, treasury, and M&A.

Girish Ganesan

Executive

EVP, Chief People Officer

Board Member, CRISIL

Joined SPGI in 2021; recognized as a top global HR leader; expertise in diversity and inclusion.

Mark Eramo

Executive

Co-President, S&P Global Commodity Insights

None

Joined SPGI in 2022; previously Head of Fuels, Chemicals & Resource Solutions; expertise in energy transition and sustainability.

Martina L. Cheung

Executive

President and CEO

Board of Trustees, Catholic Charities New York; Member, Council on Foreign Relations; Member, Economic Club of New York

Joined SPGI in 2010; previously President of S&P Global Ratings and S&P Global Market Intelligence; led major M&A deals like the IHS Markit merger; recognized for leadership in sustainability and DEI.

Sally Moore

Executive

EVP, Chief Client Officer

Founding Member, UK\u2019s National Numeracy Leadership Council

Joined SPGI in 2006 through IHS Markit; expertise in strategy, M&A, and DEI advocacy.

Saugata Saha

Executive

President, S&P Global Market Intelligence; Chief Enterprise Data Officer

None

Joined SPGI in 2014; previously President of S&P Global Commodity Insights; expertise in digital transformation and data analytics.

Steve Kemps

Executive

EVP, Chief Legal Officer

None

Joined SPGI in 2016; oversees legal, compliance, and risk functions; CPA-certified with extensive legal expertise.

Swamy Kocherlakota

Executive

EVP, Chief Digital Solutions Officer

None

Joined SPGI in 2017; leads digital transformation and AI innovation; recognized for diversity advocacy.

Yann Le Pallec

Executive

President, S&P Global Ratings

Chair of the Board, CRISIL Ltd

Joined SPGI in 1999; previously Head of Global Ratings Services; expertise in credit markets and talent development.

Gay Huey Evans

Board

Independent Director

Director, ConocoPhillips; Board Member, HM Treasury; Senior Advisor, Chatham House

Independent Director since 2022; extensive experience in finance, commodities, and regulation; honored with CBE and OBE for services to the economy and philanthropy.

Gregory Washington

Board

Independent Director

Board of Trustees, Internet2; Board Member, N.C. State Engineering Foundation

Independent Director since 2021; President of George Mason University; expertise in engineering and technology.

Ian P. Livingston

Board

Independent Director

Senior Independent Director, National Grid plc; Non-Executive Chair, Business Growth Fund

Independent Director since 2020; former CEO of BT Group; expertise in technology and finance.

Jacques Esculier

Board

Independent Director

Board Member, Daimler Truck Holding AG

Independent Director since 2022; former CEO and Chairman of WABCO Holdings Inc.; expertise in transportation and commodities industries.

Marco Alverà

Board

Independent Director

Group CEO, Tree Energy Solutions; Co-founder and CEO, Zhero; Board Member, Cini Foundation

Independent Director since 2017; extensive experience in energy transition and sustainability; former CEO of Snam S.p.A..

Maria R. Morris

Board

Independent Director

Board Member, Allstate; Board Member, Wells Fargo; Trustee, Catholic Charities of New York

Independent Director since 2016; former EVP at MetLife; expertise in financial services and global operations.

Rebecca Jacoby

Board

Independent Director

Advisory Board Member, ParkourSC

Independent Director since 2014; former CIO of Cisco Systems; expertise in technology and operations.

Richard E. Thornburgh

Board

Chairman of the Board

Director, Repay Holdings Corporation; Chairman, Jackson Hewitt; Member, Corsair Capital LLC

Independent Director since 2011; extensive experience in financial services and corporate governance.

Robert P. Kelly

Board

Independent Director

None

Independent Director since 2022; former Chairman and CEO of The Bank of New York Mellon; expertise in finance and risk management.

Stephanie C. Hill

Board

Independent Director

Board of Visitors, University of Maryland, Baltimore County

Independent Director since 2017; President of Rotary and Mission Systems at Lockheed Martin; recognized for advancing STEM education.

William D. Green

Board

Independent Director

Board Member, Dell Technologies; Board Member, GTY Technologies Holdings

Independent Director since 2011; former CEO and Chairman of Accenture; expertise in IT and corporate governance.

  1. Martina, with the recent leadership changes and your emphasis on connecting the dots across divisions, what specific initiatives are you planning to implement differently from your predecessor to enhance shareholder value, and how will you ensure these changes don't disrupt the company's current success?
  2. Given the challenges in the Market Intelligence segment, including increased cancellations among smaller customers due to pricing pressure and longer sales cycles, what concrete steps are you taking to stabilize execution and improve performance in this segment?
  3. Mobility revenue guidance has been trimmed for the second consecutive quarter, partly due to recall activity headwinds. How do you plan to overcome these challenges, and what strategies are in place to restore growth and confidence in this segment moving forward?
  4. While Commodity Insights is performing well above medium-term targets, how do you plan to mitigate potential cyclicality in this business, and can you elaborate on how investments in energy transition products will contribute to sustained growth despite market fluctuations?
  5. With several leadership changes announced, including new division presidents and a new CFO expected in 2025, how will you ensure that this transition maintains the company's growth trajectory, and what measures are in place to address any potential disruptions or challenges arising from these changes?

Research analysts who have asked questions during S&P Global earnings calls.

Alex Kramm

UBS Group AG

5 questions for SPGI

Also covers: BR, CBOE, CBRE +15 more

Andrew Steinerman

JPMorgan Chase & Co.

5 questions for SPGI

Also covers: ARMK, BFAM, CTAS +15 more

Ashish Sabadra

RBC Capital Markets

5 questions for SPGI

Also covers: ADP, CBOE, CLVT +18 more

Craig Huber

Huber Research Partners

5 questions for SPGI

Also covers: DNB, EFX, FDS +11 more

Faiza Alwy

Deutsche Bank

5 questions for SPGI

Also covers: ABM, ADV, ARMK +16 more

Jason Haas

Wells Fargo

5 questions for SPGI

Also covers: ASGN, CTAS, ECL +11 more

Manav Patnaik

Barclays

5 questions for SPGI

Also covers: BFAM, CLVT, CTAS +16 more

Russell Quelch

Redburn Atlantic

5 questions for SPGI

Also covers: FDS, MCO, MSCI +1 more

Scott Wurtzel

Wolfe Research

5 questions for SPGI

Also covers: ADP, BR, EFX +8 more

Toni Kaplan

Morgan Stanley

5 questions for SPGI

Also covers: ADT, ARMK, BFAM +17 more

Jeffrey Meuler

Robert W. Baird & Co. Incorporated

4 questions for SPGI

Also covers: BFAM, CSGP, EFX +7 more

Jeffrey Silber

BMO Capital Markets

4 questions for SPGI

Also covers: AMN, ASGN, ATGE +14 more

Surinder Thind

Jefferies Financial Group

4 questions for SPGI

Also covers: ASGN, CLVT, CSGP +25 more

Andrew Nicholas

William Blair & Company

3 questions for SPGI

Also covers: AMTD, CBZ, CLVT +16 more

George Tong

Goldman Sachs

3 questions for SPGI

Also covers: ADT, BCO, BFAM +22 more

Owen Lau

Oppenheimer & Co. Inc.

3 questions for SPGI

Also covers: CLVT, CME, COIN +8 more

David Motemaden

Evercore ISI

2 questions for SPGI

Also covers: ACGL, AJG, ALL +16 more

Keen Fai Tong

Goldman Sachs Group Inc.

2 questions for SPGI

Also covers: ADT, BCO, BFAM +21 more

Kwun Sum Lau

Oppenheimer

2 questions for SPGI

Also covers: CBOE, CLVT, CME +9 more

Shlomo Rosenbaum

Stifel, Nicolaus & Company, Incorporated

2 questions for SPGI

Also covers: ARMK, CCCS, CLVT +13 more

Jeff Meuler

Robert W. Baird & Co.

1 question for SPGI

Also covers: FICO, KLC, UDMY

Jeff Silber

BMO Capital Markets

1 question for SPGI

Also covers: CHGG, COUR, IT +2 more

Joshua Dennerlein

BofA Securities

1 question for SPGI

Also covers: AHR, AMH, ARE +18 more

Peter Christiansen

Citigroup Inc.

1 question for SPGI

Also covers: ADP, ADT, ALIT +11 more

Sean Kennedy

Mizuho Securities

1 question for SPGI

Also covers: G, GLOB, MCO

Thomas Roesch

William Blair

1 question for SPGI

Also covers: TRU
Program DetailsProgram 1
Approval DateJune 22, 2022
End Date/DurationNo expiration date
Total additional amount30 million shares
Remaining authorization amount14.6 million shares
DetailsUsed for general corporate purposes, including stock compensation plans and offsetting dilutive effects of employee stock options
YearAmount Due (in millions)Debt TypeInterest Rate% of Total Debt
2025$44.75% Senior Notes4.75%0.03% = (4 / 11,402) * 100
2026$34.0% Senior Notes4.00%0.03% = (3 / 11,402) * 100
2027$1,7402.95% Senior Notes, 2.45% Senior Notes2.95%, 2.45%15.3% = (1,740 / 11,402) * 100
2028$8014.75% Senior Notes4.75%7.0% = (801 / 11,402) * 100
2029$2,7424.25%, 2.5%, 2.70% Sustainability-Linked Notes4.25%, 2.50%, 2.70%24.0% = (2,742 / 11,402) * 100
2030$5951.25% Senior Notes1.25%5.2% = (595 / 11,402) * 100
2032$1,4762.90% Senior Notes2.90%12.9% = (1,476 / 11,402) * 100
2033$7435.25% Senior Notes5.25%6.5% = (743 / 11,402) * 100
2037$2916.55% Senior Notes6.55%2.6% = (291 / 11,402) * 100
2048$2734.5% Senior Notes4.50%2.4% = (273 / 11,402) * 100
2049$5903.25% Senior Notes3.25%5.2% = (590 / 11,402) * 100
2052$9753.70% Senior Notes3.70%8.6% = (975 / 11,402) * 100
2060$6832.3% Senior Notes2.30%6.0% = (683 / 11,402) * 100
2062$4863.9% Senior Notes3.90%4.3% = (486 / 11,402) * 100
NameStart DateEnd DateReason for Change
Ernst & Young LLP1969 PresentCurrent auditor

Notable M&A activity and strategic investments in the past 3 years.

CompanyYearDetails

World Hydrogen Leaders

2024

Completed on May 14, 2024, this acquisition by S&P Global Commodity Insights bolsters its hydrogen and energy transition offerings with key assets in conferences, digital training, and market intelligence, while the deal remains immaterial to consolidated financials.

Visible Alpha

2024

Completed on May 1, 2024, Visible Alpha—a provider of consensus data, KPIs, and analytics—was integrated into the Market Intelligence segment and enhances the Capital IQ Pro platform, reinforcing S&P Global's investment research capabilities with minimal financial impact.

Market Scan Information Systems, Inc.

2023

Completed on February 16, 2023, this acquisition strengthens the Mobility segment with Market Scan’s automotive pricing and incentive intelligence, including proprietary payment technologies that are expected to contribute modest revenue growth, though the deal is not material to overall financials.

TruSight Solutions LLC

2023

Completed on January 4, 2023, TruSight Solutions LLC provides third-party vendor risk assessments and has been integrated into the Market Intelligence segment to expand S&P Global’s vendor risk management solutions, with no material financial impact.

ChartIQ

2023

Acquired on January 3, 2023, ChartIQ, a premier charting provider for interactive financial data visualization, has been integrated into the Market Intelligence segment and Capital IQ Pro platform to enhance technical analysis, despite its immaterial financial impact.

IHS Markit

2022

Merged on February 28, 2022, S&P Global acquired 100% of IHS Markit in an all-stock deal valued at approximately $43.5 billion, creating wholly owned subsidiaries that significantly expand its market research and global insights capabilities.

Recent press releases and 8-K filings for SPGI.

S&P Global: Fitch reaffirms BB+ stable rating for Akropolis Group after Galio acquisition
·$SPGI
M&A
Debt Issuance
  • Fitch Ratings re-confirmed Akropolis Group’s long-term borrowing rating at BB+ with a stable outlook following its acquisition of Galio Group.
  • The deal expanded the managed real estate portfolio by ~30% (from EUR 1.1 billion to EUR 1.4 billion), increased income-producing properties from 5 to 60, and cut shopping centre concentration to 73%.
  • Fitch noted improved average cost of debt, broader portfolio diversification and sustainable financials, alongside H1 2025 rental income of EUR 46.3 million (+5.4%) and EBITDA of EUR 44.3 million (+3.4%).
  • S&P Global Ratings also upheld the BB+ stable rating, and in May 2025 Akropolis placed its first EUR 350 million 5-year green bond at 6.000%.
3 days ago
Deep Blue closes acquisition of Environmental Disposal Systems
·$SPGI
M&A
Debt Issuance
  • Deep Blue Midland Basin LLC completed its acquisition of Environmental Disposal Systems from Diamondback Energy, with Diamondback receiving approximately $695 million upfront and up to $200 million in potential earnouts through 2028.
  • The transaction was funded by a $950 million seven-year senior secured Term Loan B and a paydown of its revolving credit facility.
  • Deep Blue received inaugural corporate ratings of BB- from Fitch and S&P Global Ratings and Ba3 from Moody’s, each with a stable outlook.
  • The acquisition expands Deep Blue’s footprint to nearly 2,000 miles of pipeline and millions of barrels per day of water handling capacity in the Midland Basin.
5 days ago
S&P Global reports 20% drop in S&P 500 buybacks in Q2 2025
·$SPGI
Share Buyback
Guidance Update
  • S&P 500 companies repurchased $234.6 billion of shares in Q2 2025, down 20.1% from Q1’s record $293.5 billion and slightly below Q2 2024’s $235.9 billion.
  • Over the 12-months to June 2025, buybacks totaled $997.8 billion, a 13.7% increase from the prior 12-month period.
  • Buyback concentration rose as the top 20 S&P 500 firms accounted for 51.3% of Q2 repurchases, above the historical average of 47.7%.
  • Only Utilities increased spending (+16.5% vs Q1), while Health Care (–39.3%), Information Technology (–16.3%) and Communication Services (–15.0%) cut back.
  • Management expects Q3 2025 buybacks to rebound near Q1’s record levels and full-year 2025 buybacks and dividends to set new records.
Sep 17, 2025, 1:00 PM
S&P Global appoints presidents for CARFAX and Mobility Business Solutions
·$SPGI
Management Change
Hiring
  • Scott Fredericks named President of CARFAX, succeeding Bill Eager, effective Sept. 3, 2025
  • Joe Lafeir appointed President of Mobility Business Solutions, overseeing Automotive Insights and automotiveMastermind
  • Both will report to Bill Eager, President of S&P Global Mobility and CEO designate for the planned standalone Mobility company
  • S&P Global aims to complete the Mobility separation into a standalone public company within 12–18 months, subject to regulatory and board approvals
Sep 3, 2025, 8:10 PM
GTJAI achieves record high mid-year revenue
·$SPGI
Earnings
Dividends
Revenue Acceleration/Inflection
  • Revenue rose 30% YoY to HK$2.825 billion, with net profit after tax up 182% to HK$550 million, setting a new mid-year record.
  • Annualized ROE improved to 7.3%, and an interim dividend of HK$0.05 per share (87% payout) was declared.
  • Significant growth in key income streams: commission & fee income HK$541 million, interest income HK$1.196 billion, and trading & investment income HK$1.088 billion.
  • Secured full-chain digital asset approvals in 2024–2025, becoming the first Hong Kong-based Chinese securities firm to offer “Trading + Client Introducing + Product Issuance + Distribution” for virtual-asset products.
Aug 29, 2025, 6:07 AM
S&P Global Mobility projects US auto sales momentum in August
·$SPGI
Demand Weakening
  • August 2025 US auto sales are projected at 1.43 million units (NSA) and 15.8 M SAAR, slightly below July’s 16.4 M SAAR but marking a second consecutive month of gains.
  • Battery electric vehicle share rose to over 9% in July and is expected to reach 10% or more in August, though policy shifts and inventory constraints may temper later momentum.
  • Rising automaker incentives and loosening credit conditions are providing short-term support but may signal underlying demand weakening.
Aug 26, 2025, 1:05 PM
S&P Global reports U.S. factory purchases slowdown in July
·$SPGI
Demand Weakening
  • The GEP Global Supply Chain Volatility Index dropped to -0.35 in July from -0.17 in June, signaling increased spare capacity globally.
  • In North America, the index fell to -0.33 in July versus -0.06 in June, as U.S. manufacturers sharply tapered purchases after front-loading inventories in June.
  • Europe’s index slipped to -0.30 from 0.01, while the U.K. declined to -0.58 from -0.41, highlighting regional industrial weakness.
  • Asian factory buying remained below trend due to weakness in Japan and South Korea, though China saw a rebound in July.
  • Safety stockpiling eased and staffing and transportation costs remained stable, indicating limited inflationary pressure in supply chains.
Aug 13, 2025, 12:22 PM
Arcos Dorados reports Q2 2025 financial results
·$SPGI
Earnings
New Projects/Investments
M&A
  • Arcos Dorados’ Total Revenues reached $1.142 billion, up 2.8% YoY in US dollars and 14.9% in constant currency in Q2 2025
  • Systemwide comparable sales grew 12.1% versus Q2 2024, driven by strong performance in NOLAD and SLAD divisions
  • Consolidated Adjusted EBITDA was $110.1 million (down 7.3% reported, up 2.4% constant currency) and Net Income was $22.6 million ($0.11 per share) in the quarter
  • Net Debt to Adjusted EBITDA leverage ratio stood at 1.4x as of June 30, 2025, and the Company opened 20 Experience of the Future restaurants while entering the Saint Martin market
Aug 13, 2025, 11:15 AM
Hudbay Minerals secures $600M Mitsubishi investment for 30% JV in Copper World
·$SPGI
New Projects/Investments
  • Hudbay’s subsidiary Copper World LLC will issue a 30% equity stake to Mitsubishi for an initial cash infusion of $600 million ($420 million at closing and $180 million within 18 months).
  • The deal injects $1.5 billion into the U.S. critical minerals supply chain, defers Hudbay’s first capital contribution to 2028, reduces its remaining funding need to ~$200 million, and lifts levered project IRR to ~90%.
  • Hudbay and Wheaton Precious Metals amended the existing stream: a $230 million initial deposit, up to $70 million contingent on mill expansion, and ongoing gold and silver payments set at 15% of spot prices for upside exposure.
  • A definitive feasibility study is underway targeting a sanction decision in 2026; the Phase I PFS forecasts 85,000 tpa copper over 20 years, with an after-tax NPV of $1.1 billion (8% discount) and IRR of 19% at $3.75/lb copper.
Aug 13, 2025, 10:00 AM
S&P Global Mobility forecasts modest US auto sales gains in July
·$SPGI
Guidance Update
  • July 2025 light vehicle sales projected at 1.33 million units (15.9 million SAAR), up from 15.3 million SAAR in June.
  • Growth supported by a second wave of pull-ahead demand for battery-electric vehicles (BEVs) ahead of the Sept. 30 federal EV incentive expiration.
  • BEV share of total sales in July expected to exceed 9%, above the year-to-date average of 7.3% through May 2025.
  • Affordability concerns keep overall auto demand modest, despite slight month-over-month gains.
Aug 1, 2025, 11:00 AM