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 .
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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.
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Mobility - Serves the automotive value chain, including OEMs, suppliers, and finance companies, with critical information and insights through subscription and consulting services.
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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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| Name | Position | External Roles | Short 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. |
- 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?
- 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?
- 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?
- 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?
- 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
Andrew Steinerman
JPMorgan Chase & Co.
5 questions for SPGI
Ashish Sabadra
RBC Capital Markets
5 questions for SPGI
Craig Huber
Huber Research Partners
5 questions for SPGI
Faiza Alwy
Deutsche Bank
5 questions for SPGI
Jason Haas
Wells Fargo
5 questions for SPGI
Manav Patnaik
Barclays
5 questions for SPGI
Russell Quelch
Redburn Atlantic
5 questions for SPGI
Scott Wurtzel
Wolfe Research
5 questions for SPGI
Toni Kaplan
Morgan Stanley
5 questions for SPGI
Jeffrey Meuler
Robert W. Baird & Co. Incorporated
4 questions for SPGI
Jeffrey Silber
BMO Capital Markets
4 questions for SPGI
Surinder Thind
Jefferies Financial Group
4 questions for SPGI
Andrew Nicholas
William Blair & Company
3 questions for SPGI
George Tong
Goldman Sachs
3 questions for SPGI
Owen Lau
Oppenheimer & Co. Inc.
3 questions for SPGI
David Motemaden
Evercore ISI
2 questions for SPGI
Keen Fai Tong
Goldman Sachs Group Inc.
2 questions for SPGI
Kwun Sum Lau
Oppenheimer
2 questions for SPGI
Shlomo Rosenbaum
Stifel, Nicolaus & Company, Incorporated
2 questions for SPGI
Jeff Meuler
Robert W. Baird & Co.
1 question for SPGI
Jeff Silber
BMO Capital Markets
1 question for SPGI
Joshua Dennerlein
BofA Securities
1 question for SPGI
Peter Christiansen
Citigroup Inc.
1 question for SPGI
Sean Kennedy
Mizuho Securities
1 question for SPGI
Thomas Roesch
William Blair
1 question for SPGI
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
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.
- 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.
- 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
- 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.
- 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.
- Global Supply Chain Volatility Index rose to -0.17 in June from -0.46 in May, its highest level in 2025, reflecting stronger global manufacturing demand despite a 10% U.S. tariff.
- Europe’s index hit 0.01, up from -0.30, indicating full capacity utilization as German exports and domestic demand rebounded.
- North America’s index climbed to -0.06 from -0.24 as U.S. manufacturers front-loaded orders ahead of the tariff pause ending.
- Asia’s index improved to -0.27 from -0.40, driven by activity gains in India, Japan, and South Korea, though Southeast Asia remains underutilized.
- There are no signs of dramatic cost inflation, and material shortages remain historically low, with increased stockpiling reported globally.
- Fed officials are taking a meeting-by-meeting “wait-and-see” approach, keeping all upcoming meetings, including July, on the table for possible rate cuts based on incoming data.
- Chair Powell noted that tariffs have materially raised US inflation forecasts, effectively delaying cuts that might otherwise have begun earlier in the year.
- A couple of Fed governors, notably Christopher Waller and Mickey Bowman, have publicly backed a July rate cut, raising the odds of dissents if policy remains unchanged then.
- Market pricing now points to a September cut as the earliest likelihood, with roughly 2.5 cuts anticipated in 2025 amid tariff-related and labor market uncertainties.
- Q1 2025 S&P 500 buybacks reached $293.5 billion, up 20.6% QoQ and 23.9% YoY
- 12-month March 2025 buybacks totaled $999.2 billion, up 22.4% YoY and close to the June 2022 peak of $1.005 trillion
- Q1 2025 dividends were $164.1 billion, down 2.1% QoQ but 8.4% above Q1 2024; 12-month dividends set a record at $642.1 billion
- Sector buybacks in Q1 2025: Communication Services +56.5%, Information Technology +25.8%, while Consumer Staples and Consumer Discretionary cut spending by 25.6% and 16.8%
- Q2 2025 buybacks are expected to decline, with repurchases focused on cash-flow-secure firms and employee option coverage
- Ukraine defaulted on a $665 million payment on GDP-linked warrants, triggering a downgrade from ‘CC’ to ‘D’.
- Creditors holding over 30% of the warrants criticized the lack of engagement and referenced an April proposal.
- Interest will accrue at 7.75% per annum on the overdue amount if no restructuring is agreed.
- The EBRD forecasted 3.3% GDP growth for Ukraine in 2025, down from an earlier 3.5% outlook.
- India’s services PMI stood at 58.8, underpinning robust growth, while the OECD forecasts 6.3% GDP expansion for FY26
- China’s Caixin services PMI rose to 51.1, but its composite PMI slipped to 49.6 (lowest since December 2022), driven by a manufacturing PMI of 48.3
- Ireland’s services PMI climbed to 54.7 from 52.8, yet job creation cooled to its weakest pace since January
- US services contracted for the first time in nearly a year, and Pakistan’s manufacturing PMI fell to an eight-month low of 51.1
- CEO Martina Cheung emphasizes leveraging strong customer relationships, integrating data teams to accelerate generative AI adoption, and building on past successes post-IHS merger.
- The company announced plans to spin off its Mobility division, highlighting its strong performance with 8.4% growth and 39% margin as a stand-alone business.
- Focus remains on long-term growth across divisions, with strategic emphasis on enhancing private credit and Market Intelligence margins, including a targeted 300 basis point margin improvement.