S&P Global (SPGI) Company Report

S&P Global’s proprietary benchmarks, ratings, indices, and price assessments account for roughly 75% of operating income, while workflow tools contribute 13% of revenue as “enterprise-grade critical systems of record” supporting regulatory and capital allocation tasks.
The company has engaged about 140 customers via its Cloud for Financial Services MCP connector and Microsoft Copilot integrations; AI-enabled clients in energy have delivered 2× ARR growth and 4% higher retention versus the broader base.
S&P protects its IP through bilateral client agreements, technical permissioning (MCP connector, grounding agent), data-throttling, and prohibits use of its data for LLM training.
AI initiatives target 20% expense savings in the Enterprise Data Office by end-2027 and 10%+ software developer productivity gains, underpinning an annual 50–75 bp margin expansion across businesses.
In ratings and private markets, hyperscale data center CapEx announcements total $700 billion (potentially driving 2–3% build issuance growth), while private market fundraising rose 11% in 2025 (70% Europe/multi-region); S&P applies identical methodologies for public/private ratings and is launching new indices using With Intelligence data.

10 hours ago

Transcript

S&P Global highlights AI-driven growth and margin expansion

SPGI

Benchmark businesses (ratings, indices, Platts) contribute ~75% of S&P Global’s operating income, while workflow platforms account for 13% of revenue and are highly sticky.
AI integrations via Cloud for Financial Services and Microsoft Copilot have attracted ~140 customers (80 using the MCP connector, 60 using Copilot add-on), yielding 2× ARR growth and 4% higher retention among energy clients.
Strategic AI initiatives are expected to deliver 50–75 bps of annual margin expansion; for example, the Enterprise Data Office is targeting 20% expense savings by end 2027, with software developer productivity already up 10%+.
Ratings growth is supported by hyperscale data center issuance (adding ~2 pp of revenue growth) and expansion into private credit and private markets (11% fundraising increase in 2025, with ~70% in Europe/multi-region), plus new index products via With Intelligence.

10 hours ago

Transcript

S&P Global highlights AI integration and growth initiatives at Raymond James conference

SPGI

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

S&P Global emphasised that its proprietary data and enterprise-grade workflow tools (13% of revenue) remain highly sticky and essential, differentiating them from commoditized solutions.
The firm’s AI partnerships have onboarded 80 clients using the MCP connector in Cloud for Financial Services and 60 clients paying for energy content via Microsoft Copilot, driving 2× ARR growth and 4% higher retention among Copilot users.
Management reaffirmed 50–75 bps of annual margin expansion, underpinned by AI-led productivity programmes (e.g., 20% cost savings in its Enterprise Data Office by end-2027).
In Ratings, S&P is well positioned for data centre and hyperscale issuance, citing $700 billion of announced CapEx that could add 1–4 points of revenue growth, though timing and debt-funding mix remain uncertain.
Private markets remain a key growth driver, with 11% fundraising growth in 2025 (70% in Europe/multi-region) and expansion of private credit ratings, indices and data workflows via the With Intelligence acquisition.

10 hours ago

Transcript

Getlink SE reports 2025 results

SPGI

Earnings

Dividends

Guidance Update

Revenue of €1,595 million in 2025, down 1% year-on-year.
EBITDA at €859 million, up 4% and exceeding the 2025 guidance range.
Net profit of €320 million, representing a 3% increase versus 2024.
Board proposes a dividend of €0.80 per share, up from €0.58 in 2024.
2026 EBITDA is expected to grow above the recalculated base of €822 million.

6 days ago

Press Release

Global Net Lease reports Q4 and full-year 2025 results

SPGI

Earnings

Share Buyback

Guidance Update

AFFO: Recorded $48.5 million in Q4 2025 ($0.22 per share) and $221.0 million for the full year ($0.99 per share), surpassing the revised full-year guidance of $0.95–$0.97.
Revenue was $117.0 million in Q4 2025, down from $137.8 million in Q4 2024, while net income attributable to common stockholders swung to $37.2 million profit versus a $17.5 million loss a year ago.
Balance sheet strengthened with net debt reduced by $2.2 billion, improving net debt to Adjusted EBITDA from 7.6x to 6.7x in 2025.
Share buyback: Repurchased 17.2 million shares at a weighted average price of $7.88, totaling $135.9 million under the program launched February 2025.
2026 guidance: AFFO per share of $0.80–$0.84 and net debt to Adjusted EBITDA of 6.5x–6.9x.

6 days ago

Press Release

S&P Global names Chief Strategy Officer for Mobility Global

SPGI

Hiring

Management Change

S&P Global appointed Martin Metzker as Chief Strategy Officer of its Mobility Global unit, effective immediately, reporting to CEO-designate Bill Eager.
Metzker joins from Boston Consulting Group and will oversee strategy, communications, and enterprise marketing ahead of Mobility’s planned spin-off.
The appointment completes the executive leadership team for the future standalone company, including CFO Matt Calderone and CIO Joedy Lenz.
S&P Global expects to finalize Mobility Global’s separation into a public company by mid-2026, subject to regulatory approvals.

Feb 19, 2026, 9:15 PM

Press Release

VGP NV reports FY2025 results

SPGI

Earnings

New Projects/Investments

Dividends

Pre-tax profit rose to €338 million, up 6% YoY, while EBITDA grew 28% to €454.7 million.
A historic record of €106.7 million in new and renewed leases increased annualised committed leases to €468.3 million (+ 13.5%).
Development pipeline comprises 43 projects under construction (1,052,000 sqm) adding €85 million of annual rent, with the pipeline 75% pre-let and €80.9 million secured.
Strong balance sheet: €524 million cash, €500 million undrawn facilities, LTV at 50%, and net debt/EBITDA down to 6.3x.
Board proposes an ordinary dividend of €92.8 million (€3.40 per share, + 3%).

Feb 19, 2026, 6:00 AM

Press Release

S&P Global Ratings outlines credit market liquidity drivers for 2026

SPGI

Debt Issuance

Private credit lending outpaced broadly syndicated loans for 'B-' and below-rated borrowers for four consecutive years, reaching $146 billion in 2025 vs $85 billion in syndicated markets.
Tech sector debt issuance hit a record 16.7% of global non-financial corporate bond issuance in 2025, up from 11.6% in 2024.
The top five U.S. hyperscalers plan $600 billion in capital expenditures in 2026, a 38% increase over 2025’s 68% growth.
U.S. maturities of 'B-' and below-rated debt are projected to surge to $215 billion in 2028, up from $56.6 billion in 2026, intensifying refinancing pressures.
Global data center securitization volumes reached $30 billion in 2025, nearly tripling from just over $10 billion in 2024.

Feb 17, 2026, 5:00 PM

Press Release

S&P Global reports Q4 and Full-Year 2025 results

SPGI

Earnings

Guidance Update

M&A

S&P Global delivered 8% revenue growth, 140 bps adjusted operating margin expansion, and 14% diluted EPS growth in FY 2025, returning 113% of free cash flow to shareholders.
For 2026, the company guides 6.0%–8.0% organic constant-currency revenue growth (6.6%–8.6% reported) and $19.40–$19.65 adjusted EPS (+9%–10% y/y).
The planned spin-off of Mobility is on track for mid-2026, with public Form 10 filings, an Investor Day and equity roadshow slated for 2Q 2026.

Feb 10, 2026, 1:30 PM

Presentation

S&P Global reports Q4 2025 results

SPGI

Earnings

Guidance Update

Share Buyback

S&P Global delivered Q4 2025 revenue growth of +9% reported and +8% organic constant currency; adjusted diluted EPS rose 14% year-over-year.
Strong performance across divisions: Ratings revenue up 12%, Market Intelligence subscription revenue +7%, Energy +6%, Indices +14%, and Mobility +8%.
2026 guidance includes organic constant currency revenue growth of 6–8%, adjusted EPS of $19.40–$19.65 (+9–10%), and 50–75 bps of margin expansion.
Returned capital with over $5 billion in share repurchases, 53rd consecutive dividend increase, and 113% of free cash flow returned to shareholders in 2025.