Total Revenue Growth

FY 2025

4% to 6% "

5% to 7% "

raised

Adjusted Margins

FY 2025

48.5% to 49.5% "

48.5% to 49.5% "

no change

Adjusted Diluted EPS

FY 2025

$16.75 to $17.25 "

$17 to $17.25 "

raised

Ratings Revenue Growth

FY 2025

flat to up 4% "

2% to 5% "

raised

Indices Revenue Growth

FY 2025

5% to 7% "

8% to 10% "

raised

Mobility Revenue Growth

FY 2025

unchanged "

slightly raised outlook "

raised

Commodity Insights Revenue Guidance

FY 2025

unchanged "

modestly reduced by 50 basis points "

lowered

Market Intelligence Transformation and Performance

Q1 2025 discussions highlighted revenue growth (5–8% increases) and improvements in customer engagement and operational alignment. " " " Q4 2024 and Q3 2024 calls emphasized renewal strength, competitive wins, and structural changes to enhance sales execution. " "

Q2 2025 focused on a major revenue transformation led by new leadership with streamlined incentive plans and improved customer engagement driving 7% organic growth and margin improvements. " " " "

Consistent focus on restructuring and improving customer engagement with accelerating growth and tighter operational alignment. " " " " "

AI Integration and GenAI Innovations

Q1 2025 emphasized the launch of eye-level automated data ingestion and GenAI in Commodities Insights. " " In Q4 2024, the integration of ChatAI, ChatIQ, and Kensho-LLM-ready API was discussed. " " Q3 2024 noted new GenAI functionalities in Cap IQ Pro and broader internal training initiatives. " "

Q2 2025 detailed six GenAI enhancements including filings analytics, Spark Assist progress, and partnerships with hyperscale providers to boost AI-powered offerings. " " " "

Continued expansion and integration of AI tools across products, with a focus on enhancing productivity and customer value. " " " " "

Ratings Revenue Volatility and Issuance Uncertainty

Q1 2025 covered strong non-transaction growth but warned of downside risks and issuance volatility. " " " Q4 2024 discussed swing factors in the market and evolving guidance. " " Q3 2024 reiterated challenges due to market-driven pull forward and maturity wall factors. " "

Q2 2025 highlighted manageable volatility with caution around flare-ups (e.g. “April freeze”) and mixed transaction trends, maintaining a cautious outlook with recent issuance performance. " "

Sustained caution with evolving issuance challenges amid volatile market conditions; a careful tone persists over multiple periods. " " " " "

Mobility Division Uncertainty

Q1 2025 addressed spin-off plans and sensitivities to auto tariffs, along with strategic rationale for separation. " " " " " Q4 2024 focused on modest impacts from recalls and opportunities in CARFAX. " Q3 2024 underlined recall headwinds despite strong subscription growth. " "

Q2 2025 emphasized ongoing manufacturing tariff uncertainty and hesitancy in forecasts with offsetting strength from the CARFAX business, leading to a tougher second-half growth outlook. " "

Persistent external uncertainties driven by tariffs and manufacturing challenges with consistent adjustments in strategic outlook. " " " "

Strategic Client Partnerships and Customer Engagement

Q1 2025 showcased progress with the Chief Client Office and significant deals with major banks. " " Q4 2024 detailed expansive customer meetings and the launch of the Chief Client Office to drive enterprise engagement. " " " " Q3 2024 underscored the creation of a Chief Client Officer role to unify client communications. " " "

Q2 2025 emphasized the role of the Chief Client Office and a high-profile strategic partnership with Barclays, reinforcing a 360-degree engagement approach. " " " "

Enhanced focus on strategic partnerships with deep, individualized engagement; the customer-centric approach has been strengthened across periods. " " " " "

Disciplined Expense Management and Margin Expansion

Q1 2025 noted controlled expense growth (6% YoY) and tactical adjustments leading to margin expansions across divisions. " " " Q4 2024 highlighted disciplined spending with clear margin guidance and efficiency through AI integration. " Q3 2024 reported significant margin expansions at enterprise and divisional levels despite rising incentive compensation. " "

Q2 2025 reported 150 basis points of trailing twelve‐month margin expansion along with 70 basis points improvement and disciplined expense management driving operating margin improvements. " " "

Consistent improvement in margins driven by strong expense controls and strategic investments; disciplined spending remains a key strength. " " " " "

Portfolio Optimization and Strategic Divestitures

Q1 2025 included the announcement of the OSTTRA divestiture and the Mobility spin‐off as part of portfolio optimization. " " " Q4 2024 and Q3 2024 also discussed ongoing assessments to divest non-core assets for long-term growth. " " " "

Q2 2025 did not mention portfolio optimization or strategic divestitures, indicating a lower emphasis on this topic compared to earlier periods.

Diminished focus in the current period relative to previous quarters, suggesting strategic priorities have shifted. " " "

Capital Allocation Strategies and OSTTRA Sale

Q1 2025 provided details on returning capital to shareholders via share buybacks funded with $1.4B from the OSTTRA sale and announced the divestiture. " " Q4 2024 outlined robust capital returns and share repurchase plans as part of overall strategies. "

Q2 2025 did not address capital allocation or OSTTRA sale, indicating these topics were not a focus in this period.

Reduced emphasis in the current period suggests capital allocation strategies and divestiture updates have taken a back seat to operational and growth initiatives. " " "

Commodity Insights Division Headwinds

Q1 2025 noted a modest 70 basis point headwind in upstream growth due to customer consolidation. " " " Q4 2024 did not report significant headwinds, highlighting strong performance and revenue increases. " Q3 2024 emphasized robust growth with subscription and energy transition product strength. " "

Q2 2025 reported headwinds from sanctions (1-2 percentage points impact) and upstream cancellations, leading to a slight revenue guidance reduction. " "

Emerging headwinds in Q2 2025 contrast with earlier periods of strong performance; growing external challenges are beginning to affect the division. " " " " "

Leadership Transition and Organizational Change

Q4 2024 featured leadership changes with a new CFO and the establishment of the Chief Client Office; Q3 2024 outlined multiple executive appointments to reinforce divisional leadership. " " Q1 2025 did not mention such changes.

Q2 2025 detailed several leadership transitions across divisions including the appointment of a new CEO for the Mobility division and restructuring in Market Intelligence with streamlined incentive plans. " "

Ongoing leadership transitions reflect a continuous focus on organizing for strategic improvement and enhanced customer engagement. " " " "

High-Margin Subscription Revenue Growth

Q1 2025 highlighted subscription revenue increases of around 7% YoY across divisions with strong performance in Market Intelligence and other segments. " " Q4 2024 noted 4–6% subscription growth supported by solid renewal activity. " Q3 2024 reported an 8% YoY increase in subscription product revenue across various divisions. " " "

Q2 2025 reported a 7% YoY increase in subscription revenue and noted strong demand for subscription-based offerings in Market Intelligence driving overall growth. " "

Steady high-margin subscription revenue growth is maintained across periods, evidencing consistent customer demand and pricing strength. " " " " "

Macroeconomic and Geopolitical Uncertainties

Q1 2025 discussed market volatility, geopolitical risks, and revised economic assumptions (lower GDP growth, higher inflation) impacting issuance. " " " Q4 2024 acknowledged uncertainty with moderated rate cut expectations. " Q3 2024 did not explicitly focus on these factors.

Q2 2025 highlighted expectations of 1–2 Fed rate cuts, a softer oil price outlook, and modest impacts from additional EU/UK sanctions along with caution around market volatility. " "

Persistent uncertainties remain with a slight shift toward expectations of rate cuts and manageable sanction impacts; overall sentiment is cautiously optimistic. " " " "