Total Revenue

+16%

Strong performance across Ratings, Indices, and Commodity Insights drove increased subscription and transaction revenues. The prior-year period was also affected by the divestiture of Engineering Solutions, making year-over-year comparability more favorable. " "

Market Intelligence

+6%

Growth came from Enterprise Solutions and steady subscription demand, partially offset by softness in financial services spending. Last year’s performance was affected by uncertainty around sustainability solutions, but new product launches and integration of past acquisitions boosted results. " "

Ratings

+36%

Transaction revenue surged due to higher corporate bond and bank loan issuance. In the prior year, issuance levels were comparatively subdued, making the current period’s 63% increase in transaction revenue a primary growth driver. " "

Commodity Insights

+9%

Price assessments and energy data continued to grow, aided by demand for market intelligence services related to energy transition. Last year included a strategic pivot to more recurring revenue, setting a foundation for this year’s revenue gains. " "

Mobility

+9%

Expanded CARFAX products and strong dealer revenue underpinned growth. The acquisition of Market Scan in the prior year contributed incrementally. Softness in recall-related services last year has eased, helping the segment maintain growth momentum. " "

Indices

+18%

Asset-linked fees increased due to higher AUM in index-linked ETFs and funds. In the previous period, market volatility created moderate inflows, whereas this year’s continued surge from active to passive investing pushed asset-linked fees up by 16%. " "

U.S. Revenue

+17%

The Ratings transaction surge and steady growth in subscription businesses like Market Intelligence pushed U.S. revenue higher. Prior-year comps were lower due to muted issuance activity; this year’s refinancing wave added a substantial boost. " " "

European Region

+16%

Stronger issuance and subscription growth helped offset softer activity in structured finance last year. Also, improvements in macro conditions supported higher demand for credit ratings and data products compared to a more cautious environment in the prior period. " " "

Asia

+13%

Recovery in cross-border financing and improved market sentiments contributed to higher uptake of ratings and data. Last year’s region-specific economic uncertainties dampened demand, so the relative improvement this year is notable but still subject to ongoing market fluctuations. " " "

Rest of World

+8%

Modest gains in subscriptions and data services reflect broad-based but slower growth outside major markets. The prior year had comparatively lower revenues, so the current uptick partly reflects recovery in smaller regions even though growth remains muted. " " "

Operating Income (EBIT)

+33%

Driven by higher revenue and strict expense control, benefiting from operational efficiencies not fully realized in the prior year. Last year’s EBIT was impacted by one-time costs and the disposition of Engineering Solutions, which weighed on margins. " " " "

Net Income

+71%

Revenue expansion and improved margins propelled net income higher. The prior year was affected by a loss on dispositions, whereas no comparable loss impacted this year’s net income, making the year-over-year difference more pronounced. " " " "

EPS (Diluted)

+34%

Reflects net income growth and a slight reduction in shares outstanding due to share repurchases. In the prior period, EPS was comparatively lower, influenced by higher expenses and disposition-related items, accentuating this year’s increase. " " "

Revenue Growth

FY 2024

8% to 10% "

11.5% to 12.5% "

raised

Adjusted Margin Expansion

FY 2024

125 to 175 bps "

200 to 250 bps "

raised

Adjusted Diluted EPS

FY 2024

$14.35 to $14.60 "

$15.10 to $15.30 "

raised

Adjusted Free Cash Flow

FY 2024

$4.7B "

$5.2B "

raised

Billed Issuance Growth

FY 2024

no prior guidance

50% "

no prior guidance

Market Intelligence Revenue Growth

FY 2024

6% to 7.5% "

6% to 6.5% "

lowered

Market Intelligence Margins

FY 2024

33% to 34% "

32.5% to 33% "

lowered

Ratings Revenue Growth

FY 2024

14% to 16% "

26% to 28% "

raised

Ratings Margins

FY 2024

no numeric prior guidance "

61% to 62% "

no prior guidance

Commodity Insights Revenue Growth

FY 2024

no numeric prior guidance "

9% to 9.5% "

no prior guidance

Commodity Insights Margins

FY 2024

no numeric prior guidance "

46.5% to 47% "

no prior guidance

Mobility Revenue Growth

FY 2024

no numeric prior guidance "

8% to 8.5% "

no prior guidance

Mobility Margins

FY 2024

38.5% to 39.5% "

38.5% to 39% "

lowered

Indices Revenue Growth

FY 2024

10% to 12% "

13% to 15% "

raised

Indices Margins

FY 2024

no numeric prior guidance "

69.5% to 70.5% "

no prior guidance

Market Intelligence

Q2 2024: Revenue +7%, Desktop +6% (or +2% ex-Visible Alpha), softness in Financial Services, margin guidance lowered to 33–34%. " " Q1 2024: Recurring revenue +7%, facing cyclical headwinds but confident in secular tailwinds. " " " Q4 2023: Revenue +9%, some cancellations among smaller clients, 2024 guidance of 6–7.5% growth with 33.5–34.5% margins. " " " " "

Persistent cancellations (small customers), pricing pressure, and elongated sales cycles continue. Introduced 23 new products featuring Generative AI. Early signs of recovery in select areas, but broader environment still uncertain. " " " " " "

Consistent headwinds (cancellations, pricing). Ongoing product innovation (new AI-driven solutions). Cautiously optimistic sentiment persists as the division navigates Financial Services softness. " " " " " " " " " " " " " " " "

Private Market Solutions

Q2 2024: +26% revenue, strong demand for debt/bank loan/CLO ratings; private market Ratings +70%. " " " Q1 2024: +16% revenue growth, part of $350M synergy plan, launched 25 new synergy products. " " " Q4 2023: +18% year-over-year ($113M in Q4), aiming for $600M by 2026. "

Revenue +22% year-over-year, highlighted as a key growth area. Emphasized as transversal (across Ratings, Market Intelligence, Index) with iLEVEL and WSO gaining traction. " "

Continuous double-digit gains across all periods. Increasingly strategic with consistent references to synergy and growth potential. Seen as a major long-term driver. " " " " " " " " "

Ratings

Q2 2024: +33% revenue, transaction revenue +63%, private markets +70%, margins +810 bps. Expected modest Q4 2024 decline. " " " " Q1 2024: No mention [No references]. Q4 2023: +19% revenue, transaction +35%. Full-year margin 56.5%; 2024 guidance of 6–8% growth. " "

No mention in Q3 2024 documents.

Highlighted in Q2 and Q4 with strong transaction revenue growth; not discussed in Q1 or Q3. " " " " " "

Mobility

Q2 2024: Subscription revenue +10.5%, dealer revenue +11%. Recall softness impacted margins, guidance slightly lowered. " " " Q1 2024: +8% overall, dealer revenue +12%, no Q3 outlook details. " Q4 2023: +9% revenue growth, dealer seeing 4th straight quarter of double-digit gains. "

Solid subscription growth (double digits), but recall-related revenue headwinds led to trimmed guidance (38.5–39% margin, 8–8.5% revenue growth). " " " "

Recurring subscription strength but recall revenue volatility weighs on outlook. Sentiment pivoted from bullish in Q2 to more cautious in Q3. " " " " " " " " "

Commodity Insights

Q2 2024: +12% revenue, 32% growth in Advisory & Transactional, margin +170 bps to 47.3%, guidance for 6.7% H2 growth. " " Q1 2024: +10% revenue, Price Assessments +14%, cautious on H2 comps. " " Q4 2023: No specific mention [No references].

9% revenue growth, raised full-year guidance to 9–9.5%; strong in Price Assessments and Energy & Resources Data & Insights. " "

Maintains strong momentum: multi-quarter double-digit or high-single-digit growth. Guidance upgraded for 2024. No Q4 2023 detail specifically on slowdown. " " " " " "

Visible Alpha

Q2 2024: Acquisition closed in May, contributed 1% to MI growth, broker count +5%, about 10 cross-sell deals closed. " " Q1 2024: Anticipated closing in Q2 2024, considered integral to Cap IQ Pro; no details on Q3 synergy. " Q4 2023: Not mentioned [No references].

Referenced as part of Desktop’s +8% growth (1% ex-acquisition). Continues to drive synergy in Market Intelligence. " "

Introduced in Q1 with acquisition plan, integrated in Q2, still contributing to Desktop in Q3. Evident synergy driver. " " " " "

AI Investment

Q2 2024: S&P Spark Assist used by 14k employees, multiple GenAI deployments (ChatAI in Platts, CLO docs in Ratings), governed by a Chief AI Officer. " " " Q1 2024: AI recognized as long-term priority (Kensho), costs within tech budget, S&P Spark Assist copilot. " " Q4 2023: AI described as transformative, new AI-driven tools and an open ecosystem approach. " " " "

Strategic focus with Generative AI embedded across products (Market Intelligence, Commodity Insights, Mobility). Spark AI Academy launched for internal training, aiming to improve efficiency and margin. "

Consistent investment across periods, shifting from early strategic emphasis (Q4 2023) to broad deployments and internal training by Q3 2024. Viewed as a major productivity and innovation driver. " " " " " " " " " "

Leadership Changes & Synergy

Q2 2024: CEO Doug Peterson retirement announced, Martina Cheung to succeed. $199M synergy run rate, cross-sell as main driver, additional product launches. " " " " Q1 2024: No major leadership changes mentioned [No references]. Q4 2023: Exceeded $600M cost synergy target, $152M revenue synergy; some changes in technology/AI leadership. " " "

New roles: CFO Eric Aboaf in Feb 2025, co-presidents at Commodity Insights, new Chief Client Officer, Chief Enterprise Data Officer. Emphasis on cross-division connectivity and synergy in Q3 2024. " " " " "

Accelerating synergy realization alongside leadership transitions. New horizontal roles underscore focus on connectivity across divisions. Key synergy achievements noted each quarter. " " " " " " " " " " " "