S&P Global's fourth quarter 2025 revenue grew 9% to $3.92 billion, as strength in Ratings and Indices offset an EPS miss.

S&P Global reported fourth quarter revenue of $3.92 billion, up 9% year-over-year, narrowly beating estimates. Adjusted diluted EPS came in at $4.30, an increase of 14%, but missed analyst expectations. For the full-year 2025, revenue grew 8% to $15.34 billion, with adjusted EPS increasing 14% to $17.83.

Key Highlights

• The Ratings segment delivered revenue growth of 12% to $1.19 billion, as transaction revenue growth was driven by a 28% increase in Billed Issuance.
• The Indices segment was also a key contributor, with revenue increasing 14% year-over-year, primarily due to growth in asset-linked fees.
• The company introduced 2026 guidance for adjusted diluted EPS in the range of $19.40 to $19.65 and organic constant currency revenue growth of 6.0% to 8.0%.
• For the full-year 2025, the company returned $6.2 billion to shareholders, comprised of $1.2 billion in dividends and $5.0 billion in share repurchases.