S&P Global Inc.

S&P Global Inc. is a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers. The company serves its global customers through a broad range of products and services available through both third-party and proprietary distribution channels.

The filing does not name specific primary competitors or provide market share percentages for the company as a whole. However, it states that the markets in which the company operates are intensely competitive and that its businesses compete domestically and internationally on the basis of a number of factors, including the quality of their offerings, client service, reputation, price, geographic scope, range of products and technological innovation. The filing notes that the company faces competition from traditional content and analytics providers (including exchanges), as well as non-traditional providers, many of whom are its clients, such as asset managers, investment banks, private equity and technology-led companies. The filing also states that in some countries, governments have, and may in the future, provide financial or other support to locally-based competitors, particularly credit rating agencies.

The company generates revenue through five reportable segments: Market Intelligence, Ratings, Energy, Mobility, and Indices. Revenue is classified into several types: subscription revenue, non-subscription/transaction revenue, non-transaction revenue, asset-linked fees, sales usage-based royalties, and recurring variable revenue. For the year ended December 31, 2025, subscription revenue represented 51% ¹ of total revenue, non-subscription/transaction revenue represented 21% ², non-transaction revenue represented 13% ³, asset-linked fees represented 8% ⁴, sales usage-based royalties represented 3% ⁵, and recurring variable revenue represented 4% ⁶ of total revenue.

Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. Its portfolio includes Data, Analytics & Insights (a desktop product suite including Capital IQ platforms), Enterprise Solutions (software and workflow solutions like Wall Street Office), and Credit & Risk Solutions (the commercial arm that sells Ratings' credit ratings and related data). For the year ended December 31, 2025, Market Intelligence generated revenue of $4,916 million ⁷ and an operating profit of $991 million ⁸, with an operating margin of 20% ⁹. Ratings is an independent provider of credit ratings, research, and analytics, with offices in over 25 countries ¹⁰. It disaggregates revenue between transaction and non-transaction. For the year ended December 31, 2025, Ratings generated revenue of $4,724 million ¹¹ and an operating profit of $3,013 million ¹², with an operating margin of 64% ¹³.

Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets, including business lines such as Energy & Resources Data & Insights, Price Assessments, Upstream Data & Insights, and Advisory & Transactional Services. For the year ended December 31, 2025, Energy generated revenue of $2,299 million ¹⁴ and an operating profit of $943 million ¹⁵, with an operating margin of 41% ¹⁶. Mobility is a leading provider of solutions serving the full automotive value chain, including Dealer, Manufacturing, and Financial business lines. For the year ended December 31, 2025, Mobility generated revenue of $1,747 million ¹⁷ and an operating profit of $378 million ¹⁸, with an operating margin of 22% ¹⁹. Indices is a global index provider maintaining a wide variety of valuation and index benchmarks. For the year ended December 31, 2025, Indices generated revenue of $1,850 million ²⁰ and an operating profit of $1,271 million ²¹, with an operating margin of 69% ²².

On April 29, 2025, the company announced that its Board of Directors decided to pursue a full separation of the Mobility segment, creating a new publicly traded company through a spin-off expected to be completed mid-2026 ²³. On November 25, 2025, the company completed the acquisition of With Intelligence from Motive Partners for $1.8 billion ²⁴. On October 10, 2025, the company and CME Group completed the sale of OSTTRA to KKR for a total enterprise value of $3.1 billion ²⁵, with the company receiving proceeds of $1.5 billion in cash ($1.4 billion after-tax) ²⁶ and recording a pre-tax gain of $270 million ($187 million after-tax) ²⁷. On November 13, 2025, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares ²⁸. During the year ended December 31, 2025, the company received a total of 9.3 million shares ²⁹, resulting in $5.0 billion ³⁰ of cash used to purchase shares. On December 1, 2025, the company issued $600 million ³¹ of 4.25% Senior notes due 2031 and $400 million ³² of 4.80% Senior notes due 2035.

For the year ended December 31, 2025, total revenue was $15,336 million ³³, an increase of 8% ³⁴ compared to $14,208 million ³⁵ in 2024. Net income attributable to S&P Global Inc. was $4,471 million ³⁶, an increase of 16% ³⁷ compared to $3,852 million ³⁸ in 2024. Diluted earnings per share from net income was $14.66 ³⁹, an increase of 19% ⁴⁰ compared to $12.35 ⁴¹ in 2024. Operating profit was $6,478 million ⁴², an increase of 16% ⁴³ compared to $5,580 million ⁴⁴ in 2024. Operating margin was 42% ⁴⁵ in 2025 compared to 39% ⁴⁶ in 2024. Cash provided by operating activities was $5,651 million ⁴⁷ in 2025 compared to $5,689 million ⁴⁸ in 2024.

The filing identifies several growth vectors. For Market Intelligence, key strategic initiatives in 2026 include developing new products and enhancements leveraging technology investments and geographic expansion. For Ratings, key strategic initiatives in 2026 include private market opportunities, which contributed to revenue growth in 2025, and geographic expansion. For Energy, key strategic initiatives in 2026 include developing new products and enhancements leveraging technology investments and geographic expansion. For Indices, key strategic initiatives in 2026 include Private Markets and Wealth, which continue to be areas of focus and contributed to revenue growth in 2025. The company's overall strategy focuses on three key objectives: to Advance market leadership, Expand high-growth adjacencies (such as private markets, energy expansion, supply chain intelligence, wealth, and decentralized finance), and Amplify enterprise capabilities and integration of AI.

The filing does not provide specific margin or cost outlook figures for the upcoming period. It notes that the company expects to continue to deliver targeted capital return to shareholders.

The filing does not provide a specific operational outlook for supply chain, manufacturing capacity, or headcount strategy for the upcoming period. It notes that the company is focused on delivering on its key strategic priorities in 2026, which include leveraging technology, process and skills innovation to empower its people and enhance productivity.

The filing does not provide specific R&D spending levels or capital expenditure plans for the upcoming period. On capital allocation, the filing states that on January 14, 2026, the Board of Directors approved a quarterly common stock dividend of $0.97 per share ⁴⁹. As of December 31, 2025, 30 million shares ⁵⁰ remained under the 2025 Repurchase Program and 2.7 million shares ⁵¹ remained under the 2022 Repurchase Program.

The filing identifies several headwinds and constraints. It notes that the planned separation of the Mobility business is contingent upon the satisfaction of a number of conditions, may not be completed on the currently contemplated timeline, or at all, and may not achieve the intended benefits. The filing also states that the company expects to incur significant expenses in connection with the separation, certain of which will be incurred even if the separation is not completed. Additionally, the filing notes that high or increasing interest rates, volatility in financial markets, and other market and economic factors may impact the supply and demand for new and used vehicles, which impacts the Mobility business. The filing also mentions that disruptions in the automotive supply chain impact production in the automotive industry and typically impact the Mobility business.

The filing identifies several structural headwinds and execution risks. It notes that the company's business is impacted by general economic conditions and volatility in the U.S. and world energy and commodity markets and financial markets. The filing states that unfavorable financial or economic conditions that either reduce investor demand for rated debt securities or reduce issuers' willingness or ability to issue rated debt securities reduce the number and dollar volume of debt issuances for which Ratings provides credit ratings. The filing also notes that the company's Indices business is impacted by market volatility, asset levels or notional values of investment products based on its indices, and trading volumes of certain exchange traded derivatives. The filing further states that the company's Energy business is impacted by volatility in the energy and commodity markets, which could cause reduced demand for its products.

The company's size, scale, and role in global markets increase its exposure to cyber attacks and other cybersecurity risks, and while it has not experienced a material cyber attack to date, it may experience such an event in the future. The planned separation of the Mobility business is contingent upon the satisfaction of a number of conditions, may not be completed on the currently contemplated timeline, or at all, and may not achieve the intended benefits, with the company expecting to incur significant expenses in connection with the separation. Changes in the volume of securities issued and traded in capital markets, asset levels and flows into investment products, high interest rates, and volatility in financial, energy, and commodity markets impact the company's business, as a significant component of its credit-rating and issuance-based revenue is transaction-based and dependent on the number and dollar volume of rated debt securities issued. The company's inability to innovate and compete with new or enhanced products and services of its competitors could have a material adverse effect on its business, as it operates in highly competitive markets that continuously change to adapt to customer needs. The company's reputation, credibility, and brand are key assets, and negative perceptions or publicity could damage its reputation with customers, prospects, regulators, and the public, impacting its ability to attract and retain customers.

Management's message emphasizes the company's mission of 'Advancing Essential Intelligence' and a strategy focused on three key objectives: to Advance market leadership, Expand high-growth adjacencies, and Amplify enterprise capabilities and integration of AI. The filing states that in 2026, the company is focused on delivering on these key strategic priorities. Management expresses a belief that delivering on these key strategic priorities will create shareholder value through long-term profitable growth and that the company expects to continue to deliver targeted capital return to shareholders. The filing also notes management's view that there remains significant opportunity to expand the business into major geographic and product markets, including private markets, energy expansion, supply chain intelligence, wealth, decentralized finance, and emerging markets.