S&P Global Inc Q3 2025 Earnings Call Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Toni Kaplan - Morgan Stanley - Analyst : Thanks so much. Market Intelligence organic growth of 8% was really a standout this quarter. I was hoping you could expand more on the success there, whether you're seeing a better market environment, higher pricing or just more success with your new product introductions? And thanks for the color on sort of the AI and everything associated there. It sounds like you have been investing nicely in those types of technologies. It sounds like you've continuously invested there and don't need to like really ramp that up, that it will scale. So just wanted to sort of hear your thoughts on MI in terms of growth drivers and investment? Thanks.

Question: Faiza Alwy - Deutsche Bank AG - Analyst : Hi. Thank you, good morning. I wanted to ask about Ratings. I think you made some comments around the maturity wall for 2026 and some pull forward in high yield and lower maturity wall for investment grade. And then you also said that RES revenue was strongest ever. So I'm curious how you would characterize sort of where we are in terms of normalization of Ratings, Issuance and how we should think about growth over the next few years in Ratings?

Question: Manav Patnaik - Barclays Services Corp - Analyst : Good morning. Thank you for the slide on the AI spend over the years and how that's helped margins. I wanted to just ask within MI itself going forward, how big a role do you think AI will have in helping expand those margins in a meaningful way because it's always been, obviously, one of the more competitive areas that you've always had to invest. I'm just trying to think about how that changes that balance.

Question: Scott Wurtzel - Wolfe Research LLC - Analyst : Great. Good morning, guys. Thank you for taking my question. Martina, just wondering if you can talk a little bit more about the strength of the Private Markets growth that you saw given the meaningful acceleration there. And following the partnerships that you made with Cambridge and Mercer and the pending acquisition of With Intelligence, just how you feel about the overall positioning of your private market data sets as we head towards the end of the year here? Thanks. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2025 / 12:30PM, SPGI.N - Q3 2025 S&P Global Inc Earnings Call

Question: Ashish Sabadra - RBC Capital Markets Inc - Analyst : Thanks for taking my question. One quick housekeeping question. Can you help us size the EDM and thinkFolio divestiture. But more importantly, I also wanted to follow up on an earlier question regarding MI. Like with an 8% organic constant currency growth this quarter and improving ACV growth, the enterprise wins that you've talked about and then maybe blend in the acquisition of With Intelligence, how do you view your prior midterm guidance of 7% to 9% MI revenue growth going forward? Thanks.

Question: Alex Kramm - UBS AG - Analyst : Good morning, everyone. Just wanted to come back on the AI discussion for a minute. I probably need to go back and trends, but I think you gave a lot of detail here on how you think your business is breaking down? And if I heard the number correctly, I think in Market Intelligence, you think maybe just 12% of the business is maybe not as proprietary as the rest of it. So can you just speak to that a little bit more? What gives you comfortable that, that's the right number, as obviously, there's a lot of change coming from AI, maybe workflows change, maybe certain things will get in-sourced over time by some of the largest customers. So maybe help us a little bit if the message is, hey, almost 90% of Market Intelligence, you feel really strong around the AI defensiveness. Thank you.

Question: Jeffrey Silber - Bank of Montreal - Analyst : Thanks so much. Just wanted to go back to the quarterly results. The adjusted operating margin was really impressive, especially when looking at Ratings and the Market Intelligence business. Were there any onetime items in there? And I'm just wondering how sustainable you think that margin expansion is? Thanks.

Question: Craig Huber - Huber Research Partners - Analyst : Thank you. Martina, to your company's credit for many, many years, you guys have had most of your contracts with clients on an enterprise-wide basis as opposed to a per seat model. Can you talk about that a little bit here because obviously, a lot of fears out there in the marketplace that AI is going to displace a lot of the white-collar workers out there, et cetera, and that could hurt payments to data providers, analytic companies, et cetera, like your company. But just talk about that competitive moat, if you would, that you guys had in place for well over 10 years now. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2025 / 12:30PM, SPGI.N - Q3 2025 S&P Global Inc Earnings Call

Question: Andrew Steinerman - JPMorgan Chase & Co - Analyst : Hi, Martina, I know you spoke just a little bit about the With Intelligence acquisition already. I'd like to to hear a little bit more here. We're definitely intrigued by the private data space. There's a lot of providers in that space. So if you could help us compare With Intelligence to BlackRock's who I see as the closest up here in terms of relative data coverage across asset classes. I know With Intelligence heritage, which is further back, started with hedge fund data and then expanded through acquisitions into other asset classes. And so if you could just compare the two providers and give us that kind of insight, I think we'll understand the positioning better.

Question: Jason Haas - Wells Fargo Securities LLC - Analyst : Hey, good morning and thank you for taking my question. In response to an earlier question, you said that the Market Intelligence ACV has grown 6.5% to 7.5%. So I take it to mean that that's a good indicator for the underlying subscription growth of that business. But you also currently have a long-term target for 7% to 9% growth for Market Intelligence. So I'm curious if that long-term target still holds or that's under view. Thank you.

Question: Shlomo Rosenbaum - Stifel, Nicolaus & Company Inc - Analyst : Hi. Thank you very much for taking my question. Martina, I just wanted to ask you a little bit about what the pace of portfolio moves. You said you're kind of getting to an end state of what you expected in Market Intelligence, and I'm looking forward to hearing kind of the vision over there at Analyst Day. But I wanted to ask, once you're done with that and kind of the spin-off of the Mobility division, is there going to be a focus on other divisions in the same way? In other words, should we see -- do you see yourself making portfolio moves within a Commodity Insights in a way that you just wouldn't do so much at the same time. So should we be seeing more of it but just focused in other areas. And then also, if you don't mind just circling back to what Toni asked about in terms of the market growth and -- market improvement and market intelligence, versus your execution. It just wasn't clear to me whether you're seeing improvement in the end markets or not, if you could just address that as well. Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2025 / 12:30PM, SPGI.N - Q3 2025 S&P Global Inc Earnings Call

Question: Russell Quelch - Redburn Partners LLP - Analyst : Yeah, good morning. Thanks for taking my question. I think you mentioned on the last call, Martina, that you started the discrete data by Microsoft Copilots, but it was limited to some of your Commodity Insight data. My question here is, have you made any progress in integrating any more S&P's data sets into that platform? Are you seeing any sort of notable uptick in data usage as you leverage this and some of those other AI-based distribution channels you mentioned earlier? And perhaps when should we expect to see this in the revenue?

Question: Jeffrey Meuler - Robert W. Baird & Co Inc - Analyst : Thank you. Good morning. Can you just run through where you have revenue sensitivity to IPO volumes just with the backlog, I guess, building into '26, but also does the materiality even rise to a level where we see it in numbers as we think through the short-term impact? Obviously, really good MI numbers in Q3, government shutdown potentially impact in Q4. Thank you.

Question: George Tong - The Goldman Sachs Group Inc - Analyst : Hi, thanks. Good morning. Historically, you've delivered pricing increases in the 3% to 4% range. As you increasingly include AI functionalities into your products and drive product upgrade cycles, how do you see your pricing increases trending going forward?