S&P Global kicked off 2025 with a strong first-quarter performance, underscored by broad-based revenue growth, improved margins, and strategic realignment efforts. Revenue rose 8% year-over-year to $3,777 million, driven by gains across all five business segments. GAAP net income increased 10% to $1,090 million, while GAAP diluted EPS climbed 12% to $3.54. On an adjusted basis, net income reached $1,344 million, up 7%, and adjusted EPS improved 9% to $4.37. Notably, operating profit surged 14% to $1,578 million, as both GAAP (41.8%) and adjusted (50.8%) operating margins expanded year-over-year.

Each segment contributed to the top-line growth. The Ratings division benefited from higher issuance volumes and M&A activity, with strong performance across both transaction and non-transaction revenue. Market Intelligence grew on the back of subscription gains in Data, Analytics & Insights, further supported by the Visible Alpha acquisition. Commodity Insights posted 9% revenue growth to $612 million, with a 13% increase in operating profit and margin rising to 42%, fueled by strength in energy data, transactional services, and event revenue, notably from CERAWeek. The Mobility segment saw solid contributions from its Dealer and Financial services lines, while Indices enjoyed higher asset-linked fees and increased demand for exchange-traded data.

In a significant strategic move, S&P Global announced plans to spin off its Mobility segment into a standalone public company within 12–18 months, allowing greater focus on its four core divisions. The separation is expected to be tax-free for shareholders. In parallel, the company plans to divest its 50% stake in the OSTTRA joint venture for $3.1 billion, with closing anticipated in the second half of 2025.

Capital deployment remained active. The company repurchased 1.29 million shares at an average price of $501.39, with 10.7 million shares still authorized for buyback. The quarterly dividend was raised to $0.96 per share, and S&P Global expects to return approximately 85% of adjusted free cash flow to shareholders this year, including an additional $650 million in accelerated share repurchases.

Despite robust profitability, free cash flow declined to $816 million from $851 million in Q1 2024, mainly due to higher capital expenditures and increased distributions. Cash from operations remained stable at $953 million, while total assets stood at $59.9 billion, with cash and equivalents of $1.47 billion at quarter-end.

Looking ahead, S&P Global guided for full-year revenue growth of 4%–6%, with GAAP EPS between $14.60 and $15.10, and adjusted EPS in the range of $16.75 to $17.25. Operating margins are expected to remain strong, though free cash flow guidance was slightly revised downward to $5.4–$5.6 billion, reflecting a more measured outlook.

CEO Martina Cheung emphasized the company's resilience and capital stewardship, highlighting the planned Mobility spin-off as a key step in sharpening strategic focus and unlocking shareholder value. With momentum across all core businesses and clear portfolio optimization underway, S&P Global is positioning itself for sustained performance amid evolving market conditions.