S&P Global Q3 Beats, Raises Guidance; Plans Divestitures

S&P Global posted Q3 2025 adjusted EPS of $4.73 and revenue of $3.89 billion, beating estimates with roughly 21.6% EPS growth and about 8.8% revenue growth year over year. Results were driven by strong ratings demand (ratings revenue ~ $1.24B, up ~12%), a ~6% gain in market intelligence (~$1.24B) and an 11% rise in indices revenue, while commodity insights and some mobility metrics were mixed. Profitability and cash generation improved, with adjusted operating profit of about $2.0B, a 52% operating margin (up 330 bps), $1.5B of operating cash flow, $1.4B of free cash flow and $291M returned as dividends. Management raised full-year guidance to revenue growth of 7–8% and adjusted EPS of $17.60–$17.85 (midpoint ~ $17.73) and said it will divest Enterprise Data Management and thinkFolio while pursuing private-markets growth via its With Intelligence deal. Despite the beat and upgraded outlook, the stock has lagged recently (down roughly 5%), leaving investors focused on execution and earnings-call commentary.