Short answer
S&P Global (SPGI) filed its Q3 2025 10-Q quarterly report on Oct 30, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $3.9B (up 8.7% year over year) with net income of $1.2B.
Q3 2025 key financials · XBRL
- Revenue
- $3.9B
- +8.7% YoY · +3.5% QoQ
- Net income
- $1.2B
- +21.2% YoY · +9.8% QoQ
- Operating margin
- 43.1%
- EPS (diluted)
- $3.86
- +23.7% YoY · +10.3% QoQ
Source: XBRL data from the S&P Global (SPGI) Q3 2025 10-Q on SEC EDGAR. USD.
S&P Global Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $3,888M Q3 2025, up 9% YoY from $3,575M; 9M revenue $11,420M, up 8% YoY from $10,616M
- Operating profit $1,675M Q3, up 17% YoY; margin approx. 43.1% Q3 2025 vs 40.1% Q3 2024; 9M operating profit $4,804M up 12%
- Best segment: Ratings revenue $1,240M Q3, up 12%, operating profit +21%; Worst non-growth: Market Intelligence revenue +6%, lowest segment revenue growth
- Cash $1.672B stable YoY; Operating cash flow $3.903B 9M, down 1%; Free cash flow $3.52B 9M, down 3%; Share repurchases $2.5B YTD vs $2B prior
- Near-term: Mobility segment spin-off planned 12-18 months; Acquisitions planned (With Intelligence $1.8B); favorable currency impact ~1%; global tax changes monitored
Risk Factors
- New risk: Mobility business separation contingent on conditions, announced April 29, 2025, may not complete or achieve intended benefits
- Most updated risk: Separation could cause significant expenses and diversion of senior management focus reducing operational efficiency
- Most impactful regulatory risk: Separation aims for tax-free status under U.S. federal income tax, but tax qualification is uncertain
- Operational risk: Separation complexity and unanticipated delays may disrupt current business and market perception
- Financial risk: Separation costs incurred even if not completed, potential adverse effect on share price and combined company value
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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