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• Total Revenue Growth: Increased 8% year over year.

• Subscription Product Revenue Growth: Increased 7% year over year.

• Margin Expansion: Up 240 basis points on a trailing 12-month basis.

• Adjusted Diluted EPS Growth: Increased 9% year over year.

• Capital Returned to Shareholders: Over $900 million through dividends and repurchases in Q1.

• Organic Constant Currency Revenue Growth: 9% for the company.

• Sustainability and Energy Transition Revenue: Grew 20% to $93 million in the quarter.

• Private Markets Revenue Growth: Increased 21% year over year to $140 million.

• Market Intelligence Revenue Growth: Increased 5% in the first quarter.

• Ratings Revenue Growth: Increased 8% year over year.

• Commodity Insights Revenue Growth: Increased 9% year over year.

• Mobility Revenue Growth: Increased 9% year over year.

• S&P Dow Jones Indices Revenue Growth: Increased 15% year over year.

• Adjusted Expenses Growth: Increased 4% in the quarter.

• Operating Margin for Commodity Insights: Improved by 90 basis points to 48.1%.

• Mobility Segment Margin Improvement: Improved 40 basis points year over year to 38.5%.

• Indices Operating Margin: Remained unchanged at 72.9%.

• Guidance for Total Revenue Growth: Expected in the range of 4% to 6% for the year.

• Adjusted Margins Guidance: Expected in the range of 48.5% to 49.5%.

• Adjusted Diluted EPS Guidance: Expected in the range of $16.75 to $17.25.

• Warning! GuruFocus has detected 5 Warning Signs with SPGI.

Release Date: April 29, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• S&P Global Inc (NYSE:SPGI) reported an 8% year-over-year increase in total revenue for the first quarter of 2025, with subscription products growing by 7%.

• The company achieved a 9% growth in adjusted diluted EPS and expanded margins by 240 basis points on a trailing 12-month basis.

• S&P Global Inc (NYSE:SPGI) returned over $900 million to shareholders through dividends and repurchases in the first quarter.

• The company announced the intent to separate its Mobility division into a standalone public company, which is expected to enhance strategic focus and shareholder value.

• Strong engagement with platforms was noted, with active users across Capital IQ platforms, Platts Connect, and automotiveMastermind increasing by 23% year over year.

Negative Points

• S&P Global Inc (NYSE:SPGI) expects billed issuance to be approximately flat year over year, with a decline anticipated in the second quarter.

• The company noted a slowing pace of decision-making in the markets, impacting the M&A environment and issuance volumes.

• Market volatility and geopolitical risks are creating challenges in predicting central bank actions and capital markets activity.

• The Ratings business faces near-term headwinds with expected declines in issuance volumes, particularly in high yields.

• The company anticipates lower growth in Ratings and Indices due to market-driven factors, impacting revenue guidance.