Management enters 2026 with more tailwinds than headwinds
S&P Global delivered a strong Q4 2025, with robust growth across all divisions and raised full-year guidance. Management's tone for 2026 is confident, with expectations of continued subscription growth, margin expansion, and a constructive outlook on debt issuance despite some prudent caution on market-driven volumes. Total revenue grew 9% in Q4 to $8.4B, driven by double-digit growth in Ratings and Indices, alongside solid subscription growth in Market Intelligence and Energy.
Buzzberg readManagement enters 2026 with more tailwinds than headwindsS&P Global delivered a strong Q4 2025, with robust growth across all divisions and raised full-year guidance. Management's tone for 2026 is confident, with expectations of continued subscription growth, margin expansion, and a constructive outlook on debt issuance despite some prudent caution on market-driven volumes. Total revenue grew 9% in Q4 to $8.4B, driven by double-digit growth in Ratings and Indices, alongside solid subscription growth in Market Intelligence and Energy.Read full analysisCollapse analysis
S&P Global delivered a strong Q4 2025, with robust growth across all divisions and raised full-year guidance. Management's tone for 2026 is confident, with expectations of continued subscription growth, margin expansion, and a constructive outlook on debt issuance despite some prudent caution on market-driven volumes. Total revenue grew 9% in Q4 to $8.4B, driven by double-digit growth in Ratings and Indices, alongside solid subscription growth in Market Intelligence and Energy.
Management guides 2026 total revenue growth of 6-8% and EPS of $19.40-$19.65, reflecting confidence in continued execution.
Ratings growth is guided to 4-7%, with investment-grade issuance expected to be a key driver, but a softer outlook for bank loans and high-yield is anticipated.
S&P Global is aggressively integrating AI across its product suite and internal operations, positioning partnerships with major AI vendors as key to distributing its data.
ENERGY rev growth6%
reported
INDICES rev growth14%
reported
MARKET_INTELLIGENCE rev growth7%
reported
MOBILITY rev growth8%
reported
What changed this quarter
01
Guidance
Management enters 2026 with more tailwinds than headwinds
Guidance · revenue to 7%
02
AI
Customers want more AI functionality embedded in products
Management framed AI as a net tailwind, citing customer demand for more AI functionality embedded in its products and partnerships with major LLM providers. It also stressed internal AI deployment is accelerating product innovation, productivity, and data monetization, while…
03
AI/Productivity
Internal AI deployment accelerating product innovation and productivity
Management guides 2026 total revenue growth of 6-8% and EPS of $19.40-$19.65, reflecting confidence in continued execution.
04
Buybacks
Buyback target of about $1 billion in Q1 2026
Ratings growth is guided to 4-7%, with investment-grade issuance expected to be a key driver, but a softer outlook for bank loans and high-yield is anticipated.
AI, capex & demand read
AI
Platform & monetization
Management framed AI as a net tailwind, citing customer demand for more AI functionality embedded in its products and partnerships with major LLM providers. It also stressed internal AI deployment is accelerating product innovation, productivity, and data monetization, while maintaining platform-agnostic distribution.
Demand
Bookings & conversion
Management expresses confidence in 2026, expecting continued growth in subscriptions and market-driven businesses, with a constructive outlook on debt issuance and AI-driven opportunities.
Tone · Confident
Management repeatedly highlighted momentum, tailwinds, and confidence in 2026 guidance while acknowledging some external uncertainty.
Supply-chain alpha
A1
S&P Global's ratings transaction revenue growth (12%) was much lower than billed issuance growth (28%) in Q4 due to an unprecedented shift in issuance mix from high-yield and bank loans into investment-grade debt, which carries lower fees per dollar.
“That mixed shift out of high yield in bank loans and into investment grade, created an unusually large gap between billed issuance growth of 28% and transaction revenue growth of 12%.”
Despite lower overall market volumes, S&P Global's exchange-traded derivatives (ETD) revenue grew 20% in Q4, driven by SPX volumes, indicating a structural shift in market participation towards low-cost index derivatives that benefits S&P Dow Jones Indices.
S&P Global noted that AI-related capital expenditures from 'hyperscalers' drove significant debt issuance in the second half of 2025, and it expects this to continue in 2026, with the potential to be a major driver of ratings revenue if the investments are debt-funded.
“We also saw significant debt issuance from hyperscaler investments in AI infrastructure in the second half of 2025, and we expect that to continue in 2026”
While not explicitly named, the strong performance of ClearPar indicates healthy loan trading volumes, benefiting from the activities of major financial institutions.
“We also have a very attractive product in Clearpar, which continues to do very well.”
Thanks for taking my question. I just wanted to drill down on market intelligence, some of the softness that we saw on the volume-driven products. I was wondering if you could provide any incremental color. And as we think about 2026, some of the unpredictability that you mentioned on the volume-driven, if you could also provide some color on that front. Thanks.
… of the year. At the same time, we do have volume-driven revenue growth in market intelligence, and that's really driven by a series of different products. And what we find is that in some quarters, It's higher in some quarters, a little lower. It's been running a little higher for the first three quarters of the year, a little lower in the fourth quarter. And we expect it to bounce around from time to time. You know, on the positive side, we've had some really nice volumetric revenue growth in WSO, Notice Manager. some of the corporate actions, and then some of the primary bookbuilding, in particular munis, where we saw some nice underlying muni issuances in the marketplace, and that reverberated back into us as revenue growth. At the same time, we've had other products that have gone the other way, which will happen from time to time. So in primary market bookbuilding, some of the investment-grade and fixed-income products came in a little lighter. Equity issuance is aiming a little lighter. And that's a mix of what's happening in the marketplace, which clients are lead book runners versus co-book runners and so forth, and also has an effect. We also have a very attractive product in Clearpar, which continues to do very well. It's driven by other factors like the number of loans traded. And that, as you know, was lower this quarter. And you saw that in the ratings business. You saw that in this business. And so also had some lower volume-driven trading. revenues. So it's a mix. You know, we operate probably – I've given you examples of six or seven products or 20 to 25 products that have volume-driven drivers. And these will just move around with market dynamics that are generally, you know, things that we can monitor and measure and so forth. You know, going forward, as you ask, we're optimistic about the market environment. You know, capital markets activity has been steady, issuances and so forth. But we need to see how that plays out. And that's why, as part of our 2026 guidance, we guided to market intelligence in the 5.5% to 7%. We guided to subscription revenue growth in the top half of that range. And we said we'll be a little conservative or careful, I'd say, on the volumetric revenue growth because we think it'll bounce back, but it's just hard to tell exactly when and how and when. And, you know, we just want to work through quarter by quarter.
ANTHROPIC
Private company
Partners
S&P Global sees Anthropic as one of several important distribution partners for its data via AI platforms, and does not see open-source AI as a direct competitive threat.
“We have a very good relationship with Anthropic. You'll also have seen in December we announced a partnership with Google that gives us access to Gemini Enterprise.”
Anthropic recently announced a suite of 11 open source plug-ins for Applaud Cowork. Could you talk a bit about how you expect this competitive development to impact S&T's business?
Yeah. Hi, George. It's Martina. Thanks so much for the question. Look, we think these kinds of announcements are really exciting, and we're actively involved in advancing this technology and actually helping to establish this ecosystem ourselves. As you know, we've worked with pretty much every major player in the AI space for some time, and we see AI really as a net tailwind for the business. You'll remember that last year, Cloud for Financial Services launched, and S&P Global is now one of the leading providers of financial data to our customers through Cloud for Financial Services. And we have a very good relationship with Anthropic. You'll also have seen in December we announced a partnership with Google that gives us access to Gemini Enterprise. And, of course, yesterday we also announced our MCP connector for OpenAI. And if I go back to Investor Day, you know, it's important to remember what we laid out for you. we're embedding leading AI tech in our products and that's really to make sure our customers have access to that great AI functionality without needing to leave our platforms. And of course for customers who want to use third-party platforms with our flexible distribution philosophy they can get access to the data they're licensing wherever they want to use it. And you know we've been doing this for years we have hundreds of distribution partners and Adding the LLM players to this is another group of distribution partners, and with that, of course, we maintain control of the commercial relationship directly with those customers, and we don't allow the LLM providers to train on S&P Global data. And then secondly, we have accelerated the deployment of AI internally, and that's really enabling us to accelerate our time to market for product innovation. We've scaled our productivity initiatives, and we're improving the timeliness and quality of our benchmarks as a result. I'd say ultimately the best barometer for the long-term potential of our business is what we hear from our customers. And they are consistently telling us that they want more from us, more data, more AI functionality, more features and integrations. And we're going to continue to solve for that. We'll continue to deliver strong growth and profitability. We saw that in 2025 and we've guided to that in 2026. Thanks for the question.
OPENAI
Private company
Partners
Integration with OpenAI's ecosystem positions S&P Global as a flexible data provider, potentially driving higher data usage and renewal rates.
“Of course, yesterday we also announced our MCP connector for OpenAI.”
Anthropic recently announced a suite of 11 open source plug-ins for Applaud Cowork. Could you talk a bit about how you expect this competitive development to impact S&T's business?
Yeah. Hi, George. It's Martina. Thanks so much for the question. Look, we think these kinds of announcements are really exciting, and we're actively involved in advancing this technology and actually helping to establish this ecosystem ourselves. As you know, we've worked with pretty much every major player in the AI space for some time, and we see AI really as a net tailwind for the business. You'll remember that last year, Cloud for Financial Services launched, and S&P Global is now one of the leading providers of financial data to our customers through Cloud for Financial Services. And we have a very good relationship with Anthropic. You'll also have seen in December we announced a partnership with Google that gives us access to Gemini Enterprise. And, of course, yesterday we also announced our MCP connector for OpenAI. And if I go back to Investor Day, you know, it's important to remember what we laid out for you. we're embedding leading AI tech in our products and that's really to make sure our customers have access to that great AI functionality without needing to leave our platforms. And of course for customers who want to use third-party platforms with our flexible distribution philosophy they can get access to the data they're licensing wherever they want to use it. And you know we've been doing this for years we have hundreds of distribution partners and Adding the LLM players to this is another group of distribution partners, and with that, of course, we maintain control of the commercial relationship directly with those customers, and we don't allow the LLM providers to train on S&P Global data. And then secondly, we have accelerated the deployment of AI internally, and that's really enabling us to accelerate our time to market for product innovation. We've scaled our productivity initiatives, and we're improving the timeliness and quality of our benchmarks as a result. I'd say ultimately the best barometer for the long-term potential of our business is what we hear from our customers. And they are consistently telling us that they want more from us, more data, more AI functionality, more features and integrations. And we're going to continue to solve for that. We'll continue to deliver strong growth and profitability. We saw that in 2025 and we've guided to that in 2026. Thanks for the question.
S&P Global noted that AI-related capital expenditures from 'hyperscalers' drove significant debt issuance in the second half of 2025, and it expects this to continue in 2026, with the potential to be a major driver of ratings revenue if the investments are debt-funded. — The massive planned capex of Microsoft, Google, and Amazon is creating a new financing stream in debt markets, which directly and significantly boosts S&P Global's Ratings division, tying its performance directly to the AI infrastructure buildout.
“In energy expansion, we launched AI capabilities, making much of our research and insights available through Microsoft Copilot.”
… results in private markets. We expanded in private credit ratings. We significantly enhanced our private markets tools like iLevel with new AI functionality and launched private equity benchmarks and indices. We announced and completed the acquisition of WithIntelligence, and our partnership with Cambridge Associates and Mercer. We are well on our way to building the most comprehensive solution set in the world for the private markets. In energy expansion, we launched AI capabilities, making much of our research and insights available through Microsoft Copilot. We launched enhanced gas, power, and commodity flow intelligence, and introduced new integrated energy scenarios to help market participants make sense of a challenging global energy environment. And we integrated the 451 team with our power team to connect the most sought after themes from our customers and unlock new insights on data centers and power. We also continue to see capital flowing into the energy ecosystem, which benefits multiple divisions, including ratings. 2025 was truly a leap forward for S&P Global in AI. We launched new AI products and features in every division, many of which were on display …
S&P Global noted that AI-related capital expenditures from 'hyperscalers' drove significant debt issuance in the second half of 2025, and it expects this to continue in 2026, with the potential to be a major driver of ratings revenue if the investments are debt-funded. — The massive planned capex of Microsoft, Google, and Amazon is creating a new financing stream in debt markets, which directly and significantly boosts S&P Global's Ratings division, tying its performance directly to the AI infrastructure buildout.
Anthropic recently announced a suite of 11 open source plug-ins for Applaud Cowork. Could you talk a bit about how you expect this competitive development to impact S&T's business?
Yeah. Hi, George. It's Martina. Thanks so much for the question. Look, we think these kinds of announcements are really exciting, and we're actively involved in advancing this technology and actually helping to establish this ecosystem ourselves. As you know, we've worked with pretty much every major player in the AI space for some time, and we see AI really as a net tailwind for the business. You'll remember that last year, Cloud for Financial Services launched, and S&P Global is now one of the leading providers of financial data to our customers through Cloud for Financial Services. And we have a very good relationship with Anthropic. You'll also have seen in December we announced a partnership with Google that gives us access to Gemini Enterprise. And, of course, yesterday we also announced our MCP connector for OpenAI. And if I go back to Investor Day, you know, it's important to remember what we laid out for you. we're embedding leading AI tech in our products and that's really to make sure our customers have access to that great AI functionality without needing to leave our platforms. And of course for customers who want to use third-party platforms with our flexible distribution philosophy they can get access to the data they're licensing wherever they want to use it. And you know we've been doing this for years we have hundreds of distribution partners and Adding the LLM players to this is another group of distribution partners, and with that, of course, we maintain control of the commercial relationship directly with those customers, and we don't allow the LLM providers to train on S&P Global data. And then secondly, we have accelerated the deployment of AI internally, and that's really enabling us to accelerate our time to market for product innovation. We've scaled our productivity initiatives, and we're improving the timeliness and quality of our benchmarks as a result. I'd say ultimately the best barometer for the long-term potential of our business is what we hear from our customers. And they are consistently telling us that they want more from us, more data, more AI functionality, more features and integrations. And we're going to continue to solve for that. We'll continue to deliver strong growth and profitability. We saw that in 2025 and we've guided to that in 2026. Thanks for the question.
Despite lower overall market volumes, S&P Global's exchange-traded derivatives (ETD) revenue grew 20% in Q4, driven by SPX volumes, indicating a structural shift in market participation towards low-cost index derivatives that benefits S&P Dow Jones Indices. — The sustained growth in ETD volumes, even during periods of low volatility, points to a secular increase in derivatives usage, which disproportionately benefits index providers and exchanges like CME and ICE.
… 7%, and the operating margin expanded by 50 basis points to 45.5%. Now turning to S&P Dow Jones indices on slide 21. Revenue grew by 14% with double-digit growth across all business lines, including asset-linked fees, which benefited from both higher AUM and net inflows. Revenue associated with asset-linked fees grew 13% in the fourth quarter. This was driven by equity market appreciation and strong net inflows into products based on S&P Dow Jones indices. Exchange-traded derivative revenue was up 20% driven by strengthened SPX ETD volumes. Data and custom subscriptions increased 13% year-over-year, driven by new business growth and end-of-day contracts, and included a roughly 2% point contribution from revenue related to the ARC research acquisition. Adjusted expenses were up 11% year-over-year, driven by higher compensation costs and investments in growth initiatives. Indices operating profit grew 16%, and operating margin expanded 90 basis points to 68.8%. Now turning to mobility on slide 22. Revenue grew 8% year-over-year with double-digit growth in Dior and financials and other. Customers continue to rely on the unique data and solutions from Carfax, driving strong …
S&P Global noted that AI-related capital expenditures from 'hyperscalers' drove significant debt issuance in the second half of 2025, and it expects this to continue in 2026, with the potential to be a major driver of ratings revenue if the investments are debt-funded. — The massive planned capex of Microsoft, Google, and Amazon is creating a new financing stream in debt markets, which directly and significantly boosts S&P Global's Ratings division, tying its performance directly to the AI infrastructure buildout.
… digits in 2026. We continue to see favorable market conditions with spreads remaining low and our expectation for two rate cuts from the US Fed in the back half of the year. We also see encouraging maturity walls, as I'll discuss in a moment. M&A tends to be more challenging to predict, but we saw a strong pipeline of deals announced in the back half of 2025 and continue to see pent-up demand given the dry powder in the market. We also saw significant debt issuance from hyperscaler investments in AI infrastructure in the second half of 2025, and we expect that to continue in 2026, albeit spread more throughout the year. Given the phasing of issuance in 2025 and the expectations for 2026, we would expect growth rates to fluctuate from quarter to quarter. We expect build issuance growth year over year in the first quarter, with acceleration in the second quarter as we lap the disruption from last April. Given the difficult compare, we would then expect deceleration in the third quarter before build issuance growth turns negative in the fourth quarter. In the event of macroeconomic distress, elevated market volatility or uncertainty, or a slowdown in economic growth, we would …
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