Filing Flows › S&P Global (SPGI) › Q3 2025
S&P Global (SPGI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
S&P Global (SPGI) reported revenue of $3.9B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +4% from the quarter before. Operating margin was 43.1%, net earnings $1.2B (30.2% of revenue).
S&P Global, Q3 2025: revenue $3.9B (+9% year over year), operating margin 43.1%, net earnings $1.2B, operating cash flow $1.5B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | +4% | +9% |
| Operating profit | $1.7B | +8% | +17% |
| Net earnings | $1.2B | +10% | +21% |
| Operating cash flow | $1.5B | +4% | +4% |
| Free cash flow | $1.4B | — | +5% |
What changed
Revenue was $3.9B in Q3 2025, up 9% year over year and up 4% from the previous quarter. Subscription was the largest line at 51% of revenue. Subscription added $0.12B year over year (up 7%), 39% of the total change.
Operating profit was $1.7B, a 43.1% margin (up 3.0 points year over year). Of the extra revenue versus a year earlier, 77% reached operating profit, above the 40% margin then. Total costs grew 3% against revenue growth of 9%. Net earnings were $1.2B, up 21% year over year. The effective tax rate was 20.8%.
Operating cash flow was $1.5B (up 4% year over year), 119% of net income including minority interests. Non-cash charges added back $0.29B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items used $0.13B. After distributions to noncontrolling interest holders ($0.07B) and capital expenditures ($0.05B), free cash flow as the company reports it was $1.4B.
Questions
What was S&P Global's revenue in the third quarter 2025?
S&P Global (SPGI) reported revenue of $3.9B for the third quarter 2025 (Q3 2025), +9% from a year earlier and +4% from the quarter before.
Was S&P Global profitable in the third quarter 2025?
Operating profit was $1.7B (43.1% of revenue) and net earnings $1.2B.
Source: S&P Global 10-Q on SEC EDGAR.