# EDGAR Filing Document

**Accession Number:** 0000064040
**File Stem:** 0000064040-25-000147
**Filing Date:** 2025-8
**Character Count:** 284590
**Document Hash:** 450dc7ba401621d6956858faf7b41a1c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000064040-25-000147.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0000064040-25-000147

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 89

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250731

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** S&P Global Inc.
- **CENTRAL INDEX KEY:** 0000064040
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-CONSUMER CREDIT REPORTING, COLLECTION AGENCIES [7320]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 131026995
- **STATE OF INCORPORATION:** NY
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01023
- **FILM NUMBER:** 251172938

**BUSINESS ADDRESS:**
- **STREET 1:** 55 WATER STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10041
- **BUSINESS PHONE:** 212-438-1000

**MAIL ADDRESS:**
- **STREET 1:** 55 WATER STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10041

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MCGRAW HILL FINANCIAL INC
- **DATE OF NAME CHANGE:** 20130502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MCGRAW-HILL COMPANIES INC
- **DATE OF NAME CHANGE:** 19950502

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MCGRAW HILL INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? spgi-20250630

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

 **FORM 10-Q** 

---

| | |
|:---|:---|
| ☑ | **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |

---

**For the quarterly period ended June 30, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>**

**Commission File Number: 1-1023**![spgbarrgbposa16.jpg](spgi-20250630_g1.jpg)

**S&P Global Inc.** 

(Exact name of registrant as specified in its charter)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| New York | New York | New York | New York | New York | 13-1026995 |
| (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 55 Water Street | , | New York | , | New York | 10041 |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code: 212-438-1000

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Exchange on which registered</u>** |
| Common stock (par value $1.00 per share) | SPGI | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

☑ Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;YES ☐ NO ☑

As of July 25, 2025 (latest practicable date), 305.3 million shares of the issuer's classes of common stock (par value $1.00 per share) were outstanding excluding 7.2 million outstanding common shares held by the Markit Group Holdings Limited Employee Benefit Trust.

------

**<u>S&P Global Inc.</u>**

<u>INDEX</u>

---

| | |
|:---|:---|
| | Page Number |
| <u>[PART I. FINANCIAL INFORMATION](#i5a5aa432c2214b719c04d43c8d95c5ce_13)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Financial Statements (Unaudited)](#i5a5aa432c2214b719c04d43c8d95c5ce_16)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Report of Independent Registered Public Accounting Firm](#i5a5aa432c2214b719c04d43c8d95c5ce_10)</u> | <u>[3](#i5a5aa432c2214b719c04d43c8d95c5ce_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Income for the](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[three and](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[six](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[months ended](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[June](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[30](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[, 2025 and 2024](#i5a5aa432c2214b719c04d43c8d95c5ce_19)</u> | <u>[4](#i5a5aa432c2214b719c04d43c8d95c5ce_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income for the](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[three and](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[six](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[months ended](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[June 30](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[, 2025 and 2024](#i5a5aa432c2214b719c04d43c8d95c5ce_19)</u> | <u>[5](#i5a5aa432c2214b719c04d43c8d95c5ce_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Balance Sheets as of](#i5a5aa432c2214b719c04d43c8d95c5ce_25)[June 30, 2](#i5a5aa432c2214b719c04d43c8d95c5ce_25)[025](#i5a5aa432c2214b719c04d43c8d95c5ce_25)[and December 31, 2024](#i5a5aa432c2214b719c04d43c8d95c5ce_25)</u> | <u>[6](#i5a5aa432c2214b719c04d43c8d95c5ce_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows for the](#i5a5aa432c2214b719c04d43c8d95c5ce_28)[six](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[months ended](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[June 30](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[, 2025 and 2024](#i5a5aa432c2214b719c04d43c8d95c5ce_19)</u> | <u>[7](#i5a5aa432c2214b719c04d43c8d95c5ce_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Consolidated Statements of Equity for the](#i5a5aa432c2214b719c04d43c8d95c5ce_31)[three](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[and six](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[months ended](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[June 30](#i5a5aa432c2214b719c04d43c8d95c5ce_19)[, 2025 and 2024](#i5a5aa432c2214b719c04d43c8d95c5ce_19)</u> | <u>[8](#i5a5aa432c2214b719c04d43c8d95c5ce_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Notes to the Consolidated Financial Statements](#i5a5aa432c2214b719c04d43c8d95c5ce_37)</u> | <u>[10](#i5a5aa432c2214b719c04d43c8d95c5ce_37)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i5a5aa432c2214b719c04d43c8d95c5ce_82)</u> | <u>[31](#i5a5aa432c2214b719c04d43c8d95c5ce_82)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i5a5aa432c2214b719c04d43c8d95c5ce_121)</u> | <u>[59](#i5a5aa432c2214b719c04d43c8d95c5ce_121)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#i5a5aa432c2214b719c04d43c8d95c5ce_124)</u> | <u>[59](#i5a5aa432c2214b719c04d43c8d95c5ce_121)</u> |
| <u>[PART II. OTHER INFORMATION](#i5a5aa432c2214b719c04d43c8d95c5ce_127)</u> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#i5a5aa432c2214b719c04d43c8d95c5ce_130)</u> | <u>[60](#i5a5aa432c2214b719c04d43c8d95c5ce_130)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i5a5aa432c2214b719c04d43c8d95c5ce_133)</u> | <u>[60](#i5a5aa432c2214b719c04d43c8d95c5ce_133)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i5a5aa432c2214b719c04d43c8d95c5ce_136)</u> | <u>[60](#i5a5aa432c2214b719c04d43c8d95c5ce_136)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp; <u>[Item 5. Other Information](#i5a5aa432c2214b719c04d43c8d95c5ce_139)</u> | <u>[61](#i5a5aa432c2214b719c04d43c8d95c5ce_139)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>Item 6. Exhibits</u> | <u>[62](#i5a5aa432c2214b719c04d43c8d95c5ce_145)</u> |
| <u>[Signatures](#i5a5aa432c2214b719c04d43c8d95c5ce_148)</u> | <u>[63](#i5a5aa432c2214b719c04d43c8d95c5ce_148)</u> |

---

------

**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and Board of Directors of S&P Global Inc.

**Results of Review of Interim Financial Statements**

We have reviewed the accompanying consolidated balance sheet of S&P Global Inc. and subsidiaries (the Company) as of June 30, 2025, the related consolidated statements of income, comprehensive income, and equity for the three- and six-month periods ended June 30, 2025 and 2024, the related consolidated statements of cash flows for the six-month periods ended June 30, 2025 and 2024, and the related notes (collectively referred to as the "consolidated interim financial statements"). Based on our reviews, we are not aware of any material modifications that should be made to the consolidated interim financial statements for them to be in conformity with U.S. generally accepted accounting principles.

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheet of the Company as of December 31, 2024, the related consolidated statements of income, comprehensive income, equity and cash flows for the year then ended, and the related notes and schedule (not presented herein); and in our report dated February 11, 2025, we expressed an unqualified audit opinion on those consolidated financial statements. In our opinion, the information set forth in the accompanying consolidated balance sheet as of December 31, 2024, is fairly stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.

**Basis for Review Results**

These financial statements are the responsibility of the Company's management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the SEC and the PCAOB. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

*/s/ ERNST & YOUNG LLP*

New York, New York

July 31, 2025

------

PART I — FINANCIAL INFORMATION

<u>Item 1.</u> <u>Financial Statements</u>

**<u>S&P Global Inc.</u>**

**Consolidated Statements of Income**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions, except per share amounts) | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | $3755 | $3549 | $7532 | $7040 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating-related expenses | 1119 | 1078 | 2272 | 2188 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general expenses | 803 | 741 | 1568 | 1455 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 26 | 25 | 51 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 270 | 266 | 537 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2218 | 2110 | 4428 | 4222 |
| Gain on dispositions, net | (3) |  | (3) |  |
| Equity in income on unconsolidated subsidiaries | (11) | (13) | (22) | (19) |
| **Operating profit** | 1551 | 1452 | 3129 | 2837 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (28) | (3) | (23) | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 77 | 77 | 154 | 156 |
| **Income before taxes on income** | 1502 | 1378 | 2998 | 2694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes on income | 342 | 293 | 667 | 540 |
| **Net income** | 1160 | 1085 | 2331 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to noncontrolling interests | (88) | (74) | (170) | (152) |
| **Net income attributable to S&P Global Inc.** | $1072 | $1011 | $2161 | $2002 |
| **Earnings per share attributable to S&P Global Inc. common shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $3.50 | $3.23 | $7.05 | $6.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $3.50 | $3.23 | $7.04 | $6.38 |
| **Weighted-average number of common shares outstanding:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 305.9 | 313.0 | 306.6 | 313.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 306.1 | 313.2 | 306.9 | 313.6 |
| Actual shares outstanding at period end |  |  | 305.3 | 313.0 |

---

See accompanying notes to the unaudited consolidated financial statements.

------

**<u>S&P Global Inc.</u>**

**Consolidated Statements of Comprehensive Income**

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net income | $1160 | $1085 | $2331 | $2154 |
| Other comprehensive income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (51) | (6) | (19) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect | 84 | (4) | 103 | (11) |
|  | 33 | (10) | 84 | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and other postretirement benefit plans | (3) | (5) | (1) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect | 1 | 2 | 1 | 2 |
|  | (2) | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on cash flow hedges |  |  | 4 | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect |  |  |  | (4) |
|  |  |  | 4 | 16 |
| **Comprehensive income** | 1191 | 1072 | 2419 | 2078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: comprehensive income attributable to nonredeemable noncontrolling interests | (12) | (6) | (17) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: comprehensive income attributable to redeemable noncontrolling interests | (76) | (68) | (153) | (138) |
| **Comprehensive income attributable to S&P Global Inc.** | $1103 | $998 | $2249 | $1926 |

---

See accompanying notes to the unaudited consolidated financial statements.

------

**<u>S&P Global Inc.</u>**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| (in millions) | **June 30,<br>2025** | **December 31,<br>2024** |
|  | (Unaudited) |  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1847 | $1666 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance for doubtful accounts: 2025 - $43; 2024 - $44 | 2979 | 2867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 1051 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 5877 | 5459 |
| Property and equipment, net of accumulated depreciation: 2025 - $839; 2024 - $823 | 275 | 265 |
| Right of use assets | 405 | 413 |
| Goodwill | 35072 | 34917 |
| Other intangible assets, net | 16078 | 16556 |
| Equity investments in unconsolidated subsidiaries | 1846 | 1774 |
| Other non-current assets | 842 | 837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $60395 | $60221 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $532 | $553 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and contributions to retirement plans | 582 | 1073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | 3 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes currently payable | 198 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | 3871 | 3694 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 796 | 869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 5982 | 6392 |
| Long-term debt | 11385 | 11394 |
| Lease liabilities — non-current | 512 | 535 |
| Pension and other postretirement benefits | 188 | 180 |
| Deferred tax liability — non-current | 3175 | 3397 |
| Other non-current liabilities | 1192 | 815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 22434 | 22713 |
| Redeemable noncontrolling interests (Note 8) | 4465 | 4252 |
| Commitments and contingencies (Note 12) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock, $1 par value: authorized - 600 million shares; issued - 2025 and 2024 415 million shares | 415 | 415 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 44392 | 44321 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained income | 22402 | 20977 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (795) | (883) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: common stock in treasury | (33024) | (31671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity — controlling interests | 33390 | 33159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity — noncontrolling interests | 106 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity | 33496 | 33256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and equity | $60395 | $60221 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

See accompanying notes to the unaudited consolidated financial statements.

------

**<u>S&P Global Inc.</u>**

**Consolidated Statements of Cash Flows**

(Unaudited)

---

| | | |
|:---|:---|:---|
| (in millions) | **Six Months Ended** | **Six Months Ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
| **Operating Activities:** |  |  |
| Net income | $2331 | $2154 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 51 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 537 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for losses on accounts receivable | 17 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (138) | (162) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 92 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on dispositions, net | (3) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 250 | 105 |
| Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (101) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | (20) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | (524) | (328) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | 137 | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (140) | (210) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in prepaid/accrued income taxes | 2 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in other assets and liabilities | (93) | 7 |
| Cash provided by operating activities | 2398 | 2504 |
| **Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (104) | (56) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions, net of cash acquired | (25) | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from dispositions, net | 15 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in short-term investments | (17) | 2 |
| Cash used for investing activities | (131) | (319) |
| **Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payments on senior notes | (4) | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid to shareholders | (589) | (572) |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interest holders | (168) | (133) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payments | (6) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of treasury shares | (1301) | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee withholding tax on share-based payments, excise tax payments on share repurchases and other | (94) | (49) |
| Cash used for financing activities | (2162) | (1405) |
| Effect of exchange rate changes on cash | 76 | (32) |
| Net change in cash, cash equivalents, and restricted cash | 181 | 748 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1666 | 1291 |
| Cash, cash equivalents, and restricted cash at end of period | $1847 | $2039 |

---

See accompanying notes to the unaudited consolidated financial statements.

------

**<u>S&P Global Inc.</u>**

**Consolidated Statements of Equity**

(Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| (in millions) | **Common Stock $1 par** | **Additional Paid-in Capital** | **Retained Income** | **Accumulated Other Comprehensive Loss** | **Less: Treasury Stock** | **Total SPGI Equity** | **Noncontrolling Interests** | **Total Equity** |
| Balance as of March 31, 2025 | $415 | $44359 | $21799 | $(826) | $32376 | $33371 | $102 | $33473 |
| Comprehensive income <sup>1</sup> |  |  | 1072 | 31 |  | 1103 | 13 | 1116 |
| Dividends (Dividend declared per common share — $0.96 per share) |  |  | (293) |  |  | (293) | (10) | (303) |
| Share repurchases, including excise tax |  |  |  |  | 657 | (657) |  | (657) |
| Employee stock plans |  | 33 |  |  | (9) | 42 |  | 42 |
| Change in redemption value of redeemable noncontrolling interests |  |  | (176) |  |  | (176) |  | (176) |
| Other |  |  |  |  |  |  | 1 | 1 |
| Balance as of June 30, 2025 | $415 | $44392 | $22402 | $(795) | $33024 | $33390 | $106 | $33496 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| (in millions) | **Common Stock $1 par** | **Additional Paid-in Capital** | **Retained Income** | **Accumulated Other Comprehensive Loss** | **Less: Treasury Stock** | **Total SPGI Equity** | **Noncontrolling Interests** | **Total Equity** |
| Balance as of March 31, 2024 | $415 | $44295 | $19433 | $(825) | $28991 | $34327 | $97 | $34424 |
| Comprehensive income <sup>1</sup> |  |  | 1011 | (13) |  | 998 | 6 | 1004 |
| Dividends (Dividend declared per common share — $0.91 per share) |  |  | (286) |  |  | (286) | (11) | (297) |
| Share repurchases, including excise tax |  | 75 |  |  | 76 | (1) |  | (1) |
| Employee stock plans |  | 37 |  |  | (8) | 45 |  | 45 |
| Change in redemption value of redeemable noncontrolling interests |  |  | (202) |  |  | (202) |  | (202) |
| Other |  |  | 1 | (1) |  |  | (3) | (3) |
| Balance as of June 30, 2024 | $415 | $44407 | $19957 | $(839) | $29059 | $34881 | $89 | $34970 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| (in millions) | **Common Stock $1 par** | **Additional Paid-in Capital** | **Retained Income** | **Accumulated Other Comprehensive Loss** | **Less: Treasury Stock** | **Total SPGI Equity** | **Noncontrolling Interests** | **Total Equity** |
| Balance as of December 31, 2024 | $415 | $44321 | $20977 | $(883) | $31671 | $33159 | $97 | $33256 |
| Comprehensive income <sup>1</sup> |  |  | 2161 | 88 |  | 2249 | 17 | 2266 |
| Dividends (Dividend declared per common share — $1.92 per share) |  |  | (589) |  |  | (589) | (10) | (599) |
| Share repurchases, including excise tax |  | 65 |  |  | 1379 | (1314) |  | (1314) |
| Employee stock plans |  | 6 |  |  | (26) | 32 |  | 32 |
| Change in redemption value of redeemable noncontrolling interests |  |  | (147) |  |  | (147) |  | (147) |
| Other |  |  |  |  |  |  | 2 | 2 |
| Balance as of June 30, 2025 | $415 | $44392 | $22402 | $(795) | $33024 | $33390 | $106 | $33496 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| (in millions) | **Common Stock $1 par** | **Additional Paid-in Capital** | **Retained Income** | **Accumulated Other Comprehensive Loss** | **Less: Treasury Stock** | **Total SPGI Equity** | **Noncontrolling Interests** | **Total Equity** |
| Balance as of December 31, 2023 | $415 | $44231 | $18728 | $(763) | $28411 | $34200 | $100 | $34300 |
| Comprehensive income <sup>1</sup> |  |  | 2002 | (76) |  | 1926 | 14 | 1940 |
| Dividends (Dividend declared per common share — $1.82 per share) |  |  | (572) |  |  | (572) | (11) | (583) |
| Share repurchases, including excise tax |  | 195 |  |  | 700 | (505) |  | (505) |
| Employee stock plans |  | (19) |  |  | (52) | 33 |  | 33 |
| Change in redemption value of redeemable noncontrolling interests |  |  | (203) |  |  | (203) |  | (203) |
| Other |  |  | 2 |  |  | 2 | (14) | (12) |
| Balance as of June 30, 2024 | $415 | $44407 | $19957 | $(839) | $29059 | $34881 | $89 | $34970 |

---

<sup>1</sup>Excludes comprehensive income of $76 million and $68 million for the three months ended June 30, 2025 and 2024, respectively, and $153 million and $138 million for the six months ended June 30, 2025 and 2024, respectively, attributable to our redeemable noncontrolling interests.

See accompanying notes to the unaudited consolidated financial statements.

------

**<u>S&P Global Inc.</u>**

**Notes to the Consolidated Financial Statements**

(Unaudited)

**1.&nbsp;&nbsp;&nbsp;&nbsp;Nature of Operations and Basis of Presentation**

S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the "Company," "we," "us" or "our") is a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

Our operations consist of five reportable segments: S&P Global Market Intelligence ("Market Intelligence"), S&P Global Ratings ("Ratings"), S&P Global Commodity Insights ("Commodity Insights"), S&P Global Mobility ("Mobility") and S&P Dow Jones Indices ("Indices").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed over the 12 to 18 months from its announcement, subject to the satisfaction of customary legal and regulatory requirements and approvals.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2024 (our "Form 10-K"). Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included. The operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results that may be expected for the full year.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. Since the date of our Form 10-K, there have been no material changes to our critical accounting policies and estimates.

<u>Restricted Cash</u>

We had restricted cash of less than $1 million included in our consolidated balance sheets as of June 30, 2025 and December 31, 2024.

<u>Contract Assets</u>

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due. As of June 30, 2025 and December 31, 2024, contract assets were $98 million and $69 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

------

<u>Unearned Revenue</u>

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance at June 30, 2025 compared to December 31, 2024 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $2.5 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

<u>Remaining Performance Obligations</u>

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of June 30, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $4.9 billion. We expect to recognize revenue on approximately sixty percent and eighty-five percent of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

We do not disclose the value of unfulfilled performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts where revenue is a usage-based royalty promised in exchange for a license of intellectual property.

<u>Costs to Obtain Contracts</u>

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized. Total capitalized costs to obtain contracts were $324 million and $291 million as of June 30, 2025 and December 31, 2024, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets. The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 2 to 5 years. The expense is recorded within selling and general expenses.

We expense sales commissions when incurred if the benefit of those costs is one year or less. These costs are recorded within selling and general expenses.

<u>Equity in Income on Unconsolidated Subsidiaries</u>

The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combines each company's post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME Group's optimization businesses (Traiana, TriOptima, and Reset) and the Company's MarkitSERV business. The combination is intended to increase operating efficiencies of both the company's business to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Our share of earnings or losses are recognized in Equity in income on unconsolidated subsidiaries in our consolidated statements of income.

On April 14, 2025, the Company and CME Group entered into an agreement to sell OSTTRA to investment funds managed by Kohlberg Kravis Roberts & Co. ("KKR"), a leading global investment firm. The terms of the deal for OSTTRA equaled total enterprise value at $3.1 billion, subject to customary purchase price adjustments, which will be divided evenly between the Company and CME Group pursuant to the 50/50 joint venture. We currently anticipate the sale to result in a pre-tax gain of $220 million ($140 million after-tax) for the Company, including the impact of accumulated other comprehensive income related to our investment. The transaction is expected to close in 2025, subject to customary closing conditions and receipt of required regulatory approvals.

------

<u>Other Income, net</u>

The components of other income, net for the periods ended June 30 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| Other components of net periodic benefit cost | $(5) | $(6) | $(11) | $(12) |
| Net (gain) loss from investments | (23) | 3 | (12) | (1) |
| &nbsp;&nbsp;&nbsp;Other income, net | $(28) | $(3) | $(23) | $(13) |

---

**2.&nbsp;&nbsp;&nbsp;&nbsp;Acquisitions and Divestitures** 

On July 21, 2025, we entered into a definitive agreement to acquire ARC Research, a subsidiary of ARC Group, the leading independent provider of investment performance data, benchmarking capabilities and insights in the private wealth market. The acquisition will be part of our Indices segment and will expand our capabilities to deliver innovative, high-quality benchmarks and data solutions tailored to the evolving needs of wealth managers, private banks, and financial advisers. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. The proposed acquisition of ARC Research is not expected to be material to our consolidated financial statements.

On April 24, 2025, we entered into an agreement to acquire the Automatic Identification System (AIS) data services business of ORBCOMM Inc. The AIS business is a leading provider of satellite data services used to track and monitor vessels, enhancing maritime visibility and delivering critical insights that support business intelligence and decision-making for government and commercial clients worldwide. The AIS business is expected to be integrated within our Market Intelligence segment. We also expect to enter into a strategic alliance with ORBCOMM. Under this strategic alliance, the two organizations expect to develop a range of differentiated supply chain data and insight offerings and we will make an equity investment in ORBCOMM, underscoring our commitment to further investing in this sector while helping customers navigate the complex supply chain environment. The proposed acquisition is subject to customary closing conditions, including receipt of certain regulatory approvals and is expected to close during 2025. The proposed acquisition is not expected to be material to our consolidated financial statements.

**<u>Acquisitions</u>**

<u>2025</u>

On June 6, 2025, we completed the acquisition of TeraHelix, a privately held financial technology firm. TeraHelix helps solve complex, enterprise-scale data challenges by providing frameworks that structure data models for smooth interoperability across platforms, systems and storage architectures. This acquisition is part of our Market Intelligence segment and strengthens our customer-centric approach to data, technology, and AI by meaningfully enhancing the ability to link datasets across classes and platforms. The acquisition of TeraHelix is not material to our consolidated financial statements.

<u>2024</u>

On May 1, 2024, we completed the acquisition of Visible Alpha, the financial technology provider of deep industry and segment consensus data creating a premium offering of fundamental investment research capabilities on Market Intelligence's Capital IQ Pro platform. The acquisition is part of our Market Intelligence segment and further enhances the depth and breadth of the overall Visible Alpha and S&P Capital IQ Pro offering. The acquisition of Visible Alpha is not material to our consolidated financial statements.

On May 14, 2024, we completed the acquisition of World Hydrogen Leaders, a globally-recognized portfolio of hydrogen related conferences and events, digital training and market intelligence. The acquisition is part of our Commodity Insight's segment and complements Commodity Insights global conference business and provides customers with full coverage of the hydrogen and derivative value chain alongside Energy Transition and Sustainability solutions, including hydrogen price assessments, emission factors and market research. The acquisition of World Hydrogen Leaders is not material to our consolidated financial statements.

------

**<u>Divestitures</u>**

During the three and six months ended June 30, 2025, we recorded a pre-tax gain of $3 million ($2 million after-tax) in Gain on dispositions, net in the consolidated statements of income related to the sale of Fincentric in August of 2024.

During the six months ended June 30, 2025 and 2024, we did not complete any material dispositions.

The operating profit (loss) of our businesses that were held for sale or disposed of for the periods ended June 30 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (in millions) | **2025** | **2024** | **2025** | **2024** |
| Operating profit (loss) <sup>1</sup> | $— | $— | $— | $(2) |

---

<sup>1</sup> The operating profit (loss) presented includes the revenue and recurring direct expenses associated with businesses disposed of or held for sale.

**3.&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes**

The effective income tax rate was 22.8% and 22.2% for the three and six months ended June 30, 2025, respectively, and 21.3% and 20.1% for the three and six months ended June 30, 2024, respectively. The higher 2025 rates are due to both a change in mix of income by jurisdiction and benefits from discrete adjustments in 2024.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is subject to tax examinations in various jurisdictions. As of June 30, 2025 and December 31, 2024, the total amount of federal, state and local, and foreign unrecognized tax benefits was $348 million and $325 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of June 30, 2025 and December 31, 2024, we had $85 million and $65 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits. Based on the current status of income tax audits, we believe that the total amount of unrecognized tax benefits may decrease by approximately $12 million in the next twelve months as a result of the resolution of local tax examinations.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, as well as modifying certain international tax provisions. Accounting Standards Codification ("ASC") 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, and during the three months ended September 30, 2025, the Company will evaluate all deferred tax balances under the newly enacted tax law and identify any other changes required to its financial statements as a result.

The Organization for Economic Co-operation and Development ("OECD") introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%. This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements.

In June 2025, G7 reached an agreement with the U.S. regarding the application of the OECD global minimum tax rules to U.S. companies, which would exempt U.S. companies from OECD's global minimum tax rules, and in return the U.S. withdrew proposed section 899 from OBBBA, which would have imposed retaliatory taxes on non-U.S. businesses. We are continuing to monitor implementation dates of this agreement and will be evaluating the impact on our financial statements once more details are available.

------

**4.&nbsp;&nbsp;&nbsp;&nbsp;Debt** 

A summary of short-term and long-term debt outstanding is as follows:

---

| | | |
|:---|:---|:---|
| (in millions) | **June 30,<br>2025** | **December 31,<br>2024** |
| 4.75% Senior Notes, due 2025 <sup>1</sup> |  | 4 |
| 4.0% Senior Notes, due 2026 <sup>2</sup> | 3 | 3 |
| 2.95% Senior Notes, due 2027 <sup>3</sup> | 498 | 498 |
| 2.45% Senior Notes, due 2027 <sup>4</sup> | 1244 | 1243 |
| 4.75% Senior Notes, due 2028 <sup>5</sup> | 791 | 797 |
| 4.25% Senior Notes, due 2029 <sup>6</sup> | 999 | 1004 |
| 2.5% Senior Notes, due 2029 <sup>7</sup> | 498 | 497 |
| 2.70% Sustainability-Linked Senior Notes, due 2029 <sup>8</sup> | 1239 | 1238 |
| 1.25% Senior Notes, due 2030 <sup>9</sup> | 596 | 595 |
| 2.90% Senior Notes, due 2032 <sup>10</sup> | 1478 | 1477 |
| 5.25% Senior Notes, due 2033 <sup>11</sup> | 744 | 744 |
| 6.55% Senior Notes, due 2037 <sup>12</sup> | 291 | 291 |
| 4.5% Senior Notes, due 2048 <sup>13</sup> | 273 | 273 |
| 3.25% Senior Notes, due 2049 <sup>14</sup> | 590 | 590 |
| 3.70% Senior Notes, due 2052 <sup>15</sup> | 975 | 975 |
| 2.3% Senior Notes, due 2060 <sup>16</sup> | 683 | 683 |
| 3.9% Senior Notes, due 2062 <sup>17</sup> | 486 | 486 |
| Total debt | 11388 | 11398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: short-term debt including current maturities | 3 | 4 |
| Long-term debt | $11385 | $11394 |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;We made a $4 million repayment of our 4.75% senior notes in the first quarter of 2025.

<sup>2</sup> &nbsp;&nbsp;&nbsp;&nbsp;Interest payments are due semiannually on March 1 and September 1.

<sup>3&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2025, the unamortized debt discount and issuance costs total $2 million.

<sup>4&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2025, the unamortized debt discount and issuance costs total $6 million.

<sup>5</sup> &nbsp;&nbsp;&nbsp;&nbsp;Interest payments are due semiannually on February 1 and August 1.

<sup>6</sup> Interest payments are due semiannually on May 1 and November 1.

<sup>7&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2025, the unamortized debt discount and issuance costs total $2 million.

<sup>8&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2025, the unamortized debt discount and issuance costs total $11 million.

<sup>9</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2025, the unamortized debt discount and issuance costs total $4 million.

<sup>10</sup> Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2025, the unamortized debt discount and issuance costs total $22 million.

<sup>11</sup> Interest payments are due semiannually on March 15 and September 15, and as of June 30, 2025, the unamortized debt discount and issuance costs total $6 million.

<sup>12&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2025, the unamortized debt discount and issuance costs total $2 million.

<sup>13&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2025, the unamortized debt discount and issuance costs total $10 million.

------

<sup>14</sup> Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2025, the unamortized debt discount and issuance costs total $10 million.

<sup>15</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2025, the unamortized debt discount and issuance costs total $25 million.

<sup>16</sup>&nbsp;&nbsp;&nbsp;&nbsp;Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2025, the unamortized debt discount and issuance costs total $17 million.

<sup>17&nbsp;&nbsp;&nbsp;&nbsp;</sup>Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2025, the unamortized debt discount and issuance costs total $14 million.

 

The fair value of our total debt borrowings was $10.2 billion and $10.0 billion as of June 30, 2025 and December 31, 2024, respectively, and was estimated based on quoted market prices.

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our "credit facility") that will terminate on December 17, 2029. As of June 30, 2025, and December 31, 2024, we had no outstanding commercial paper.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. There will be no sustainability pricing adjustment to our commitment fees or our margins under the credit facility for the approximately year-long period beginning April 7, 2025 as a result of our emissions performance for the year ended December 31, 2024. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.

**5.&nbsp;&nbsp;&nbsp;&nbsp;Derivative Instruments**

Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2025 and December 31, 2024, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates. As of June 30, 2025 and December 31, 2024, we held cross currency swap contracts to hedge a portion of our net investment in foreign subsidiaries against volatility in foreign exchange rates. These contracts are recorded at fair value that is based on foreign currency exchange rates and interest rates in active markets; therefore, we classify these derivative contracts within Level 2 of the fair value hierarchy. We do not enter into any derivative financial instruments for speculative purposes.

**<u>Undesignated Derivative Instruments</u>**

During the six months ended June 30, 2025 and twelve months ended December 31, 2024, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets. These forward contracts do not qualify for hedge accounting. As of June 30, 2025 and December 31, 2024, the aggregate notional value of these outstanding forward contracts was $1.2 billion and 2.3 billion, respectively. The changes in fair value of these forward contracts are recorded in prepaid and other assets or other current liabilities in the consolidated balance sheets with their corresponding change in fair value recognized in selling and general expenses in the consolidated statements of income. The amount recorded in prepaid and other current assets was $50 million as of June 30, 2025. The amount recorded in other current liabilities was $1 million and $42 million as of June 30, 2025 and December 31, 2024, respectively. The amount recorded in selling and general expense related to these contracts was a net gain of $111 million and $160 million for the three and six months ended June 30, 2025, respectively, and a net loss of $9 million and $46 million for the three and six months ended June 30, 2024, respectively.

**<u>Net Investment Hedges</u>**

As of June 30, 2025 and December 31, 2024, we held cross currency swaps to hedge a portion of our net investment in certain European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2029, 2030, 2032 and 2033. The notional value of our outstanding cross currency swaps designated as a net investment hedge was $3.5 billion as of June 30, 2025 and

------

December 31, 2024. The changes in the fair value of these swaps are recognized in foreign currency translation adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet. The gain or loss will be subsequently reclassified into net earnings when the hedged net investment is either sold, liquidated or substantially liquidated. We have elected to assess the effectiveness of our net investment hedges based on changes in spot exchange rates. Accordingly, amounts related to the cross currency swaps recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in interest expense, net. We recognized net interest income of $11 million and $25 million for the three and six months ended June 30, 2025, respectively, and net interest income of $8 million and $15 million for the three and six months ended June 30, 2024, respectively.

**<u>Cash Flow Hedges</u>**

*Foreign Exchange Forward Contracts* 

During the six months ended June 30, 2025 and the twelve months ended December 31, 2024, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2027 and the fourth quarter of 2026, respectively. These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months. The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of June 30, 2025, we estimate that $3 million of pre-tax gain related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of June 30, 2025 and December 31, 2024, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $589 million and $539 million, respectively.

*Interest Rate Swaps*

During the three months ended March 31, 2024, we terminated our interest rate swap contracts with an aggregate notional value of $813 million and received net proceeds of $155 million upon termination. These contracts were designated as cash flow hedges and were scheduled to mature beginning in the first quarter of 2027. We performed a final effectiveness test upon the termination of each swap, and the effective portion of the gain of $155 million was recorded in accumulated other comprehensive loss in our consolidated balance sheet. The gain will be recognized into interest expense, net over the term which related interest payments will be made when we enter into anticipated future debt refinancing.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| (in millions) |  | **June 30,** | **December 31,** |
| **Balance Sheet Location** |  | **2025** | **2024** |
| Derivatives designated as cash flow hedges: |  |  |  |
| Prepaid and other current assets | Foreign exchange forward contracts | $11 | $4 |
| Other current liabilities | Foreign exchange forward contracts | $8 | $5 |
| Derivatives designated as net investment hedges: |  |  |  |
| Other non-current assets | Cross currency swaps | $— | $58 |
| Other non-current liabilities | Cross currency swaps | $361 | $2 |

---

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30:

<u>Three Months</u> 

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions) | **Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)** | **Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)** | **Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)** | **Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)** | **Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| Cash flow hedges - designated as hedging instruments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange forward contracts | $— | $— | Revenue, Selling and general expenses | $3 | $2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts | $— | $— | Interest expense, net | $— | $— |
| Net investment hedges - designated as hedging instruments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross currency swaps | $(342) | $16 | Interest expense, net | $(1) | $(1) |

---

<u>Six Months</u>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (in millions) | **Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)** | **Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)** | **Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)** | **Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)** | **Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)** |
|  | **2025** | **2024** |  | **2025** | **2024** |
| Cash flow hedges - designated as hedging instruments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange forward contracts | $4 | $(1) | Revenue, Selling and general expenses | $4 | $4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts | $— | $21 | Interest expense, net | $— | $— |
| Net investment hedges - designated as hedging instruments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cross currency swaps | $(419) | $46 | Interest expense, net | $(2) | $(2) |

---

------

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Cash Flow Hedges** |  |  |  |  |
| ***Foreign exchange forward contracts*** |  |  |  |  |
| Net unrealized gains on cash flow hedges, net of taxes, beginning of period | $4 | $5 | $1 | $5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value, net of tax | 3 | 2 | 7 | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification into earnings, net of tax | (3) | (2) | (4) | (4) |
| Net unrealized gains on cash flow hedges, net of taxes, end of period | $4 | $5 | $4 | $5 |
| ***Interest rate swap contracts*** |  |  |  |  |
| Net unrealized gains on cash flow hedges, net of taxes, beginning of period | $99 | $100 | $99 | $84 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value, net of tax |  |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification into earnings, net of tax |  |  |  |  |
| Net unrealized gains on cash flow hedges, net of taxes, end of period | $99 | $100 | $99 | $100 |
| **Net Investment Hedges** |  |  |  |  |
| Net unrealized (losses) gains on net investment hedges, net of taxes, beginning of period | $(25) | $2 | $33 | $(21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in fair value, net of tax | (259) | 11 | (318) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclassification into earnings, net of tax | 1 | 1 | 2 | 2 |
| Net unrealized (losses) gains on net investment hedges, net of taxes, end of period | $(283) | $14 | $(283) | $14 |

---

**6. Employee Benefits**

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees' compensation to the employees' accounts.

We also provide certain medical, dental and life insurance benefits for active employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other income, net in our consolidated statements of income.

------

The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| Service cost | $— | $1 | $1 | $1 |
| Interest cost | 18 | 17 | 35 | 35 |
| Expected return on assets | (24) | (24) | (48) | (49) |
| Amortization of prior service credit / actuarial loss | 1 | 1 | 2 | 2 |
| &nbsp;&nbsp;&nbsp;Net periodic benefit cost | $(5) | $(5) | $(10) | $(11) |

---

 

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2025 and 2024.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans and our expected return on assets assumption for our retirement plans which became effective on January 1, 2025. The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2025 did not have a material impact to our financial position, results of operations or cash flows.

In the first six months of 2025, we contributed $5 million to our retirement plans and expect to make additional required contributions of approximately $6 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in second half of 2025.

**7.&nbsp;&nbsp;&nbsp;&nbsp;Stock-Based Compensation**

We issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee members of the Board of Directors under a Director Deferred Stock Ownership Plan.

For the six months ended June 30, 2025 and 2024, total stock-based compensation expense related to restricted stock and other stock-based awards was $92 million and $82 million, respectively. During the six months ended June 30, 2025, the Company granted 0.3 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $526.53 per share. Total unrecognized compensation expense related to unvested equity awards as of June 30, 2025 was $253 million, which is expected to be recognized over a weighted average period of 1.5 years.

**8.&nbsp;&nbsp;&nbsp;&nbsp;Equity**

**<u>Dividends</u>**

On January 28, 2025, the Board of Directors approved an increase in the dividends for 2025 to a quarterly common stock dividend of $0.96 per share.

**<u>Stock Repurchases</u>**

On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the "2022 Repurchase Program"), which was approximately 9% of the total shares of our outstanding common stock at that time.

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of June 30, 2025, 9.3 million shares remained available under the 2022 Repurchase Program. Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

We have entered into accelerated share repurchase ("ASR") agreements with financial institutions to initiate share repurchases of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares. Upon settlement of the ASR agreement, the financial institution typically delivers additional shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the

------

applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount. We account for our ASR agreements as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreements resulted in a reduction of outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The repurchased shares are held in Treasury. The forward stock purchase contracts are classified as equity instruments.

Effective January 1, 2023, the Inflation Reduction Act of 2022 has mandated a 1% excise tax on share repurchases. Excise tax obligations that result from the Company's share repurchases are accounted for as a cost of the treasury stock transaction, and are included in other current liabilities on our consolidated balance sheets. The amount recorded in other current liabilities was $13 million and $30 million as of June 30, 2025 and December 31, 2024, respectively. During the six months ended June 30, 2025, the Company made an excise tax payment of $30 million, which is included in financing activities in the Consolidated Statement of Cash Flows.

The terms of each ASR agreement entered into during the six months ended June 30, 2025 and 2024, structured as outlined above, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions, except average price paid per share) | (in millions, except average price paid per share) |  |  |  |  |  |
| **ASR Agreement Initiation Date** | **ASR Agreement Completion Date** | **Initial Shares Delivered** | **Additional Shares Delivered** | **Total Number of Shares<br>Purchased** | **Average Price Paid Per Share** | **Total Cash Utilized** |
| May 6, 2025 <sup>1</sup> |  | 1.0 |  | 1.0 | $— | $650 |
| February 19, 2025 <sup>2</sup> | May 6, 2025 | 1.0 | 0.3 | 1.3 | $491.12 | $650 |
| February 12, 2024 <sup>3</sup> | April 12, 2024 | 1.0 | 0.2 | 1.2 | $421.05 | $500 |

---

<sup>1</sup> The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company's common stock on May 6, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. The final settlement of the transaction under the ASR is expected to be completed no later than the end of the third quarter of 2025. The ASR agreement was executed under our 2022 Repurchase Program.

<sup>2</sup> The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company's common stock on February 19, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on May 6, 2025 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

<sup>3</sup> The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 85% of the $500 million at a price equal to the market price of the Company's common stock on February 12, 2024 when the Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on April 12, 2024 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

During the six months ended June 30, 2025, we received 2.7 million shares, including 0.3 million shares received in February of 2025 related to our October 28, 2024 ASR agreement. During the six months ended June 30, 2025, we purchased a total of 2.4 million shares for $1.3 billion of cash. During the six months ended June 30, 2024, we received 1.4 million shares, including 0.2 million shares received in February of 2024 related to our November 13, 2023 ASR agreement. During the six months ended June 30, 2024, we purchased a total of 1.2 million shares for $500 million of cash.

**<u>Redeemable Noncontrolling Interests</u>**

Our redeemable noncontrolling interests include an agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture that contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC ("CGIS") has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group's and CGIS' minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption "Redeemable noncontrolling interests" with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches incorporate Level 3 fair value

------

measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interests during the six months ended June 30, 2025 were as follows:

---

| | |
|:---|:---|
| (in millions) |  |
| Balance as of December 31, 2024 | $4252 |
| &nbsp;&nbsp;&nbsp;Net income attributable to redeemable noncontrolling interests | 153 |
| &nbsp;&nbsp;&nbsp;Distributions payable to redeemable noncontrolling interests | (126) |
| &nbsp;&nbsp;&nbsp;Redemption value adjustment | 147 |
| &nbsp;&nbsp;&nbsp;Other <sup>1</sup> | 39 |
| Balance as of June 30, 2025 <sup>2</sup> | $4465 |

---

<sup>1</sup> Includes foreign currency translation adjustments.

<sup>2</sup> As of June 30, 2025, $4,455 million relates to our redeemable noncontrolling interest in the Indices business.

**<u>Accumulated Other Comprehensive Loss</u>**

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Foreign Currency Translation Adjustments** |  | **Pension and Postretirement Benefit Plans** | **Unrealized Gain (Loss) on Cash Flow Hedges** |  | **Accumulated Other Comprehensive Loss** |
| Balance as of December 31, 2024 | $(609) |  | $(372) | $98 |  | $(883) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | 82 | **1** | (2) | 8 |  | 88 |
| &nbsp;&nbsp;&nbsp;Reclassifications from accumulated other comprehensive income (loss) to net earnings | 2 |  | 2 | (4) | **3** |  |
| &nbsp;&nbsp;&nbsp;Net other comprehensive income | 84 |  |  | 4 |  | 88 |
| Balance as of June 30, 2025 | $(525) |  | $(372) | $102 |  | $(795) |

---

**1**Includes an unrealized gain related to our cross currency swaps. See Note 5 – *Derivative Instruments* for additional detail of items recognized in accumulated other comprehensive loss.

**2**Reflects amortization of net actuarial losses and is net of a tax benefit of less than $1 million for the six months ended June 30, 2025. See Note 6 — *Employee Benefits* for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

**3**See Note *5 — Derivative Instruments* for additional details of items reclassified from accumulated other comprehensive loss to net earnings.

**9.&nbsp;&nbsp;&nbsp;&nbsp;Earnings Per Share**

Basic earnings per common share ("EPS") is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of restricted performance shares and stock options calculated using the treasury stock method.

------

The calculation of basic and diluted EPS for the periods ended June 30 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions, except per share amounts) | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Amounts attributable to S&P Global Inc. common shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $1072 | $1011 | $2161 | $2002 |
| Basic weighted-average number of common shares outstanding | 305.9 | 313.0 | 306.6 | 313.3 |
| Effect of dilutive securities | 0.2 | 0.2 | 0.3 | 0.3 |
| Diluted weighted-average number of common shares outstanding | 306.1 | 313.2 | 306.9 | 313.6 |
| **Earnings per share attributable to S&P Global Inc. common shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $3.50 | $3.23 | $7.05 | $6.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $3.50 | $3.23 | $7.04 | $6.38 |

---

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three and six months ended June 30, 2025 and 2024, there were no stock options excluded. Restricted performance shares outstanding of 0.7 million and 0.9 million as of June 30, 2025 and 2024, respectively, were excluded.

**10.&nbsp;&nbsp;&nbsp;&nbsp;Restructuring**

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2025 and 2024 restructuring plans consisted of a company-wide workforce reduction of approximately 590 and 1,230 positions, respectively, and are further detailed below. The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2025 by segment is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025 Restructuring Plan** | **2025 Restructuring Plan** | **2024 Restructuring Plan** | **2024 Restructuring Plan** |
| (in millions) | **Initial Charge Recorded** | **Ending Reserve Balance** | **Initial Charge Recorded** | **Ending Reserve Balance** |
| Market Intelligence | $33 | $24 | $77 | $18 |
| Ratings | 10 | 5 | 4 | 1 |
| Commodity Insights | 11 | 8 | 13 | 4 |
| Mobility | 5 | 5 | 6 | 1 |
| Indices |  |  | 1 |  |
| Corporate | 23 | 17 | 24 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $82 | $59 | $125 | $38 |

---

------

We recorded a pre-tax restructuring charge of $82 million primarily related to employee severance charges for the 2025 restructuring plan during the six months ended June 30, 2025 and have reduced the reserve by $23 million. The ending reserve balance for the 2024 restructuring plan was $88 million as of December 31, 2024. For the six months ended June 30, 2025, we have reduced the reserve for the 2024 restructuring plan by $50 million. The reductions primarily related to cash payments for employee severance charges.

**11. Segment and Related Information**

We have five reportable segments: Market Intelligence, Ratings, Commodity Insights, Mobility and Indices.

Our Chief Executive Officer is our chief operating decision-maker ("CODM") and evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other income, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

Operating results for the periods ended June 30 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Market Intelligence** | **Ratings** | **Commodity Insights** | **Mobility** | **Indices** | **Total** |
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| Revenue from external customers | $1214 | $1105 | $555 | $438 | $443 | $3755 |
| Intersegment revenue <sup>1</sup> | 3 | 43 |  |  | 3 | 49 |
| Revenue | 1217 | 1148 | 555 | 438 | 446 | 3804 |
| Intersegment elimination |  |  |  |  |  | (49) |
| **Total revenue** |  |  |  |  |  | 3755 |
| Less: segment expenses <sup>2</sup> | 787 | 396 | 285 | 253 | 128 | 1849 |
| Less: other segment items <sup>3</sup> | 171 | 37 | 37 | 81 | 9 | 335 |
| Intersegment elimination |  |  |  |  |  | (49) |
| Segment operating profit | $259 | $715 | $233 | $104 | $309 | $1620 |
| Corporate Unallocated expense <sup>4</sup> |  |  |  |  |  | 80 |
| Equity in income on unconsolidated subsidiaries |  |  |  |  |  | (11) |
| **Operating profit** |  |  |  |  |  | 1551 |
| Other income, net |  |  |  |  |  | (28) |
| Interest expense, net |  |  |  |  |  | 77 |
| **Income before taxes on income** |  |  |  |  |  | $1502 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Market Intelligence** | **Ratings** | **Commodity Insights** | **Mobility** | **Indices** | **Total** |
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| Revenue from external customers | $2410 | $2212 | $1167 | $858 | $885 | $7532 |
| Intersegment revenue <sup>1</sup> | 6 | 85 |  |  | 6 | 97 |
| Revenue | 2416 | 2297 | 1167 | 858 | 891 | 7629 |
| Intersegment elimination |  |  |  |  |  | (97) |
| **Total revenue** |  |  |  |  |  | 7532 |
| Less: segment expenses <sup>2</sup> | 1593 | 784 | 603 | 511 | 249 | 3740 |
| Less: other segment items <sup>3</sup> | 344 | 42 | 76 | 157 | 18 | 637 |
| Intersegment elimination |  |  |  |  |  | (97) |
| Segment operating profit | $479 | $1471 | $488 | $190 | $624 | $3252 |
| Corporate Unallocated expense <sup>4</sup> |  |  |  |  |  | 145 |
| Equity in income on unconsolidated subsidiaries |  |  |  |  |  | (22) |
| **Operating profit** |  |  |  |  |  | 3129 |
| Other income, net |  |  |  |  |  | (23) |
| Interest expense, net |  |  |  |  |  | 154 |
| **Income before taxes on income** |  |  |  |  |  | $2998 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Market Intelligence** | **Ratings** | **Commodity Insights** | **Mobility** | **Indices** | **Total** |
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| Revenue from external customers | $1152 | $1095 | $516 | $400 | $386 | $3549 |
| Intersegment revenue <sup>1</sup> | 3 | 40 |  |  | 3 | 46 |
| Revenue | 1155 | 1135 | 516 | 400 | 389 | 3595 |
| Intersegment elimination |  |  |  |  |  | (46) |
| **Total revenue** |  |  |  |  |  | 3549 |
| Less: segment expenses <sup>2</sup> | 775 | 388 | 272 | 236 | 114 | 1785 |
| Less: other segment items <sup>3</sup> | 150 | 22 | 38 | 84 | 12 | 306 |
| Intersegment elimination |  |  |  |  |  | (46) |
| Segment operating profit | $230 | $725 | $206 | $80 | $263 | $1504 |
| Corporate Unallocated expense <sup>4</sup> |  |  |  |  |  | 65 |
| Equity in income on unconsolidated subsidiaries |  |  |  |  |  | (13) |
| **Operating profit** |  |  |  |  |  | 1452 |
| Other income, net |  |  |  |  |  | (3) |
| Interest expense, net |  |  |  |  |  | 77 |
| **Income before taxes on income** |  |  |  |  |  | $1378 |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Market Intelligence** | **Ratings** | **Commodity Insights** | **Mobility** | **Indices** | **Total** |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| Revenue from external customers | $2291 | $2117 | $1075 | $786 | $771 | $7040 |
| Intersegment revenue <sup>1</sup> | 6 | 80 |  |  | 5 | 91 |
| Revenue | 2297 | 2197 | 1075 | 786 | 776 | 7131 |
| Intersegment elimination |  |  |  |  |  | (91) |
| **Total revenue** |  |  |  |  |  | 7040 |
| Less: segment expenses <sup>2</sup> | 1543 | 762 | 567 | 475 | 219 | 3566 |
| Less: other segment items <sup>3</sup> | 335 | 31 | 76 | 160 | 23 | 625 |
| Intersegment elimination |  |  |  |  |  | (91) |
| Segment operating profit | $419 | $1404 | $432 | $151 | $534 | $2940 |
| Corporate Unallocated expense <sup>4</sup> |  |  |  |  |  | 122 |
| Equity in income on unconsolidated subsidiaries |  |  |  |  |  | (19) |
| **Operating profit** |  |  |  |  |  | 2837 |
| Other income, net |  |  |  |  |  | (13) |
| Interest expense, net |  |  |  |  |  | 156 |
| **Income before taxes on income** |  |  |  |  |  | $2694 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

<sup>2</sup> The segment expense category for Market Intelligence, Ratings, Commodity Insights, Mobility and Indices for the three and six months ended June 30, 2025 and 2024 primarily include an aggregation of compensation costs, technology costs and strategic investments. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments; however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.

<sup>3</sup> Other segment items for the three and six months ended June 30, 2025 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, legal costs, acquisition and disposition-related costs and Executive Leadership Team transition costs. Other segment items for the three and six months ended June 30, 2024 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including IHS Markit merger costs, employee severance charges and acquisition and disposition-related costs.

<sup>4</sup> Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.

------

The following table presents our revenue disaggregated by revenue type for the periods ended June 30:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Market Intelligence** | **Ratings** | **Commodity Insights** | **Mobility** | **Indices** | **Intersegment Elimination** <sup>1</sup> | **Total** |
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| Subscription | $1017 | $— | $500 | $357 | $80 | $— | $1954 |
| Non-subscription / Transaction | 42 | 597 | 25 | 81 |  |  | 745 |
| Non-transaction |  | 551 |  |  |  | (49) | 502 |
| Asset-linked fees |  |  |  |  | 286 |  | 286 |
| Sales usage-based royalties |  |  | 30 |  | 80 |  | 110 |
| Recurring variable revenue | 158 |  |  |  |  |  | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $1217 | $1148 | $555 | $438 | $446 | $(49) | $3755 |
| <u>Timing of revenue recognition</u> |  |  |  |  |  |  |  |
| Services transferred at a point in time | $42 | $597 | $25 | $81 | $— | $— | $745 |
| Services transferred over time | 1175 | 551 | 530 | 357 | 446 | (49) | 3010 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $1217 | $1148 | $555 | $438 | $446 | $(49) | $3755 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Market Intelligence** | **Ratings** | **Commodity Insights** | **Mobility** | **Indices** | **Intersegment Elimination** <sup>1</sup> | **Total** |
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| Subscription | $2010 | $— | $986 | $700 | $155 | $— | $3851 |
| Non-subscription / Transaction | 98 | 1217 | 122 | 158 |  |  | 1595 |
| Non-transaction |  | 1080 |  |  |  | (97) | 983 |
| Asset-linked fees |  |  |  |  | 574 |  | 574 |
| Sales usage-based royalties |  |  | 59 |  | 162 |  | 221 |
| Recurring variable revenue | 308 |  |  |  |  |  | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $2416 | $2297 | $1167 | $858 | $891 | $(97) | $7532 |
| <u>Timing of revenue recognition</u> |  |  |  |  |  |  |  |
| Services transferred at a point in time | $98 | $1217 | $122 | $158 | $— | $— | $1595 |
| Services transferred over time | 2318 | 1080 | 1045 | 700 | 891 | (97) | 5937 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $2416 | $2297 | $1167 | $858 | $891 | $(97) | $7532 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Market Intelligence** | **Ratings** | **Commodity Insights** | **Mobility** | **Indices** | **Intersegment Elimination** <sup>1</sup> | **Total** |
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| Subscription | $965 | $— | $459 | $323 | $74 | $— | $1821 |
| Non-subscription / Transaction | 43 | 626 | 31 | 77 |  |  | 777 |
| Non-transaction |  | 509 |  |  |  | (46) | 463 |
| Asset-linked fees |  |  |  |  | 245 |  | 245 |
| Sales usage-based royalties |  |  | 26 |  | 70 |  | 96 |
| Recurring variable revenue | 147 |  |  |  |  |  | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $1155 | $1135 | $516 | $400 | $389 | $(46) | $3549 |
| <u>Timing of revenue recognition</u> |  |  |  |  |  |  |  |
| Services transferred at a point in time | $43 | $626 | $31 | $77 | $— | $— | $777 |
| Services transferred over time | 1112 | 509 | 485 | 323 | 389 | (46) | 2772 |
| Total revenue | $1155 | $1135 | $516 | $400 | $389 | $(46) | $3549 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Market Intelligence** | **Ratings** | **Commodity Insights** | **Mobility** | **Indices** | **Intersegment Elimination** <sup>1</sup> | **Total** |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| Subscription | $1912 | $— | $909 | $635 | $144 | $— | $3600 |
| Non-subscription / Transaction | 97 | 1207 | 115 | 151 |  |  | 1570 |
| Non-transaction |  | 990 |  |  |  | (91) | 899 |
| Asset-linked fees |  |  |  |  | 489 |  | 489 |
| Sales usage-based royalties |  |  | 51 |  | 143 |  | 194 |
| Recurring variable revenue | 288 |  |  |  |  |  | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $2297 | $2197 | $1075 | $786 | $776 | $(91) | $7040 |
| <u>Timing of revenue recognition</u> |  |  |  |  |  |  |  |
| Services transferred at a point in time | $97 | $1207 | $115 | $151 | $— | $— | $1570 |
| Services transferred over time | 2200 | 990 | 960 | 635 | 776 | (91) | 5470 |
| Total revenue | $2297 | $2197 | $1075 | $786 | $776 | $(91) | $7040 |

---

<sup>1</sup> Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Segment information as of June 30, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
| (in millions) | **Total Assets** | **Total Assets** |
|  | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| Market Intelligence | $28741 | $29478 |
| Ratings | 1324 | 1056 |
| Commodity Insights | 8727 | 8636 |
| Mobility | 13069 | 13222 |
| Indices | 3396 | 3200 |
| &nbsp;&nbsp;&nbsp;Total reportable segments | 55257 | 55592 |
| Corporate <sup>1</sup> | 5138 | 4629 |
| &nbsp;&nbsp;&nbsp;Total | $60395 | $60221 |

---

<sup>1</sup>Corporate assets consist principally of cash and cash equivalents, investments, goodwill and other intangible assets, assets for pension benefits and deferred income taxes.

------

The following provides revenue by geographic region for the periods ended June 30:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| U.S. | $2269 | $2151 | $4611 | $4301 |
| European region | 863 | 830 | 1711 | 1605 |
| Asia | 408 | 368 | 791 | 724 |
| Rest of the world | 215 | 200 | 419 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $3755 | $3549 | $7532 | $7040 |

---

See Note 2 *— Acquisitions and Divestitures* and Note 10 *— Restructuring* for additional actions that impacted the segment operating results.

**12. Commitments and Contingencies**

**<u>Leases</u>**

We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases early. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of June 30, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| (in millions) |  | **June 30,** | **December 31,** |
| **Balance Sheet Location** |  | **2025** | **2024** |
| **Assets** |  |  |  |
| Right of use assets | Lease right of use assets | $405 | $413 |
| **Liabilities** |  |  |  |
| Other current liabilities | Current lease liabilities | 115 | 109 |
| Lease liabilities — non-current | Non-current lease liabilities | 512 | 535 |

---

The components of lease expense for the periods ended June 30 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| Operating lease cost | $31 | $32 | $62 | $66 |
| Sublease income | (3) | (4) | (7) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease cost | $28 | $28 | $55 | $58 |

---

------

Supplemental information related to leases for the periods ended June 30 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **2025** | **2024** |
| Cash paid for amounts included in the measurement for operating lease liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows for operating leases | $34 | $34 | $70 | $69 |
| Right of use assets obtained in exchange for lease obligations |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating leases | 2 | 31 | 21 | 42 |

---

Weighted-average remaining lease term and discount rate for our operating leases are as follows:

---

| | | |
|:---|:---|:---|
| | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Weighted-average remaining lease term (years) | 5.2 | 5.6 |
| Weighted-average discount rate | 4.27% | 4.02% |

---

Maturities of lease liabilities for our operating leases are as follows:

---

| | |
|:---|:---|
| (in millions) |  |
| 2025 (Excluding the six months ended June 30, 2025) | $69 |
| 2026 | 136 |
| 2027 | 127 |
| 2028 | 101 |
| 2029 | 83 |
| 2030 and beyond | 194 |
| Total undiscounted lease payments | $710 |
| &nbsp;&nbsp;&nbsp;Less: Imputed interest | 83 |
| Present value of lease liabilities | $627 |

---

As of June 30, 2025, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $64 million which have been excluded from the table above. These leases are expected to begin in 2026 and continue through 2037, with lease terms ranging from 11 years to 12 years.

**<u>Related Party Agreements</u>**

In June of 2012, we entered into a license agreement (the "License Agreement") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, replacing the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group's equity index products. During the three and six months ended June 30, 2025 and 2024, S&P Dow Jones Indices LLC earned $51 million and $103 million of revenue under the terms of the License Agreement. During the three and six months ended June 30, 2024, S&P Dow Jones Indices LLC earned $48 million and $96 million, respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

**<u>Legal and Regulatory Matters</u>**

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often subjected to government and regulatory proceedings, investigations and inquiries.

A class action lawsuit was filed in Australia on August 7, 2020 against the Company and a subsidiary of the Company. A separate lawsuit was filed against the Company and a subsidiary of the Company in Australia on February 2, 2021 by two entities within the Basis Capital investment group. The lawsuits both relate to alleged investment losses in collateralized debt

------

obligations rated by Ratings prior to the financial crisis between 2005 and 2007. In the third quarter of 2025, the Company entered into an agreement to settle the lawsuit brought by the Basis Capital entities. S&P Global has accrued the amount of the settlement in its consolidated financial statements. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve the class action lawsuit on terms deemed acceptable.

From time to time, the Company receives customer complaints. The Company believes it has strong contractual protections in the terms and conditions included in its arrangements with customers. Nonetheless, in the interest of managing customer relationships, the Company from time to time engages in dialogue with such customers in an effort to resolve such complaints, and if such complaints cannot be resolved through dialogue, may face litigation regarding such complaints. The Company does not expect to incur material losses as a result of these matters.

Moreover, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to our regulated products and services, antitrust matters and other matters, such as ESG. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global seeks to promptly address any compliance issues that it detects or that the staff of the SEC or another regulator raises, there can be no assurance that the SEC or another regulator will not seek remedies against S&P Global for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

**13. Recently Issued or Adopted Accounting Standards**

In May of 2025, the Financial Accounting Standards Board ("FASB") issued accounting guidance to improve the requirements for identifying the accounting acquirer in ASC 805, Business Combinations. The amendments in this update revise current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. This guidance is effective for annual reporting periods beginning after December 15, 2016, and interim reporting periods within those annual reporting periods, and early adoption is permitted as of the beginning of an interim or annual reporting period. This guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In November of 2024, the FASB issued accounting guidance which requires that an entity disclose, in the notes to financial statements, additional information about specific expense categories. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on the Company's disclosures.

In December of 2023, the FASB issued accounting guidance that expands disclosures in an entity's income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively. We are currently evaluating the impact of this guidance on the Company's disclosures.

------

<u>Item 2.</u> <u>Management's Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)</u>

The following Management's Discussion and Analysis ("MD&A") provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, "S&P Global," the "Company," "we," "us" or "our") for the three and six months ended June 30, 2025. The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2024 (our "Form 10-K"), which have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The MD&A includes the following sections:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Overview

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Results of Operations — Comparing the Three and Six Months Ended June 30, 2025 and 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Liquidity and Capital Resources

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reconciliation of Non-GAAP Financial Information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Critical Accounting Estimates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Recently Issued or Adopted Accounting Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Forward-Looking Statements

**OVERVIEW**

We are a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers.

Our operations consist of five reportable segments: S&P Global Market Intelligence ("Market Intelligence"), S&P Global Ratings ("Ratings"), S&P Global Commodity Insights ("Commodity Insights"), S&P Global Mobility ("Mobility") and S&P Dow Jones Indices ("Indices").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed over the 12 to 18 months from it's announcement, subject to the satisfaction of customary legal and regulatory requirements and approvals.

------

Key results for the periods ended June 30 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions, except per share amounts) | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **% Change** <sup>1</sup> | **2025** | **2024** | **% Change** <sup>1</sup> |
| Revenue | $3755 | $3549 | 6% | $7532 | $7040 | 7% |
| Operating profit <sup>2</sup> | $1551 | $1452 | 7% | $3129 | $2837 | 10% |
| Operating margin % | 41% | 41% |  | 42% | 40% |  |
| &nbsp;&nbsp;&nbsp;Diluted earnings per share from net income | $3.50 | $3.23 | 9% | $7.04 | $6.38 | 10% |

---

<sup>1</sup> &nbsp;&nbsp;&nbsp;&nbsp;% changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

<sup>2</sup> Operating profit for the three and six months ended June 30, 2025 includes legal costs of $29 million, employee severance charges of $49 million and $82 million, respectively, disposition-related costs of $11 million and $13 million, respectively, Executive Leadership Team transition costs of $5 million and $17 million, acquisition-related costs of $5 million and $13 million, respectively, respectively, lease-related costs of $2 million and $7 million, respectively, a gain on disposition of $3 million and asset write-offs of $1 million. Operating profit for the three and six months ended June 30, 2024 includes legal costs of $20 million, IHS Markit merger costs of $36 million and $72 million, respectively, a net acquisition-related benefit of $4 million and net acquisition-related costs of $1 million, respectively, employee severance charges of $11 million and $46 million, respectively, disposition-related costs of $3 million and asset write-offs of $2 million. Operating profit for the six months ended June 30, 2024 includes recovery of lease-related costs of $1 million. Operating profit also includes amortization of intangibles from acquisitions of $283 million and $281 million for the three months ended June 30, 2025 and 2024, respectively, and $564 million and $560 million for the six months ended June 30, 2025 and 2024, respectively.

*Three Months* 

Revenue increased 6% driven by increases at all of our reportable segments. The increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress® and RatingsDirect®, and growth for work flow solutions in Enterprise Solutions, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024. The increase at Indices was primarily due to higher asset-linked fees revenue, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Commodity Insights was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and an increase in sales usage-based royalties revenue. The increase at Mobility was primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business and the favorable impact of price increases. The increase at Ratings was driven by growth in non-transaction revenue due to an increase in surveillance revenue, partially offset by a decrease in transaction revenue driven by lower bank loan ratings revenue due to market volatility. Foreign exchange rates had a favorable impact of 1 percentage point.

Operating profit increased 7%. Excluding the impact of IHS Markit merger costs in 2024 of 1 percentage point, offset by higher employee severance charges in 2025 of 1 percentage point, operating profit increased 7%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had a favorable impact of 1 percentage point.

*Six Months*

Revenue increased 7% driven by increases at all of our reportable segments. The increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress® and RatingsDirect®, and growth for work flow solutions in Enterprise Solutions, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024. The increase at Indices was primarily due to higher asset-linked fees revenue, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Ratings was primarily driven by growth in non-transaction revenue. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary. Transaction revenue increased slightly due to higher corporate bond ratings revenue offset by lower bank loan ratings revenue. The increase at Commodity Insights was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts, an increase in conference revenue driven by increased attendance at CERAWeek in 2025 and an increase in sales usage-based royalties revenue. The increase at Mobility was primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business and the favorable impact of price increases. Foreign exchange rates had a favorable impact of less than 1 percentage point.

------

Operating profit increased 10%. Excluding the impact of higher employee severance charges in 2025 of 2 percentage points, Executive Leadership Team transition costs in 2025 of 1 percentage point, higher disposition-related costs in 2025 of 1 percentage point, legal costs in 2025 of 1 percentage point, a lease impairment charge in 2025 of 1 percentage point, partially offset by IHS Markit merger costs in 2024 of 5 percentage points, operating profit increased 9%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had an unfavorable impact of 1 percentage point.

**<u>Our Strategy</u>**

We are a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. Our purpose is to accelerate progress. We seek to deliver on this purpose in line with our core values of integrity, discovery and partnership.

Powering Global Markets is the framework for our forward-looking business strategy. Through this framework, we seek to deliver an exceptional, differentiated customer experience by enhancing our foundational capabilities, evolving and growing our core businesses, and pursuing growth via adjacencies. In 2025, we are striving to deliver on our strategic priorities in the following key areas:

*<u>Financial</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Meeting or exceeding our 2025 enterprise financial and sustainability goals; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivering targeted capital return to shareholders.

*<u>Customer at the Core</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhancing customer support and seamless user experience with an enterprise mindset and focus on ease of discoverability, distribution, and delivery of our product and services and integrated cross-divisional capabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Generating value from technology consolidation projects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanding value for targeted strategic accounts.

*<u>Grow and Innovate</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Protecting and growing revenue by integrating generative artificial intelligence ("AI") into product and creating new products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accelerating growth in transformational adjacencies.

*<u>Data and Technology</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maximizing the value of our data estate for our internal and external customers at scale to drive efficiency, leveraging cutting edge tools and technologies; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Driving speed and efficiency by integrating AI into internal workflows and processes.

*<u>Lead and Inspire</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining our enterprise engagement through appropriate actions, messaging and ongoing activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sustaining an inclusive culture where every individual feels valued, respected and empowered; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Continuing to promote AI skills development for all employees.

------

*<u>Execute and Deliver</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Enhancing our capital allocation framework to assess and reallocate capital to the highest value opportunities across S&P Global;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Driving continuous commitment to risk management, compliance, and control across the Enterprise and strengthening and standardizing first line risk management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Creating a more sustainable impact.

There can be no assurance that we will achieve success in implementing any one or more of these strategies as a variety of factors could unfavorably impact operating results, including prolonged difficulties in the global credit markets and a change in the regulatory environment affecting our businesses. See Item 1A, *Risk Factors* in this Form 10-Q and our most recently filed Annual Report on Form 10-K.

------

**RESULTS OF OPERATIONS — COMPARING THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

**<u>Consolidated Review</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| **Revenue** | $3755 | $3549 | 6% | $7532 | $7040 | 7% |
| **Total Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating-related expenses | 1119 | 1078 | 4% | 2272 | 2188 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and general expenses | 803 | 741 | 8% | 1568 | 1455 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 296 | 291 | 1% | 588 | 579 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 2218 | 2110 | 5% | 4428 | 4222 | 5% |
| Gain on dispositions, net | (3) |  | N/M | (3) |  | N/M |
| Equity in income on unconsolidated subsidiaries | (11) | (13) | (22)% | (22) | (19) | 13% |
| **Operating profit** | 1551 | 1452 | 7% | 3129 | 2837 | 10% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | (28) | (3) | N/M | (23) | (13) | (81)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 77 | 77 | (1)% | 154 | 156 | (1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for taxes on income | 342 | 293 | 17% | 667 | 540 | 23% |
| **Net income** | 1160 | 1085 | 7% | 2331 | 2154 | 8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: net income attributable to noncontrolling interests | (88) | (74) | (19)% | (170) | (152) | (12)% |
| **Net income attributable to S&P Global Inc.** | $1072 | $1011 | 6% | $2161 | $2002 | 8% |

---

N/M – Represents a change equal to or in excess of 100% or not meaningful

------

**Revenue**

The following table provides consolidated revenue information for the three months ended June 30:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $3755 | $3549 | 6% | $7532 | $7040 | 7% |
| Subscription revenue | 1954 | 1821 | 7% | 3851 | 3600 | 7% |
| Non-subscription / transaction revenue | 745 | 777 | (4)% | 1595 | 1570 | 2% |
| Non-transaction revenue | 502 | 463 | 8% | 983 | 899 | 9% |
| Asset-linked fees | 286 | 245 | 17% | 574 | 489 | 17% |
| Sales usage-based royalties | 110 | 96 | 16% | 221 | 194 | 14% |
| Recurring variable | 158 | 147 | 8% | 308 | 288 | 7% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription revenue | 52% | 51% |  | 51% | 51% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-subscription / transaction revenue | 20% | 22% |  | 21% | 22% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-transaction revenue | 13% | 13% |  | 13% | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-linked fees | 8% | 7% |  | 8% | 7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales usage-based royalties | 3% | 3% |  | 3% | 3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Recurring variable | 4% | 4% |  | 4% | 4% |  |
| U.S. revenue | $2269 | $2151 | 5% | $4611 | $4301 | 7% |
| International revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; European region | 863 | 830 | 4% | 1711 | 1605 | 7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 408 | 368 | 11% | 791 | 724 | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Rest of the world | 215 | 200 | 8% | 419 | 410 | 2% |
| Total international revenue | $1486 | $1398 | 6% | $2921 | $2739 | 7% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. revenue | 60% | 61% |  | 61% | 61% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International revenue | 40% | 39% |  | 39% | 39% |  |

---

![283](spgi-20250630_g2.jpg)![289](spgi-20250630_g3.jpg)

------

*Three Months*

Revenue increased 6% as compared to the three months ended June 30, 2024. Subscription revenue increased in the three month period primarily due to growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress®, RatingsDirect® and growth for work flow solutions in Enterprise Solutions, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024 at Market Intelligence; continued demand for Commodity Insights market data and market insights products; new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business, and the favorable impact of price increases at Mobility; and higher data subscription revenue at Indices. Non-subscription / transaction revenue decreased driven by lower bank loan ratings revenue due to market volatility at Ratings. Non-transaction revenue increased primarily due to an increase in surveillance revenue at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Commodity Insights. Recurring variable revenue at Market Intelligence increased due to increased volumes. See "Segment Review" below for further information.

The favorable impact of foreign exchange rates increased revenue by 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

*Six Months* 

Revenue increased 7% as compared to the six months ended June 30, 2024. Subscription revenue increased in the six month period primarily due to growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress®, RatingsDirect® and growth for work flow solutions in Enterprise Solutions, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024 at Market Intelligence; continued demand for Commodity Insights market data and market insights products; new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business and the favorable impact of price increases at Mobility; and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue offset by lower bank loan ratings revenue at Ratings, and an increase in conference revenue at Commodity Insights. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Commodity Insights. Recurring variable revenue at Market Intelligence increased due to increased volumes. See "Segment Review" below for further information.

The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

------

**Total Expenses**

The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the

periods ended June 30:

<u>Three Months</u>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **2025** | **2025** | **2024** | **2024** | **% Change** | **% Change** |
|  | **Operating-<br>related expenses** | **Selling and<br>general expenses** | **Operating-<br>related expenses** | **Selling and<br>general expenses** | **Operating-<br>related expenses** | **Selling and<br>general expenses** |
| Market Intelligence <sup>1</sup> | $513 | $289 | $507 | $262 | 1% | 11% |
| Ratings <sup>2</sup> | 262 | 163 | 253 | 148 | 4% | 10% |
| Commodity Insights <sup>3</sup> | 176 | 112 | 167 | 110 | 5% | 2% |
| Mobility <sup>4</sup> | 134 | 119 | 121 | 119 | 11% | —% |
| Indices <sup>5</sup> | 67 | 60 | 59 | 55 | 13% | 8% |
| Intersegment eliminations <sup>6</sup> | (49) |  | (46) |  | (8)% | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segments | 1103 | 743 | 1061 | 694 | 4% | 7% |
| Corporate Unallocated expense <sup>7</sup> | 16 | 60 | 17 | 47 | (1)% | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1119 | $803 | $1078 | $741 | 4% | 8% |

---

N/M – Represents a change equal to or in excess of 100% or not meaningful

<sup>1</sup> In 2025, selling and general expenses include employee severance charges of $19 million, acquisition-related costs of $4 million and disposition-related costs of $2 million. In 2024, selling and general expenses include a net acquisition-related benefit of $11 million, IHS Markit merger costs of $9 million and employee severance charges of $4 million.

<sup>2</sup> In 2025 selling and general expenses include legal costs of $27 million and employee severance charges of $8 million. In 2024, selling and general expenses include legal costs of $20 million.

<sup>3</sup> In 2025, selling and general expenses include employee severance charges of $4 million. In 2024, selling and general expenses include IHS Markit merger costs of $5 million, an asset write-off of $1 million and disposition-related costs of $1 million.

<sup>4</sup> In 2025, selling and general expenses include employee severance charges of $5 million. In 2024, selling and general expenses include employee severance charges of $6 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million.

<sup>5</sup> In 2024, selling and general expenses include IHS Markit merger costs of $2 million.

<sup>6</sup> Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

<sup>7</sup> In 2025, selling and general expenses include employee severance charges of $12 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $5 million, legal costs of $2 million, a lease impairment of $2 million, acquisition-related costs of $1 million and an asset write-off of $1 million. In 2024, selling and general expenses include IHS Markit merger costs of $20 million, acquisition-related costs of $6 million and disposition-related costs of $2 million.

*Operating-Related Expenses*

Operating-related expenses increased 4% primarily driven by higher compensation costs driven by annual merit increases and additional headcount, partially offset by lower outside services expenses.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

*Selling and General Expenses*

Selling and general expenses increased 8%. Selling and general expenses increased 4% excluding the impact in 2025 of higher employee severance charges of 5 percentage points, disposition-related costs of 1 percentage point, legal costs of 1 percentage point, higher net acquisition-related costs of 1 percentage point and Executive Leadership Team transition costs of 1 percentage point, partially offset by IHS Markit merger costs in 2024 of 5 percentage points. The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic initiatives, partially offset by lower outside services expenses.

------

*Depreciation and Amortization*

Depreciation and amortization increased 1% to $296 million primarily due to higher intangible asset amortization driven by the acquisition of Visible Alpha in May of 2024.

<u>Six Months</u> 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **2025** | **2025** | **2024** | **2024** | **% Change** | **% Change** |
|  | **Operating-<br>related expenses** | **Selling and<br>general expenses** | **Operating-<br>related expenses** | **Selling and<br>general expenses** | **Operating-<br>related expenses** | **Selling and<br>general expenses** |
| Market Intelligence <sup>1</sup> | $1036 | $587 | $1018 | $555 | 2% | 6% |
| Ratings <sup>2</sup> | 522 | 287 | 506 | 266 | 3% | 8% |
| Commodity Insights <sup>3</sup> | 384 | 226 | 361 | 214 | 6% | 5% |
| Mobility <sup>4</sup> | 266 | 243 | 244 | 233 | 9% | 4% |
| Indices <sup>5</sup> | 129 | 116 | 116 | 103 | 12% | 12% |
| Intersegment eliminations <sup>6</sup> | (97) |  | (91) |  | (7)% | N/M |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total segments | 2240 | 1459 | 2154 | 1371 | 4% | 6% |
| Corporate Unallocated expense <sup>7</sup> | 32 | 109 | 34 | 84 | (7)% | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $2272 | $1568 | $2188 | $1455 | 4% | 8% |

---

N/M – Represents a change equal to or in excess of 100% or not meaningful

<sup>1</sup> In 2025, selling and general expenses include employee severance charges of $33 million, acquisition-related costs of $10 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $3 million. In 2024, selling and general expenses include a net acquisition-related benefit of $8 million, IHS Markit merger costs of $20 million and employee severance charges of $35 million.

<sup>2</sup> In 2025, selling and general expenses include legal costs of $27 million and employee severance charges of $10 million. In 2024, selling and general expenses include legal costs of $20 million and employee severance charges of $2 million.

<sup>3</sup> In 2025, selling and general expenses include employee severance charges of $10 million. In 2024, selling and general expenses include IHS Markit merger costs of $10 million, an asset write-off of $1 million and disposition-related costs of $1 million.

<sup>4</sup> In 2025, selling and general expenses include employee severance charges of $5 million. In 2024, selling and general expenses include employee severance charges of $6 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million.

<sup>5</sup> In 2024, selling and general expenses include IHS Markit merger costs of $3 million and employee severance charges of $1 million.

<sup>6</sup> Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

<sup>7</sup> In 2025, selling and general expenses include employee severance charges of $23 million, Executive Leadership Team transition costs of $13 million, disposition-related costs of $10 million, a lease impairment of $7 million, acquisition-related costs of $2 million, legal costs of $2 million and an asset write-off of $1 million. In 2024, selling and general expenses include IHS Markit merger costs of $38 million, acquisition-related costs of $7 million, disposition-related costs of $3 million, employee severance charges of $2 million and recovery of lease-related costs of $1 million.

*Operating-Related Expenses*

Operating-related expenses increased 4% primarily driven by higher compensation costs driven by annual merit increases and additional headcount, partially offset by lower outside services expenses.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

*Selling and General Expenses*

Selling and general expenses increased 8%. Selling and general expenses increased 7% excluding the impact in 2025 of higher employee severance charges of 2 percentage points and Executive Leadership Team transition costs of 1 percentage point, partially offset by IHS Markit merger costs in 2024 of 2 percentage points. The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic initiatives, partially offset by lower outside services expenses.

------

*Depreciation and Amortization*

Depreciation and amortization increased 1% to $296 million primarily due to higher intangible asset amortization driven by the acquisition of Visible Alpha in May of 2024.

**Gain on Dispositions, net**

During the three and six months ended, we recorded a pre-tax gain of $3 million ($2 million after-tax) in Gain on dispositions, net in the consolidated statements of income related to the sale of Fincentric in August of 2024.

**Operating Profit**

We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate.

We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment's contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated expense and Equity in Income on Unconsolidated Subsidiaries. Segment operating profit is not, however, a measure of financial performance under U.S. GAAP, and may not be defined and calculated by other companies in the same manner.

The tables below reconcile segment operating profit to total operating profit for the periods ended June 30:

<u>Three Months</u>

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | **2025** | **2024** | **% Change** |
| Market Intelligence <sup>1</sup> | $259 | $230 | 12% |
| Ratings <sup>2</sup> | 715 | 725 | (1)% |
| Commodity Insights <sup>3</sup> | 233 | 206 | 13% |
| Mobility <sup>4</sup> | 104 | 80 | 30% |
| Indices <sup>5</sup> | 309 | 263 | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total segment operating profit | 1620 | 1504 | 8% |
| Corporate Unallocated expense <sup>6</sup> | (80) | (65) | (21)% |
| Equity in income on unconsolidated subsidiaries <sup>7</sup> | 11 | 13 | (22)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating profit | $1551 | $1452 | 7% |

---

<sup>1</sup> 2025 includes employee severance charges of $19 million, acquisition-related costs of $4 million, a gain on disposition of $3 million, disposition-related costs of $2 million. 2024 includes a net acquisition-related benefit of $11 million, IHS Markit merger costs of $9 million and employee severance charges of $4 million. 2025 and 2024 include amortization of intangibles from acquisitions of $150 million and $147 million, respectively.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;2025 includes legal costs of $27 million and employee severance charges of $8 million. 2024 includes legal costs of $20 million. 2025 and 2024 include amortization of intangibles from acquisitions of $2 million.

<sup>3</sup> 2025 includes employee severance charges of $4 million. 2024 includes IHS Markit merger costs of $5 million, an asset write-off of $1 million and disposition-related costs of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $33 million and $32 million, respectively.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;2025 includes employee severance charges of $5 million. 2024 includes employee severance charges of $6 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $76 million.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;2024 includes IHS Markit merger costs of $2 million and a loss on disposition of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $9 million.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;2025 includes employee severance charges of $12 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $5 million, legal costs of $2 million, a lease impairment of $2 million, acquisition-related costs of $1 million and an asset write-off of $1 million. 2024 includes IHS Markit merger costs of $20 million, acquisition-related costs of $6 million, disposition-related costs of $2 million and a gain on disposition of $2 million. 2025 and 2024 include amortization of intangibles from acquisitions of $1 million.

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;2025 and 2024 include amortization of intangibles from acquisitions of $13 million and $14 million, respectively.

------

*Segment Operating Profit —* Segment operating profit increased 8% as compared to 2024 primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. See "Segment Review" below for further information.

*Corporate Unallocated Expense —* Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense increased 21% compared to 2024. Excluding the impact of higher employee severance charges in 2025 of 2 percentage points, Executive Leadership Team transition costs in 2025 of 1 percentage point and disposition-related costs of 1 percentage point, partially offset by IHS merger costs in 2024 of 2 percentage points and acquisition-related costs of 1 percentage point, Corporate Unallocated expense increased 22% primarily due to higher incentives in 2025.

*Equity in Income on Unconsolidated Subsidiaries —* The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combines each company's post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME's optimization businesses (Traiana, TriOptima, and Reset) and the Company's MarkitSERV business. The combination is intended to increase operating efficiencies of both businesses to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Equity in Income on Unconsolidated Subsidiaries includes the OSTTRA joint venture. Equity in Income on Unconsolidated Subsidiaries was $11 million for the three months ended June 30, 2025 compared to $13 million for the three months ended June 30, 2024.

Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities. Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business's functional currency.

<u>Six Months</u> 

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | **2025** | **2024** | **% Change** |
| Market Intelligence <sup>1</sup> | $479 | $419 | 14% |
| Ratings <sup>2</sup> | 1471 | 1404 | 5% |
| Commodity Insights <sup>3</sup> | 488 | 432 | 13% |
| Mobility <sup>4</sup> | 190 | 151 | 26% |
| Indices <sup>5</sup> | 624 | 534 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total segment operating profit | 3252 | 2940 | 11% |
| Corporate Unallocated expense <sup>6</sup> | (145) | (122) | (19)% |
| Equity in income on unconsolidated subsidiaries <sup>7</sup> | 22 | 19 | 13% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total operating profit | $3129 | $2837 | 10% |

---

<sup>1</sup> 2025 includes employee severance charges of $33 million, acquisition-related costs of $10 million, Executive Leadership Team transition costs of $4 million a gain on disposition of $3 million and disposition-related costs of $3 million. 2024 includes a net acquisition-related benefit of $8 million, IHS Markit merger costs of $20 million and employee severance charges of $35 million. 2025 and 2024 include amortization of intangibles from acquisitions of $297 million and $288 million, respectively.

<sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;2025 includes legal costs of $27 million and employee severance charges of $10 million. 2024 includes legal costs of $20 million and employee severance charges of $2 million. 2025 and 2024 include amortization of intangibles from acquisitions of $4 million and $9 million, respectively.

<sup>3</sup> 2025 includes employee severance charges of $10 million. 2024 includes IHS Markit merger costs of $10 million, an asset write-off of $1 million and disposition-related costs of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $65 million.

<sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;2024 includes employee severance charges of $5 million. 2024 includes employee severance charges of $6 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $152 million and $151 million.

<sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;2024 includes IHS Markit merger costs of $3 million, a loss on disposition of $1 million and employee severance charges of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $18 million.

<sup>6</sup>&nbsp;&nbsp;&nbsp;&nbsp;2025 includes employee severance charges of $23 million, Executive Leadership Team transition costs of $13 million, disposition-related costs of $10 million, a lease impairment of $7 million, acquisition-related costs of $2 million, legal costs of $2 million and an

------

asset write-off of $1 million. 2024 includes IHS Markit merger costs of $38 million, acquisition-related costs of $7 million, disposition-related costs of $3 million, a gain on disposition of $2 million, employee severance charges of $2 million and recovery of lease-related costs of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $1 million.

<sup>7</sup>&nbsp;&nbsp;&nbsp;&nbsp;2025 and 2024 include amortization of intangibles from acquisitions of $26 million and $28 million, respectively.

*Segment Operating Profit —* Segment operating profit increased 11% as compared to 2024. Excluding the impact of higher net acquisition-related costs in 2025 of 3 percentage points, higher employee severance charges in 2025 of 2 percentage points, higher legal costs in 2025 of 1 percentage point and higher amortization of intangibles in 2025 of 1 percentage point, partially offset by IHS merger costs in 2024 of 7 percentage points and a higher gain on disposition in 2025 of 1 percentage point, segment operating profit increased 9%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. See "Segment Review" below for further information.

*Corporate Unallocated Expense —* Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense increased 19% compared to 2024. Excluding the impact of higher employee severance charges in 2025 of 7 percentage points, Executive Leadership Team transition costs in 2025 of 4 percentage points, a lease impairment in 2025 of 3 percentage points, higher disposition-related costs in 2025 of 2 percentage points and higher legal costs in 2025 of 1 percentage point, partially offset by the impact of IHS merger costs in 2024 of 12 percentage points and higher acquisition-related costs in 2024 of 1 percentage point, Corporate Unallocated expense increased 15% primarily due to higher incentives in 2025 and disposition-related income in 2024.

*Equity in Income on Unconsolidated Subsidiaries —* The Company holds an investment in a 50/50 joint venture arrangement with shared control with CME Group that combines each company's post-trade services into a joint venture, OSTTRA. The joint venture provides trade processing and risk mitigation operations and incorporates CME's optimization businesses (Traiana, TriOptima, and Reset) and the Company's MarkitSERV business. The combination is intended to increase operating efficiencies of both businesses to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes. Equity in Income on Unconsolidated Subsidiaries includes the OSTTRA joint venture. Equity in Income on Unconsolidated Subsidiaries was $22 million for the six months ended June 30, 2025 compared to $19 million for the six months ended June 30, 2024.

On April 14, 2025, the Company and CME Group entered into an agreement to sell OSTTRA to investment funds managed by Kohlberg Kravis Roberts & Co. ("KKR"), a leading global investment firm. The terms of the deal for OSTTRA equaled total enterprise value at $3.1 billion, subject to customary purchase price adjustments, which will be divided evenly between the Company and CME Group pursuant to the 50/50 joint venture. We currently anticipate the sale to result in a pre-tax gain of $220 million ($140 million after-tax) for the Company, including the impact of accumulated other comprehensive income related to our investment. The transaction is expected to close in 2025, subject to customary closing conditions and receipt of required regulatory approvals.

Foreign exchange rates had an unfavorable impact on operating profit of 1 percentage point. This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities. Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business's functional currency.

**Other Income, net**

Other income, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans. Other income, net was $28 million for the three months ended June 30, 2025 compared to other income, net of $3 million for the three months ended June 30, 2024 and $23 million for the six months ended June 30, 2025 compared to $13 million for the six months ended June 30, 2024 primarily due to gains on our mark-to-market investments in 2025 compared to losses in 2024.

**Interest Expense, net**

Interest expense, net decreased slightly compared to the three months ended June 30, 2024 primarily due to a benefit from our net investment hedge program and decreased slightly compared to the six months ended June 30, 2024 primarily due to an increase in interest expense related to uncertain tax liabilities offset by higher interest income from invested cash due to a more favorable interest rate environment combined with a benefit from our net investment hedge program.

------

**Provision for Income Taxes**

The effective income tax rate was 22.8% and 22.2% for the three and six months ended June 30, 2025, respectively and 21.3% and 20.1% for the three and six months ended June 30, 2024, respectively. The higher 2025 rates are due to both a change in mix of income by jurisdiction and benefits from discrete adjustments in 2024.

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act ("OBBBA"). The OBBBA makes permanent key elements of the Tax Cuts and Jobs Act, as well as modifying certain international tax provisions. Accounting Standards Codification ("ASC") 740, Income Taxes, requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the legislation is enacted. Consequently, as of the date of enactment, and during the three months ended September 30, 2025, the Company will evaluate all deferred tax balances under the newly enacted tax law and identify any other changes required to its financial statements as a result.

The Organization for Economic Co-operation and Development ("OECD") introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%. This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements.

In June 2025, G7 reached an agreement with the U.S. regarding the application of the OECD global minimum tax rules to U.S. companies, which would exempt U.S. companies from OECD's global minimum tax rules, and in return the U.S. withdrew proposed section 899 from OBBBA, which would have imposed retaliatory taxes on non-U.S. businesses. We are continuing to monitor implementation dates of this agreement and will be evaluating the impact on our financial statements once more details are available.

**<u>Segment Review</u>**

**Market Intelligence**

Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. Market Intelligence's portfolio of capabilities are designed to help trading and investment professionals, government agencies, corporations and universities track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and manage credit risk.

On June 6, 2025, we completed the acquisition of TeraHelix, a privately held financial technology firm. TeraHelix helps solve complex, enterprise-scale data challenges by providing frameworks that structure data models for smooth interoperability across platforms, systems and storage architectures. This acquisition is part of our Market Intelligence segment and strengthens our customer-centric approach to data, technology, and AI by meaningfully enhancing the ability to link datasets across classes and platforms. The acquisition of TeraHelix is not material to our consolidated financial statements.

On April 24, 2025, we entered into an agreement to acquire the Automatic Identification System (AIS) data services business of ORBCOMM Inc. The AIS business is a leading provider of satellite data services used to track and monitor vessels, enhancing maritime visibility and delivering critical insights that support business intelligence and decision-making for government and commercial clients worldwide. The AIS business is expected to be integrated within our Market Intelligence segment. We also expect to enter into a strategic alliance with ORBCOMM. Under this strategic alliance, the two organizations expect to develop a range of differentiated supply chain data and insight offerings and we will make an equity investment in ORBCOMM, underscoring our commitment to further investing in this sector while helping customers navigate the complex supply chain environment. The proposed acquisition is subject to customary closing conditions, including receipt of certain regulatory approvals and is expected to close during 2025. The proposed acquisition is not expected to be material to our consolidated financial statements.

Market Intelligence includes the following business lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data, Analytics & Insights *—* a desktop product suite that provides data, analytics and third-party research for global finance and corporate professionals, which includes the Capital IQ platforms (which are inclusive of S&P Capital IQ Pro, Capital IQ, Office and Mobile products) and a broad range of research, reference data, market data, derived analytics and valuation services covering both the public and private capital markets, delivered through flexible feed-based or API delivery mechanisms. This also includes issuer solutions for public companies, a range of products for the maritime & trade market, data and insight into Financial Institutions, the telecoms, technology and media space as

------

well as ESG and supply chain data analytics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enterprise Solutions *—* software and workflow solutions that help our customers manage and analyze data; identify risk; reduce costs; and meet global regulatory requirements. The portfolio includes industry leading financial technology solutions like Wall Street Office, Enterprise Data Manager, Information Mosaic, and iLevel. Our Global Markets Group offering delivers bookbuilding platforms across multiple assets including municipal bonds, equities and fixed income; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit & Risk Solutions *—* commercial arm that sells Ratings' credit ratings and related data and research, advanced analytics, and financial risk solutions which includes subscription-based offerings, RatingsXpress®, RatingsDirect® and Credit Analytics.

Subscription revenue at Market Intelligence is primarily derived from distribution of data, valuation services, analytics, third party research, and credit ratings-related information through both feed and web-based channels. Subscription revenue also includes software and hosted product offerings which provide maintenance and continuous access to our platforms over the contract term. Recurring variable revenue at Market Intelligence represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued. Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing conferences and events, and analytical services.

The following table provides revenue and segment operating profit information for the periods ended June 30:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $1217 | $1155 | 5% | $2416 | $2297 | 5% |
| Subscription revenue | $1017 | $965 | 5% | $2010 | $1912 | 5% |
| Recurring variable revenue | $158 | $147 | 8% | $308 | $288 | 7% |
| Non-subscription revenue | $42 | $43 | (3)% | $98 | $97 | 1% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription revenue | 84% | 83% |  | 83% | 83% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Recurring variable revenue | 13% | 13% |  | 13% | 13% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-subscription revenue | 3% | 4% |  | 4% | 4% |  |
| U.S. revenue | $741 | $693 | 7% | $1445 | $1377 | 5% |
| International revenue | $476 | $462 | 3% | $971 | $920 | 6% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. revenue | 61% | 60% |  | 60% | 60% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International revenue | 39% | 40% |  | 40% | 40% |  |
| Operating profit <sup>1</sup> | $259 | $230 | 12% | $479 | $419 | 14% |
| Operating margin % | 21% | 20% |  | 20% | 18% |  |

---

<sup>1</sup> Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $19 million and $33 million, respectively, acquisition-related costs of $4 million and $10 million, respectively, a gain on disposition of $3 million and disposition-related costs of $2 million and $3 million, respectively. Operating profit for the six months ended June 30, 2025 includes Executive Leadership Team transition costs of $4 million. Operating profit for the three and six months ended June 30, 2024 includes a net acquisition-related benefit of $11 million and $8 million, respectively, IHS Markit merger costs of $9 million and $20 million, respectively, and employee severance charges of $4 million and $35 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $150 million and $147 million for the three months ended June 30, 2025 and 2024, respectively, and $297 million and $288 million for the six months ended June 30, 2025 and 2024, respectively.

*Three Months*

Revenue increased 5% primarily due to subscription revenue growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress® and RatingsDirect®, and growth for work flow solutions in Enterprise Solutions, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point.

------

Operating profit increased 12%. Excluding the impact of higher employee severance charges in 2025 of 1 percentage point, operating profit increased 13% primarily due to revenue growth and lower outside services expenses, partially offset by higher compensation costs driven by annual merit increases and additional headcount and expenses associated with the acquisition of Visible Alpha. Foreign exchange rates had a favorable impact of 1 percentage point.

*Six Months* 

Revenue increased 5% primarily due to subscription revenue growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress® and RatingsDirect®, and growth for work flow solutions in Enterprise Solutions, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 14%. Excluding the impact of higher net acquisition-related costs in 2025 of 9 percentages points, higher amortization of intangibles from acquisitions in 2025 of 5 percentage points, Executive Leadership Team transition costs in 2025 of 2 percentage points and disposition-related costs in 2025 of 2 percentage point, partially offset by IHS merger costs in 2024 of 10 percentage points, a gain on disposition of 2 percentage points and higher employee severance charges in 2024 of 1 percentage point, operating profit increased 9% primarily due to revenue growth and lower outside services expenses, partially offset by higher compensation costs driven by annual merit increases and additional headcount and expenses associated with the acquisition of Visible Alpha. Foreign exchange rates had a favorable impact of 1 percentage point.

For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1A, *Risk Factors* in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – *Commitments and Contingencies* to the consolidated financial statements of this Form 10-Q.

**Ratings**

Ratings is an independent provider of credit ratings, research, and analytics, offering investors and other market participants information, ratings and benchmarks. Credit ratings are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments. They are opinions about credit risk and our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default.

Ratings disaggregates its revenue between transaction and non-transaction. Transaction revenue primarily includes fees associated with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ratings related to new issuance of corporate and government debt instruments, as well as structured finance debt instruments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• bank loan ratings.

Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at Crisil. Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue was $42 million and $84 million for the three and six months ended June 30, 2025, respectively and $40 million and $79 million for the three and six months ended June 30, 2024, respectively.

------

The following table provides revenue and segment operating profit information for the periods ended June 30:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $1148 | $1135 | 1% | $2297 | $2197 | 5% |
| Transaction revenue | $597 | $626 | (4)% | $1217 | $1207 | 1% |
| Non-transaction revenue | $551 | $509 | 8% | $1080 | $990 | 9% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Transaction revenue  | 52% | 55% |  | 53% | 55% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-transaction revenue  | 48% | 45% |  | 47% | 45% |  |
| U.S. revenue | $639 | $646 | (1)% | $1322 | $1255 | 5% |
| International revenue | $509 | $489 | 4% | $975 | $942 | 4% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. revenue | 56% | 57% |  | 58% | 57% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International revenue | 44% | 43% |  | 42% | 43% |  |
| Operating profit <sup>1</sup> | $715 | $725 | (1)% | $1471 | $1404 | 5% |
| Operating margin % | 62% | 64% |  | 64% | 64% |  |

---

<sup>1</sup>Operating profit for the three and six months ended June 30, 2025 includes legal costs of $27 million, and employee severance charges of $8 million and $10 million, respectively. Operating profit for the three and six months ended June 30, 2024 includes legal costs of $20 million. Operating profit for the six months ended June 30, 2024 includes employee severance charges of $2 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $2 million for the three months ended June 30, 2025 and 2024, and $4 million and $9 million for the six months ended June 30, 2025 and 2024, respectively.

*Three Months* 

Revenue increased 1%, with a favorable impact from foreign exchange rates of 1 percentage point. Non-transaction revenue increased primarily due to an increase in surveillance revenue. The increase in non-transaction revenue was partially offset by a decrease in transaction revenue driven by lower bank loan ratings revenue due to market volatility. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit decreased 1%. Excluding the impact of higher legal costs in 2025 of 1 percentage point and higher employee severance charges in 2025 of 1 percentage point, operating profit increased 1% due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of 1 percentage point.

*Six Months* 

Revenue increased 5%, with a favorable impact from foreign exchange rates of 1 percentage point. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary. Transaction revenue increased slightly due to higher corporate bond ratings revenue offset by lower bank loan ratings revenue. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit increased 5% primarily due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

------

*Billed Issuance Volumes*

We monitor billed issuance volumes regularly within Ratings. Billed issuance excludes items that do not impact transaction revenue, such as issuance from frequent issuer programs, unrated debt, and most international public finance to more effectively correlate issuance activity to movements in transaction revenue.

The following table provides billed issuance levels based on Ratings' internal data feeds for the periods ended June 30:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
| (in billions) | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Investment-grade billed issuance\*  | $429 | $390 | 10% | $869 | $847 | 3% |
| High-yield billed issuance \* | $147 | $135 | 9% | $260 | $254 | 2% |
| Other billed issuance \*\*  | $441 | $537 | (18)% | $971 | $954 | 2% |
| Total billed issuance | $1017 | $1062 | (4)% | $2100 | $2055 | 2% |

---

Note - Totals presented may not sum due to rounding.

\* &nbsp;&nbsp;&nbsp;&nbsp;Includes Corporates, Financial Services and Infrastructure.

\*\* Includes Bank Loans, Structured Finance and Government.

Second quarter billed issuance was down due to decreases in bank loans and structured finance.

For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1A, *Risk Factors* in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – *Commitments and Contingencies* to the consolidated financial statements of this Form 10-Q.

**Commodity Insights**

Commodity Insights is a leading independent provider of information and benchmark prices for the commodity and energy markets. Commodity Insights provides essential price data, analytics, industry insights and software & services, enabling the commodity and energy markets to perform with greater transparency and efficiency.

Commodity Insights includes the following business lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Energy & Resources Data & Insights *—* includes data, news, insights, and analytics for petroleum, gas, power & renewables, petrochemicals, metals & steel, agriculture, and other commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Price Assessments *—* includes price assessments and benchmarks, and forward curves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upstream Data & Insights — includes exploration & production data and insights, software and analytics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advisory & Transactional Services *—* includes consulting services, conferences, events and global trading services.

Commodity Insights' revenue is generated primarily through the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subscription revenue *—* primarily from subscriptions to our market data and market insights (price assessments, market reports and commentary and analytics) along with other information products and software term licenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales usage-based royalties *—* primarily from licensing our proprietary market price data and price assessments to commodity exchanges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-subscription revenue *—* conference sponsorship, consulting engagements, events, and perpetual software licenses.

------

The following table provides revenue and segment operating profit information for the periods ended June 30:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $555 | $516 | 8% | $1167 | $1075 | 9% |
| Subscription revenue | $500 | $459 | 9% | $986 | $909 | 8% |
| Sales usage-based royalties | $30 | $26 | 18% | $59 | $51 | 15% |
| Non-subscription revenue | $25 | $31 | (23)% | $122 | $115 | 6% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription revenue | 90% | 89% |  | 85% | 84% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales usage-based royalties | 6% | 5% |  | 5% | 5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-subscription revenue | 4% | 6% |  | 10% | 11% |  |
| U.S. revenue | $202 | $195 | 3% | $477 | $442 | 8% |
| International revenue | $353 | $321 | 10% | $690 | $633 | 9% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. revenue | 36% | 38% |  | 41% | 41% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International revenue | 64% | 62% |  | 59% | 59% |  |
| Operating profit <sup>1</sup> | $233 | $206 | 13% | $488 | $432 | 13% |
| Operating margin % | 42% | 40% |  | 42% | 40% |  |

---

<sup>1</sup>Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $4 million and $10 million, respectively. Operating profit for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $5 million and $10 million, respectively, an asset write-off of $1 million and disposition-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million and $32 million for the three months ended June 30, 2025 and 2024, respectively, and $65 million for the six months ended June 30, 2025 and 2024.

*Three Months* 

Revenue increased 8% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. An increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors also contributed to revenue growth. All four business lines contributed to revenue growth in the second quarter of 2025 with the Energy & Resources Data & Insights and Price Assessments businesses being the most significant drivers, followed by the Advisory & Transactional Services and Upstream Data & Insights businesses. The Advisory & Transaction Services business was unfavorably impacted by lower consulting revenue and the Upstream Data & Insights business was unfavorably impacted by increased cancellations. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Operating profit increased 13%. Excluding the impact of IHS Markit merger costs in 2024 of 7 percentage points, an asset write-off in 2024 of 2 percentage points and disposition-related costs in 2024 of 1 percentage point, partially offset by higher employee severance charges in 2025 of 7 percentage points, operating profit increased 10%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount and investment in strategic initiatives. Foreign exchange rates had an unfavorable impact of 1 percentage point.

*Six Months*

Revenue increased 9% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and an increase in conference revenue driven by increased attendance at CERAWeek in 2025. An increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors also contributed to revenue growth. Revenue was favorably impacted by the acquisition of World Hydrogen Leaders in May of 2024. All four business lines contributed to revenue growth in the first six months of 2025 with the Energy & Resources Data & Insights and Price Assessments businesses being the most significant drivers, followed by the Advisory & Transactional

------

Services and Upstream Data & Insights businesses. The Advisory & Transaction Services business was unfavorably impacted by lower consulting revenue and the Upstream Data & Insights business was unfavorably impacted by increased cancellations. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 13%. Excluding the impact of IHS Markit merger costs in 2024 of 35 percentage points, an asset write-off in 2024 of 4 percentage points and disposition-related costs in 2024 of 2 percentage points, partially offset by higher employee severance charges in 2025 of 37 percentage points, higher amortization of intangibles from acquisitions in 2025 of 1 percentage point and acquisition-related costs in 2025 of 1 percentage point, operating profit increased 11%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, investment in strategic initiatives and expenses associated with the acquisition of World Hydrogen Leaders. Foreign exchange rates had an unfavorable impact of 1 percentage point.

For a further discussion of competitive and other risks inherent in our Commodity Insights business, see Item 1A, *Risk Factors* in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – *Commitments and Contingencies* to the consolidated financial statements of this Form 10-Q.

**Mobility**

Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

Mobility includes the following business lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Dealer *—* includes analytics to predict future buyers, targeted marketing, and vehicle history data to allow people to shop, buy, service and sell used cars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Manufacturing *—* includes insights, forecasts and advisory services spanning the entire automotive value chain, from product planning to marketing, sales and the aftermarket; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Financial *—* includes reports and data feeds to support lenders and insurance companies.

Mobility's revenue is generated primarily through the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Subscription revenue *—* Mobility's core information products provide critical information and insights to all global OEMs, most of the world's leading suppliers, and the majority of North American dealerships. Mobility operates across both the new and used car markets. Mobility provides data and insight on future vehicles sales and production, including detailed forecasts on technology and vehicle components; supplies car makers and dealers with market reporting products, predictive analytics and marketing automation software; and supports dealers with vehicle history reports, used car listings and service retention services. Mobility also sells a range of services to financial institutions, to support their marketing, insurance underwriting and claims management activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-subscription revenue *—* One-time transactional sales of data that are non-cyclical in nature – and that are usually tied to underlying business metrics such as OEM marketing spend or safety recall activity – as well as consulting and advisory services.

------

The following table provides revenue and segment operating profit information for the periods ended June 30:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $438 | $400 | 10% | $858 | $786 | 9% |
| Subscription revenue | $357 | $323 | 10% | $700 | $635 | 10% |
| Non-subscription revenue | $81 | $77 | 6% | $158 | $151 | 5% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription revenue | 81% | 81% |  | 82% | 81% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-subscription revenue | 19% | 19% |  | 18% | 19% |  |
| U.S. revenue | $364 | $330 | 10% | $714 | $649 | 10% |
| International revenue | $74 | $70 | 5% | $144 | $137 | 4% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. revenue | 83% | 83% |  | 83% | 82% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International revenue | 17% | 17% |  | 17% | 18% |  |
| Operating profit <sup>1</sup> | $104 | $80 | 30% | $190 | $151 | 26% |
| Operating margin % | 24% | 20% |  | 22% | 19% |  |

---

<sup>1</sup> Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $5 million. Operating profit for the three and six months ended June 30, 2024 includes employee severance charges of $6 million, IHS Markit merger costs of $1 million and acquisition-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended June 30, 2025 and 2024, and $152 million and $151 million for the six months ended June 30, 2025 and 2024, respectively.

*Three Months* 

Revenue increased 10% primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business. Additionally, the Dealer and Financial businesses were favorably impacted by price increases. Non-subscription revenue was unfavorably impacted by lower recall activity in the Manufacturing business. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 30%. Excluding the impact of higher employee severance costs in 2024 of 9 percentage points, IHS merger related costs in 2024 of 5 percentage points and acquisition-related costs in 2024 of 3 percentage points, operating profit increased 13%. The increase was primarily driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount and an increase in advertising and promotion costs. Foreign exchange rates had a favorable impact of 1 percentage point.

*Six Months*

Revenue increased 9% primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business. Additionally, the Dealer and Financial businesses were favorably impacted by price increases. Non-subscription revenue was unfavorably impacted by lower recall activity in the Manufacturing business. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Operating profit increased 26%. Excluding the impact of IHS merger related costs in 2024 of 7 percentage points, higher employee severance costs in 2024 of 6 percentage points and higher acquisition-related costs in 2024 of 3 percentage points, partially offset by higher amortization of intangibles in 2025 of 2 percentage points, operating profit increased 12%. The increase was primarily driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, an increase in strategic investments and an increase in advertising and promotion costs. Foreign exchange rates had an unfavorable impact of 1 percentage point.

------

For a further discussion of competitive and other risks inherent in our Mobility business, see Item 1A, *Risk Factors* in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – *Commitments and Contingencies* to the consolidated financial statements of this Form 10-Q.

**Indices**

Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. Indices' mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products, and provide investors with tools to monitor world markets.

On July 21, 2025, we entered into a definitive agreement to acquire ARC Research, a subsidiary of ARC Group, the leading independent provider of investment performance data, benchmarking capabilities and insights in the private wealth market. The acquisition will be part of our Indices segment and will expand our capabilities to deliver innovative, high-quality benchmarks and data solutions tailored to the evolving needs of wealth managers, private banks, and financial advisers. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions and regulatory approvals. The proposed acquisition is not expected to be material to our consolidated financial statements.

Indices derives revenue from asset-linked fees when investors direct funds into its proprietary designed or owned indexes, sales usage-based royalties of its indices, as well as data subscription arrangements. Specifically, Indices generates revenue from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investment vehicles *—* asset-linked fees such as ETFs and mutual funds, that are based on the S&P Dow Jones Indices' benchmarks that generate revenue through fees based on assets and underlying funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange traded derivatives *—* generate sales usage-based royalties based on trading volumes of derivatives contracts listed on various exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Index-related licensing fees *—* fixed or variable annual and per-issue asset-linked fees for over-the-counter derivatives and retail-structured products; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Data and customized index subscription fees *—* fees from supporting index fund management, portfolio analytics and research.

------

The following table provides revenue and segment operating profit information for the periods ended June 30:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (in millions) | **Three Months** | **Three Months** | **Three Months** | **Six Months** | **Six Months** | **Six Months** |
|  | **2025** | **2024** | **% Change** | **2025** | **2024** | **% Change** |
| Revenue | $446 | $389 | 15% | $891 | $776 | 15% |
| Asset-linked fees | $286 | $245 | 17% | $574 | $489 | 17% |
| Subscription revenue | $80 | $74 | 8% | $155 | $144 | 8% |
| Sales usage-based royalties | $80 | $70 | 15% | $162 | $143 | 13% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-linked fees | 64% | 63% |  | 64% | 63% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Subscription revenue | 18% | 19% |  | 18% | 19% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sales usage-based royalties | 18% | 18% |  | 18% | 18% |  |
| U.S. revenue | $355 | $314 | 13% | $716 | $630 | 14% |
| International revenue | $91 | $75 | 22% | $175 | $146 | 20% |
| % of total revenue: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. revenue | 79% | 81% |  | 80% | 81% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International revenue | 21% | 19% |  | 20% | 19% |  |
| Operating profit <sup>1</sup> | $309 | $263 | 18% | $624 | $534 | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: net operating profit attributable to noncontrolling interests | 78 | 68 |  | 156 | 138 |  |
| Net operating profit | $231 | $195 | 18% | $469 | $396 | 18% |
| Operating margin % | 69% | 68% |  | 70% | 69% |  |
| Net operating margin % | 52% | 50% |  | 53% | 51% |  |

---

<sup>1</sup> Operating profit for the three and six months ended June 30, 2024 includes IHS Markit merger costs of $2 million and $3 million, respectively, and a loss on disposition of $1 million. Operating profit for the six months ended June 30, 2024 includes employee severance charges of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended June 30, 2025 and 2024 and $18 million for the six months ended June 30, 2025 and 2024.

*Three Months*

Revenue at Indices increased 15% primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management ("AUM") for ETFs and mutual funds, higher exchange-traded derivative revenue driven by continued strength in trading volume and higher data subscription revenue. Ending AUM for ETFs increased 25% to $4.735 trillion compared to June 30, 2024 and average levels of AUM for ETFs increased 20% to $4.378 trillion compared to the three months ended June 30, 2024. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 18%. Excluding the impact of IHS Markit merger costs in 2024 of 1 percentage point and a loss on disposition in 2024 of 1 percentage point, operating profit increased 16% due to revenue growth and decreased incentive costs, partially offset by a normalization of bad debt expense, higher compensation costs driven by annual merit increases, and an increase in strategic investments. Foreign exchange rates had a favorable impact of 1 percentage point.

*Six Months* 

Revenue at Indices increased 15% primarily due to an increase in asset linked fees revenue driven by higher levels of AUM for ETFs and mutual funds, higher exchange-traded derivative revenue driven by continued strength in trading volume and higher data subscription revenue. Ending AUM for ETFs increased 25% to $4.735 trillion compared to June 30, 2024 and average levels of AUM for ETFs increased 25% to $4.420 trillion compared to the six months ended June 30, 2024. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

------

Operating profit increased 17%. Excluding the impact of IHS Markit merger costs in 2024 of 1 percentage point and a loss on disposition in 2024 of 1 percentage point, operating profit increased 15% due to revenue growth partially offset by a normalization of bad debt expense, higher compensation costs driven by annual merit increases, and an increase in strategic investments. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

For a further discussion of competitive and other risks inherent in our Indices business, see Item 1A, *Risk Factors* in this Form 10-Q and our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – *Commitments and Contingencies* to the consolidated financial statements of this Form 10-Q.

**LIQUIDITY AND CAPITAL RESOURCES**

We continue to maintain a strong financial position. Our primary source of funds for operations is cash from our businesses. Cash on hand, cash flows from operations and availability under our existing credit facility are expected to be sufficient to meet any additional operating and recurring cash needs into the foreseeable future. We use our cash for a variety of needs, including but not limited to: ongoing investments in our businesses, strategic acquisitions, share repurchases, dividends, repayment of debt, capital expenditures and investment in our infrastructure.

**<u>Cash Flow Overview</u>**

Cash, cash equivalents, and restricted cash were $1,847 million as of June 30, 2025, an increase of $181 million from December 31, 2024.

The following table provides cash flow information for the six months ended June 30:

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | **2025** | **2024** | **% Change** |
| Net cash provided by (used for): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating activities | $2398 | $2504 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Investing activities | $(131) | $(319) | (59)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing activities | $(2162) | $(1405) | 54% |

---

N/M – Represents a change equal to or in excess of 100% or not meaningful

In the first six months of 2025, free cash flow decreased $189 million to $2,126 million compared to $2,315 million in the first six months of 2024. The decrease is primarily due to a decrease in operating activities as discussed below and an increase in cash used for capital expenditures and distributions to noncontrolling interest holders. Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. See "Reconciliation of Non-GAAP Financial Information" below for a reconciliation of cash flow provided by operating activities, the most directly comparable U.S. GAAP financial measure, to free cash flow.

*Operating activities*

Cash provided by operating activities decreased $106 million to $2,398 million for the first six months of 2025 compared to 2024. This is primarily attributable to higher compensation payments in 2025 and proceeds received from the termination of interest rate swaps in 2024.

The OECD introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%. This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it. The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements.

In June 2025, G7 reached an agreement with the U.S. regarding the application of the OECD global minimum tax rules to U.S. companies, which would exempt U.S. companies from OECD's global minimum tax rules, and in return the U.S. withdrew proposed section 899 from OBBBA, which would have imposed retaliatory taxes on non-U.S. businesses. We are continuing to monitor implementation dates of this agreement and will be evaluating the impact on our financial statements once more details are available.

------

*Investing activities* 

Our cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions.

Cash used for investing activities decreased to $131 million for the first six months of 2025 compared to $319 million in the first six months of 2024, primarily due to higher cash paid for acquisitions in 2024.

*Financing activities*

Our cash outflows from financing activities consist primarily of share repurchases, dividends to shareholders and repayments of short-term and long-term debt, while cash inflows are primarily attributable to the borrowing of short-term and long-term debt.

Cash used for financing activities increased $757 million to $2,162 million for the first six months of 2025. The increase is primarily attributable to an increase in cash used for share repurchases in 2025.

During the six months ended June 30, 2025, we purchased a total of 2.4 million shares for $1.3 billion of cash. During the six months ended June 30, 2024, we purchased a total of 1.2 million shares for $500 million of cash. See Note 8 *— Equity* to the consolidated financial statements of this Form 10-Q for further discussion.

**<u>Additional Financing</u>**

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our "credit facility") that will terminate on December 17, 2029. As of June 30, 2025, and December 31, 2024, we had no outstanding commercial paper.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually. We currently pay a commitment fee of 8 basis points. There will be no sustainability pricing adjustment to our commitment fees or our margins under the credit facility for the approximately year-long period beginning April 7, 2025 as a result of our emissions performance for the year ended December 31, 2024. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant required is that our indebtedness to cash flow ratio, as defined in our credit facility, was not greater than 4 to 1, and this covenant level has never been exceeded.

**<u>Dividends</u>**

On January 28, 2025, the Board of Directors approved a quarterly common stock dividend of $0.96 per share.

**<u>Supplemental Guarantor Financial Information</u>**

The senior notes described below were issued by S&P Global Inc. and are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 22, 2024, S&P Global Inc. issued $746 million of 5.25% Senior Notes due 2033 that have been registered with the SEC and guaranteed by Standard & Poor's Financial Services LLC in exchange for unregistered senior notes of like principal amounts and terms that were originally issued on September 12, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On March 1, 2023, S&P Global Inc. issued new senior notes that have been registered with the SEC and guaranteed by Standard & Poor's Financial Services LLC in exchange for the following series of unregistered senior notes of like principal amount and terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $700 million of 4.75% Senior Notes due 2028 that were originally issued on March 2, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $921 million of 4.25% Senior Notes due 2029 that were originally issued on March 2, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,237 million of 2.45% Senior Notes due 2027 that were originally issued on March 18, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,227 million of 2.70% Sustainability-Linked Senior Notes due 2029 that were originally issued on March 18, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $1,492 million of 2.90% Senior Notes due 2032 that were originally issued on March 18, 2022;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $974 million of 3.70% Senior Notes due 2052 that were originally issued on March 18, 2022; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $500 million of 3.90% Senior Notes due 2062 that were originally issued on March 18, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On August 13, 2020, we issued $600 million of 1.25% senior notes due in 2030 and $700 million of 2.3% senior notes due in 2060.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 26, 2019, we issued $500 million of 2.5% senior notes due in 2029 and $600 million of 3.25% senior notes due in 2049.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On May 17, 2018, we issued $500 million of 4.5% senior notes due in 2048.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On September 22, 2016, we issued $500 million of 2.95% senior notes due in 2027.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On November 2, 2007, we issued $400 million of 6.55% Senior Notes due 2037.

The notes above are unsecured and unsubordinated and rank equally and ratably with all of our existing and future unsecured and unsubordinated debt. The guarantees are the subsidiary guarantor's unsecured and unsubordinated debt and rank equally and ratably with all of the subsidiary guarantor's existing and future unsecured and unsubordinated debt.

The guarantees of the subsidiary guarantor may be released and discharged upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor or the sale or disposition of all or substantially all the assets of the subsidiary guarantor (in each case other than to the Company or a person who, prior to such sale or other disposition, is an affiliate of the Company); (ii) upon defeasance or discharge of any applicable series of the notes, as described above; or (iii) at such time as the subsidiary guarantor ceases to guarantee indebtedness for borrowed money, other than a discharge through payment thereon, under any Credit Facility of the Company, other than any such Credit Facility of the Company the guarantee of which by the subsidiary guarantor will be released concurrently with the release of the subsidiary guarantor's guarantees of the notes.

Other subsidiaries of the Company do not guarantee the registered debt securities of either S&P Global Inc. or Standard & Poor's Financial Services LLC (the "Obligor Group") which are referred to as the "Non-Obligor Group".

The following tables set forth the summarized financial information of the Obligor Group on a combined basis. This summarized financial information excludes the Non-Obligor Group. Intercompany balances and transactions between members of the Obligor Group have been eliminated. This information is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP.

Summarized results of operations for the periods ended June 30, 2025 are as follows:

---

| | | |
|:---|:---|:---|
| (in millions) | **Three Months** | **Six Months** |
| Revenue | $1072 | $2160 |
| Operating Profit | 761 | 1584 |
| Net Income | 888 | 1308 |
| Net income attributable to S&P Global Inc. | 888 | 1308 |

---

Summarized balance sheet information as of June 30, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
| (in millions) | **June 30,** | **December 31,** |
|  | **2025** | **2024** |
| Current assets (excluding intercompany from Non-Obligor Group) | $1400 | $1400 |
| Non-current assets | 767 | 782 |
| Current liabilities (excluding intercompany to Non-Obligor Group) | 373 | 339 |
| Non-current liabilities | 11654 | 11541 |
| Intercompany payables to Non-Obligor Group | 16662 | 16100 |

---

**RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION**

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. Our cash flow provided by operating activities is the most directly comparable U.S. GAAP financial measure to free cash flow.

We believe the presentation of free cash flow allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. We use free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures and distributions

------

to noncontrolling interest holders are considered a necessary component of ongoing operations. Free cash flow is useful for management and investors because it allows management and investors to evaluate the cash available to us to prepay debt, make strategic acquisitions and investments and repurchase stock.

The presentation of free cash flow is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow for the six months ended June 30:

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | **2025** | **2024** | **% Change** |
| Cash provided by operating activities | $2398 | $2504 | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (104) | (56) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions to noncontrolling interest holders | (168) | (133) |  |
| Free cash flow | $2126 | $2315 | (8)% |

---

---

| | | | |
|:---|:---|:---|:---|
| (in millions) | **2025** | **2024** | **% Change** |
| Cash used for investing activities | (131) | (319) | (59)% |
| Cash used for financing activities | (2162) | (1405) | 54% |

---

**CRITICAL ACCOUNTING ESTIMATES**

Our accounting policies are described in Note 1 *— Accounting Policies* to the consolidated financial statements in our most recent Form 10-K. As discussed in Item 7, *Management's Discussion and Analysis of Financial Condition and Results of Operations*, in our most recent Form 10-K, we consider an accounting estimate to be critical if it required assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates could have a material effect on our results of operations. These critical estimates include those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. We base our estimates on historical experience, current developments and on various other assumptions that we believe to be reasonable under these circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates. Since the date of our most recent Form 10-K, there have been no material changes to our critical accounting estimates.

**RECENTLY ISSUED OR ADOPTED ACCOUNTING STANDARDS**

See Note 13 – *Recently Issued or Adopted Accounting Standards* to the consolidated financial statements of this Form 10-Q for further information.

------

**FORWARD-LOOKING STATEMENTS**

This report contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this report and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company's business strategies and methods of generating revenue; the development and performance of the Company's services and products; the expected impact of acquisitions and dispositions; the Company's effective tax rates; the Company's cost structure, dividend policy, cash flows or liquidity; and the anticipated separation of Mobility into a standalone public company.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), geopolitical uncertainty (including military conflict), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the demand and market for credit ratings in and across the sectors and geographies where the Company operates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, and the potential for a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcome of litigation, government and regulatory proceedings, investigations and inquiries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• concerns in the marketplace affecting the Company's credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of merger and acquisition activity in the United States and abroad;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of the Company's future cash flows and capital investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the effect of competitive products (including those incorporating generative artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of customer cost-cutting pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a decline in the demand for our products and services by our customers and other market participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract, incentivize and retain key employees, especially in a competitive business environment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to successfully navigate key organizational changes, including among our executive leadership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidation of the Company's customers, suppliers or competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the introduction of competing products or technologies by other companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact on the Company's revenue and net income caused by fluctuations in foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the impact of changes in applicable tax or accounting requirements on the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the separation of Mobility not being consummated within the anticipated time period or at all;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of the separation of Mobility to qualify for tax-free treatment for U.S. federal income tax purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any disruption to the Company's business in connection with the proposed separation of Mobility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any loss of synergies from separating the businesses of Mobility and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility not realizing all of the expected benefits of the separation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• following the separation of Mobility, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company's common stock had the separation not occurred.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company's filings with the SEC, including Item 1A, *Risk Factors* in this Form 10-Q and Item 1A, *Risk Factors* in our most recently filed Annual Report on Form 10-K.

------

<u>Item 3.</u> <u>Quantitative and Qualitative Disclosures About Market Risk</u>

Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2025 and December 31, 2024, we have entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts are not designated as hedges and do not qualify for hedge accounting. As of June 30, 2025 and December 31, 2024, we have entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign exchange rates. As of June 30, 2025 and December 31, 2024, we held cross currency swaps to hedge a portion of our net investment in certain European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. We have not entered into any derivative financial instruments for speculative purposes. See Note 5 - *Derivative Instruments* to the consolidated financial statements of this Form 10-Q for further discussion.

<u>Item 4.</u> <u>Controls and Procedures</u>

**Disclosure Controls and Procedures**

We maintain disclosure controls and procedures that are designed so that information required to be disclosed in our reports filed with the U.S. Securities and Exchange Commission (the "SEC") is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer ("CEO") and Chief Financial Officer ("CFO"), as appropriate, to allow timely decisions regarding required disclosure.

As of June 30, 2025, an evaluation was performed under the supervision and with the participation of management, including the CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of June 30, 2025.

**Changes in Internal Control over Financial Reporting**

There have been no changes in our internal control over financial reporting that occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

PART II – OTHER INFORMATION

<u>Item 1.</u> <u>Legal Proceedings</u>

See Note 12 – *Commitments and Contingencies - Legal & Regulatory Matters* to the consolidated financial statements of this Form 10-Q for information on our legal proceedings.

<u>Item 1A.</u> <u>Risk Factors</u>

In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors we have previously disclosed in Item 1A, *Risk Factors*, in our most recent Form 10-K, and the additional risk factor below.

**The planned separation of our Mobility business into an independent, publicly traded company is contingent upon the satisfaction of a number of conditions, may not be completed on the currently contemplated timeline, or at all, and may not achieve the intended benefits.**

On April 29, 2025, we announced our intent to pursue a separation of our Mobility business through a spin-off to our shareholders. The proposed separation is subject to various conditions, is complex in nature, and may be affected by unanticipated developments. The separation is intended to qualify as a tax-free transaction for U.S. federal income tax purposes. There can be no assurance regarding the ultimate timing of the separation or that such separation will be completed. Unanticipated developments could delay, prevent or otherwise adversely affect the separation, including but not limited to disruptions in general or financial market conditions or potential problems or delays in satisfying required conditions. Such developments could cause the separation to occur on terms or conditions that are less favorable than anticipated. In addition, we may not be able to achieve the full strategic and financial benefits that we anticipate to result from the separation, or such benefits may be delayed or not occur at all. The anticipated benefits of the separation are based on a number of assumptions, some of which may prove incorrect. We also expect to incur significant expenses in connection with the separation, certain of which will be incurred even if the separation is not completed. Executing the separation will require significant resources, time and attention from our senior management and employees, which could divert attention and resources away from other projects and the day-to-day operation of our business. We may experience negative reactions from financial markets if we do not complete the separation in a reasonable time period. Following the proposed separation, the combined value of the shares of the two publicly-traded companies may not be equal to or greater than what the value of our shares would have been had the separation not occurred. The above factors could have a material adverse effect on our business, financial condition, results of operations or the price of our shares.

<u>Item 2. Unregistered Sales of Equity Securities and Use of Proceeds</u>

On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the "2022 Repurchase Program"), which was approximately 9% of the total shares of our outstanding common stock at that time. During the second quarter of 2025, we received 1.4 million shares, which included 0.3 million shares received from our accelerated share repurchase ("ASR") agreement that we entered into on February 19, 2025. Further discussion relating to our ASR agreements can be found in Note 8 - *Equity*. As of June 30, 2025, 9.3 million shares remained under the 2022 Repurchase Program.

Repurchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. Our 2022 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

The following table provides information on our purchases of our outstanding common stock during the second quarter of 2025 pursuant to the 2022 Repurchase Program (column c). In addition to these purchases, the number of shares in column (a) include shares of common stock that are tendered to us to satisfy our employees' tax withholding obligations in connection with the vesting of awards of restricted shares (we repurchase such shares based on their fair market value on the vesting date).

------

There were no other share repurchases during the quarter outside the repurchases noted below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period** | **(a) Total Number of Shares Purchased** | **(b) Average Price Paid per Share** | **(c) Total Number of Shares Purchased as<br>Part of Publicly Announced Programs** | **(d) Maximum Number of Shares that may yet be Purchased Under the Programs** | **(d) Maximum Number of Shares that may yet be Purchased Under the Programs** |
| April 1 — April 30, 2025 | 9504 | $510.78 |  | 10.7 | million |
| May 1 — May 31, 2025 <sup>1,2</sup> | 1403052 | 491.20 | 1401575 | 9.3 | million |
| June 1 — June 30, 2025 | 867 | 513.59 |  | 9.3 | million |
| &nbsp;&nbsp;&nbsp;**Total — Quarter** <sup>1,2</sup> | **1413423** | $**491.75** | **1401575** | **9.3** | **million** |

---

<sup>1</sup> Includes 0.3 million shares received from the conclusion of our ASR agreement that we entered into on February 19, 2025.

<sup>2</sup> Includes 1.0 million shares received from the initiation of our ASR agreement that we entered into on May 6, 2025. Average price paid per share information does not include this accelerated share repurchase transaction.

<u>Item 5.</u> <u>Other Information</u>

IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT DISCLOSURE

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which amended the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether, during the reporting period, it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable laws and regulations.

During the second quarter of 2025, the Company engaged in limited transactions or dealings related to the purchase or sale of information and informational materials, which are generally exempt from U.S. economic sanctions, with persons that are owned or controlled, or appear to be owned or controlled, by the Government of Iran or are otherwise subject to disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012. Commodity Insights provided subscribers access to proprietary data, analytics, and industry information that enable commodities markets to perform with greater transparency and efficiency. Market Intelligence sourced certain trade data from Iran. The Company will continue to monitor such activities closely. During the second quarter of 2025, the Company recorded no revenue or net profit attributable to the Commodity Insights transactions or dealings described above, which reflects the uncertainty of collection. The Company attributes a *de minimis* amount of gross revenues and net profits to the data sourced from Iran by Market Intelligence.

RULE 10b5-1 PLAN ELECTIONS

No Rule 10b5-1 trading arrangements or "non-Rule 10b5-1 trading arrangements" (as defined by S-K Item 408(c)) were entered into or terminated by our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) during the second quarter of 2025.

------

<u>Item 6.</u> <u>Exhibits</u>

---

| | |
|:---|:---|
| (3.1) | <u>[Amended and Restated Certificate of Incorporation of Registrant, as amended and restated on May 13, 2020](https://www.sec.gov/Archives/edgar/data/64040/000006404020000126/spgi202005188-kex31.htm)</u>, incorporated by reference from the Registrant's Form 8-K filed May 18, 2020 |
| (3.2) | <u>[Amended and Restated By-Laws of Registrant, as amended and restated on September 27, 2023](https://www.sec.gov/Archives/edgar/data/64040/000006404023000184/ex31-spgiamendedbyxlaws_92.htm)</u>, incorporated by reference from the Registrant's Form 8-K filed October 2, 2023 |
| (10.1)\* | <u>[Dual Signature Separation Agreement, dated as of July 29, 2025, between IHS Markit UK Services Limited and Edouard Tavernier](exhibit101-edouardtavernie.htm)</u> |
| (15) | <u>[Letter on Unaudited Interim Financials](spgi-ex15x2025630q2.htm)</u> |
| (31.1) | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended](spgi-ex311x2025630q2.htm)</u> |
| (31.2) | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended](spgi-ex312x2025630q1.htm)</u> |
| (32) | <u>[Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](spgi-ex32x2025630q2.htm)</u> |
| (101.INS) | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| (101.SCH) | Inline XBRL Taxonomy Extension Schema |
| (101.CAL) | Inline XBRL Taxonomy Extension Calculation Linkbase |
| (101.LAB) | Inline XBRL Taxonomy Extension Label Linkbase |
| (101.PRE) | Inline XBRL Taxonomy Extension Presentation Linkbase |
| (101.DEF) | Inline XBRL Taxonomy Extension Definition Linkbase |
| (104) | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibit 101) |

---

\*These exhibits relate to management contracts or compensatory plan arrangements.

------

**<u>Signatures</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| | | | S&P Global Inc. |
| | | | Registrant |
| Date: | July 31, 2025 | By: | */s/ Eric W. Aboaf* |
|  |  |  | Eric W. Aboaf |
|  |  |  | Executive Vice President and Chief Financial Officer |
| Date: | July 31, 2025 | By: | */s/ Christopher F. Craig* |
|  |  |  | Christopher F. Craig |
|  |  |  | Senior Vice President, Chief Accounting Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**IHS Markit UK Services Limited**

**and**

**Edouard Tavernier**

____________________________________________

**DUAL SIGNATURE SEPARATION AGREEMENT**

____________________________________________

**<u>WITHOUT</u> <u>PREJUDICE</u> <u>SUBJECT</u> <u>TO CONTRACT</u>**

**Covered by section 111A of the Employment Rights Act 1996**

------

**THIS AGREEMENT is made**

**BETWEEN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.IHS Markit UK Services Limited** of 4th Floor Ropemaker Place, 25 Ropemaker Street, London, United Kingdom, EC2Y 9LY (the "Employer"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.Edouard Tavernier** of 29 Rotherwick Road, London, United Kingdom, NW11 7DG ("you") together referred to as the "Parties".

&nbsp;&nbsp;&nbsp;&nbsp;**1.Termination, Payments, and Transition Period**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1.You have been employed by the Employer since 6 January 2002, most recently under a contract of employment dated 16 March 2022 (your "Contract").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2.It is agreed that your employment with the Employer will terminate due to your resignation on 30th September 2025 (the "Separation Date") under the terms of this Agreement. The Employer agrees that it will not make you a payment in lieu of notice to terminate your employment prior to the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.From the date of this Agreement through the Separation Date (the "Transition Period"), you will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.1.continue to be employed by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.2.take your annual leave that is pre-scheduled as at the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.3.be deemed to serve your contractual notice period in full;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.4.receive your basic salary and benefits up to and including the Separation Date in the usual manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.5.Except as otherwise provided for in this Agreement, your base salary and benefits will cease with effect from midnight on the Separation Date and any loans, payments or overpayments due from you to the Employer may be deducted from the payments due to you under this Agreement. As at the date of this Agreement, the Employer confirms that they are not aware of any such loans, payments or overpayments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3.6.be paid any outstanding expenses in accordance with the Employer's standard policy, and subject to receipt of a properly constructed and evidenced expenses claim form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.The Employer may in its sole discretion notify you that it elects to place you on garden leave for any remainder of the Transition Period through the Separation Date ("Garden Leave"). During any period of Garden Leave, the terms of this

------

**Clause 1** in respect of pay and benefits (including the Transition Payments and Compensation Payments (each, as defined below)) will continue to apply, and you will remain an employee of the Employer. However:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.1.you will not be required to attend work or undertake any of the Transition Duties as set forth in **Clause 1.5.4** unless requested to do so by the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.2.you must not attend any premises of the Employer or any of its Associated Companies without the prior consent of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.3.you must not contact any clients, customers, suppliers or business contacts of the Employer or undertake any work on behalf of the Employer or any Associated Company, without the prior written consent of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.4.you must not contact or have any dealings with any employees of the Employer or any Associated Company other than for a purely social reason without the Employer 's prior written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.5.your obligations of fidelity and confidentiality remain in force; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4.6.you must notify the Employer of any change of address and contact details.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.In addition to your basic salary and benefits during the Transition Period, you will receive the following Transition Payments (collectively "Transition Payments"), which you would not otherwise be entitled to. In consideration for these Transition Payments you shall: (i) on the First Execution Date (defined in **Clause 2.1.1**) execute the Post-Employment Restrictive Covenant Agreement (the "RC Agreement") attached hereto as **Annex 1** which is fully incorporated herein by reference; and (ii) provide your reasonable assistance in transitioning your duties in an orderly fashion ("Transition Duties") to a newly appointed leader (or interim leader), such leader to be determined solely by S&P Global, Inc. (unless you are placed on Garden Leave and not required to undertake any of the Transition Duties in accordance with **Clause 1.4.1** at the sole discretion of the Employer):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.1.a one-time cash payment equivalent to $900,000 USD to be paid on 30<sup>th</sup> March 2026; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.2.a one-time cash payment equivalent to $3,100,000 USD to be paid on the earlier of the completion of the transition of S&P Mobility into its new corporate form ("Transaction"), as described in **Clause 1.6** below, or 30th September 2026. For the avoidance of doubt, if completion of the Transaction has not

------

occurred by 30th September 2026, or does not occur for any reason, this payment will be paid on 30th September 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.3.Such Transition Payments will be paid in GBP at the prevailing GBP/USD exchange rate on the date of payment but at no lower than0.7581 GPB to 1 USD, directly into a bank account nominated by you and notified to the Employer and will be paid even if you are placed on Garden Leave and not required to undertake any of the Transition duties in accordance with **Clause**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4.1** at the sole discretion of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5.4."Transition Duties" include, but are not limited to, continuing to perform your duties in an orderly fashion as an active employee of the Employer in good standing, using reasonable endeavors to ensure (so far as is within your control) S&P Mobility is led as business is usual, using best endeavors to attend all reasonably required meetings (on reasonable notice) with Executive Leadership Team to support the Transaction and management meetings with potential acquirers upon request, and identifying and communicating risks associated with the Employer or the Transaction to Executive Leadership Team, in each case provided you are not placed on Garden Leave. You represent you have not (save as disclosed to the Employer), and shall not communicate in any manner with external parties including potential investors, potential purchasers, counsel, advisors (save your legal advisors advising you on this Agreement) or private equity, about the sale, spin or any other potential corporate transaction involving all or part of the S&P Mobility businesses, without the express consent of the Chief Executive Officer of S&P Global, Inc., save to the extent required in the proper performance of your duties, including the Transition Duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6.The Parties accept and acknowledge that, for the purposes of **Clause 1.5.2** above, the precise form of the Transaction in contemplation is not yet known, but that completion of the Transaction shall mean: (i) if the Transaction is implemented as a 'spin', completion of the 'spin'; (ii) if the Transaction amounts to a sale (share or asset sale), completion of the sale; and (iii) if the Transaction amounts to a sale of part and a 'spin' of part, completion of the 'spin'.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7.You will not be entitled to an annual bonus for the 2025 fiscal year (but you are entitled to retain your annual bonus for the 2024 fiscal year in full).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8.You will be entitled to retain any and all equity that has already vested as of the First Execution Date (as defined in **Clause 2.1.1**) and/or is held as shares in your

------

name, and there will be no application of malus/clawback or any other applicable or potential repayment/clawback provisions relating to any such vested awards / shares or the annual bonus for the 2024 fiscal year. **Schedule 3** includes a table setting out the awards that have vested / shares that are held in your name and which are consequently retained, and those outstanding or unvested equity awards that will lapse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.9.The Employer will also, as soon as reasonably practicable following the Separation Date, pay you a sum in lieu of any accrued but unused holiday entitlement for the current holiday year (subject to applicable deductions for income tax and employee national insurance contributions) and will issue your P45.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10.You agree that, except for the payments and benefits referred to in this Agreement, no other sums or benefits are due to you from the Employer or any Associated Company or Individual.

&nbsp;&nbsp;&nbsp;&nbsp;**2.Compensation Payment**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.The Employer shall provide the Compensation Payment (as described in **Clause 2.2**) to you on its own behalf, and on behalf of all Associated Companies and/or Individuals, without admission of any liability, subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.1.receipt by the Employer of this Agreement signed by you, together with the Certificate signed by the lawyer whose name appears in the certificate at Schedule 1 (the **"Solicitor"**) on, or within 2 working days following, the date of this Agreement (the date of your signature of this Agreement being the **"First Execution Date"**); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.2.receipt by the Employer of the Reaffirmation Certificate at Schedule 4 signed by you on or within 7 working days of the Separation Date (the date of signature by you of the Reaffirmation Certificate being the "Second Execution Date"), together with a copy of the Certificate at Annex 1 of the Reaffirmation Certificate signed by the Solicitor (or another relevant independent adviser) on, or within 2 working days of the Second Execution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.3.that you have complied with all of the material terms of your Contract. The Employer confirms that, as at the date of this Agreement, it is not aware of any breaches by you of the terms of your Contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.The Employer shall pay you the sum of £30,000 (Thirty Thousand Pounds) as compensation in respect of the termination of your employment (the "**Compensation Payment**") in a lump sum within thirty (30) days after both

------

conditions in Clauses 2.1.1 and 2.1.2 have been met.in accordance with **Clause**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2** below directly into a bank account nominated by you. For the avoidance of doubt, the Compensation Payment will be paid whether or not you are placed on Garden Leave.

&nbsp;&nbsp;&nbsp;&nbsp;**3.Tax Treatment and Indemnity**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.As at the Separation Date you will have worked (or been on Garden Leave) for the period of notice to which you are entitled under your Contract. Accordingly, the Parties agree that the post-employment notice pay calculated in accordance with section 402D(1) of the Income Tax (Earnings and Pensions) Act 2003 is nil and accordingly that no part of the Transition Payments and/or Compensation Payment are taxable as Post Employment Notice Pay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.It is the Parties' understanding that Part 6, Chapter 3 ITEPA applies in respect of up to £30,000 of the Compensation Payment and that, therefore this sum shall be paid free of income tax and national insurance contributions as a termination award under the threshold within the meaning of section 402A(1) and 403 of ITEPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3.If income tax and/or employee's national insurance contributions are payable, whether in respect of the Compensation Payment or any other benefits provided to you or on your behalf under this Agreement, the responsibility for payment will be yours. Save for any income tax and employee national insurance contributions deducted by the Employer, you hereby undertake to indemnify and hold the Employer harmless against all other income tax and employee national insurance contributions in respect of the Compensation Payments or other benefits provided to you under this Agreement, and all costs, claims, expenses or proceedings, penalties and interest incurred by the Employer (save for any interest, penalties, costs and expenses which are incurred as a result of the Employer or any Associated Company's error, default or delay) which arise out of or in connection with any liability to pay (or deduct) income tax or employee national insurance contributions in respect of such payments or benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4.The Employer will give you reasonable notice of any demand for tax which may lead to liabilities on you under the indemnity at **Clause 3.3** above and will provide you (at your expense) with reasonable access to any documentation that you may reasonably require to challenge such a claim (provided that nothing in this clause will prevent the Employer from complying with its legal obligations with regard to HM Revenue & Customs or other appropriate authority).

&nbsp;&nbsp;&nbsp;&nbsp;**4.Employer Property**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.You warrant that you have deleted irretrievably (to the extent technically practicable) any information relating to the business of the Employer, Associated

------

Companies, and/or its or their customers, clients or suppliers that you have stored on any magnetic, digital or optical disk or memory, website, email account or any other device and all matter derived from such sources (or any other source) which is in your possession or under your control outside the premises or control of the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.You confirm you have provided (or will provide, if requested, prior to the Separation Date) to the Employer full details of all current passwords used by you in respect of computer equipment or other devices belonging to the Employer, or its Associated Companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.You shall, subject to Clause 4.6, within three business days of the Separation Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1.subject to **Clause 4.4** below, return all property belonging to the Employer including (but not limited to) any company credit card, keys, security pass, identity badge, mobile devices, and all documents and copies (whether written, printed, electronic, recorded or otherwise and wherever located) made, compiled or acquired by you during your employment with the Employer or relating to the business or affairs of the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2.copy to the Employer and then irretrievably delete from,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)any device and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)from any form of data memory or data storage

which is used by or which is in your possession or under your control or accessible by you including but not limited to cloud storage, all documents, drawings, graphics, communications and information belonging to, obtained from, or prepared for, or in relation to the Employer or any Associated Company or any of its or their respective Key Employees (as defined in RC Agreement), customers or clients; and

you shall not retain any copy, summary of precis of the same.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3.you shall not copy (save as required by **Clause 4.3.2**), delete, or alter any of the foregoing before you return the information and property per the above clauses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.You shall be permitted to retain the video equipment (digital camera and lighting equipment) installed at your current address. Your right to retain this device shall not extend to any Employer data, or application stored thereon, which will be removed by the Employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.The Employer will arrange a courier (at its cost), on a date and time to be mutually agreed with you, to collect any property required to be returned by you to the

------

Employer under **Clause 4.3** above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.It is acknowledged and agreed that you are permitted to retain the folder named 'Personal' on your desktop computer. In accordance with the Employer's standard procedure, the Employer will procure that a member of the People Team and IT Team download the relevant folder for you, and that they will provide it to you on a USB drive.

&nbsp;&nbsp;&nbsp;&nbsp;**5.Settlement and Waiver of Claims**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.You confirm that you have not commenced, initiated or otherwise caused to initiate any proceedings against the Employer or its Associated Companies or any of their directors, officers or employees ("**Individuals**") before signing this Agreement in respect of claims waived under this Agreement including any Data Subject Access Requests pursuant to section 45 of the Data Protection Act 2018 ("SAR") and/or grievances, and agree and undertake that you will not issue proceedings or grievances waived under this Agreement in respect of facts or circumstance in existence at the date of this Agreement against the Employer following completion of this Agreement save in respect of enforcing the terms of this Agreement or as otherwise permitted by **Clause 5.8**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.You confirm that before signing this Agreement you have taken independent legal advice from the Solicitor whose name appears in the certificate at **Schedule 1** attached to this Agreement on the terms and effect of this Agreement, particularly its effect on your ability to pursue your rights or any claim before an Employment Tribunal. The Parties confirm that they intend this Agreement to take effect as a settlement agreement within the meaning of Section 203(3) of the Employment Rights Act 1996.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.You warrant that you have informed the Solicitor of all relevant circumstances which might give rise to a claim against the Employer and you separately confirm that such claims are specifically listed in **Clause 5.7**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.The Solicitor is a qualified lawyer who advised you that there is in force and was at the time you received the advice referred to above, professional indemnity insurance cover in respect of a risk of a claim by you for any loss arising in consequence of her advice in relation to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.You will, on or within 7 working days of the Separation Date, sign and date the Reaffirmation Certificate (in the form set out in Schedule 4) and shall ensure that the Solicitor (or another relevant independent adviser) signs and dates the Certificate in the form set out in Annex 1 of the Reaffirmation Certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.You agree and accept that the Compensation Payment and benefits to be given to you under this Agreement are without admission of liability by the Employer or

------

any Associated Company or any Individual, and are in good faith, and you accept them in full and final settlement of all of the Relevant Claims (except as specifically referenced in **Clause 5.8**), and the Employment Protection Claims set out in **Schedule 2** (each of which is waived by this clause except as specifically referenced in **Clause 5.8**), and any other claim, costs, expenses or rights of action of any kind you have or might have in each case as at the date of this Agreement against the Employer, Associated Companies, or Individuals arising from your employment with the Employer and or any Associated Companies, your Contract or its termination, and whether under English, U.S. federal or State law, European Law, or any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7."Relevant Claims" means claims against the Employer, any Associated Company, or Individuals, existing as at the First Execution Date, for any of the following arising out of, in connection with, or related to your employment by the Employer or its termination (subject to the exceptions at **Clause 5.8** below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.1.unfair dismissal, under section 111 of the Employment Rights Act 1996; (as amended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.2.breach of contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.3.for failure to pay the compensation that is equivalent to a protective award under section 192 of Trade Union and Labour Relations (Consolidation) Act 1992 (TULCRA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.4.for failure to pay the compensation that is equivalent to an award made under Regulation 16(1), Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE 2006);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.5.any claim in respect of any share options or any other bonus schemes held by you in the Employer or in any Associated Company or ancillary schemes offered or provided by the Employer or any Associated Company (save where an entitlement to any such payments/awards are set out in this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.6.unfair dismissal (constructive or otherwise) and/or detriment on the grounds of or in relation to claiming asserting or exercising a statutory right under the Employment Rights Act 1996 (as amended);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.7.personal injury arising on discrimination and/or whistleblowing detriment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.8.personal injury, other than that arising on discrimination or whistleblowing detriment, of which you are aware after reasonable due diligence and/or the symptoms of which have manifested themselves to you as at the date of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.9.any claim for physical or psychiatric illness relating to any aspect of

------

your employment or its termination or any stress related claim and/or any claims relating to depression of any nature of which (having used reasonable diligence), you are aware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.10.a complaint under the Equality Act 2010 that there has been a contravention of Part 2 and/or Part 5 of that Act because of one or more of the following protected characteristics: age; race, disability, gender re- assignment, sex, sexual orientation, marriage or civil partnership or religion or belief;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.11.any claim under tort and/or common law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.12.victimisation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.**Clause 5.6** above will not apply to any claims in relation to the enforcement of this Agreement, accrued pension rights as at the date of this Agreement (other than pension loss arising out of the termination of employment) or any claim for personal injury (save for any personal injury claim you are aware of or ought reasonably to have been aware of as at the date of this Agreement or brought as part of a claim of discrimination). By signing this Agreement, you confirm that you are not currently aware of any such claims.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9.You acknowledge that the conditions relating to Separation Agreements under section 77(4A) of the Sex Discrimination Act 1975 (in relation to claims under that Act and the Equal Pay Act 1970), section 72(4A) of the Race Relations Act 1976, section 288(2B) of the Trade Union and Labour Relations (Consolidation) Act 1992, paragraph 2 of schedule 3A of the Disability Discrimination Act 1995, section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 49(4) of the National Minimum Wage Act 1998, regulation 41(4) of the Transnational Information and Consultation etc. Regulations 1999, regulation 9 of the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less Favourable Treatment) Regulations 2002, paragraph 2(2) of schedule 4 of the Employment Equality (Sexual Orientation) Regulations 2003, paragraph 2(2) of schedule 4 of the Employment Equality (Religion or Belief) Regulations 2003, regulation 40(4) of the Information and Consultation of Employees Regulations 2004, paragraph 12 of the schedule to the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 and paragraph 2(2) of schedule 5 of the Employment Equality (Age) Regulations 2006 and section 147 Equality Act 2010 have been satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.Nothing in this Agreement shall preclude you, the Employer, or any Associated Companies from complying with any order of a court of competent jurisdiction, any law, any regulations of any statutory or regulatory authority, or

------

any request of any government body (including, for the avoidance of doubt, HM Revenue & Customs), making a disclosure to a regulator regarding any misconduct, wrongdoing or serious breach of regulatory requirements, or reporting a criminal offence to any law enforcement agency, or co-operating with any law enforcement agency regarding a criminal investigation or prosecution. Furthermore, nothing in this Agreement shall preclude you from making a protected disclosure in accordance with the provisions set out in the Employment Rights Act 1996, or confirming to any third party (including any potential new employer) that you voluntarily resigned from your employment with the Employer (and the Employer and any Associated Companies may not make any statement to the contrary).

&nbsp;&nbsp;&nbsp;&nbsp;**6.Warranties**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.You hereby warrant and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.1.so far as you are aware, you have not breached any of the material terms of your Contract and there are no matters of which you are aware relating to any of your acts or omissions which, if disclosed to the Employer, would or might reasonably affect the Employer's decision to enter into this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.2.if you bring a claim against the Employer or Associated Companies or any Individuals in respect of any claims waived / settled or intended to be waived

/ settled by this Agreement, including the Relevant Claims and any Employment Protection Claim listed in **Schedule 2**, you shall indemnify the Employer and any Associated Companies in respect of any award of compensation or damages made in your favour together with all reasonable costs and expenses incurred in defending the claim. This indemnity shall not apply to any claim you are permitted to pursue pursuant to **Clause 5.8**; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1.3.notwithstanding **Clause 5.1** above, any grievances or SAR that have been raised by you are hereby withdrawn and you further warrant that you have no other grievance with the Employer or any Associated Companies or any Individuals as at the date of this Agreement in respect of or in connection with your employment with the Employer or any Associated Companies, its termination or any other matter as at the date of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2.You acknowledge that the Employer has entered into this Agreement in reliance on the warranties you have given in it. The Employer hereby discharges and generally releases you both individually and in your corporate capacity from all known claims, causes of action, suits and damages which it may have now against you and reserves the right to cease payment of the Compensation Payment and Transition Payments should the Employer become aware of any conditions under which your separation would be considered a separation for Cause in accordance with your Contract. As at the date of this Agreement, the Employer is not aware of

------

any conditions / circumstances under which your separation could be considered a separation for Cause. Notwithstanding anything herein to the contrary, nothing in this Agreement is intended to waive or release the Employer's or Associated Company's rights to enforce this Agreement and the post-employment obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3.You agree that if reasonably called upon to do so in the two years following the Separation Date, you will provide reasonable assistance to the Employer or any Associated Companies in any audits, arbitration, mediation or litigation or any inquiry or investigation by a statutory or regulatory tribunal, authority or other body with which the Employer or any Associated Employee may be involved where you are or may have been a material witness or where you are reasonably able to provide material assistance, such assistance being subject to the preservation of your rights to assert any and all legal privileges. This may be, for example (and without limitation), to provide a witness statement, to give oral or written evidence at a court, adjudication or tribunal or any regulatory authority on behalf of the Employer or Associated Companies, or to review documents and/or give your opinion. You will be paid any genuine and reasonable receipted expenses (including but not limited to, legal fees) incurred by you in providing such assistance and you will be reimbursed for any appropriately evidenced loss of income and only to the extent permitted and provided for by any applicable rules, including any rules of Court or Practice Direction, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.You shall also be entitled to the benefits of any other insurance policies, including Directors and Officers insurance, and/or indemnities maintained by the Employer for the benefit of its officers and directors, including but not limited to any errors and omissions, employment practices liability, or similar policies, to the fullest extent permitted by such policies. For the avoidance of doubt, You will be indemnified for all actions taken in good faith and within the scope of your duties as the President of Mobility and such indemnification will include reimbursement of legal fees.

&nbsp;&nbsp;&nbsp;&nbsp;**7.Post Termination Communications**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.In consideration of the provisions in **Clause 7.2** below, you agree not to make or publish, or cause to be made or published, any defamatory, slanderous or otherwise derogatory statements or comments about the Employer, any Associated Companies, their products or services or any clients of the Employer or any Individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2.The Employer agrees it will use its reasonable endeavors to ensure that none of its Directors make or cause to be made any defamatory, slanderous or otherwise derogatory statements or comments about you.

------

&nbsp;&nbsp;&nbsp;&nbsp;**8.Miscellaneous**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1.This Agreement is to be governed and construed in accordance with English Law and the parties submit to the exclusive jurisdiction of the English courts and tribunals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2.A reference to a particular law is a reference to it as it is in force for the time being taking account of any amendment, extension, or re-enactment and includes any subordinate legislation for the time being in force made under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3.Each paragraph and sub-paragraph of this Agreement is separate and severable. In the event that a paragraph of this Agreement shall be found to be void, if the paragraph would be valid if a sub-paragraph was deleted or if some part of the offending paragraph was deleted, such paragraph or sub-paragraph will apply with such modifications as may be necessary to make the Agreement enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4."**Associated Companies**" means any company which is a subsidiary or parent undertaking of the Employer or which is a parent or subsidiary undertaking of any parent or subsidiary undertaking of the Employer, within the meaning of sections 1159 and 1162 of the Companies Act 2006, except that the term "subsidiary" shall include a company that is held with 50% ownership, voting rights or board membership, specifically including S&P Global UK Limited, S&P Global Inc., IHS Markit Ltd., Markit Group Ltd., and all direct and indirect subsidiaries thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5."**ITEPA**" means Income Tax (Earnings and Pensions) Act 2003.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6."**Post-Employment Notice Pay**" has the meaning given in section 402D of ITEPA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7.The Contracts (Rights of Third Parties) Act 1999 shall apply to this Agreement to the extent that the Agreement may be enforced by any Associated Companies. No person other than you and the Employer or any Associated Companies will have any rights under it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8.No variation of this Agreement or of any of the documents referred to in it shall be valid unless it is in writing and signed by or on behalf of each of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9.The Agreement, although marked "without prejudice and subject to contract" will, upon signature by both Parties and signature by the Solicitor on the Certificate at Schedule 1 returned to the Employer, cease to be without prejudice and will become open, evidencing an agreement binding upon the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10.No party shall have any claim for innocent or negligent misrepresentation based upon any statement in this Agreement. Nothing in this Agreement will, however, operate to limit or exclude any liability for fraud.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11.This Agreement may be executed via DocuSign or PDF and in one or more counterparts, each of which shall be deemed an original, but all of which together constitute one and the same instrument, binding on the Parties.

------

**EXECUTION PAGE**

Signed: <u>/s/ Girish Ganesan</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: <u>29 July 2025</u>

**Girish Ganesan, Chief People Officer**

**for and on behalf of IHS Markit UK Services Limited**

Signed: <u>/s/ Edouard Tavernier</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dated: <u>24 July 2025</u>

**Edouard Tavernier**

## Ex-15

Exhibit (15)

The Board of Directors and Shareholders of

S&P Global Inc.

We are aware of the incorporation by reference in the following Registration Statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Registration Statement on Form S-8 (No. 33-49743) pertaining to the 1993 Key Employee Stock Incentive Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Registration Statements on Form S-8 (No.333-30043 and No. 333-40502) pertaining to the 1993 Employee Stock Incentive Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Registration Statement on Form S-8 (No. 333-92224) pertaining to the 2002 Stock Incentive Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Registration Statement on Form S-8 (No. 333-116993) pertaining to the Amended and Restated 2002 Stock Incentive Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Registration Statement on Form S-8 (No. 333-06871) pertaining to the Director Deferred Stock Ownership Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Registration Statement on Form S-8 (No. 33-50856) pertaining to the Savings Incentive Plan of McGraw-Hill, Inc. and its Subsidiaries, the Employee Retirement Account Plan of McGraw-Hill, Inc. and its Subsidiaries, the Standard & Poor's Savings Incentive Plan for Represented Employees, the Standard & Poor's Employee Retirement Account Plan for Represented Employees, the Employees' Investment Plan of McGraw-Hill Broadcasting Company, Inc. and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Registration Statement on Form S-8 (No. 333-126465) pertaining to the Savings Incentive Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, the Employee Retirement Account Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries, the Standard & Poor's Savings Incentive Plan for Represented Employees, and the Standard & Poor's Employee Retirement Account Plan for Represented Employees,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Registration Statement on Form S-8 (No. 333-157570) pertaining to the 401(k) Savings and Profit Sharing Plan of The McGraw-Hill Companies, Inc. and its Subsidiaries,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Registration Statement on Form S-8 (No. 333-167885) pertaining to the Amended and Restated 2002 Stock Incentive Plan,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Registration Statement on Form S-8 (No. 333-231476) pertaining to the S&P Global Inc. 2019 Stock Incentive Plan S&P Global Inc. Amended and Restated Director Deferred Stock Ownership Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Registration Statement on Form S-4 (No. 333-251999) and the related Prospectus of S&P Global Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Registration Statement on Form S-8 POS (No. 333-251999) pertaining to IHS Markit Ltd. 2014 Equity Incentive Award Plan and IHS Markit Ltd. 2004 Long-Term Incentive Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Registration Statement on Form S-4 (No. 333-269236) and the related Prospectus of S&P Global Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.Registration Statement on Form S-4 (No. 333-269237) and the related Prospectus of S&P Global Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Registration Statement on Form S-4 (No. 333- 280788) and the related Prospectus of S&P Global Inc.

of our report dated July 31, 2025 relating to the unaudited consolidated interim financial statements of S&P Global Inc., which are included in its Form 10-Q for the quarter ended June 30, 2025.

*/s/ ERNST & YOUNG LLP*

New York, New York

July 31, 2025

## Exhibit 31.1

Exhibit (31.1)

**Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended**

I, Martina L. Cheung, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of S&P Global Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 31, 2025 | /s/ Martina L. Cheung |
| | Martina L. Cheung |
| | President and Chief Executive Officer |

---

## Exhibit 31.2

Exhibit (31.2)

**Certification pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act, as amended**

I, Eric W. Aboaf, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this quarterly report on Form 10-Q of S&P Global Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: July 31, 2025 | */s/ Eric W. Aboaf* |
| | Eric W. Aboaf |
| | Executive Vice President and Chief Financial Officer |

---

## Ex-32

Exhibit (32)

**Certifications pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, each of the undersigned officers of S&P Global Inc. (the "Company"), does hereby certify, to such officer's knowledge, that:

This quarterly report on Form 10-Q of the Company for the quarter ended June 30, 2025 fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and

The information contained in this quarterly report on Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| Date: July 31, 2025 | /s/ Martina L. Cheung |
| | Martina L. Cheung |
| | President and Chief Executive Officer |
| Date: July 31, 2025 | */s/ Eric W. Aboaf* |
| | Eric W. Aboaf |
| | Executive Vice President and Chief Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

<br>