S&P Global Inc.
For the period ended Jun 30, 2025. Filed Aug 1, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 1, 2025
SPGI$467.80-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-04-29.
0000064040-25-000126
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-01.
0000064040-25-000147
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 245 previous paragraphs and 293 current paragraphs.
181 unchanged; 53 reworded; 44 added; 9 removed; 2 previous and 15 current paragraphs rearranged.
Tables are not compared: 16 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (44)
Current report
2 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.
Current report
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.
Current report
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.
Current report
periods ended June 30:
Current report
1 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.
Current report
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.
Current report
1 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.
Current report
2 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.
Current report
3 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.
Current report
4 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.
Current report
7 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.
Current report
Operating-Related Expenses
Current report
Selling and General Expenses
Current report
Depreciation and Amortization
Current report
Gain on Dispositions, net
Current report
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.
Current report
1 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.
Current report
2 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.
Current report
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.
Current report
2 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.
Current report
32025 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.
Current report
4 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.
Current report
5 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.
Current report
6 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.
Current report
7 2025 and 2024 include amortization of intangibles from acquisitions of $26 million and $28 million, respectively.
Current report
Other Income, net
Current report
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.
Current report
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.
Current report
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.
Current report
1 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.
Current report
1 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.
Current report
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.
Current report
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.
Current report
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.
Current report
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.
Current report
1 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.
Current report
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.
Current report
1 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.
Current report
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.
Current report
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.
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Removed paragraphs (9)
Previous report
1 In 2025, selling and general expenses include employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million. In 2024, selling and general expenses include employee severance charges of $31 million, IHS Markit merger costs of $11 million and acquisition-related costs of $3 million.
Previous report
1 2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million. 2024 includes employee severance charges of $31 million, IHS Markit merger costs of $11 million and acquisition-related costs of $3 million. 2025 and 2024 include amortization of intangibles from acquisitions of $148 million and $140 million, respectively.
Previous report
2 2025 and 2024 include employee severance charges of $2 million and amortization of intangibles from acquisitions of $2 million and $7 million, respectively.
Previous report
Other Expense (Income), net
Previous report
1 2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million. 2024 includes employee severance charges of $31 million, IHS Markit merger costs of $11 million and acquisition-related costs of $3 million. 2025 and 2024 also include amortization of intangibles from acquisitions of $148 million and $140 million, respectively.
Previous report
12025 and 2024 include employee severance charges of $2 million and amortization of intangibles from acquisitions of $2 million and $7 million, respectively.
Previous report
Revenue increased 8%, with an unfavorable impact from foreign exchange rates of 1 percentage point. Non-transaction revenue increased primarily due to an increase in volume related to surveillance, commercial paper, and medium-term notes. Transaction revenue increased primarily due to structured finance revenue driven by increased collateralized loan obligations (“CLOs”), bank loan ratings revenue due to higher M&A activity, and U.S. Public Finance revenue due to an increase in issuance volumes.
Previous report
Operating profit increased 11% primarily due to revenue growth, 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 2 percentage points.
Previous report
1 2024 includes IHS Markit merger costs of $1 million and employee severance charges of $1 million. 2025 and 2024 also include amortization of intangibles from acquisitions of $9 million.
Reworded paragraphs (53)
Previous wording
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 months ended March 31, 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:
Current wording
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:
Previous wording
•Results of Operations — Comparing the Three Months Ended March 31, 2025 and 2024
Current wording
•Results of Operations — Comparing the Three and Six Months Ended June 30, 2025 and 2024
Previous wording
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 upcoming 12 to 18 months, subject to the satisfaction of customary legal and regulatory requirements and approvals.
Current wording
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.
Previous wording
Key results for the three months ended March 31 are as follows:
Current wording
Key results for the periods ended June 30 are as follows:
Previous wording
Revenue increased 8% driven by increases at all of our reportable segments. The increase at Ratings was driven by growth in both non-transaction revenue and transaction revenue. Non-transaction revenue increased primarily due to an increase in volume related to surveillance, commercial paper, and medium-term notes. Transaction revenue increased primarily due to structured finance revenue driven by increased collateralized loan obligations, bank loan ratings revenue due to higher M&A activity, and U.S. Public Finance revenue due to an increase in issuance volumes. The increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics & Insights driven by the favorable impact of the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions 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 conference revenue driven by increased attendance at CERAWeek in 2025. 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 and strong underwriting volumes and market share growth within the Financial business. Foreign exchange rates had an unfavorable impact of 1 percentage point.
Current wording
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.
Previous wording
RESULTS OF OPERATIONS — COMPARING THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024
Current wording
RESULTS OF OPERATIONS — COMPARING THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024
Previous wording
The unfavorable impact of foreign exchange rates reduced 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.
Current wording
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.
Previous wording
Revenue increased 8% as compared to the three months ended March 31, 2024. Subscription revenue increased in the three month period primarily due to growth in Data, Analytics & Insights driven by the favorable impact of the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions 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 and strong underwriting volumes and market share growth within the Financial business at Mobility, and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to structured finance revenue driven by increased collateralized loan obligations, bank loan ratings revenue due to higher M&A activity, and U.S. Public Finance revenue due to an increase in issuance volumes at Ratings, and an increase in conference revenue at Commodity Insights. Non-transaction revenue increased primarily due to an increase in volume related to surveillance, commercial paper, and medium-term notes 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.
Current wording
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.
Previous wording
The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for thethree months ended March 31:
Current wording
The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the
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2 In 2025 and 2024, selling and general expenses include employee severance charges of $2 million.
Current wording
2 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.
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3 In 2025, selling and general expenses include employee severance charges of $6 million. In 2024, selling and general expenses include IHS Markit merger costs of $5 million.
Current wording
3 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.
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4 In 2024, selling and general expenses include IHS Markit merger costs of $1 million.
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4 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.
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5 In 2024, selling and general expenses include IHS Markit merger costs of $1 million and employee severance charges of $1 million.
Current wording
5 In 2024, selling and general expenses include IHS Markit merger costs of $2 million.
Previous wording
7 In 2025, selling and general expenses include employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million. In 2024, selling and general expenses include IHS Markit merger costs of $18 million, employee severance charges of $2 million, acquisition-related costs of $1 million and recovery of lease-related costs of $1 million.
Current wording
7 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.
Previous wording
Depreciation and amortization increased 2% to $293 million primarily due to higher intangible asset amortization driven by the acquisition of Visible Alpha in May of 2024.
Current wording
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.
Previous wording
Selling and general expenses increased 7%. Excluding the impact of IHS Markit merger costs in 2024 of 8 percentage points, partially offset by Executive Leadership Team transition costs in 2025 of 3 percentage points, a lease impairment in 2025 of 1 percentage point and higher acquisition-related costs in 2025 of 1 percentage point, selling and general expenses increased 10%. 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.
Current wording
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.
Previous wording
The tables below reconcile segment operating profit to total operating profit for the three months ended March 31:
Current wording
The tables below reconcile segment operating profit to total operating profit for the periods ended June 30:
Previous wording
32025 includes employee severance charges of $6 million. 2024 includes IHS Markit merger costs of $5 million. 2025 and 2024 include amortization of intangibles from acquisitions of $33 million and $32 million, respectively.
Current wording
32025 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.
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4 2024 includes IHS Markit merger costs of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $76 million.
Current wording
4 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.
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5 2024 includes IHS Markit merger costs of $1 million and employee severance charges of $1 million. 2025 and 2024 include amortization of intangibles from acquisitions of $9 million.
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5 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.
Previous wording
6 2025 includes employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million. 2024 includes IHS Markit merger costs of $18 million, employee severance charges of $2 million, acquisition-related costs of $1 million and recovery of lease-related costs of $1 million.
Current wording
6 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.
Previous wording
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 16% compared to 2024. Excluding the impact of IHS merger costs in 2024 of 24 percentage points, partially offset by higher employee severance charges in 2025 of 11 percentage points, Executive Leadership Team transition costs in 2025 of 11 percentage points, a lease impairment in 2025 of 8 percentage points and recovery of lease-related costs in 2024 of 1 percentage point, Corporate Unallocated expense increased 7% primarily due to disposition-related income in 2024 and higher incentives in 2025.
Current wording
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.
Previous wording
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 March 31, 2025 compared to $6 million for the three months ended March 31, 2024.
Current wording
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.
Previous wording
2 2025 includes employee severance charges of $33 million, Executive Leadership Team transition costs of $12 million, acquisition-related costs of $9 million, a lease impairment of $6 million and disposition-related costs of $1 million. 2024 includes IHS Markit merger costs of $36 million, employee severance charges of $35 million, acquisition-related costs of $5 million and recovery of lease-related costs of $1 million. 2025 and 2024 also include amortization of intangibles from acquisitions of $281 million and $278 million, respectively.
Current wording
1 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.
Previous wording
Segment Operating Profit — Segment operating profit increased 14% as compared to 2024. Excluding the impact of IHS merger costs in 2024 of 10 percentage points, partially offset by Executive Leadership Team transition costs in 2025 of 4 percentage points and a lease impairment in 2025 of 2 percentage points, segment 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 investments in strategic initiatives. See “Segment Review” below for further information.
Current wording
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.
Previous wording
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 the second half of 2025, subject to customary closing conditions and receipt of required regulatory approvals.
Current wording
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.
Previous wording
Other expense (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 expense, net was $4 million for the three months ended March 31, 2025 compared to other income, net of $9 million for the three months ended March 31, 2024 primarily due to losses on our mark-to-market investments in 2025 compared to gains in 2024.
Current wording
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.
Previous wording
Interest expense, net remained unchanged compared to the three months ended March 31, 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.
Current wording
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.
Previous wording
The effective income tax rate was 21.7% and 18.8% for the three months ended March 31, 2025 and 2024, respectively. The higher rate for the three months ended March 31, 2025 was primarily due to change in mix of income by jurisdiction. The lower rate for the three months ended March 31, 2024 was primarily due to a combination of discrete adjustments.
Current wording
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.
Previous wording
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. The Company continues to monitor jurisdictions that are expected to implement Pillar Two in the future, and it is in the process of evaluating the potential impact of the enactment of Pillar Two by such jurisdictions on its consolidated financial statements.
Current wording
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.
Previous wording
Revenue increased 5% primarily due to subscription revenue growth in Data, Analytics & Insights driven by the favorable impact of the acquisition of Visible Alpha in May of 2024, growth in RatingsXpress®, RatingsDirect® and Credit Analytics within Credit & Risk Solutions 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 an unfavorable impact of less than 1 percentage point.
Current wording
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.
Previous wording
Operating profit increased 16%. Excluding the impact of higher employee severance charges in 2024 of 17 percentage points and IHS merger costs in 2024 of 11 percentage points, partially offset by higher amortization of intangibles from acquisitions in 2025 of 8 percentage points, Executive Leadership Team transition costs in 2025 of 5 percentage points, higher acquisition-related costs in 2025 of 3 percentage points and disposition-related costs in 2025 of 1 percentage point, operating profit increased 5% 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 less than 1 percentage point.
Current wording
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.
Previous wording
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 $40 million for the three months ended March 31, 2025 and 2024, respectively.
Current wording
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.
Previous wording
The following table provides billed issuance levels based on Ratings’ internal data feeds for the three months ended March 31:
Current wording
The following table provides billed issuance levels based on Ratings’ internal data feeds for the periods ended June 30:
Previous wording
First quarter billed issuance was up due to increases in bank loans and structured finance. Structured finance billed issuance increases were driven primarily by new CLO issuance.
Current wording
Second quarter billed issuance was down due to decreases in bank loans and structured finance.
Previous wording
Operating profit increased 13%. Excluding the impact of higher employee severance charges in 2025 of 9 percentage points, partially offset by IHS Markit merger costs in 2024 of 7 percentage points, 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.
Current wording
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.
Previous wording
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 most 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 quarter of 2025 with the Advisory & Transactional Services and Energy & Resources Data & Insights businesses being the most significant drivers, followed by the Price Assessments and Upstream Data & Insights businesses. Foreign exchange rates had an unfavorable impact of 1 percentage point.
Current wording
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
Previous wording
Operating profit increased 14%. Excluding the impact of IHS Markit merger costs in 2024 of 11 percentage points, partially offset by Executive Leadership Team transition costs in 2025 of 4 percentage points, a lease impairment in 2025 of 2 percentage points and higher acquisition-related costs in 2025 of 1 percentage point, 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 investments in strategic initiatives. Foreign exchange rates had an unfavorable impact of 1 percentage point.
Current wording
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.
Previous wording
Revenue increased 9% primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business and strong underwriting volumes and market share growth within the Financial business. 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.
Current wording
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.
Previous wording
Operating profit increased 22%. Excluding the impact of IHS merger related costs in 2024 of 18 percentage points and employee severance costs in 2024 of 2 percentage points, partially offset by higher amortization of intangibles in 2025 of 8 percentage points, operating profit increased 10%. The increase was primarily driven by revenue growth, partially offset by an increase in strategic investments and higher compensation costs driven by annual merit increases and additional headcount. Foreign exchange rates had an unfavorable impact of 3 percentage points.
Current wording
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.
Showing the first 40 of 53 pairs. Open the source sections for the rest.
Rearranged current paragraphs (15)
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
5 In 2024, selling and general expenses include IHS Markit merger costs of $3 million and employee severance charges of $1 million.
Current report — wording carried from elsewhere
6 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Current report — wording carried from elsewhere
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.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
12025 includes employee severance charges of $6 million. 2024 includes IHS Markit merger costs of $5 million. 2025 and 2024 also include amortization of intangibles from acquisitions of $33 million and $32 million, respectively.
Previous report — wording carried elsewhere
1 2024 includes IHS Markit merger costs of $1 million. 2025 and 2024 also include amortization of intangibles from acquisitions of $76 million.