What changed in this filing

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Item 1. Financial Statements

2025-10-30 compared with 2025-08-01 · 210 added, 159 removed, 713 unchanged (34% of the section changed)

2 unchanged sentences

Consolidated Statements of Income

(in millions, except per share amounts) Three Months Ended Six Months Ended

June 30, June 30,

(in millions, except per share amounts) Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

5 unchanged sentences

Total expenses 2,220 2,173 6,647 6,397

Gain on dispositions, net ( 3 ) — ( 3 ) —

Gain on dispositions — ( 21 ) ( 3 ) ( 21 )

Equity in income on unconsolidated subsidiaries ( 7 ) ( 11 ) ( 28 ) ( 31 )

20 unchanged sentences

Consolidated Statements of Comprehensive Income

(in millions) Three Months Ended Six Months Ended

June 30, June 30,

(in millions) Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

5 unchanged sentences

( 8 ) 26 95 15

33 ( 10 ) 84 ( 89 )

Pension and other postretirement benefit plans

1 unchanged sentence

Income tax effect

( 2 ) ( 3 ) — ( 3 )

Unrealized gain on cash flow hedges ( 12 ) — ( 7 ) 19

Income tax effect

( 10 ) — ( 5 ) 16

Comprehensive income 1,262 1,172 3,681 3,249

8 unchanged sentences

Consolidated Balance Sheets

(in millions) June 30,

(in millions) September 30,

2025 December 31,

5 unchanged sentences

Prepaid and other current assets 926 926

Assets held for sale 200 —

Total current assets 5,654 5,459

15 unchanged sentences

Other current liabilities 799 869

Liabilities held for sale 45 —

Total current liabilities 5,803 6,392

21 unchanged sentences

Consolidated Statements of Cash Flows

(in millions) Six Months Ended

(in millions) Nine Months Ended

September 30,

Operating Activities:

6 unchanged sentences

Stock-based compensation 167 177

Gain on dispositions, net ( 3 ) —

Gain on dispositions ( 3 ) ( 21 )

Other 204 ( 15 )

29 unchanged sentences

Consolidated Statements of Equity

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

(in millions) Common Stock $ 1 par

1 unchanged sentence

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

Balance as of March 31, 2025 $ 415 $ 44,359 $ 21,799 $ ( 826 ) $ 32,376 $ 33,371 $ 102 $ 33,473

Balance as of June 30, 2025 $ 415 $ 44,392 $ 22,402 $ ( 795 ) $ 33,024 $ 33,390 $ 106 $ 33,496

Comprehensive income 1

5 unchanged sentences

Change in redemption value of redeemable noncontrolling interests 1 1 1

Balance as of June 30, 2025

Other — ( 4 ) ( 4 )

Balance as of September 30, 2025

$ 415 $ 44,352 $ 23,288 $ ( 798 ) $ 34,124 $ 33,133 $ 105 $ 33,238

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

(in millions) Common Stock $ 1 par

1 unchanged sentence

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

Balance as of March 31, 2024 $ 415 $ 44,295 $ 19,433 $ ( 825 ) $ 28,991 $ 34,327 $ 97 $ 34,424

Balance as of June 30, 2024 $ 415 $ 44,407 $ 19,957 $ ( 839 ) $ 29,059 $ 34,881 $ 89 $ 34,970

Comprehensive income 1

5 unchanged sentences

Change in redemption value of redeemable noncontrolling interests ( 281 ) ( 281 ) ( 281 )

Other 1 ( 1 ) — ( 3 ) ( 3 )

Balance as of June 30, 2024

Balance as of September 30, 2024

$ 415 $ 44,273 $ 20,364 $ ( 714 ) $ 30,346 $ 33,992 $ 94 $ 34,086

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(in millions) Common Stock $ 1 par

10 unchanged sentences

Change in redemption value of redeemable noncontrolling interests ( 146 ) ( 146 ) ( 146 )

Balance as of June 30, 2025

Other — ( 2 ) ( 2 )

Balance as of September 30, 2025

$ 415 $ 44,352 $ 23,288 $ ( 798 ) $ 34,124 $ 33,133 $ 105 $ 33,238

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(in millions) Common Stock $ 1 par

11 unchanged sentences

Other — ( 12 ) ( 12 )

Balance as of June 30, 2024

Balance as of September 30, 2024

$ 415 $ 44,273 $ 20,364 $ ( 714 ) $ 30,346 $ 33,992 $ 94 $ 34,086

1 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.

1 Excludes comprehensive income of $ 82 million and $ 69 million for the three months ended September 30, 2025 and 2024, respectively, and $ 235 million and $ 208 million for the nine months ended September 30, 2025 and 2024, respectively, attributable to our redeemable noncontrolling interests.

See accompanying notes to the unaudited consolidated financial statements.

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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.

The operating results for the three and nine months ended September 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.

1 unchanged sentence

Restricted Cash

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

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

Contract Assets

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.

As of September 30, 2025 and December 31, 2024, contract assets were $ 81 million and $ 69 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

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.

The increase in the unearned revenue balance at September 30, 2025 compared to December 31, 2024 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $ 3.2 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

Remaining Performance Obligations

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.

As of September 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 fifty-five percent and eighty 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.

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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.

Total capitalized costs to obtain contracts were $ 314 million and $ 291 million as of September 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.

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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.

As of September 30, 2025, 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.

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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.

On October 10, 2025, the Company and CME Group completed the sale of OSTTRA to 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.

We received proceeds from the sale of $ 1.5 billion in cash, subject to purchase price adjustments, which we expect to result in approximately $ 1.4 billion of after-tax proceeds.

We anticipate the sale to result in a pre-tax gain of approximately $ 270 million ($ 180 million after-tax) for the Company, including the impact of accumulated other comprehensive income related to our investment.

Other Income, net

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

(in millions) Three Months Six Months

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

Other components of net periodic benefit cost $ ( 5 ) $ ( 5 ) $ ( 17 ) $ ( 17 )

Net (gain) loss from investments ( 23 ) 3 ( 12 ) ( 1 )

Net loss (gain) from investments 3 7 ( 8 ) 7

Other income, net $ ( 2 ) $ 2 $ ( 25 ) $ ( 10 )

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 October 15, 2025, we entered into an agreement to acquire With Intelligence from Motive Partners for $ 1.8 billion.

With Intelligence is expected to be integrated into our Market Intelligence segment.

Combining With Intelligence's proprietary data, benchmarks and workflow solutions with S&P Global’s trusted expertise and brand in private markets intelligence and analytics, the company will create one of the most comprehensive data offerings for alternatives and private markets participants.

The transaction is expected to close in 2025, or early 2026, subject to customary closing conditions, including receipt of certain regulatory approvals.

On September 24, 2025, Crisil, included within our Ratings segment, agreed to acquire McKinsey PriceMetrix Co., a leading provider of performance benchmarking and data-driven insights for the wealth management industry.

This acquisition expands Crisil’s benchmarking offerings across the Wealth Management value chain.

The transaction is expected to be completed over the coming months, subject to customary closing conditions.

The proposed acquisition 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.

5 unchanged sentences

The proposed acquisition is not expected to be material to our consolidated financial statements.

On October 1, 2025, we completed the acquisition of 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 is part of our Indices segment and expands 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 acquisition of ARC Research is not expected to be material to our consolidated financial statements.

On June 6, 2025, we completed the acquisition of TeraHelix, a privately held financial technology firm.

3 unchanged sentences

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 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.

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The acquisition of World Hydrogen Leaders is not material to our consolidated financial statements.

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 Six Months

During the nine months ended September 30, 2025 , we did not complete any material dispositions.

On August 15, 2024, we completed the sale of Fincentric, formerly known as Markit Digital.

This sale followed our announced intent to explore strategic opportunities for Fincentric in February of 2024.

Fincentric was S&P Global’s premier digital solutions provider focused on developing mobile applications and websites for retail brokerages and other financial institutions.

Fincentric specializes in designing cutting-edge financial data visualizations, interfaces and investor experiences.

Fincentric was acquired by S&P Global through the merger with IHS Markit and was part of our Market Intelligence segment.

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

During the three and nine months ended September 30, 2024 , we recorded a pre-tax gain of $ 21 million ($ 12 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of Fincentric in our Market Intelligence segment.

Assets and Liabilities Held for Sale

The components of assets and liabilities held for sale in the consolidated balance sheets consist of the following:

(in millions) September 30, December 31,

Accounts Receivable, net $ 37 $ —

Prepaid and other current assets 1 —

Property and equipment 8

Goodwill 141 —

Other non current assets 13 —

Assets held for sale $ 200 $ —

Accounts payable $ 9 $ —

Unearned revenue 36 —

Liabilities held for sale $ 45 $ —

1 Assets and liabilities held for sale as of September 30, 2025 relate to the anticipated divestitures of the Enterprise Data Management and Thinkfolio businesses within our Market Intelligence segment.

Additionally, assets held for sale include fixed assets related to our intent to sell our facility in Centennial, Colorado.

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

Three Months Nine Months

(in millions) 2025 2024 2025 2024

2 unchanged sentences

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

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.

The effective income tax rate was 20.8 % and 21.8 % for the three and nine months ended September 30, 2025, respectively, and 23.0 % and 21.1 % for the three and nine months ended September 30, 2024, respectively.

The higher rate for the three months ended September 30, 2024 was primarily due to the tax charge on divestitures and change in the profit mix.

The lower rate for the nine months ended September 30, 2024 was primarily due to a combination of discrete adjustments.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings.

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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.

As of September 30, 2025 and December 31, 2024, the total amount of federal, state and local, and foreign unrecognized tax benefits was $ 357 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.

As of September 30, 2025 and December 31, 2024, we had $ 93 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.

1 unchanged sentence

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.

We do not anticipate a material impact to our 2025 financial statements as a result of the enacted OBBBA provisions.

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%.

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

(in millions) June 30,

(in millions) September 30,

2025 December 31,

21 unchanged sentences

2 Interest payments are due semiannually on March 1 and September 1.

3 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.

4 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.

3 Interest payments are due semiannually on January 22 and July 22, and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 1 million.

4 Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 5 million.

5 Interest payments are due semiannually on February 1 and August 1.

6 Interest payments are due semiannually on May 1 and November 1.

7 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.

8 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.

9 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.

10 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.

11 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.

12 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.

13 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.

14 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.

15 Interest payments are d ue semiannually on March 1 and September 1 and as of June 30, 2025, the unamortized debt discount and issuance costs total $ 25 million.

16 Interest payments are due semiannually on February 15 and August 1 5, and as of June 30, 2025, the unamortized debt discount and issuance costs total $ 17 million.

17 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 an d $ 10.0 billion as of June 30, 2025 and December 31, 2024, respectively, and was estimated based on quoted market prices.

7 Interest payments are due semiannually on June 1 and December 1, and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 2 million.

8 Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 10 million.

9 Interest payments are due semiannually on February 15 and August 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 4 million.

10 Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 21 million.

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

12 Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 2 million.

13 Interest payments are due semiannually on May 15 and November 15, and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 10 million.

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

15 Interest payments are d ue semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 25 million.

16 Interest payments are due semiannually on February 15 and August 1 5, and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 17 million.

17 Interest payments are due semiannually on March 1 and September 1 and as of September 30, 2025, the unamortized debt discount and issuance costs total $ 14 million.

The fair value of our total debt borrowings was $ 10.4 billion an d $ 10.0 billion as of September 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.

As of September 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.

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The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

T he 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.

T he only financial covenant in our credit facility is a requirement that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this ratio has never been exceeded.

Derivative Instruments

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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.

As of September 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 September 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;

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Undesignated Derivative Instruments

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.

During the nine months ended September 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.

As of September 30, 2025 and December 31, 2024, the aggregate notional value of these outstanding forward contracts was $ 672 million 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.

The amount recorded in prepaid and other current assets was $ 12 million as of September 30, 2025.

The amount recorded in other current liabilities was $ 9 million and $ 42 million as of September 30, 2025 and December 31, 2024, respectively.

The amount recorded in selling and general expense related to these contracts was a net loss of $ 2 million and a net gain of $ 158 million for the three and nine months ended September 30, 2025, respectively, and a net gain of $ 100 million and $ 54 million for the three and nine months ended September 30, 2024, respectively.

Net Investment Hedges

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.

As of September 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.

value of our outstanding cross currency swaps designated as a net investment hedge was $ 3.5 billion as of September 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.

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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.

We recognized net interest income of $ 10 million and $ 35 million for the three and nine months ended September 30, 2025, respectively, and net interest income of $ 11 million and $ 27 million for the three and nine months ended September 30, 2024, respectively.

Cash Flow Hedges

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.

During the nine months ended September 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 third 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.

As of September 30, 2025, we estimate that $ 4 million of pre-tax loss 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 September 30, 2025 and December 31, 2024, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $ 606 million and $ 539 million, respectively.

Interest Rate Swaps

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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,

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

(in millions) September 30, December 31,

Balance Sheet Location 2025 2024

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Other non-current liabilities Cross currency swaps $ 327 $ 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:

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 September 30:

(in millions) 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)

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Cross currency swaps $ ( 386 ) $ ( 58 ) Interest expense, net $ ( 3 ) $ ( 3 )

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 Six Months

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

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Reclassification into earnings, net of tax ( 1 ) ( 3 ) ( 5 ) ( 8 )

Net unrealized gains on cash flow hedges, net of taxes, end of period $ 4 $ 5 $ 4 $ 5

Net unrealized (losses) gains on cash flow hedges, net of taxes, end of period $ ( 5 ) $ 5 $ ( 5 ) $ 5

Interest rate swap contracts

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Net Investment Hedges

Net unrealized (losses) gains on net investment hedges, net of taxes, beginning of period $ ( 25 ) $ 2 $ 33 $ ( 21 )

Net unrealized gains (losses) on net investment hedges, net of taxes, beginning of period $ ( 283 ) $ 14 $ 33 $ ( 21 )

Change in fair value, net of tax 24 ( 79 ) ( 294 ) ( 46 )

Reclassification into earnings, net of tax 1 1 3 3

Net unrealized (losses) gains on net investment hedges, net of taxes, end of period $ ( 283 ) $ 14 $ ( 283 ) $ 14

Net unrealized losses on net investment hedges, net of taxes, end of period $ ( 258 ) $ ( 64 ) $ ( 258 ) $ ( 64 )

Employee Benefits

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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.

In addition, we sponsor a voluntary 401(k) plan under which we make a non-elective contribution and 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.

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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 Six Months

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

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Net periodic benefit cost $ ( 5 ) $ ( 5 ) $ ( 16 ) $ ( 16 )

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.

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and nine months ended September 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.

The effect of the assumption changes on retirement and postretirement expense for the three and nine months ended September 30, 2025 did not have a material impact to our financial position, results of operations or cash flows.

In the first nine months of 2025, we contributed $ 7 million to our retirement plans and expect to make additional required contributions of approximately $ 4 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 the fourth quarter of 2025.

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.

For the nine months ended September 30, 2025 and 2024, total stock-based compensation expense related to restricted stock and other stock-based awards was $ 167 million and $ 177 million, respectively.

During the nine months ended September 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 $ 527.44 per share.

Total unrecognized compensation expense related to unvested equity awards as of September 30, 2025 was $ 232 million, which is expected to be recognized over a weighted average period of 1.2 years.

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.

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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.

As of September 30, 2025, 7.4 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.

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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:

The amount recorded in other current liabilities was $ 24 million and $ 30 million as of September 30, 2025 and December 31, 2024, respectively.

During the nine months ended September 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 nine months ended September 30, 2025 and 2024, structured as outlined above, are as follows:

(in millions, except average price paid per share)

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Purchased Average Price Paid Per Share Total Cash Utilized

May 6, 2025 1

August 12, 2025 1

1.7 — 1.7 $ — $ 1,200

May 6, 2025 2

August 8, 2025 1.0 0.2 1.2 $ 518.47 $ 650

February 19, 2025 3

May 6, 2025 1.0 0.3 1.3 $ 491.12 $ 650

July 31, 2024 4

October 22, 2024 2.6 0.3 3.0 $ 505.19 $ 1,500

February 12, 2024 5

April 12, 2024 1.0 0.2 1.2 $ 421.05 $ 500

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 1.2 billion and initially received shares valued at 80 % of the $ 1.2 billion at a price equal to the market price of the Company’s common stock on August 12, 2025.

The Company received an initial delivery of 1.7 million shares from the ASR program.

We completed the ASR agreement on October 23, 2025 and received an additional 0.6 million shares.

We repurchased a total of 2.3 million shares under the ASR agreement for an average purchase price $ 513.82 per share.

The ASR agreement was executed under our 2022 Repurchase Program.

2 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.

We completed the ASR agreement on August 8, 2025 and received an additional 0.2 million shares.

The ASR agreement was executed under our 2022 Repurchase Program.

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The ASR agreement was executed under our 2022 Repurchase Program.

4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 1.5 billion and initially received shares valued at 85 % of the $ 1.5 billion at a price equal to the market price of the Company’s common stock on July 31, 2024 when the Company received an initial delivery of 2.6 million shares from the ASR program on August 1, 2024.

We completed the ASR agreement on October 22, 2024 and received an additional 0.3 million shares.

The ASR agreement was executed under our 2022 Repurchase Program

5 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.

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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.

During the nine months ended September 30, 2025, we received 4.6 million shares, including 0.3 million shares received in February of 2025 related to our October 28, 2024 ASR agreement.

During the nine months ended September 30, 2025, we purchased a total of 4.3 million shares for $ 2.5 billion of cash.

During the nine months ended September 30, 2024, we received 4.1 million shares, including 0.2 million shares received in February of 2024 related to our November 13, 2023 ASR agreement.

During the nine months ended September 30, 2024, we purchased a total of 3.8 million shares for $ 2 billion of cash.

Redeemable Noncontrolling Interests

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.

(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.

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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.

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.

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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:

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

(in millions)

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Redemption value adjustment 146

Balance as of June 30, 2025 2

Balance as of September 30, 2025 2

1 Includes foreign currency translation adjustments.

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

2 As of September 30, 2025 , $ 4,455 million relates to our redeemable noncontrolling interest in the Indices business.

Accumulated Other Comprehensive Loss

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

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

(in millions) Foreign Currency Translation Adjustments Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss

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Net other comprehensive income 90 — ( 5 ) 85

Balance as of June 30, 2025

Balance as of September 30, 2025

$ ( 519 ) $ ( 372 ) $ 93 $ ( 798 )

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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.

2 Reflects amortization of net actuarial losses and is net of a tax benefit of less than $ 1 million for the nine months ended September 30, 2025.

See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

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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 Six Months

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

(in millions, except per share amounts) Three Months Nine Months

2025 2024 2025 2024

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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.

For the three and nine months ended September 30, 2025 and 2024, there were no stock options excluded.

Restricted performance shares outstanding of 0.6 million and 0.9 million as of September 30, 2025 and 2024, respectively, were excluded.

Restructuring

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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:

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

2025 Restructuring Plan 2024 Restructuring Plan

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Total $ 105 $ 57 $ 125 $ 27

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.

We recorded a pre-tax restructuring charge of $ 105 million primarily related to employee severance charges for the 2025 restructuring plan during the nine months ended September 30, 2025 and have reduced the reserve by $ 48 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.

For the nine months ended September 30, 2025, we have reduced the reserve for the 2024 restructuring plan by $ 61 million.

The reductions primarily related to cash payments for employee severance charges.

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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:

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

(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Total

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Revenue from external customers $ 1,232 $ 1,196 $ 556 $ 445 $ 459 $ 3,888

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(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Total

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Revenue from external customers $ 3,643 $ 3,408 $ 1,722 $ 1,303 $ 1,344 $ 11,420

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(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Total

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Revenue from external customers $ 1,159 $ 1,069 $ 522 $ 412 $ 413 $ 3,575

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(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Total

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Revenue from external customers $ 3,450 $ 3,186 $ 1,597 $ 1,198 $ 1,185 $ 10,616

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

2 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.

2 The segment expense category for Market Intelligence, Ratings, Commodity Insights, Mobility and Indices for the three and nine months ended September 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;

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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.

3 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.

3 Other segment items for the three and nine months ended September 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 nine months ended September 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.

4 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:

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

(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Intersegment Elimination 1

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Subscription $ 1,035 $ — $ 507 $ 362 $ 82 $ — $ 1,986

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(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Intersegment Elimination 1

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Subscription $ 3,045 $ — $ 1,493 $ 1,062 $ 237 $ — $ 5,837

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(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Intersegment Elimination 1

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Subscription $ 981 $ — $ 478 $ 331 $ 74 $ — $ 1,864

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(in millions) Market Intelligence Ratings Commodity Insights Mobility Indices Intersegment Elimination 1

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Subscription $ 2,893 $ — $ 1,387 $ 966 $ 218 $ — $ 5,464

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1 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:

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

(in millions) Total Assets

June 30, December 31,

September 30, December 31,

Market Intelligence $ 28,764 $ 29,478

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1 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 Six Months

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

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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,

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

(in millions) September 30, December 31,

Balance Sheet Location 2025 2024

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Lease liabilities — non-current Non-current lease liabilities 481 535

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

(in millions) Three Months Six Months

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

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Total lease cost $ 26 $ 29 $ 81 $ 87

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

(in millions) Three Months Six Months

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

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

June 30, December 31,

September 30, December 31,

Weighted-average remaining lease term (years) 5.1 5.6

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(in millions)

2025 (Excluding the six months ended June 30, 2025)

2025 (Excluding the nine months ended September 30, 2025)

2030 and beyond 195

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Present value of lease liabilities $ 597

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.

As of September 30, 2025, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $ 99 million which have been excluded from the table above.

These leases are expected to begin in the fourth quarter of 2025 and continue through 2037, with lease terms ranging from 1 year to 12 years.

Related Party Agreements

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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.

During the three and nine months ended September 30, 2025, S&P Dow Jones Indices LLC earned $ 44 million and $ 146 million of revenue under the terms of the License Agreement.

During the three and nine months ended September 30, 2024, S&P Dow Jones Indices LLC earned $ 50 million and $ 146 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.

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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.

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.

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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.

In September of 2025, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that clarifies the guidance on which contracts are subject to derivative accounting and guidance on accounting for share based payments on contracts with customers.

This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted.

We do not expect this guidance to have a significant impact on our consolidated financial statements.

In September of 2025, the FASB issued accounting guidance which removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs.

This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted.

We do not expect this guidance to have a significant impact on our consolidated financial statements.

In July of 2025, the FASB issued accounting guidance that provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable.

This guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting, and early adoption is permitted.

We do not expect this guidance to have a significant impact on our consolidated financial statements.

In May of 2025, the 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.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements