What changed in this filing

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Item 1. Financial Statements

2026-04-28 compared with 2025-10-30 · 198 added, 395 removed, 528 unchanged (53% of the section changed)

2 unchanged sentences

Consolidated Statements of Income

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

September 30, September 30,

2025 2024 2025 2024

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

Revenue $ 4,171 $ 3,777

7 unchanged sentences

Operating profit 2,002 1,578

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

Other (income) expense, net ( 2 ) 4

Interest expense, net 96 78

17 unchanged sentences

Consolidated Statements of Comprehensive Income

(in millions) Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

(in millions) Three Months Ended

Net income $ 1,504 $ 1,171

1 unchanged sentence

Foreign currency translation adjustments

14 98 ( 5 ) 20

Income tax effect

( 8 ) 26 95 15

Pension and other postretirement benefit plans

1 1 ( 1 ) ( 4 )

Income tax effect

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

Unrealized (loss) gain on cash flow hedges ( 9 ) 5

Income tax effect

( 10 ) — ( 5 ) 16

Comprehensive income 1,465 1,228

comprehensive income attributable to nonredeemable noncontrolling interests

( 7 ) ( 7 ) ( 24 ) ( 20 )

comprehensive income attributable to redeemable noncontrolling interests

5 unchanged sentences

Consolidated Balance Sheets

(in millions) September 30,

(in millions) March 31,

2026 December 31,

47 unchanged sentences

Consolidated Statements of Cash Flows

(in millions) Nine Months Ended

September 30,

(in millions) Three Months Ended

Operating Activities:

7 unchanged sentences

Gain on dispositions ( 175 ) —

Other 204 ( 15 )

Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:

12 unchanged sentences

Changes in short-term investments ( 15 ) ( 23 )

Cash used for investing activities ( 232 ) ( 262 )

Cash provided by (used for) investing activities 291 ( 79 )

Financing Activities:

Additions to short-term debt, net 236 —

Payments on senior notes ( 3 ) ( 4 )

1 unchanged sentence

Distributions to noncontrolling interest holders ( 91 ) ( 94 )

Contingent consideration payments ( 8 ) ( 107 )

Repurchase of treasury shares ( 1,000 ) ( 650 )

Employee withholding tax on share-based payments, excise tax payments on share repurchases and other ( 101 ) ( 58 )

Employee withholding tax on share-based payments, contingent consideration payments and other ( 91 ) ( 60 )

Cash used for financing activities ( 1,237 ) ( 1,103 )

6 unchanged sentences

Consolidated Statements of Equity

Three Months Ended September 30, 2025

(in millions) Common Stock $ 1 par

Additional Paid-in Capital Retained Income Accumulated Other Comprehensive Loss Less:

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

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

Comprehensive income 1

1,176 ( 3 ) 1,173 7 1,180

Dividends (Dividend declared per common share — $ 0.96 per share)

( 291 ) ( 291 ) ( 4 ) ( 295 )

Share repurchases, including excise tax ( 110 ) 1,101 ( 1,211 ) ( 1,211 )

Employee stock plans 70 ( 1 ) 71 71

Change in redemption value of redeemable noncontrolling interests 1 1 1

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 September 30, 2024

(in millions) Common Stock $ 1 par

Additional Paid-in Capital Retained Income Accumulated Other Comprehensive Loss Less:

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

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

Comprehensive income 1

971 125 1,096 7 1,103

Dividends (Dividend declared per common share — $ 0.91 per share)

( 283 ) ( 283 ) ( 2 ) ( 285 )

Share repurchases, including excise tax ( 225 ) 1,288 ( 1,513 ) ( 1,513 )

Employee stock plans 91 ( 1 ) 92 92

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

Balance as of September 30, 2024

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

(in millions) Common Stock $ 1 par

2 unchanged sentences

Balance as of December 31, 2025 $ 415 $ 44,117 $ 23,666 $ ( 697 ) $ 36,374 $ 31,127 $ 108 $ 31,235

$ 415 $ 44,321 $ 20,977 $ ( 883 ) $ 31,671 $ 33,159 $ 97 $ 33,256

Comprehensive income 1

6 unchanged sentences

Other — ( 2 ) ( 2 )

Balance as of September 30, 2025

Balance as of March 31, 2026

$ 415 $ 44,507 $ 24,804 $ ( 736 ) $ 37,817 $ 31,173 $ 115 $ 31,288

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

(in millions) Common Stock $ 1 par

2 unchanged sentences

Balance as of December 31, 2024 $ 415 $ 44,321 $ 20,977 $ ( 883 ) $ 31,671 $ 33,159 $ 97 $ 33,256

$ 415 $ 44,231 $ 18,728 $ ( 763 ) $ 28,411 $ 34,200 $ 100 $ 34,300

Comprehensive income 1

5 unchanged sentences

Change in redemption value of redeemable noncontrolling interests 27 27 27

Other — ( 12 ) ( 12 )

Balance as of September 30, 2024

Balance as of March 31, 2025

$ 415 $ 44,359 $ 21,799 $ ( 826 ) $ 32,376 $ 33,371 $ 102 $ 33,473

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.

1 Excludes comprehensive income of $ 100 million and $ 77 million for the three months ended March 31, 2026 and 2025, respectively, attributable to our redeemable noncontrolling interests.

See accompanying notes to the unaudited consolidated financial statements.

3 unchanged sentences

S&P Global Inc.

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

(together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) is a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets.

Our operations consist of five reportable segments:

S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Commodity Insights (“Commodity Insights”), S&P Global Mobility (“Mobility”) and S&P Dow Jones Indices (“Indices”).

S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Energy (“Energy”), S&P Global Mobility (“Mobility”) and S&P Dow Jones Indices (“Indices”).

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

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

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

• Ratings is an independent provider of credit ratings, research, and analytics.

• Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets.

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

1 unchanged sentence

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 name of the new publicly traded company, Mobility Global Inc., will be effective on day one of the separation.

The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S.

federal income tax purposes for S&P Global shareholders and is expected to be completed over the 12 to 18 months from its announcement, subject to the satisfaction of customary legal and regulatory requirements and approvals.

federal income tax purposes for S&P Global shareholders and is expected to be completed mid-2026, subject to the satisfaction of customary legal and regulatory requirements and approvals.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

3 unchanged sentences

Therefore, the financial statements included herein should be read in conjunction with the financial statements and notes included in our Form 10-K for the year ended December 31, 2025 (our “Form 10-K”).

Certain prior-year amounts have been reclassified to conform with current presentation.

In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included.

The operating results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the full year.

The operating results for the three months ended March 31, 2026 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 September 30, 2025 and December 31, 2024.

We had no restricted cash included in our consolidated balance sheets as of March 31, 2026 and December 31, 2025.

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 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.

As of March 31, 2026 and December 31, 2025, contract assets were $ 107 million and $ 89 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 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.

The decrease in the unearned revenue balance at March 31, 2026 compared to December 31, 2025 is primarily driven by $ 1.8 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period, offset by cash payments received in advance of satisfying our performance obligations.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed.

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.

As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 5.7 billion.

We expect to recognize revenue on approximately half and three-quarters 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.

2 unchanged sentences

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 $ 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.

Total capitalized costs to obtain contracts were $ 349 million as of March 31, 2026 and December 31, 2025, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets.

The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 2 to 5 years.

The expense is recorded within selling and general expenses.

The expense is recorded within selling and general expenses in the consolidated statements of income.

We expense sales commissions when incurred if the benefit of those costs is one year or less.

These costs are recorded within selling and general expenses.

These costs are recorded within selling and general expenses in the consolidated statements of income.

Equity in Income on Unconsolidated Subsidiaries

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.

The combination is intended to increase operating efficiencies of both the company's business to more effectively service clients with enhanced platforms and services for OTC markets across interest rate, FX, equity, and credit asset classes.

Our share of earnings or losses are recognized in Equity in income on unconsolidated subsidiaries in our consolidated statements of income.

On 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 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 September 30 are as follows:

(in millions) Three Months Nine Months

2025 2024 2025 2024

On October 10, 2025, the Company and CME Group completed the sale of OSTTRA, an investment in a 50 / 50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture.

Other (Income) Expense, net

The components of other (income) expense, net for the three months ended March 31 are as follows:

(in millions) 2026 2025

Other components of net periodic benefit cost $ ( 4 ) $ ( 6 )

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

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

Net loss from investments 2 10

Other (income) expense, net $ ( 2 ) $ 4

Acquisitions and Divestitures

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.

The AIS business is a leading provider of satellite data services used to track and monitor vessels, enhancing maritime visibility and delivering critical insights that support business intelligence and decision-making for government and commercial clients worldwide.

The AIS business is expected to be integrated within our Market Intelligence segment.

We also expect to enter into a strategic alliance with ORBCOMM.

Under this strategic alliance, the two organizations expect to develop a range of differentiated supply chain data and insight offerings and we will make an equity investment in ORBCOMM, underscoring our commitment to further investing in this sector while helping customers navigate the complex supply chain environment.

The proposed acquisition is subject to customary closing conditions, including receipt of certain regulatory approvals and is expected to close during 2025.

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

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.

TeraHelix helps solve complex, enterprise-scale data challenges by providing frameworks that structure data models for smooth interoperability across platforms, systems and storage architectures.

This acquisition is part of our Market Intelligence segment and strengthens our customer-centric approach to data, technology, and AI by meaningfully enhancing the ability to link datasets across classes and platforms.

The acquisition of TeraHelix is not material to our consolidated financial statements.

On May 1, 2024, we completed the acquisition of Visible Alpha, the financial technology provider of deep industry and segment consensus data creating a premium offering of fundamental investment research capabilities on Market Intelligence’s Capital IQ Pro platform.

The acquisition is part of our Market Intelligence segment and further enhances the depth and breadth

of the overall Visible Alpha and S&P Capital IQ Pro offering.

The acquisition of Visible Alpha is not material to our consolidated financial statements.

On May 14, 2024, we completed the acquisition of World Hydrogen Leaders, a globally-recognized portfolio of hydrogen related conferences and events, digital training and market intelligence.

The acquisition is part of our Commodity Insight’s segment and complements Commodity Insights global conference business and provides customers with full coverage of the hydrogen and derivative value chain alongside Energy Transition and Sustainability solutions, including hydrogen price assessments, emission factors and market research.

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

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.

On April 24, 2026, we entered into a definitive agreement to sell Energy’s geoscience and petroleum engineering software portfolio to SLB, a global technology company driving energy innovation across more than 100 countries.

This portfolio of subsurface and engineering software, widely used by U.S.

onshore and unconventional operators, includes Kingdom Software, Petra, Harmony Enterprise, Analytics Explorer, SubPUMP, Power Tools, FieldDIRECT, Piper, WellTest, and The Element Platform, together with associated business services.

The assets and liabilities of Energy's geoscience and petroleum engineering software portfolio were classified as held for sale in our consolidated balance sheet as of March 31, 2026.

This transaction is expected to close in the second half of 2026 or early 2027.

The anticipated divestiture of Energy's geoscience and petroleum engineering software portfolio is not expected to have a material impact to our consolidated financial statements.

On March 18, 2026, we completed the acquisition of Enertel AI Corporation, a company specializing in AI and machine learning-driven short-term power price forecasting for North American electricity markets.

The acquisition is part of our Energy segment.

With the addition of Enertel AI Corporation, Energy now delivers real-time, AI-powered nodal price forecasts and decision tools that physical power traders, utilities and asset operators rely on to navigate the rapidly evolving grid.

The acquisition of Enertel AI Corporation is not material to our consolidated financial statements.

During the three months ended March 31, 2025, we did not complete any material acquisitions.

During the three months ended March 31, 2026, we recorded a pre-tax gain of $ 175 million related to the following dispositions:

• On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies.

During the three months ended March 31, 2026, we recorded a pre-tax gain of $ 172 million ($ 168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.

• In March of 2026, we recorded a pre-tax gain of $ 3 million ($ 3 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of OSTTRA in October of 2025.

During the three months ended March 31, 2025 , we did not complete any material dispositions.

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,

(in millions) March 31, December 31,

Accounts receivable, net $ 51 $ 34

Prepaid and other current assets 1 —

Property and equipment 8

Property and equipment, net 8 8

Goodwill 69 141

4 unchanged sentences

Liabilities held for sale $ 27 $ 43

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

Operating profit (loss) 1

$ 11 $ 8 $ 28 $ 21

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 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.

1 Assets and liabilities held for sale relate to the anticipated divestiture of Energy’s geoscience and petroleum engineering software portfolio and the divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment as of March 31, 2026 and December 31, 2025, respectively.

Additionally, assets held for sale include fixed assets related to our intent to sell our facility in Centennial, Colorado as of March 31, 2026 and December 31, 2025.

The effective income tax rate was 21.2 % and 21.7 % for the three months ended March 31, 2026 and March 31, 2025, respectively.

The lower rate for the three months ended March 31, 2026 was primarily due to a combination of discrete adjustments including lower tax on non-US divestitures due to local exemption.

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

The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur.

The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately

reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur.

In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is subject to tax examinations in various jurisdictions.

As of 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.

As of March 31, 2026 and December 31, 2025, the total amount of federal, state and local, and foreign unrecognized tax benefits was $ 320 million and $ 322 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 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.

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.

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%.

This framework has been implemented by several jurisdictions, including jurisdictions in which we operate, with effect from January 1, 2024, and many other jurisdictions, including jurisdictions in which we operate, are in the process of implementing it.

The effect of enacted Pillar Two taxes has been included in the results disclosed and did not have a significant impact on our consolidated financial statements.

In June 2025, G7 reached an agreement with the U.S.

regarding the application of the OECD global minimum tax rules to U.S.

companies, which would exempt U.S.

companies from OECD’s global minimum tax rules, and in return the U.S.

withdrew proposed section 899 from OBBBA, which would have imposed retaliatory taxes on non-U.S.

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.

As of March 31, 2026 and December 31, 2025, we had $ 86 million and $ 79 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits.

The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions.

The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our consolidated financial statements.

On January 5, 2026, the OECD issued administrative guidance outlining a framework under which U.S.-parented groups may be excluded from the application of the OECD’s global minimum tax rules.

Each member jurisdiction will need to adopt this guidance into local law, and the timing and manner of adoption may vary.

We are continuing to monitor developments related to this guidance and will evaluate the impact on our financial statements as additional information becomes available.

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

(in millions) September 30,

(in millions) March 31,

2026 December 31,

5 unchanged sentences

2.5 % Senior Notes, due 2029 6

2.5 % Senior Notes, due 2029 7

2.95 % Sustainability-Linked Senior Notes, due 2029 7

8 unchanged sentences

3.70 % Senior Notes, due 2052 16

2.3 % Senior Notes, due 2060 17

3.9 % Senior Notes, due 2062 18

Commercial paper 951 715

Total debt 13,318 13,088

2 unchanged sentences

1 We made a $ 3 million repayment of our 4.0 % Senior Notes in the first quarter of 2026.

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 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.

2 Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 1 million.

3 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 3 million.

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

5 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 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.

6 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 2 million.

7 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 9 million.

From and including March 1, 2026, the interest rate payable on Sustainability-Linked Senior Notes due 2029 was increased by 25 basis points ( 0.25 %) per annum, in accordance with the terms of the governing indenture.

8 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 4 million.

9 Interest payments are due semiannually on January 15 and July 15, beginning on July 15, 2026, and as of March 31, 2026, 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 March 31, 2026, the unamortized debt discount and issuance costs total $ 20 million.

11 Interest payments are due semiannually on March 15 and September 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 6 million.

12 Interest payments are due semiannually on June 4 and December 4, beginning on June 4, 2026, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 4 million.

13 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 2 million.

14 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 10 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 9 million.

16 Interest payments are d ue semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 24 million.

17 Interest payments are due semiannually on February 15 and August 1 5, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 17 million.

18 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 13 million.

The fair value of our total debt borrowings was $ 11.1 billion an d $ 11.3 billion as of March 31, 2026 and December 31, 2025, 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 September 30, 2025, and December 31, 2024, we had no outstanding commercial paper.

As of March 31, 2026, and December 31, 2025, we had $ 951 million and $ 715 million of outstanding commercial paper, respectively.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually.

We currently pay a commitment fee of 8 basis points.

There will be no sustainability pricing adjustment to our commitment fees or our margins under the credit facility for the approximately year-long period beginning April 7, 2025 as a result of our emissions performance for the year ended December 31, 2024.

For the three months ended March 31, 2026, we paid a commitment fee of 8 basis points.

Our commitment fee and our drawn margin under the credit facility will be reduced by 1 basis point and 5 basis points, respectively, for the approximately year-long period beginning April 6, 2026 as a result of our emissions performance for the year ended December 31, 2025.

The credit facility contains customary affirmative and negative covenants and customary events of default.

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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 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.

As of March 31, 2026 and December 31, 2025, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates.

As of March 31, 2026 and December 31, 2025, 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 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.

During the three months ended March 31, 2026 and twelve months ended December 31, 2025, 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 September 30, 2025 and December 31, 2024, the aggregate notional value of these outstanding forward contracts was $ 672 million and 2.3 billion, respectively.

As of March 31, 2026 and December 31, 2025, the aggregate notional value of these outstanding forward contracts was $ 1.5 billion.

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 $ 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.

The amount recorded in prepaid and other current assets was $ 3 million and $ 8 million as of March 31, 2026 and December 31, 2025, respectively.

The amount recorded in other current liabilities was $ 15 million and $ 6 million as of March 31, 2026 and December 31, 2025, respectively.

The amount recorded in selling and general expense related to these contracts was a net loss of $ 20 million for the three months ended March 31, 2026, and a net gain of $ 49 million for the three months ended March 31, 2025, respectively.

Net Investment Hedges

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.

As of March 31, 2026 and December 31, 2025, 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.

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 notional value of our outstanding cross currency swaps designated as a net investment hedge was $ 3.5 billion as of March 31, 2026 and December 31, 2025.

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 $ 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.

We recognized net interest income of $ 10 million and $ 14 million for the three months ended March 31, 2026 and 2025, respectively.

Cash Flow Hedges

Foreign Exchange Forward Contracts

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.

During the three months ended March 31, 2026 and the twelve months ended December 31, 2025, 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 first quarter of 2028 and the fourth quarter of 2027, 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 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.

As of March 31, 2026, we estimate that $ 15 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 March 31, 2026 and December 31, 2025, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $ 540 million and $ 574 million, respectively.

Interest Rate Swaps

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We performed a final effectiveness test upon the termination of each swap, and the effective portion of the gain of $ 155 million was recorded in accumulated other comprehensive loss in our consolidated balance sheet.

The gain will be recognized into interest expense, net over the term which related interest payments will be made when we enter into anticipated future debt refinancing.

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

(in millions) September 30, December 31,

A portion of the gain is being recognized into interest expense, net over the term related to the issuance of our senior notes in December of 2025 which are scheduled to mature in 2031 and 2035.

We recognized interest income of $ 2 million for the three months ended March 31, 2026.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of March 31, 2026 and December 31, 2025:

(in millions) March 31, December 31,

Balance Sheet Location 2026 2025

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Derivatives designated as net investment hedges:

Other non-current assets Cross currency swaps $ — $ 58

Other non-current liabilities Cross currency swaps $ 205 $ 294

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)

2025 2024 2025 2024

Cash flow hedges - designated as hedging instruments

Foreign exchange forward contracts $ ( 12 ) $ — Revenue, Selling and general expenses $ 1 $ 3

Interest rate swap contracts $ — $ — Interest expense, net $ — $ —

Net investment hedges - designated as hedging instruments

Cross currency swaps $ 33 $ ( 104 ) Interest expense, net $ ( 1 ) $ ( 1 )

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 three months ended March 31:

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Cross currency swaps $ 88 $ ( 77 ) Interest expense, net $ ( 1 ) $ ( 1 )

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

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the three months ended March 31:

(in millions) 2026 2025

Cash Flow Hedges

Foreign exchange forward contracts

Net unrealized gains on cash flow hedges, net of taxes, beginning of period $ 4 $ 5 $ 1 $ 5

Net unrealized (losses) gains on cash flow hedges, net of taxes, beginning of period $ ( 5 ) $ 1

Change in fair value, net of tax ( 9 ) 5

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Net Investment Hedges

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

Net unrealized (losses) gains on net investment hedges, net of taxes, beginning of period $ ( 234 ) $ 33

Change in fair value, net of tax 69 ( 59 )

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These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

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

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

Service cost $ — $ — $ 1 $ 1

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

The components of net periodic benefit cost for our retirement plans and postretirement plans for the three months ended March 31 are as follows:

(in millions) 2026 2025

Interest cost 17 17

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Net periodic benefit cost $ ( 4 ) $ ( 6 )

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.

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three months ended March 31, 2026 and 2025.

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, 2026.

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.

The effect of the assumption changes on retirement and postretirement expense for the three months ended March 31, 2026 did not have a material impact to our financial position, results of operations or cash flows.

In the first three months of 2026, we contributed $ 3 million to our retirement plans and expect to make additional required contributions of approximately $ 8 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 remaining nine months of 2026.

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 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.

For the three months ended March 31, 2026 and 2025, total stock-based compensation expense related to restricted stock and other stock-based awards was $ 39 million and $ 47 million, respectively.

During the three months ended March 31, 2026, the Company granted 0.5 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $ 443.23 per share.

Total unrecognized compensation expense related to unvested equity awards as of March 31, 2026 was $ 318 million, which is expected to be recognized over a weighted average period of 1.8 years.

On January 14, 2026, the Board of Directors approved an increase in the dividends for 2026 to a quarterly common stock dividend of $ 0.97 per share.

Stock Repurchases

On November 13, 2025, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2025 Repurchase Program”), which was approximately 10 % of the total shares of our outstanding common stock at the time.

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

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options.

As of September 30, 2025, 7.4 million shares remained available under the 2022 Repurchase Program.

As of March 31, 2026, 29.6 million shares remained under the 2025 Repurchase Program and the 2022 repurchase program was completed.

Our 2025 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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Upon settlement of the ASR agreement, the financial institution typically delivers additional shares.

The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the

applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount.

We account for our ASR agreements as two transactions:

The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount.

account for our ASR agreements as two transactions:

a stock purchase transaction and a forward stock purchase contract.

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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 $ 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:

The amount recorded in other current liabilities was $ 58 million and $ 46 million as of March 31, 2026 and December 31, 2025, respectively.

The terms of each ASR agreement entered into during the three months ended March 31, 2026 and 2025, 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

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 12, 2026 1

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

March 12, 2026 2.0 0.3 2.3 $ 426.70 $ 1,000

February 19, 2025 2

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.

May 6, 2025 1.0 0.3 1.3 $ 491.12 $ 650

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 1 billion and initially received shares valued at 80 % of the $ 1 billion at a price equal to the market price of the Company ’ s common stock on February 12, 2026.

The Company received an initial delivery of 2.0 million shares from the ASR program.

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.

We completed the ASR agreement on March 12, 2026 and received an additional 0.3 million shares.

The ASR agreement was executed under our 2025 and 2022 Repurchase Programs.

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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.

We completed the ASR agreement on April 12, 2024 and received an additional 0.2 million shares.

The ASR agreement was executed under our 2022 Repurchase Program.

During the 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.

During the three months ended March 31, 2026, we received 3.1 million shares, including 0.8 million shares received in February of 2026 related to our December 4, 2025 ASR agreement.

During the three months ended March 31, 2026, we purchased a total of 2.3 million shares for $ 1 billion of cash.

During the three months ended March 31, 2025, we received 1.3 million shares, including 0.3 million shares received in February of 2025 related to our October 28, 2024 ASR agreement.

During the three months ended March 31, 2025, we purchased a total of 1.0 million shares for $ 650 million 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.

Our redeemable noncontrolling interests include an agreement with the minority partners that own 27 % of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control.

Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC (“CGIS”) has the right at any time to sell, and we are obligated to buy, at least 20 % of their share in S&P Dow Jones Indices LLC.

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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 may 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 nine months ended September 30, 2025 were as follows:

Changes to redeemable noncontrolling interests during the three months ended March 31, 2026 were as follows:

(in millions)

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Redemption value adjustment ( 31 )

Balance as of September 30, 2025 2

Balance as of March 31, 2026 2

1 Includes foreign currency translation adjustments.

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

2 As of March 31, 2026 , $ 4,914 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 nine months ended September 30:

The following table summarizes the changes in the components of accumulated other comprehensive loss for the three months ended March 31:

(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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Reclassifications from accumulated other comprehensive income (loss) to net earnings

3 3 2 ( 4 ) 3 2

Net other comprehensive income ( 32 ) 2 ( 9 ) ( 39 )

Balance as of September 30, 2025

Balance as of March 31, 2026

$ ( 435 ) $ ( 384 ) $ 83 $ ( 736 )

1 unchanged sentence

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 nine months ended September 30, 2025.

2 Reflects amortization of net actuarial losses and is net of a tax expense of less than $ 1 million for the three months ended March 31, 2026.

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 September 30 is as follows:

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

2025 2024 2025 2024

The calculation of basic and diluted EPS for the three months ended March 31 is as follows:

(in millions, except per share amounts) 2026 2025

Amounts attributable to S&P Global Inc.

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Basic weighted-average number of common shares outstanding

304.3 311.2 305.8 312.6

Effect of dilutive securities 0.3 0.4

Diluted weighted-average number of common shares outstanding

304.5 311.5 306.1 312.9

Earnings per share attributable to S&P Global Inc.

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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 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.

For the three months ended March 31, 2026 and 2025, there were no stock options excluded.

Restricted performance shares outstanding of 0.5 million and 0.7 million as of March 31, 2026 and 2025, respectively, were excluded.

Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure.

Our 2025 and 2024 restructuring plans consisted of a company-wide workforce reduction of approximately 820 and 1,230 positions, respectively, and are further detailed below.

Our 2025 restructuring plan consisted of a company-wide workforce reduction of approximately 1,300 positions and are further detailed below.

The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

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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 September 30, 2025 by segment is as follows:

2025 Restructuring Plan 2024 Restructuring Plan

(in millions) Initial Charge Recorded Ending Reserve Balance Initial Charge Recorded Ending Reserve Balance

The initial restructuring charge recorded and the ending reserve balance as of March 31, 2026 by segment is as follows:

2025 Restructuring Plan

(in millions) Initial Charge Recorded Ending Reserve Balance

Market Intelligence $ 56 $ 12

Ratings 10 3 4 1

Commodity Insights 11 5 13 2

Mobility 15 7

Indices 1 1 1 —

Corporate 46 16

Total $ 157 $ 49

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.

For the three months ended March 31, 2026, we did not record any restructuring charges.

The ending reserve balance for the 2025 restructuring plan was $ 85 million as of December 31, 2025.

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

For the three months ended March 31, 2026, we have reduced the reserve for the 2025 restructuring plan by $ 36 million.

The ending reserve balance for the 2024 restructuring plan was $ 4 million and $ 15 million as of March 31, 2026 and December 31, 2025, respectively.

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

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We have five reportable segments:

Market Intelligence, Ratings, Commodity Insights, Mobility and Indices.

Market Intelligence, Ratings, Energy, Mobility and Indices.

Our Chief Executive Officer is our chief operating decision-maker (“CODM”) and evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment.

Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other income, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

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

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

Three Months Ended September 30, 2025

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

Intersegment revenue 1

4 44 — — 3 51

Revenue 1,236 1,240 556 445 462 3,939

Intersegment elimination ( 51 )

Total revenue 3,888

segment expenses 2

796 408 289 252 134 1,879

other segment items 3

163 13 32 76 11 295

Intersegment elimination ( 51 )

Segment operating profit $ 277 $ 819 $ 235 $ 117 $ 317 $ 1,765

Corporate Unallocated expense 4

Equity in income on unconsolidated subsidiaries ( 7 )

Operating profit 1,675

Other income, net ( 2 )

Interest expense, net 79

Income before taxes on income $ 1,598

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

Nine Months Ended September 30, 2025

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

Intersegment revenue 1

10 129 — — 8 147

Revenue 3,653 3,537 1,722 1,303 1,352 11,567

Intersegment elimination ( 147 )

Total revenue 11,420

segment expenses 2

2,390 1,192 891 763 381 5,617

other segment items 3

507 54 108 233 30 932

Intersegment elimination ( 147 )

Segment operating profit $ 756 $ 2,291 $ 723 $ 307 $ 941 $ 5,018

Corporate Unallocated expense 4

Equity in income on unconsolidated subsidiaries ( 28 )

Operating profit 4,804

Other income, net ( 25 )

Interest expense, net 233

Income before taxes on income $ 4,596

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

Three Months Ended September 30, 2024

Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other (income) expense, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

Operating results for the three months ended March 31 are as follows:

(in millions) Market Intelligence Ratings Energy Mobility Indices Total

Revenue from external customers $ 1,292 $ 1,257 $ 652 $ 454 $ 516 $ 4,171

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Corporate Unallocated expense 4

Equity in income on unconsolidated subsidiaries ( 11 )

Operating profit 2,002

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Income before taxes on income $ 1,908

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

Nine Months Ended September 30, 2024

(in millions) Market Intelligence Ratings Energy Mobility Indices Total

Revenue from external customers $ 1,196 $ 1,107 $ 612 $ 420 $ 442 $ 3,777

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Operating profit 1,578

Other income, net ( 10 )

Other expense, net 4

Interest expense, net 78

1 unchanged sentence

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 nine months ended September 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, Energy, Mobility and Indices for 2026 and 2025 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 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.

3 Other segment items for 2026 for each reportable segment primarily include amortization of intangibles from acquisitions, gain on dispositions and certain items primarily including acquisition and disposition-related costs.

Other segment items for 2025 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, Executive Leadership Team transition costs 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 September 30:

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

Three Months Ended September 30, 2025

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

Non-subscription / Transaction 43 668 18 83 — — 812

Non-transaction — 572 — — — ( 51 ) 521

Asset-linked fees — — — — 303 — 303

Sales usage-based royalties — — 31 — 77 — 108

Recurring variable revenue 158 — — — — — 158

Total revenue $ 1,236 $ 1,240 $ 556 $ 445 $ 462 $ ( 51 ) $ 3,888

Timing of revenue recognition

Services transferred at a point in time $ 43 $ 668 $ 18 $ 83 $ — $ — $ 812

Services transferred over time

1,193 572 538 362 462 ( 51 ) 3,076

Total revenue $ 1,236 $ 1,240 $ 556 $ 445 $ 462 $ ( 51 ) $ 3,888

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

Nine Months Ended September 30, 2025

The following table presents our revenue disaggregated by revenue type for the three months ended March 31:

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

Subscription $ 1,052 $ — $ 506 $ 372 $ 84 $ — $ 2,014

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Total revenue $ 1,296 $ 1,302 $ 652 $ 454 $ 519 $ ( 52 ) $ 4,171

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

Three Months Ended September 30, 2024

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

Non-subscription / Transaction 39 597 18 81 — — 735

Non-transaction — 513 — — — ( 47 ) 466

Asset-linked fees — — — — 266 — 266

Sales usage-based royalties — — 26 — 76 — 102

Recurring variable revenue 142 — — — — — 142

Total revenue $ 1,162 $ 1,110 $ 522 $ 412 $ 416 $ ( 47 ) $ 3,575

Timing of revenue recognition

Services transferred at a point in time $ 39 $ 597 $ 18 $ 81 $ — $ — $ 735

Services transferred over time 1,123 513 504 331 416 ( 47 ) 2,840

Total revenue $ 1,162 $ 1,110 $ 522 $ 412 $ 416 $ ( 47 ) $ 3,575

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

Nine Months Ended September 30, 2024

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

Subscription $ 993 $ — $ 486 $ 343 $ 76 $ — $ 1,898

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

Segment information as of March 31, 2026 and December 31, 2025 is as follows:

(in millions) Total Assets

September 30, December 31,

March 31, December 31,

Market Intelligence $ 30,975 $ 31,234

Ratings 1,294 1,137

Commodity Insights 3,335 8,636

Energy 8,425 8,543

Mobility 12,905 12,974

1 unchanged sentence

Total reportable segments 57,036 57,266

Assets of held for sale 2

Total $ 60,792 $ 61,200

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 September 30:

(in millions) Three Months Nine Months

2025 2024 2025 2024

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

2 Relates to the anticipated divestiture of Energy’s geoscience and petroleum engineering software portfolio and the divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment as of March 31, 2026 and December 31, 2025, respectively.

Additionally, assets held for sale include fixed assets related to our intent to sell our facility in Centennial, Colorado as of March 31, 2026 and December 31, 2025.

The following provides revenue by geographic region for the three months ended March 31:

(in millions) 2026 2025

$ 2,625 $ 2,342

European region 895 849

Asia 430 388 1,221 1,111

Rest of the world 221 204

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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 September 30, 2025 and December 31, 2024:

(in millions) September 30, December 31,

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of March 31, 2026 and December 31, 2025:

(in millions) March 31, December 31,

Balance Sheet Location 2026 2025

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Lease liabilities — non-current Non-current lease liabilities 458 494

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

The components of lease expense for the three months ended March 31 are as follows:

(in millions) 2026 2025

Operating lease cost $ 28 $ 31

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Total lease cost $ 23 $ 28

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

(in millions) Three Months Nine Months

2025 2024 2025 2024

Supplemental information related to leases for the three months ended March 31 are as follows:

(in millions) 2026 2025

Cash paid for amounts included in the measurement for operating lease liabilities

3 unchanged sentences

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

September 30, December 31,

March 31, December 31,

Weighted-average remaining lease term (years) 4.8 5.3

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(in millions)

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

2026 (Excluding the three months ended March 31, 2026)

2031 and beyond 148

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Present value of lease liabilities $ 582

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.

As of March 31, 2026, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $ 98 million which have been excluded from the table above.

These lease agreements relate primarily to our Mobility segment.

These leases are expected to begin in the second quarter of 2026 and continue through 2037, with lease terms ranging from 1 year to 11 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 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.

During both the three months ended March 31, 2026 and 2025, S&P Dow Jones Indices LLC earned $ 52 million 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.

In the third quarter of 2025, the Company entered into an agreement to settle the lawsuit brought by the Basis Capital entities.

S&P Global has accrued the amount of the settlement in its consolidated financial statements.

We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve the class action lawsuit on terms deemed acceptable.

The lawsuit relates to alleged investment losses in collateralized debt obligations rated by Ratings prior to the financial crisis between 2005 and 2007.

We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve the lawsuit on terms deemed acceptable.

From time to time, the Company receives customer complaints.

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Recently Issued or Adopted Accounting Standards

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.

In November of 2025, the Financial Accounting Standards Board (“FASB”) issued accounting guidance to more closely align hedge accounting with the economics of an entity's risk management activities.

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.

In September of 2025, the 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 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.

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.

The guidance was effective on January 1, 2026, and the adoption of this guidance did not have an 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.

6 unchanged sentences

We are currently evaluating the impact of this guidance on the Company’s disclosures.

In December of 2023, the FASB issued accounting guidance that expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S.

and foreign jurisdictions.

The guidance is effective for annual periods beginning after December 15, 2024, with early adoption permitted, and should be applied either prospectively or retrospectively.

We are currently evaluating the impact of this guidance on the Company’s disclosures.

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