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Item 2. Management’s Discussion and Analysis

2026-04-28 compared with 2025-10-30 · 229 added, 436 removed, 421 unchanged (61% of the section changed)

1 unchanged sentence

The following Management’s Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc.

(together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three and nine months ended September 30, 2025.

(together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three months ended March 31, 2026.

The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2025 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

The MD&A includes the following sections:

• Results of Operations — Comparing the Three and Nine Months Ended September 30, 2025 and 2024

• Results of Operations — Comparing the Three Months Ended March 31, 2026 and 2025

• Liquidity and Capital Resources

3 unchanged sentences

• Forward-Looking Statements

We are a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

We are a global, diversified, and highly differentiated provider of benchmarks, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets.

The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers;

the commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture;

the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture;

and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers.

Our operations consist of five reportable segments:

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

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.

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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.

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

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

2025 2024 % Change 1

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.

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

(in millions, except per share amounts) 2026 2025 % Change 1

Revenue $ 4,171 $ 3,777 10%

4 unchanged sentences

1 % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

2 Operating profit for the three and nine months ended September 30, 2025 includes employee severance charges of $23 million and $105 million, respectively, acquisition-related costs of $18 million and $39 million, respectively, legal costs of $10 million and $39 million, respectively, disposition-related costs of $7 million and $12 million, respectively, Executive Leadership Team transition costs of $6 million and $23 million, respectively and lease impairments of $6 million and $14 million, respectively.

Operating profit for the three and nine months ended September 30, 2024 includes IHS Markit merger costs of $31 million and $102 million, respectively, a gain on disposition of $21 million, a statutorily required bonus accrual adjustment of $7 million, employee severance charges of $4 million and $50 million, respectively, acquisition-related costs of $3 million and net acquisition-related costs of $4 million, respectively, and an asset write-off of $1 million and $2 million, respectively.

Operating profit for the nine months ended September 30, 2024 includes legal costs of $20 million, disposition-related costs of $3 million and recovery of lease-related costs of $1 million.

Operating profit also includes amortization of intangibles from acquisitions of $280 million and $285 million for the three months ended September 30, 2025 and 2024, respectively, and $843 million and $845 million for the nine months ended September 30, 2025 and 2024, respectively.

Revenue increased 9% driven by increases at all of our reportable segments.

The increase at Ratings was driven by growth in both transaction and non-transaction revenue.

Transaction revenue increased primarily due to growth in corporate bond ratings revenue and structured finance revenue driven by increases in issuance volumes.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary.

The increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics & Insights, growth for work flow solutions in Enterprise Solutions and growth in RatingsXpress® and RatingsDirect®, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024.

The increase at Indices was primarily due to higher asset-linked fees revenue and higher data subscription revenue.

The increase at Commodity Insights was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and an increase in sales usage-based royalties revenue.

The increase at Mobility was primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business, and the favorable impact of improved contract terms.

Foreign exchange rates had a favorable impact of 1 percentage point.

Operating profit increased 17%.

Excluding the impact of higher IHS Markit merger costs in 2024 of 1 percentage point, operating profit increased 16%.

The increase was primarily due to revenue growth and decreased incentives, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

Foreign exchange rates had a favorable impact of 2 percentage points.

2 2026 includes gain on dispositions of $175 million, disposition-related costs of $40 million, acquisition-related costs of $11 million, lease impairments of $5 million and employee-related costs of $2 million.

2025 includes employee severance charges of $33 million, Executive Leadership Team transition costs of $12 million, acquisition-related costs of $9 million, a lease impairment of $6 million and disposition-related costs of $1 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $276 million and $281 million, respectively.

Revenue increased 10% driven by increases at all of our reportable segments.

The increase at Ratings was driven by growth in both non-transaction and transaction revenue.

The increase at Ratings was driven by both transaction and non-transaction revenue.

Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary.

Transaction revenue increased due to higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue.

The increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth for work flow solutions in Enterprise Solutions and growth in RatingsXpress® and RatingsDirect®, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024.

The increase at Indices was primarily due to higher asset-linked fees revenue, higher exchange-traded derivative revenue and higher data subscription revenue.

The increase at Commodity Insights was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts, an increase in conference revenue driven by increased attendance at CERAWeek in 2025 and an increase in sales usage-based royalties revenue.

The increase at Mobility was primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the

Dealer business, strong underwriting volumes and market share growth within the Financial business and the favorable impact of improved contract terms.

Foreign exchange rates had a favorable impact of 1 percentage point.

Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to growth for Lending Solutions in Enterprise Solutions, subscription revenue growth in Data, Analytics & Insights, and growth in RatingsXpress® and RatingsDirect®.

An increase in recurring variable revenue due increased volumes also contributed to revenue growth at Market Intelligence.

The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue.

The increase at Energy was primarily due to increased attendance at CERAWeek in 2026, continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and an increase in sales usage-based royalties revenue.

The increase at Mobility was primarily due to continued new business

growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 27%.

Excluding the impact of higher IHS Markit merger costs in 2024 of 2 percentage points, partially offset by the impact of higher employee severance charges in 2025 of 1 percentage, operating profit increased 11%.

Foreign exchange rates had an favorable impact of less than 1 percentage point.

We are a provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.

Our purpose is to accelerate progress.

We seek to deliver on this purpose in line with our core values of integrity, discovery and partnership.

Powering Global Markets is the framework for our forward-looking business strategy.

Through this framework, we seek to deliver an exceptional, differentiated customer experience by enhancing our foundational capabilities, evolving and growing our core businesses, and pursuing growth via adjacencies.

In 2025, we are striving to deliver on our strategic priorities in the following key areas:

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

• Delivering targeted capital return to shareholders.

Customer at the Core

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

• Generating value from technology consolidation projects;

• Expanding value for targeted strategic accounts.

Grow and Innovate

• Protecting and growing revenue by integrating generative artificial intelligence (“AI”) into product and creating new products;

• Accelerating growth in transformational adjacencies.

Data and Technology

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

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

Lead and Inspire

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

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

• Continuing to promote AI skills development for all employees.

Execute and Deliver

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

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

• Creating a more sustainable impact.

Excluding the impact of a gain on dispositions in 2026 of 14 percentage points, employee severance charges in 2025 of 3 percentage points and ELT transition costs in 2025 of 1 percentage point, partially offset by higher disposition related costs in 2026 of 3 percentage points, operating profit increased 12%.

The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

Foreign exchange rates had an favorable impact of 2 percentage points.

We are 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 mission is Advancing Essential Intelligence.

Our industry-leading benchmarks, differentiated data, and solutions provide a unique value proposition that provide customers with the ability to make more confident decisions and stay a step ahead.

Our strategy focuses on three key objectives:

to Advance market leadership, Expand high-growth adjacencies, and Amplify enterprise capabilities and integration of AI.

In 2026, we are focused on delivering on these key strategic priorities.

Advance Market Leadership

• Delivering market-leading value proposition through best-in-class products, including world-class benchmarks and highly differentiated data, that are transforming the user experience, accelerating innovation, and optimizing go-to-market to enhance client retention and growth;

• Expanding trusted, enduring client relationships through differentiated products and best-in-class client experiences that meet clients’ evolving needs.

Expand High-Growth Adjacencies

• Accelerating in high-growth adjacencies such as private markets, energy expansion, supply chain intelligence, wealth, and decentralized finance, alongside leading-edge AI and technology, such as blockchain and quantum computing.

Amplify Enterprise Capabilities and AI

• Enabling growth, innovation, and operating leverage through our integrated operating model that removes siloes across enterprise data, enterprise technology, and client coverage teams.

• Driving cutting-edge innovation, in line with client expectations, by integrating and scaling new technology and AI into our products and our operations, and leveraging strategic collaborations and new potential commercial models;

• Enhancing our data estate by continuing to add differentiated data sets at scale, thereby enabling new revenue, efficiency, and time-to-market;

• Leveraging technology, process and skills innovation to empower our people, enhance productivity, and deliver enterprise impact via a people-forward culture, skills focus, people + AI process redesign, and aligned incentives;

• Continually improving our ongoing commitment to risk management.

We believe that delivering on our key strategic priorities will create shareholder value through long-term profitable growth and we expect to continue to deliver targeted capital return to shareholders.

There can be no assurance that we will achieve success in implementing any one or more of these strategies as a variety of factors could unfavorably impact operating results, including prolonged difficulties in the global credit markets and a change in the regulatory environment affecting our businesses.

See Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K.

RESULTS OF OPERATIONS — COMPARING THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

See Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

RESULTS OF OPERATIONS — COMPARING THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

Consolidated Review

(in millions) Three Months Nine Months

2025 2024 % Change 2025 2024 % Change

(in millions) 2026 2025 % Change

Revenue $ 4,171 $ 3,777 10%

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Total expenses 2,344 2,210 6%

Gain on dispositions, net — (21) N/M (3) (21) (85)%

Equity in income on unconsolidated subsidiaries (7) (11) (39)% (28) (31) (6)%

Gain on dispositions (175) — N/M

Equity in income on unconsolidated subsidiaries — (11) N/M

Operating profit 2,002 1,578 27%

Other income, net (2) 2 N/M (25) (10) N/M

Other (income) expense, net (2) 4 N/M

Interest expense, net 96 78 24%

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

The following table provides consolidated revenue information for the periods ended September 30:

(in millions) Three Months Nine Months

2025 2024 % Change 2025 2024 % Change

The following table provides consolidated revenue information for the three months ended March 31:

(in millions) 2026 2025 % Change

Revenue $ 4,171 $ 3,777 10%

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Asset-linked fees 8 % 8 %

Recurring variable 4 % 4 % 4 % 4 %

Sales usage-based royalties 3 % 3 %

Recurring variable 4 % 4 %

revenue $ 2,625 $ 2,342 12%

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International revenue 37 % 38 %

Revenue increased 9% as compared to the three months ended September 30, 2024.

Subscription revenue increased in the three month period primarily due to growth in Data, Analytics & Insights, growth for work flow solutions in Enterprise Solutions and growth in RatingsXpress®, RatingsDirect®, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024 at Market Intelligence;

continued demand for Commodity Insights market data and market insights products;

new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business, and the favorable impact of improved contract terms at Mobility;

and higher data subscription revenue at Indices.

Non-subscription / transaction revenue increased driven by growth in corporate bond ratings revenue and structured finance revenue at Ratings.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary at Ratings.

Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds.

The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Commodity Insights.

Recurring variable revenue at Market Intelligence increased due to increased volumes.

See “Segment Review” below for further information.

The favorable impact of foreign exchange rates increased revenue by 1 percentage point.

This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

Revenue increased 8% as compared to the nine months ended September 30, 2024.

Subscription revenue increased in the nine month period primarily due to growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth for work flow solutions in Enterprise Solutions and growth in RatingsXpress®, RatingsDirect®, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024 at Market Intelligence;

continued demand for Commodity Insights market data and market insights products;

new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business and the favorable impact of improved contract terms at Mobility;

Revenue increased 10% as compared to the three months ended March 31, 2025.

Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in

RatingsXpress® and RatingsDirect® and the impact of recent acquisitions at Market Intelligence;

new business growth within the Dealer business, solid underwriting volumes and market share growth within the Financial business and the favorable impact of improved contract terms at Mobility;

continued demand for Energy market data and market insights products;

and higher data subscription revenue at Indices.

Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue at Ratings, and an increase in conference revenue at Commodity Insights.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary at Ratings.

Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds.

The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Energy.

Recurring variable revenue at Market Intelligence increased due to increased volumes.

See “Segment Review” below for further information.

The favorable impact of foreign exchange rates increased revenue by 1 percentage point.

The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point.

This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

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

periods ended September 30:

(in millions) 2025 2024 % Change

related expenses Selling and

general expenses Operating-

related expenses Selling and

general expenses Operating-

related expenses Selling and

general expenses

Market Intelligence 1

$ 513 $ 289 $ 497 $ 297 3% (3)%

268 145 258 168 4% (14)%

Commodity Insights 3

170 116 163 115 4% 2%

133 115 118 118 13% (4)%

69 65 62 62 11% 6%

Intersegment eliminations 6

(51) — (48) — (6)% N/M

Total segments 1,102 730 1,050 760 5% (4)%

Corporate Unallocated expense 7

19 75 15 55 25% 35%

Total $ 1,121 $ 805 $ 1,065 $ 815 5% (1)%

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

1 In 2025, selling and general expenses include employee severance charges of $11 million, acquisition-related costs of $2 million and disposition-related costs of $4 million and Executive Leadership Team transition costs of $1 million.

In 2024, selling and general expenses include IHS Markit merger costs of $10 million.

2 In 2025, selling and general expenses include legal costs of $12 million.

In 2024, selling and general expenses include a statutorily required bonus accrual adjustment of $6 million.

3 In 2024, selling and general expenses include employee severance charges of $4 million and IHS Markit merger costs of $2 million.

4 In 2025, selling and general expenses include employee severance charges of $6 million, an Executive Leadership Team transition benefit of $4 million, a legal settlement recovery of $3 million and acquisition related costs of $1 million.

In 2024, selling and general expenses include IHS Markit merger costs of $1 million.

5 In 2025, selling and general expenses include employee severance charges of $1 million and acquisition related costs of $1 million.

In 2024, selling and general expenses include IHS Markit merger costs of $1 million.

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

7 In 2025, selling and general expenses include acquisition-related costs of $14 million, Executive Leadership Team transition costs of $9 million, a lease impairments of $6 million, employee severance charges of $5 million, disposition-related costs of $4 million and legal costs of $1 million.

In 2024, selling and general expenses include IHS Markit merger costs of $16 million, acquisition-related costs of $2 million and an asset write-off of $1 million.

Operating-Related Expenses

Operating-related expenses increased 5% primarily driven by higher compensation costs driven by annual merit increases and additional headcount.

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

Selling and General Expenses

Selling and general expenses decreased 1%.

Selling and general expenses decreased 5% excluding the impact in 2025 of higher employee severance charges of 3 percentage points, acquisition-related costs of 2 percentage points, disposition-related costs of 1 percentage point, legal costs of 1 percentage point, lease impairments of 1 percentage point, Executive Leadership Team transition costs of 1 percentage point, partially offset by IHS Markit merger costs in 2024 of 4 percentage points and a statutorily required bonus accrual adjustment in 2024 of 1 percentage point.

The decrease was primarily driven by a decrease in incentive costs, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an

increase in strategic initiatives.

Depreciation and Amortization

Depreciation and amortization of $294 million in 2025 remained relatively unchanged compared to 2024.

periods ended March 31:

(in millions) 2026 2025 % Change

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284 127 260 125 9% 2%

Commodity Insights 3

216 115 208 114 4% 1%

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

1 In 2025, selling and general expenses include employee severance charges of $44 million, acquisition-related costs of $12 million, disposition-related costs of $6 million and Executive Leadership Team transition costs of $5 million.

In 2024, selling and general expenses include IHS Markit merger costs of $30 million, employee severance charges of $35 million and a net acquisition-related benefit of $8 million.

2 In 2025, selling and general expenses include legal costs of $39 million and employee severance charges of $10 million.

In 2024, selling and general expenses include legal costs of $20 million, a statutorily required bonus accrual adjustment of $6 million and employee severance charges of $2 million.

1 In 2026, selling and general expenses include acquisition-related costs of $9 million and disposition-related costs of $3 million.

In 2025, selling and general expenses include employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million.

2 In 2025, selling and general expenses include employee severance charges of $2 million.

In 2024, selling and general expenses include IHS Markit merger costs of $12 million, employee severance charges of $4 million, an asset write-off of $1 million and disposition-related costs of $1 million.

4 In 2025, selling and general expenses include employee severance charges of $11 million, Executive Leadership Team transition benefit of $4 million, legal settlement recovery of $3 million and acquisition related costs of $1 million.

In 2024, selling and general expenses include employee severance charges of $7 million, IHS Markit merger costs of $2 million and acquisition-related costs of $1 million.

5 In 2025, selling and general expenses include employee severance charges of $1 million and acquisition related costs of $1 million.

In 2024, selling and general expenses include IHS Markit merger costs of $4 million and employee severance charges of $1 million.

3 In 2026, selling and general expenses include disposition-related costs of $1 million and acquisition-related costs of $1 million.

In 2025, selling and general expenses include employee severance charges of $6 million.

4 In 2026, selling and general expenses include disposition-related costs of $13 million.

5 In 2026, selling and general expenses include employee-related costs of $1 million and acquisition-related costs of $1 million.

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

7 In 2025, selling and general expenses include employee severance charges of $28 million, Executive Leadership Team transition costs of $22 million, acquisition-related costs of $24 million, a lease impairments of $14 million, disposition-related costs of $6 million, legal costs of $3 million and an asset write-off of $1 million.

In 2024, selling and general expenses include IHS Markit merger costs of $54 million, acquisition-related costs of $10 million, disposition-related costs of $3 million, employee severance charges of $2 million, recovery of lease-related costs of $1 million and an asset write-off of $1 million.

7 In 2026, selling and general expenses include disposition-related costs of $23 million and lease impairments of $5 million.

In 2025, selling and general expenses include employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million.

Operating-Related Expenses

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

Operating-related expenses increased 7% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence.

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

1 unchanged sentence

Selling and general expenses increased 5%.

Selling and general expenses increased 3% excluding the impact in 2025 of higher employee severance charges of 2 percentage points, Executive Leadership Team transition costs of 1 percentage point, acquisition-related costs of 1 percentage point and legal costs of 1 percentage point, partially offset by IHS Markit merger costs in 2024 of 4 percentage points.

The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic initiatives, partially offset by decreased incentive costs.

Selling and general expenses increased 6% excluding the impact in 2026 of higher disposition-related costs of 9 percentage points, partially offset by employee severance charges in 2025 of 8 percentage points and ELT transition costs in 2025 of 2 percentage points.

The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.

Depreciation and Amortization

Depreciation and amortization of $882 million in 2025 remained relatively unchanged compared to 2024.

Depreciation and amortization increased $14 million to $307 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by recent acquisitions at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized.

Gain on Dispositions

During the nine months ended September 30, 2025 , we recorded a pre-tax gain of $3 million ($2 million after-tax) in G ain 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.

During the three months ended March 31, 2026, we recorded a pre-tax gain of $175 million related to the following dispositions, which was included in Gain on dispositions in the consolidated statement of income:

• 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.

Operating Profit

2 unchanged sentences

Segment operating profit is defined as operating profit before Corporate Unallocated expense and Equity in Income on Unconsolidated Subsidiaries.

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

(in millions) 2025 2024 % Change

Market Intelligence 1

$ 277 $ 230 20%

Commodity Insights 3

Total segment operating profit 1,765 1,496 18%

Corporate Unallocated expense 6

(97) (73) (33)%

Equity in income on unconsolidated subsidiaries 7

Total operating profit $ 1,675 $ 1,434 17%

1 2025 includes employee severance charges of $11 million, acquisition-related costs of $2 million, disposition-related costs of $4 million and Executive Leadership Team transition costs of $1 million.

2024 includes a gain on disposition of $21 million and IHS Markit merger costs of $10 million.

2025 and 2024 include amortization of intangibles from acquisitions of $146 million and $151 million, respectively.

2 2025 includes legal costs of $12 million.

2024 includes a statutorily required bonus accrual adjustment of $6 million.

2025 and 2024 include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.

3 2024 includes employee severance charges of $4 million and IHS Markit merger costs of $2 million.

2025 and 2024 include amortization of intangibles from acquisitions of $32 million.

4 2025 includes employee severance charges of $6 million, an Executive Leadership Team transition benefit of $4 million and a legal settlement recovery of $3 million.

2024 includes IHS Markit merger costs of $1 million.

2025 and 2024 include amortization of intangibles from acquisitions of $76 million.

5 2025 includes employee severance charges of $1 million and acquisition-related costs of $1 million.

2024 includes IHS Markit merger costs of $1 million.

2025 and 2024 include amortization of intangibles from acquisitions of $9 million.

6 2025 includes acquisition-related costs of $14 million, Executive Leadership Team transition costs of $9 million, lease impairments of $6 million, employee severance charges of $5 million, disposition-related costs of $4 million and legal costs of $1 million.

2024 includes

IHS Markit merger costs of $16 million, acquisition-related costs of $2 million and an asset write-off of $1 million.

2025 and 2024 include amortization of intangibles from acquisitions of $1 million.

7 2025 and 2024 include amortization of intangibles from acquisitions of $14 million.

Segment Operating Profit — Segment operating profit increased 18% as compared to 2024.

Excluding the impact of a gain on disposition in 2024 of 2 percentage points, higher employee severance charges in 2025 of 1 percentage point, legal costs in 2025 of 1 percentage point, partially offset by IHS Markit merger costs in 2024 of 1 percentage point, a statutorily required bonus accrual adjustment of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, operating profit increased 16% primarily due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

See “Segment Review” below for further information.

Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.

Corporate Unallocated expense increased 33% compared to 2024.

Excluding the impact of higher acquisition-related costs in 2025 of 16 percentage points, Executive Leadership Team transition costs in 2025 of 12 percentage points, lease impairments in 2025 of 9 percentage points, employee severance changes in 2025 of 7 percentage points, disposition-related costs in 2025 of 4 percentage points, legal costs in 2025 of 2 percentage points, partially offset by IHS merger costs in 2024 of 21 percentage points and an asset write-off in 2024 of 1 percentage point, Corporate Unallocated expense increased 5% primarily due to higher compensation costs in 2025.

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’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business.

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

Equity in Income on Unconsolidated Subsidiaries includes the OSTTRA joint venture.

Equity in Income on Unconsolidated Subsidiaries was $7 million for the three months ended September 30, 2025 compared to $11 million for the three months ended September 30, 2024.

Foreign exchange rates had a favorable impact on operating profit of 2 percentage points.

This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities.

Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year.

Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.

The tables below reconcile segment operating profit to total operating profit for the three months ended March 31:

(in millions) 2026 2025 % Change

Market Intelligence 1

$ 756 $ 649 16%

2,291 2,080 10%

Commodity Insights 3

$ 440 $ 220 N/M

Total segment operating profit 2,073 1,633 27%

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Total operating profit $ 2,002 $ 1,578 27%

1 2025 includes employee severance charges of $44 million, acquisition-related costs of $12 million, Executive Leadership Team transition costs of $5 million, disposition-related costs of $6 million and a gain on disposition of $3 million.

2024 includes a gain on disposition of $21 million, employee severance charges of $35 million, IHS Markit merger costs of $30 million and a net acquisition-related benefit of $8 million.

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

1 2026 includes gain on disposition of $172 million, acquisition-related costs of $9 million and disposition-related costs of $3 million.

2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million.

2026 and 2025 include amortization of intangibles from acquisitions of $156 million and $148 million, respectively.

2 2025 includes legal costs of $39 million and employee severance charges of $10 million.

2024 includes legal costs of $20 million, a statutorily required bonus accrual adjustment of $6 million and employee severance charges of $2 million.

2 2025 includes employee severance charges of $2 million.

2026 and 2025 include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.

3 2026 includes disposition-related costs of $1 million and acquisition-related costs of $1 million.

2025 includes employee severance charges of $6 million.

2024 includes IHS Markit merger costs of $12 million, employee severance charges of $4 million, an asset write-off of $1 million and disposition-related costs of $1 million.

2026 and 2025 include amortization of intangibles from acquisitions of $32 million and $33 million , respectively .

4 2025 includes employee severance charges of $11 million, an Executive Leadership Team transition benefit of $4 million, a legal settlement recovery of $3 million and acquisition related costs of $1 million.

2024 includes employee severance charges of $7 million, IHS Markit merger costs of $2 million and acquisition-related costs of $1 million.

2025 and 2024 include amortization of intangibles from acquisitions of $228 million and $227 million.

5 2025 includes employee severance charges of $1 million and acquisition related costs of $1 million.

2024 includes IHS Markit merger costs of $4 million, a loss on disposition of $1 million and employee severance charges of $1 million.

2025 and 2024 include amortization of intangibles from acquisitions of $27 million.

6 2025 includes employee severance charges of $28 million, Executive Leadership Team transition costs of $22 million, disposition-related costs of $6 million, lease impairments of $14 million, acquisition-related costs of $24 million, legal costs of $3 million and an asset write-off of $1 million.

2024 includes IHS Markit merger costs of $54 million, acquisition-related costs of $10 million, disposition-related costs of $3 million, employee severance charges of $2 million, a gain on disposition of $2 million, recovery of lease-related costs of $1 million and an asset write-off of $1 million.

4 2026 includes disposition-related costs of $13 million.

2026 and 2025 include amortization of intangibles from acquisitions of $76 million.

5 2026 includes employee-related costs of $1 million and acquisition-related costs of $1 million.

2026 and 2025 include amortization of intangibles from acquisitions of $10 million and $9 million, respectively .

6 2026 includes disposition-related costs of $23 million, lease impairments of $5 million and gain on disposition of $3 million.

2025 includes employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million.

2026 include amortization of intangibles from acquisitions of $1 million.

7 2025 include amortization of intangibles from acquisitions of $13 million.

Segment Operating Profit — Segment operating profit increased 27% as compared to 2025.

Excluding the impact of a higher gain on dispositions in 2024 of 1 percentage point, higher employee severance charges in 2025 of 1 percentage point, legal costs in 2025 of 1 percentage point and higher acquisition-related costs in 2025 of 1 percentage point, partially offset by IHS Markit merger costs in 2024 of 3 percentage points, segment operating profit increased 12%.

The increase was primarily due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

Excluding the impact of a gain on dispositions in 2026 of 13 percentage points and employee severance charges in 2025 of 2 percentage points, partially offset by higher disposition-related costs in 2026 of 1 percentage point and higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, operating profit increased 14% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

See “Segment Review” below for further information.

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Corporate Unallocated expense increased 8% compared to 2025.

Excluding the impact of higher employee severance charges in 2025 of 10 percentage points, Executive Leadership Team transition costs in 2025 of 9 percentage points, higher acquisition-related costs in 2025 of 6 percentage points, lease impairments in 2025 of 6 percentage points, disposition-related costs in 2025 of 1 percentage point, legal costs in 2025 of 1 percentage point and a gain on disposition in 2024 of 1 percentage point, partially offset by IHS merger costs in 2024 of 21 percentage points, Corporate Unallocated expense increased 11% primarily due to higher compensation costs in 2025 and disposition-related income in 2024.

The joint venture provides trade processing and risk mitigation operations and incorporates CME’s optimization businesses (Traiana, TriOptima, and Reset) and the Company’s MarkitSERV business.

Equity in Income on Unconsolidated Subsidiaries includes the OSTTRA joint venture.

Equity in Income on Unconsolidated Subsidiaries was $28 million for the nine months ended September 30, 2025 compared to $31 million for the nine months ended September 30, 2024.

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.

Foreign exchange rates had a favorable impact on operating profit of less than 1 percentage point.

Excluding the impact of employee severance charges in 2025 of 74 percentage points, Executive Leadership Team transition costs in 2025 of 56 percentage points, a gain on disposition in 2026 of 19 percentage points, higher acquisition-related costs in 2025 of 14 percentage points and higher lease impairments in 2025 of 8 percentage points, partially offset by higher disposition-related costs in 2026 of 160 percentage points and higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, Corporate Unallocated expense increased 17% primarily due to higher conference expenses and professional fees.

Equity in Income on Unconsolidated Subsidiaries — 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.

Equity in Income on Unconsolidated Subsidiaries was $11 million for the three months ended March 31, 2025.

Foreign exchange rates had a favorable impact on operating profit of 2 percentage points.

This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities.

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Other Income, net

Other income, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans.

Other income, net was $2 million for the three months ended September 30, 2025 compared to other expense, net of $2 million for the three months ended September 30, 2024 due to higher losses on our mark-to-market investments in 2024.

Other income, net was $25 million for the nine months ended September 30, 2025 compared to $10 million for the nine months ended September 30, 2024 primarily due to gains on our mark-to-market investments in 2025 compared to losses in 2024.

Other (Income) Expense, net

Other (income) expense, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans.

Other income, net was $2 million for the three months ended March 31, 2026 compared to other expense, net of $4 million for the three months ended March 31, 2025 due to higher losses on our mark-to-market investments in 2025.

Interest Expense, net

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

Interest expense, net increased compared to the three months ended March 31, 2025 primarily due to an increase in interest expense related to the issuance of our senior notes in December of 2025 and increased expense related to commercial paper borrowings in 2026 to partially finance the Company's ASR agreement entered into in February of 2026 and short-term working capital requirements.

Provision for Income Taxes

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.

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 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.

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.

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.

Segment Review

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Market Intelligence’s portfolio of capabilities are designed to help trading and investment professionals, government agencies, corporations and universities track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and manage credit risk.

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

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

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

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

On April 24, 2025, we entered into an agreement to acquire the Automatic Identification System (AIS) data services business of ORBCOMM Inc.

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

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

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

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

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

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

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.

Market Intelligence includes the following business lines:

• Data, Analytics & Insights — a desktop product suite that provides data, analytics and third-party research for global finance and corporate professionals, which includes the Capital IQ platforms (which are inclusive of S&P Capital IQ Pro, Capital IQ, Office and Mobile products) and a broad range of research, reference data, market data, derived analytics and valuation services covering both the public and private capital markets, delivered through flexible feed-based or API delivery mechanisms.

This also includes issuer solutions for public companies, a range of products for the maritime & trade market, data and insight into Financial Institutions, the telecoms, technology and media space as well as ESG and supply chain data analytics;

• Enterprise Solutions — software and workflow solutions that help our customers manage and analyze data;

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and meet global regulatory requirements.

The portfolio includes industry leading financial technology solutions like Wall Street Office, Enterprise Data Manager, Information Mosaic, and iLevel.

Our Global Markets Group offering delivers bookbuilding platforms across multiple assets including municipal bonds, equities and fixed income;

The portfolio includes industry leading financial technology solutions like Wall Street Office, Information Mosaic, and iLevel.

Our Primary Markets Group offering delivers bookbuilding platforms across multiple assets including municipal bonds, equities and fixed income;

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

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Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing conferences and events, and analytical services.

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

(in millions) Three Months Nine Months

2025 2024 % Change 2025 2024 % Change

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

Revenue $ 1,296 $ 1,199 8%

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Operating profit 1

$ 277 $ 230 20% $ 756 $ 649 16%

$ 440 $ 220 N/M

Operating margin % 34 % 18 %

1 Operating profit for the three and nine months ended September 30, 2025 includes employee severance charges of $11 million and $44 million, respectively, acquisition-related costs of $2 million and $12 million, respectively, disposition-related costs of $4 million and $6 million, respectively and Executive Leadership Team transition costs of $1 million and $5 million, respectively.

Operating profit for the nine months ended September 30, 2025 includes a gain on disposition of $3 million.

Operating profit for the three and nine months ended September 30, 2024 includes a gain on disposition of $21 million and IHS Markit merger costs of $10 million and $30 million, respectively.

Operating profit for the nine months ended September 30, 2024 includes employee severance charges of $35 million and a net acquisition-related benefit of $8 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $146 million and $151 million for the three months ended September 30, 2025 and 2024, respectively, and $443 million and $439 million for the nine months ended September 30, 2025 and 2024, respectively.

Revenue increased 6% primarily due to subscription revenue growth in Data, Analytics & Insights, growth for work flow solutions in Enterprise Solutions, and growth in RatingsXpress® and RatingsDirect®, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024.

An increase in recurring variable revenue due to increased volumes also contributed to revenue growth.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 20%.

Excluding the impact of a gain on disposition in 2024 of 2 percentage points and higher employee severance charges in 2025 of 1 percentage point, partially offset by IHS merger costs in 2024 of 1 percentage point, operating profit increased 18% primarily due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases and an increase in strategic investments.

Foreign exchange rates had a favorable impact of 2 percentage points.

Revenue increased 6% primarily due to subscription revenue growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024, growth for work flow solutions in Enterprise Solutions, and growth in RatingsXpress® and RatingsDirect®, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024.

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

1 2026 includes gain on disposition of $172 million, acquisition-related costs of $9 million and disposition-related costs of $3 million.

2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $156 million and $148 million, respectively.

Revenue increased 8% and was favorably impacted by 1 percentage point from the net impact of recent acquisitions and a disposition.

Excluding the impact of acquisitions and a disposition, revenue increased primarily due to growth for Lending Solutions in Enterprise Solutions, subscription revenue growth in Data, Analytics & Insights, and growth in RatingsXpress® and RatingsDirect®.

An increase in recurring variable revenue due to increased volumes also contributed to revenue growth.

Foreign exchange rates had a favorable impact of 1 percentage point.

Operating profit increased 16%.

Excluding the impact of a gain on disposition in 2024 of 3 percentage points, higher net acquisition-related costs in 2025 of 2 percentages points, higher disposition-related costs in 2025 of 1 percentage point, higher employee severance charges in 2025 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, partially offset by IHS merger costs in 2024 of 4 percentage points, operating profit increased 12% primarily

due to revenue growth and lower outside services expenses, partially offset by higher compensation costs driven by annual merit increases and additional headcount and expenses associated with the acquisition of Visible Alpha.

Revenue was favorably impacted by the acquisitions of Automatic Identification System (AIS) data services business of ORBCOMM Inc.

and With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026.

Operating profit increased over 100%.

Excluding the impact of a gain on disposition in 2026 of 86 percentage points, employee severance charges in 2025 of 7 percentage points and ELT transition costs in 2025 of 2 percentage points, partially offset by higher amortization of intangibles from acquisitions in 2026 of 4 percentage points, higher disposition-related costs in 2026 of 1 percentage point and higher acquisition-related costs in 2026 of 1 percentage point, operating profit increased 11% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in bad debt expense.

Foreign exchange rates had a favorable impact of 1 percentage point.

For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K.

For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

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

Credit ratings are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments.

They are opinions about credit risk and our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time.

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

Credit ratings are forward-looking opinions about an issuer's relative creditworthiness.

They are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments.

Our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time.

Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default.

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.

Ratings disaggregates its revenue between transaction and non-transaction.

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Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Royalty revenue was $44 million and $128 million for the three and nine months ended September 30, 2025, respectively and $41 million and $120 million for the three and nine months ended September 30, 2024, respectively.

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

(in millions) Three Months Nine Months

2025 2024 % Change 2025 2024 % Change

Royalty revenue was $44 million and $42 million for the three months ended March 31, 2026 and 2025, respectively.

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

Revenue $ 1,302 $ 1,149 13%

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Transaction revenue

54 % 54 % 53 % 55 %

Non-transaction revenue 45 % 46 %

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Operating margin % 68 % 66 %

1 Operating profit for the three and nine months ended September 30, 2025 includes legal costs of $12 million and $39 million, respectively.

Operating profit for the nine months ended September 30, 2025 includes employee severance charges $10 million.

Operating profit for the three and nine months ended September 30, 2024 includes a statutorily required bonus accrual adjustment of $6 million.

Operating profit for the nine months ended September 30, 2024 includes legal costs of $20 million and employee severance charges of $2 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $1 million and $2 million, respectively for the three months ended September 30, 2025 and 2024, and $5 million and $11 million for the nine months ended September 30, 2025 and 2024, respectively.

1 2025 includes employee severance charges of $2 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.

Revenue increased 13%, with a favorable impact from foreign exchange rates of 2 percentage points.

Transaction revenue increased primarily due to growth in corporate bond ratings revenue and structured finance revenue driven by increases in issuance volumes.

The increase in revenue was driven by both transaction and non-transaction revenue.

Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary.

Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit increased 21%.

Excluding the impact of higher legal costs in 2025 of 1 percentage point, operating profit increased 22% due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments.

Operating profit increased 16% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments.

Foreign exchange rates had a favorable impact of 3 percentage points.

Revenue increased 7%, with a favorable impact from foreign exchange rates of 1 percentage point.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary.

Transaction revenue increased due to higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue.

Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit increased 10%.

Excluding the impact of higher legal costs in 2025 of 1 percentage point, operating profit increased 11% primarily due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Billed Issuance Volumes

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

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

Three Months Nine Months

(in billions) 2025 2024 % Change 2025 2024 % Change

The following table provides billed issuance levels based on Ratings’ internal data feeds for the three months ended March 31:

(in billions) 2026 2025 % Change

Investment-grade billed issuance *

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** Includes Bank Loans, Structured Finance and Government.

Third quarter billed issuance was up due to increases in high yield and structured finance.

Tightening borrowing spreads drove refinancing in high yield.

Structured finance billed issuance increases were driven primarily by new CLO issuance.

For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K.

First quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions.

High yield increased slightly driven by M&A transactions.

These increases were partially offset by a decrease in bank loans primarily due to AI-disruption concerns affecting software and tech-adjacent leveraged loans.

For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Commodity Insights

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

Commodity Insights provides essential price data, analytics, industry insights and software & services, enabling the commodity and energy markets to perform with greater transparency and efficiency.

Commodity Insights includes the following business lines:

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

Energy provides essential price data, analytics, industry insights and software & services, enabling the energy and commodity markets to perform with greater transparency and efficiency.

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.

Energy includes the following business lines:

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

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

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

Energy’s revenue is generated primarily through the following sources:

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

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

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

(in millions) Three Months Nine Months

2025 2024 % Change 2025 2024 % Change

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

Revenue $ 652 $ 612 7%

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Operating margin % 44 % 42 %

1 Operating profit for the nine months ended September 30, 2025 includes employee severance charges of $10 million.

Operating profit for the three and nine months ended September 30, 2024 includes employee severance charges of $4 million and IHS Markit merger costs of $2 million and $12 million, respectively.

Operating profit for the nine months ended September 30, 2024 includes an asset write-off of $1 million and disposition-related costs of $1 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $32 million for the three months ended September 30, 2025 and 2024, and $98 million and $97 million for the nine months ended September 30, 2025 and 2024, respectively.

Revenue increased 6% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts.

An increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors.

The Energy & Resources Data & Insights, Price Assessments and Advisory & Transactional Services businesses contributed to revenue growth in the third quarter of 2025.

Revenue at the Upstream Data & Insights business decreased in the third quarter of 2025 due to increased cancellations and lower one-time transactional sales.

1 2026 includes disposition-related costs of $1 million and acquisition-related costs of $1 million.

2025 includes employee severance charges of $6 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $32 million and $33 million, respectively.

Revenue increased 7% primarily due to increased attendance at CERAWeek in 2026 and continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts.

Three of the four business lines contributed to revenue growth in the first quarter of 2026 with the Advisory & Transactional Services business being the most significant driver, followed by the Energy & Resources Data & Insights and Price Assessments businesses.

The increases were offset by a decrease in the Upstream Data & Insights business which was unfavorably impacted by a one-time benefit in the first quarter of 2025.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 12%.

Excluding the impact of higher employee severance charges in 2024 of 3 percentage points and IHS Markit merger costs in 2024 of 1 percentage points, operating profit increased 7%.

Excluding the impact of higher disposition-related costs in 2026 of 1 percentage point and higher acquisition-related costs in 2026 of 1 percentage point, partially offset by higher employee severance charges in 2025 of 5 percentage points, operating profit increased 9%.

The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount and investment in strategic initiatives.

Foreign exchange rates had an unfavorable impact of 1 percentage point.

Revenue increased 8% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and an increase in conference revenue driven by increased attendance at CERAWeek in 2025.

All four business lines contributed to revenue growth in the first nine months of 2025 with the Energy & Resources Data & Insights and Price Assessments businesses being the most significant drivers, followed by the Advisory & Transactional Services and Upstream Data & Insights businesses.

Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 13%.

Excluding the impact of IHS Markit merger costs in 2024 of 5 percentage points, partially offset by higher employee severance charges in 2025 of 2 percentage points, operating profit increased 10%.

The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, investment in strategic initiatives and expenses associated with the acquisition of World Hydrogen Leaders.

Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

For a further discussion of competitive and other risks inherent in our Commodity Insights business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K.

Foreign exchange rates had an unfavorable impact of 2 percentage points.

For a further discussion of competitive and other risks inherent in our Energy business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

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

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

(in millions) Three Months Nine Months

2025 2024 % Change 2025 2024 % Change

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

Revenue $ 454 $ 420 8%

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Operating profit 1

$ 117 $ 97 21% $ 307 $ 247 24%

Operating margin % 21 % 20 %

1 Operating profit for the three and nine months ended September 30, 2025 includes employee severance charges of $6 million and $11 million, respectively, an Executive Leadership Team transition benefit of $4 million, a legal settlement recovery of $3 million and acquisition-related costs of $1 million.

Operating profit for the three and nine months ended September 30, 2024 includes IHS Markit merger costs of $1 million and $2 million, respectively.

Operating profit for the nine months ended September 30, 2024 includes employee severance charges of $7 million and acquisition-related costs of $1 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended September 30, 2025 and 2024, and $228 million and $227 million for the nine months ended September 30, 2025 and 2024, respectively.

Revenue increased 8% primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business and strong underwriting volumes and market share growth within the Financial business.

1 2026 includes disposition-related costs of $13 million.

2026 and 2025 include amortization of intangibles from acquisitions of $76 million.

Revenue increased 8% primarily driven by continued new business growth within the Dealer business and solid underwriting volumes within the Financial business.

Additionally, the Dealer and Financial businesses were favorably impacted by improved contract terms.

Non-subscription revenue was unfavorably impacted by the tightening of Manufacturing businesses’ discretionary budgets due to market conditions around tariffs and uncertainty around EV adoption;

together with lower recall activity.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Growth in the Manufacturing business reflects early signs of recovery in discretionary spending, with an uptick in transaction activity, though lower recall volumes continue to weigh on performance.

Foreign exchange rates had a favorable impact of 1 percentage point.

Operating profit increased 9%.

Excluding the impact of an Executive Leadership Team transition benefit in 2025 of 23 percentage points, a legal settlement recovery in 2025 of 16 percentage points and IHS Markit merger costs in 2024 of 5 percentage points, partially offset by higher employee severance costs in 2025 of 31 percentage points and higher acquisition-related costs in 2025 of 3 percentage points, operating profit increased 11%.

The increase was primarily driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount and an increase in advertising and promotion costs.

Excluding the impact of disposition-related costs in 2026 of 3 percentage points, operating profit increased 12%.

The increase was primarily driven by revenue growth, partially offset by higher advertising and promotion costs.

Foreign exchange rates had a favorable impact of 6 percentage points.

Revenue increased 9% primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business.

Additionally, the Dealer and Financial businesses were favorably impacted by favorably impacted by improved contract terms.

Non-subscription revenue was unfavorably impacted by the tightening of Manufacturing businesses’ discretionary budgets due to market conditions around tariffs and uncertainty around EV adoption;

together with lower recall activity.

Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 24%.

Excluding the impact of an Executive Leadership Team transition benefit in 2025 of 11 percentage points, a legal settlement recovery in 2025 of 8 percentage points and IHS Markit merger costs in 2024 of 6 percentage points, partially offset by higher employee severance costs in 2025 of 11 percentage points and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, operating profit increased 11%.

The increase was primarily driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, an increase in advertising and promotion costs and an increase in strategic investments.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

For a further discussion of competitive and other risks inherent in our Mobility business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K.

For a further discussion of competitive and other risks inherent in our Mobility business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

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Indices’ mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products, and provide investors with tools to monitor world markets.

On 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.

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

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

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

(in millions) Three Months Nine Months

2025 2024 % Change 2025 2024 % Change

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

Revenue $ 519 $ 445 17%

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Net operating margin % 52 % 53 %

1 Operating profit for the three and nine months ended September 30, 2025 includes employee severance charges of $1 million and acquisition-related costs of $1 million.

Operating profit for the three and nine months ended September 30, 2024 includes IHS Markit merger costs of $1 million and $4 million, respectively.

Operating profit for the nine months ended September 30, 2024 includes a loss on disposition of $1 million and employee severance charges of $1 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $9 million for the three months ended September 30, 2025 and 2024 and $27 million for the nine months ended September 30, 2025 and 2024.

Revenue at Indices increased 11% primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management (“AUM”) for ETFs and mutual funds and higher data subscription revenue.

Ending AUM for ETFs increased 24% to $5.172 trillion compared to September 30, 2024 and average levels of AUM for ETFs increased 26% to $4.937 trillion compared to the three months ended September 30, 2024.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 12% due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases, and an increase in strategic investments.

Foreign exchange rates had an unfavorable impact of 1 percentage point.

Revenue at Indices increased 13% primarily due to an increase in asset linked fees revenue driven by higher levels of AUM for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue.

Ending AUM for ETFs increased 24% to $5.172 trillion compared to September 30, 2024 and average levels of AUM for ETFs increased 25% to $4.592 trillion compared to the nine months ended September 30, 2024.

1 2026 includes employee-related costs of $1 million and acquisition-related costs of $1 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $10 million and $9 million , respectively.

Revenue at Indices increased 17% primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management (“AUM”) for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue.

Ending AUM for ETFs increased 25% to $5.385 trillion compared to March 31, 2025 and average levels of AUM for ETFs increased 25% to $5.574 trillion compared to the three months ended March 31, 2025.

Ending AUM for ETFs decreased 2% compared to the fourth quarter of 2025 driven by the impact of market depreciation in the first quarter of 2026.

Foreign exchange rates had a favorable impact of 1 percentage point.

Operating profit increased 18% primarily due to revenue growth, partially offset by an increase in strategic investments and higher compensation costs driven by annual merit increases.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 15%.

Excluding the impact of IHS Markit merger costs in 2024 of 1 percentage point, operating profit increased 14% due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases, and an increase in strategic investments.

Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

For a further discussion of competitive and other risks inherent in our Indices business, see Item 1A, Risk Factors in this Form 10-Q and our most recently filed Annual Report on Form 10-K.

For a further discussion of competitive and other risks inherent in our Indices business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

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Cash Flow Overview

Cash, cash equivalents, and restricted cash were $1,672 million as of September 30, 2025, an increase of $6 million from December 31, 2024.

The following table provides cash flow information for the nine months ended September 30:

Cash, cash equivalents, and restricted cash were $1,810 million as of March 31, 2026, an increase of $65 million from December 31, 2025.

The following table provides cash flow information for the three months ended March 31:

(in millions) 2026 2025 % Change

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Operating activities $ 1,037 $ 953 9%

Investing activities $ (232) $ (262) (11)%

Investing activities $ 291 $ (79) N/M

Financing activities $ (1,237) $ (1,103) 12%

In the first nine months of 2025, free cash flow decreased $125 million to $3,520 million compared to $3,645 million in the first nine months of 2024.

The decrease is primarily due to a decrease in operating activities as discussed below and an increase in cash used for capital expenditures and distributions to noncontrolling interest holders.

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

In the first three months of 2026, free cash flow increased $103 million to $919 million compared to $816 million in the first three months of 2025.

The increase is primarily due to an increase in operating activities as discussed below.

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders.

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Operating activities

Cash provided by operating activities decreased $46 million to $3,903 million for the first nine months of 2025 compared to 2024.

This is primarily attributable to higher compensation payments in 2025, higher tax payments in 2025 and proceeds received from the termination of interest rate swaps in 2024, partially offset by higher operating results in 2025.

The OECD introduced an international tax framework under Pillar Two which includes a global minimum tax of 15%.

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.

Cash provided by operating activities increased $84 million to $1,037 million for the first three months of 2026 compared to 2025.

This is primarily attributable to higher operating results, stronger cash collections and lower tax payments in 2026.

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.

Investing activities

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

Cash used for investing activities decreased to $232 million for the first nine months of 2025 compared to $262 million in the first nine months of 2024, primarily due to higher cash paid for acquisitions in 2024, partially offset by higher proceeds from dispositions in 2024, higher capital expenditures and cash paid for short- term investments in 2025.

Cash provided by investing activities was $291 million for the first three months of 2026 compared to cash used for investing activities of $79 million in the first three months of 2025, primarily due to proceeds from the disposition of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment in 2026.

Financing activities

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

Cash used for financing activities increased $448 million to $3,728 million for the first nine months of 2025.

The increase is primarily attributable to an increase in cash used for share repurchases in 2025.

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 purchased a total of 3.8 million shares for $2 billion of cash.

Cash used for financing activities increased $134 million to $1,237 million for the first three months of 2026.

The increase is primarily attributable to an increase in cash used for share repurchases in 2026, partially offset by proceeds received from commercial paper borrowings in 2026.

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 purchased a total of 1.0 million shares for $650 million of cash.

See Note 8 — Equity to the consolidated financial statements of this Form 10-Q for further discussion.

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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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and are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company.

• On December 1, 2025, S&P Global Inc.

issued $600 million of 4.25% Senior Notes due 2031 and $400 million of 4.80% Senior Notes due 2035.

• On August 22, 2024, S&P Global Inc.

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This information is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S.

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

(in millions) Three Months Nine Months

Summarized results of operations for the three months ended March 31, 2026 are as follows:

(in millions) 2026

Revenue $ 1,276

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Net income attributable to S&P Global Inc.

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

(in millions) September 30, December 31,

Summarized balance sheet information as of March 31, 2026 and December 31, 2025 is as follows:

(in millions) March 31, December 31,

Current assets (excluding intercompany from Non-Obligor Group) $ 989 $ 757

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We believe the presentation of free cash flow allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management.

We use free cash flow to conduct and evaluate our business

because we believe it typically presents a more conservative measure of cash flows since capital expenditures and distributions to noncontrolling interest holders are considered a necessary component of ongoing operations.

We use free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures and distributions to noncontrolling interest holders are considered a necessary component of ongoing operations.

Free cash flow is useful for management and investors because it allows management and investors to evaluate the cash available to us to prepay debt, make strategic acquisitions and investments and repurchase stock.

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Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies.

The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow for the nine months ended September 30:

The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow for the three months ended March 31:

(in millions) 2026 2025 % Change

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(in millions) 2026 2025 % Change

Cash used for investing activities (232) (262) (11)%

Cash provided by (used for) investing activities 291 (79) N/M

Cash used for financing activities (1,237) (1,103) 12%

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

CRITICAL ACCOUNTING ESTIMATES

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Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

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

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

administration;

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

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

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

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

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• the level of the Company’s future cash flows and capital investments;

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

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

• the impact of customer cost-cutting pressures;

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

• the introduction of competing products (including those developed by AI) or technologies by other companies;

• our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services;

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

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

• our ability to successfully navigate key organizational changes;

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

• the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S.

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Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;

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

• consolidation of the Company’s customers, suppliers or competitors;

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

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

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The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law.

Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in this Form 10-Q and Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

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 2. Management’s Discussion and Analysis