S&P Global announced on April 29, 2025, its intent to pursue a full separation of its Mobility segment through a spin-off of shares to shareholders. This transaction is expected to be tax-free for U.S. federal income tax purposes and is anticipated to be completed over the next 12 to 18 months, aiming to unlock value and focus on core businesses.

The company completed the acquisition of TeraHelix (June 6, 2025) for Market Intelligence to enhance data structuring and AI capabilities, and entered an agreement to acquire ORBCOMM's AIS data services (April 24, 2025) for Market Intelligence to expand maritime visibility. These acquisitions, while not material individually, support strategic growth in data and analytics.

On April 14, 2025, S&P Global and CME Group agreed to sell OSTTRA for a total enterprise value of $3.1 billion. The company anticipates a pre-tax gain of $220 million ($140 million after-tax) from this divestiture, which is expected to close in 2025, allowing for capital redeployment.

Management continues to evaluate its cost structure, recording an $82 million pre-tax restructuring charge in the first six months of 2025, primarily for employee severance related to workforce reductions. This ongoing effort to streamline management structure and reduce positions (590 in 2025 plan) aims to improve operational efficiency.

Despite revenue growth, operating profit was partially offset by higher compensation costs due to annual merit increases and additional headcount, as well as investments in strategic initiatives. This indicates management's focus on talent and growth-oriented spending, which impacts short-term margins.

Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, indicating sound internal processes for financial reporting and compliance.

The planned separation of the Mobility business is subject to numerous conditions and complexities, with no assurance of timely completion or tax-free status. The filing explicitly states that the combined value of the two publicly-traded companies post-separation may not be equal to or greater than the current value, posing a material adverse effect risk.

S&P Global settled a lawsuit related to alleged investment losses in Q3 2025, but a class action lawsuit remains. The company is also in ongoing communication with the SEC regarding compliance and faces inquiries on antitrust and ESG matters, with potential for adverse judgments, damages, or penalties.

Forward-looking statements highlight risks from volatility in debt, equity, commodities, and automotive markets, as well as fluctuations in foreign currency exchange rates. While the company uses derivatives to mitigate some FX risk, these market conditions can still impact revenue and net income.

The Indices segment's revenue increased by 15% for both the three and six months ended June 30, 2025, primarily driven by higher asset-linked fees. Ending AUM for ETFs increased 25% to $4.735 trillion compared to June 30, 2024, reflecting strong demand for S&P Dow Jones Indices' benchmarks and competitive advantage in the index market.

Market Intelligence revenue increased 5% for the quarter and 5% for the six months, largely due to subscription revenue growth in Data, Analytics & Insights, favorably impacted by the Visible Alpha acquisition. This indicates a strong competitive position in multi-asset-class data and workflow solutions.

Mobility revenue increased 10% for the quarter and 9% for the six months, driven by new business growth within the Dealer business and strong underwriting volumes and market share growth within the Financial business. The segment also benefited from favorable price increases, indicating solid competitive standing and pricing power.

Total operating-related expenses increased 4% and selling and general expenses increased 8% for the three and six months ended June 30, 2025. This rise is primarily attributed to higher compensation costs from annual merit increases and additional headcount, alongside increased investments in strategic initiatives, impacting overall efficiency.

The company recorded pre-tax restructuring charges of $82 million for the 2025 plan, primarily related to employee severance, targeting a workforce reduction of approximately 590 positions. This ongoing effort to identify cost savings and streamline management structure is a key operational efficiency initiative.

Depreciation and amortization expenses increased 1% to $296 million for the three months and $588 million for the six months ended June 30, 2025. This increase is primarily due to higher intangible asset amortization resulting from the acquisition of Visible Alpha in May 2024, reflecting the cost of integrating acquired assets.

A key strategic priority for 2025 is 'Protecting and growing revenue by integrating generative artificial intelligence (“AI”) into product and creating new products.' This highlights a significant commitment to leveraging advanced technology for future growth and competitive differentiation.

The company's strategy emphasizes 'Maximizing the value of our data estate for our internal and external customers at scale to drive efficiency, leveraging cutting edge tools and technologies.' This indicates a focus on data-driven innovation and operational improvements through technology.

The acquisition of TeraHelix, a financial technology firm, was completed on June 6, 2025, and is part of the Market Intelligence segment. This acquisition 'strengthens our customer-centric approach to data, technology, and AI by meaningfully enhancing the ability to link datasets across classes and platforms,' supporting technological advancement.

S&P Global substantially increased its share repurchases, purchasing a total of 2.4 million shares for $1.3 billion in cash during the six months ended June 30, 2025, compared to 1.2 million shares for $500 million in the prior-year period. This aggressive repurchase activity indicates management's confidence in the company's valuation and future cash flow generation.

The Board of Directors approved an increase in the quarterly common stock dividend to $0.96 per share for 2025, demonstrating a continued commitment to returning capital to shareholders through consistent dividend growth.

Cash used for investing activities decreased to $131 million for the six months ended June 30, 2025, from $319 million in the prior-year period. This reduction is primarily due to higher cash paid for acquisitions in 2024, suggesting a more measured pace of M&A spending in the current period.

Commitment fees and applicable margins for borrowings under the company's $2.0 billion credit facility are linked to achieving three environmental sustainability performance indicators related to emissions, tested annually. This demonstrates a tangible financial commitment to environmental goals.

One of the company's key strategic priorities for 2025 is 'Meeting or exceeding our 2025 enterprise financial and sustainability goals,' alongside 'Creating a more sustainable impact.' This indicates a top-level commitment to integrating sustainability into overall business objectives.

Under its 'Lead and Inspire' strategic priority, the company aims to 'Sustain an inclusive culture where every individual feels valued, respected and empowered' and 'Continue to promote AI skills development for all employees.' These initiatives contribute to social responsibility and human capital development aspects of ESG.

President Trump signed the 'One Big Beautiful Bill Act' (OBBBA) on July 4, 2025, which makes permanent key elements of the Tax Cuts and Jobs Act and modifies international tax provisions. The company will evaluate all deferred tax balances under the new law, indicating a significant change in the regulatory tax environment.

The OECD's Pillar Two global minimum tax of 15% has been implemented in several jurisdictions. While a G7 agreement in June 2025 aims to exempt U.S. companies from these rules, S&P Global is 'continuing to monitor implementation dates' and 'evaluating the impact on our financial statements,' reflecting ongoing regulatory uncertainty.

Forward-looking statements highlight inherent risks from 'worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade...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...geopolitical uncertainty (including military conflict).' This broad exposure to external factors poses ongoing challenges.