S&P Global Boosts Annual Earnings Outlook Amid Strong Bond Market Activity
October 30, 2025 – Reuters – S&P Global (NYSE: SPGI) has raised its annual earnings forecast, reflecting robust growth in its ratings business driven by strong corporate bond issuance. The company’s stock surged 2.4% in pre-market trading following the announcement, highlighting investor confidence in its expanding financial services portfolio.
Credit spreads, which serve as a critical indicator of corporate sector health, remained relatively tight in the third quarter of 2025. This favorable environment enabled a surge in bond issuance, reinforcing S&P Global’s role as a leading credit ratings agency.
S&P Global Revises Revenue and Earnings Projections
S&P Global now anticipates annual revenue growth of 7% to 8%, up from its previous projection of 5% to 7%. Meanwhile, the company expects adjusted earnings per share (EPS) to reach $17.60 to $17.85, exceeding its earlier forecast of $17 to $17.25.
The ratings business alone saw a 12% increase in revenue, reaching $1.24 billion in the quarter ending September 30, compared to the same period last year. Analysts predict that strong momentum in bond issuance will continue, fueled by a resurgence in mergers and acquisitions (M&A) activity, approaching debt maturities, and increasing investments in data center funding.
Ratings Agencies Benefit from Strong Corporate Bond Issuance
The positive trend is not exclusive to S&P Global. Moody’s (NYSE: MCO), another major ratings agency, also raised its annual earnings forecast earlier this month, reflecting a broader industry-wide growth driven by healthy corporate financing activity.
Portfolio Simplification and Strategic Divestitures
S&P Global has been actively streamlining its business portfolio to focus on its core competencies. Earlier this year, the company announced plans to spin off its mobility business and sold its OSTTRA joint venture to asset manager KKR.
Continuing this strategy, S&P Global announced it will divest its Enterprise Data Management and thinkFolio businesses, both part of the market intelligence division, in the coming months.
Market Intelligence and Indices Drive Growth
S&P Global’s market intelligence segment, the largest business unit, recorded a 6% revenue increase, reaching $1.24 billion in Q3. Following a leadership restructuring last year, the segment continues to expand its offerings. Notably, S&P recently finalized a $1.8 billion acquisition of With Intelligence, reinforcing its push into the private markets sector.
The company’s indices division also performed well, with higher market levels boosting asset-based revenues and delivering an 11% quarterly revenue increase.
Looking Ahead
With strong performance across ratings, market intelligence, and indices, S&P Global is well-positioned to capitalize on ongoing corporate financing trends, including robust bond issuance and private market expansion. Investors are closely monitoring how these strategic divestitures and acquisitions will impact the company’s long-term growth trajectory.
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