It's an incredibly dynamic time at S&P Global. Amidst a complex macroeconomic and geopolitical landscape, and with the breathtaking potential of AI unlocking new frontiers across every industry, we are seeing more tailwinds than headwinds.

As we enter 2026 there is immense optimism because S&P Global possesses the inherent strength, capabilities, and the trust of our customers to seize the extraordinary opportunities ahead. We are dedicated to our customers’ success, enabled by our strategy and mission of Advancing Essential Intelligence. And we are supported by the best people, partners, and technology, all of whom are dedicated to helping our customers overcome their most pressing challenges.

We had an excellent year in 2025, demonstrating the tremendous value of our global franchises and the progress in all areas of our strategy. S&P Global reported an 8 percent increase in revenue to $15.3 billion, showcasing strong growth across all five divisions. Adjusted diluted earnings per share soared by 14 percent to $17.83, and adjusted operating margin expanded by 140 basis points to 50.4 percent.

Operationally, 2025 was equally strong, marked by strategic building, acquiring, and partnering to successfully deploy cutting-edge, AI-enabled solutions and delivery systems. We launched a diverse range of new and enhanced products, scaled our Enterprise Data Organization, and significantly enhanced the Chief Client Office by elevating engagement models, providing customers with more tailored access to our truly differentiated assets. We also completed the sale of OSTTRA for $3.1 billion, divided evenly with CME Group, and we announced Bill Eager as president and CEO designate for the soon-to-be-spun-off S&P Global Mobility.

Our mission of Advancing Essential Intelligence is a guiding principle that fills our people with profound excitement and ambition. This mission is pursued through three bold strategic objectives:

• Advancing Market Leadership: Our globally renowned brands have earned the trust of markets for over a century due to their rigor, accuracy, and objectivity. As AI increasingly permeates every sector, customers are placing an even higher value on S&P Global’s proprietary benchmarks, data, and tools, which comprise over 95 percent of our revenue and are the bedrock of our customers’ critical workflows and decisions.
• Expanding into High-growth Adjacencies: Scaled investments in private markets and energy position the company to benefit from high growth in these sectors. In the fourth quarter of 2025, we closed our acquisition of With Intelligence, and we delivered a beta product through our exciting partnership with Mercer and Cambridge Associates. This positions S&P Global as the world’s most comprehensive solution to solve the transparency gap in private markets.
  
  

  The next two decades will be characterized by energy expansion, not replacement, driven by energy-intensive technologies, growing populations, and expanding incomes in emerging markets. S&P Global is uniquely positioned to provide solutions for this massive energy expansion. We help issuers and investors understand the opportunities and risks in deploying trillions of dollars to build AI data centers, and provide integrated outlooks, risk management tools, and data to discover new energy sources.

  We are leveraging our differentiated benchmarks, data and workflows to grow in areas like supply chains and wealth with low incremental investment. Decentralized finance also offers promising growth prospects, allowing the rapid creation of new products. Our Ratings business has developed strong expertise in this area, including digital bond ratings and stablecoin stability assessments covering more than 90 percent of stablecoins in circulation.

• Amplifying Enterprise Capabilities and AI: We are focused on building upon the great progress made by the Enterprise Data Organization and the Chief Client Office, applying these advancements to areas like technology. Our integrated operating model is designed to remove silos, unlocking growth, innovation, and operating leverage.
  
  

  In 2025, we created partnerships with leaders in the cloud and LLM ecosystems to enable our clients to access our data through new channels reflecting our flexible distribution philosophy. With over $1 billion invested in AI, including the strategic acquisition of Kensho in 2018, S&P Global has established a strong foundation for launching AI-driven products, enhancements, and boosting internal productivity. The very positive response to AI products like Automated Data Ingestion on iLevel and Document Intelligence on S&P Capital IQ is a prime example of how we are enhancing value for our customers through AI. As we look across the enterprise, we take a balanced approach to managing AI’s risks and opportunities with strong governance. Our commitment to AI was recognized by Fortune, which ranked S&P Global number 12 on its inaugural AIQ 50 List.

We recognize that our success hinges on moving our people forward and creating the workforce of the future. Customers have consistently affirmed that S&P Global has the best people, a sentiment echoed by leadership. We are deeply committed to empowering our people, providing them with the necessary training, resources, and tools to build essential skills and to advance their careers in an evolving technological landscape.

Looking ahead, we are confident in our growth strategy, firmly rooted in our mission of Advancing Essential Intelligence. We possess a strong record of delivering on financial commitments, having achieved revenue, adjusted margin, and adjusted EPS growth at the upper end of our 2022 targets. As we outlined on Investor Day in 2025, over the next three to five years we expect to continue producing strong, profitable growth.

There’s incredible excitement at S&P Global as we Advance Essential Intelligence for the benefit of our people, customers, and shareholders. Our strategy, trusted brands, world-class products, talented team members, and innovative use of technology position us for a great 2026 and beyond. A huge thank you for your ongoing support and interest in all we’re doing at S&P Global.

Sincerely,