S&P Global: Why Is Its Proprietary Data the Ultimate Competitive Moat?

S&P Global Inc. demonstrated a robust performance in the third quarter of 2025, achieving record revenue, operating profit, and EPS. Revenue increased by 9% year-over-year, supported by a 6% rise in subscription revenue. These results were underpinned by strategic investments in capacity, new products, and technology, which facilitated margin expansion of 180 basis points on a trailing 12-month basis and a 22% increase in adjusted EPS. The company returned nearly $1.5 billion to shareholders via dividends and buybacks and announced a $2.5 billion share repurchase plan for the fourth quarter, indicating a strong commitment to shareholder returns. The Ratings and Indices businesses were standout performers, showing double-digit revenue growth, highlighting the value of S&P Global’s global franchises. Market Intelligence also saw revenue acceleration and margin expansion, driven by improved productivity and execution.