S&P Global

Capital allocation has been disciplined and shareholder-friendly. Management targets returning about 85 percent of adjusted FCF via dividends and repurchases. In H1 2025, the company used approximately 1.3 billion for buybacks, including ASRs, and increased the quarterly dividend 5.5 percent to 0.96, marking 52 consecutive annual increases.

Strategic focus continues: a planned separation of Mobility into a standalone public company and a pending sale of the OSTTRA JV (total consideration 3.1 billion split with CME) streamline the portfolio around core franchises. The 2024 10-K details a long history of capital returns.

One caution: repurchases have occurred at rich multiples, so pacing buybacks against intrinsic value remains important.