S&P Global

The business blends recurring subscriptions and licensing with some cyclicality in debt issuance and market levels. 2025 guidance calls for 5 to 7 percent revenue growth with adjusted operating margin near 49 percent.

Subscription revenue rose 7 percent y/y in both Q1 and Q2 2025. While issuance can swing Ratings, multi-segment diversification and Indices’ long contracts smooth results. The large recurring base across Market Intelligence and Commodity Insights enhances visibility.

Predictability risk stems from capital market conditions, assets linked to indices, and macro sensitivity, but overall cash generation has shown consistency through cycles.