S&P Global

Pricing power is strong. Ratings and Indices carry substantial economic value relative to customer outcomes, enabling steady price increases, while data platforms typically reprice mid-to-high single digits annually.

Company-level margins remain elite: in Q2 2025 GAAP operating margin was 41.3 percent and adjusted 51.4 percent; in Q1 2025 GAAP was 41.8 percent and adjusted 50.8 percent. Such margins, alongside subscription growth and asset-linked fees, evidence pricing power across segments.

The ETF AUM tied to SPDJI indices exceeded 4 trillion in Q1 2025, supporting asset-linked fee scalability. Risks include cyclical issuance mix in Ratings and potential fee compression in commoditized datasets, but mix and embeddedness mitigate these.