Business Segments · Operating profit
Ratings — Operating profit
S&P Global Ratings — Operating profit increased by 14.5% to $819.00M in Q3 2025 compared to the prior quarter. Year-over-year, this metric grew by 21.2%, from $676.00M to $819.00M. Over 3 years (FY 2021 to FY 2024), Ratings — Operating profit shows relatively stable performance with a 1.0% CAGR. This is a positive signal — higher values indicate stronger performance for this metric.
Analysis
StatementSegment
CategoryProfitability
SignalHigher is better
VolatilityStable
First reportedQ1 2016
Last reportedQ3 2025
Rolls up toOperating Income
How to read this metric
An increase indicates improved operational efficiency, higher pricing power, or increased volume in the ratings business.
Detailed definition
The profit earned by the ratings segment from its core business operations after deducting operating expenses. This is t...
Peer comparison
Comparable to segment operating income reported by other financial services and analytics firms.
Metric ID:
spgi_segment_ratings_operating_profitHistorical Data
18 periods
| Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $729.00M | $644.00M | $575.00M | $511.00M | $464.00M | $377.00M | $320.00M | $477.00M | $486.00M | $459.00M | $442.00M | $679.00M | $725.00M | $676.00M | $627.00M | $757.00M | $715.00M | $819.00M |
| QoQ Change | — | -11.7% | -10.7% | -11.1% | -9.2% | -18.8% | -15.1% | +49.1% | +1.9% | -5.6% | -3.7% | +53.6% | +6.8% | -6.8% | -7.2% | +20.7% | -5.5% | +14.5% |
| YoY Change | — | — | — | — | -36.4% | -41.5% | -44.3% | -6.7% | +4.7% | +21.8% | +38.1% | +42.3% | +49.2% | +47.3% | +41.9% | +11.5% | -1.4% | +21.2% |
Range$320.00M – $819.00M
CAGR+2.8%
Avg YoY Growth+10.6%
Median YoY Growth+16.3%
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Frequently Asked Questions
- What is S&P Global's ratings — operating profit?
- S&P Global (SPGI) reported ratings — operating profit of $819.00M in Q3 2025.
- How has S&P Global's ratings — operating profit changed year-over-year?
- S&P Global's ratings — operating profit increased by 21.2% year-over-year, from $676.00M to $819.00M.
- What is the long-term trend for S&P Global's ratings — operating profit?
- Over 3 years (2021 to 2024), S&P Global's ratings — operating profit has grown at a 1.0% compound annual growth rate (CAGR), from $2.63B to $2.71B.
- What does ratings — operating profit mean?
- The profit generated by the ratings business after accounting for operating costs.