Acquisitions can change the essential shape, dynamics and performance of any company. No one knows this better than Martina Cheung. Appointed as president and CEO of S&P Global in November 2024, Cheung's experience with the global firm began in 2010. Prior to moving into her current role, she was president of S&P's Global Ratings business. (American Banker's methodology requires that a woman be in her role for at least one year, so Cheung is ranked based on her performance leading S&P Global Ratings, not her current position as CEO of S&P Global.) To her, one of the defining moments of that journey was leading the due diligence for S&P Global's $44-billion acquisition of rival IHS Markit in 2020.
Now 15 years in at S&P, she helms a company worth about $150 billion. Even more significant are the levers S&P can move with its pronouncements on the creditworthiness of the world's leading companies and governments. In such an environment, the impact of acquisitions takes on even greater weight. S&P has executed some high-profile acquisitions during 2024 and in the beginning of 2025, including Visible Alpha, World Hydrogen, Proton LP. Clearly M&A activity will continue to drive growth and transformation for S&P.
"The decisions we make around acquisitions and divestitures are always driven by our goal of creating long-term shareholder value. We could consider attractive tuck-in opportunities for our core businesses or in our strategic growth areas," Cheung said.
But reimagination isn't just about what to take on—it's also about what to let go. Another critical strategic move recently announced is the spinning off of the S&P Global Mobility division, a transition to a separate public company that will be complete within 18 months.
"S&P Global will benefit from simplified operations, increased focus on its enterprise strategy and a unified approach to powering public and private markets," Cheung said.
In the first quarter of 2025, it appears these machinations are continuing to pay-off for S&P. Total revenues have increased by 8% year-over-year. Subscription product revenue grew by 7%, and adjusted diluted EPS increased by 9%. At the same time, more than $900 million has been returned to shareholders through dividends and repurchases. Perhaps the most key metric for a data-prominent organization such as S&P, active users across their platforms have risen by 23% year-over-year.
The company has also announced the KKR-based joint-venture, OSTTRA, with closure forecast to be completed in the second half of 2025.
All this activity is in line with Cheung's core business philosophy of refresh and reimagination. In a recent commencement address at George Mason University, she gave the graduates not only a sense of her approach to her career, but also what that has meant to her role at S&P.
"I am a long-term thinker and a lifelong learner, and I wanted to be at the heart of innovation, technology, and value creation across many industries. I'm proud that I've contributed to the American economy. In the six years since I joined the S&P Global executive team, our company has returned nearly $28 billion to our shareholders in the form of dividends and share repurchases. That money has gone into the 401(k) accounts of workers saving for retirement. And we have supported tens of thousands of companies to help them grow their businesses, invest in new opportunities, and support employees and their families," Cheung said.
