S&P Global (SPGI) stock gained 4.4% over the past week ahead of its quarterly earnings report on Tuesday.

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The company is expected to post first-quarter (Q1) adjusted earnings of $4.21 per share on revenue of $3.71 billion, according to FinChat data. It has topped Wall Street’s expectations in all four previous quarters.

S&P makes money by licensing its indexes to other firms that create funds that track the indexes, such as the S&P 500. It also provides analytical data on various subjects and charges fees to companies requesting credit ratings for their bonds and other debt securities.

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However, corporate debt issuance has slowed due to uncertainty over the tariff policy. Higher duties reduce a company's earnings and, in turn, affect its creditworthiness.

According to TheFly, Morgan Stanley analysts expected a “light Q1” following soft credit issuance in the quarter and lowered its Q1 earnings forecast by 3% and cut its Q1 ratings revenue growth estimate to 1%.

The brokerage also expected S&P and its peer, Moody’s, to lower their ratings revenue forecasts.

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S&P expects 2025 revenue to grow between 5% and 7% and adjusted earnings per share to be between $17 and $17.25. The company’s ratings segment revenue increased 31% year-over-year in 2024.

Retail sentiment on Stocktwits jumped to ‘extremely bullish’ (87/100) territory from ‘bullish’(60/100) a week ago, while retail chatter was ‘low.’

**SPGI’s Sentiment Meter and Message Volume as of 11:08 p.m. ET on April 27, 2025 | Source: Stocktwits**

The company and CME Group had agreed to sell their joint venture, OSTTRA, for about $3 billion to KKR earlier in April.

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S&P shares have fallen nearly 4% year-to-date (YTD).

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