Executive Summary This quarter's results beat expectations, primarily driven by robust investment-grade bond issuance (including AI infrastructure financing) and early signs of AI data monetization.

Key Metrics Revenue grew 10% year-over-year, adjusted EPS increased 14%, and operating margins expanded 100 basis points to 51.8%.

Business Updates AI data products are accelerating deployment: over 300 clients have signed up for the Kensho API, with call volumes up 5x quarter-over-quarter; clients are willing to pay a 35%–45% premium for AI data. The ratings business benefited from AI infrastructure financing, with investment-grade bond issuance rising 14%. The energy business was weighed down by the Iran conflict, but CERAWeek posted record revenue. The Upstream business divested 25% of its software assets, sharpening focus on data insights.

Guidance & Outlook Full-year revenue growth guidance was maintained at 6%–8%, while the energy business was lowered by 1 percentage point to 4.5%–6% due to the conflict. Management expects ratings growth to slow in Q3 and turn negative in Q4. The share buyback plan was raised to at least $4.5 billion (covering 100% of free cash flow).

Risk / Highlight Signals Positive signals: Management emphasized that AI data pricing power has exceeded expectations, and customer stickiness is increasing. Negative signals: If the Iran conflict persists, the energy and market-sensitive businesses will face both direct and indirect impacts.