Research Feed

S&P Global is five businesses duct-taped to a regulatory franchise. What matters: Ratings (31% of revenue, 64% margins — NRSRO duopoly with Moody's), Indices (12% of revenue, 69% margins — the S&P 500 is a noun, not a product), Market Intelligence (32% of revenue, 20% margins — Capital IQ, data feed

RELX PLC (RLXXF) is the sixth major data provider sold off -20% to -55% on AI disruption fears while posting strong execution. The Q4 2025 earnings call (Feb 12, 2026) shows 7% revenue growth, 9% profit growth, 35% margins, 99% cash conversion, and a GBP 2.25B buyback (+50% YoY) — management buying