Quarterly guidance

Adjusted free cash flow
Approximately $1.6 billion for the fourth quarter.

Annual guidance

Organic constant currency revenue growth
Raised to a range of 7.5% to 8.5% for the full year.
Adjusted operating margin expansion
Raised to a range of 75 to 100 basis points for the full year.
Adjusted EPS
Raised to a range of $17.70 to $17.95 for the full year.
Ratings revenue growth
Organic constant currency revenue growth of 6.5% to 8% for the full year.
Indices revenue growth
Organic constant currency growth in the range of 17% to 18.5% for the full year.

Outlook

Hyperscaler issuance
Continuing to expect between $250 billion and $300 billion in hyperscaler issuance for the full year.
M&A issuance
Expecting 20% to 30% growth in M&A issuance this year given third quarter strength.
Energy markets
Expecting oil to stay around $100 per barrel through the fourth quarter.
Energy organic growth
Continuing to expect organic constant currency growth to normalize in 2027 to within the 6% to 8% average range.
Share repurchases
On track to complete more than $7 billion in share repurchases by year-end.