S&P Global Inc.
SPGI · NYSE
Next quarter
Expected to report Feb 9, 2027 — estimated from last year’s reporting date.
Consensus is $4.04 EPS for Dec 2026 across 7 estimates, ranging $3.95 to $4.17.
SPGI Sep 2026
- 3.39%
- $4.43
- $4.58
- —
- $3.68B
Reported results
- $3.68B
- 71.89%
- $1.96B
- 53.18%
- $1.24B
- $4.25
Highlights
- Adjusted EPS beat: Adjusted diluted EPS was $4.58, up 9% year over year and 3.4% above the $4.43 consensus; GAAP diluted EPS from continuing operations was $4.45, up 26%.
- Revenue and margins: Revenue rose 7% to $3.678 billion, with organic constant-currency growth also 7%. Adjusted operating margin increased 60 basis points to 53.5%; GAAP margin reached 53.2%, up 800 basis points, helped by a $200 million Energy disposition gain.
- Capital IQ strategic review: S&P Global began reviewing alternatives, including a potential separation, for Capital IQ and associated data businesses. The perimeter is unsettled, no transaction is assured, and management expects its earliest meaningful update in February.
- Indices led growth: Indices revenue increased 20% to $554 million, while adjusted operating profit rose 22% to $398 million. ETF assets under management reached $6.5 trillion, with more than $600 billion in net ETF inflows during the quarter.
- Other divisions: Market Intelligence revenue rose 7% to $1.263 billion and Energy grew 6% to $645 million; Ratings grew 2% to $1.271 billion as expected moderation in issuance comparisons weighed on growth.
- AI traction: AI customers’ ACV growth was 1.8 times that of non-AI customers in Market Intelligence and about 3 times in Energy. Discrete AI products added roughly 50 basis points of growth in each business; API call volume increased nearly 50% from Q2 and more than 4,000% year over year.
- Raised full-year outlook: 2026 organic constant-currency revenue growth guidance rose to 7.5%–8.5%, and adjusted EPS guidance increased to $17.70–$17.95. The company expects adjusted margin expansion of 75–100 basis points, or 125–150 basis points excluding OSTTRA.
- Buybacks: S&P Global repurchased $2.6 billion of shares in Q3 and more than $4 billion year to date, maintaining its expectation for over $7 billion of repurchases in 2026.
Analysis
S&P Global delivered a stronger quarter on underlying growth, with revenue of $3.678 billion, up 7% year over year, and adjusted diluted EPS of $4.58, up 9% and 3.4% above the $4.43 consensus. GAAP diluted EPS from continuing operations was $4.45, versus $3.54 a year earlier. Adjusted operating margin expanded 60 basis points to 53.5% as revenue growth and productivity offset investment spending; GAAP margin rose 800 basis points to 53.2%, substantially reflecting a $200 million Energy disposition gain. Against the prior quarter’s reported figures, revenue declined from $4.15 billion while EPS rose from $4.12; the company’s historical results have been recast to exclude Mobility, spun off July 1.
The standout operating engine was Indices, where revenue grew 20% on asset-linked fees and derivatives, while Market Intelligence and Energy growth accelerated to 7% and 6%. Ratings growth eased to 2% as management expected against tougher comparisons. AI-related demand showed measurable traction, and sales cycles stabilized after prior-quarter delays. The other defining event was the strategic review of Capital IQ and associated data businesses, potentially including separation; the scope and outcome remain uncertain. S&P raised full-year organic constant-currency growth guidance to 7.5%–8.5% and adjusted EPS guidance to $17.70–$17.95, while continuing to target more than $7 billion in 2026 buybacks.
Quarterly earnings
Continuing-operations revenue increased 7% year over year to $3.678 billion, or nearly $240 million, with 7% organic constant-currency growth. Adjusted net income rose 4% to $1.337 billion; adjusted diluted EPS grew faster, up 9% to $4.58, aided by a 4% reduction in diluted shares. GAAP net income attributable to S&P Global from continuing operations was $1.298 billion, up 20%, and GAAP diluted EPS was $4.45, up 26%. The gap between GAAP and adjusted performance reflects, in part, the Energy disposition gain and deal-related amortization. Compared with Q2’s reported $4.15 billion of revenue and $4.12 diluted EPS, Q3 revenue was lower and EPS higher; quarter-to-quarter revenue is affected by the company’s business mix and seasonality.
Capital IQ review
- Scope under review: The company is considering alternatives, including a potential separation, for Capital IQ and associated data businesses, which make up the majority of Kensho Data & Platforms within Market Intelligence. The precise perimeter is not final; management expects to retain RatingsDirect, RatingsXpress, and Enterprise Solutions.
- Business rationale: Management cited a base of more than 15,000 clients and 355,000 users, rising demand for trusted data, and the potential for dedicated ownership to focus investment and speed innovation. It sees a more focused S&P Global concentrating on its positions in credit, equities, and commodities.
- Process and uncertainty: Management said it has engaged advisers, signed NDAs with potential counterparties, and received interest, but gave no timetable and no assurance of a transaction. It expects the earliest meaningful update on the review in February. Full-year guidance assumes Market Intelligence remains in its current configuration for the year.
Divisional performance
- Indices: Revenue grew 20% to $554 million, with asset-linked fees up 24% and exchange-traded derivatives revenue up 19%. ETF assets reached a record $6.5 trillion, and net ETF inflows exceeded $600 billion. Adjusted operating profit rose 22% to $398 million; adjusted margin expanded 150 basis points to 71.9%.
- Ratings: Revenue increased 2% to $1.271 billion. Issuance rose 8%, with investment-grade issuance up 28%, while the mix shift and tough comparisons moderated transaction revenue growth. Management raised full-year organic constant-currency growth guidance to 6.5%–8% and expects high-single-digit full-year billed issuance growth.
- Energy: Revenue increased 6% to $645 million as Platts benchmarks and subscription demand improved and global trading services stabilized. Adjusted operating profit grew 10% to $310 million and adjusted margin expanded 190 basis points to 48.1%. The $200 million gain from selling the geoscience and petroleum engineering software portfolio boosted GAAP profit.
- Market Intelligence: Revenue grew 7% to $1.263 billion, with subscription revenue up 6%. Kensho Data & Platforms growth accelerated to 10% reported and 6% organically; Enterprise Solutions organic revenue increased 8%. Adjusted operating profit grew 10% to $457 million and adjusted margin expanded 110 basis points to 36.2%.
AI and data demand
Management described AI-ready data and tools as a growing source of customer engagement and revenue. ACV growth among AI customers was 1.8 times the rate for non-AI customers in Market Intelligence and about three times the rate in Energy. Discrete AI products contributed around 50 basis points of revenue growth in both Energy and Kensho Data & Platforms. API call volume increased nearly 50% from Q2 and more than 4,000% year over year. The company also cited large competitive-displacement and energy-company wins combining its data with AI portal and retrieval-agent tools. It said customer negotiations around AI rights were normalizing, with renewed deals incorporating pricing and protections for its intellectual property.
Guidance and capital
- 2026 outlook: Revenue growth guidance is 7.4%–8.4%, with adjusted organic constant-currency growth of 7.5%–8.5%. Adjusted diluted EPS guidance rose to $17.70–$17.95 from $17.50–$17.75; adjusted operating-margin expansion is now expected at 75–100 basis points, or 125–150 basis points excluding OSTTRA.
- Guidance trade-offs: Higher expected Ratings and Indices revenue drove the growth upgrade. Adjusted margin guidance increased with higher revenue and expense discipline, while GAAP margin-expansion guidance fell to 310–335 basis points from 335–360 basis points, primarily because expected gains on dispositions were revised down. GAAP EPS guidance is $16.25–$16.50, below the prior $16.35–$16.60 range, largely for the same reason.
- Shareholder returns: The company repurchased $2.6 billion of shares in Q3 and more than $4 billion year to date, and expects over $7 billion in total 2026 repurchases. Management expects roughly $2 billion of additional debt issuance to help fund the expanded buyback. The quarterly dividend is $0.97 per share.
