S&P Global Inc. (SPGI) Earnings

metirFinance

Sep 2026upcoming

Next quarter

Reports Oct 29, 2026.

Consensus is $4.43 EPS for Sep 2026 across 8 estimates, ranging $4.35 to $4.49.

SPGI Jun 2026

Reported Jul 28, 2026

: 7.57%
: -1.11%

: $4.49
: $4.83
: —
: —

Highlights

Adjusted EPS: Second-quarter adjusted diluted EPS was $4.83, ahead of the $4.49 consensus by 7.57% and up 23% from $3.92 a year ago.
Core growth: Pro forma revenue excluding Mobility rose 11% year over year to $3.678 billion, while adjusted operating profit increased 15% to $1.998 billion.
GAAP results: Revenue increased 10% to $4.146 billion, operating profit rose 17% to $1.812 billion, net income grew 14% to $1.217 billion and diluted EPS increased 18% to $4.12.
Margins: Pro forma operating margin expanded 410 basis points to 47.8%, while adjusted operating margin increased 200 basis points to 54.3%, led by Ratings, Indices and Market Intelligence.
Benchmark businesses: Ratings revenue grew 17% to $1.339 billion and operating profit rose 28% to $913 million; Indices revenue increased 20% to $534 million and operating profit grew 21% to $373 million.
Mobility separation: S&P Global completed the Mobility spin-off on July 1; Mobility contributed $468 million of second-quarter revenue and will be reported as discontinued operations from the third quarter.
Capital returns: The company repurchased $500 million of stock in the quarter and $1.5 billion year to date, and now expects more than $7 billion of repurchases in 2026.
Cash generation: Six-month operating cash flow was $2.476 billion and free cash flow was $2.249 billion, compared with $2.398 billion and $2.126 billion, respectively, in the prior-year period.
Outlook: 2026 guidance, excluding Mobility, calls for revenue growth of 5.9% to 7.9%, organic constant-currency growth of 6.0% to 8.0% and adjusted EPS of $17.50 to $17.75.

Analysis

S&P Global delivered a strong second quarter, with adjusted EPS of $4.83 beating the $4.49 consensus by 7.57%. GAAP revenue rose 10% year over year to $4.146 billion, operating profit increased 17% to $1.812 billion and net income grew 14% to $1.217 billion. The reported result was below the first quarter's $4.17 billion of revenue, $2.00 billion of operating profit and $4.69 of diluted EPS, reflecting normal quarter-to-quarter movement and the impending Mobility separation, but it was materially ahead of the year-ago quarter's $3.75 billion of revenue and $3.50 of EPS.

The central feature of the print was accelerating performance in the continuing businesses. On a pro forma basis excluding Mobility, revenue increased 11% to $3.678 billion and adjusted operating profit rose 15% to $1.998 billion, with adjusted margin expanding 200 basis points to 54.3%. Ratings and Indices were the standout businesses, while Market Intelligence also delivered margin expansion despite more moderate revenue growth. The quarter also marked the final period before Mobility became an independent public company on July 1. S&P Global paired the separation with substantial capital returns, repurchasing $1.5 billion of stock in the first half and raising its full-year expectation to more than $7 billion.

Core growth and margins

Continuing operations: Pro forma revenue excluding Mobility increased 11% year over year to $3.678 billion, with pro forma operating profit up 21% to $1.757 billion and pro forma diluted EPS up 26% to $4.08.
Adjusted profitability: Adjusted operating profit rose 15% to $1.998 billion, while adjusted EPS increased 23% to $4.83. The adjusted margin reached 54.3%, up 200 basis points, primarily because of growth and margin expansion in Ratings, Indices and Market Intelligence.
GAAP leverage: Reported operating margin increased 410 basis points to 47.8%. GAAP operating profit benefited from the year-over-year comparison in non-core items, including lower prior-year legal costs, although the company also incurred $79 million of disposition-related costs in the quarter.

Ratings and Indices

Ratings: Revenue increased 17% to $1.339 billion and operating profit rose 28% to $913 million. Growth came from stronger corporate bond ratings activity, particularly investment-grade issuance, as well as higher surveillance revenue, Ratings Evaluation Service activity and Crisil revenue.
Indices: Revenue grew 20% to $534 million and operating profit increased 21% to $373 million. The division benefited from higher assets under management supporting asset-linked fees, stronger exchange-traded derivatives revenue and higher data subscription revenue.
Recurring exposure: Across the company, subscription revenue rose 6% to $2.064 billion, transaction revenue increased 20% to $895 million and non-transaction revenue grew 8% to $540 million. The transaction increase highlights the contribution from healthier capital-markets activity.

Market Intelligence and Energy

Market Intelligence: Adjusted, recast revenue increased 6% to $1.235 billion and adjusted operating profit rose 10% to $445 million. Subscription growth in Data, Analytics and Insights, Enterprise Solutions and RatingsXpress was supplemented by higher recurring variable revenue from increased volumes.
Energy: Adjusted, recast revenue grew 3% to $623 million and adjusted operating profit increased 4% to $296 million. Demand for market data and insights, including expanded enterprise-use offerings, supported growth, although the division remained the slowest-growing continuing business.
Portfolio changes: S&P Global is combining supply-chain products within Energy and transferring 451 Research and Maritime & Trade from Market Intelligence to Energy. These transfers are reflected in the recast comparisons and will shape the four-division reporting structure after the spin-off.

Mobility separation

Mobility generated $468 million of second-quarter revenue and $104 million of segment operating profit before the July 1 separation. Mobility Global became an independent public company under the ticker MBGL, with S&P Global shareholders receiving one Mobility share for each S&P Global share held on the June 15 record date. Beginning in the third quarter, Mobility's historical results will be presented as discontinued operations, while certain corporate costs historically allocated to Mobility will remain in continuing operations. The separation leaves S&P Global focused on Ratings, Indices, Energy and Market Intelligence.

Cash returns and balance sheet

Repurchases: S&P Global repurchased $500 million of stock in the second quarter and $1.5 billion in the first half, reducing diluted weighted-average shares by 3% year over year. Management now expects more than $7 billion of repurchases for 2026.
Free cash flow: Six-month operating cash flow increased to $2.476 billion from $2.398 billion, while free cash flow rose to $2.249 billion from $2.126 billion. Adjusted free cash flow excluding certain items was $2.362 billion.
Shareholder distributions: The quarterly dividend is $0.97 per share. Cash and restricted cash stood at $4.141 billion at June 30, while total debt was $15.170 billion, including debt issued in connection with the Mobility separation that became Mobility Global's responsibility after the spin.

2026 outlook and AI

Guidance: Excluding Mobility, full-year revenue growth is expected at 5.9% to 7.9%, with adjusted organic constant-currency growth of 6.0% to 8.0%. Adjusted diluted EPS guidance is $17.50 to $17.75.
Profit outlook: Adjusted operating-margin expansion is guided to 35 to 60 basis points, or 75 to 100 basis points excluding OSTTRA. The company cautions that the current adjusted outlook is not directly comparable with prior guidance because the earlier framework included Mobility.
Product development: Management cited continued rapid adoption and expansion of AI solutions as part of the post-spin growth strategy, alongside the organizational changes in Market Intelligence and Energy.

S&P Global Inc.

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