S&P Global — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported third-quarter 2026 revenue of $3.678 billion, a 7% increase year-over-year (up nearly $240 million).
• GAAP net income increased 20% to $1.298 billion; GAAP diluted earnings per share (EPS) increased 26% to $4.45.
• Adjusted net income increased 4% to $1.337 billion; adjusted diluted EPS increased 9% to $4.58.
• Reported operating profit margin increased 800 basis points to 53.2%, driven by a gain on disposition in Energy.
• Adjusted operating profit margin increased 60 basis points to 53.5%, driven by growth and margin expansion in Indices and Market Intelligence.
• Subscription revenue increased 6% year-over-year.
• Total revenue includes inter-segment eliminations of $55 million for the third quarter of 2026.
• Cash provided by operating activities from continuing operations for the nine months ended September 30, 2026, was $3.661 billion.
• Free cash flow for the nine months ended September 30, 2026, was $3.299 billion.
• Capital expenditures for the nine months ended September 30, 2026, were $93 million.

Guidance and Future Outlook:

• Full-year 2026 revenue growth guidance raised to 7.4% to 8.4% (previously 5.9% to 7.9%).
• Full-year 2026 organic constant currency revenue growth guidance raised to 7.5% to 8.5% (previously 6.0% to 8.0%).
• Full-year 2026 GAAP diluted EPS guidance lowered to $16.25 to $16.50 (previously $16.35 to $16.60), primarily due to adjustments to expected gains on dispositions.
• Full-year 2026 adjusted diluted EPS guidance raised to $17.70 to $17.95 (previously $17.50 to $17.75), driven by higher revenue and margin expansion.
• Full-year 2026 GAAP operating margin expansion guidance lowered to 310 to 335 basis points (previously 335 to 360 basis points).
• Full-year 2026 adjusted operating margin expansion guidance raised to 75 to 100 basis points (previously 35 to 60 basis points).
• Full-year 2026 corporate unallocated expense guidance is $185 to $195 million (GAAP) and $160 to $170 million (Adjusted).
• Full-year 2026 deal-related amortization is expected to be approximately $800 million.
• Full-year 2026 interest expense, net, is expected to be $380 to $390 million (GAAP) and $405 to $415 million (Adjusted).
• Full-year 2026 tax rate guidance is 22% to 23%.
• Full-year 2026 capital expenditures guidance is $155 to $165 million.
• Guidance assumes full contribution from Market Intelligence as currently structured for the full year.

Business Segments and Product Lines:

• Ratings: Revenue of $1.271 billion (up 2%); Operating profit of $834 million (up 2%).
• Indices: Revenue of $554 million (up 20%); Operating profit of $388 million (up 24%).
• Energy: Revenue of $645 million (up 6%); Operating profit of $469 million (up 88%), driven by a $200 million gain on disposition.
• Market Intelligence: Revenue of $1.263 billion (up 7%); Operating profit of $301 million (up 19%).
• Revenue growth was driven primarily by Indices and Market Intelligence, with additional growth in Energy and Ratings.
• The Company initiated a strategic review for Capital IQ and associated data businesses (constituting the majority of Kensho Data & Platforms within Market Intelligence).
• The Company expects to retain RatingsDirect, RatingsXpress, and Enterprise Solutions.
• The Mobility division was spun off into an independent public company (Mobility Global) on July 1, 2026, and is now classified as discontinued operations.

Market and Competitive Landscape:

• Management cited increasing demand for benchmarks and unique intellectual property as evidence of leadership in credit, equity, and commodities markets.
• The Company is focusing on new high-growth adjacencies and innovation, which are resonating with customers globally.
• Technology changes are noted as a factor influencing how customers access, analyze, and use information.
• The Company views the businesses under strategic review as well-positioned to grow and thrive under separate ownership to accelerate innovation.

Risks and Challenges:

• Forward-looking statements are subject to risks including worldwide economic, financial, political, regulatory, and geopolitical conditions.
• Volatility in debt, equity, commodities, and energy markets, including credit quality, spreads, and liquidity.
• Demand for credit ratings and the integrity of independent credit ratings, benchmarks, and indices.
• Cybersecurity risks, including system disruptions, data breaches, and regulatory penalties.
• Outcomes of litigation, government proceedings, and investigations.
• Competition from new products, including those incorporating artificial intelligence (AI).
• Regulatory environment changes in Europe, the United States, and globally.
• Risks related to the separation of Mobility Global, including loss of synergies and disruption to business.
• Foreign currency exchange rate fluctuations impacting revenue and net income.

Management Commentary and Tone:

• CEO Martina Cheung stated the Company delivered a "very strong quarter."
• Management emphasized that demand for benchmarks and intellectual property demonstrates leadership in key markets.
• The tone regarding the strategic review is positive, stating that separate ownership could provide dedicated investment and focus.
• Management highlighted a commitment to being good stewards of the portfolio while prioritizing investments where they are strongest.

Other Key Points:

• The Company executed $2.6 billion in share repurchases during the third quarter.
• Year-to-date share repurchases total more than $4 billion.
• The Company expects to repurchase more than $7 billion in shares in total for 2026.
• The Board of Directors authorized a quarterly cash dividend of $0.97 per share.
• Financial results for the Mobility division have been reclassified as discontinued operations for all periods presented.
• Segment results reflect recast expense allocation methodologies and inter-segment adjustments.
• Non-GAAP measures exclude amortization of intangibles related to acquisitions and acquisition/disposition-related costs.