Third Quarter 2026
Filed Oct 27, 2026S&P Global Reports Third Quarter Results; Announces Strategic Review for Capital IQ and Associated Data Businesses
Third-quarter continuing-operations revenue grew 7%, adjusted diluted EPS grew 9%, and adjusted operating profit margin increased 60 basis points. The Company raised its full-year revenue growth, organic constant currency revenue growth, adjusted operating margin expansion, and adjusted diluted EPS outlook, while executing $2.6 billion in third-quarter share repurchases.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenue, three months ended September 30, 2026GAAP | $3.68B | – | 7% |
| Expenses, three months ended September 30, 2026GAAP | $1.92B | – | 2% |
| Gain on dispositions, three months ended September 30, 2026GAAP | −$200M | – | N/M |
| Operating profit, three months ended September 30, 2026GAAP | $1.96B | – | 26% |
| Operating profit margin, three months ended September 30, 2026GAAP | 53.2% | – | 800 basis points |
| Adjusted operating profit, three months ended September 30, 2026non-GAAP | $1.97B | – | 8% |
| Adjusted operating profit margin, three months ended September 30, 2026non-GAAP | 53.5% | – | 60 basis points |
| Income from continuing operations before taxes on income, three months ended September 30, 2026GAAP | $1.87B | – | 27% |
| Provision for taxes on income, three months ended September 30, 2026GAAP | $467M | – | 49% |
| Income from continuing operations, three months ended September 30, 2026GAAP | $1.41B | – | 21% |
| Net income, three months ended September 30, 2026GAAP | $1.35B | – | 7% |
| Income from continuing operations attributable to S&P Global Inc. common shareholders, three months ended September 30, 2026GAAP | $1.30B | – | 20% |
| Diluted EPS from continuing operations, three months ended September 30, 2026GAAP | $4.45 | – | 26% |
| Adjusted net income attributable to SPGI from continuing operations, three months ended September 30, 2026non-GAAP | $1.34B | – | 4% |
| Adjusted diluted EPS from continuing operations, three months ended September 30, 2026non-GAAP | $4.58 | – | 9% |
| Adjusted effective tax rate, three months ended September 30, 2026non-GAAP | 23.1% | – | – |
| Revenue, nine months ended September 30, 2026GAAP | $11.07B | – | 9% |
| Operating profit, nine months ended September 30, 2026GAAP | $5.63B | – | 26% |
| Income from continuing operations attributable to S&P Global Inc. common shareholders, nine months ended September 30, 2026GAAP | $3.83B | – | 24% |
| Diluted EPS from continuing operations, nine months ended September 30, 2026GAAP | $12.98 | – | 29% |
| Adjusted operating profit, nine months ended September 30, 2026non-GAAP | $5.93B | – | 12% |
| Adjusted net income attributable to SPGI from continuing operations, nine months ended September 30, 2026non-GAAP | $4.09B | – | 11% |
| Adjusted diluted EPS from continuing operations, nine months ended September 30, 2026non-GAAP | $13.86 | – | 15% |
| Free cash flow, nine months ended September 30, 2026non-GAAP | $3.30B | – | – |
| Adjusted free cash flow, excluding certain items, nine months ended September 30, 2026non-GAAP | $3.51B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| RatingsAdditional growth in Ratings contributed to the Company's third-quarter revenue increase. | $1.27B | – | 2% |
| IndicesIndices was identified as a primary driver of the Company's third-quarter revenue increase. | $554M | – | 20% |
| EnergyAdditional growth in Energy contributed to the Company's third-quarter revenue increase. | $645M | – | 6% |
| Market IntelligenceMarket Intelligence was identified as a primary driver of the Company's third-quarter revenue increase. | $1.26B | – | 7% |
| Intersegment EliminationInter-segment eliminations were $55M in 3Q '26. | −$55M | – | (8)% |
Full-Year 2026 Outlook (from Continuing Operations) outlook
- Revenue7.4% to 8.4%
- Operating expensesCorporate Unallocated Expense: $185 to $195 million GAAP; $160 to $170 million adjusted
- Tax rate22% to 23%
- NoteOrganic, Constant Currency Revenue growth: 7.5% to 8.5% adjusted
- NoteDeal-related Amortization: ~$800 million GAAP; ~$800 million adjusted
- NoteOperating Profit Margin expansion: 310 to 335 bps GAAP; 75 to 100 bps adjusted
- NoteOperating Profit Margin expansion, excluding OSTTRA: 125 to 150 bps adjusted
- NoteInterest Expense, net: $380 to $390 million GAAP; $405 to $415 million adjusted
- NoteDiluted EPS: $16.25 to $16.50 GAAP; $17.70 to $17.95 adjusted
- NoteCapital Expenditures: $155 to $165 million GAAP; $155 to $165 million adjusted
- NoteThe Company continues to expect to repurchase more than $7 billion in shares in total in 2026.
Capital returns
- The Company executed $2.6 billion in share repurchases in the third quarter.
- The Company has repurchased more than $4 billion in shares year-to-date.
- Repurchase of treasury shares was $(4,100) million for the nine months ended September 30, 2026, compared with $(2,501) million in 2025.
- The Board of Directors has authorized a quarterly cash dividend of $0.97 per share.
- Dividends paid to shareholders were $(856) million for the nine months ended September 30, 2026, compared with $(880) million in 2025.
What drove it
- Third-quarter revenue increased by nearly $240 million, driven primarily by Indices and Market Intelligence, with additional growth in Energy and Ratings.
- Subscription revenue increased 6%.
- Indices revenue increased 20%, with asset-linked fees increasing 24% and sales usage-based royalties increasing 19%.
- Market Intelligence revenue increased 7%, while recurring variable revenue increased 11%.
- Adjusted operating margin improvement was driven by growth and margin expansion in the Indices and Market Intelligence divisions.
- Higher adjusted net income was driven primarily by growth in adjusted operating profit, partially offset by higher taxes in the quarter.
- Full-year revenue guidance was raised due to higher expected revenue from the Ratings and Indices divisions.
Concerns
- GAAP operating profit margin benefited primarily from a gain on disposition.
- The three months ended September 30, 2026 included a gain on disposition of $200 million in Energy.
- The Company expects GAAP operating margin expansion to be below the prior range of 335 to 360 basis points primarily due to adjustments to expected gain on dispositions.
- GAAP diluted EPS is expected to be lower than the prior guidance range of $16.35 to $16.60 primarily due to adjustments to expected gain on dispositions.
- The strategic review has no specific timeframe, and there can be no assurance that it will result in any transaction or particular outcome.
- Third-quarter GAAP provision for taxes on income increased 49% to $467 million, while adjusted net income growth was partially offset by higher taxes.
What to watch
- The outcome, perimeter and timing of the strategic review for Capital IQ and associated data businesses, which constitute the majority of Kensho Data & Platforms within Market Intelligence.
- Whether the Company retains RatingsDirect, RatingsXpress, and Enterprise Solutions as expected.
- Delivery against full-year organic constant currency revenue growth of 7.5% to 8.5% and adjusted operating profit margin expansion of 75 to 100 bps.
- Whether Ratings and Indices deliver the higher revenue expected in the updated outlook.
- Execution toward the expectation to repurchase more than $7 billion in shares in total in 2026.
Balance sheet and cash flow
- Cash, cash equivalents, and restricted cash: $2,441 million as of September 30, 2026; $1,707 million as of December 31, 2025.
- Short-term debt: $2,448 million as of September 30, 2026; $718 million as of December 31, 2025.
- Long-term debt: $10,614 million as of September 30, 2026; $12,370 million as of December 31, 2025.
- Cash provided by operating activities from continuing operations: $3,661 million for the nine months ended September 30, 2026; $3,317 million in 2025.
- Capital expenditures: $(93) million for the nine months ended September 30, 2026; $(133) million in 2025.
- Acquisitions, net of cash acquired: $(208) million for the nine months ended September 30, 2026; $(47) million in 2025.
- Proceeds from dispositions, net: $667 million for the nine months ended September 30, 2026; $19 million in 2025.
- Cash used for financing activities from continuing operations: $(3,617) million for the nine months ended September 30, 2026; $(3,725) million in 2025.
- Net change in cash, cash equivalents, and restricted cash: $734 million for the nine months ended September 30, 2026; $(6) million in 2025.
Analysis
S&P Global reported $3,678 million of third-quarter revenue from continuing operations, up 7%, with the increase driven primarily by Indices and Market Intelligence and supplemented by Energy and Ratings. Indices was the standout revenue growth segment at 20%, while Market Intelligence grew 7%, Energy grew 6%, and Ratings grew 2%. Subscription revenue increased 6%. The Company noted that higher demand for benchmarks and unique intellectual property supported the quarter.
Profit growth exceeded revenue growth. GAAP operating profit increased 26% to $1,956 million and GAAP diluted EPS from continuing operations increased 26% to $4.45. GAAP operating profit margin increased 800 basis points to 53.2%, but the release attributes that expansion primarily to a gain on disposition. In Energy, the quarter included a gain on disposition of $200 million. Adjusted operating profit increased 8% to $1,969 million, adjusted operating profit margin increased 60 basis points to 53.5%, and adjusted diluted EPS increased 9% to $4.58. Management attributed adjusted margin expansion to growth and margin expansion in Indices and Market Intelligence.
Capital deployment remained substantial. The Company executed $2.6 billion in third-quarter repurchases and reported more than $4 billion of year-to-date repurchases, while the cash flow statement shows $(4,100) million of treasury-share repurchases for the first nine months. Nine-month cash provided by operating activities from continuing operations was $3,661 million and free cash flow was $3,299 million. Cash, cash equivalents, and restricted cash were $2,441 million at September 30, 2026, while short-term debt was $2,448 million and long-term debt was $10,614 million.
The full-year outlook calls for 7.4% to 8.4% revenue growth and 7.5% to 8.5% adjusted organic constant currency revenue growth. The Company raised those revenue expectations based on higher expected revenue from Ratings and Indices. It also expects adjusted operating profit margin expansion of 75 to 100 basis points and adjusted diluted EPS of $17.70 to $17.95, above the cited prior ranges. GAAP operating margin expansion and GAAP diluted EPS outlook are affected by adjustments to expected gain on dispositions.
The strategic review introduces a portfolio decision alongside the operating update. The review covers alternatives including a potential separation for Capital IQ and associated data businesses, which constitute the majority of Kensho Data & Platforms within Market Intelligence. Guidance assumes a full-year contribution from Market Intelligence as currently structured. The Company expects to retain RatingsDirect, RatingsXpress, and Enterprise Solutions, but stated there is no specific timeframe for the review and no assurance of a transaction or particular outcome.
Management, verbatim
S&P Global delivered a very strong quarter. Increasing demand for our benchmarks and unique intellectual property demonstrates our leadership in credit, equity, and commodities markets. Our focus on new high-growth adjacencies and our innovation are resonating deeply with customers around the world. The businesses that are part of the strategic review are strong and have significant opportunities ahead of them as technology changes how customers access, analyze, and use information. This reflects our long-standing commitment to be good stewards of our portfolio, while prioritizing our investments where we’re strongest.
Martina Cheung, President and CEO
Not in the filing
stated, not guessed- Previous-release outlook was not provided; therefore, no actual-versus-prior-guidance comparison is included.
- Gross profit and gross margin were not reported.
- Quarterly operating cash flow, quarterly free cash flow, and quarterly capital expenditures were not reported.
- Prior-quarter comparisons were not reported for the presented key metrics.
- A segment-level revenue driver beyond the Company's statement that Indices and Market Intelligence were primary drivers, with additional growth in Energy and Ratings, was not reported.
- The exact final perimeter and timing of the strategic review were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.