S&P Global (SPGI) Earnings Date & Reports

Key Takeaways

• Second-quarter 2026 GAAP revenue rose 10% to $4.146 billion, while pro forma revenue excluding the Mobility business grew 11% to $3.678 billion.
• Adjusted diluted earnings per share (EPS) increased 23% to $4.83, beating the Zacks consensus estimate of $4.49.
• The Ratings division posted a record revenue quarter, up 17% year over year, while S&P Dow Jones Indices delivered its 13th consecutive record quarter with 20% growth.
• Adjusted operating margin expanded 200 basis points (bps) to 54.3%, reflecting strong leverage in the company's benchmark businesses.
• Management raised its 2026 share repurchase target to more than $7 billion and affirmed full-year adjusted EPS guidance of $17.50 to $17.75.

Earnings Context and Why It Matters

S&P Global's second-quarter 2026 report was the company's first full quarter of results since completing the spin-off of its Mobility division, which closed on July 1, 2026. That separation sharpened the company's focus on its four core divisions: Ratings, Indices, Market Intelligence, and Energy. For investors, the quarter offered a clean read on the durability of the company's benchmark-driven revenue model, which now represents nearly two-thirds of revenue and more than 80% of operating profit. Strong debt issuance activity, sustained exchange-traded fund (ETF) inflows, and growing adoption of artificial intelligence (AI) offerings were central themes, making this report a key signal of S&P Global's post-spin growth trajectory and margin profile.

Reported Results

S&P Global reported second-quarter 2026 GAAP revenue of $4.146 billion, up 10% from $3.755 billion a year earlier. GAAP net income attributable to the company rose 14% to $1.217 billion, or $4.12 per diluted share, compared with $1.072 billion, or $3.50 per share, in the prior-year quarter. GAAP operating profit increased 17% to $1.812 billion.

Excluding the divested Mobility business, pro forma revenue rose 11% to $3.678 billion. Adjusted diluted EPS increased 23% to $4.83, up from $3.92 a year earlier, and adjusted operating profit grew 15% to $1.998 billion. These adjusted results exceeded the Zacks consensus estimate of $4.49 per share, while pro forma revenue came in slightly above the roughly $3.64 billion consensus.

Segment performance was led by benchmark businesses. Ratings revenue climbed 17%, driven by a 25% increase in billed issuance and 25% growth in transaction revenue, with private-markets Ratings revenue up 60%. S&P Dow Jones Indices revenue rose 20%, supported by 22% growth in asset-linked fees and ETF assets under management (AUM) of $6.35 trillion. Market Intelligence revenue grew 6%, while Energy revenue rose 3% amid near-term geopolitical volatility and trading-related headwinds.

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Market Reaction and Investor Sentiment

Investor response to the second-quarter report centered on the strength of S&P Global's high-margin benchmark businesses and the company's improved capital-return outlook. The combination of better-than-expected adjusted EPS, 200 bps of margin expansion, and a raised share repurchase target reinforced confidence in the post-spin earnings profile. Sentiment was further supported by management's raised division-level guidance, including an upward revision to Ratings and Indices revenue growth ranges. At the same time, investors monitored softer near-term Energy results and rising technology investments, which pressured expenses and added a note of caution around margin trajectory in the coming quarters.

Forward Outlook and Key Factors to Monitor

Looking ahead, S&P Global issued full-year 2026 guidance reflecting its post-spin structure. The company expects revenue growth of 5.9% to 7.9%, EPS of $16.35 to $16.60, and adjusted EPS of $17.50 to $17.75. On an organic constant-currency basis, management guided to 6% to 8% revenue growth and adjusted operating margin expansion of 75 to 100 bps excluding OSTTRA, its post-trade joint venture.

Investors should monitor several key factors in the quarters ahead. First, debt issuance activity in Ratings will remain a central driver, with management updating its full-year hyperscaler issuance outlook to $250 billion to $300 billion. Second, ETF inflows tied to S&P Dow Jones Indices products will be a barometer of benchmark revenue durability.

Third, the pace of AI adoption and monetization warrants attention, given that customers using the company's LLM-ready application programming interfaces (APIs) surpassed 500 in the quarter, with API call volume more than five times the prior-quarter level. Finally, the normalization of Energy revenue growth toward the company's 6% to 8% longer-term target, as well as the execution of its roughly $100 million AI-driven cost-savings initiative, will be important signals of whether margin expansion can continue at the current pace.

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