Jun 2026 (Q2 FY26) — Jul 28, 2026
S&P Global Q2 FY26 — Strong Benchmark Performance and Increased Share Repurchase
Read the full callS&P Global (SPGI) earnings
- Mar 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
S&P Global earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 4,171 | +10.4% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 48.0 | +6.2 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,395 | +28.0% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
36 of 43 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Public debt offering at Mobility ahead of the spin | launch a public debt offering in the second quarter targeting an investment-grade rating, approximately $2 billion, proceeds funding a cash payment to S&P Global | Dec 2025 | we received approximately $2 billion in a dividend from Mobility Global upon the completion of the spin | Achieved |
| Market Intelligence subscription revenue growth acceleration | some acceleration in subscription revenue in the second quarter | Mar 2026 | On the 1Q call, you said that you were expecting an acceleration in MI subscription growth. And it doesn't like it showed up this quarter | Missed |
| Full-year adjusted operating margin expansion excluding OSTTRA | 50 to 75 basis points | Dec 2025 | We now expect consolidated margin ex OSTTRA to expand 75 to 100 basis points this year | On Track |
7 of S&P Global Inc.'s 62 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 59 more targets are in the full ledger.
Claimed
- Total revenue grew 11% year-over-year, outperforming expectations on both reported and organic constant currency basis.
- Benchmark business revenue increased 15% year-over-year, driven by strong performance in Ratings and Indices.
- Adjusted diluted EPS grew 23% year-over-year, benefiting from margin expansion and increased share repurchases.
- Consolidated operating margin expanded 200 basis points to 54.3%, reflecting high incremental margins and disciplined expense management.
- Share repurchase target for 2026 increased by nearly $3 billion to over $7 billion, representing more than 5% of current market capitalization.
Qualified
- The Iran conflict complicated contract renewals and led to flexible pricing for some Energy customers, impacting growth.
- Sanctions had a 120 basis points negative impact to Platts and a 30 basis points negative impact to CERA growth in Q2 FY26.
- Extreme energy volatility had a dampening effect on Global Trading Services (GTS) revenue in the Energy division.
- Some softness in pockets of Market Intelligence and longer renewal cycles with larger, more sophisticated clients partially offset solid growth.
- Customers are increasingly concerned about token costs and overall expenses of their own AI investments, seeking ways to minimize them.
Price
$427.83 −0.42% · −$1.81
Performance −9.6% 1Y
1Y: $473.19 on 17 Oct 2025 → $427.83. High $546.35 (16 Jan 2026), low $373.75 (25 Jun 2026).
- Previous close
- $429.64
- 52-week range
- $373.75 – $546.35
- One year
- −10.42%
Overview
- Symbol
- SPGI
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
36 of 43 judged targets kept · 19 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Public debt offering at Mobility ahead of the spin | launch a public debt offering in the second quarter targeting an investment-grade rating, approximately $2 billion, proceeds funding a cash payment to S&P Global | Dec 2025 | we received approximately $2 billion in a dividend from Mobility Global upon the completion of the spin | Achieved |
| Market Intelligence subscription revenue growth acceleration | some acceleration in subscription revenue in the second quarter | Mar 2026 | On the 1Q call, you said that you were expecting an acceleration in MI subscription growth. And it doesn't like it showed up this quarter | Missed |
| Full-year adjusted operating margin expansion excluding OSTTRA | 50 to 75 basis points | Dec 2025 | We now expect consolidated margin ex OSTTRA to expand 75 to 100 basis points this year | On Track |
Claimed
- Total revenue grew 11% year-over-year, outperforming expectations on both reported and organic constant currency basis.
- Benchmark business revenue increased 15% year-over-year, driven by strong performance in Ratings and Indices.
- Adjusted diluted EPS grew 23% year-over-year, benefiting from margin expansion and increased share repurchases.
- Consolidated operating margin expanded 200 basis points to 54.3%, reflecting high incremental margins and disciplined expense management.
- Share repurchase target for 2026 increased by nearly $3 billion to over $7 billion, representing more than 5% of current market capitalization.
Qualified
- The Iran conflict complicated contract renewals and led to flexible pricing for some Energy customers, impacting growth.
- Sanctions had a 120 basis points negative impact to Platts and a 30 basis points negative impact to CERA growth in Q2 FY26.
- Extreme energy volatility had a dampening effect on Global Trading Services (GTS) revenue in the Energy division.
- Some softness in pockets of Market Intelligence and longer renewal cycles with larger, more sophisticated clients partially offset solid growth.
- Customers are increasingly concerned about token costs and overall expenses of their own AI investments, seeking ways to minimize them.
The full ledger
Open S&P Global Inc.’s full ledger
A free account opens 5 company ledgers a month. All 62 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 28, 2026
S&P Global Q1 FY26 — Strong Q1 Performance Driven by Market-Driven Businesses and AI Adoption
Read the full callDec 2025 (Q4 FY25) — Feb 10, 2026
S&P Global Q4 FY25 — Strong Subscription Growth and Margin Expansion
Read the full callEvery analysed call
S&P Global earnings calls (SPGI)
Financials
What the filings say
Net profit, year on year: +28% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 3,549 | 3,575 | 3,593 | 3,777 | 3,755 | 3,888 | 3,916 | 4,171 |
| Expenses | 2,110 | 2,173 | 2,335 | 2,210 | 2,218 | 2,220 | 2,511 | 2,344 |
| Operating profit | 1,452 | 1,434 | 1,309 | 1,578 | 1,551 | 1,675 | 1,674 | 2,002 |
| Operating margin | 40.9% | 40.1% | 36.4% | 41.8% | 41.3% | 43.1% | 42.8% | 48.0% |
| Interest | 77 | 72 | 70 | 78 | 77 | 79 | 53 | 96 |
| Profit before tax | 1,378 | 1,360 | 1,254 | 1,496 | 1,502 | 1,598 | 1,631 | 1,908 |
| Tax rate | 21.3% | 23.0% | 22.9% | 21.7% | 22.8% | 20.8% | 24.9% | 21.2% |
| Net profit | 1,011 | 971 | 879 | 1,090 | 1,072 | 1,176 | 1,133 | 1,395 |
| EPS ($ per share) | 3.23 | 3.12 | — | 3.55 | 3.50 | 3.86 | — | 4.69 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 294 | 294 | 294 | 294 | 415 | 415 | 415 | 415 |
| Reserves | 11,284 | 12,205 | 13,367 | 15,017 | 17,784 | 18,728 | 20,977 | 23,666 |
| Total liabilities | 7,137 | 8,544 | 9,185 | 9,490 | 22,040 | 22,489 | 22,713 | 25,048 |
| Fixed assets | 270 | 320 | 284 | 241 | 297 | 258 | 265 | 278 |
| Investments | 18 | 28 | 9 | 11 | 14 | 26 | 20 | 56 |
| Total assets | 9,441 | 11,348 | 12,537 | 15,026 | 61,784 | 60,589 | 60,221 | 61,200 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 2,064 | 2,776 | 3,567 | 3,598 | 2,603 | 3,710 | 5,689 | 5,651 |
| Cash from investing | -513 | -131 | -240 | -120 | 3,628 | 562 | -255 | -704 |
| Cash from financing | -2,288 | -1,751 | -2,166 | -1,013 | -11,326 | -4,280 | -4,998 | -4,930 |
| Net cash flow | -821 | 928 | 1,236 | 2,383 | -5,218 | 4 | 375 | 79 |
| Capital expenditure | -113 | -115 | -76 | -35 | -89 | -143 | -124 | -195 |
| Free cash flow | 1,951 | 2,661 | 3,491 | 3,563 | 2,514 | 3,567 | 5,565 | 5,456 |
SPGI revenue by segment
Ratings grew from 29% to 31% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Ratings | 31% | 25% | 29% | 29% | 31% | 29% | 30% | 31% | +17.0% |
| Market Intelligence | 33% | 33% | 32% | 32% | 32% | 32% | 31% | 31% | +5.9% |
| Energy | — | — | — | — | — | — | 16% | 14% | — |
| Indices | 12% | 12% | 12% | 12% | 12% | 13% | 12% | 13% | +19.9% |
| Mobility | — | — | — | — | — | — | 11% | 11% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Revenue by region
Q2 FY2026 · share of revenue
- US 61%
- Europe 23% ↑ 1 pt
- Asia 11%
- Rest Of World 5%
As SPGI cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
106 filings between Nov 1, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
$3.58M
6 purchases by 5 insiders
Sales
None
No insider sold shares.
Compensation
not trading decisions- 11
- Award — granted as compensation
- 39
- Option exercise — converted options into shares
- 50
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Clay Catherine R | $1.08M | — | May 1, 2026 |
| CHEUNG MARTINA | $998.3K | — | Apr 29, 2026 |
| Joly Hubert | $997.5K | — | Feb 11, 2026 |
| Moritz Robert Edward Jr. | $500.0K | — | Apr 30, 2026 |
| Eager William W | $6.0K | — | Dec 10, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | Ganesan Girish EVP, Chief People Officer | Option exercise | 186 | $0 |
| Oct 1, 2026 | Ganesan Girish EVP, Chief People Officer | Tax withheld | 103 | $40.0K |
| Aug 1, 2026 | Thomas Darren Robert Co-Head, Market Intelligence | Tax withheld | 227 | $93.5K |
| Aug 1, 2026 | Thomas Darren Robert Co-Head, Market Intelligence | Option exercise | 558 | $0 |
| May 1, 2026 | Clay Catherine R CEO, S&P Dow Jones Indices | Purchase | 2,500 | $1.08M |
| Apr 30, 2026 | Moritz Robert Edward Jr. Director | Purchase | 1,152 | $500.0K |
| Apr 29, 2026 | CHEUNG MARTINA CEO & President | Purchase | 2,322 | $998.3K |
| Apr 1, 2026 | Craig Christopher SVP and Controller | Tax withheld | 756 | $321.4K |
| Apr 1, 2026 | Craig Christopher SVP and Controller | Option exercise | 1,480 | $629.3K |
| Mar 1, 2026 | Aboaf Eric W. EVP, Chief Financial Officer | Option exercise | 1,091 | $482.1K |
| Mar 1, 2026 | Aboaf Eric W. EVP, Chief Financial Officer | Tax withheld | 479 | $211.7K |
| Feb 24, 2026 | Eager William W President, S&P Global Mobility | Award | 1,887 | $0 |
| Feb 24, 2026 | CHEUNG MARTINA CEO & President | Award | 12,273 | $0 |
| Feb 24, 2026 | CHEUNG MARTINA CEO & President | Tax withheld | 6,266 | $2.62M |
| Feb 24, 2026 | Le Pallec Yann President, S&P Global Ratings | Award | 1,698 | $0 |
| Feb 24, 2026 | Kemps Steven J EVP, Chief Legal Officer | Award | 7,551 | $0 |
| Feb 24, 2026 | Kemps Steven J EVP, Chief Legal Officer | Tax withheld | 2,939 | $1.23M |
| Feb 24, 2026 | Ganesan Girish EVP, Chief People Officer | Award | 1,226 | $0 |
| Feb 24, 2026 | Moore Sally EVP, Chief Client Officer | Tax withheld | 1,775 | $742.4K |
| Feb 24, 2026 | Moore Sally EVP, Chief Client Officer | Award | 3,775 | $0 |
| Feb 24, 2026 | Twomey Christina Chief Communications Officer | Award | 546 | $0 |
| Feb 24, 2026 | Twomey Christina Chief Communications Officer | Tax withheld | 191 | $79.9K |
| Feb 24, 2026 | Ganesan Girish EVP, Chief People Officer | Tax withheld | 495 | $207.0K |
| Feb 24, 2026 | Saha Saugata President, Market Intelligence | Tax withheld | 3,849 | $1.61M |
| Feb 24, 2026 | Saha Saugata President, Market Intelligence | Award | 7,551 | $0 |
| Feb 24, 2026 | Ernsberger David P President, S&P Global Energy | Tax withheld | 709 | $296.6K |
| Feb 24, 2026 | Le Pallec Yann President, S&P Global Ratings | Tax withheld | 902 | $377.3K |
| Feb 24, 2026 | Eager William W President, S&P Global Mobility | Tax withheld | 852 | $356.4K |
| Feb 24, 2026 | Eager William W President, S&P Global Mobility | Award | 9,052 | $0 |
| Feb 24, 2026 | Eager William W President, S&P Global Mobility | Tax withheld | 4,083 | $1.71M |
| Feb 24, 2026 | Craig Christopher SVP and Controller | Tax withheld | 583 | $243.9K |
| Feb 24, 2026 | Craig Christopher SVP and Controller | Award | 1,508 | $0 |
| Feb 24, 2026 | Ernsberger David P President, S&P Global Energy | Award | 1,508 | $0 |
| Feb 12, 2026 | Craig Christopher SVP and Controller | Option exercise | 768 | $305.0K |
| Feb 12, 2026 | Craig Christopher SVP and Controller | Tax withheld | 277 | $110.0K |
| Feb 11, 2026 | Joly Hubert Director | Purchase | 199 | $79.5K |
| Feb 11, 2026 | Joly Hubert Director | Purchase | 2,301 | $918.0K |
| Feb 1, 2026 | Eager William W President, S&P Global Mobility | Tax withheld | 115 | $60.7K |
| Feb 1, 2026 | Eager William W President, S&P Global Mobility | Option exercise | 254 | $134.1K |
| Dec 31, 2025 | Moore Sally EVP, Chief Client Officer | Option exercise | 345 | $180.3K |
| Dec 31, 2025 | Moore Sally EVP, Chief Client Officer | Tax withheld | 142 | $74.2K |
| Dec 31, 2025 | Moore Sally EVP, Chief Client Officer | Option exercise | 302 | $157.8K |
| Dec 31, 2025 | Saha Saugata President, Market Intelligence | Tax withheld | 217 | $113.4K |
| Dec 31, 2025 | Saha Saugata President, Market Intelligence | Option exercise | 601 | $314.1K |
| Dec 31, 2025 | Saha Saugata President, Market Intelligence | Tax withheld | 237 | $123.9K |
| Dec 31, 2025 | Saha Saugata President, Market Intelligence | Option exercise | 656 | $342.8K |
| Dec 31, 2025 | Saha Saugata President, Market Intelligence | Tax withheld | 237 | $123.9K |
| Dec 31, 2025 | Saha Saugata President, Market Intelligence | Option exercise | 604 | $315.6K |
| Dec 31, 2025 | Craig Christopher SVP and Controller | Tax withheld | 39 | $20.4K |
| Dec 31, 2025 | Craig Christopher SVP and Controller | Option exercise | 92 | $48.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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