Key Highlights

  • Revenue rose 7% to USD 3.678 billion, and adjusted operating margin expanded 60 basis points to 53.5%.
  • GAAP diluted EPS rose 26% to USD 4.45, and adjusted diluted EPS rose 9% to USD 4.58.
  • A strategic review of Capital IQ and associated data businesses, including potential separation, was announced.
  • Full-year adjusted EPS guidance rose to USD 17.70 to USD 17.95, with USD 2.6 billion repurchased in the quarter.

Quarter Results

S&P Global (NYSE:SPGI) reported third quarter 2026 results on Tuesday. Revenue from continuing operations was USD 3.678 billion, up 7%, an increase of nearly USD 240 million driven primarily by Indices and Market Intelligence, with additional growth in Energy and Ratings. Subscription revenue rose 6%.

GAAP net income rose 20% to USD 1.298 billion and GAAP diluted EPS rose 26% to USD 4.45, helped by a gain on disposition in Energy. Adjusted net income rose 4% to USD 1.337 billion and adjusted diluted EPS rose 9% to USD 4.58 from USD 4.20, with higher taxes partly offsetting operating profit growth. A 4% decrease in diluted shares contributed to both EPS gains. GAAP operating margin rose 800 basis points to 53.2%, and adjusted operating margin rose 60 basis points to 53.5%.

President and Chief Executive Martina Cheung said demand for the company's benchmarks and intellectual property demonstrates leadership in credit, equity and commodities markets.

Division Performance

Ratings revenue was USD 1.271 billion, up 2%, as strong investment grade issuance was offset by difficult comparisons in high yield and bank loans.

Indices revenue rose 20% to USD 554 million, supported by a 24% rise in asset-linked fees and a 19% increase in exchange-traded derivatives revenue. ETF assets under management reached USD 6.5 trillion, up 26%. Energy revenue rose 6% to USD 645 million as subscription growth accelerated. Market Intelligence revenue rose 7% to USD 1.263 billion, with double-digit growth in Kensho Data and strong adoption of AI-ready data feeds.

Strategic Review and Capital Return

The company initiated a strategic review of alternatives, including potential separation, for Capital IQ and associated data businesses, which make up the majority of Kensho Data and Platforms within Market Intelligence. It plans to retain RatingsDirect, RatingsXpress and Enterprise Solutions. The company stated there is no specific timeframe and no assurance the review leads to a transaction, and that guidance assumes full-year contribution from Market Intelligence as currently structured. The Mobility division was spun off on July 1 as Mobility Global and is reported as discontinued operations.

The company executed USD 2.6 billion of share repurchases in the quarter and more than USD 4 billion year to date, with total 2026 repurchases guided above USD 7 billion. The board authorized a quarterly dividend of USD 0.97 per share.

Guidance

Full-year revenue growth is guided to 7.4% to 8.4%, up from 5.9% to 7.9%, and organic constant currency growth to 7.5% to 8.5%, up from 6.0% to 8.0%, on higher Ratings and Indices revenue. Adjusted operating margin expansion is guided to 75 to 100 basis points, up from 35 to 60. Adjusted diluted EPS is guided to USD 17.70 to USD 17.95, up from USD 17.50 to USD 17.75. GAAP diluted EPS is guided to USD 16.25 to USD 16.50, below the prior USD 16.35 to USD 16.60 because of adjustments to the expected gain on dispositions. Other guided items include a tax rate of 22% to 23%, net adjusted interest expense of USD 405 million to USD 415 million and capital expenditures of USD 155 million to USD 165 million.

Market Data Markers to Follow

Tracking points include Ratings issuance relative to the 2% revenue growth, asset-linked fee growth against 24%, and Market Intelligence subscription growth. Further items are developments in the Capital IQ review, buyback pace against the USD 7 billion guide, and adjusted operating margin against 53.5%.