S&P Global Inc.

S&P Global Inc. Earnings Recaps

SPGI Financials 3 recaps
Q1 2026 Apr 29, 2026

S&P Global shares closed down 0.9% post-earnings, reflecting a largely neutral market response. Management reiterated full-year guidance and highlighted solid revenue and margin expansion, but called out ongoing macro headwinds and uncertainties impacting its key end markets.

Key takeaways
  • First quarter revenue increased 10% year-over-year (9% organic constant currency); subscription product revenue was up 6%.
  • Adjusted diluted EPS grew 14% year-over-year; trailing 12-month margin expanded by 140 basis points.
  • Investment grade billed issuance rose 14%, driven by hyperscaler AI infrastructure and M&A, but high-teen declines in bank loan volumes offset some of that growth.
  • Management maintained its full-year outlook, noting first quarter upside in billed issuance was weighted to one-time hyperscaler activity.
  • Ongoing macro uncertainty—particularly geopolitical conflict, volatile energy and commodity prices, and broader credit market scrutiny—was highlighted as a key risk to near-term momentum.
Full recap
Q3 2025 Oct 31, 2025

S&P Global delivered record-breaking results in Q3 2025, achieving significant year-over-year revenue and profit growth while optimizing its business portfolio.

Key takeaways
  • Revenue grew 9% year-over-year, with subscription revenue up 6%, marking the strongest quarter in the company's history.
  • Adjusted EPS increased by 22%, supported by 180 basis points of margin expansion.
  • The company returned nearly $1.5 billion to shareholders and announced an additional $2.5 billion share repurchase program.
  • Planned acquisitions and divestitures, including the acquisition of With Intelligence and the divestiture of Enterprise Data Management, reflect a commitment to strategic growth and portfolio optimization.
  • Continued investments in AI and new products underscore the company’s focus on innovation and market responsiveness.
Full recap
Q2 2025 Aug 1, 2025

S&P Global reported strong Q2 2025 results with a 6% revenue growth year-over-year, driven by robust subscription revenue growth and disciplined expense management, leading to margin expansion.

Key takeaways
  • Subscription revenue increased by 7%, contributing to overall revenue growth.
  • Market Intelligence division demonstrated a notable 7% organic constant currency revenue growth and over 200 basis points of margin improvement.
  • Nearly $950 million returned to shareholders through dividends and share repurchases, underscoring commitment to capital returns.
  • Strengthened C-suite relationships with strategic customers, highlighted by a $20 million multiyear contract with a focus on direct indexing.
  • Successful advancements in AI initiatives and new partnerships to enhance distribution and preserve intellectual property.
Full recap