S&P Global Inc. Q2 2026 Earnings Recap

Shares declined 4.6% as investors reacted negatively to the cautious guidance update and signs of deceleration in the key hyperscaler issuance segment, which tempered what had been a strong second quarter.

Key Takeaways

• Revenue grew 11% year-over-year, with recurring revenue up 8%, but sentiment was weakened by the outlook.
• Hyperscaler infrastructure issuance slowed in Q2 and though still strong, the company lowered its initial full-year expectations, now projecting $250-$300 billion versus prior assumptions around $200 billion for the full year (note discrepancy).
• Management cut billed issuance growth guidance to mid- to high single digits, signaling a deceleration in a key growth driver.
• Margin expansion of 200 basis points helped deliver 23% EPS growth in the quarter, but margin outlook remains less clear given cautious tone.
• Strategic moves, including the Mobility spin, energy supply chain consolidation, and targeted acquisitions, show progress but were insufficient to offset skepticism about growth sustainability.