10-Q · April 28, 2026
S&P Global reported strong Q1 2026 results with revenues of $4.171B, reflecting a 10% year-over-year increase, driven by growth across all reportable segments. Adjusted EPS beat estimates at $4.97, marking a 32%…
Earnings analysis · 10-Q
SPGI earnings analysis
Filed July 28, 2026 · Our reading of the company's report
The latest report
S&P Global delivered broad-based Q2 growth, with revenue up 10% to $4.146B, operating profit up 17% to $1.812B, and operating margin expanding 300 basis points to 44%. Ratings and Indices drove the strongest growth,…
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S&P Global delivered broad-based Q2 growth, with revenue up 10% to $4.146B, operating profit up 17% to $1.812B, and operating margin expanding 300 basis points to 44%. Ratings and Indices drove the strongest growth, while Energy profitability was flat and Mobility’s reported profit was pressured by $21M of separation costs. First-half free cash flow increased to $2.249B and cash rose to $4.141B, though higher commercial paper and interest expense warrant monitoring as Mobility moves to discontinued operations in Q3.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.12
- Operating margin
- 44%
What stood out
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Revenue and operating margin expanded
Q2 revenue rose 10% year over year to $4.146B from $3.755B, while operating profit increased 17% to $1.812B and reported operating margin expanded to 44% from 41%. Revenue was modestly below Q1's $4.172B, but the year-over-year operating trend remained strong.
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GAAP EPS rose YoY but declined sequentially
GAAP diluted EPS increased 18% year over year to $4.12 from $3.50. This was below Q1 2026 diluted EPS of $4.69, reflecting a tougher sequential comparison despite higher year-over-year net income attributable to S&P Global of $1.217B versus $1.072B.
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Ratings accelerated on issuance strength
Ratings was the largest growth contributor: revenue increased 17% to $1.339B, transaction revenue grew 25% to $746M, and segment operating margin rose to 68% from 62%. Total billed issuance grew 25% to $1.268T, including 25% investment-grade issuance growth to $539B.
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Indices benefited from ETF AUM growth
Indices revenue grew 20% to $534M and operating profit rose 21% to $373M as ETF ending AUM increased 34% to $6.350T. Asset-linked fees increased 22% to $348M and exchange-traded derivative royalties increased 22% to $99M.
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Cash conversion remained strong
First-half operating cash flow increased 3% to $2.476B and free cash flow increased 6% to $2.249B. Capital expenditures were only $65M, or about 2.6% of operating cash flow, underscoring a low-capex cash-generation model.
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Liquidity increased despite buybacks
Cash, cash equivalents and restricted cash increased $2.396B from year-end to $4.141B at June 30. The company also repurchased 3.5M shares for $1.5B in the first half and retained authorization for 28.4M shares under the 2025 program.
What to watch
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Energy margin stalled amid transactional headwinds
Energy was the weakest operating segment: Q2 revenue increased only 2% to $568M, while operating profit was unchanged at $233M and operating margin fell to 41% from 42%. Lower trading volumes for Platts-based contracts, event timing effects and event cancellations weighed on results.
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Mobility separation creates comparability risk
Mobility operating profit declined 1% to $104M despite 7% revenue growth to $468M, as the segment absorbed $21M of disposition-related costs. Mobility was separated on July 1, 2026, and will be reported as discontinued operations beginning in Q3, reducing comparability with reported historical results.
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Higher borrowing costs and commercial paper
Net interest expense increased 13% to $87M in Q2 and 18% to $182M in the first half. Outstanding commercial paper rose to $825M at June 30, 2026 from $715M at December 31, 2025, partly to finance the February 2026 ASR and working-capital needs.
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No formal Item 1A risk-factor update
No risk-factor amendments were presented in Item 1A; the filing directs readers to the 2025 Form 10-K. The forward-looking disclosure nevertheless identifies separation-related risks, including potential loss of synergies after the July 1, 2026 Mobility distribution.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance. Management states that cash on hand, operating cash flow and credit-facility availability are expected to be sufficient for operating and recurring cash needs into the foreseeable future; quantitative outlook was deferred outside this filing.
Earlier filings 4
10-K · February 11, 2026
S&P Global reported solid 2025 results with revenue of $15,336 million (up 8% vs. 2024) and diluted EPS of $14.66 (up 19% vs. 2024). Operating margin expanded to 42% and operating profit was $6,478 million, driven by…
10-Q · August 1, 2025
S&P Global reported Q2 revenue of $3,755 million and diluted EPS of $3.50, each up versus the year-ago quarter. Margins improved modestly (gross ~70.2%, operating ~41.3%) and operating cash flow remained strong at…
10-Q · April 29, 2025
S&P Global reported Q1 revenue of $3,777 million, up $286 million (+8.2% YoY) versus $3,491 million in Q1 2024, and diluted EPS of $3.54, up $0.38 (+12.0% YoY) from $3.16. Operating profit increased to $1,578 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.