S&P Global Reports Third Quarter Results; Announces Strategic Review for Capital IQ and Associated Data Businesses (Form 8-K)

S&P Global Reports Third Quarter Results; Announces Strategic Review for Capital IQ

and Associated Data Businesses

New York, NY, October 27, 2026 - S&P Global (NYSE: SPGI) today reported third quarter results. This earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings.

The Company reported third-quarter 2026 revenue of $3.678 billion, an increase of 7% compared to the third quarter of 2025. Third quarter GAAP net income increased 20% to $1.298 billion and GAAP diluted earnings per share increased 26% to $4.45. Adjusted net income for the third quarter increased 4% to $1.337 billion and adjusted diluted earnings per share increased 9% to $4.58. Higher GAAP net income was driven by growth in operating profit, including the benefit from a gain on disposition in Energy. Higher adjusted net income was driven primarily by growth in adjusted operating profit, partially offset by higher taxes in the quarter.

The Company has initiated a strategic review of alternatives, including potential separation, for Capital IQ and associated data businesses, which constitute the majority of Kensho Data & Platforms within Market Intelligence. While the exact perimeter remains under review, the Company expects to retain RatingsDirect, RatingsXpress, and Enterprise Solutions. Capital IQ and the associated data businesses are well positioned to grow and thrive, and we believe separate ownership could provide dedicated investment and focus, positioning these businesses to accelerate innovation and growth.

•The Company reported revenue of $3.678 billion, which increased 7% year over year. •Operating margin increased 800 basis points and adjusted operating margin increased 60 basis points, driving 26% growth in diluted EPS and 9% growth in adjusted diluted EPS, respectively, year over year. •In the third quarter, the Company executed $2.6 billion in share repurchases, and has repurchased more than $4 billion in shares year-to-date. The Company continues to expect to repurchase more than $7 billion in shares in total in 2026. •2026 guidance calls for revenue growth of 7.4% to 8.4%, and organic constant currency growth of 7.5% to 8.5%.			"S&P Global delivered a very strong quarter. Increasing demand for our benchmarks and unique intellectual property demonstrates our leadership in credit, equity, and commodities markets. Our focus on new high-growth adjacencies and our innovation are resonating deeply with customers around the world. The businesses that are part of the strategic review are strong and have significant opportunities ahead of them as technology changes how customers access, analyze, and use information. This reflects our long-standing commitment to be good stewards of our portfolio, while prioritizing our investments where we're strongest." Martina Cheung President and CEO

The Company completed the spin-off of its Mobility division, creating an independent public company, Mobility Global (NYSE: MBGL), on July 1, 2026. Effective with the Company's third-quarter 2026 financial statements, Mobility has been reclassified as discontinued operations for all completed periods presented. All financial information presented in this release reflects the Company's results on a continuing operations basis, unless otherwise stated, and prior periods have been recast accordingly to conform to this presentation. Division results presented in this release also reflect a recast of the Company's division financial information for all periods presented, including inter-segment adjustments and changes to expense allocation methodologies as outlined in our press release dated July 6, 2026.

Third Quarter 2026 Revenue (from Continuing Operations)

						Third-quarter revenue increased 7% year over year, representing an increase of nearly $240 million. This increase was driven primarily by Indices and Market Intelligence, with additional growth in Energy and Ratings. Revenue from subscription products increased 6%. (1) Total revenue includes the impact of inter-segment eliminations of $51M and $55M in 3Q '25 and 3Q '26, respectively.

Third Quarter 2026 Operating Profit, Expense, and Margin (from Continuing Operations)

Note: All presentations of revenue above refer to GAAP revenue. Adjusted financials refer to non-GAAP adjusted metrics in all periods.

The Company's third-quarter reported operating profit margin increased by 800 basis points to 53.2%, and adjusted operating profit margin increased 60 basis points to 53.5%. GAAP operating profit margin benefited primarily from a gain on disposition, while adjusted operating margin improvement was driven by growth and margin expansion in the Company's Indices and Market Intelligence divisions.

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Third Quarter 2026 Diluted Earnings Per Share from Continuing Operations

			3Q '26			3Q '25			y/y change
Reported			$4.45			$3.54			26%
Adjusted			$4.58			$4.20			9%

Third quarter GAAP diluted earnings per share increased 26% to $4.45 due to a 20% increase in net income and a 4% decrease in diluted shares outstanding.

Adjusted diluted earnings per share increased 9% to $4.58 due to a 4% increase in adjusted net income and a 4% decrease in diluted shares outstanding. Currency had no impact on GAAP or adjusted diluted EPS in the quarter. The largest non-core adjustments to earnings in the third quarter of 2026 were for gain on disposition and deal-related amortization.

Full-Year 2026 Outlook (from Continuing Operations)

			GAAP			Adjusted
Revenue growth			7.4% to 8.4%			7.4% to 8.4%
Organic, Constant Currency Revenue growth			--			7.5% to 8.5%
Corporate Unallocated Expense			$185 to $195 million			$160 to $170 million
Deal-related Amortization			~$800 million			~$800 million
Operating Profit Margin expansion			310 to 335 bps			75 to 100 bps
Operating Profit Margin expansion, excluding OSTTRA			--			125 to 150 bps
Interest Expense, net			$380 to $390 million			$405 to $415 million
Tax Rate			22% to 23%			22% to 23%
Diluted EPS			$16.25 to $16.50			$17.70 to $17.95
Capital Expenditures			$155 to $165 million			$155 to $165 million

Total revenue and organic constant currency revenue are now expected to be higher than the previous guidance ranges of 5.9% to 7.9% and 6.0% to 8.0%, respectively, both driven by higher expected revenue from the Ratings and Indices divisions. GAAP operating margin expansion is expected to be below the prior range of 335 to 360 basis points primarily due to adjustments to expected gain on dispositions, partially offset by higher revenue growth. Higher revenue growth and continued expense discipline are expected to drive adjusted operating margin expansion above the prior range of 35 to 60 basis points. GAAP diluted EPS is expected to be lower than the prior guidance range of $16.35 to $16.60 primarily due to adjustments to expected gain on dispositions, partially offset by higher revenue. Adjusted diluted EPS is expected to be higher than the prior guidance range of $17.50 to $17.75, driven by the combined impact of higher revenue and margin expansion. Non-GAAP adjusted guidance excludes amortization of intangibles related to acquisitions and acquisition and disposition-related costs.

There is no specific timeframe for the strategic review we announced, and there can be no assurance that the review will result in any transaction or particular outcome. As such, the guidance provided assumes a full contribution from Market Intelligence, as it is currently structured, for the full year.

As previously announced, the Board of Directors has authorized a quarterly cash dividend of $0.97 per share.

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Supplemental Information/Conference Call/Webcast Details: The Company's senior management will review the third quarter 2026 earnings results on a conference call scheduled for today, October 27, at 8:30 a.m. EDT. Additional information presented on the conference call, and the Company's supplemental slide content may be found on the Company's Investor Relations Website at http://investor.spglobal.com/Quarterly-Earnings.

The Webcast will be available live and in replay at http://investor.spglobal.com/Quarterly-Earnings.

Telephone access is available. U.S. participants may call (888) 603-9623; international participants may call +1 (630) 395-0220 (long-distance charges will apply). The passcode is "S&P Global" and the conference leader is Martina Cheung. A recorded telephone replay will be available approximately two hours after the meeting concludes and will remain available until November 27, 2026. U.S. participants may call (866) 360-7720; international participants may call +1 (203) 369-0172 (long-distance charges will apply). No passcode is required.

Comparison of Adjusted Information to U.S. GAAP Information: The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: organic revenue; organic constant currency revenue; adjusted net income; adjusted diluted EPS; adjusted operating profit and margin; adjusted expenses; adjusted corporate unallocated expense; adjusted deal-related amortization; adjusted interest expense, net; adjusted income before taxes on income; adjusted provision for income taxes; adjusted effective tax rate; adjusted equity in income on unconsolidated subsidiaries; free cash flow; and adjusted free cash flow, excluding certain items.

The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP on Exhibits 5, 7 and 8. The Company is not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort.

The Company's non-GAAP measures include adjustments that reflect how management views our businesses. The Company believes these non-GAAP financial measures provide useful supplemental information that, in the case of non-GAAP financial measures other than free cash flow and adjusted free cash flow, excluding certain items, enables investors to better compare the Company's performance across periods, and management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate resources. The Company believes that the presentation of free cash flow and adjusted free cash flow, excluding certain items allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management and that such measures are useful in evaluating the cash available to us to prepay debt, make strategic acquisitions and investments, and repurchase stock. However, investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports.

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