SPGI S&P Global 10-Q 2026-09-30 section summaries

S&P Global — Q3 and first nine months of 2026

Results and segment performance

Q3 2026 revenue was $3.678B, up from $3.443B; 9M revenue was $11.074B, up from $10.117B. Operating profit was $1.956B from $1.556B in Q3 and $5.627B from $4.476B in 9M. These results included pre-tax disposition gains of $200M in Q3 and $386M in 9M, versus zero and $3M, respectively, in 2025. Excluding those gains, operating profit was $1.756B in Q3 and $5.241B in 9M.

• Ratings: Q3 revenue $1.223B from $1.196B; segment operating profit $834M from $818M.
• Indices: Q3 revenue $551M from $459M; segment operating profit $388M from $313M.
• Energy: Q3 revenue $645M from $609M; segment operating profit $469M from $249M. The increase was the largest among segments and included the Energy software-portfolio disposition gain.
• Market Intelligence: Q3 revenue $1.259B from $1.179B; segment operating profit $301M from $252M.

Segment operating profit totaled $1.992B from $1.632B; corporate unallocated expense was $36M from $83M, reconciling to operating profit of $1.956B from $1.556B. Q3 net interest expense was $87M from $79M, and other income was negative $4M from negative $2M; 2025 operating profit included $7M of equity income from unconsolidated subsidiaries. Segment presentation was recast from Q3: 451 Research and Maritime & Trade moved from Market Intelligence to Energy, and certain Credit Analytics expenses moved to Ratings, with no effect on consolidated results.

Income from continuing operations attributable to S&P Global was $1.298B from $1.078B in Q3 and $3.827B from $3.091B in 9M. Net income, including discontinued operations, was $1.240B from $1.176B in Q3 and $3.852B from $3.337B in 9M. Diluted net EPS was $4.25 from $3.86 in Q3 and $13.06 from $10.90 in 9M; continuing-operations diluted EPS was $4.45 from $3.54 in Q3 and $12.98 from $10.10 in 9M. Weighted-average diluted shares declined to 291.6M from 304.5M in Q3 and 294.9M from 306.1M in 9M, reflecting repurchases.

Mobility separation, portfolio actions and revenue visibility

Mobility Global’s separation became effective July 1, 2026, and its historical results are presented as discontinued operations. Those operations reported Q3 revenue of $0 from $445M and net loss of $58M, versus net income of $98M; 9M revenue was $922M from $1.303B and net income $25M from $246M. Separation costs were $70M in Q3 and $182M in 9M, versus $12M and $20M in 2025. The separation reduced equity by $9.753B and drove much of the balance-sheet contraction. S&P Global continues to provide transition services for up to 18 months.

The company sold its Energy geoscience and petroleum-engineering software portfolio to SLB on September 1, and sold Enterprise Data Management and thinkFolio to STG in January. 9M disposition gains were $386M pre-tax ($315M after-tax), including $200M from the Energy portfolio, $172M from the Market Intelligence businesses, $11M from its Centennial facility and $3M related to the prior OSTTRA sale. Strategic acquisitions included datacenterHawk, Enertel AI and TeraHelix; OpenZeppelin’s acquisition was announced as completed after quarter-end. Remaining performance obligations were $6.0B, with about half expected to be recognized within 12 months and three-quarters within 24 months.

Balance sheet, cash flow and capital returns

At September 30, 2026, total assets were $48.032B, total equity $19.830B (including $120M of noncontrolling interests), goodwill $27.596B, and other intangible assets, net, $11.935B. At December 31, 2025, the respective figures were $61.200B, $31.235B, $27.616B and $12.522B. Equity less goodwill and other intangible assets was negative $19.701B. The prior-period assets included $12.956B of discontinued-operation assets and $196M of held-for-sale assets; both were zero at September 30.

9M operating cash flow from continuing operations was $3.661B from $3.317B; capital expenditures were $93M from $133M, yielding continuing-operations free cash flow of $3.568B from $3.184B. The company repurchased $4.100B of shares in 9M, versus $2.501B, and paid $856M of dividends versus $880M. Period-end shares outstanding were 289.9M, versus 303.4M at September 30, 2025. Stock-based compensation expense was $127M from $155M.

Debt, obligations and risks

Total debt carrying amount was $13.062B, versus $13.088B at year-end; short-term debt/current maturities rose to $2.448B from $718M, while long-term debt declined to $10.614B from $12.370B. Fair value of total debt borrowings was $10.7B from $11.3B. Cash was $2.441B from $1.707B. The $2.0B commercial-paper program is supported by a $2.0B credit facility maturing in 2029; its indebtedness-to-cash-flow covenant is capped at 4:1 and has never been exceeded. The coupon on the 2.95% sustainability-linked 2029 notes increased by 25 basis points effective March 2026.

Redeemable noncontrolling interests were $5.348B, up from $4.917B; approximately $5.346B relates to S&P Dow Jones Indices. CME Group and CGIS hold 27% of the JV and have specified purchase rights, including a change-of-control put, creating valuation exposure based partly on judgmental assumptions.

The effective tax rate was 24.9% in Q3 and 22.7% in 9M, versus 21.1% and 21.5%, primarily reflecting discrete items including divestiture taxes. Key legal exposures include an Australian class action concerning historical CDO ratings and regulatory inquiries; potential outcomes are generally not reasonably estimable.

S&P Global — Q3 and first nine months of 2026

Reporting changes and consolidated performance

Mobility Global’s separation became effective July 1, 2026, and S&P Global distributed its shares to shareholders on a one-for-one basis. Mobility is reported as discontinued operations in all periods; those results exclude certain historically allocated corporate overhead and intercompany transactions. Beginning in Q3, 451 Research and Maritime & Trade moved from Market Intelligence to Energy, and certain Credit Analytics expenses moved to Ratings; prior periods were recast without changing consolidated results.

Q3 revenue rose 7% to $3.678B from $3.443B; 9M revenue rose 9% to $11.074B from $10.117B. Operating profit increased 26% to $1.956B from $1.556B in Q3 and to $5.627B from $4.476B in 9M. These reported increases benefited from disposition gains: $200M pretax in Q3 versus none, and $386M in 9M versus $3M. Excluding specified unusual items, operating profit grew 8% in Q3 and 12% in 9M, with revenue growth partly offset by compensation, technology and strategic investment costs. Operating margin was 53% versus 45% in Q3 and 51% versus 44% in 9M.

Income from continuing operations was $1.406B versus $1.167B in Q3 and $4.150B versus $3.350B in 9M. Diluted EPS from continuing operations rose to $4.45 from $3.54 in Q3 and $12.98 from $10.10 in 9M. Net income attributable to S&P Global was $1.240B versus $1.176B in Q3 and $3.852B versus $3.337B in 9M. Discontinued operations were a $58M loss versus $98M income in Q3 and $25M income versus $246M in 9M. Net interest expense increased to $87M from $79M in Q3 and $267M from $233M in 9M; higher borrowing reflected December 2025 senior notes and 2026 commercial paper, including funding for repurchases and working capital.

Segment results

Q3 segment revenue and operating profit, with prior-year comparisons:

Total segment operating profit was $1.992B versus $1.632B. Reconciliation items were Corporate Unallocated expense of $(36)M versus $(83)M and equity income from unconsolidated subsidiaries of zero versus $7M, yielding consolidated operating profit of $1.956B versus $1.556B.

Ratings’ Q3 revenue growth reflected strong investment-grade issuance, surveillance, Crisil and Ratings Evaluation Service activity, partly offset by lower bank-loan ratings and structured-finance revenue. Investment-grade billed issuance was $503B versus $392B; high-yield issuance was $154B versus $185B. Indices grew on higher ETF and mutual-fund AUM, derivatives and subscriptions; ending ETF AUM rose 26% to $6.517T. Energy benefited from market-data demand, enterprise offerings, consulting and conferences, while the software-portfolio sale reduced ongoing revenue. Market Intelligence growth reflected subscriptions, Kensho products and data feeds, delayed-renewal catch-up revenue and higher recurring-variable volumes; With Intelligence contributed, while the Enterprise Data Management and thinkFolio dispositions were a revenue drag.

For 9M, segment operating profit was Ratings $2.619B from $2.286B; Indices $1.125B from $932M; Energy $1.029B from $779M; and Market Intelligence $979M from $665M. Total segment profit was $5.752B versus $4.662B; Corporate Unallocated expense was $(125)M versus $(214)M, and equity income was zero versus $28M, reconciling to operating profit of $5.627B versus $4.476B.

Disposition gains included $200M pretax ($136M after tax) from the September sale of Energy’s geoscience and petroleum engineering software portfolio and $172M pretax ($168M after tax) from the January sale of Market Intelligence’s Enterprise Data Management and thinkFolio businesses. Other 9M gains included the Centennial facility, prior OSTTRA sale and Corporate Unallocated items. Excluding specified items, 9M segment profit grew 13%; the reported increases for Energy and Market Intelligence were particularly affected by their disposition gains.

Costs, cash generation and capital allocation

Q3 operating-related expenses rose 5% to $1.034B from $986M; selling and general expenses fell 5% to $660M from $693M, but rose 2% excluding comparison-period charges and a current-year labor-accrual reversal. Total expenses were $1.922B from $1.894B in Q3 and $5.833B from $5.672B in 9M. Nine-month operating-related expenses increased 5% to $3.159B from $2.996B, while selling and general expenses declined 2% to $1.990B from $2.032B; both underlying cost trends reflected investment in compensation, technology and strategic initiatives. Q3 depreciation and amortization was $228M from $215M; 9M was $684M from $644M, mainly due to acquired-intangible amortization and new assets.

At September 30, cash and cash equivalents, including restricted cash, were $2.441B, up $734M from year-end. 9M operating cash flow from continuing operations was $3.661B versus $3.317B; non-GAAP free cash flow was $3.299B versus $2.950B. Capital expenditures were $93M versus $133M, and distributions to noncontrolling holders were $269M versus $234M. Investing activities provided $340M versus $213M used, primarily from divestiture proceeds; financing activities used $3.617B versus $3.725B.

The company repurchased 8.5M shares for $4.1B in 9M, versus 4.3M shares for $2.5B a year earlier, and approved a quarterly dividend of $0.97 per share. Commercial paper outstanding was $700M under a $2.0B program backed by a $2.0B facility expiring December 2029. Management expects cash, operating cash flow and available credit to meet foreseeable needs.

Strategy and risks

Strategic priorities include expanding in private markets, energy, supply-chain intelligence, wealth and decentralized finance, and scaling enterprise capabilities and AI. After quarter-end, S&P Global completed its non-material OpenZeppelin acquisition and agreed to acquire a majority stake in African ratings agency Agusto & Co.

Key exposures include credit-market weakness, customer cost pressures, competition and AI-driven change, cybersecurity and service disruptions, regulation, litigation, FX and tax changes, and execution of acquisitions, dispositions and the Mobility separation. Mobility’s separation also carries risks to tax-free treatment, business continuity and anticipated benefits. Enacted Pillar Two taxes had no material financial-statement impact; the company is monitoring related OECD guidance.

Market Risk

SPGI’s disclosed market risks include foreign-exchange and interest-rate movements. The company reported that most countries in which it operates have naturally offsetting local-currency assets and liabilities.

At September 30, 2026 and December 31, 2025, SPGI held foreign-exchange forward contracts to mitigate fair-value changes in specific balance-sheet assets and liabilities. These contracts were not designated as hedges and did not qualify for hedge accounting. The company also used FX forwards to reduce the impact of adverse currency fluctuations and cross-currency swaps to hedge part of its net investment in certain European subsidiaries against EUR/USD volatility. SPGI stated that it did not use derivatives for speculation.

The disclosed information provides no derivative notionals, fair values, or quantified sensitivity to market-rate changes; additional details are referenced in Note 5, “Derivative Instruments.”

Disclosure Controls and Internal Control

As of September 30, 2026, management, including the CEO and CFO, concluded that disclosure controls and procedures were effective. No changes during the quarter materially affected, or were reasonably likely to materially affect, internal control over financial reporting. This section reported no financial metrics or business developments.

Item 1A provides no risk-factor details in this section and directs readers to SPGI’s most recent Form 10-K for its discussion of risks. No financial metrics, business developments, or changes in risks are reported here.

Iran-related activities and trading arrangements

In Q3 2026, S&P Global disclosed limited activities involving information and informational materials connected to Iran. Energy provided subscribers with proprietary data, analytics, and industry information, while Market Intelligence obtained certain Iran-related trade data through third parties. The company characterized the associated revenue and net profit as de minimis and said it will continue monitoring the activities. It noted that information-related transactions of this kind are generally exempt from U.S. economic sanctions.

No directors or officers entered into or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter.