S&P Global (SPGI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 10% year-over-year to $4.171 billion, with strong performance across all segments, especially Ratings, Indices, and Market Intelligence.

• Adjusted diluted EPS increased 14% to $4.97, while GAAP diluted EPS rose 32% to $4.69; net income attributable to shareholders was $1.395 billion, up 28%.

• Margin expansion achieved in every division despite macroeconomic and geopolitical volatility, with adjusted operating margin up to 51.8%.

• $1 billion was returned to shareholders via share repurchases in Q1 2026, alongside increased dividends.

• Progress continued on the planned Mobility spin-off (mid-2026) and the divestiture of Energy's geoscience and petroleum engineering software portfolio.

Financial highlights

• Q1 2026 revenue: $4.171 billion (+10% YoY); adjusted operating profit: $2.159 billion (+12% YoY); operating profit: $2.002 billion (+27% YoY).

• Adjusted operating margin expanded to 51.8% from 50.8% YoY; GAAP operating margin increased to 48%.

• Net income attributable to shareholders: $1.395 billion (+28% YoY); adjusted net income: $1.479 billion (+10% YoY).

• Adjusted free cash flow: $992 million (+10% YoY); free cash flow: $919 million (+13% YoY).

• Share repurchases totaled $1 billion for 2.3 million shares in Q1 2026.

Outlook and guidance

• 2026 organic constant currency revenue growth expected at 6.0% to 8.0%; reported revenue growth at 6.3% to 8.3%.

• Adjusted diluted EPS guidance for 2026: $19.40 to $19.65.

• Margin expansion guidance for 2026: 50–75 basis points, excluding OSTTRA.

• Mobility spin-off expected mid-2026, with guidance assuming full-year contributions from Mobility.

• Energy division guidance lowered due to geopolitical risks; divestiture of upstream software portfolio expected to close late 2026 or early 2027.