S&P Global (SPGI) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 11% year-over-year on a pro forma and organic constant currency basis, with recurring revenue up 8% and benchmarks products comprising nearly two-thirds of revenue and over 80% of operating profits.

• Adjusted EPS increased 23% year-over-year, with adjusted operating profit up 15% and rapid AI adoption, including over 500 customers and 5x API call growth quarter-over-quarter.

• Completed the spin-off of Mobility Global, consolidating supply chain into Energy, and realigned Market Intelligence with new leadership and operating model.

• Announced acquisitions of datacenterHawk and a majority stake in Agusto & Co. to expand data center and African credit rating capabilities.

• $1.5 billion in share repurchases year-to-date, with plans to exceed $7 billion in 2026.

Financial highlights

• Q2 revenue reached $3.678 billion (pro forma, excluding Mobility), up 11% year-over-year; adjusted operating profit was $1.998 billion, up 15%, and adjusted EPS was $4.83, up 23%.

• Ratings revenue grew 17% to $1.339 billion, Indices revenue increased 20% to $534 million, Energy up 2%-3%, and Market Intelligence up 6%.

• Adjusted operating margin expanded 200 basis points to 54.3%; Indices margin at 71.5%, Ratings at 68.5%, Energy at 47.5%, Market Intelligence at 36%.

• Free cash flow for Q2 was $1.33 billion, with adjusted free cash flow at $1.37 billion; adjusted free cash flow expected at $2.9B-$3.1B in H2 2026.

• Weighted-average diluted shares outstanding decreased 3% year-over-year.

Outlook and guidance

• 2026 organic constant currency revenue growth expected at 6%-8%; adjusted EPS guidance set at $17.50-$17.75, representing double-digit growth.

• Ratings revenue guidance raised to 5%-8%, Indices to 12%-14%; Market Intelligence and Energy unchanged at 5.5%-7% and 4.5%-6%, respectively.

• Margin expansion of 75-100 basis points expected for the year; operating profit margin expansion expected at 35 to 100 bps.

• $7B in share repurchases planned for 2026, over 5% of market capitalization.

• Capital expenditures for 2026 forecast at $190 to $210 million.