S&P Global (SPGI) Q3 2026 earnings summary

Executive summary

• Q3 continuing-operations revenue rose 7% YoY to $3.678B; adjusted operating profit increased 8% and adjusted diluted EPS rose 9% to $4.58.

• Growth accelerated in Indices, Energy and Market Intelligence; Ratings growth moderated against tougher comparisons.

• A strategic review is considering potential separation of Capital IQ and associated data businesses; scope and outcome remain uncertain.

Financial highlights

• GAAP operating profit rose 26% to $1.956B, including a $200M disposition gain; adjusted operating profit increased 8% to $1.969B.

• GAAP diluted EPS from continuing operations was $4.45, up 26%; adjusted diluted EPS was $4.58, up 9%.

• Adjusted expenses rose 5%; adjusted operating margin expanded 60 bps YoY to 53.5%.

• Benchmark product revenue increased 7%; enterprise recurring revenue rose 8%.

• Nine-month operating cash flow from continuing operations was $3.661B; free cash flow was $3.299B, up 12% YoY.

Outlook and guidance

• FY26 organic constant-currency revenue growth guidance rose to 7.5%–8.5%; adjusted EPS guidance increased to $17.70–$17.95.

• FY26 adjusted margin expansion guidance is 75–100 bps, or 125–150 bps excluding OSTTRA; GAAP revenue growth guidance is 7.4%–8.4% and GAAP diluted EPS guidance is $16.25–$16.50.

• Division organic constant-currency growth guidance: Ratings 6.5%–8%, Indices 17%–18.5%, Energy 4.5%–6%, and Market Intelligence 5.5%–7%.

• Ratings billed issuance is expected to grow at a high-single-digit rate; M&A-related issuance growth assumption rose to 20%–30%.

• Energy subscription growth is expected to improve in Q4; Q4 adjusted free cash flow is expected at ~$1.6B.