S&P Global Q3 Revenue Rises 7%, Adjusted 2026 Guidance Lowered

S&P Global (NYSE: SPGI) reported 7% revenue growth for the third quarter of 2026, supported by strong gains at S&P Dow Jones Indices and continued expansion in Market Intelligence and Energy. Adjusted diluted earnings per share rose 9%, though the company reduced its full-year adjusted revenue, margin and EPS ranges while increasing its GAAP EPS outlook.

Revenue from continuing operations reached $3.68 billion, compared with $3.44 billion a year earlier, also rising 7% on an organic constant-currency basis. Recurring revenue increased 8%, while revenue from benchmark products grew 7%. Benchmark products accounted for about 65% of revenue and roughly 80% of adjusted operating profit.

Adjusted operating profit advanced 8% to $1.97 billion as adjusted expenses increased 5% to $1.71 billion. Adjusted operating margin expanded 60 basis points to 53.5%, and adjusted diluted EPS was $4.58.

The results exclude the Mobility division, which was spun off as Mobility Global on July 1. S&P Global has reclassified Mobility as discontinued operations and recast prior periods and divisional results accordingly.

Indices leads divisional growth

S&P Dow Jones Indices delivered the strongest quarterly expansion, with revenue rising 20% to $554 million on an organic constant-currency basis. Asset-linked fees grew 24%, sales usage-based royalties increased 19% and subscription revenue rose 7%.

Adjusted operating profit for the division climbed 22% to $398 million, while its adjusted margin widened to 71.9% from 70.4%. ETF-linked assets associated with the company’s indices reached $6.52 trillion at quarter-end, up 26% year over year, reflecting price appreciation and net inflows. Average daily volumes for exchange-traded derivatives increased 15% amid continued market volatility.

S&P Global Ratings generated $1.27 billion of revenue, up 2% as reported and 3% organically at constant currency. Transaction revenue increased 1%, while non-transaction revenue rose 4%. Adjusted operating profit was broadly unchanged at $835 million, and the adjusted margin declined to 65.7% from 67.0%.

Billed debt issuance increased 8% to $1.23 trillion. Investment-grade issuance rose 28%, offsetting declines in high-yield and structured finance issuance against a difficult prior-year comparison. The company said investment-grade activity was supported by large capital expenditure programs and major mergers and acquisitions. Hyperscaler-related billed issuance totaled about $240 billion during the first nine months of 2026.

Energy revenue increased 6% to $645 million, with subscription revenue up 5% and non-subscription revenue up 37%. Adjusted operating profit rose 10% to $310 million, lifting the margin to 48.1% from 46.2%. Management said energy customers were adjusting to a new level of commodity-price volatility, contributing to stabilization in Global Trading Services revenue. Demand remained focused on benchmarks, research, hedging tools, supply-and-demand forecasts and data-center infrastructure intelligence.

Market Intelligence revenue grew 7% to $1.26 billion, matching its organic constant-currency increase. Subscription revenue rose 6% and recurring variable revenue advanced 11%, while non-subscription revenue declined 2%. Adjusted operating profit increased 10% to $457 million, and the margin expanded to 36.2% from 35.1%.

AI demand and Capital IQ review

S&P Global said commercial conditions improved from the second quarter, with better sales cycles and renewals. Standardized contract terms for artificial-intelligence use cases reduced renewal delays while protecting the company’s intellectual property and economic interests, according to the presentation.

The company reported more than 700 active and trialing clients for its AI Data Portal, while API call volume was 1.5 times the second-quarter level. Annualized contract value growth among Market Intelligence clients using AI products was 1.8 times that of non-AI clients; the comparable multiple for Energy clients was 2.8 times.

S&P Global is also conducting a strategic review of Capital IQ and associated data operations, including a possible separation. The businesses under consideration include Kensho Data & Platforms, while Enterprise Solutions, RatingsDirect and RatingsXpress are expected to remain with S&P Global. The review covers operations serving about 15,000 clients and more than 355,000 users. The company said the exact perimeter remains under review and provided no definitive timetable or assurance that a transaction will occur.

Full-year guidance revised

For 2026, S&P Global now expects adjusted organic constant-currency revenue growth of 6% to 8%, down from its previous 7.5% to 8.5% range. Forecast reported revenue growth was reduced to 5.9% to 7.9% from 7.4% to 8.4%.

The company projects adjusted operating margin expansion of 35 to 60 basis points, compared with its prior range of 75 to 100 basis points. Excluding OSTTRA, the expected expansion is 75 to 100 basis points, down from 125 to 150 basis points. Adjusted diluted EPS is forecast at $17.50 to $17.75, compared with the previous $17.70 to $17.95 range.

Separately, the GAAP diluted EPS outlook was increased to $16.35 to $16.60 from $16.25 to $16.50. GAAP operating margin expansion is now expected to be 335 to 360 basis points, versus 310 to 335 basis points previously.

The guidance assumes high-single-digit growth in full-year billed issuance, including 20% to 30% growth in M&A-related issuance. It also assumes mid-teens equity-market appreciation from the end of 2025 through the end of 2026 and mid-teens growth in exchange-traded derivative volumes.

S&P Global repurchased $4 billion of shares during the first nine months and said it remained on track to repurchase more than $7 billion in 2026.

Risks identified by the company include volatility in debt, equity, commodity and energy markets; geopolitical and regulatory uncertainty; customer cost pressures; competition from AI-enabled products; cybersecurity and infrastructure disruptions; foreign-exchange movements; and potential tax, operational or synergy-related effects from the Mobility Global separation.