SPGI · S&P Global Inc.

S&P Global delivered robust first-quarter 2026 results, with $4.171 billion in revenue — a 10% year-over-year increase driven primarily by Ratings and Market Intelligence, and supported by 6% growth in subscription products. GAAP operating margin expanded sharply by 620 basis points to 48.0%, while adjusted operating margin rose 100 bps to 51.8%, reflecting disciplined cost management and scale benefits across Ratings, Indices, and Market Intelligence divisions. GAAP net income grew 28% to $1.395 billion, and GAAP diluted EPS surged 32% to $4.69, aided by both earnings growth and a 3% reduction in diluted shares outstanding from $1 billion in share repurchases during the quarter. Adjusted metrics showed more moderate growth — 10% in adjusted net income and 14% in adjusted diluted EPS — consistent with management’s focus on underlying operational performance excluding deal-related amortization (~$1.11 billion) and other non-core items. Management reaffirmed confidence in its strategic trajectory, citing strong adoption of AI functionality and continued relevance amid macroeconomic volatility. The updated 2026 guidance reflects a modest 30-basis-point downward revision to reported revenue growth (now 6.3%–8.3%), attributable to lower FX tailwinds, while organic constant currency growth remains unchanged at 6.0%–8.0%. Notably, GAAP guidance is intentionally limited pending completion of the Mobility spin, underscoring the materiality of that separation — which remains on track with an Investor Day scheduled for May 12, 2026. Concurrently, the announced divestiture of the geoscience and petroleum engineering software portfolio signals continued portfolio rationalization within Energy, with closure expected in H2 2026 or early 2027. These developments collectively reinforce S&P Global’s dual-path strategy: accelerating growth in core data, benchmarks, and analytics businesses while streamlining non-core assets ahead of structural separation.