S&P Global Inc.

Third-quarter 2026 adjusted revenue grew 7% on both an organic constant currency and all-in basis. Adjusted expenses rose 5%, adjusted operating profit increased 8%, and adjusted EPS increased 9%; adjusted operating margin expanded 60 bps to 53.5%. By segment, Ratings revenue grew 2%, Indices revenue grew 20%, Energy revenue grew 6%, and Market Intelligence revenue grew 7%. The company raised full-year organic constant currency growth guidance to 7.5% to 8.5%, adjusted operating margin expansion guidance to 75 to 100 bps, and adjusted EPS guidance to $17.70 to $17.95. Full-year segment guidance includes Ratings organic growth of 6.5% to 8%, Indices of 17% to 18.5%, Energy of 4.5% to 6%, and Market Intelligence of 5.5% to 7%. Management said Q4 adjusted free cash flow should be approximately $1.6 billion, and it still expects more than $7 billion of share repurchases by year-end. On Ratings, management said total billed issuance was up 8% year over year and now expects high single-digit full-year billed issuance growth, with hyperscaler issuance still expected at $250 billion to $300 billion for the year.

Martina L. Cheung framed the quarter as evidence that S&P Global’s strategy is working, with strong execution, accelerating revenue in key businesses, and growing traction in AI products. She emphasized that the company is sharpening its focus on markets where it is strongest—credit, equities, and commodities—and said the Cap IQ strategic review is intended to unlock value while allowing S&P Global to invest more selectively. Her tone was confident and upbeat, but she repeatedly stressed that the review is early and that customer continuity remains the priority.

Eric Walter Aboaf highlighted the financial leverage in the model: 7% revenue growth, 5% adjusted expense growth, and 60 bps of margin expansion to 53.5%, with headcount flat year over year. He noted 9% EPS growth was helped by more than $6 billion of share repurchases over the last 12 months, including $2.6 billion in buybacks launched in Q3, and said the company expects about $2 billion of debt tied to the expanded repurchase plan. He also gave segment detail: Ratings margin contracted about 130 bps in the quarter, Indices margin expanded 150 bps to 71.9%, Energy margin expanded 190 bps to 48.1%, and Market Intelligence margin expanded 110 bps to 36.2%.

Analysts focused heavily on the strategic review of Cap IQ and related data businesses, asking about timing, perimeter, deal interest, and how much of the segment is included; management said the perimeter is still being finalized, but confirmed Cap IQ plus associated data businesses such as financials, F&L, and Visible Alpha are under review, while enterprise solutions and ratings businesses are not. Several questions also probed the impact on AI strategy, and management said S&P Global would retain the AI capabilities it needs and that Kensho’s innovation work would continue, even if some assets separate. Other notable questions covered the 2027 ratings outlook, AI revenue contribution, CapEx timing, and pricing/contracting for AI-ready data; management said AI-related revenue tailwinds were about 50 bps in Energy and Market Intelligence, sales cycles have normalized, and AI-ready data deals are increasingly using broader renewals and, in some cases, consumption-based pricing.