S&P Global Inc.

Second-quarter total revenue increased 11% year over year, with recurring revenue up 8%. Adjusted diluted EPS grew 23%, adjusted expenses rose 6%, and consolidated adjusted operating margin expanded 200 basis points to 54.3%. By segment, Ratings revenue rose 17% with margin up to 68.5%, Indices revenue rose 20% with margin at 71.5%, Energy revenue rose 3% with margin at 47.5%, and Market Intelligence revenue rose 6% with margin at 36%. For 2026, S&P Global expects organic constant-currency revenue growth of 6% to 8%, adjusted EPS of $17.50 to $17.75, consolidated margin ex-OSTTRA to expand 75 to 100 basis points, and second-half adjusted free cash flow of $2.9 billion to $3.1 billion. Full-year share repurchases are expected to exceed $7 billion, with year-end gross leverage at approximately 2.7 to 2.8x EBITDA.

Martina Cheung framed the quarter as proof that the post-Mobility, four-division structure is simpler and better aligned with customers. She emphasized the company’s benchmark franchises, continued AI product adoption, and new strategic moves such as datacenterHawk and Agusto & Company. Her tone was confident and upbeat, but she repeatedly stressed disciplined execution, flexible distribution, and protecting proprietary data and IP.

Eric Aboaf highlighted the 11% revenue increase, 23% EPS growth, and 200 basis points of margin expansion to 54.3%, noting that expenses rose only 6% because of productivity and tighter spending. He said Ratings’ fixed-cost model drove 310 basis points of margin expansion to 68.5%, Indices expanded 90 basis points to 71.5%, Energy expanded 70 basis points to 47.5%, and Market Intelligence expanded 120 basis points to 36%. On capital allocation, he said the company expects to repurchase more than $7 billion of stock, funded mainly by the roughly $2 billion Mobility dividend plus about $500 million of debt retirement, and that it plans to issue about $2 billion of additional debt in the second half.

Analysts focused heavily on AI monetization, the Kensho reorganization, Market Intelligence renewal cycles, and the outlook for Ratings issuance, especially hyperscaler and M&A-related supply. Management said AI usage is surging, with MCP-connected customers above 500 and LLM-ready API call volume more than 5x the first quarter, and that monetization will come through a mix of consumption pricing and additional data-set pricing. On MI, management said the reorganization is meant to simplify execution rather than cause disruption, and that softer products are small and could be reviewed strategically if needed. On Ratings, they said hyperscaler issuance remains strong but the full-year guide already assumes a prudent range of $250 billion to $300 billion, while M&A issuance should grow double digits.