S&P Global Inc. 10-Q Summary: Quarter Ended June 30, 2026
Business Context and Reporting Period
This Form 10-Q covers the quarterly period ended June 30, 2026. S&P Global Inc. reported results for five segments during this period: Ratings, Indices, Energy, Market Intelligence, and Mobility. Effective July 1, 2026, the company completed the separation of its Mobility business into a new independent entity, Mobility Global Inc. (ticker: MBGL). Beginning in the third quarter of 2026, Mobility results will be reported as discontinued operations. The company also announced agreements to acquire Agusto & Co. (Ratings) and datacenterHawk (Energy), and to divest its geoscience and petroleum engineering software portfolio (Energy).
Key Financial Metrics
| Metric (in millions) | Three Months Ended June 30, 2026 | Six Months Ended June 30, 2026 |
|---|---|---|
| Revenue | $4,146 | $8,318 |
| Operating Profit | $1,812 | $3,814 |
| Operating Margin | 44% | 46% |
| Net Income (Attributable to S&P Global) | $1,217 | $2,613 |
| Diluted EPS | $4.12 | $8.81 |
| Cash from Operating Activities | N/A | $2,476 |
| Free Cash Flow | N/A | $2,249 |
| Total Debt | $15,170 | $15,170 |
| Cash and Cash Equivalents | $4,134 | $4,134 |
Material Changes vs. Prior Period
- Revenue Growth: Revenue increased 10% year-over-year for both the three and six-month periods, driven by growth across all reportable segments. Ratings saw strong investment-grade issuance; Indices benefited from higher assets under management (AUM); and Market Intelligence grew via subscription revenue.
- Profitability: Operating profit increased 17% (quarter) and 22% (six months). This growth was partially offset by higher disposition-related costs and employee severance charges in 2026, but bolstered by a $186 million pre-tax gain on dispositions (primarily the sale of Enterprise Data Management and thinkFolio businesses).
- Segment Performance:
- Ratings: Operating profit up 28% (quarter) and 22% (six months) due to higher transaction and non-transaction revenue.
- Market Intelligence: Operating profit surged 53% (six months) largely due to the $172 million gain on disposition.
- Indices: Operating profit up 21% (quarter) driven by asset-linked fees from ETFs and mutual funds.
- Energy: Operating profit remained flat for the quarter but grew 6% for the six months.
- Capital Allocation: The company repurchased 3.5 million shares for $1.5 billion during the first six months of 2026 via Accelerated Share Repurchase (ASR) agreements. Dividends were increased to $0.97 per share for 2026.
Outlook, Risks, and Unusual Items
- Strategic Separation: The separation of Mobility Global is a material structural change. While Mobility results are included through June 30, 2026, future reporting will exclude this segment, requiring investors to adjust historical comparisons.
- Unusual Items: Operating profit included significant one-time items: a $186 million gain on dispositions, $44 million in employee severance charges, and $79 million in disposition-related costs for the quarter. Excluding these, organic operating profit growth was lower.
- Acquisitions and Divestitures: Pending transactions include the acquisition of Agusto & Co. and datacenterHawk, and the sale of the geoscience software portfolio to SLB. These are expected to close in the second half of 2026.
- Risks: Key risks include global economic volatility, regulatory changes (including OECD Pillar Two tax rules), cybersecurity threats, and the successful integration of new acquisitions. The company also noted ongoing legal proceedings, including a class action in Australia regarding CDO ratings.
Investor Verification Checklist
- Discontinued Operations: Verify how the Mobility separation impacts future revenue and profit guidance, as Mobility results will be reclassified as discontinued operations starting Q3 2026.
- Gain on Dispositions: Assess the sustainability of operating margins by excluding the $186 million gain on dispositions from the six-month operating profit.
- Debt Structure: Review the debt table to confirm the allocation of debt between S&P Global and the newly separated Mobility Global, noting that Mobility assumed $2 billion in senior notes issued in May 2026.
- Share Count: Confirm the impact of the 3.5 million share repurchases and the 1-for-1 distribution of Mobility Global shares on the weighted average shares outstanding for future EPS calculations.
- Segment Realignment: Monitor the Q3 2026 filing for the reallocation of 451 Research and Maritime & Trade from Market Intelligence to Energy, and Credit Analytics from Market Intelligence to Ratings.