SPGIS&P GlobalQ2 2026Earnings Analysis

Broad-based revenue growth across segments

Three-month revenue increased 10% year over year to $4.146B, with growth at all reportable segments. Ratings benefited from strong investment-grade corporate bond issuance and surveillance activity; Indices benefited from higher ETF and mutual-fund assets under management; Market Intelligence benefited from subscriptions, Lending Solutions, RatingsXpress, and higher recurring-variable volumes. Source: 10-Q Item 2 MD&A, pp.33, 37.

Source: 10-Q Item 2 MD&A, pp.33, 37

Margins expanded despite higher investment and compensation costs

Operating profit rose 17% to $1.812B and operating margin improved to 44% from 41%. Management attributed the increase primarily to revenue growth, partly offset by annual merit increases, added headcount, and strategic-initiative investments; excluding specified disposition, legal, gain, and acquisition-amortization items, operating profit increased 14%. Source: 10-Q Item 2 MD&A, p.33.

Source: 10-Q Item 2 MD&A, p.33

Transaction and asset-linked revenue outgrew subscriptions

In 2026-Q2, non-subscription/transaction revenue rose 20% to $895M and asset-linked fees increased 22% to $348M, outpacing the 6% increase in subscription revenue to $2.064B. The transaction increase was primarily driven by corporate bond ratings revenue, while asset-linked-fee growth reflected higher ETF and mutual-fund assets under management. Source: 10-Q Item 2 MD&A, pp.36-37.

Source: 10-Q Item 2 MD&A, pp.36-37

Disposition gains boosted first-half operating profit

For the six months ended June 30, 2026, the company recorded a $186M pre-tax gain on dispositions, including a $172M gain on the sale of Enterprise Data Management and thinkFolio to Symphony Technology Group and an $11M gain on the sale of its Centennial, Colorado facility. These gains contributed to the 22% increase in six-month operating profit. Source: 10-Q Item 2 MD&A, pp.35, 40.

Source: 10-Q Item 2 MD&A, pp.35, 40

Mobility separation changes future comparability

The distribution of Mobility Global was effective July 1, 2026, with S&P Global shareholders receiving one Mobility Global share for each S&P Global share held on the June 15, 2026 record date. Beginning in the third quarter of 2026, Mobility’s historical results through June 30, 2026 will be reported as discontinued operations, limiting comparability with the 2026-Q2 reported consolidated results. Source: 10-Q Item 2 MD&A, p.32.

Source: 10-Q Item 2 MD&A, p.32

Revenue growth included a 20% increase in non-subscription/transaction revenue, primarily from higher corporate bond ratings revenue. This indicates that part of reported growth is tied to issuance activity, which can vary with credit-market conditions; the filing’s financial-data source does not quantify sensitivity to a decline in issuance. Source: 10-Q Income Statement (XBRL).

Source: 10-Q Income Statement (XBRL)

Six-month operating profit included $186M of gains on dispositions, principally the $172M Enterprise Data Management and thinkFolio sale. Investors should distinguish this realized gain from recurring operating performance when comparing periods. Source: 10-Q Income Statement (XBRL).

Source: 10-Q Income Statement (XBRL)

Operating-related expenses increased 4% and selling and general expenses increased 9% in the three-month period, while management cited merit increases, additional headcount, and strategic initiatives. If revenue growth slows, continued expense growth could pressure profitability; detailed financial-data fields beyond the provided filing tables were unavailable. Source: 10-Q Income Statement (XBRL).

Source: 10-Q Income Statement (XBRL)

Mobility contributed to the reported 2026-Q2 consolidated results, but will be presented as discontinued operations beginning in the third quarter of 2026. This reporting change may make headline growth and margin comparisons less straightforward until investors normalize prior periods. Source: 10-Q Income Statement (XBRL).

Source: 10-Q Income Statement (XBRL)