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AI核心结论
S&P Global delivered strong Q1 FY2026 results with revenue rising 10.4% YoY to $4.17B and operating income surging 26.9% to $2.00B, driving operating margin expansion of ~620 basis points to 48.0%.
营业收入
$4.17B
同比 ++10.43%
每股收益（基本）
$4.69
同比 ++32.11%
营业利润
$2B
同比 ++26.87%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
S&P Global (SPGI) Q1 FY2026 营收 $4.17B，同比增长 10.4%。 净利润 $1.4B，同比增长 28.0%，稀释每股收益 $4.69。
Total revenue grew 10.4% YoY to $4.17B in Q1 FY2026, up from $3.78B in the prior-year period, reflecting broad-based demand across S&P Global's diversified financial intelligence and ratings businesses.
来源: Source: 10-Q Income Statement
Operating income jumped 26.9% YoY to $2.00B while cost of revenue grew only 7.1% to $1.24B, demonstrating strong operating leverage. Operating margin expanded approximately 620 basis points to 48.0% from 41.8% in the prior year.
来源: Source: 10-Q Income Statement
Diluted EPS grew 32.5% YoY to $4.69 from $3.54, outpacing net income growth of 28.0%, partly reflecting the impact of share repurchases. The company spent $1.0B on buybacks in Q1 FY2026, up 53.8% from $650M in the prior-year quarter.
来源: Source: 10-Q Income Statement & Cash Flow Statement
SG&A expenses grew only 5.0% YoY to $802M, well below the 10.4% revenue growth rate, indicating disciplined cost management and contributing to the significant margin expansion observed in Q1 FY2026.
来源: Source: 10-Q Income Statement
Long-term debt increased 16.9% YoY to $13.32B while stockholders' equity declined 6.6% to $31.17B, likely reflecting capital return activities including the $1.0B in share buybacks and dividend payments captured in the $1.24B financing cash outflow.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Current liabilities surged 57.7% YoY to $9.34B versus current assets of only $6.32B, resulting in a current ratio of 0.68, well below 1.0. This negative working capital position suggests S&P Global may need to refinance or roll over near-term obligations, which could be challenging if credit markets tighten.
来源: Source: 10-Q Balance Sheet
Long-term debt grew 16.9% YoY to $13.32B, increasing financial leverage. While the debt-to-equity ratio of 0.79 remains manageable, the combination of rising debt and declining equity warrants monitoring, particularly in a higher-for-longer interest rate environment.
来源: Source: 10-Q Balance Sheet
Stockholders' equity fell 6.6% YoY to $31.17B, driven in part by aggressive share repurchases ($1.0B in Q1 FY2026 alone) and dividend payments. Continued capital returns at this pace could further erode the equity base and increase financial risk over time.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Operating cash flow of $1.04B grew 8.8% YoY but was significantly below net income of $1.40B, suggesting working capital consumption or non-cash adjustments are dampening cash conversion. Sustained divergence between earnings and cash generation could limit financial flexibility.
来源: Source: 10-Q Cash Flow Statement
S&P Global's revenues are heavily tied to capital markets activity, including debt issuance volumes that drive Ratings revenue. A prolonged slowdown in bond issuance or financial market disruption could materially impact revenue, given the company's high fixed-cost base relative to variable expenses.
来源: Source: 10-Q Income Statement (inferred from business model)
Q1 FY2026 实际 EPS $4.97，分析师一致预期 $4.91，超预期 +1.3%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.17B | $3.78B | +10.43% |
营业成本 | $1.24B | $1.15B | +7.11% |
营业利润 | $2B | $1.58B | +26.87% |
净利润 | $1.4B | $1.09B | +27.98% |
每股收益（基本） | $4.69 | $3.55 | +32.11% |
每股收益（稀释） | $4.69 | $3.54 | +32.49% |
销售及管理费用 | $802M | $764M | +4.97% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $60.79B | $59.89B | +1.51% |
流动资产 | $6.32B | $5.34B | +18.35% |
总负债 | $24.59B | $22.16B | +10.93% |
流动负债 | $9.34B | $5.92B | +57.69% |
股东权益 | $31.17B | $33.37B | -6.59% |
现金及等价物 | $1.81B | $1.47B | +23.21% |
长期债务 | $13.32B | $11.39B | +16.92% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.04B | $953M | +8.81% |
投资活动现金流 | $291M | $-79M | +468.35% |
筹资活动现金流 | $-1.24B | $-1.1B | -12.15% |
股票回购 | $1B | $650M | +53.85% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 48.0% | 41.8% | +6.22% |
净利率 | 33.4% | — | — |
净资产收益率 | 4.5% | — | — |
总资产收益率 | 2.3% | — | — |
流动比率 | $0.677 | — | — |
资产负债率 | $0.789 | — | — |
S&P Global reported strong Q1 FY2026 results with revenue of $4.17B (+10.4% YoY) and net income of $1.40B (+28.0% YoY). Diluted EPS came in at $4.69, up 32.5% from $3.54 in the prior-year period, driven by operating leverage and share buybacks.
Operating margin expanded approximately 620 basis points YoY to 48.0% in Q1 FY2026, up from 41.8% a year ago. This was driven by revenue growing 10.4% while cost of revenue grew only 7.1% and SG&A grew only 5.0%, demonstrating strong operating leverage.
S&P Global repurchased $1.0B of its own shares in Q1 FY2026, a 53.8% increase from the $650M spent in Q1 of the prior year. These buybacks contributed to the 32.5% growth in diluted EPS, which outpaced the 28.0% growth in net income.
The most notable near-term risk is a current ratio of 0.68, as current liabilities surged 57.7% YoY to $9.34B versus current assets of $6.32B, indicating potential refinancing needs. Additionally, long-term debt rose 16.9% YoY to $13.32B while stockholders' equity declined 6.6%, reflecting the impact of aggressive capital returns.
S&P Global grew revenue 10.4% YoY to $4.17B in Q1 FY2026, compared to $3.78B in the prior-year period. This growth, combined with disciplined cost management, resulted in operating income growing at a much faster pace of 26.9% to $2.00B.