S&P Global Inc.

What they do

S&P Global operates four segments: Ratings (credit ratings, research, and analytics), Indices (index benchmarks and valuation services), Energy (information and benchmark prices for energy and commodity markets), and Market Intelligence (multi-asset-class data, analytics, and workflow solutions). The company serves asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms, issuers, and energy/commodity market participants. Following the spin-off of Mobility Global Inc. on July 1, 2026, Mobility results are included through June 30, 2026 and will be reported as discontinued operations starting Q3 2026.

Revenue drivers

• Ratings — Independent credit ratings, research, and analytics; revenue driven by new issuance and subscription-based services; a 'benchmark' business with record results in Q2 2026.
• Indices — Global index provider with valuation and index benchmarks for investment advisors, wealth managers, and institutional investors; also a 'benchmark' business with record results in Q2 2026.
• Market Intelligence — Multi-asset-class data and analytics integrated with workflow solutions; subscription-based revenue from data, valuation services, analytics, and third-party research; includes Capital IQ platforms and Credit & Risk Solutions.
• Energy — Provides information and benchmark prices for energy and commodity markets; includes products for energy, chemicals, shipping, metals, carbon, and agriculture; benefited from product transfers of 451 Research and Maritime & Trade from Market Intelligence.

Recent performance

In Q2 2026, GAAP revenue rose 10% year-over-year to $4.146 billion, operating profit increased 17% to $1.812 billion, net income grew 14% to $1.217 billion, and diluted EPS increased 18% to $4.12. On a pro forma basis excluding Mobility, revenue grew 11% to $3.678 billion, operating profit rose 21% to $1.757 billion, net income increased 22% to $1.205 billion, and diluted EPS increased 26% to $4.08. Adjusted operating profit increased 15% to $1.998 billion, and adjusted diluted EPS increased 23% to $4.83. For the six months ended June 30, 2026, GAAP revenue was $8.318 billion (up 10%), operating profit was $3.814 billion (up 22%), and diluted EPS was $8.81 (up 25%).

Strategy

Management announced a full separation of the Mobility segment, completed via spin-off on July 1, 2026, creating Mobility Global (NYSE: MBGL), with shareholders receiving one share of Mobility Global for each S&P Global share held. Post-spin, the company has a sharper focus on four core divisions, with organizational changes in Market Intelligence and combining supply chain products within Energy. The company is driving adoption and expansion of AI solutions. The company repurchased $1.5 billion in shares year-to-date in 2026 and expects to repurchase more than $7 billion in total for the year. Management emphasizes increasingly profitable long-term growth.

Risks

• Cybersecurity threats — The company's large scale and access to material non-public information increase exposure to cyber attacks that could compromise confidential data and materially affect operations.
• Spin-off execution risk — The separation of Mobility Global involves reallocation of costs, product transfers, and recast financials, which could lead to operational disruptions or unexpected financial impacts.
• Market dependence — Revenue from Ratings and Indices is sensitive to capital markets activity, including new issuance volumes, which can decline in economic downturns.
• Regulatory and legal exposure — The company faces regulatory and legal risks, including costs from litigation, investigations, and compliance requirements across its global operations.

Outlook

For 2026, management guides revenue growth of 5.9% to 7.9%, and organic constant currency growth of 6.0% to 8.0%, both excluding Mobility. The company expects to repurchase more than $7 billion in shares in 2026. Beginning in Q3 2026, results will reflect product transfers of 451 Research and Maritime & Trade from Market Intelligence to Energy, and a small portion of Credit Analytics from Market Intelligence to Ratings.