SPGI · Full Picture

S&P Global Inc. — the full picture

Earnings window · 2026-04-28 to 2026-09-24 · anchored on the 10-Q report

One earnings window, everything merged: the filing, the call, press releases and news digests, folded into ranked threads.

What to look at first

  1. Operating Expense Trends · Operating expenses (SG&A)Priority 80
    -24.2% operating_income; 2 sources (press_release, sec_filing); 5 forward row(s); quote_verified
    Full-year 2026 deal-related amortization is expected to be approximately $785 million (both GAAP and Adjusted).
  2. Guidance / Outlook · Guidance & outlookPriority 79
    +9.4% revenue; 2 sources (news, press_release); 9 forward row(s); quote_verified
    Full-year 2026 GAAP revenue growth guidance calls for 5.9% to 7.9%.
  3. Ratings performance · UnclassifiedPriority 78
    +14.7% revenue (realized); 3 sources (news, press_release, sec_filing); quote_verified
    Ratings segment revenue for the three months ended June 30, 2026 was $1,339 million, up 17% year over year; six months revenue was $2,641 million, up 15% year over year.
  4. Remaining Performance Obligations · Demand, orders & backlogPriority 78
    +159.7% revenue; 3 forward row(s); quote_verified
    S&P Global expects to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next and months, respectively (language in filing).
  5. Operating Profit and Margin Drivers · Gross marginPriority 77
    +4.1% margin; 2 sources (news, press_release); 4 forward row(s); quote_verified
    On a pro forma basis excluding Mobility, operating profit increased 21% to $1.757 billion in the second quarter of 2026.
  6. Revenue Performance and Mix · Revenue growth & mixPriority 73
    +114.8% revenue (realized); 3 sources (news, press_release, sec_filing); 1 forward row(s); quote_verified
    S&P Global reported second-quarter 2026 GAAP revenue of $4.146 billion, an increase of 10% compared to the second quarter of 2025.
  7. Interest Rate and Refinancing Exposure · Interest ratesPriority 69
    2 sources (news, sec_filing); quote_verified
    S&P Global has the ability to borrow a total of $2.0 billion through its commercial paper program, which is supported by a $2.0 billion five-year credit agreement that will terminate on December 17, 2029.
  8. Indices Revenue and AUM Growth · UnclassifiedPriority 67
    +9.6% revenue (realized); 2 sources (press_release, sec_filing); quote_verified
    Indices segment revenue for the three months ended June 30, 2026 was $534 million, up 20% year over year; six months revenue was $1,053 million, up 18% year over year.
  9. Market Intelligence Segment Performance · UnclassifiedPriority 66
    +6.9% operating_income (realized); 3 sources (news, press_release, sec_filing); quote_verified
    Market Intelligence operating profit for the three months ended June 30, 2026 was $293 million, up 13% year over year; six months operating profit was $733 million, up 53% year over year.
  10. Outstanding Indebtedness · Debt, leverage & refinancingPriority 65
    -2.7% liability; 3 sources (news, press_release, sec_filing); 3 forward row(s); quote_verified
    Short-term debt on the balance sheet at June 30, 2026 was $2,572 million (compared to $718 million at December 31, 2025).
  11. Sustainability-linked Credit Facility · Debt, leverage & refinancingPriority 65
    2 forward row(s); quote_verified
    S&P Global's commitment fee and drawn margin under the credit facility will be reduced by 1 basis point and 5 basis points, respectively, for the approximately year-long period beginning April 6, 2026 as a result of its emissions performance for the year ended December 31, 2025.
  12. Capital Return Program · Buybacks & dividendsPriority 63
    -3.2% cash (realized); 3 sources (news, press_release, sec_filing); 3 forward row(s); quote_verified
    The Company now expects to repurchase more than $7 billion in shares in total in 2026.

Threads by pillar

Revenue & Demand Priority 94 · 12 threads

Costs & Margins Priority 89 · 6 threads

Capital & Balance Sheet Priority 90 · 8 threads

Strategy & Portfolio Priority 71 · 11 threads

Legal, Regulatory & Policy Priority 33 · 2 threads

Guidance & Outlook Priority 79 · 1 thread

Macro & Market Conditions Priority 77 · 5 threads

Management & Governance Priority 28 · 4 threads

Unclassified Priority 96 · 5 threads

Expected impact by metric

metricforward netforward grossrealized
revenue+169.1%+169.1%+198.3%
operating_income-24.4%+24.4%+64.5%
net_income-15.8%+15.8%+14.9%
margin+4.1%+4.1%+6.1%
liability-2.7%+2.7%+12.6%
cash+1.4%+1.9%+1.9%
assets——-0.6%