SPGI · 10-Q · 2026Q1 · Full report
Market Intelligence Segment Performance
S&P Global Inc. · 2026-04-28 · Importance 76 · Surprise 68
Market Intelligence reported revenue of $1,296 million in Q1 2026, up 8% from $1,199 million in Q1 2025, with 1 percentage point of growth attributable to the net impact of recent acquisitions and a disposition. On January 12, 2026 S&P Global completed the sale of the Enterprise Data Management and thinkFolio businesses within Market Intelligence to Symphony Technology Group and recorded a pre-tax gain of $172 million ($168 million after-tax) in Q1 2026. Excluding acquisition and disposition impacts, Market Intelligence growth was driven by Lending Solutions in Enterprise Solutions, subscription growth in Data, Analytics & Insights, growth in RatingsXpress® and RatingsDirect®, and higher recurring variable revenue; Market Intelligence benefitted from the November 2025 acquisitions of ORBCOMM AIS and With Intelligence.
Key facts
- Market Intelligence non-subscription revenue increased 35% year over year for the three months ended March 31, 2026 (as presented).
- Market Intelligence recurring variable revenue increased 12% year over year for the three months ended March 31, 2026 (as presented).
- Market Intelligence segment revenue for the three months ended March 31, 2026: $1,296 million.
- Market Intelligence segment revenue for the three months ended March 31, 2025: $1,199 million.
- Market Intelligence subscription revenue for the three months ended March 31, 2026: $1,052 million.
- Market Intelligence revenue increased 8% year over year for the three months ended March 31, 2026.
- Recurring variable revenue at Market Intelligence increased due to increased volumes for the three months ended March 31, 2026.
- Excluding the impact of recent acquisitions and a disposition, Market Intelligence's 2026 increase was primarily due to growth for Lending Solutions in Enterprise Solutions, subscription revenue growth in Data, Analytics & Insights, and growth in RatingsXpress® and RatingsDirect®.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +2.3% | Market Intelligence segment revenue for the three months ended March 31, 2026: $1,296 million. |
| revenue | positive | realized | — | Market Intelligence non-subscription revenue increased 35% year over year for the three months ended March 31, 2026 (as presented). |
| revenue | positive | realized | — | Market Intelligence recurring variable revenue increased 12% year over year for the three months ended March 31, 2026 (as presented). |
| revenue | positive | realized | — | Market Intelligence revenue increased 8% year over year for the three months ended March 31, 2026. |