SPGI · 10-Q · 2026Q1 · Full report

Indices Revenue and AUM Growth

S&P Global Inc. · 2026-04-28 · Importance 65 · Surprise 48

Indices revenue rose 17% in Q1 2026, driven by an 18% increase in asset-linked fees and higher exchange-traded derivative and data subscription revenue. Ending AUM for ETFs increased 25% year-over-year to $5.385 trillion as of March 31, 2026, and average AUM for ETFs also rose 25% to $5.574 trillion for the three months ended March 31, 2026. Operating profit increased 18% year-over-year, with management noting increased strategic investments and higher compensation costs as offsets to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point on Indices results.

Key facts

• Indices ending AUM for ETFs increased 25% to $5.385 trillion as of March 31, 2026 compared to March 31, 2025.
• Indices average AUM for ETFs increased 25% to $5.574 trillion for the three months ended March 31, 2026 compared to the three months ended March 31, 2025.
• Indices ending AUM for ETFs decreased 2% compared to the fourth quarter of 2025 due to market depreciation in the first quarter of 2026.
• Indices revenue increased primarily due to higher asset-linked fees driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue.