SPGI · 10-Q · 2026Q1 · Full report

Operating Expense Trends

S&P Global Inc. · 2026-04-28 · Importance 61 · Surprise 32

Total expenses for Q1 2026 were $2,344 million, an increase of 6% from $2,210 million in Q1 2025. Operating-related expenses rose 7% to $1,235 million, primarily driven by higher compensation costs due to annual merit increases and additional headcount (partly related to recent Market Intelligence acquisitions); selling and general expenses increased 5%, including incremental disposition-related costs and ongoing strategic investments. Depreciation and amortization increased $14 million to $307 million in Q1 2026, primarily reflecting higher intangible asset amortization from recent acquisitions at Market Intelligence and additional depreciation on new asset purchases.

Key facts

• Ratings amortization of intangibles from acquisitions was $1 million in 2026 and $2 million in 2025.
• Total expenses for the three months ended March 31, 2026: $2,344 million.
• Total expenses for the three months ended March 31, 2025: $2,210 million.
• Operating-related expenses for the three months ended March 31, 2026: $1,235 million.
• Operating-related expenses for the three months ended March 31, 2025: $1,153 million.
• Operating-related expenses for the three months ended March 31, 2026: $1,235 million; for the three months ended March 31, 2025: $1,153 million.
• Total expenses for the three months ended March 31, 2026: $2,344 million; for the three months ended March 31, 2025: $2,210 million.
• Amortization of intangibles from acquisitions for the three months ended March 31, 2026: $276 million.

Impact estimates