SPGI · 10-Q · 2026Q1 · Full report
Revenue Performance and Mix
S&P Global Inc. · 2026-04-28 · Importance 59 · Surprise 48
Consolidated revenue for the three months ended March 31, 2026 was $4,171 million, up 10% from $3,777 million in Q1 2025. Subscription revenue was $2,014 million in Q1 2026, up 6% year-over-year, while asset-linked fees increased 18% and sales usage-based royalties increased 20% in the period. U.S. revenue was $2,625 million, up 12% YoY, and total international revenue rose 8% to $1,546 million; foreign exchange contributed less than one percentage point of the revenue increase for Q1 2026.
Key facts
- Ratings total revenue was $1,302 million for the three months ended March 31, 2026 compared to $1,149 million for the three months ended March 31, 2025, an increase of 13%.
- Total revenue for the three months ended March 31, 2026: $4,171 million; for the three months ended March 31, 2025: $3,777 million.
- Consolidated revenue increased 10% for the three months ended March 31, 2026 compared to the prior year period.
- Recurring variable revenue increased 12% year over year for the three months ended March 31, 2026 (as presented in revenue breakdown).
- Sales usage-based royalties increased 20% year over year for the three months ended March 31, 2026 (as presented in revenue breakdown).
- Total consolidated revenue for the three months ended March 31, 2026: $4,171 million.
- Total consolidated revenue for the three months ended March 31, 2025: $3,777 million.
- Subscription revenue for the three months ended March 31, 2026: $2,014 million.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +9.4% | Total revenue for the three months ended March 31, 2026: $4,171 million; for the three months ended March 31, 2025: $3,777 million. |
| revenue | positive | realized | +3.7% | Ratings total revenue was $1,302 million for the three months ended March 31, 2026 compared to $1,149 million for the three months ended… |
| revenue | positive | realized | +2.8% | Subscription revenue for the three months ended March 31, 2026: $2,014 million. |
| revenue | positive | realized | — | Recurring variable revenue increased 12% year over year for the three months ended March 31, 2026 (as presented in revenue breakdown). |
| revenue | positive | realized | — | Subscription revenue increased 6% year over year for the three months ended March 31, 2026. |
| revenue | positive | realized | — | Asset-linked fees increased 18% year over year for the three months ended March 31, 2026 (as presented in revenue breakdown). |
| revenue | positive | realized | — | Indices revenue increased 17% for the three months ended March 31, 2026. |