SPGI · 10-Q · 2026Q1 · Full report
Operating Profit and Margin Drivers
S&P Global Inc. · 2026-04-28 · Importance 59 · Surprise 48
Operating profit for Q1 2026 was $2,002 million, up 27% from $1,578 million in Q1 2025, with total segment operating profit of $2,073 million. Excluding the impact of the $175 million gain on dispositions and certain 2025 severance and transition items, operating profit increased 12% year-over-year, driven primarily by revenue growth across segments. The increase was partially offset by higher compensation costs from annual merit increases and additional headcount and by investments in strategic initiatives; foreign exchange had a favorable impact of approximately 2 percentage points on operating profit for the quarter.
Key facts
- Operating profit for the three months ended March 31, 2026: $2,002 million; for the three months ended March 31, 2025: $1,578 million.
- Operating profit increased 27% for the three months ended March 31, 2026 compared to the prior year period.
- Operating profit increased over 100% for the period referenced in this MD&A section.
- Excluding the impact of a $175 million gain on dispositions in 2026, employee severance charges in 2025 of $33 million and ELT transition costs in 2025 of $12 million, partially offset by higher disposition-related costs in 2026 of $40 million, operating profit increased 12%.
- Consolidated operating profit for the three months ended March 31, 2026: $2,002 million.
- Consolidated operating profit for the three months ended March 31, 2025: $1,578 million.
- Excluding specified items (gain on disposition in 2026 of 86 percentage points; employee severance charges in 2025 of 7 percentage points; ELT transition costs in 2025 of 2 percentage points; higher amortization of intangibles from acquisitions in 2026 of 4 percentage points; higher disposition-related costs in 2026 of 1 percentage point; and higher acquisition-related costs in 2026 of 1 percentage point), operating profit increased 11%.
- Excluding disposition-related costs in 2026 of 3 percentage points, Mobility operating profit increased 12% for the three months ended March 31, 2026.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +10.2% | Operating profit for the three months ended March 31, 2026: $2,002 million; for the three months ended March 31, 2025: $1,578 million. |
| operating_income | positive | realized | — | Excluding specified items (gain on disposition in 2026 of 86 percentage points; employee severance charges in 2025 of 7 percentage points;… |
| operating_income | positive | realized | — | Excluding disposition-related costs in 2026 of 3 percentage points, Mobility operating profit increased 12% for the three months ended… |
| operating_income | positive | realized | — | Indices operating profit increased 18% for the three months ended March 31, 2026. |