SPGI · 10-Q · 2026Q1 · Full report

Interest Rate and Refinancing Exposure

S&P Global Inc. · 2026-04-28 · Importance 55 · Surprise 66

Interest expense, net increased versus the prior-year period, rising 24% for the quarter ended March 31, 2026. The increase was primarily driven by interest from senior notes issued in December 2025 and higher commercial paper borrowings in 2026. The company states commercial paper borrowings were used in part to partially finance an accelerated share repurchase (ASR) agreement entered into in February 2026 and to meet short-term working capital needs. This reflects greater refinancing and short-term funding activity in late 2025 and early 2026 affecting quarterly interest cost.

Key facts

• Interest expense, net increased in 2026 primarily due to issuance of senior notes in December 2025 and increased commercial paper borrowings in 2026 to partially finance the Company's ASR agreement entered into in February 2026 and short-term working capital requirements.