SPGI · 10-Q · 2026Q1 · Full report

Ratings performance

S&P Global Inc. · 2026-04-28 · Importance 53 · Surprise 22

Ratings revenue increased 13% to $1,302 million for the three months ended March 31, 2026 (from $1,149 million in Q1 2025), with royalty revenue of $44 million in Q1 2026 versus $42 million in Q1 2025. Transaction revenue rose primarily on higher corporate bond ratings driven by strong investment-grade issuance, while bank loan ratings were lower; non-transaction revenue increased on higher surveillance fees and stronger revenue at Crisil. Operating profit for Ratings increased 16% year-over-year, with foreign exchange rates contributing a favorable 3 percentage points; the segment experienced higher compensation costs and increased strategic investments. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.