SPGI · 10-Q · 2026Q1 · Full report

Market Demand Trends

S&P Global Inc. · 2026-04-28 · Importance 31 · Surprise 32

Energy revenue grew 7% in Q1 2026, supported by higher attendance at CERAWeek and continued demand for market data, price assessments and market insights sold under enterprise contracts. A notable contributor was a meaningful increase in sales usage-based royalties from licensing proprietary Platts market price data to commodity exchanges, driven by increased trading volumes across commodity sectors. Advisory & Transactional Services, Energy & Resources Data & Insights and Price Assessments were the principal revenue drivers, while Upstream Data & Insights lagged due to a one-time benefit in prior-year quarter. The uptick in exchange licensing and trading volumes reinforces demand for benchmark price data in commodity markets.

Key facts

• First quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions.
• First quarter billed issuance increases were partially offset by a decrease in bank loans primarily due to AI-disruption concerns affecting software and tech-adjacent leveraged loans.
• S&P Global recorded increased conference revenue at Energy contributing to revenue growth in the three months ended March 31, 2026.
• An increase at Ratings in 2026 was driven by both transaction and non-transaction revenue, with transaction revenue increasing due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance and partially offset by lower bank loan ratings revenue.
• Non-transaction revenue at Ratings increased primarily due to an increase in surveillance revenue and an increase in revenue at the Crisil subsidiary.
• Energy revenue increased primarily due to increased attendance at CERAWeek in 2026, continued demand for market data and market insights products, expanded enterprise use contracts, and an increase in sales usage-based royalties revenue.
• Mobility revenue increased primarily due to continued new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms.