SPGI · 10-Q · 2026Q1 · Full report
Unearned Revenue Trends
S&P Global Inc. · 2026-04-28 · Importance 24 · Surprise 14
S&P Global records unearned revenue when customers pay in advance; the unearned revenue balance decreased from $4,088 million at December 31, 2025 to $3,980 million at March 31, 2026. The decrease was primarily driven by $1.8 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period, partially offset by new cash received in advance of satisfying performance obligations. This movement reflects conversion of previously billed/ prepaid backlog into recognized revenue during the quarter. The dynamic shows active contract fulfillment and timing effects between cash collection and revenue recognition.
Key facts
- The decrease in the unearned revenue balance at March 31, 2026 compared to December 31, 2025 was primarily driven by $1.8 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period.
- Unearned revenue balance at March 31, 2026: $3,980 million; at December 31, 2025: $4,088 million.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +43.1% | The decrease in the unearned revenue balance at March 31, 2026 compared to December 31, 2025 was primarily driven by $1.8 billion of… |
| liability | positive | realized | +2.9% | The decrease in the unearned revenue balance at March 31, 2026 compared to December 31, 2025 was primarily driven by $1.8 billion of… |
| liability | negative | realized | -0.2% | Unearned revenue balance at March 31, 2026: $3,980 million; at December 31, 2025: $4,088 million. |