SPGI · 10-Q · 2026Q2 · Full report
Operating Profit and Margin Drivers
S&P Global Inc. · 2026-07-28 · Importance 67 · Surprise 66 · From source text
Operating profit increased 17% to $1,812 million in the second quarter and 22% to $3,814 million for the six months, compared with $1,551 million and $3,129 million, respectively, in 2025. Six-month operating profit included a $186 million gain on dispositions, $118 million of disposition-related costs, $44 million of employee severance charges, $16 million of acquisition-related costs, $5 million of lease impairments, and $4 million of asset impairment. Excluding specified disposition gains and costs, prior-year legal and leadership-transition costs, severance, and amortization differences, operating profit increased 14% in the quarter and 13% for the six months. Underlying profitability was supported by 10% revenue growth but offset by higher compensation from annual merit increases and additional headcount and by strategic-initiative investments.
Key facts
- For the six months ended June 30, 2026, total segment operating profit was $3,989 million, an increase of 23% compared to 2025, and total operating profit was $3,814 million, an increase of 22% compared to 2025.
- Six months ended June 30, 2026 operating profit was $3,814 million, up 22% from $3,129 million in the prior-year period
- Segment operating profit was $1,916 million for the three months ended June 30, 2026, an 18% increase versus 2025, and total operating profit was $1,812 million for the three months ended June 30, 2026, a 17% increase versus 2025.
- Three months ended June 30, 2026 operating profit was $1,812 million, up 17% from $1,551 million in the prior-year period
- Corporate Unallocated expense was $(104) million for the three months ended June 30, 2026, a 31% increase compared to 2025.
- Three months ended June 30, 2026 operating profit: $1,812 million.
- Six months ended June 30, 2026 operating profit: $3,814 million.
- Operating profit for the six months ended June 30, 2026 includes disposition-related costs of $118 million, employee severance charges of $44 million, gain on dispositions of $186 million and lease impairments of $5 million
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +8.2% | For the six months ended June 30, 2026, total segment operating profit was $3,989 million, an increase of 23% compared to 2025, and total… |
| operating_income | positive | realized | +3.1% | Segment operating profit was $1,916 million for the three months ended June 30, 2026, an 18% increase versus 2025, and total operating… |
| operating_income | positive | realized | +2.2% | Operating profit for the six months ended June 30, 2026 includes disposition-related costs of $118 million, employee severance charges of… |
| operating_income | negative | realized | -1.4% | Operating profit for the six months ended June 30, 2026 includes disposition-related costs of $118 million, employee severance charges of… |
| operating_income | negative | realized | -0.5% | Operating profit for the six months ended June 30, 2026 includes disposition-related costs of $118 million, employee severance charges of… |
| operating_income | negative | realized | -0.3% | Corporate Unallocated expense was $(104) million for the three months ended June 30, 2026, a 31% increase compared to 2025. |
| operating_income | negative | realized | -0.1% | Operating profit for the six months ended June 30, 2026 includes disposition-related costs of $118 million, employee severance charges of… |
| operating_income | unclear | realized | — | Three months ended June 30, 2026 operating profit: $1,812 million. |