SPGI · 10-Q · 2026Q2 · Full report

Market Demand Trends

S&P Global Inc. · 2026-07-28 · Importance 54 · Surprise 40

S&P Global’s second-quarter 2026 revenue increased 10% year over year to $4,146 million, with growth across all reportable segments. Ratings benefited from strong investment-grade corporate bond issuance, higher surveillance revenue, increased Ratings Evaluation Service activity and higher revenue at Crisil. Energy reported continued demand for market data and market insights products, supported by expanded offerings to existing customers under enterprise-use contracts. Indices benefited from higher ETF and mutual-fund assets under management, while Market Intelligence saw increased recurring variable revenue from higher volumes and Mobility generated new business growth in its Dealer business.

Key facts

• Second quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions; high yield also increased driven by M&A transactions; bank loans and structured finance were up from a low base in the second quarter last year impacted by market volatility.
• Energy’s Advisory & Transactional Services revenue decreased driven by lower sales usage-based royalties from licensing proprietary market data to commodity exchanges due to lower trading volumes for Platts-based contracts, impact of bi-annual event timing effects and event cancellations.