SPGI · 10-Q · 2026Q2 · Full report
Revenue Performance and Mix
S&P Global Inc. · 2026-07-28 · Importance 49 · Surprise 32 · No source text
Revenue increased 10% year over year to $4,146 million in the second quarter of 2026 from $3,755 million, and increased 10% to $8,318 million for the six months from $7,532 million. Six-month revenue included $4,077 million of subscription revenue, $1,874 million of non-subscription/transaction revenue, $1,079 million of non-transaction revenue, and $1,183 million of revenue attributable to Ratings’ non-transaction activities. Subscription revenue grew 6% year over year for the six months, while non-subscription/transaction revenue grew 18%, asset-linked fees grew 20%, sales usage-based royalties grew 17%, and recurring variable revenue grew 11%. U.S. revenue increased 12% to $5,154 million for the six months, while international revenue increased 8% to $3,164 million and represented approximately 38% of total revenue.
Key facts
- Six months ended June 30, 2026 consolidated revenue was $8,318 million, up 10% from $7,532 million in the prior-year period
- Six months ended June 30, 2026 subscription revenue was $4,077 million, up from $3,851 million in the six months ended June 30, 2025 (6% increase)
- Three months ended June 30, 2026 non-subscription / transaction revenue was $1,874 million compared with $1,595 million in the prior-year period (18% increase)
- Three months ended June 30, 2026 revenue: $4,146 million.
- Six months ended June 30, 2026 revenue: $8,318 million.
- Three months ended June 30, 2026 consolidated revenue was $4,146 million, up 10% from $3,755 million in the prior-year period
- Three months ended June 30, 2026 subscription revenue was $2,064 million, up from $1,954 million in the three months ended June 30, 2025 (6% increase)
- Royalty revenue was $45 million and $89 million for the three and six months ended June 30, 2026, respectively, and $42 million and $84 million for the three and six months ended June 30, 2025, respectively.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +9.4% | Six months ended June 30, 2026 consolidated revenue was $8,318 million, up 10% from $7,532 million in the prior-year period |
| revenue | positive | realized | +3.4% | Three months ended June 30, 2026 non-subscription / transaction revenue was $1,874 million compared with $1,595 million in the prior-year… |
| revenue | positive | realized | +2.7% | Six months ended June 30, 2026 subscription revenue was $4,077 million, up from $3,851 million in the six months ended June 30, 2025 (6%… |
| revenue | unclear | realized | — | Three months ended June 30, 2026 revenue: $4,146 million. |
| revenue | unclear | realized | — | Six months ended June 30, 2026 revenue: $8,318 million. |