SPGI · 10-Q · 2026Q2 · Full report

Operating Expense Trends

S&P Global Inc. · 2026-07-28 · Importance 49 · Surprise 32

Operating-related expenses increased 6% for the six months ended June 30, 2026, to $2,400 million, primarily because of annual merit increases, additional headcount linked partly to Market Intelligence acquisitions and strategic initiatives. Selling and general expenses increased 7% to $1,675 million, or 6% excluding the impact of higher 2026 disposition-related costs. Six-month 2026 selling and general expenses included $78 million of disposition-related costs, $11 million of employee severance, $5 million of lease impairments and $12 million of Market Intelligence acquisition-related costs. Depreciation and amortization increased $27 million to $615 million because of acquisition-related intangible amortization and new asset purchases.

Key facts

• Three months ended June 30, 2026 total expenses were $2,345 million compared with $2,218 million in the three months ended June 30, 2025 (6% increase)
• Three months ended June 30, 2026 operating-related expenses were $1,165 million compared with $1,119 million in the prior-year period (4% increase)
• Three months ended June 30, 2026 selling and general expenses were $1,675 million compared with $1,568 million in the prior-year period (7% increase)
• Amortization of intangibles from acquisitions included in operating profit was $275 million and $283 million for the three months ended June 30, 2026 and 2025, respectively, and $551 million and $564 million for the six months ended June 30, 2026 and 2025, respectively
• In 2026, selling and general expenses include employee severance charges of $15 million.
• In 2026, selling and general expenses include acquisition-related costs of $2 million.
• In 2026, selling and general expenses include a statutorily required labor law accrual adjustment of $2 million.
• In 2026, selling and general expenses include disposition-related costs of $1 million.