SPGI · Earnings call · 2026Q3T · Full report

Guidance / Outlook

S&P Global Inc. · 2026-10-27 · Importance 69 · Surprise 60 · Contradicted

S&P Global raised 2026 organic constant-currency revenue growth guidance to 7.5%–8.5% and adjusted operating-margin expansion guidance to 75–100 basis points; excluding Astra, expected margin expansion was 125–150 basis points. Adjusted EPS guidance increased to $17.70–$17.95, with slightly higher interest expense expected to be offset by lower corporate unallocated expense and a lower share count. Full-year division growth guidance is 6.5%–8% for Ratings, 17%–18.5% for Indices, 4.5%–6% for Energy, and 5.5%–7% for Market Intelligence. Fourth-quarter adjusted free cash flow was forecast at approximately $1.6 billion.

Key facts

• S&P Global expected high-single-digit billed issuance growth for full-year 2026, reflecting expected hyperscaler issuance of $250 billion to $300 billion.
• S&P Global expected adjusted free cash flow of approximately $1.6 billion in the fourth quarter of 2026.
• S&P Global expected M&A issuance growth of 20% to 30% in 2026.
• S&P Global raised full-year 2026 organic constant-currency growth guidance to 7.5%–8.5%.
• S&P Global raised full-year 2026 adjusted operating margin expansion guidance to 75–100 basis points; excluding Astra, expected expansion was 125–150 basis points.
• S&P Global raised full-year 2026 adjusted EPS guidance to $17.70–$17.95.
• S&P Global expected the Cboe contract extension to contribute a couple of percentage points of incremental total index revenue growth in 2027.
• S&P Global expected Energy organic constant-currency growth to normalize in 2027 within the 6% to 8% average range outlined at its 2025 Investor Day.

Impact estimates