SPGI · Earnings call · 2026Q3T · Full report

Ratings Performance

S&P Global Inc. · 2026-10-27 · Importance 31 · Surprise 32

Ratings revenue grew 2% in Q3 2026 as growth moderated against tougher prior-year comparisons; billed issuance increased 8% and transaction revenue rose 1%. Investment-grade issuance increased 28%, while the shift away from high-yield and bank loans into investment grade widened the gap between billed issuance and transaction-revenue growth. Non-transaction revenue grew 4%, led primarily by annual fees and CRISIL; year to date, issuance was up 15% and revenue up 13%.

Key facts

• S&P Global Ratings year-to-date issuance and revenue growth were 15% and 13%, respectively, through the third quarter of 2026.
• S&P Global Ratings revenue grew 2% in the third quarter of 2026.
• S&P Global Ratings transaction revenue increased 1% in the third quarter of 2026.
• S&P Global Ratings non-transaction revenue grew 4% in the third quarter of 2026, primarily from higher annual fee revenue and CRISIL.