SPGI · Earnings call · 2026Q3T · Full report

Operating Margin Drivers

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

Company adjusted operating margin expanded 60 basis points year over year to 53.5% in Q3 2026, or 120 basis points excluding Astra from the prior-year comparison. Adjusted expenses rose 5% as investments in growth areas were funded by productivity initiatives, and headcount remained flat year over year. Indices margin expanded 150 basis points to 71.9%, Energy margin expanded 190 basis points to 48.1%, and Market Intelligence margin expanded 110 basis points to 36.2%.

Key facts

• S&P Global Market Intelligence adjusted expenses increased 5% year over year, and operating margin expanded 110 basis points to 36.2% in the third quarter of 2026.
• S&P Global Energy adjusted expenses grew 2%, and its operating margin expanded 190 basis points to 48.1% in the third quarter of 2026.
• S&P Global’s adjusted operating margin expanded 60 basis points year over year to 53.5% in the third quarter of 2026.
• Excluding Astra from the prior-year period, S&P Global’s third-quarter 2026 margin expansion would have been 120 basis points.
• S&P Global expanded margins 60 basis points in the third quarter of 2026.