SPGI · Earnings call · 2026Q3T · Full report

Operating Expense Trends

S&P Global Inc. · 2026-10-27 · Importance 24 · Surprise 14

Company adjusted expenses increased 5% in Q3 2026, with productivity initiatives helping fund investment in growth areas and total headcount held flat year over year. Ratings expenses rose 7% due to compensation and strategic investment, partly offset by productivity efforts. Indices expenses increased 14% on growth initiatives and compensation, while Energy expenses rose 2% as higher technology and compensation costs were almost fully offset by productivity and expense discipline. Market Intelligence expenses grew 5%, reflecting WIT Intelligence acquisition costs and technology spending, partly offset by divestitures and productivity programs.

Key facts