SPGI · 10-Q · 2026Q3 · Full report
Operating Profit and Margin Drivers
S&P Global Inc. · 2026-10-28 · Importance 63 · Surprise 48 · In source text
Operating profit for the third quarter of 2026 increased 26% to $1.956 billion from $1.556 billion, and nine-month operating profit rose 26% to $5.627 billion from $4.476 billion. Third-quarter operating profit growth was 8% excluding the 15-percentage-point benefit from a higher gain on dispositions in 2026 and the effects of higher 2025 severance, legal, and leadership-transition costs, each contributing one percentage point. The third-quarter increase primarily reflected revenue growth, partly offset by higher compensation costs, technology costs, and strategic-initiative investments. Disposition gains were $200 million in the third quarter and $386 million for the first nine months of 2026; nine-month operating profit also included $44 million of employee severance charges.
Key facts
- For the three and nine months ended September 30, 2026, operating profit included a $200 million gain on disposition. source
- S&P Global recorded a $172 million pretax gain ($168 million after tax) during the nine months ended September 30, 2026 from the sale of Enterprise Data Management and thinkFolio. source
- Energy operating profit increased 88% in the third quarter of 2026; the gain on disposition contributed 82 percentage points, partly offset by disposition-related costs and acquisition-related costs of 2 percentage points each. source
- Amortization of acquisition-related intangibles was $199 million in Q3 2026 versus $203 million in Q3 2025, and $598 million for the first nine months of 2026 versus $615 million in the same 2025 period. source
- Operating profit for the three and nine months ended September 30, 2026 included disposition-related costs of $5 million and $12 million, disposition gains of $200 million and $386 million, acquisition-related costs of $8 million and $24 million, lease impairments of $5 million and $10 million, and labor-law accrual reversal adjustments of $5 million and $2 million, respectively. source
- S&P Global recorded a $200 million pretax gain ($136 million after tax) in the three and nine months ended September 30, 2026, related to dispositions. source
- Energy operating profit increased 32% in the first nine months of 2026; a gain on disposition contributed 27 percentage points, partly offset by disposition-related costs, acquisition-related costs and asset impairment of 1 percentage point each. source
- Q3 2026 operating profit increased 26%; excluding a 15-percentage-point benefit from higher disposition gains and impacts from severance, legal, and leadership-transition costs, operating profit increased 8%. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | positive | realized | +10.5% | Operating profit for the three and nine months ended September 30, 2026 included disposition-related costs of $5 million and $12 million,… |
| operating_income | positive | realized | +5.4% | S&P Global recorded a $200 million pretax gain ($136 million after tax) in the three and nine months ended September 30, 2026, related to… |
| net_income | positive | realized | +4.6% | S&P Global recorded a $172 million pretax gain ($168 million after tax) during the nine months ended September 30, 2026 from the sale of… |
| operating_income | negative | realized | -0.7% | Operating profit for the three and nine months ended September 30, 2026 included disposition-related costs of $5 million and $12 million,… |
| operating_income | positive | realized | +0.5% | Amortization of acquisition-related intangibles was $199 million in Q3 2026 versus $203 million in Q3 2025, and $598 million for the first… |
| operating_income | negative | realized | -0.3% | Operating profit for the three and nine months ended September 30, 2026 included disposition-related costs of $5 million and $12 million,… |
| operating_income | negative | realized | -0.3% | Operating profit for the three and nine months ended September 30, 2026 included disposition-related costs of $5 million and $12 million,… |
| operating_income | positive | realized | +0.1% | Operating profit for the three and nine months ended September 30, 2026 included disposition-related costs of $5 million and $12 million,… |
| operating_income | positive | realized | — | Energy operating profit increased 32% in the first nine months of 2026; a gain on disposition contributed 27 percentage points, partly… |
| operating_income | positive | realized | — | Q3 2026 operating profit increased 26%; excluding a 15-percentage-point benefit from higher disposition gains and impacts from severance,… |
| operating_income | positive | realized | — | Market Intelligence operating profit increased 47% in the first nine months of 2026; the higher 2026 gain on disposition contributed 33… |