SPGI · 10-Q · 2026Q3 · Full report

Ratings Performance

S&P Global Inc. · 2026-10-28 · Importance 54 · Surprise 40 · In source text

Ratings revenue increased 11% to $3.912 billion for the nine months ended September 30, 2026, including transaction revenue growth of 13% to $2.135 billion and non-transaction revenue growth of 8% to $1.777 billion. Nine-month U.S. Ratings revenue rose 12% to $2.296 billion and international revenue rose 9% to $1.616 billion. Strong investment-grade corporate bond issuance, surveillance revenue, Crisil revenue, Ratings Evaluation Service activity, and improved contract terms supported growth; lower bank-loan refinancing activity partly offset it. Nine-month operating profit increased 15% to $2.619 billion, or 12% excluding the prior-year legal-cost comparison, with growth partly offset by compensation, technology, and strategic investment costs.

Key facts

• S&P Global Ratings is in ongoing communication with SEC staff regarding compliance with its federal securities-law obligations, and regulators could seek remedies for compliance deficiencies, including adverse judgments, damages, fines, penalties, or activity restrictions that could affect S&P Global’s financial condition, cash flows, business, or competitive position. source
• A class action filed in Australia on August 7, 2020 against S&P Global and a subsidiary concerns alleged investment losses in collateralized debt obligations rated by Ratings between 2005 and 2007; S&P Global cannot assure it will not have to pay significant amounts to resolve it. source
• Ratings royalty revenue was $47 million and $137 million for the three and nine months ended September 30, 2026, versus $44 million and $128 million in the corresponding 2025 periods. source
• Nine-month Ratings revenue increased 11%, with a favorable 1-percentage-point foreign-exchange impact. source
• Nine-month Ratings operating profit increased 15%; excluding the 2025 legal-cost impact of 3 percentage points, it increased 12%. source
• Three-month Ratings revenue increased 2%, with a 1-percentage-point unfavorable foreign-exchange impact. source
• Three-month Ratings operating profit increased 2%; excluding the 2025 legal-cost impact of 2 percentage points, it was unchanged, as revenue growth was offset by higher compensation, technology, and strategic-investment costs. source
• Q3 2026 Ratings non-transaction revenue increased primarily from higher surveillance revenue, revenue growth at Crisil, and higher Ratings Evaluation Service activity. source

Impact estimates