SPGI · 10-Q · 2026Q3 · Full report

Market Intelligence Performance

S&P Global Inc. · 2026-10-28 · Importance 49 · Surprise 32

Market Intelligence revenue increased 7% in both the three and nine months ended September 30, 2026, to $1.263 billion and $3.723 billion, respectively. Subscription revenue increased 6% in both periods, driven by Kensho Data & Platforms products including data feeds, RatingsXpress® and RatingsDirect®; recurring variable revenue increased 11% in both periods on higher volumes. In the third quarter, retroactive revenue from delayed renewals also contributed to growth, while the nine-month results benefited from increased subscription revenue and recurring variable volumes. U.S. revenue grew 11% in the quarter and 9% over nine months, compared with international growth of 1% and 4%, respectively.

Key facts

• On January 12, 2026, S&P Global completed the sale of Enterprise Data Management and thinkFolio to Symphony Technology Group and recorded a $172 million pretax gain ($168 million after tax). source
• S&P Global Inc. completed the sale of its Enterprise Data Management and thinkFolio businesses in Market Intelligence to Symphony Technology Group on January 12, 2026. source
• Q3 2026 Market Intelligence revenue benefited from the November 2025 acquisition of With Intelligence and was negatively affected by the January 2026 divestitures of Enterprise Data Management and thinkFolio. source
• Market Intelligence revenue was favorably affected by the November 2025 acquisition of With Intelligence and unfavorably affected by the January 2026 disposition of Enterprise Data Management and thinkFolio. source
• Market Intelligence revenue was favorably impacted by the With Intelligence acquisition in November 2025 and unfavorably impacted by the January 2026 disposition of Enterprise Data Management and thinkFolio. source
• Market Intelligence revenue increased 7% in the third quarter of 2026, primarily from Kensho Data and Platforms subscription growth in data feed products, RatingsXpress and RatingsDirect, and retroactive revenue from delayed renewals. source
• Market Intelligence revenue increased 7% in the first nine months of 2026, primarily due to subscription growth in Kensho Data and Platforms, including data feeds, RatingsXpress and RatingsDirect, and retroactive revenue from delayed renewals. source
• Q3 2026 Market Intelligence growth was primarily driven by Kensho Data and Platforms subscription growth, including data feed products, RatingsXpress and RatingsDirect, retroactive revenue from delayed renewals, and increased recurring variable revenue from higher volumes. source