SPGI · 10-Q · 2026Q3 · Full report

Market Demand Trends

S&P Global Inc. · 2026-10-28 · Importance 38 · Surprise 24

For the three months ended September 30, 2026, revenue increased across all four reportable segments: Ratings, Indices, Energy and Market Intelligence. Ratings benefited from strong investment-grade corporate bond issuance, higher surveillance revenue, increased Crisil revenue and higher Ratings Evaluation Service activity, while bank-loan ratings and structured-finance revenue declined. Indices growth reflected higher ETF and mutual-fund assets under management, exchange-traded derivatives revenue and data subscriptions. Energy saw continued demand for market data and market insights, supported by expanded offerings under enterprise-use contracts; Market Intelligence growth included subscriptions for Kensho Data and Platforms, RatingsXpress® and RatingsDirect®, as well as increased recurring-variable-revenue volumes.