SPGI · 10-Q · 2026Q3 · Full report
Liquidity and Cash Position
S&P Global Inc. · 2026-10-28 · Importance 31 · Surprise 6 · In source text
Cash, cash equivalents and restricted cash were $2.441 billion as of September 30, 2026, an increase of $734 million from year-end 2025. The company had $700 million of commercial paper outstanding at September 30, 2026, compared with $715 million at December 31, 2025, under a $2.0 billion commercial-paper program supported by a $2.0 billion credit facility maturing December 17, 2029. The facility’s indebtedness-to-cash-flow covenant limit is 4 to 1, and the company reported that it had never exceeded the limit. Mobility Global entered a separate $500 million senior unsecured revolving credit facility in the second quarter of 2026, which became Mobility Global’s responsibility after the separation.
Key facts
- S&P Global Inc. had the ability to borrow $2.0 billion through its commercial paper program, supported by a $2.0 billion five-year credit agreement terminating December 17, 2029. source
- S&P Global's commercial paper program allows borrowing of up to $2.0 billion and is supported by a $2.0 billion five-year credit agreement terminating December 17, 2029. source
- Cash used for financing activities from continuing operations decreased $108 million to $3.617 billion in the first nine months of 2026, primarily due to debt issuance proceeds related to the Mobility Global separation, partly offset by increased share repurchases. source
- Cash provided by investing activities from continuing operations was $340 million in the first nine months of 2026, compared with $213 million used in the first nine months of 2025, primarily due to proceeds from the sale of the Enterprise Data Management and thinkFolio businesses and Energy software portfolio. source
- S&P Global Inc. had total debt of $13,062 million at September 30, 2026 and long-term debt of $10,614 million. source
- S&P Global Inc. had cash and cash equivalents of $2,441 million at September 30, 2026, compared with $1,707 million at December 31, 2025. source
- S&P Global Inc. had $10.7 billion of total debt fair value at September 30, 2026, compared with $11.3 billion at December 31, 2025. source
- On August 17, 2026, S&P Global issued $595 million of 4.25% Senior Notes due 2031 and $397 million of 4.80% Senior Notes due 2035 in exchange for unregistered notes of like principal amounts and terms originally issued December 1, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +1.1% | Cash provided by investing activities from continuing operations was $340 million in the first nine months of 2026, compared with $213… |
| cash | positive | realized | +0.2% | Cash used for financing activities from continuing operations decreased $108 million to $3.617 billion in the first nine months of 2026,… |
| liability | negative | realized | — | Cash used for financing activities from continuing operations decreased $108 million to $3.617 billion in the first nine months of 2026,… |