SPGI · 10-Q · 2026Q3 · Full report

FX / Currency Headwinds

S&P Global Inc. · 2026-10-28 · Importance 25 · Surprise 6

S&P Global uses foreign-exchange forward contracts and cross-currency swaps to mitigate currency movements affecting its international operations and foreign subsidiaries. As of September 30, 2026, cross-currency swaps designated as net-investment hedges had a notional value of $3.5 billion and hedge exposure to the euro/U.S. dollar exchange rate for certain European subsidiaries, with maturities in 2029, 2030, 2032 and 2033. The company also entered into cash-flow hedges for Indian rupee, British pound and euro exposures through the third quarter of 2028, intended to offset exchange-rate effects on future revenue and operating costs.

Key facts

• S&P Global Inc. entered into foreign-exchange forward contracts to hedge portions of Indian rupee, British pound and euro exposures through the third quarter of 2028. source
• S&P Global Inc. held $3.5 billion in cross-currency swaps designated as net investment hedges at both September 30, 2026 and December 31, 2025. source
• Foreign exchange rates reduced Q3 2026 revenue growth by less than 1 percentage point. source
• Foreign exchange rates reduced Q3 2026 operating profit growth by less than 1 percentage point. source
• Foreign exchange rates had a favorable impact of less than 1 percentage point on Energy revenue in the third quarter of 2026. source
• Foreign exchange rates had an unfavorable impact of 1 percentage point on Energy operating profit in the third quarter of 2026. source
• Foreign exchange rates had a favorable impact of less than 1 percentage point on Energy revenue for the first nine months of 2026. source
• Foreign exchange rates had an unfavorable impact of 1 percentage point on Energy operating profit for the first nine months of 2026. source