SPGI · 10-Q · 2026Q1

S&P Global Inc.

Filed 2026-04-28 · Other

Ranked Events

• Market Intelligence Segment PerformanceImportance 76 · Surprise 68
  Market Intelligence reported revenue of $1,296 million in Q1 2026, up 8% from $1,199 million in Q1 2025, with 1 percentage point of growth attributable to the net impact of recent acquisitions and a disposition. On…
• Mobility Segment SeparationImportance 75 · Surprise 60
  On April 29, 2025, the Board announced pursuit of a full separation of the Mobility segment to create a new publicly traded company named Mobility Global Inc. The separation is intended to be implemented through a…
• Indices Revenue and AUM GrowthImportance 65 · Surprise 48
  Indices revenue rose 17% in Q1 2026, driven by an 18% increase in asset-linked fees and higher exchange-traded derivative and data subscription revenue. Ending AUM for ETFs increased 25% year-over-year to $5.385…
• Sustainability-linked Credit FacilityImportance 64 · Surprise 42
  The company’s $2.0 billion five-year credit facility (supporting a $2.0 billion commercial paper program) terminates on December 17, 2029 and includes pricing provisions tied to the company achieving three…
• Capital Return ProgramImportance 64 · Surprise 42
  The Board approved a 2025 Repurchase Program and the company continued share repurchases including accelerated share repurchase (ASR) agreements; on Feb 12, 2026 the company paid $1,000 million under an uncapped ASR…
• Operating Expense TrendsImportance 61 · Surprise 32
  Total expenses for Q1 2026 were $2,344 million, an increase of 6% from $2,210 million in Q1 2025. Operating-related expenses rose 7% to $1,235 million, primarily driven by higher compensation costs due to annual merit…
• Redeemable Noncontrolling InterestsImportance 60 · Surprise 24
  Redeemable noncontrolling interests totaled $4,917 million as of March 31, 2026, the majority of which ($4,914 million) relates to the company’s S&P Dow Jones Indices LLC joint venture. The minority partners (CME Group…
• Remaining Performance ObligationsImportance 60 · Surprise 24
  As of March 31, 2026, S&P Global reported aggregate remaining performance obligations of $5.7 billion, a material backlog number relative to company assets and future revenue recognition. The Company expects to…
• Operating Profit and Margin DriversImportance 59 · Surprise 48
  Operating profit for Q1 2026 was $2,002 million, up 27% from $1,578 million in Q1 2025, with total segment operating profit of $2,073 million. Excluding the impact of the $175 million gain on dispositions and certain…
• Acquisitions and DivestituresImportance 59 · Surprise 60
  During the period S&P Global both acquired and moved to divest businesses tied to its data and software portfolios: it completed the acquisition of Enertel AI Corporation (March 18, 2026) to add AI/Machine Learning…
• Revenue Performance and MixImportance 59 · Surprise 48
  Consolidated revenue for the three months ended March 31, 2026 was $4,171 million, up 10% from $3,777 million in Q1 2025. Subscription revenue was $2,014 million in Q1 2026, up 6% year-over-year, while asset-linked…
• Billed Issuance VolumesImportance 58 · Surprise 56
  Ratings’ billed issuance volumes rose in Q1 2026 versus Q1 2025, with total billed issuance increasing 14% (from $1,083 to $1,230 in the table expressed in billions) and investment-grade billed issuance up ~41%.…
• Quarterly Results Snapshot (Earnings and EPS)Importance 57 · Surprise 38
  Net income attributable to S&P Global Inc. for Q1 2026 was $1,395 million, up 28% from $1,090 million in Q1 2025. Diluted earnings per share were $4.69 in Q1 2026, a 32% increase from $3.54 in Q1 2025, with diluted…
• Outstanding IndebtednessImportance 56 · Surprise 24
  Total debt outstanding was $13,318 million as of March 31, 2026, with short-term debt including current maturities of $2,697 million and long-term debt of $10,621 million. The fair value of total debt was reported at…
• Interest Rate and Refinancing ExposureImportance 55 · Surprise 66
  Interest expense, net increased versus the prior-year period, rising 24% for the quarter ended March 31, 2026. The increase was primarily driven by interest from senior notes issued in December 2025 and higher…
• Derivative and FX HedgingImportance 54 · Surprise 24
  The company manages foreign exchange exposure through a mix of undesignated forward contracts (aggregate notional $1.5 billion as of March 31, 2026) and cross-currency swaps designated as net investment hedges…
• Ratings performanceImportance 53 · Surprise 22
  Ratings revenue increased 13% to $1,302 million for the three months ended March 31, 2026 (from $1,149 million in Q1 2025), with royalty revenue of $44 million in Q1 2026 versus $42 million in Q1 2025. Transaction…
• Operating Cash Flow TrendsImportance 50 · Surprise 24
  Cash provided by operating activities for the three months ended March 31, 2026 was $1,037 million.,Operating cash generation of $1,037 million supported $1,000 million of ASR share repurchase cash outflows disclosed in financing activities, as well as dividend distributions paid during the quarter.,The company continues to convert a substantial portion of net income into cash flow in the quarter (net income was $1,504 million in Q1 2026).
• Geographic Revenue ConcentrationImportance 47 · Surprise 22
  U.S. revenue for Q1 2026 was $2,625 million, up 12% from $2,342 million in Q1 2025 and representing approximately 63% of consolidated revenue of $4,171 million. Total international revenue increased 8% to $1,546…
• Pillar Two Global Minimum TaxImportance 44 · Surprise 60
  The OECD introduced an international tax framework under Pillar Two establishing a 15% global minimum tax, implemented via local legislation in participating jurisdictions. The company states that Pillar Two taxes…

Revenue by Product (in millions)

Revenue by Geography (in millions)