EarningsQ2 2026 Earnings Report
MX:SPGI Q2 2026 EPS Results
Actual EPS$82.09
Consensus EPS$81.73
Beat/MissBeat by +$0.36
One Year Ago EPS$71.21
MX:SPGI Q2 2026 Revenue Results
Actual Revenue$70.46B
Expected Revenue$69.57B
Beat/MissBeat by +$898.60M
YoY Revenue Growth+10.41%
Earnings Announcement Details
QuarterQ2 2026
Date07/28/2026
TimeBefore Open
Conference CallTuesday, July 28, 2026
MX:SPGI Upcoming Earnings
S&P Global's next earnings date is estimated for October 22, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:SPGI Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented multiple strong operational and financial highlights — record quarters in Ratings and Indices, double-digit EPS growth, solid AI adoption and monetization signals, disciplined productivity enabling margin expansion, and an increased $7B+ buyback program. Lowlights were concentrated in the Energy division (short-term impacts from the Middle East conflict, sanctions and GTS volatility), some subscale/consulting softness in Market Intelligence, and temporary elongated sales cycles and slightly elevated leverage due to buybacks. Overall, positives (broad revenue and margin outperformance, AI traction, strategic M&A and capital return) materially outweigh the limited and described near-term headwinds.Company Guidance
Consolidated Revenue and EPS Growth
Total revenue grew 11% year-over-year (organic constant currency and all-in) and adjusted diluted EPS grew 23% in Q2 2026, driven by benchmark strength and margin expansion.
Benchmark Businesses Outperformance
Benchmark revenue increased 15% year-over-year and now represents nearly two-thirds of revenue and over 80% of operating profits; high incremental margins drove 200 bps of consolidated margin expansion to 54.3%.
Ratings — Record Quarter and Issuance Strength
Ratings reported a record revenue quarter, up 17% year-over-year; billed issuance rose ~25% YoY in Q2, transaction revenue +25%, and Private Markets Ratings revenue +60% YoY; updated hyperscaler issuance outlook of $250B–$300B for the full year.
Indices — Continued Market Leadership
S&P Dow Jones Indices revenue grew 20% YoY (13th consecutive record quarter); ETF AUM ended the quarter at $6.35 trillion, asset-linked fees +22% YoY, exchange-traded derivatives +22%, best quarter of net inflows on record and 4 of 5 U.S. Treasury-selected ETFs linked to S&P Dow Jones Indices.
Market Intelligence Steady Growth and AI Traction
Market Intelligence revenue grew 6% (reported and organic); subscription revenue +6%; Kensho Data & Platforms grew ~8% with Kensho Data growing high single-digit to low double-digit organically; ACV growth for AI customers in MI ~60% faster than average.
Rapid Adoption of AI Products
LLM-ready API call volume in Q2 was >5x Q1 levels; MCP-connected customers >500 (up >70% QoQ); API usage up 5x QoQ and management reports strong monetization conversations (consumption and data pricing).
Product and Strategic M&A Activity
Completed Mobility spin (July 1) and received ~ $2B dividend; announced acquisitions including datacenterHawk and majority stake in Agusto & Company to expand data center and African ratings capabilities.
Expense Discipline and Productivity
Adjusted expenses increased 6% overall, while productivity and AI-driven efficiencies (EDO) delivered nearly 60% of a $100M annualized targeted cost savings (~$60M achieved) and enabled margin expansion (200 bps consolidated, Ratings +310 bps).
Capital Return and Cash Flow
Increased 2026 share repurchase target by nearly $3B to >$7B for the year (repurchases >5% of current market cap); H2 adjusted free cash flow (excluding Mobility) expected $2.9B–$3.1B; plan to issue ~$2B debt to fund buybacks.
Raised Division Guidance and Strong Full-Year EPS Outlook
Updated division guidance: Ratings revenue guidance raised to 5%–8% (up 1 ppt), Indices to 12%–14% (up 2 ppts); consolidated organic constant currency revenue growth guidance 6%–8%; adjusted EPS guidance $17.50–$17.75 (double-digit growth).
MX:SPGI Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed