S&P Global earnings date
S&P Global (SPGI) Q3 2026 Earnings Report
MX:SPGI Q3 2026 EPS Results
- Actual EPS
- MXN 86.28
- Consensus EPS
- MXN 83.36
- Beat/Miss
- Beat by +MXN 2.92
- One Year Ago EPS
- MXN 84.28
MX:SPGI Q3 2026 Revenue Results
- Actual Revenue
- MXN 69.28B
- Expected Revenue
- MXN 68.62B
- Beat/Miss
- Beat by +MXN 664.21M
- YoY Revenue Growth
- -5.40%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/27/2026
- Time
- Before Open
- Conference Call
- Tuesday, October 27, 2026
S&P Global's next earnings date is estimated for February 9, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
The call was strongly positive, with 7% revenue growth, 60 basis points of company-wide margin expansion, raised full-year guidance, strong performance in Indices and Market Intelligence, improving Energy trends, robust ratings issuance, significant share repurchases, and accelerating AI adoption. The main challenges were moderating Ratings growth, a 130-basis-point quarterly Ratings margin contraction, ongoing Energy and commodity volatility, higher expected interest expense, and uncertainty around the timing and outcome of the Capital IQ strategic review.
S&P Global raised full-year organic constant currency growth guidance to a range of 7.5% to 8.5%, total operating margin expansion to 75 to 100 basis points, or 125 to 150 basis points excluding the impact of Astra, and adjusted EPS to a range of $17.70 to $17.95; ratings guidance is organic constant currency revenue growth of 6.5% to 8% based on high single digit build issuance growth, with ratings margin expansion towards the lower end of the 75 to 100 basis point range, indices guidance is organic constant currency growth of 17% to 18.5% with margins towards the higher end, energy guidance is organic constant currency growth of 4.5% to 6% with margin expansion strong, but modestly below the range for the full company, and Market Intelligence guidance is organic constant currency growth of 5.5% to 7%, with results reasonably comfortable slightly above the midpoint and margin expansion near the high end; the company expects $250 billion to $300 billion of hyperscaler issuance, 20% to 30% growth in M&A issuance, approximately $1.6 billion of adjusted free cash flow in the fourth quarter, oil to stay around $100 per barrel through the fourth quarter, energy organic constant currency growth to normalize in 2027 to within the 6% to 8% average range, and a couple percentage points of incremental total index revenue growth in 2027.
- Strong Third-Quarter Financial PerformanceRevenue grew 7% on both an organic constant currency and all-in basis. Adjusted operating profit increased 8%, adjusted EPS increased 9%, and adjusted operating margin expanded 60 basis points to 53.5%. Excluding Astra from the prior-year period, margin expansion would have been 120 basis points.
- Raised Full-Year GuidanceThe company raised full-year organic constant currency revenue growth guidance to 7.5% to 8.5%, adjusted operating margin expansion guidance to 75 to 100 basis points, or 125 to 150 basis points excluding Astra, and adjusted EPS guidance to $17.70 to $17.95.
- Broad-Based Division Revenue AccelerationRevenue growth accelerated in three of the four divisions, specifically Indices, Energy, and Market Intelligence, while the company expanded margins in each of those divisions.
- Strong Recurring and Benchmark Revenue GrowthBenchmark revenue increased 7%, and total recurring revenue across the enterprise increased 8%, supported by acceleration in subscription revenue, strong incremental margins, and continued productivity gains.
- Significant Share RepurchasesThe company repurchased $4 billion in shares year to date and is on track to complete more than $7 billion in repurchases by year end. Over the last 12 months, it completed more than $6 billion in share repurchases, including $2.6 billion launched in the third quarter.
- Ratings Issuance and Outlook Remain StrongTotal billed issuance increased 8% year over year, and the first three quarters of the year were the three strongest quarters on record for billed issuance. Hyperscaler issuance reached approximately $240 billion year to date, with full-year expectations of $250 billion to $300 billion. The company now expects 20% to 30% growth in M&A issuance this year and high single digit billed issuance growth for the full year.
- Ratings Revenue and Investment Grade StrengthRatings revenue grew 2% in the quarter, with transaction revenue increasing 1%. Investment grade issuance increased 28%, while year-to-date issuance and transaction revenue growth were 15% and 13%, respectively. Nontransaction revenue grew 4%, primarily driven by higher annual fee revenue and CRISIL.
- Indices Delivered Record ResultsIndices reported its 14th consecutive quarter of record revenue, with revenue growth of 20%. Asset-linked fee revenue grew 24%, exchange-traded derivatives revenue increased 19%, and ETF assets under management reached a record $6.5 trillion, up 26% year over year. Data and custom subscriptions revenue grew 7%, or 5% organically.
- Indices Margin Expansion and Guidance IncreaseIndices operating profit grew 22%, and operating margin expanded 150 basis points to 71.9%. Full-year organic constant currency growth guidance was raised to 17% to 18.5%, supported by strong equity valuations and net flows.
- Energy Growth ReboundedEnergy revenue grew 6% on both a reported and organic constant currency basis, benefiting from strong demand for Platts benchmarks, differentiated data, research, and thought leadership. Platts revenue increased 7%, and Energy margin expanded 190 basis points to 48.1% as adjusted expenses grew only 2%.
- Energy Subscription and AI TractionEnergy organic growth benefited from broad-based increases, particularly in insights, analytics, and consulting. Upstream data transformation returned to positive revenue growth, and discrete AI products contributed around 50 basis points to Energy revenue growth in the quarter.
- Market Intelligence Growth AcceleratedMarket Intelligence revenue growth accelerated to 7% on both a reported and organic constant currency basis. Subscription revenue grew 6%, or 7% organically, while adjusted operating margin expanded 110 basis points to 36.2%.
- Strong Kensho and Enterprise Solutions PerformanceKensho Data and Platforms revenue grew 10%, or 6% organically, with Kensho Data growth comfortably in the double digits due to adoption of AI-ready data feeds. Enterprise Solutions reported revenue grew 2%, reflecting the divestiture of EDM and ThinkFolio, while organic revenue grew 8% and organic subscription revenue increased 7%.
- AI Customer Demand and MonetizationMarket Intelligence ACV growth for AI customers was 1.8x the growth rate of non-AI customers, while Energy AI customers' spend growth remained approximately 3x that of non-AI customers. Discrete AI products contributed approximately 50 basis points of growth in both Energy and Kensho Data and Platforms.
- Rapid API and AI Platform AdoptionAPI call volume increased nearly 50% since the second quarter and more than 4,000% year over year. The company combined MCP tools and adaptive retrieval agents into one AI data portal, launched ratings, energy, and Visible Alpha data in MCP, and signed a large multiyear competitive displacement and a very large global energy customer deal.
- Improved Sales Cycles and AI Rights NegotiationsSales cycles stabilized after temporary noise in the prior quarter, contributing to subscription revenue acceleration in Market Intelligence and Energy. The company said negotiations on AI rights are normalizing, customers are accepting standardized terms, and deals are being signed with robust pricing that protects the company's intellectual property.
- Strategic Review Intended to Focus the PortfolioThe company initiated a strategic review of Capital IQ and associated data businesses, including Capital IQ and Kensho data and platforms. Management said the review could provide dedicated investment and focus for those businesses while allowing S&P Global to prioritize its strengths in credit, equities, and commodities. The businesses under review have more than 15,000 clients and more than 355,000 users.
- Long-Term Index Partnerships and New Market OpportunitiesThe company extended its exclusive S&P 500 options agreement with Cboe through 2051. The agreement is expected to provide a couple percentage points of incremental total index revenue growth in 2027, and management cited additional opportunities in tokenized index options and prediction markets.
- Data Center and AI Infrastructure DemandManagement said demand for data center build-out is unprecedented and that its team forecasts nearly $900 billion of capital expenditure in 2026 for the six largest hyperscalers, nearly doubling from 2025 levels. The company said this demand is benefiting all divisions through increased need for supply chain insights, counterparty credit analytics, power forecasts, and logistics data.
- Positive Free Cash Flow and Capital Allocation OutlookThe company expects adjusted free cash flow of approximately $1.6 billion in the fourth quarter. Management said a more focused portfolio could generate significant free cash flow and provide greater capital allocation flexibility, including the potential to return more capital to shareholders.
MX:SPGI Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Feb 09, 2027 | 2026 (Q4) | 75.39- | 76.61 | ― | ― |
| Oct 27, 2026 | 2026 (Q3) | 83.3686.28 | 84.28 | 2.37% (+2.00) | |
| Jul 28, 2026 | 2026 (Q2) | 90.5990.98 | 78.93 | 15.27% (+12.06) | |
| Apr 28, 2026 | 2026 (Q1) | 86.2988.55 | 77.85 | 13.74% (+10.70) | |
| Feb 10, 2026 | 2025 (Q4) | 77.2376.61 | 67.17 | 14.05% (+9.44) | |
| Oct 30, 2025 | 2025 (Q3) | 78.6684.28 | 69.3 | 21.61% (+14.98) | |
| Jul 31, 2025 | 2025 (Q2) | 75.0978.93 | 71.98 | 9.66% (+6.95) | |
| Apr 29, 2025 | 2025 (Q1) | 74.8477.85 | 71.45 | 8.96% (+6.40) | |
| Feb 11, 2025 | 2024 (Q4) | 61.8167.17 | 55.78 | 20.43% (+11.40) | |
| Oct 24, 2024 | 2024 (Q3) | 64.8869.30 | 57.19 | 21.18% (+12.11) |
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.
