S&P Global Tops Revenue Estimates at $3.68 Billion; Adjusted EPS Rises 9% to $4.58

S&P Global (NYSE: SPGI) reported third-quarter revenue of $3.678 billion, above the $3.64 billion analysts expected, and adjusted diluted earnings per share of $4.58, against the $4.42 consensus estimate, in an 8-K filed Tuesday, Oct. 27, 2026. Revenue rose 7% from a year earlier, and adjusted EPS rose 9%.

GAAP diluted EPS was $4.45, up 26%. The company said GAAP results benefited from a $200 million gain on disposition in Energy. Adjusted net income rose 4% to $1.337 billion, which the company said was partly offset by higher taxes.

Segment results

The company said revenue growth was driven primarily by Indices and Market Intelligence, with additional growth in Energy and Ratings. Indices revenue rose 20% to $554 million, and Indices operating profit rose 24% to $388 million. Market Intelligence revenue rose 7% to $1.263 billion, Energy revenue rose 6% to $645 million, and Ratings revenue rose 2% to $1.271 billion.

The GAAP operating profit margin rose 800 basis points to 53.2%. The adjusted operating margin rose 60 basis points to 53.5%, which the company attributed to growth and margin expansion in Indices and Market Intelligence.

Guidance and strategic review

For 2026, the company now expects revenue growth of 7.4% to 8.4%, up from the prior range of 5.9% to 7.9%. Adjusted diluted EPS is now expected at $17.70 to $17.95, above the prior range of $17.50 to $17.75. The full-year consensus estimate is $17.86. GAAP diluted EPS guidance is $16.25 to $16.50, below the prior $16.35 to $16.60, which the company tied mainly to adjustments to expected gains on dispositions.

The company also said it has begun a strategic review of alternatives, including potential separation, for Capital IQ and associated data businesses, which make up the majority of Kensho Data & Platforms within Market Intelligence. It expects to retain RatingsDirect, RatingsXpress and Enterprise Solutions. The company said there is no specific timeframe for the review and no assurance it will lead to a transaction.

The company repurchased $2.6 billion of shares in the third quarter and more than $4 billion year to date, and it continues to expect repurchases above $7 billion in 2026. The board authorized a quarterly dividend of $0.97 per share.

Analysts expect fourth-quarter EPS of $4.05 on revenue of $3.61 billion. The shares closed at $450.65 on Monday, Oct. 26, the last close before the filing.