S&P Global (SPGI) Q3 2026 Earnings: Index Revenue Up 20%, Guidance Raised

S&P Global's Q3 2026 earnings, released on October 27, 2026 in an 8-K earnings release and on the earnings call, showed stronger growth than the second-half slowdown implied by the company's earlier guidance [1][2]. The open questions going into the quarter were how much Ratings and Indices would slow against high prior-year comparisons, whether Market Intelligence (MI) subscriptions could hold growth near 6%, and whether Energy would reaccelerate. Indices revenue grew 20%, Ratings grew 2% and held its high base, and Energy and MI returned to 6% and 7% growth, although both included revenue that may not repeat [1]. The company raised full-year organic constant currency revenue growth guidance to 7.5%-8.5%; Indices is the most certain source of the increase, while the durability of the other divisions depends on the fourth quarter [1].

S&P Global sells credit ratings, indices, energy price benchmarks and financial data to debt issuers, fund managers, traders and financial institutions. On the 2025 basis recast after the Mobility spin-off, Ratings and MI each accounted for about 34% of revenue, Energy for 18% and Indices for 13%; Indices had an adjusted operating margin of about 70%, the highest of the four divisions [3].

Index revenue did not slow, and fees kept pace with assets

S&P Dow Jones Indices revenue was $554 million in the third quarter, up 20% year over year [1]. The company's July guidance of 12%-14% full-year index revenue growth implied second-half growth of only about 6%-10% [4].

Asset-linked fees, which are charged on the assets of ETFs and other products that track S&P indices, drove the increase. Asset-linked fees were $375 million, up 24%, while average ETF assets under management were $6.516 trillion, up 32% [5]. Fee growth was about 0.75 times average asset growth, up from about 0.6 times in the second quarter (22% versus 38%), which indicates that the decline in average fee rates did not widen [5][6].

Exchange-traded derivatives royalties were $92 million, up 19% [5]. Indices adjusted operating profit was $398 million, up 22%, and the adjusted operating margin rose to 71.9% [1][2]. The company raised its full-year Indices organic constant currency growth guidance to 17%-18.5%, and management expects the extension of the S&P 500 options license through 2051 to add about two percentage points to index revenue growth in 2027 [2]. This revenue is sensitive to equity prices, and period-end ETF assets grew 26%, slower than the average-asset growth rate [5].

Ratings held a high base while its margin contracted

Ratings revenue was $1.271 billion, up 2% and above the prior-year base of $1.240 billion [1]. Billed issuance rose 8%, with investment-grade issuance up 28% and high-yield issuance down 17% [5]. A larger share of big investment-grade deals held transaction revenue growth to 1% [5][2]. Adjusted operating profit was roughly flat and the margin contracted by about 130 basis points, which management attributed to the timing of expenses [1][2]. The company raised full-year Ratings guidance to 6.5%-8%, but it expects fourth-quarter transaction revenue to decline slightly [2].

Energy and MI reaccelerated, with some revenue that may not recur

Energy revenue was $645 million, up 6%, and Platts revenue grew 7%; management said renewals have returned to the levels seen before the Middle East conflict [1][2]. Non-subscription revenue rose from $22 million to $31 million, including conference timing and one-time sales that may not recur [5][2]. MI revenue was $1.263 billion, up 7%, and annual contract value (ACV) growth was about 6.5%, up from about 6% previously [1][2]. Management said AI data terms have been standardized, but the third quarter included true-up revenue from delayed renewals, and the amount was not disclosed [2][5].

New issue: a possible separation of Capital IQ and related data businesses

On the same day, the company announced a strategic review of options, including a potential separation, for Capital IQ and associated data businesses, which make up the majority of Kensho Data & Platforms within MI [1]. Management said it expects to retain Enterprise Solutions, RatingsDirect and RatingsXpress, and the company has signed NDAs with several potential counterparties [2]. The review has no set timeframe and there is no assurance of a transaction; full-year guidance still assumes MI in its current structure [1]. The revenue and margins of the businesses under review were not disclosed, and the earliest meaningful update is expected in February 2027 [2].

Conclusion

The quarter raised the assessment of S&P Global's growth, while profit conversion came with qualifications. The third-quarter adjusted operating margin rose 60 basis points to 53.5%, the adjusted tax rate rose to 23.1%, and adjusted diluted EPS grew 9%, partly because of about 4% fewer shares [1]. Free cash flow for the first nine months was $3.299 billion, up 12%, and the company expects to repurchase more than $7 billion of shares for the full year [1]. The fourth-quarter evidence that matters is whether index asset-linked fees keep growing on a higher base, how much Ratings transaction revenue declines, and whether Energy and MI subscriptions keep accelerating once one-time revenue is excluded. If the Capital IQ separation proceeds, it would change the company's revenue scale and profit mix; the direction of that effect cannot yet be judged.

Sources

[1] SPGI 8-K filed 2026-10-27 · Exhibit 99.1 Q3 2026 earnings release, 2026-10-27, S&P Global 8-K earnings release, https://www.sec.gov/Archives/edgar/data/64040/000006404026000053/spgi3q2026-earningsrelease.htm [2] SPGI earnings call 2026-10-27 · Q3 2026 transcript, 2026-10-27, S&P Global earnings call, drillr://earning_call_summary/SPGI/2026-10-27 [3] SPGI 8-K/A filed 2026-07-06 · recast four-division structure and FY2025 mix, 2026-07-06, S&P Global 8-K/A division recast, https://www.sec.gov/Archives/edgar/data/64040/000110465926080571/tm2619099d2_ex99-1.htm [4] SPGI Q2 2026 earnings call 2026-07-28 · FY2026 guidance detail, 2026-07-28, S&P Global earnings call [5] SPGI 10-Q filed 2026-10-28 · Q3 2026 MD&A Segment Review, 2026-10-28, S&P Global 10-Q quarterly report, https://www.sec.gov/Archives/edgar/data/64040/000006404026000058/spgi-20260930.htm [6] SPGI 10-Q filed 2026-07-28 · Q2 2026 Indices revenue and ETF AUM, 2026-07-28, S&P Global 10-Q quarterly report, https://www.sec.gov/Archives/edgar/data/64040/000006404026000045/spgi-20260630.htm