S&P Global Inc. (SPGI) Earnings
S&P Global Inc. is expected to report next earnings on July 30, 2026 (in NaN days), with a consensus EPS estimate of $4.92. SPGI has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +3.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $4.84 | $4.97 | +2.7% | $4.2B | +2.1% |
| Feb 10, 2026 | $4.33 | $4.30 | -0.7% | $3.9B | +0.2% |
| Oct 30, 2025 | $4.42 | $4.73 | +7.0% | $3.9B | +1.5% |
| Jul 31, 2025 | $4.21 | $4.43 | +5.2% | $3.8B | +2.2% |
| Oct 24, 2024 | $3.64 | $3.89 | +6.9% | $3.6B | +4.1% |
| Apr 25, 2024 | $3.66 | $4.01 | +9.6% | $3.5B | +2.3% |
| Feb 8, 2024 | $3.15 | $3.13 | -0.6% | $3.2B | +0.7% |
| Nov 2, 2023 | $3.05 | $3.21 | +5.2% | $3.1B | +2.0% |
| Jul 27, 2023 | $3.12 | $3.12 | +0.0% | $3.1B | +1.4% |
| Apr 27, 2023 | $2.91 | $3.15 | +8.2% | $3.2B | +2.4% |
| Feb 9, 2023 | $2.47 | $2.54 | +2.8% | $2.9B | +2.0% |
| Oct 27, 2022 | $2.79 | $2.93 | +5.0% | $2.9B | -2.0% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- S&P Global pleased with first quarter results, revenue increased 10% year-over-year, 9% organic constant currency basis. Subscription products revenue grew 6%. - Demonstrated commitment to disciplined capital allocation, returning $1 billion to shareholders through share repurchases. - Acknowledged macro uncertainty, geopolitical and economic challenges, including Iran conflict impacting energy markets and supply chains, private credit scrutiny. - Technology innovation accelerated, markets reacting aggressively to new developments, volatility across global markets. - Issuance resilient, build issuance increased 14% year-over-year in first quarter, driven by investment grade. - Record revenue and attendance at CERA Week, advanced leadership in helping clients unlock AI potential with AI-native solutions like Chat AI and Document Intelligence. - In market intelligence, made progress in private markets, in energy unveiled new AI-native upstream product CERA Titan, in ratings rated first esoteric ABS issuance backed by Bitcoin, in S&P Dow Jones indices launched new indices on blockchain, in mobility on track for separation.
Guidance
- Consolidated level: Reiterating organic constant currency revenue growth in the range of 6% to 8%, 50 to 75 basis points of margin expansion in 2026 excluding Astra, adjusted EPS guidance unchanged. - Division guidance: Energy division now expects organic constant currency revenue growth in the range of 4.5% to 6%, one percentage point lower than previous guidance. Indices business full-year guidance unchanged but underlying assumptions adjusted. Market intelligence expects some acceleration in subscription revenue. Ratings expects growth to remain strong but no acceleration in 2Q. Energy expects revenue growth in second quarter to fall slightly below full-year range before re-accelerating in second half. Indices expects continued robust growth in second quarter then decelerates in second half. Mobility expects growth to accelerate slightly from first quarter levels with stronger growth in second half. - Capital plans: Target gross leverage range of 2 to 2.5 times trailing 12-month EBITDA, expect to issue approximately $2 billion in debt at Mobility in conjunction with spin, proceeds to fund cash payment to S&P Global for share repurchases and debt reduction.
Segment performance
Market intelligence revenue grew 8% and organic constant currency revenue grew 6% in the first quarter. Subscription revenue increased a solid 6%. Data analytics and insights reported revenue increased by 11% driven by the with intelligence acquisition and organic growth. Enterprise Solutions' reported revenue grew 3% with 14% organic growth. Credit and risk solutions revenue grew 6%. Ratings revenue increased 13% year-over-year with strong growth in transactional and non-transactional revenue streams. Private markets revenues were up over 25%. S&P Global Energy revenue grew 7% this quarter with strong events revenue and value-driven transactional activity. Upstream data and insights revenue declined 5% in the quarter. S&P Dow Jones indices revenue grew by 17% with double digit growth across all business lines. Mobility revenue grew 8% in the first quarter with high single-digit growth in dealer and financials and other, and a modest sale win from FX.
Risks & headwinds
- Geopolitical and economic backdrop shifted and became more challenging, Iran conflict shocked energy markets and supply chains, leading to higher energy and commodity prices and elevated volatility, longer duration could have broader and more severe impact on global supply chains and markets across sectors. - Private credit navigated increased scrutiny, wider spreads, and elevated redemptions. - Macro environment turmoil leading to volatility across global markets, broad dispersion in equity market sectors, elevated volatility in equity and commodity markets, shifting expectations for central bank actions.
Analyst Q&A
Q: Toni Kaplan with Morgan Stanley asked about partnership strategy with large AI players and monetization model.
A: Martina Chung said they plan to build MCP apps, first step was S&P Global plug-in, monetization through enterprise value lens, tracking usage, channels, value created with clients.
Q: Faiza Alwi with Deutsche Bank followed up on workflow solutions in market intelligence.
A: Martina Chung said workflow tools in enterprise solutions have mission-critical nature, function as networks, value from proprietary content embedded.
Q: Ashish Sabhadra with RBC Capital Markets asked about MI subscription growth acceleration in 2Q.
A: Eric Abouaf said subscription revenue growth was in 6% range, good underlying indicators like net renewal rates up, pipeline building, average deal size up, net sales up.
Q: Scott Wurzel with Wolf Research asked about market intelligence margins and AI efficiency.
A: Eric Abouaf said margin expansion in MI was combination of factors including AI benefits in data operations, software development activities, and classic productivity tools.
Q: Curtis Nagel with Bank of America asked about balance of transaction and non-transaction growth in ratings business.
A: Martina Chung said non-transaction growth was driven by good annual fees and crystal revenues, some moderation expected, and pull forward of hyperscale issuance in Q1.
Q: Manav Patnaik with Barclays asked about energy workflow businesses and size of sold portfolio.
A: Martina Chung said sold software portfolio was about 25% of upstream revenues, remaining 75% was highly differentiated and unique proprietary content.
Q: Alex Cram with UBS asked about change in guidance on market intelligence and WithIntelligence performance.
A: Eric Abouaf said updated guidance driven by modest change in revenue recognition, pleased with WithIntelligence, expecting high teens revenue growth with upside.
Q: Owen Lau with ClearStreet asked about AI upstream data platform Titan's go-to-market strategy and revenue model.
A: Martina Chung said it's subscription-based model, official hard launch later this year, had successful launch at CERA Week.
Q: Jeff Silver with PMO Capital Markets asked about war impact on other businesses.
A: Eric Abouaf said indirect effects on other divisions depend on conflict resolution, longer drag creates more uncertainty, being vigilant and supporting clients.
Q: Andrew Steinerman with J.P. Morgan asked about organic ACV growth in MI and rating side bank loan repricing.
A: Eric Abouaf said MI organic ACV growth was around 6% in line with subscription growth, bank loan repricing not included in that line.
Q: George Tong with Goldman Sachs asked about private credit markets trends and ratings revenue from it.
A: Martina Chung said private markets revenues grew over 25%, investing in analytical capacity, launching data from partnerships, integrating with intelligence documents.
Q: Craig Huber with Huber Research Partners asked about AI efficiencies and impact on margin expansion.
A: Martina Chung said tackling AI on large strategic processes, Ferdows Baffina as Chief Technology and Transformation Officer, Eric Abouaf said AI just beginning to have positive impact on margin expansion with broad adoption to have greater impact in future years.
Q: David Modemadam with Evercore asked about client access to content and usage patterns.
A: Martina Chung said spectrum of clients using integrated desktop, some using both desktop and LLM model consumption, seeing more usage leading to more value and economic benefits.
Q: Jason Haas with Wells Fargo asked about ACV growth deceleration in MI.
A: Eric Abouaf said ACV growth was in range, underlying drivers moving in right direction, expecting momentum into 2Q, 3Q, 4Q.
Q: Shlomo Rosenbaum with Stiefel asked about ratings revenue cadence and res growth.
A: Martina Chung said didn't change full-year guidance, watching geopolitical environment impact, res had good quarter driven by M&A.
Q: Jeff Moeller from Baird asked about energy business impact from data center and AI infrastructure build-out.
A: Martina Chung said energy business benefits from data on energy and critical minerals demand, opportunities in ratings, utilities, power sector, critical minerals insights.