10-Q · July 28, 2026
S&P Global delivered broad-based Q2 growth, with revenue up 10% to $4.146B, operating profit up 17% to $1.812B, and operating margin expanding 300 basis points to 44%. Ratings and Indices drove the strongest growth,…
Earnings analysis · 10-Q
SPGI earnings analysis
Filed October 27, 2026 · Our reading of the company's report
The latest report
S&P Global reported Q3 revenue of $3.678 billion and EPS of $4.58, with EPS exceeding consensus by approximately 3.6%. However, revenue declined approximately 11.4% sequentially and 5.4% year over year based on the…
Read full summary
S&P Global reported Q3 revenue of $3.678 billion and EPS of $4.58, with EPS exceeding consensus by approximately 3.6%. However, revenue declined approximately 11.4% sequentially and 5.4% year over year based on the supplied quarterly history, while gross margin, operating margin, free cash flow, and segment results were not disclosed in the provided 10-Q extract. The filing provides no new quantitative guidance and identifies Iran-related data and information transactions as de minimis but subject to continued monitoring.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $4.58
What stood out
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Revenue declined sequentially and year over year
Q3 revenue was $3.678 billion, below $4.15 billion in Q2 2026 and $3.89 billion in Q3 2025, representing sequential and year-over-year declines of approximately 11.4% and 5.4%, respectively.
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EPS beat consensus estimates
Reported Q3 EPS was $4.58, above the $4.42 consensus estimate by $0.16, or approximately 3.6%.
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Accelerated share repurchase completed
The company received 5.0 million shares under its accelerated share repurchase agreement during Q3 2026, supporting per-share results and capital returns.
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Substantial buyback authorization remains
As of September 30, 2026, 23.4 million shares remained available under the 2025 Repurchase Program; the 2022 Repurchase Program was complete.
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Internal controls remained effective
Management stated that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes in internal control that materially affected or were reasonably likely to materially affect reporting controls.
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Iran-related activity was financially immaterial
The company reported de minimis revenue and net profit from the disclosed Iran-related Energy transactions and Market Intelligence data sourcing during Q3 2026.
What to watch
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Sequential revenue contraction
Revenue fell from $4.15 billion in Q2 2026 to $3.678 billion in Q3 2026, a decline of approximately 11.4%, indicating sequential top-line pressure.
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Sanctions and compliance exposure
The company disclosed that Market Intelligence sourced certain trade data from Iran via third parties and that Energy provided access to proprietary data to persons subject to disclosure under the Iran Threat Reduction and Syria Human Rights Act; revenue and net profit were described as de minimis.
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Buyback execution and capital allocation
The company received 5.0 million shares through an accelerated share repurchase transaction while 23.4 million shares remained available under its repurchase programs, creating ongoing capital-allocation and share-count execution exposure.
Management's outlook
The provided 10-Q text does not include quantitative revenue or EPS guidance; outlook appears to have been provided separately with the earnings release and call.
Earlier filings 4
10-Q · April 28, 2026
S&P Global reported strong Q1 2026 results with revenues of $4.171B, reflecting a 10% year-over-year increase, driven by growth across all reportable segments. Adjusted EPS beat estimates at $4.97, marking a 32%…
10-K · February 11, 2026
S&P Global reported solid 2025 results with revenue of $15,336 million (up 8% vs. 2024) and diluted EPS of $14.66 (up 19% vs. 2024). Operating margin expanded to 42% and operating profit was $6,478 million, driven by…
10-Q · August 1, 2025
S&P Global reported Q2 revenue of $3,755 million and diluted EPS of $3.50, each up versus the year-ago quarter. Margins improved modestly (gross ~70.2%, operating ~41.3%) and operating cash flow remained strong at…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.