10-QPeriod: Q1 FY2026

S&P Global Inc. Quarterly Report for Q1 Ended Mar 31, 2026

Filed April 28, 2026For Securities:SPGI

Summary

S&P Global Inc. reported strong financial results for the first quarter of 2026, with total revenue increasing by 10% to $4.171 billion, driven by broad-based growth across all five of its reportable segments. Operating profit saw a significant increase of 27% to $2.002 billion, bolstered by a $175 million gain on dispositions and robust performance across its Market Intelligence and Ratings segments. Diluted earnings per share rose by 32% to $4.69, reflecting the company's enhanced profitability. S&P Global also demonstrated strong cash flow generation, with operating cash flow increasing by 9% to $1.037 billion, and free cash flow up 13% to $919 million. The company continued its commitment to returning capital to shareholders through share repurchases, totaling $1 billion in the quarter, and a consistent dividend payout. The planned separation of the Mobility segment is on track for mid-2026, indicating strategic realignments to focus on core strengths.

Financial Highlights

50 data points
Beta

Revenue

$4.17B

70.4% Gross Margin

Net Income

$1.40B

33.4% Net Margin

EPS (Diluted)

$4.69

Total Assets

$60.79B

Cash & Equivalents

$1.81B

Free Cash Flow

$1.04B

Financial Statements
Beta
Revenue$4.17B
Cost of Revenue$1.24B
Gross Profit$2.94B
SG&A Expenses$802.00M
Operating Expenses$2.34B
Operating Income$2.00B
Net Income$1.40B
EPS (Basic)$4.69
EPS (Diluted)$4.69
Shares Outstanding (Basic)297.30M
Shares Outstanding (Diluted)297.60M

Key Highlights

  • 1Revenue grew 10% year-over-year to $4.171 billion, driven by strong performance across all segments, particularly Market Intelligence and Ratings.
  • 2Operating profit increased by a significant 27% to $2.002 billion, benefiting from a $175 million gain on dispositions and operational efficiencies.
  • 3Diluted EPS saw a substantial increase of 32% to $4.69, reflecting improved profitability and effective capital management.
  • 4Operating cash flow strengthened by 9% to $1.037 billion, showcasing the company's ability to generate consistent cash from its operations.
  • 5Free cash flow increased by 13% to $919 million, indicating robust cash generation available for strategic investments and shareholder returns.
  • 6The company executed $1 billion in share repurchases during the quarter, underscoring its commitment to returning value to shareholders.
  • 7The planned spin-off of the Mobility segment is progressing towards a mid-2026 completion, signaling a strategic focus on core businesses.

Frequently Asked Questions

Revenue growth was primarily driven by increases across all reportable segments. Specific drivers included strong corporate bond ratings and surveillance revenue in Ratings, growth in data and analytics solutions in Market Intelligence, higher asset-linked fees in Indices due to increased AUM, increased attendance and demand for market data in Energy, and new business growth in Mobility.

S&P Global recorded a pre-tax gain of $175 million from dispositions in Q1 2026, which significantly boosted operating profit. This gain was primarily from the sale of the Enterprise Data Management and thinkFolio businesses within the Market Intelligence segment.

The company announced plans for a full separation of its Mobility segment on April 29, 2025, with the aim of creating a new publicly traded company. The separation is expected to be tax-free for shareholders and is targeted for completion by mid-2026, subject to customary approvals and requirements.

S&P Global maintained a strong liquidity position, with cash and cash equivalents totaling $1.810 billion at the end of the quarter. The company returned capital to shareholders through $1 billion in share repurchases during Q1 2026 and continued its dividend payments, with a quarterly common stock dividend of $0.97 per share approved.