S&P Global Reports Q3 Results and Launches Strategic Review of Capital IQ

Overview & Event Summary

On October 27, 2026, S&P Global Inc. (NYSE: SPGI) filed a Form 8-K furnishing its third-quarter 2026 financial results (Item 2.02 and Item 7.01) along with a key corporate development: initiating a strategic review of alternatives, including a potential separation, for its Capital IQ and associated data businesses.

Third-Quarter 2026 Financial Highlights

• Revenue: Reported at $3.678 billion, up 7% year-over-year (continuing operations basis), driven primarily by strength in the Indices and Market Intelligence divisions.
• Operating Margins:
  • GAAP Operating Profit Margin expanded 800 basis points to 53.2%, assisted by a gain on disposition in Energy.
  • Adjusted Operating Profit Margin increased 60 basis points to 53.5%.
• Earnings Per Share (EPS):
  • GAAP Diluted EPS increased 26% year-over-year to $4.45.
  • Adjusted Diluted EPS increased 9% year-over-year to $4.58.
• Discontinued Operations Impact: Following the spin-off of Mobility Global (NYSE: MBGL) on July 1, 2026, Mobility results have been reclassified as discontinued operations across all comparative periods.

Capital IQ Strategic Review

S&P Global announced a formal strategic review exploring potential separation paths for Capital IQ and associated data businesses within Market Intelligence (the core of Kensho Data & Platforms). S&P Global anticipates retaining RatingsDirect, RatingsXpress, and Enterprise Solutions within its core perimeter. The initiative aims to provide dedicated investment focus to maximize value and accelerate technological innovation.

Capital Return & Guidance Revisions

• Share Repurchases: Executed $2.6 billion in repurchases during Q3, bringing year-to-date repurchases above $4.0 billion. The company reaffirmed its full-year expectation of exceeding $7.0 billion in share buybacks.
• Full-Year 2026 Guidance Updates:
  • Revenue Growth: Raised to 7.4%–8.4% (organic constant currency growth of 7.5%–8.5%), up from the prior range of 5.9%–7.9%.
  • Adjusted Diluted EPS: Raised to $17.70–$17.95 (up from $17.50–$17.75).
  • GAAP Diluted EPS: Adjusted to $16.25–$16.50 (from $16.35–$16.60), reflecting revisions to expected gains on dispositions offset by operational revenue expansion.