S&P Global Reports Third Quarter Results; Announces Strategic Review for Capital
55 Water Street New York, NY 10041 www.spglobal.com Press Release For Immediate Release
S&P Global Reports Third Quarter Results; Announces Strategic Review for Capital IQ
New York, NY, October 27, 2026 – S&P Global (NYSE: SPGI) today reported third quarter results. This earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings.
The Company reported third-quarter 2026 revenue of $3.678 billion, an increase of 7% compared to the third quarter of 2025. Third quarter GAAP net income increased 20% to $1.298 billion and GAAP diluted earnings per share increased 26% to $4.45. Adjusted net income for the third quarter increased 4% to $1.337 billion and adjusted diluted earnings per share increased 9% to $4.58. Higher GAAP net income was driven by growth in operating profit, including the benefit from a gain on disposition in Energy. Higher adjusted net income was driven primarily by growth in adjusted operating profit, partially offset by higher taxes in the quarter.
The Company has initiated a strategic review of alternatives, including potential separation, for Capital IQ and associated data businesses, which constitute the majority of Kensho Data & Platforms within Market Intelligence. While the exact perimeter remains under review, the Company expects to retain RatingsDirect, RatingsXpress, and Enterprise Solutions. Capital IQ and the associated data businesses are well positioned to grow and thrive, and we believe separate ownership could provide dedicated investment and focus, positioning these businesses to accelerate innovation and growth.
"S&P Global delivered a very strong •The Company reported revenue of quarter. Increasing demand for our $3.678 billion, which increased 7% benchmarks and unique intellectual year over year. property demonstrates our leadership •Operating margin increased 800 in credit, equity, and commodities basis points and adjusted operating markets. margin increased 60 basis points, Our focus on new high-growth driving 26% growth in diluted EPS adjacencies and our innovation are and 9% growth in adjusted diluted resonating deeply with customers EPS, respectively, year over year. around the world. •In the third quarter, the Company The businesses that are part of the executed $2.6 billion in share strategic review are strong and have repurchases, and has repurchased significant opportunities ahead of more than $4 billion in shares them as technology changes how year-to-date. The Company continues customers access, analyze, and use to expect to repurchase more than $7 information. This reflects our billion in shares in total in 2026. long-standing commitment to be good •2026 guidance calls for revenue stewards of our portfolio, while growth of 7.4% to 8.4%, and organic prioritizing our investments where constant currency growth of 7.5% to we’re strongest." 8.5%. Martina Cheung President and CEO
The Company completed the spin-off of its Mobility division, creating an independent public company, Mobility Global (NYSE: MBGL), on July 1, 2026. Effective with the Company's third-quarter 2026 financial statements, Mobility has been reclassified as discontinued operations for all completed periods presented. All financial information presented in this release reflects the Company’s results on a continuing operations basis, unless otherwise stated, and prior periods have been recast accordingly to conform to this presentation. Division results presented in this release also reflect a recast of the Company’s division financial information for all periods presented, including inter-segment adjustments and changes to expense allocation methodologies as outlined in our press release dated July 6, 2026.
Third-quarter revenue increased 7% year over year, representing an increase of nearly $240 million. This increase was driven primarily by Indices and Market Intelligence, with additional growth in Energy and Ratings. Revenue from subscription products increased 6%. (1) Total revenue includes the impact of inter-segment eliminations of $51Mand $55M in 3Q '25 and 3Q '26, respectively.
Third Quarter 2026 Operating Profit, Expense, and Margin (from Continuing Operations)
Note: All presentations of revenue above refer to GAAP revenue. Adjusted financials refer to non-GAAP adjusted metrics in all periods.
The Company’s third-quarter reported operating profit margin increased by 800 basis points to 53.2%, and adjusted operating profit margin increased 60 basis points to 53.5%. GAAP operating profit margin benefited primarily from a gain on disposition, while adjusted operating margin improvement was driven by growth and margin expansion in the Company's Indices and Market Intelligence divisions. Page 2
Third quarter GAAP diluted earnings per share increased 26% to $4.45 due to a 20% increase in net income and a 4% decrease in diluted shares outstanding.
Adjusted diluted earnings per share increased 9% to $4.58 due to a 4% increase in adjusted net income and a 4% decrease in diluted shares outs tanding. Currency had no impact on GAAP or adjusted diluted EPS in the quarter. The largest non-core adjustments to earnings in the third quarter of 2026 were for gain on disposition and deal-related amortization.
GAAP Adjusted Revenue growth 7.4% to 8.4% 7.4% to 8.4% Organic, Constant Currency Revenue -- 7.5% to 8.5% growth Corporate Unallocated $185 to $195 million $160 to $170 million Expense Deal-related Amortization ~$800 million ~$800 million Operating Profit Margin 310 to 335 bps 75 to 100 bps expansion Operating Profit Margin expansion, -- 125 to 150 bps excluding OSTTRA Interest Expense, net $380 to $390 million $405 to $415 million Tax Rate 22% to 23% 22% to 23% Diluted EPS $16.25 to $16.50 $17.70 to $17.95 Capital Expenditures $155 to $165 million $155 to $165 million
Total revenue and organic constant currency revenue are now expected to be higher than the previous guidance ranges of 5.9% to 7.9% and 6.0% to 8.0%, respectively, both driven by higher expected revenue from the Ratings and Indices divisions. GAAP operating margin expansion is expected to be below the prior range of 335 to 360 basis points primarily due to adjustments to expected gain on dispositions, partially offset by higher revenue growth. Higher revenue growth and continued expense discipline are expected to drive adjusted operating margin expansion above the prior range of 35 to 60 basis points. GAAP diluted EPS is expected to be lower than the prior guidance range of $16.35 to $16.60 primarily due to adjustments to expected gain on dispositions, partially offset by higher revenue. Adjusted diluted EPS is expected to be higher than the prior guidance range of $17.50 to $17.75, driven by the combined impact of higher revenue and margin expansion. Non-GAAP adjusted guidance excludes amortization of intangibles related to acquisitions and acquisition and disposition-related costs.
There is no specific timeframe for the strategic review we announced, and there can be no assurance that the review will result in any transaction or particular outcome. As such, the guidance provided assumes a full contribution from Market Intelligence, as it is currently structured, for the full year.
As previously announced, the Board of Directors has authorized a quarterly cash dividend of $0.97 per share. Page 3 Supplemental Information/Conference Call/Webcast Details : The Company’s senior management will review the third quarter 2026 earnings results on a conference call scheduled for today, October 27, at 8:30 a.m. EDT. Additional information presented on the conference call, and the Company’s supplemental slide content may be found on the Company’s Investor Relations Website at http://investor.spglobal.com/Quarterly-Earnings. The Webcast will be available live and in replay at http://investor.spglobal.com/Quarterly-Earnings.
Telephone access is available. U.S. participants may call (888) 603-9623; international participants may call +1 (630) 395-0220 (long-distance charges will apply). The passcode is “S&P Global” and the conference leader is Martina Cheung. A recorded telephone replay will be available approximately two hours after the meeting concludes and will remain available until November 27, 2026. U.S. participants may call (866) 360-7720; international participants may call +1 (203) 369-0172 (long-distance charges will apply). No passcode is required.
Comparison of Adjusted Information to U.S. GAAP Information: The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: organic revenue; organic constant currency revenue; adjusted net income; adjusted diluted EPS; adjusted operating profit and margin; adjusted expenses; adjusted corporate unallocated expense; adjusted deal-related amortization; adjusted interest expense, net; adjusted income before taxes on income; adjusted provision for income taxes; adjusted effective tax rate; adjusted equity in income on unconsolidated subsidiaries; free cash flow; and adjusted free cash flow, excluding certain items.
The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP on Exhibits 5, 7 and 8. The Company is not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort.
The Company's non-GAAP measures include adjustments that reflect how management views our businesses. The Company believes these non-GAAP financial measures provide useful supplemental information that, in the case of non-GAAP financial measures other than free cash flow and adjusted free cash flow, excluding certain items, enables investors to better compare the Company's performance across periods, and management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate resources. The Company believes that the presentation of free cash flow and adjusted free cash flow, excluding certain items allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management and that such measures are useful in evaluating the cash available to us to prepay debt, make strategic acquisitions and investments, and repurchase stock. However, investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports. Page 4 Forward-Looking Statements: This press release contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; and the Company’s cost structure, dividend policy, cash flows or liquidity. Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things: ▪ worldwide economic, financial, political, regulatory, and geopolitical conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs and disruptions to shipping in connection with the military conflict in the Middle East), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man- made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;
▪ the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;
▪ the demand and market for credit ratings in and across the sectors and geographies where the Company operates;
▪ the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;
▪ the outcome of litigation, government and regulatory proceedings, investigations and inquiries;
▪ concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;
▪ the effect of competitive products (including those incorporating artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion;
▪ a decline in the demand for our products and services by our customers and other market participants;
▪ our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;
▪ the introduction of competing products (including those developed by AI) or technologies by other companies;
▪ our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services;
▪ our ability to attract, incentivize and retain key employees, especially in a competitive business environment;
▪ the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;
▪ the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;
▪ the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;
▪ the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure; Page 5 ▪ the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;
▪ the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates;
▪ the impact of changes in applicable tax or accounting requirements on the Company;
▪ the ability to maintain tax-free treatment, for U.S. federal income tax purposes, of the separation of Mobility Global;
▪ any disruption to the Company’s business related to the separation of Mobility Global; and
▪ any loss of synergies from separating Mobility Global from the Company that adversely impact our results of operations, or that results in the Company not realizing all of the expected benefits of the separation.
The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward- looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.
S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape.
From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today. Learn more at www.spglobal.com.
Note - % change in the tables throughout the exhibits are calculated off of the actual number, not the rounded number presented.
Note - Beginning with the third quarter of 2026, the historical results of Mobility have been presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. Financial information presented in Exhibits 4, 5, 6 and 7 reflects the Company's results on a continuing operations basis, and segment results reflected throughout the exhibits reflect the effect of the recast outlined in our press release dated July 6, 2026. Exhibit 2
(unaudited) September 30, December 31, Assets: 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash, cash equivalents, and restricted $ 2,441 $ 1,707 cash Other current assets 3,975 4,124 Assets held for sale1 — 196 Current assets of discontinued — 269 operations2 Total current assets 6,416 6,296 Property and equipment, net 233 259 Right of use assets 345 397 Goodwill and other intangible assets, 39,531 40,138 net Equity investments in unconsolidated 624 590 subsidiaries Other non-current assets 883 833 Non-current assets of discontinued — 12,687 operations2 Total assets $ 48,032 $ 61,200 Liabilities and Equity: Short-term debt $ 2,448 $ 718 Unearned revenue 3,767 4,010 Other current liabilities 2,503 2,626 Liabilities held for sale1 — 43 Current liabilities of discontinued — 241 operations2 Long-term debt 10,614 12,370 Lease liabilities — 403 483 non-current Deferred tax liability — 2,180 2,285 non-current Pension, other postretirement benefits 939 1,284 and other non-current liabilities Non-current liabilities of discontinued — 988 operations2 Total liabilities 22,854 25,048 Redeemable noncontrolling 5,348 4,917 interests Total equity 19,830 31,235 Total liabilities and $ 48,032 $ 61,200 equity
1 There were no assets and liabilities held for sale as of September 30, 2026. Assets and liabilities held for sale relate to the divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment as of December 31, 2025. Additionally, assets held for sale include fixed assets related to our facility in Centennial, Colorado as of December 31, 2025.
2 The assets and liabilities of Mobility have been classified as discontinued operations as of December 31, 2025. Exhibit 3
(unaudited) Operating Activities: 2026 2025 ────────────────────────────────────────────────────────────────────────── Income from continuing operations $ 4,150 $ 3,350 Adjustments to reconcile income from continuing operations to cash provided by operating activities from continuing operations: Depreciation 86 68 Amortization of intangibles 598 576 Deferred income taxes -114 -212 Stock-based compensation 127 155 Gain on dispositions -386 -3 Other -34 200 Net changes in other operating assets -766 -817 and liabilities Cash provided by operating activities 3,661 3,317 from continuing operations Investing Activities: Capital expenditures -93 -133 Acquisitions, net of cash acquired -208 -47 Proceeds from dispositions, net 667 19 Changes in short-term investments -26 -52 Cash provided by (used for) investing 340 -213 activities from continuing operations Financing Activities: Additions to short-term debt, net -15 — Payments on senior notes -3 -4 Dividends paid to shareholders -856 -880 Distributions to noncontrolling interest -269 -234 holders Repurchase of treasury shares -4,100 -2,501 Cash transferred to Mobility Global -198 — related to separation Proceeds from debt issuance related to 1,974 — Mobility Global separation Employee withholding tax on share-based payments, excise tax payments on share -150 -106 repurchases, contingent consideration payments and other Cash used for financing activities from -3,617 -3,725 continuing operations Effect of exchange rate changes on cash -37 62 from continuing operations Cash provided by (used for) continuing 347 -559 operations Cash provided by discontinued operations 387 553 Net change in cash, cash equivalents, 734 -6 and restricted cash Cash, cash equivalents, and restricted 1,707 1,639 cash at beginning of period Cash, cash equivalents, and restricted $ 2,441 $ 1,633 cash at end of period
Note - Financial information presented reflects the Company's results on a continuing operations basis, and prior periods have been recast accordingly to conform to this presentation. Segment results also reflect the effect of the recast outlined in our press release dated July 6, 2026.
(a) The nine months ended September 30, 2026 include employee severance charges of $8 million. The three and nine months ended September 30, 2025 include legal costs of $12 million and $39 million, respectively. The nine months ended September 30, 2025 include employee severance charges of $10 million. Additionally, amortization of intangibles from acquisitions of $1 million is included for the three months ended September 30, 2026 and 2025, and $3 million and $5 million for the nine months ended September 30, 2026 and 2025, respectively. Exhibit 4 (b) The nine months ended September 30, 2026 include employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million. The three and nine months ended September 30, 2025 include employee severance charges of $1 million and acquisition-related costs of $1 million. Additionally, amortization of intangibles from acquisitions of $10 million and $9 million is included for the three months ended September 30, 2026 and 2025, respectively, and $29 million and $27 million for the nine months ended September 30, 2026 and 2025, respectively.
(c) The three and nine months ended September 30, 2026 include a gain on disposition of $200 million, acquisition-related costs of $6 million and $9 million, respectively, disposition-related costs of $4 million and $6 million, respectively, and a reversal of a statutorily required labor law accrual adjustment of $1 million. The nine months ended September 30, 2026 include employee severance charges of $8 million and asset impairment of $4 million. The nine months ended September 30, 2025 include employee severance charges of $10 million. Additionally, amortization of intangibles from acquisitions of $32 million is included for the three months ended September 30, 2026 and 2025, and $98 million for the nine months ended September 30, 2026 and 2025.
(d) The three and nine months ended September 30, 2026 include acquisition- related costs of $1 million and $13 million, respectively, and disposition- related costs of $2 million and $6 million, respectively. The three months ended September 30, 2026 include a reversal of a statutorily required labor law accrual adjustment of $2 million. The nine months ended September 30, 2026 include a gain on dispositions of $172 million and employee severance charges of $15 million. The three and nine months ended September 30, 2025 include employee severance charges of $11 million and $44 million, respectively, acquisition- related costs of $2 million and $12 million, respectively, disposition-related costs of $4 million and $6 million, respectively, and Executive Leadership Team transition costs of $1 million and $5 million, respectively. The nine months ended September 30, 2025 includes gain on disposition of $3 million. Additionally, amortization of intangibles from acquisitions of $154 million and $146 million is included for the three months ended September 30, 2026 and 2025, respectively, and $464 million and $443 million for the nine months ended September 30, 2026 and 2025, respectively.
(e) The three and nine months ended September 30, 2026 include lease impairments of $5 million and $10 million, respectively, acquisition-related costs of $1 million and $2 million, respectively, and a reversal of a statutorily required labor law accrual adjustment of $2 million. The nine months ended September 30, 2026 include a gain on dispositions of $14 million and employee severance charges of $11 million. The three and nine months ended September 30, 2025 include acquisition-related costs of $4 million and $6 million, respectively, Executive Leadership Team transition costs of $9 million and $22 million, respectively, lease impairments of $6 million and $14 million, respectively, employee severance charges of $5 million and $28 million, respectively, disposition-related costs of $4 million and $6 million, respectively, and legal costs of $1 million and $3 million, respectively. The nine months ended September 30, 2025 include an asset write-off of $1 million. Additionally, amortization of intangibles from acquisitions of $2 million and $1 million is included for the three months ended September 30, 2026 and 2025, respectively, and $4 million and $2 million for the nine months ended September 30, 2026 and 2025, respectively.
(f) Amortization of intangibles from acquisitions of $14 million and $40 million is included for the three and nine months ended September 30, 2025, respectively. Exhibit 5
The adjusted effective tax rate is calculated by dividing adjusted provision for income taxes by the adjusted income before taxes, which includes income from unconsolidated subsidiaries. The adjusted effective tax rate excluding income from unconsolidated subsidiaries was 23.1% and 21.5% for the three months ended September 30, 2026 and 2025, respectively, and 22.0% and 22.7% for the nine months ended September 30, 2026 and 2025, respectively. Adjusted Net Income attributable to SPGI and Diluted EPS (from Continuing Operations)
N/M - Represents a change equal to or in excess of 100% or not meaningful Exhibit 5 Note - Totals presented may not sum due to rounding.
Note - Adjusted operating profit margin is calculated as adjusted operating profit divided by revenue. Adjusted operating profit margin for the Company excluding OSTTRA was 54% for the three and nine months ended September 30, 2026, respectively. Adjusted operating profit margin for the Company excluding OSTTRA was 52% for the three and nine months ended September 30, 2025, respectively. Adjusted operating profit margin excluding OSTTRA is calculated as adjusted operating profit less adjusted equity in income on unconsolidated subsidiaries divided by revenue.
Note - Financial information presented reflects the Company's results on a continuing operations basis, and prior periods have been recast accordingly to conform to this presentation. Segment results also reflect the effect of the recast outlined in our press release dated July 6, 2026.
(a) The nine months ended September 30, 2026 include employee severance charges of $8 million ($6 million after-tax). The three and nine months e nded September 30, 2025 include legal costs of $12 million ($9 million after-tax) and $39 million ($29 million after-tax), respectively. The nine months ended September 30, 2025 include employee severance charges of $10 million ($7 million after- tax).
(b) The nine months ended September 30, 2026 include employee-related costs of $2 million ($1 million after-tax), employee severance charges of $1 million ($1 million after-tax) and acquisition-related costs of $1 million ($1 million after-tax). The three and nine months e nded September 30, 2025 include employee severance charges of $1 million ($1 million after-tax) and acquisition-related costs of $1 million ($1 million after-tax).
(c) The three and nine months ended September 30, 2026 include a gain on disposition of $200 million ($136 million after-tax), acquisition-related costs of $6 million ($6 million after-tax) and $9 million ($9 million after-tax), respectively, and disposition-related costs of $4 million ($4 million after-tax) and $6 million ($6 million after-tax), respectively, and a reversal of a statutorily required labor law accrual adjustment of $1 million ($1 million after-tax). The nine months ended September 30, 2026 include employee severance charges of $8 million ($6 million after-tax) and asset impairment of $4 million ($3 million after-tax). The nine months e nded September 30, 2025 include employee severance charges of $10 million ($8 million after-tax).
(d) The three and nine months ended September 30, 2026 includes acquisition- related costs of $1 million ($1 million after-tax) and $13 million ($12 million after-tax), respectively, and disposition-related costs of $2 million ($1 million after-tax) and $6 million ($4 million after-tax), respectively. The three months ended September 30, 2026 include a reversal of a statutorily required labor law accrual adjustment of $2 million ($1 million after-tax). The nine months ended September 30, 2026 include a gain on dispositions of $172 million ($168 million after-tax) and employee severance charges of $15 million ($11 million after-tax). The three and nine months e nded September 30, 2025 include employee severance charges of $11 million ($8 million after-tax) and $44 million ($33 million after-tax), respectively, acquisition-related costs of $2 million ($1 million after-tax) and $12 million ($10 million after-tax), respectively, disposition-related costs of $4 million ($3 million after-tax) and $6 million ($5 million after-tax), respectively, and Executive Leadership Team transition costs of $1 million ($1 million after-tax) and $5 million ($3 million after-tax), respectively. The nine months ended September 30, 2025 includes a gain on disposition of $3 million ($2 million after-tax).
(e) The three and nine months ended September 30, 2026 include lease impairments of $5 million ($4 million after-tax) and $10 million ($7 million after-tax), respectively, acquisition-related costs of $1 million ($1 million after-tax) and $2 million ($2 million after-tax), respectively, and a reversal of a statutorily required labor law accrual adjustment of $2 million ($2 million after-tax). The nine months ended September 30, 2026 include a gain on dispositions of $14 million ($11 million after-tax) and employee severance charges of $11 million ($8 million after-tax). The three and nine months ended September 30, 2025 include acquisition-related costs of $4 million ($4 million after-tax) and $6 million ($6 million after-tax), respectively, Executive Leadership Team transition costs of $9 million ($7 million after-tax) and $22 million ($17 million after-tax), respectively, lease impairments of $6 million ($5 million after-tax) and $14 million ($10 million after-tax), respectively, employee severance charges of $5 million ($4 million after-tax) and $28 million ($21 million after-tax), respectively, disposition-related costs of $4 million ($4 million after-tax) and $6 million ($5 million after-tax), respectively, and legal costs of $1 million ($1 million after-tax) and $3 million ($2 million after-tax), respectively. The nine months ended September 30, 2025 include an asset write-off of $1 million ($1 million after-tax).
(f) The three and nine months ended September 30, 2026 include a premium amortization benefit of $6 million ($5 million after-tax) and $19 million ($14 million after-tax), respectively. The three and nine months ended September 30, 2025 include a premium amortization benefit of $6 million ($5 million after-tax) and $20 million ($15 million after-tax), respectively.
(g) The three and nine months ended September 30, 2026 include tax expense related to Mobility pre-spin separation steps of $15 million and $64 million, respectively. The three months ended September 30, 2026 include a tax expense of $1 million due to annualized effective tax rate differences for GAAP. The three and nine months ended September 30, 2025 include a tax benefit of $1 million and $2 million, respectively, due to annualized effective tax rate differences for GAAP. Exhibit 6
N/M - Represents a change equal to or in excess of 100% or not meaningful Note - Financial information presented reflects the Company's results on a continuing operations basis, and prior periods have been recast accordingly to conform to this presentation. Segment results also reflect the effect of the recast outlined in our press release dated July 6, 2026. (a) Subscription revenue is primarily derived from distribution of data, valuation services, analytics, third party research, and credit ratings-related information through both feed and web-based channels, market data and market insights along with other information products. (b) Non-subscription / transaction revenue is primarily related to ratings of publicly-issued debt and bank loan ratings.
(c) Non-transaction revenue is primarily related to surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at Crisil. Non- transaction revenue also includes an intersegment revenue elimination charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Exhibit 6 (d) Asset-linked fees is primarily related to fees based on assets underlying exchange-traded funds, mutual funds and insurance products.
(e) Sales usage-based royalty revenue is primarily related to trading based fees from exchange-traded derivatives and licensing proprietary market price data and price assessments to commodity exchanges.
(f) Recurring variable revenue represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued. Exhibit 7
Computation of Free Cash Flow and Adjusted Free Cash Flow Excluding Certain Items
(unaudited) Nine Months 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash provided by operating activities $ 3,661 $ 3,317 from continuing operations Capital expenditures -93 -133 Distributions to noncontrolling interest -269 -234 holders Free cash flow $ 3,299 $ 2,950 Employee severance and transition 104 143 costs Acquisition-related, disposition-related 68 28 and separation costs Acquisition-related prepayment — 48 Tax on gain from divestitures 33 — Payment of legal costs 6 20 Adjusted free cash flow, excluding $ 3,510 $ 3,189 certain items
Note - The impact of foreign exchange rates refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.
Note - Financial information presented reflects the Company's results on a continuing operations basis, and prior periods have been recast accordingly to conform to this presentation. Segment results also reflect the effect of the recast outlined in our press release dated July 6, 2026. Exhibit 8
Full text with the tables
55 Water Street
New York, NY 10041
www.spglobal.com
Press Release
For Immediate Release
S&P Global Reports Third Quarter Results; Announces Strategic Review for Capital
IQ
and Associated Data Businesses
New York, NY, October 27, 2026 – S&P Global (NYSE: SPGI) today reported third
quarter results. This earnings release and supplemental materials are available
at http://investor.spglobal.com/Quarterly-Earnings.
The Company reported third-quarter 2026 revenue of $3.678 billion, an increase
of 7% compared to the third quarter of 2025. Third quarter GAAP net income
increased 20% to $1.298 billion and GAAP diluted earnings per share increased
26% to $4.45. Adjusted net income for the third quarter increased 4% to $1.337
billion and adjusted diluted earnings per share increased 9% to $4.58. Higher
GAAP net income was driven by growth in operating profit, including the benefit
from a gain on disposition in Energy. Higher adjusted net income was driven
primarily by growth in adjusted operating profit, partially offset by higher
taxes in the quarter.
The Company has initiated a strategic review of alternatives, including
potential separation, for Capital IQ and associated data businesses, which
constitute the majority of Kensho Data & Platforms within Market Intelligence.
While the exact perimeter remains under review, the Company expects to retain
RatingsDirect, RatingsXpress, and Enterprise Solutions. Capital IQ and the
associated data businesses are well positioned to grow and thrive, and we
believe separate ownership could provide dedicated investment and focus,
positioning these businesses to accelerate innovation and growth.
"S&P Global delivered a very strong
•The Company reported revenue of quarter. Increasing demand for our
$3.678 billion, which increased 7% benchmarks and unique intellectual
year over year. property demonstrates our leadership
•Operating margin increased 800 in credit, equity, and commodities
basis points and adjusted operating markets.
margin increased 60 basis points, Our focus on new high-growth
driving 26% growth in diluted EPS adjacencies and our innovation are
and 9% growth in adjusted diluted resonating deeply with customers
EPS, respectively, year over year. around the world.
•In the third quarter, the Company The businesses that are part of the
executed $2.6 billion in share strategic review are strong and have
repurchases, and has repurchased significant opportunities ahead of
more than $4 billion in shares them as technology changes how
year-to-date. The Company continues customers access, analyze, and use
to expect to repurchase more than $7 information. This reflects our
billion in shares in total in 2026. long-standing commitment to be good
•2026 guidance calls for revenue stewards of our portfolio, while
growth of 7.4% to 8.4%, and organic prioritizing our investments where
constant currency growth of 7.5% to we’re strongest."
8.5%. Martina Cheung
President and CEO
The Company completed the spin-off of its Mobility division, creating an
independent public company, Mobility Global (NYSE: MBGL), on July 1, 2026.
Effective with the Company's third-quarter 2026 financial statements, Mobility
has been reclassified as discontinued operations for all completed periods
presented. All financial information presented in this release reflects the
Company’s results on a continuing operations basis, unless otherwise stated, and
prior periods have been recast accordingly to conform to this presentation.
Division results presented in this release also reflect a recast of the
Company’s division financial information for all periods presented, including
inter-segment adjustments and changes to expense allocation methodologies as
outlined in our press release dated July 6, 2026.
Third Quarter 2026 Revenue (from Continuing
Operations)
Third-quarter revenue increased 7% year over year, representing an increase
of nearly $240 million. This increase was driven primarily by Indices and
Market Intelligence, with additional growth in Energy and Ratings. Revenue
from subscription products increased 6%.
(1) Total revenue includes the impact of inter-segment eliminations of
$51Mand $55M in 3Q '25 and 3Q '26, respectively.
Third Quarter 2026 Operating Profit, Expense, and
Margin (from Continuing Operations)
Note: All presentations of revenue above refer to GAAP revenue. Adjusted
financials refer to non-GAAP adjusted metrics in all periods.
The Company’s third-quarter reported operating profit margin increased by 800
basis points to 53.2%, and adjusted operating profit margin increased 60 basis
points to 53.5%. GAAP operating profit margin benefited primarily from a gain on
disposition, while adjusted operating margin improvement was driven by growth
and margin expansion in the Company's Indices and Market Intelligence divisions.
Page 2
Third Quarter 2026 Diluted Earnings Per Share from
Continuing Operations
3Q '26 3Q '25 y/y change
Reported $4.45 $3.54 26%
Adjusted $4.58 $4.20 9%
Third quarter GAAP diluted earnings per share increased 26% to $4.45 due to a
20% increase in net income and a 4% decrease in diluted shares outstanding.
Adjusted diluted earnings per share increased 9% to $4.58 due to a 4% increase
in adjusted net income and a 4% decrease in diluted shares outs tanding.
Currency had no impact on GAAP or adjusted diluted EPS in the quarter. The
largest non-core adjustments to earnings in the third quarter of 2026 were for
gain on disposition and deal-related amortization.
Full-Year 2026 Outlook (from Continuing
Operations)
GAAP Adjusted
Revenue growth 7.4% to 8.4% 7.4% to 8.4%
Organic, Constant Currency
Revenue -- 7.5% to 8.5%
growth
Corporate Unallocated $185 to $195 million $160 to $170 million
Expense
Deal-related Amortization ~$800 million ~$800 million
Operating Profit Margin 310 to 335 bps 75 to 100 bps
expansion
Operating Profit Margin
expansion, -- 125 to 150 bps
excluding OSTTRA
Interest Expense, net $380 to $390 million $405 to $415 million
Tax Rate 22% to 23% 22% to 23%
Diluted EPS $16.25 to $16.50 $17.70 to $17.95
Capital Expenditures $155 to $165 million $155 to $165 million
Total revenue and organic constant currency revenue are now expected to be
higher than the previous guidance ranges of 5.9% to 7.9% and 6.0% to 8.0%,
respectively, both driven by higher expected revenue from the Ratings and
Indices divisions. GAAP operating margin expansion is expected to be below the
prior range of 335 to 360 basis points primarily due to adjustments to expected
gain on dispositions, partially offset by higher revenue growth. Higher revenue
growth and continued expense discipline are expected to drive adjusted operating
margin expansion above the prior range of 35 to 60 basis points. GAAP diluted
EPS is expected to be lower than the prior guidance range of $16.35 to $16.60
primarily due to adjustments to expected gain on dispositions, partially offset
by higher revenue. Adjusted diluted EPS is expected to be higher than the prior
guidance range of $17.50 to $17.75, driven by the combined impact of higher
revenue and margin expansion. Non-GAAP adjusted guidance excludes amortization
of intangibles related to acquisitions and acquisition and disposition-related
costs.
There is no specific timeframe for the strategic review we announced, and there
can be no assurance that the review will result in any transaction or particular
outcome. As such, the guidance provided assumes a full contribution from Market
Intelligence, as it is currently structured, for the full year.
As previously announced, the Board of Directors has authorized a quarterly cash
dividend of $0.97 per share.
Page 3
Supplemental Information/Conference Call/Webcast Details : The Company’s senior
management will review the third quarter 2026 earnings results on a conference
call scheduled for today, October 27, at 8:30 a.m. EDT. Additional information
presented on the conference call, and the Company’s supplemental slide content
may be found on the Company’s Investor Relations Website at
http://investor.spglobal.com/Quarterly-Earnings.
The Webcast will be available live and in replay at
http://investor.spglobal.com/Quarterly-Earnings.
Telephone access is available. U.S. participants may call (888) 603-9623;
international participants may call +1 (630) 395-0220 (long-distance charges
will apply). The passcode is “S&P Global” and the conference leader is Martina
Cheung. A recorded telephone replay will be available approximately two hours
after the meeting concludes and will remain available until November 27, 2026.
U.S. participants may call (866) 360-7720; international participants may call
+1 (203) 369-0172 (long-distance charges will apply). No passcode is required.
Comparison of Adjusted Information to U.S. GAAP Information: The Company reports
its financial results in accordance with accounting principles generally
accepted in the United States ("GAAP"). The Company also refers to and presents
certain additional non-GAAP financial measures, within the meaning of Regulation
G under the Securities Exchange Act of 1934. These measures are: organic
revenue; organic constant currency revenue; adjusted net income; adjusted
diluted EPS; adjusted operating profit and margin; adjusted expenses; adjusted
corporate unallocated expense; adjusted deal-related amortization; adjusted
interest expense, net; adjusted income before taxes on income; adjusted
provision for income taxes; adjusted effective tax rate; adjusted equity in
income on unconsolidated subsidiaries; free cash flow; and adjusted free cash
flow, excluding certain items.
The Company has included reconciliations of these non-GAAP financial measures to
the most directly comparable financial measures calculated in accordance with
GAAP on Exhibits 5, 7 and 8. The Company is not able to provide reconciliations
of certain forward-looking non-GAAP financial measures to comparable GAAP
measures because certain items required for such reconciliations are outside of
the Company's control and/or cannot be reasonably predicted without unreasonable
effort.
The Company's non-GAAP measures include adjustments that reflect how management
views our businesses. The Company believes these non-GAAP financial measures
provide useful supplemental information that, in the case of non-GAAP financial
measures other than free cash flow and adjusted free cash flow, excluding
certain items, enables investors to better compare the Company's performance
across periods, and management also uses these measures internally to assess the
operating performance of its business, to assess performance for employee
compensation purposes and to decide how to allocate resources. The Company
believes that the presentation of free cash flow and adjusted free cash flow,
excluding certain items allows investors to evaluate the cash generated from our
underlying operations in a manner similar to the method used by management and
that such measures are useful in evaluating the cash available to us to prepay
debt, make strategic acquisitions and investments, and repurchase stock.
However, investors should not consider any of these non-GAAP measures in
isolation from, or as a substitute for, the financial information that the
Company reports.
Page 4
Forward-Looking Statements: This press release contains “forward-looking
statements,” as defined in the Private Securities Litigation Reform Act of 1995.
These statements, which express management’s current views concerning future
events, trends, contingencies or results, appear at various places in this press
release and use words like “anticipate,” “assume,” “believe,” “continue,”
“estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,”
“predict,” “project,” “strategy,” “target” and similar terms, and future or
conditional tense verbs like “could,” “may,” “might,” “should,” “will” and
“would.” For example, management may use forward-looking statements when
addressing topics such as: the outcome of contingencies; future actions by
regulators; changes in the Company’s business strategies and methods of
generating revenue; the development and performance of the Company’s services
and products; the expected impact of acquisitions and dispositions; the
Company’s effective tax rates; and the Company’s cost structure, dividend
policy, cash flows or liquidity.
Forward-looking statements are subject to inherent risks and uncertainties.
Factors that could cause actual results to differ materially from those
expressed or implied in forward-looking statements include, among other things:
▪ worldwide economic, financial, political, regulatory, and geopolitical
conditions (including slower GDP growth or recession, restrictions on trade
(e.g., tariffs and disruptions to shipping in connection with the military
conflict in the Middle East), instability in the banking sector and inflation),
and factors that contribute to uncertainty and volatility (e.g., supply chain
risk), geopolitical uncertainty (including military conflict), natural and man-
made disasters, civil unrest, public health crises (e.g., pandemics), and
conditions that result from legislative, regulatory, trade and policy changes,
including from the U.S. administration;
▪ the volatility and health of debt, equity, commodities and energy markets,
including credit quality and spreads, the composition and mix of credit maturity
profiles, the level of liquidity and future debt issuances, equity flows from
active to passive, fluctuations in average asset prices in global equities,
demand for investment products that track indices and assessments and trading
volumes of certain exchange traded derivatives;
▪ the demand and market for credit ratings in and across the sectors and
geographies where the Company operates;
▪ the Company’s ability to maintain adequate physical, technical and
administrative safeguards to protect the security of confidential information
and data, or protect against a system or network disruption that results in
regulatory penalties and remedial costs or improper disclosure of confidential
information or data;
▪ the outcome of litigation, government and regulatory proceedings,
investigations and inquiries;
▪ concerns in the marketplace affecting the Company’s credibility or otherwise
affecting market perceptions of the integrity or utility of independent credit
ratings, benchmarks, indices and other services;
▪ the level of merger and acquisition activity in the United States and abroad;
▪ the level of the Company’s future cash flows and capital investments;
▪ the effect of competitive products (including those incorporating artificial
intelligence ("AI")) and pricing, including the level of success of new product
developments and global expansion;
▪ the impact of customer cost-cutting pressures;
▪ a decline in the demand for our products and services by our customers and
other market participants;
▪ our ability to develop new products or technologies, to integrate our products
with new technologies (e.g., AI), or to compete with new products or
technologies offered by new or existing competitors;
▪ the introduction of competing products (including those developed by AI) or
technologies by other companies;
▪ our ability to protect our intellectual property from unauthorized use and
infringement, including by others using AI technologies, and to operate our
business without violating third-party intellectual property rights, including
through our own use of AI in our products and services;
▪ our ability to attract, incentivize and retain key employees, especially in a
competitive business environment;
▪ our ability to successfully navigate key organizational changes;
▪ the continuously evolving regulatory environment in Europe, the United States
and elsewhere around the globe affecting each of our businesses and the products
they offer, and our compliance therewith;
▪ the Company’s exposure to potential criminal sanctions or civil penalties for
noncompliance with foreign and U.S. laws and regulations that are applicable in
the jurisdictions in which it operates, including sanctions laws relating to
countries such as Iran, Russia and Venezuela, anti-corruption laws such as the
U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local
laws prohibiting corrupt payments to government officials, as well as import and
export restrictions;
▪ the Company’s ability to make acquisitions and dispositions and successfully
integrate the businesses we acquire;
▪ consolidation of the Company’s customers, suppliers or competitors;
▪ the ability of the Company, and its third-party service providers, to maintain
adequate physical and technological infrastructure;
Page 5
▪ the Company’s ability to successfully recover from a disaster or other
business continuity problem, such as an earthquake, hurricane, flood, civil
unrest, protests, military conflict, terrorist attack, outbreak of pandemic or
contagious diseases, security breach, cyber attack, data breach, power loss,
telecommunications failure or other natural or man-made event;
▪ the impact on the Company’s revenue and net income caused by fluctuations in
foreign currency exchange rates;
▪ the impact of changes in applicable tax or accounting requirements on the
Company;
▪ the ability to maintain tax-free treatment, for U.S. federal income tax
purposes, of the separation of Mobility Global;
▪ any disruption to the Company’s business related to the separation of Mobility
Global; and
▪ any loss of synergies from separating Mobility Global from the Company that
adversely impact our results of operations, or that results in the Company not
realizing all of the expected benefits of the separation.
The factors noted above are not exhaustive. The Company and its subsidiaries
operate in a dynamic business environment in which new risks emerge frequently.
Accordingly, the Company cautions readers not to place undue reliance on any
forward-looking statements, which speak only as of the dates on which they are
made. The Company undertakes no obligation to update or revise any forward-
looking statement to reflect events or circumstances arising after the date on
which it is made, except as required by applicable law. Further information
about the Company’s businesses, including information about factors that could
materially affect its results of operations and financial condition, is
contained in the Company’s filings with the SEC, including Item 1A, Risk Factors
in our most recently filed Annual Report on Form 10-K.
About S&P Global
S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with
trusted data, expertise and technology to make decisions with conviction. We are
Advancing Essential Intelligence through world-leading benchmarks, data, and
insights that customers need in order to plan confidently, act decisively, and
thrive in a rapidly changing global landscape.
From helping our customers assess new investments across the capital and
commodities markets to navigating the energy expansion, acceleration of
artificial intelligence, and evolution of public and private markets, we enable
the world's leading organizations to unlock opportunities, solve challenges, and
plan for tomorrow – today. Learn more at www.spglobal.com.
Investor Relations: https://investor.spglobal.com
Contact:
Investor Relations:
Mark Grant
Senior Vice President, Investor Relations and Treasurer
Tel: +1 (347) 640-1521
mark.grant@spglobal.com
Media:
Christina Twomey
Chief Communications Officer
Tel: +1 (646) 407-3001
christina.twomey@spglobal.com
###
Page 6
Exhibit 1
S&P Global
Condensed Consolidated Statements of Income
Three and nine months ended September 30, 2026 and 2025
(dollars in millions, except per share data)
Th… % Ni…
(… Mo… 20… 20… Cha… Mo… 2026 20…
──────────────────────────────────────────────────────────────────────────────
R… $ 3,… $ 3,… 7% $ 11,… $ 10… 9%
E… 1,… 1,… 2% 5,8… 5,… 3%
G…
on -2… — N/M -386 -3 N/M
d…
E…
in
i… — -7 N/M — -28 N/M
on
u…
s…
O… 1,… 1,… 26% 5,6… 4,… 26%
p…
O…
i… -4 -2 N/M -10 -25 60%
n…
I…
e… 87 79 10% 267 233 14%
n…
I…
f…
c…
o… 1,… 1,… 27% 5,3… 4,… 26%
b…
t…
on
i…
P…
f…
t… 467 312 49% 1,2… 918 33%
on
i…
I…
f… 1,… 1,… 21% 4,1… 3,… 24%
c…
o…
(…
i…
f…
d… -58 98 N/M 25 246 (90…
o…
n…
of
t…
N… 1,… 1,… 7% 4,1… 3,… 16%
i…
L…
n…
i…
a…
to -1… -89 (2… -323 -2… (25…
n…
i…
-
c…
N…
i…
a…
to $ 1,… $ 1,… 5% $ 3,8… $ 3,… 15%
S…
G…
I…
A…
a…
to
S…
G…
I…
c…
s…
I…
f… $ 1,… $ 1,… 20% $ 3,8… $ 3,… 24%
c…
o…
(…
i…
f… -58 98 N/M 25 246 (90…
d…
o…
N… $ 1,… $ 1,… 5% $ 3,8… $ 3,… 15%
i…
E…
p…
s…
a…
to
S…
G…
I…
c…
s…
I…
f…
c…
o…
B… $ 4.… $ 3.… 26% $ 12.… $ 10… 28%
D… $ 4.… $ 3.… 26% $ 12.… $ 10… 29%
(…
i…
f…
d…
o…
B… $ -0… $ 0.… N/M $ 0.08 $ 0.… (89…
D… $ -0… $ 0.… N/M $ 0.08 $ 0.… (89…
N…
i…
B… $ 4.… $ 3.… 10% $ 13.… $ 10… 20%
D… $ 4.… $ 3.… 10% $ 13.… $ 10… 20%
W…
n…
of
c…
s…
o…
B… 29… 30… 294… 30…
D… 29… 30… 294… 30…
A…
s…
o… 289… 30…
at
p…
e…
N/M - Represents a change equal to or in excess of 100% or not meaningful
Note - % change in the tables throughout the exhibits are calculated off of the
actual number, not the rounded number presented.
Note - Beginning with the third quarter of 2026, the historical results of
Mobility have been presented as discontinued operations and, as such, have been
excluded from continuing operations for all periods presented. Financial
information presented in Exhibits 4, 5, 6 and 7 reflects the Company's results
on a continuing operations basis, and segment results reflected throughout the
exhibits reflect the effect of the recast outlined in our press release dated
July 6, 2026.
Exhibit 2
S&P Global
Condensed Consolidated Balance Sheets
September 30, 2026 and December 31, 2025
(dollars in millions)
(unaudited) September 30, December 31,
Assets: 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash, cash equivalents, and
restricted $ 2,441 $ 1,707
cash
Other current assets 3,975 4,124
Assets held for sale1 — 196
Current assets of
discontinued — 269
operations2
Total current assets 6,416 6,296
Property and equipment, net 233 259
Right of use assets 345 397
Goodwill and other
intangible assets, 39,531 40,138
net
Equity investments in
unconsolidated 624 590
subsidiaries
Other non-current assets 883 833
Non-current assets of
discontinued — 12,687
operations2
Total assets $ 48,032 $ 61,200
Liabilities and Equity:
Short-term debt $ 2,448 $ 718
Unearned revenue 3,767 4,010
Other current liabilities 2,503 2,626
Liabilities held for sale1 — 43
Current liabilities of
discontinued — 241
operations2
Long-term debt 10,614 12,370
Lease liabilities — 403 483
non-current
Deferred tax liability — 2,180 2,285
non-current
Pension, other
postretirement benefits 939 1,284
and other non-current
liabilities
Non-current liabilities of
discontinued — 988
operations2
Total liabilities 22,854 25,048
Redeemable noncontrolling 5,348 4,917
interests
Total equity 19,830 31,235
Total liabilities and $ 48,032 $ 61,200
equity
1 There were no assets and liabilities held for sale as of September 30, 2026.
Assets and liabilities held for sale relate to the divestitures of the
Enterprise Data Management and thinkFolio businesses within our Market
Intelligence segment as of December 31, 2025. Additionally, assets held for sale
include fixed assets related to our facility in Centennial, Colorado as of
December 31, 2025.
2 The assets and liabilities of Mobility have been classified as discontinued
operations as of December 31, 2025.
Exhibit 3
S&P Global
Condensed Consolidated Statements of Cash Flows
Nine months ended September 30, 2026 and 2025
(dollars in millions)
(unaudited)
Operating Activities: 2026 2025
──────────────────────────────────────────────────────────────────────────
Income from continuing operations $ 4,150 $ 3,350
Adjustments to reconcile income from
continuing operations to cash provided
by operating activities from continuing
operations:
Depreciation 86 68
Amortization of intangibles 598 576
Deferred income taxes -114 -212
Stock-based compensation 127 155
Gain on dispositions -386 -3
Other -34 200
Net changes in other operating assets -766 -817
and liabilities
Cash provided by operating activities 3,661 3,317
from continuing operations
Investing Activities:
Capital expenditures -93 -133
Acquisitions, net of cash acquired -208 -47
Proceeds from dispositions, net 667 19
Changes in short-term investments -26 -52
Cash provided by (used for) investing 340 -213
activities from continuing operations
Financing Activities:
Additions to short-term debt, net -15 —
Payments on senior notes -3 -4
Dividends paid to shareholders -856 -880
Distributions to noncontrolling interest -269 -234
holders
Repurchase of treasury shares -4,100 -2,501
Cash transferred to Mobility Global -198 —
related to separation
Proceeds from debt issuance related to 1,974 —
Mobility Global separation
Employee withholding tax on share-based
payments, excise tax payments on share -150 -106
repurchases, contingent consideration
payments and other
Cash used for financing activities from -3,617 -3,725
continuing operations
Effect of exchange rate changes on cash -37 62
from continuing operations
Cash provided by (used for) continuing 347 -559
operations
Cash provided by discontinued operations 387 553
Net change in cash, cash equivalents, 734 -6
and restricted cash
Cash, cash equivalents, and restricted 1,707 1,639
cash at beginning of period
Cash, cash equivalents, and restricted $ 2,441 $ 1,633
cash at end of period
Exhibit 4
S&P Global
Operating Results by Segment
Three and nine months ended September 30, 2026 and 2025
(dollars in millions)
Th… % N…
(… Mo… Re… 20… 20… Ch… M… Re… 2… 2…
──────────────────────────────────────────────────────────────────────────────
R… $ 1,… $ 1,… 2% $ 3… $ 3… 11%
I… 554 462 2… 1… 1… 19%
E… 645 609 6% 1… 1… 5%
M… 1,… 1,… 7% 3… 3… 7%
I…
I… -55 -51 (… -… -… (8…
E…
T… $ 3,… $ 3,… 7% $ 1… $ 1… 9%
r…
Ex… Ex…
20… 2… % 20… 20… %
C… Ch…
R… $ 437 $ 422 3% $ 1… $ 1… 3%
(…
I… 166 149 1… 4… 4… 14%
(…
E… 176 360 (… 9… 1… (1…
(…
M…
I… 962 931 3% 2… 2… (2…
(…
C…
U… 36 83 (… 1… 2… (4…
e…
(…
E…
in
I…
on — -7 N… — -… N/M
U…
S…
(…
I… -55 -51 (… -… -… (8…
E…
T… $ 1,… $ 1,… (… $ 5… $ 5… (3…
e…
Op… Op…
Pr… Pr…
20… 2… % 20… 20… %
C… Ch…
R… $ 834 $ 818 2% $ 2… $ 2… 15%
(…
I… 388 313 2… 1… 9… 21%
(…
E… 469 249 8… 1… 7… 32%
(…
M…
I… 301 252 1… 9… 6… 47%
(…
T…
r… 1,… 1,… 2… 5… 4… 23%
s…
C…
U… -36 -83 5… -… -… 42%
e…
(…
E…
in
I…
on — 7 N… — 28 N/M
U…
S…
(…
T…
o… $ 1,… $ 1,… 2… $ 5… $ 4… 26%
p…
N/M - Represents a change equal to or in excess of 100% or not meaningful
Note - Financial information presented reflects the Company's results on a
continuing operations basis, and prior periods have been recast accordingly to
conform to this presentation. Segment results also reflect the effect of the
recast outlined in our press release dated July 6, 2026.
(a) The nine months ended September 30, 2026 include employee severance charges
of $8 million. The three and nine months ended September 30, 2025 include legal
costs of $12 million and $39 million, respectively. The nine months ended
September 30, 2025 include employee severance charges of $10 million.
Additionally, amortization of intangibles from acquisitions of $1 million is
included for the three months ended September 30, 2026 and 2025, and $3 million
and $5 million for the nine months ended September 30, 2026 and 2025,
respectively.
Exhibit 4
(b) The nine months ended September 30, 2026 include employee-related costs of
$2 million, employee severance charges of $1 million and acquisition-related
costs of $1 million. The three and nine months ended September 30, 2025 include
employee severance charges of $1 million and acquisition-related costs of $1
million. Additionally, amortization of intangibles from acquisitions of $10
million and $9 million is included for the three months ended September 30, 2026
and 2025, respectively, and $29 million and $27 million for the nine months
ended September 30, 2026 and 2025, respectively.
(c) The three and nine months ended September 30, 2026 include a gain on
disposition of $200 million, acquisition-related costs of $6 million and $9
million, respectively, disposition-related costs of $4 million and $6 million,
respectively, and a reversal of a statutorily required labor law accrual
adjustment of $1 million. The nine months ended September 30, 2026 include
employee severance charges of $8 million and asset impairment of $4 million. The
nine months ended September 30, 2025 include employee severance charges of $10
million. Additionally, amortization of intangibles from acquisitions of $32
million is included for the three months ended September 30, 2026 and 2025, and
$98 million for the nine months ended September 30, 2026 and 2025.
(d) The three and nine months ended September 30, 2026 include acquisition-
related costs of $1 million and $13 million, respectively, and disposition-
related costs of $2 million and $6 million, respectively. The three months ended
September 30, 2026 include a reversal of a statutorily required labor law
accrual adjustment of $2 million. The nine months ended September 30, 2026
include a gain on dispositions of $172 million and employee severance charges of
$15 million. The three and nine months ended September 30, 2025 include employee
severance charges of $11 million and $44 million, respectively, acquisition-
related costs of $2 million and $12 million, respectively, disposition-related
costs of $4 million and $6 million, respectively, and Executive Leadership Team
transition costs of $1 million and $5 million, respectively. The nine months
ended September 30, 2025 includes gain on disposition of $3 million.
Additionally, amortization of intangibles from acquisitions of $154 million and
$146 million is included for the three months ended September 30, 2026 and 2025,
respectively, and $464 million and $443 million for the nine months ended
September 30, 2026 and 2025, respectively.
(e) The three and nine months ended September 30, 2026 include lease impairments
of $5 million and $10 million, respectively, acquisition-related costs of $1
million and $2 million, respectively, and a reversal of a statutorily required
labor law accrual adjustment of $2 million. The nine months ended September 30,
2026 include a gain on dispositions of $14 million and employee severance
charges of $11 million. The three and nine months ended September 30, 2025
include acquisition-related costs of $4 million and $6 million, respectively,
Executive Leadership Team transition costs of $9 million and $22 million,
respectively, lease impairments of $6 million and $14 million, respectively,
employee severance charges of $5 million and $28 million, respectively,
disposition-related costs of $4 million and $6 million, respectively, and legal
costs of $1 million and $3 million, respectively. The nine months ended
September 30, 2025 include an asset write-off of $1 million. Additionally,
amortization of intangibles from acquisitions of $2 million and $1 million is
included for the three months ended September 30, 2026 and 2025, respectively,
and $4 million and $2 million for the nine months ended September 30, 2026 and
2025, respectively.
(f) Amortization of intangibles from acquisitions of $14 million and $40 million
is included for the three and nine months ended September 30, 2025,
respectively.
Exhibit 5
S&P Global
Operating Results - Reported vs. Adjusted
Non-GAAP Financial Information
Three and nine months ended September 30, 2026 and 2025
(dollars in millions, except per share amounts)
Adjusted Expenses
…
… … …
──────────────────────────────────────────────────────────────────────────────
… … … $ $
…
…
… $ $ …
… … … $ $
…
…
… $ $ …
… … … $ $
—
…
… $ $ …
… … … $ $
…
…
… $ $ …
… … …
…
…
… $ $ …
— … … $ $
…
… $ $ …
… … … $ $
…
…
… $ $ …
Exhibit 5
Adjusted Operating Profit
…
… … …
──────────────────────────────────────────────────────────────────────────────
… … …
…
5
$ … …
% % …
% % …
… … …
3
…
$ … …
% % …
% % …
… … …
…
…
$ … …
% % …
% % …
… … … $
…
…
$ … …
% % …
% % …
… … … $
…
…
$ … …
… … … $
…
2
$ … …
7 … — $
…
$ … …
… … …
…
…
$ … …
% % …
% % …
Exhibit 5
Adjusted Interest Expense, Net
Three % Nine
(un… Mont… 2026 2025 Change Mont… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Int…
exp… $ 87 $ 79 10% $ 267 $ 233 14%
net
Non…
adj… 6 6 19 19
(f)
Adj…
int… $ 93 $ 85 9% $ 285 $ 252 13%
exp…
net
Adjusted Provision for Income Taxes
Three % Nine
(un… Mont… 2026 2025 Chan… Mont… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Pro…
for $ 467 $ 312 49% $ 1,220 $ 918 33%
inc…
tax…
Non…
adj…
(a)
(b) -82 10 -123 70
(c)…
(e)
(f)
(g)
Dea… 50 47 151 146
amo…
Adj…
pro…
for $ 435 $ 369 18% $ 1,247 $ 1,1… 10%
inc…
tax…
Adjusted Effective Tax Rate
Th… % Ni…
(… Mo… 20… 20… Ch… Mo… 20… 20…
──────────────────────────────────────────────────────────────────────────────
A…
o… $ 1,… $ 1,… 8% $ 5,… $ 5,… 1…
p…
O…
i… -4 -2 -10 -25
n…
A…
i… 93 85 285 252
e…
n…
A…
i…
b… $ 1,… $ 1,… 8% $ 5,… $ 5,… 1…
t…
on
i…
A…
p…
f… $ 435 $ 369 $ 1,… $ 1,…
i…
t…
E…
t… 24… % 21… % 22… % 21… %
r…
A…
e… 23… % 21… % 22… % 22… % `
t…
r…
1
The adjusted effective tax rate is calculated by dividing adjusted provision for
income taxes by the adjusted income before taxes, which includes income from
unconsolidated subsidiaries. The adjusted effective tax rate excluding income
from unconsolidated subsidiaries was 23.1% and 21.5% for the three months ended
September 30, 2026 and 2025, respectively, and 22.0% and 22.7% for the nine
months ended September 30, 2026 and 2025, respectively.
Adjusted Net Income attributable to SPGI and Diluted EPS (from Continuing
Operations)
2026
Net %
Inc… 2025 Chan…
att… Net Net
to Inc… Inco…
SPGI att… attr…
Thr… Dil… to Dil… to Dil…
(u… Mon… EPS SPGI EPS SPGI EPS
──────────────────────────────────────────────────────────────────────────────
Re…
(f… $ 1,2… $ 4.45 $ 1,0… $ 3.54 20% 26%
co…
op…
No… -111 -0.… 45 0.15
ad…
De… 149 0.51 157 0.52
am…
Ad… $ 1,3… $ 4.58 $ 1,2… $ 4.20 4% 9%
Nine
Mon…
Re…
(f… $ 3,8… $ 12.… $ 3,0… $ 10.… 24% 29%
co…
op…
No… -188 -0.… 117 0.38
ad…
De… 448 1.52 470 1.54
am…
Ad… $ 4,0… $ 13.… $ 3,6… $ 12.… 11% 15%
N/M - Represents a change equal to or in excess of 100% or not meaningful
Exhibit 5
Note - Totals presented may not sum due to rounding.
Note - Adjusted operating profit margin is calculated as adjusted operating
profit divided by revenue. Adjusted operating profit margin for the Company
excluding OSTTRA was 54% for the three and nine months ended September 30, 2026,
respectively. Adjusted operating profit margin for the Company excluding OSTTRA
was 52% for the three and nine months ended September 30, 2025, respectively.
Adjusted operating profit margin excluding OSTTRA is calculated as adjusted
operating profit less adjusted equity in income on unconsolidated subsidiaries
divided by revenue.
Note - Financial information presented reflects the Company's results on a
continuing operations basis, and prior periods have been recast accordingly to
conform to this presentation. Segment results also reflect the effect of the
recast outlined in our press release dated July 6, 2026.
(a) The nine months ended September 30, 2026 include employee severance charges
of $8 million ($6 million after-tax). The three and nine months e nded September
30, 2025 include legal costs of $12 million ($9 million after-tax) and $39
million ($29 million after-tax), respectively. The nine months ended September
30, 2025 include employee severance charges of $10 million ($7 million after-
tax).
(b) The nine months ended September 30, 2026 include employee-related costs of
$2 million ($1 million after-tax), employee severance charges of $1 million ($1
million after-tax) and acquisition-related costs of $1 million ($1 million
after-tax). The three and nine months e nded September 30, 2025 include employee
severance charges of $1 million ($1 million after-tax) and acquisition-related
costs of $1 million ($1 million after-tax).
(c) The three and nine months ended September 30, 2026 include a gain on
disposition of $200 million ($136 million after-tax), acquisition-related costs
of $6 million ($6 million after-tax) and $9 million ($9 million after-tax),
respectively, and disposition-related costs of $4 million ($4 million after-tax)
and $6 million ($6 million after-tax), respectively, and a reversal of a
statutorily required labor law accrual adjustment of $1 million ($1 million
after-tax). The nine months ended September 30, 2026 include employee severance
charges of $8 million ($6 million after-tax) and asset impairment of $4 million
($3 million after-tax). The nine months e nded September 30, 2025 include
employee severance charges of $10 million ($8 million after-tax).
(d) The three and nine months ended September 30, 2026 includes acquisition-
related costs of $1 million ($1 million after-tax) and $13 million ($12 million
after-tax), respectively, and disposition-related costs of $2 million ($1
million after-tax) and $6 million ($4 million after-tax), respectively. The
three months ended September 30, 2026 include a reversal of a statutorily
required labor law accrual adjustment of $2 million ($1 million after-tax). The
nine months ended September 30, 2026 include a gain on dispositions of $172
million ($168 million after-tax) and employee severance charges of $15 million
($11 million after-tax). The three and nine months e nded September 30, 2025
include employee severance charges of $11 million ($8 million after-tax) and $44
million ($33 million after-tax), respectively, acquisition-related costs of $2
million ($1 million after-tax) and $12 million ($10 million after-tax),
respectively, disposition-related costs of $4 million ($3 million after-tax) and
$6 million ($5 million after-tax), respectively, and Executive Leadership Team
transition costs of $1 million ($1 million after-tax) and $5 million ($3 million
after-tax), respectively. The nine months ended September 30, 2025 includes a
gain on disposition of $3 million ($2 million after-tax).
(e) The three and nine months ended September 30, 2026 include lease impairments
of $5 million ($4 million after-tax) and $10 million ($7 million after-tax),
respectively, acquisition-related costs of $1 million ($1 million after-tax) and
$2 million ($2 million after-tax), respectively, and a reversal of a statutorily
required labor law accrual adjustment of $2 million ($2 million after-tax). The
nine months ended September 30, 2026 include a gain on dispositions of $14
million ($11 million after-tax) and employee severance charges of $11 million
($8 million after-tax). The three and nine months ended September 30, 2025
include acquisition-related costs of $4 million ($4 million after-tax) and $6
million ($6 million after-tax), respectively, Executive Leadership Team
transition costs of $9 million ($7 million after-tax) and $22 million ($17
million after-tax), respectively, lease impairments of $6 million ($5 million
after-tax) and $14 million ($10 million after-tax), respectively, employee
severance charges of $5 million ($4 million after-tax) and $28 million ($21
million after-tax), respectively, disposition-related costs of $4 million ($4
million after-tax) and $6 million ($5 million after-tax), respectively, and
legal costs of $1 million ($1 million after-tax) and $3 million ($2 million
after-tax), respectively. The nine months ended September 30, 2025 include an
asset write-off of $1 million ($1 million after-tax).
(f) The three and nine months ended September 30, 2026 include a premium
amortization benefit of $6 million ($5 million after-tax) and $19 million ($14
million after-tax), respectively. The three and nine months ended September 30,
2025 include a premium amortization benefit of $6 million ($5 million after-tax)
and $20 million ($15 million after-tax), respectively.
(g) The three and nine months ended September 30, 2026 include tax expense
related to Mobility pre-spin separation steps of $15 million and $64 million,
respectively. The three months ended September 30, 2026 include a tax expense of
$1 million due to annualized effective tax rate differences for GAAP. The three
and nine months ended September 30, 2025 include a tax benefit of $1 million and
$2 million, respectively, due to annualized effective tax rate differences for
GAAP.
Exhibit 6
S&P Global
Revenue Information
Three and nine months ended September 30, 2026 and 2025
(dollars in millions)
Revenue by Type
…
/
… … % … % …
… … … … C… … 2… 2… C… … 2… 2…
──────────────────────────────────────────────────────────────────────────────
$ — $ — … $ 6… $ 6… … $ 5… $ 5… …
… … … — — … — — …
… … … 31 22 … — — …
… … … 38 39 … — — …
— — … — — … -… -… …
$ … $ … … $ 7… $ 7… … $ 5… $ 5… …
… … …
… … …
… … …
…
… … % … … % … … %
… … …
$ — $ — … $ — $ — … $ — $ — …
… … … 92 77 … — — …
— — … 31 31 … — — …
— — … — — … 1… 1… …
$ … $ … … $ 1… $ 1… … $ 1… $ 1… …
…
…
…
… / …
… … …
…
… … % … … % … … %
… … …
$ — $ — … $ 2… $ 1… … $ 1… $ 1… …
… … … — — … — — …
… … … 1… 1… … — — …
… … … 1… 1… … — — …
— — … — — … -… -… …
$ … $ … … $ 2… $ 2… … $ 1… $ 1… …
… … …
… … …
… … …
…
… … % … … % … … %
… … …
$ — $ — … $ — $ — … $ — $ — …
… … … 2… 2… … — — …
— — … 95 90 … — — …
— — … — — … 5… 4… …
$ … $ … … $ 3… $ 3… … $ 5… $ 4… …
N/M - Represents a change equal to or in excess of 100% or not meaningful
Note - Financial information presented reflects the Company's results on a
continuing operations basis, and prior periods have been recast accordingly to
conform to this presentation. Segment results also reflect the effect of the
recast outlined in our press release dated July 6, 2026.
(a) Subscription revenue is primarily derived from distribution of data,
valuation services, analytics, third party research, and credit ratings-related
information through both feed and web-based channels, market data and market
insights along with other information products.
(b) Non-subscription / transaction revenue is primarily related to ratings of
publicly-issued debt and bank loan ratings.
(c) Non-transaction revenue is primarily related to surveillance of a credit
rating, annual fees for customer relationship-based pricing programs, fees for
entity credit ratings and global research and analytics at Crisil. Non-
transaction revenue also includes an intersegment revenue elimination charged to
Market Intelligence for the rights to use and distribute content and data
developed by Ratings.
Exhibit 6
(d) Asset-linked fees is primarily related to fees based on assets underlying
exchange-traded funds, mutual funds and insurance products.
(e) Sales usage-based royalty revenue is primarily related to trading based fees
from exchange-traded derivatives and licensing proprietary market price data and
price assessments to commodity exchanges.
(f) Recurring variable revenue represents revenue from contracts for services
that specify a fee based on, among other factors, the number of trades
processed, assets under management, or the number of positions valued.
Exhibit 7
S&P Global
Non-GAAP Financial Information
Three and nine months ended September 30, 2026 and 2025
(dollars in millions)
Computation of Free Cash Flow and Adjusted Free Cash Flow Excluding Certain
Items
(unaudited) Nine Months 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash provided by operating activities $ 3,661 $ 3,317
from continuing operations
Capital expenditures -93 -133
Distributions to noncontrolling
interest -269 -234
holders
Free cash flow $ 3,299 $ 2,950
Employee severance and transition 104 143
costs
Acquisition-related,
disposition-related 68 28
and separation costs
Acquisition-related prepayment — 48
Tax on gain from divestitures 33 —
Payment of legal costs 6 20
Adjusted free cash flow, excluding $ 3,510 $ 3,189
certain items
S&P Global Organic, Constant Currency Revenue
Three % Nine
(un… Mont… 2026 2025 Chan… Mont… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Tot… $ 3,678 $ 3,443 7% $ 11,0… $ 10,… 9%
rev…
Rat… -3 — -9 —
acq…
Ind… -1 — -4 —
acq…
Ene…
acq… -23 -25 -74 -76
and
div…
Mar…
Int…
acq… -32 -31 -102 -89
and
div…
Tot…
org… $ 3,619 $ 3,387 7% $ 10,8… $ 9,9… 9%
rev…
Fx
imp…
- -10 — 26 —
(un…
fav…
Org…
rev…
con… $ 3,629 $ 3,387 7% $ 10,8… $ 9,9… 9%
cur…
bas…
Ratings Organic, Constant Currency Revenue
Three % Nine
(un… Mont… 2026 2025 Chan… Mon… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Rat… $ 1,271 $ 1,240 2% $ 3,912 $ 3,5… 11%
rev…
Acq… -3 — -9 —
Org… 1,268 1,240 2% 3,903 3,5… 10%
rev…
Fx
imp…
- -7 — 18 —
(un…
fav…
Org…
rev…
con… $ 1,275 $ 1,240 3% $ 3,885 $ 3,5… 10%
cur…
bas…
Exhibit 7
Indices Organic, Constant Currency Revenue
Three % Nine
(un… Mont… 2026 2025 Chan… Mont… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Ind… $ 554 $ 462 20% $ 1,606 $ 1,3… 19%
rev…
Acq… -1 — -4 —
Org… 553 462 20% 1,602 1,3… 18%
rev…
Fx
imp…
- -1 — 1 —
(un…
fav…
Org…
rev…
con… $ 554 $ 462 20% $ 1,601 $ 1,3… 18%
cur…
bas…
Energy Organic, Constant Currency Revenue
Three % Nine
(un… Mont… 2026 2025 Change Mont… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Ene… $ 645 $ 609 6% $ 1,992 $ 1,896 5%
rev…
Acq…
and -23 -25 -74 -76
div…
Org… 622 584 6% 1,918 1,820 5%
rev…
Fx
imp… — — 1 —
-
fav…
Org…
rev…
con… $ 622 $ 584 6% $ 1,917 $ 1,820 5%
cur…
bas…
Market Intelligence Organic, Constant Currency Revenue
Three % Nine
(un… Mont… 2026 2025 Chan… Mont… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Mar…
Int… $ 1,263 $ 1,183 7% $ 3,723 $ 3,4… 7%
rev…
Acq…
and -32 -31 -102 -89
div…
Org… 1,231 1,152 7% 3,621 3,3… 7%
rev…
Fx
imp…
- -2 — 6 —
(un…
fav…
Org…
rev…
con… $ 1,233 $ 1,152 7% $ 3,615 $ 3,3… 7%
cur…
bas…
Note - The impact of foreign exchange rates refers to constant currency
comparisons estimated by recalculating current year results of foreign
operations using the average exchange rate from the prior year.
Note - Financial information presented reflects the Company's results on a
continuing operations basis, and prior periods have been recast accordingly to
conform to this presentation. Segment results also reflect the effect of the
recast outlined in our press release dated July 6, 2026.
Exhibit 8
S&P Global
Non-GAAP Guidance
Reconciliation of 2026 Non-GAAP Guidance (from Continuing Operations)
(unaudited) Low High
─────────────────────────────────────────────────────────────
Diluted EPS $ 16.25 $ 16.50
Deal-related amortization 2.04 2.04
Gain on sale from divestitures -1.05 -1.05
Premium amortization benefit -0.07 -0.07
Restructuring 0.24 0.24
Tax rate and other 0.29 0.29
Non-GAAP adjusted diluted EPS $ 17.70 $ 17.95