S&P Global Inc. (SPGI) — Company Research

Last Updated: 1 August 2026

S&P Global Inc. sells the plumbing of the capital markets: credit ratings that debt issuers cannot easily do without, the index franchise behind the S&P 500, benchmark commodity price assessments, and the financial data and analytics that sit inside institutional workflows. Roughly three-quarters of its revenue is recurring. On 1 July 2026 it completed the spin-off of its Mobility division as Mobility Global Inc. (NYSE: MBGL), leaving four divisions and a materially different set of comparatives. Two consecutive quarters of adjusted earnings arriving below market expectations have taken the shares from a 52-week high of $547.82 to $411.93, even as the company raised its 2026 buyback target above $7 billion. This report sets out the reported figures from S&P Global's own filings, with no analyst opinions and no price targets.

1. Company Snapshot

Field	Value
Exchange / ticker	NYSE: SPGI, common stock $1.00 par value
Sector	Financials — credit ratings, benchmarks, financial data and analytics
Headquarters	55 Water Street, New York, NY 10041, USA
Incorporated	December 1925, under the laws of the State of New York
CEO / Leadership	Martina L. Cheung, President and Chief Executive Officer since November 2024, succeeding Douglas L. Peterson. CFO: Eric Aboaf. Chief AI Officer and CEO of Kensho: Bhavesh Dayalji
Employees	Approximately 44,500 permanent employees worldwide at 31 December 2025 (approximately 26,200 in Asia, 11,050 in the US and Canada, 6,200 in EMEA, 1,050 in Latin America). This figure includes the Mobility division spun off on 1 July 2026; a post-separation headcount has not been published
Market cap	$121.44bn (share price $411.93 at the close of 31 July 2026, 294.8 million shares outstanding)
Revenue (FY2025)	$15,336m as reported including Mobility, up 8%. On a pro forma basis excluding Mobility, $13,589m
Net income (FY2025)	$4,471m attributable to S&P Global Inc., up 16%. Pro forma excluding Mobility, $4,192m
Divisions	Four post-separation: Ratings, Market Intelligence, Energy, S&P Dow Jones Indices
Dividend per share	$3.84 declared for FY2025; quarterly rate raised 1.0% to $0.97 on 14 January 2026, the 53rd consecutive annual increase. Annualised run rate $3.88
Dividend yield	0.94% ($3.88 annualised at $411.93)
Recurring revenue	Approximately 76% of FY2025 revenue is subscription, non-transaction, asset-linked or recurring variable

2. Bull and Bear Case

Bull Case

• A licensed oligopoly in ratings: S&P Global Ratings is registered with the SEC as a Nationally Recognized Statistical Rating Organization, a regime dating to 1975 and now formalised under the Credit Rating Agency Reform Act. Ratings generated $4,724m of FY2025 recast revenue at a 65% adjusted margin and contributes 43% of adjusted operating profit on 34% of revenue.
• The index franchise is a compounding annuity: ETF assets linked to S&P Dow Jones Indices reached $6,350bn at 30 June 2026, up 34% year on year, comprising $1,010bn of price appreciation and $605bn of net inflows. In June 2026 a single S&P 500 tracker passed $1 trillion in assets for the first time in history. The division runs a 70% adjusted operating margin and has a 10–12% medium-term organic growth target.
• Three-quarters of revenue is recurring: subscription revenue of $7,865m (51%), non-transaction ratings revenue of $2,054m (13%), asset-linked fees of $1,206m (8%) and recurring variable of $623m (4%) leave only about 21% genuinely episodic. No single customer accounts for more than 10% of consolidated revenue.
• Portfolio surgery is complete and capital return is stepping up: Mobility spun off 1 July 2026, OSTTRA sold to KKR at a $3.1bn enterprise value in October 2025, With Intelligence acquired for $1.8bn in November 2025. The 2026 buyback target was raised on 28 July 2026 to more than $7 billion, over 5% of the market capitalisation, on top of $5,001m repurchased in FY2025.
• AI is showing up as revenue, not just narrative: Kensho LLM-Ready API customers passed 500 active and trialling in Q2 2026, up more than 70% quarter on quarter, with API call volume 5.4 times Q1 2026. Annualised contract value growth among Market Intelligence AI clients ran 1.6 times that of non-AI clients, and 3.0 times in Energy.

Bear Case

• The cyclical line is the profitable one: approximately 21% of FY2025 revenue, or $3,144m, is transaction revenue geared directly to gross debt issuance, and it sits inside the highest-margin division. The 2022 precedent is instructive: on a like-for-like pro forma basis adjusted revenue fell 4% and adjusted EPS fell 4% when issuance dried up, even with the IHS Markit assets in the base.
• Market Intelligence is the weak link and is being restructured mid-flight: 34% of revenue but only 22% of adjusted operating profit, on a 33% adjusted margin against 65–70% at Ratings and Indices, growing around 6% against Indices at 20%. Its President departed on 30 July 2026 as the division was being split into two new verticals.
• The company itself flags AI disintermediation: its own Q2 2026 slides list "some customers looking to build in-house solutions with S&P Global data in lieu of reliance on third party platforms" and customers "increasingly focused on their token expense". The read-across from FactSet, down to a $9.36bn market cap with 16.25% of float sold short, shows how fast the market re-rates data vendors it thinks AI can bypass.
• Reported earnings are flattered and heavily intangible-backed: trailing twelve-month GAAP EPS of $16.42 includes roughly $456m of pre-tax disposal gains ($270m in Q4 2025, $172m in Q1 2026, $11m in Q2 2026). Goodwill and other intangibles stood at $52,043m at 30 June 2026 against total equity of $31,616m, with deal-related amortisation guided at approximately $785m for FY2026.
• Separation execution and accounting are not finished: stranded Mobility costs are allocated at division level, offset only partly by a transition services agreement worth $13m in the first half of 2026, and the company states its discontinued-operations estimates "are preliminary and could change" as it finalises the accounting in the Q3 2026 Form 10-Q. Tax-free qualification of the spin is itself a named risk factor.

3. Business Segments

Following the Mobility separation on 1 July 2026, S&P Global reports four divisions. Percentages are of FY2025 revenue recast onto the post-separation structure, published on 6 July 2026.

Segment	% of revenue	What it is
S&P Global Ratings	34% ($4,724m)	Credit ratings on corporate, financial, structured finance and sovereign debt. Business lines: Corporates 53% of division revenue, Financials 16%, Structured Finance 13%, Governments 7%, Crisil and other 12%. 65% adjusted operating margin
S&P Global Market Intelligence	34% ($4,690m)	Financial data, analytics and workflow software. From Q3 2026 split into Kensho Data and Platforms (60% of division revenue: Compustat, Capital IQ Pro, RatingsXpress, SNL, Visible Alpha, With Intelligence, Kensho APIs) and Enterprise Solutions (40%: ClearPar, iLEVEL, Counterparty Manager, pricing and reference data, Valuation Services). 33% adjusted margin
S&P Global Energy	18% ($2,525m)	Renamed from Commodity Insights at the November 2025 Investor Day. Platts benchmark commodity price assessments and forward curves (49% of division revenue) plus CERA proprietary energy and supply-chain research, CERAWeek, 451 Research and Maritime and Trade (51%). 46% adjusted margin
S&P Dow Jones Indices	13% ($1,850m)	Owns and licenses the S&P 500, the Dow Jones Industrial Average and around one million indices. Asset-linked fees 65% of division revenue, exchange-traded derivatives 18%, data and custom subscriptions 17%. 70% adjusted margin
Intersegment elimination	(1)% ($(200)m)	Principally the internal charge for Ratings content licensed into Market Intelligence

Divested for context: Mobility, spun off on 1 July 2026 as Mobility Global Inc. (NYSE: MBGL), had FY2025 revenue of $1,747m and operating profit of $378m. It qualifies as discontinued operations for the full year 2026, but Q2 2026 GAAP results still consolidate it in full.

4. Business Model and Moat

How it makes money. FY2025 revenue of $15,336m breaks down by type as subscription $7,865m (51%), non-subscription and transaction $3,144m (21%, essentially ratings fees on newly issued debt), non-transaction $2,054m (13%, surveillance fees, annual relationship programmes and Crisil research), asset-linked fees $1,206m (8%, index licence fees on ETF and fund assets), recurring variable $623m (4%) and sales usage-based royalties $444m (3%). Roughly 76% of the total is recurring or recurring variable. Within Ratings, the FY2025 split was $2,470m transaction and $2,254m non-transaction; in Q2 2026 transaction revenue grew 25% year on year against 8% for non-transaction.

What protects it. Three separable moats. The first is regulatory: NRSRO registration is a licensed barrier, and issuers of large debt programmes generally need two ratings, which in practice means S&P and Moody's. The second is the index franchise, where S&P Dow Jones Indices is the number one global provider by ETF-linked assets and ranked first in flow capture in Q2 2026 — index licences are priced off assets under management, so the revenue compounds with market levels and passive flows without incremental cost. The third is data network effects: ratings content feeds RatingsXpress and RatingsDirect inside Market Intelligence at a $200m internal transfer price, Platts assessments are written directly into physical commodity contracts, and Kensho APIs are being embedded in customer AI workflows.

Profitability and diversification. FY2025 GAAP operating margin was 42.2% and adjusted operating margin 50.4%; Q2 2026 GAAP margin was 47.8% with a pro forma adjusted margin of 54.3%. Revenue splits 61% United States and 39% international, with no foreign country representing more than 7% of consolidated revenue, and no single customer above 10%.

5. Financial Health

All figures are from S&P Global's own earnings releases, SEC filings and XBRL data. The fiscal year ends 31 December. Revenue and EPS are shown as originally reported, including Mobility.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$8,297m	+11.5%	$12.51	$13.70	$3.08	$4,114m
FY2022	$11,181m	+34.8% †	$10.20	$11.19 †	$3.32	$10,730m
FY2023	$12,497m	+11.8%	$8.23	$12.60	$3.60	$11,412m
FY2024	$14,208m	+13.7%	$12.35	$15.70	$3.64	$11,394m
FY2025	$15,336m	+7.9%	$14.66	$17.83	$3.84	$12,370m

† FY2022 contains a major discontinuity. The IHS Markit merger completed on 28 February 2022, so GAAP figures include IHS Markit for only ten months and the diluted share count jumped from 241.8 million to 318.5 million as stock was issued to fund it. On the company's own non-GAAP pro forma basis, as if the merger had closed on 1 January 2021, FY2022 adjusted revenue actually declined 4% and the $11.19 adjusted EPS was down 4%. There is no directly comparable as-reported adjusted EPS for FY2022. Long-term debt is the non-current balance sheet line item of that name; FY2025 total debt was $13,088m of which $718m was short-term including current maturities.

Recast note: on 6 July 2026 S&P Global filed pro forma statements reclassifying Mobility as discontinued operations for FY2023 to FY2025. On that basis FY2023 revenue was $11,013m and GAAP EPS $7.43; FY2024 revenue $12,599m and GAAP EPS $11.44; FY2025 revenue $13,589m, GAAP EPS $13.74 and adjusted EPS $15.85. FY2021 and FY2022 were not recast. The table above therefore uses the as-reported basis throughout for internal consistency.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q2 2026	$4,146m	$4.83 ‡	$4.12
Q1 2026	$4,171m	$4.97	$4.69
Q4 2025	$3,916m	$4.30	$3.75
Q3 2025	$3,888m	$4.73	$3.86
FY2025 total	$15,336m	$17.83	$14.66

‡ The Q2 2026 adjusted EPS of $4.83 is presented by the company on a pro forma non-GAAP basis excluding Mobility; pro forma revenue for the quarter was $3,678m and pro forma GAAP diluted EPS $4.08. GAAP revenue and GAAP EPS in the table remain on the as-reported basis, which still consolidates Mobility.

Cash flow and balance sheet detail: FY2025 net cash provided by operating activities was $5,651m against capital expenditure of $195m, with depreciation of $110m plus amortisation of intangibles of $1,069m, and GAAP operating profit of $6,478m. Company-defined free cash flow was $5,135m and adjusted free cash flow $5,481m; $6.2bn was returned to shareholders in 2025, equal to 113% of adjusted free cash flow. At 30 June 2026 long-term debt was $12,598m, short-term debt $2,572m, cash and equivalents including restricted cash $4,141m, total assets $62,906m, total equity $31,616m and redeemable non-controlling interests $5,024m. Management's FY2026 guidance issued on 28 July 2026, which excludes Mobility, is organic constant-currency revenue growth of 6.0% to 8.0%, GAAP diluted EPS of $16.35 to $16.60, adjusted diluted EPS of $17.50 to $17.75, capital expenditure of $190m to $210m and a tax rate of 22% to 23%.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	$121.44bn (294.8 million shares at $411.93, the close of 31 July 2026)
Trailing P/E (GAAP)	25.1x (share price $411.93 divided by trailing twelve-month GAAP diluted EPS of $16.42, being Q3 2025 $3.86 plus Q4 2025 $3.75 plus Q1 2026 $4.69 plus Q2 2026 $4.12). Note this trailing figure includes roughly $456m of pre-tax disposal gains and still contains Mobility
P/E (forward)	23.4x on the company's own FY2026 adjusted diluted EPS guidance midpoint of $17.625, and 25.0x on the FY2026 GAAP guidance midpoint of $16.475. These are management's published guidance ranges, not analyst estimates
P/S (TTM)	7.5x (market cap $121,437m divided by trailing twelve-month revenue of $16,121m as reported). On pro forma revenue excluding Mobility of $14,310m the multiple is 8.5x
EV/EBITDA (TTM)	15.8x (enterprise value $132,466m divided by trailing twelve-month EBITDA of approximately $8,369m; EBITDA = trailing operating profit of $7,163m plus depreciation and amortisation of $1,206m from the cash flow statement). Trailing operating profit includes approximately $456m of disposal gains; excluding those, the multiple is approximately 16.7x
P/FCF	23.1x (market cap $121,437m divided by company-defined trailing twelve-month free cash flow of $5,258m). On operating cash flow less capital expenditure of $5,573m the multiple is 21.8x. FY2025 free cash flow was $5,135m, being operating cash flow $5,651m less capital expenditure $195m less distributions to non-controlling interest holders $321m
Enterprise value	$132.47bn (market cap $121,437m plus long-term debt $12,598m plus short-term debt $2,572m less cash, equivalents and restricted cash $4,141m, all per the 30 June 2026 balance sheet). Including redeemable non-controlling interests of $5,024m, principally CME Group's economic interest in S&P Dow Jones Indices and the Crisil minority, gives approximately $137.5bn
52-week high	$547.82 (14 August 2025), on a basis adjusted for the Mobility distribution. The unadjusted traded high was approximately $579
52-week low	$361.03 (12 February 2026), on a basis adjusted for the Mobility distribution. The unadjusted traded low was approximately $382. The post-spin traded range from 1 to 31 July 2026 was $397.00 to $462.02
Short interest (% of float)	1.71% of float. A corroborating but older reading, on a 30 September 2025 record date, showed 3.09 million shares short at 1.01% of shares outstanding. Short interest is immaterially low on either measure
Days to cover	1.99 days (2.3 days on the older 30 September 2025 record-date reading)
Dividend yield	0.94% ($3.88 annualised at $411.93). Payout on the FY2026 adjusted EPS guidance midpoint is approximately 22%

Price action and technical levels for SPGI and its peers can be followed on the ChartsView Live Charts page.

7. What Are They Building

A narrower, higher-margin company. The Mobility separation, announced 29 April 2025 and completed 1 July 2026, removed the lowest-multiple and most industrially exposed asset — $1,747m of FY2025 revenue at $378m of operating profit. Pro forma FY2025 adjusted operating margin excluding Mobility was 51.3% against 50.4% as reported, and 2026 guidance targets 35 to 60 basis points of further adjusted margin expansion, or 75 to 100 basis points excluding the drag from the OSTTRA disposal.

Kensho and agentic AI, the biggest strategic push. From Q3 2026 Market Intelligence is reorganised into Kensho Data and Platforms, with trailing revenue of $3.0bn at 30 June 2026, and Enterprise Solutions at $1.9bn — a change announced on 6 July 2026 explicitly to accelerate agentic solutions. The hard metrics disclosed for Q2 2026 are 500-plus active and trialling LLM-Ready API customers, up more than 70% quarter on quarter, API call volume at 5.4 times Q1 2026 levels, and annualised contract value growth among AI clients running 1.6 times non-AI clients in Market Intelligence and 3.0 times in Energy. Adaptive Retrieval, launched 21 July 2026, lets customer AI agents assemble licensed S&P Global data through natural-language queries.

Private markets data. The $1.8bn acquisition of With Intelligence completed on 25 November 2025, expected to add roughly $130m of revenue with high-teens organic contract value growth. Its datasets were integrated into S&P Capital IQ Pro in July 2026. Private Market Solutions revenue was $169m in Q4 2025, up 16% year on year.

Index expansion. ETF assets linked to S&P Dow Jones Indices reached $6,350bn at 30 June 2026. The 2026 plan assumes low-teens equity market appreciation and low-teens exchange-traded derivative volume growth; average daily derivative volumes rose 19% and related revenue 22% in Q2 2026. The Investor Day medium-term target for Indices is 10 to 12% organic constant-currency growth, the fastest of the four divisions.

New products and cost. The Vitality Index, measuring revenue from new or enhanced products, ran at 12% in Q4 2025 on $470m of Vitality revenue, against a stated floor of 10%. Approximately 60% of a $100m cost savings programme targeted for 2027 had been achieved as at Q2 2026. Group medium-term targets set at the 13 November 2025 Investor Day are 7 to 9% organic constant-currency revenue growth, 50 to 75 basis points of annual adjusted margin expansion, double-digit adjusted EPS growth, and a capital return framework of approximately 85% of adjusted free cash flow.

8. Peer Comparison

Peer	Market cap (August 2026)	Key 2025 metric
Moody's Corporation (NYSE: MCO)	$82.85bn	FY2025 revenue $7.7bn, up 9%; GAAP diluted EPS $13.67 (+21%), adjusted $14.94 (+20%); Moody's Investors Service $4.1bn, Moody's Analytics $3.6bn (per Moody's Q4 2025 earnings release)
MSCI Inc. (NYSE: MSCI)	$41.60bn	FY2025 operating revenues $3,134.5m, up 9.7%; adjusted EBITDA $1,906.5m at a 60.8% margin; operating margin 54.7% (per MSCI FY2025 Form 10-K)
FactSet Research Systems (NYSE: FDS)	$9.36bn	Fiscal 2025 GAAP revenues $2,321.7m, up 5.4%, for the year ended 31 August 2025; short interest 16.25% of float on 5.01 days to cover, the highest in this peer group (per FactSet results release)
London Stock Exchange Group (LSE: LSEG.L)	Approximately £40.89bn (roughly $54bn)	FY2025 total income excluding recoveries £8,986m, up 5.8% reported and 7.1% organic constant currency; adjusted EPS 420.6p, up 15.7% (per LSEG 2025 preliminary results)
Mobility Global Inc. (NYSE: MBGL)	$6.01bn	The business spun out of S&P Global on 1 July 2026: approximately $1.75bn of annual revenue, adjusted EBITDA margins in the 40% range, over 80% subscription revenue (per the separation completion release)

At $121.44bn S&P Global is larger than Moody's, MSCI and FactSet combined. In ratings specifically, S&P Global Ratings' FY2025 revenue of $4,724m compares with Moody's Investors Service at approximately $4.1bn, making S&P the larger of the two NRSRO duopolists.

9. Insider Activity

President and Chief Executive Officer Martina Cheung bought S&P Global stock in the open market on 29 April 2026, and she was not alone. The notable feature of calendar 2026 is a cluster of unplanned open-market purchases by four separate insiders — the CEO, two directors and the CEO of S&P Dow Jones Indices — totalling approximately $2.6 million between 11 February and 1 May 2026, immediately after the shares fell roughly 20% on the 10 February 2026 fourth-quarter print. Against that, there were no discretionary open-market sales by any insider during 2026; every disposition recorded was a code "F" withholding of shares to settle tax on vesting equity. None of the Form 4 filings examined carried a Rule 10b5-1 plan designation.

Name	Date	Type	Shares	Price	Value	Plan Type
Hubert Joly (Director)	11 Feb 2026	Buy	2,500	$398.98	$997,367	Open market
Martina Cheung (President and CEO)	29 Apr 2026	Buy	2,322	$429.93	$998,297	Open market
Robert Edward Moritz Jr. (Director)	30 Apr 2026	Buy	1,152	$434.03	$500,000	Open market
Catherine R. Clay (CEO, S&P Dow Jones Indices)	01 May 2026	Buy	2,500	$431.39	$1,078,475	Open market
Martina Cheung (President and CEO)	24 Feb 2026	Sell	6,266	$418.27	$2,620,880	Tax withholding on vesting
Saugata Saha (President, Market Intelligence)	24 Feb 2026	Sell	3,849	$418.27	$1,610,141	Tax withholding on vesting
Steven J. Kemps (EVP, Chief Legal Officer)	24 Feb 2026	Sell	2,939	$418.27	$1,229,296	Tax withholding on vesting
Sally Moore (EVP, Chief Client Officer)	24 Feb 2026	Sell	1,775	$418.27	$742,429	Tax withholding on vesting
Yann Le Pallec (President, S&P Global Ratings)	24 Feb 2026	Sell	902	$418.27	$377,280	Tax withholding on vesting
Eric W. Aboaf (EVP, Chief Financial Officer)	01 Mar 2026	Sell	479	$441.88	$211,660	Tax withholding on vesting
Christopher Craig (SVP and Controller)	01 Apr 2026	Sell	756	$425.17	$321,429	Tax withholding on vesting

10. Key Risks

• Debt issuance cyclicality: approximately 21% of FY2025 revenue, or $3,144m, is transaction revenue levered directly to gross debt issuance, and it sits inside Ratings, which contributes 43% of adjusted operating profit on 34% of revenue. The 2026 plan assumes only low to mid single-digit billed issuance growth off a $4,327bn 2025 base, and management credits 2025's strength to credit spreads finishing the year below historical averages. Spread widening reverses this quickly.
• AI disintermediation of the data business: the company's own Q2 2026 slides name "some customers looking to build in-house solutions with S&P Global data in lieu of reliance on third party platforms" and customers "increasingly focused on their token expense, with higher expectations for ROI on AI investments". Market Intelligence, the most exposed division, grows around 6% on a 33% adjusted margin.
• Separation execution and stranded costs: stranded Mobility costs are allocated at division level, offset only partially by transition services agreement income of $6m in Q2 2026 and $13m in the first half. The company states that its discontinued-operations estimates are preliminary and could change as the accounting is finalised in the Q3 2026 Form 10-Q and the annual report, and it lists loss of synergies from separating the businesses among its forward-looking risks.
• Tax-free spin qualification: a named risk factor is the ability of the Mobility separation to qualify for tax-free treatment for US federal income tax purposes. Retrospective disqualification would carry a material tax cost.
• Regulatory and litigation exposure: Ratings operates under SEC NRSRO registration, the Dodd-Frank Act, the Exchange Act and an EU and UK regime the Form 10-K describes as continuously evolving. The filing states the company and its subsidiaries "are defendants in numerous legal proceedings and are often the subject of government and regulatory proceedings, investigations and inquiries", many relating to Ratings, Indices and Energy. Ratings incurred $42m of legal costs in FY2025.
• Leadership churn at a critical moment: three senior departures inside twelve weeks. Saugata Saha, President of Market Intelligence and Chief Enterprise Data Officer, notified departure on 19 May 2026 effective 30 July 2026; Steven Kemps, EVP and Chief Legal Officer, notified retirement on 1 July 2026 effective 31 December 2026; and Mark Eramo, Co-President of Commodity Insights, retired in October 2025. This coincides with the restructuring of Market Intelligence into two new verticals.
• Earnings quality and goodwill: goodwill and other intangibles net stood at $52,043m at 30 June 2026 against total assets of $62,906m and total equity of $31,616m, a direct legacy of the IHS Markit merger. Deal-related amortisation is guided at approximately $785m for FY2026, and trailing GAAP earnings have been flattered by roughly $456m of disposal gains across the last three quarters.
• Competition and vendor budget consolidation: Market Intelligence's own disclosed headwinds include vendor consolidation and optimisation of customer budgets, multiple mature platforms, and select sub-scale products. Moody's Analytics is growing at around 9% against Market Intelligence at 6 to 7%, while LSEG, MSCI and privately held Bloomberg all compete directly.
• Sanctions and geopolitical exposure: Energy revenue was explicitly hurt in FY2025 by a negative impact related to government sanctions on select customers, and the company files a quarterly Iran Notice with the SEC, most recently on 28 July 2026.

11. Recent Developments

• 10 Oct 2025 — OSTTRA sale to KKR completes. S&P Global and CME Group completed the sale of their 50/50 post-trade joint venture at a $3.1bn total enterprise value, split evenly. The loss of OSTTRA equity income is why 2026 guidance carries a separate margin line excluding OSTTRA.
• 13 Nov 2025 — Investor Day and a new 30 million share buyback authorisation. New medium-term targets of 7 to 9% organic constant-currency revenue growth, 50 to 75 basis points of annual adjusted margin expansion and double-digit adjusted EPS growth, all excluding Mobility. Commodity Insights was renamed S&P Global Energy, and the Board authorised a new repurchase programme on top of a $2.5bn accelerated share repurchase launched in Q4 2025.
• 25 Nov 2025 — With Intelligence acquired for $1.8bn. Bought from a group led by Motive Partners, expected to contribute approximately $130m of revenue with high-teens organic contract value growth, establishing a position in private-markets data and analytics.
• 14 Jan 2026 — Dividend raised 1.0% to $0.97 per quarter. The 53rd consecutive annual increase. S&P Global has paid a dividend every year since 1937 and is one of fewer than thirty S&P 500 companies with more than fifty consecutive years of increases.
• 10 Feb 2026 — FY2025 results, and the shares fall hard. Full-year revenue of $15,336m (+8%), GAAP diluted EPS of $14.66 (+19%) and adjusted diluted EPS of $17.83 (+14%), with $6.2bn returned to shareholders, equal to 113% of adjusted free cash flow. Fourth-quarter adjusted EPS of $4.30 came in short of market expectations and the stock hit a 52-week low of $361.03 on 12 February. Directors and executives then bought stock in the open market.
• 24 Apr 2026 — Agreement to divest the Energy geoscience and petroleum-engineering software portfolio. Part of the Upstream software business, expected to close in the second half of 2026 or early 2027, carried as $120m of assets held for sale at 30 June 2026.
• 21 May 2026 — Board approves the Mobility separation. Record date 15 June 2026, distribution effective at 12:01am New York time on 1 July 2026, one Mobility Global share for every S&P Global share held.
• 01 Jul 2026 — Mobility separation completes. Mobility Global Inc. began regular-way trading on the NYSE under the ticker MBGL. Cheung described it as reflecting "the extraordinary work and dedication of the S&P Global and Mobility Global teams over the past 15 months".
• 06 Jul 2026 — Recast financials and a new Market Intelligence operating model. Pro forma statements published for FY2023 to FY2025 and for 2025 quarters plus Q1 2026; Market Intelligence reorganised into Kensho Data and Platforms and Enterprise Solutions to accelerate agentic solutions; and the retirement of the Chief Legal Officer effective 31 December 2026 disclosed.
• 28 Jul 2026 — Q2 2026 results, first GAAP guidance, and a larger buyback. Revenue of $4,146m (+10%), GAAP diluted EPS of $4.12 (+18%) and pro forma adjusted diluted EPS of $4.83 (+23%), though adjusted EPS again arrived below market expectations and the shares fell around 5% intraday. First-ever GAAP EPS guidance of $16.35 to $16.60 was issued alongside adjusted guidance of $17.50 to $17.75, and the 2026 buyback target was lifted to more than $7bn. Agreements were announced to acquire datacenterHawk and a majority stake in Nigerian rating agency Agusto & Co.

12. Key Dates to Watch

• 26 Aug 2026 — ex-dividend and record date for the third-quarter dividend of $0.97 per share, declared 22 June 2026.
• 28 Aug 2026 — Q2 2026 conference call replay availability ends.
• 10 Sep 2026 — payment date for the $0.97 third-quarter dividend.
• Expected Sep 2026 — Board declaration of the fourth-quarter 2026 dividend. The third-quarter dividend was declared on 22 June 2026.
• Expected Oct 2026 — Q3 2026 earnings release. No date had been published as at 1 August 2026; Q3 2025 was reported on 30 October 2025 and Q3 2024 on 24 October 2024. This will be the first quarter reported entirely without Mobility on either a GAAP or an adjusted basis, and the quarter in which discontinued-operations accounting is finalised.
• Expected H2 2026 — completion of the datacenterHawk acquisition, announced 28 July 2026.
• Expected H2 2026 — completion of the majority-stake acquisition of Agusto & Co., announced 28 July 2026.
• Expected H2 2026 — completion of the Energy geoscience and petroleum-engineering software divestiture, which may slip into early 2027.
• 31 Dec 2026 — retirement of Steven Kemps as EVP and Chief Legal Officer; a successor search is under way.
• Expected Jan 2027 — the next annual dividend increase decision, which would be the 54th consecutive rise. The 2026 increase was declared on 14 January 2026.
• Expected Feb 2027 — FY2026 results and FY2027 guidance. FY2025 results were reported on 10 February 2026.
• TBC — next Investor Day. The last was held on 13 November 2025 and no successor date has been published.

Scheduled macro releases that drive debt issuance volumes and index levels are listed on the ChartsView Economic Calendar, and company-specific discussion is on the ChartsView Forum.

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