S&P Global Lifts Profit as Ratings, Indices Drive Growth
Adjusted earnings rose 23% to $4.83 a share as margins widened.
S&P Global Inc. (SPGI), the financial-data and ratings provider, posted faster profit growth in the second quarter as Ratings and Indices strengthened and operating margins expanded.
The quarter marked S&P Global’s transition following the July 1 separation of Mobility Global. Excluding that business, pro forma revenue rose 11% to $3.678 billion, while operating profit increased 21% and net income advanced 22%.
GAAP revenue rose 10% from a year earlier to $4.146 billion, operating profit climbed 17% to $1.812 billion and diluted earnings increased 18% to $4.12 a share. Revenue slipped about 1% sequentially, while operating profit fell about 9% from a first quarter that included a large disposition gain.
Profitability improved across the continuing operations. Pro forma operating margin widened 410 basis points to 47.8%, while adjusted operating margin expanded 200 basis points to 54.3%, primarily reflecting gains in Ratings, Indices and Market Intelligence. A 3% reduction in diluted shares also supported earnings growth.
Ratings supplied the largest growth contribution, with revenue rising 17% to $1.339 billion and operating profit climbing 28% to $913 million as expenses declined. Indices grew faster, lifting revenue 20% to $534 million and operating profit 21% to $373 million despite higher expenses.
Energy remained the slowest-growing continuing division. Revenue increased 2% to $568 million and operating profit was unchanged at $233 million, while both measures declined sequentially. Market Intelligence revenue rose 6%, though its reported operating profit fell about 33% from the first quarter because that period included a $172 million disposition gain.
S&P Global now expects continuing-operations revenue growth of 5.9% to 7.9% in 2026, adjusted margin expansion of 35 to 60 basis points and adjusted earnings of $17.50 to $17.75 a share. The company said the post-spin forecast isn’t directly comparable with its previous outlook, which included Mobility.
The company reorganized its continuing divisions after the separation and recorded new disposition, severance and impairment costs during the quarter. It now expects to repurchase more than $7 billion of shares in 2026 after buying back $1.5 billion during the first half.