New York, NY, July 28, 2026 – S&P Global (NYSE: SPGI) today reported second quarter results. This earnings release and supplemental materials are available at https://investor.spglobal.com/Quarterly-Earnings.
Read the complete report here.
- The Company reported pro forma revenue of $3.678 billion, which increased 11% year over year.
- Pro forma operating margin increased 410 basis points and adjusted operating margin increased 200 basis points, driving 26% growth in pro forma diluted EPS and 23% growth in adjusted diluted EPS, respectively, year over year.
- In the second quarter, the Company repurchased $500 million in shares, and has repurchased $1.5 billion in shares year-to-date. The Company now expects to repurchase more than $7 billion in shares in total in 2026.
- 2026 guidance calls for revenue growth of 5.9% to 7.9%, and organic constant currency growth of 6.0% to 8.0%, both excluding Mobility.
The Company reported second-quarter 2026 GAAP revenue of $4.146 billion, an increase of 10% compared to the second quarter of 2025. Second quarter GAAP operating profit increased 17% to $1.812 billion, GAAP net income increased 14% to $1.217 billion and GAAP diluted earnings per share increased 18% to $4.12. To exclude the impact of Mobility, the Company reported on a pro forma basis that revenue increased 11% to $3.678 billion, operating profit increased 21% to $1.757 billion, and net income increased 22% to $1.205 billion, with diluted earnings per share increasing 26% to $4.08.
The Company completed the spin-off of its Mobility division, creating an independent public company, Mobility Global (NYSE: MBGL), on July 1, 2026. In a press release dated July 6, 2026, the Company provided pro forma and recast financial results for the four quarters of 2025, full-year 2025, and the first quarter of 2026, which exclude Mobility and reflect updated division composition and expense allocation methodologies.
Pro forma revenue below refers to Article 11 pro forma revenue on a consolidated basis; GAAP revenue for Ratings and Indices; and adjusted (as recast) revenue for Energy and Market Intelligence to reflect updated division composition. Adjusted operating profit, adjusted operating margin, adjusted expenses, and adjusted diluted EPS are presented on a pro forma non-GAAP adjusted basis for consolidated results. In the second quarter, adjusted operating profit increased 15% to $1.998 billion, and adjusted diluted EPS increased 23% to $4.83.
“We delivered another strong quarter, with record results in two of our benchmark businesses – Ratings and Indices – and we successfully launched Mobility Global on July 1, as an independent, public company.
Post spin, we have a sharper focus on our four core divisions, having also made organizational changes in Market Intelligence and combined our supply chain products within our Energy division. Additionally, we have seen continued rapid adoption and expansion of our AI solutions.
All of this, along with the dedication and talent of our employees, positions us well for increasingly profitable long-term growth.”
Martina Cheung, President and CEO
Note: Revenue figures reflect intersegment eliminations of $49M and $53M in 2Q ’25 and 2Q ’26, respectively. Adjusted revenue includes the impact of business transfers in Market Intelligence and Energy, as reflected in Exhibit 6. Consolidated revenue refers to Article 11 pro forma revenue. See Exhibit 5 for reported Article 11 pro forma revenues.
Note: To exclude Mobility, and reflect the Company’s other non-GAAP adjustments, adjusted results refer to pro forma revenue, as reflected in Exhibit 5, and pro forma non GAAP adjusted expenses, operating profit, and operating margin, each as reflected in Exhibit 6.
The Company’s second-quarter reported operating profit margin increased by 410 basis points to 47.8%, and adjusted operating profit margin increased 200 basis points to 54.3%. Margin improvement on both a GAAP and adjusted basis was driven primarily by growth and margin expansion in the Company’s Ratings, Indices, and Market Intelligence divisions.
On a pro forma basis, second quarter diluted earnings per share increased 26% to $4.08 primarily due to a 22% increase in net income, and a 3% reduction in diluted shares outstanding.
On a pro forma non-GAAP adjusted basis, diluted earnings per share increased 23% to $4.83 due to a 19% increase in adjusted net income and a 3% reduction in diluted shares outstanding. Currency positively impacted both pro forma and pro forma non-GAAP adjusted diluted EPS by $0.03.
The largest non-core adjustment to earnings in the second quarter of 2026 was for deal-related amortization.
Effective July 1, 2026, the operations of Mobility will qualify as discontinued operations for the full year 2026 results. GAAP financial guidance in the table above refers to expected results from continuing operations for the full year 2026.
Adjusted financial guidance in the table above refers to non-GAAP adjusted results and is projected against the pro forma non-GAAP adjusted financials for the full year 2025 that the Company provided in a press release dated July 6, 2026.
Current adjusted financial guidance is not directly comparable to prior guidance. Prior adjusted financial guidance assumed a full-year contribution from Mobility. Prior to this release, the Company had not previously provided GAAP guidance for 2026.
Non-GAAP adjusted guidance excludes amortization of intangibles related to acquisitions, and acquisition and disposition-related costs.
As previously announced, the Board of Directors has authorized a quarterly cash dividend of $0.97.
Supplemental Information/Conference Call/Webcast Details: The Company’s senior management will review the second quarter 2026 earnings results on a conference call scheduled for today, July 28, 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 https://investor.spglobal.com/Quarterly-Earnings.
The Webcast will be available live and in replay at https://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 August 28, 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.
Read the complete report here.
Source: spglobal.com
