S&P Global delivered another quarter of broad-based growth as debt issuance activity kept the Ratings engine running hot and Indices gathered an accelerating stream of passive-investment fees. Revenue rose 10.4% to $4,146 million in the three months ended June 30, 2026, operating income expanded 16.8% to $1,812 million, and adjusted diluted EPS jumped 23.2% to $4.83 — well ahead of where the company stood a year ago and sufficient to prompt a further increase to full-year earnings guidance. The results also close the book on Mobility: the automotive-data segment formally separated from S&P Global effective July 1, 2026, so this is the last quarterly report in which five segments appear side by side.
1. Income Statement Summary
1-1. Revenue, Operating Income, and EPS
| Metric | Q2 2025 | Q2 2026 | YoY Change |
|---|---|---|---|
| Revenue | $3,755M | $4,146M | +10.4% |
| Operating Income | $1,551M | $1,812M | +16.8% |
| Net Income (attributable to SPGI) | $1,072M | $1,217M | +13.5% |
| GAAP Diluted EPS | $3.50 | $4.12 | +17.7% |
| Adjusted Diluted EPS (non-GAAP) | $3.92 | $4.83 | +23.2% |
| Diluted Shares Outstanding | 306.1M | 295.5M | -3.5% |
Half-year results reinforce the trend: H1 2026 revenue reached $8,318 million (+10.4%), H1 operating income $3,814 million (+21.9%), and H1 adjusted EPS $9.27 (+18.5%).
The gap between GAAP EPS growth (+17.7%) and adjusted EPS growth (+23.2%) reflects the exclusion of acquisition-related amortization, restructuring costs, and certain other items from the non-GAAP figure. Share count has fallen 3.5% year-over-year to 295.5 million diluted shares, providing roughly half of the EPS outperformance over net-income growth.
2. Segment Performance
2-1. Revenue by Segment
| Segment | Q2 2025 Revenue | Q2 2026 Revenue | YoY | H1 2026 | H1 YoY |
|---|---|---|---|---|---|
| Ratings | $1,148M | $1,339M | +17% | $2,641M | +15% |
| Market Intelligence | $1,217M | $1,290M | +6% | $2,586M | +7% |
| Commodity Insights | $555M | $568M | +2% | $1,221M | +5% |
| Mobility | $438M | $468M | +7% | $921M | +7% |
| Indices | $446M | $534M | +20% | $1,053M | +18% |
2-2. Segment Operating Profit and Margin
| Segment | Q2 2025 Profit | Q2 2026 Profit | YoY | Q2 2026 Margin | Q2 2025 Margin |
|---|---|---|---|---|---|
| Ratings | $715M | $913M | +28% | 68% | 62% |
| Indices | $309M | $373M | +21% | 70% | 69% |
| Commodity Insights | $233M | $233M | flat | 41% | 42% |
| Market Intelligence | $259M | $293M | +13% | 23% | 21% |
Ratings delivered the sharpest profit improvement: a 28% jump in operating income on 17% revenue growth pushed the margin from 62% to 68%. Global debt issuance remained strong, driven by refinancing activity and continued corporate-bond supply. Investment-grade and high-yield issuance both contributed.
Indices — the segment that houses the S&P 500 and Dow Jones licensing franchises — posted the fastest top-line growth (+20%) and the highest margin (70%). Assets under management benchmarked to S&P Dow Jones indices grow with equity markets, and equity markets in the first half of 2026 were broadly positive. Fee rates on exchange-traded products linked to S&P benchmarks also held firm.
Market Intelligence showed the largest H1 margin improvement (20% → 28%) owing partly to cost efficiencies on the subscription base. The segment, which provides credit ratings data, financial analytics, and desktop platforms to buy-side and sell-side clients, grew revenue 6% in Q2 and 7% for the half.
Commodity Insights (the renamed Platts energy and commodities information business) grew revenue just 2% in Q2 and posted flat operating profit year-over-year. The segment has seen modest organic subscription growth but faces tougher comparisons and softer energy-price volatility that can dampen transactional revenue.
Mobility, SPGI's last quarter as a consolidated segment, contributed $468 million (+7%) in revenue. The automotive data and solutions business — sold to a new standalone entity effective July 1, 2026 — served as a steady cash contributor while the separation was arranged.
3. Mobility Separation
The formal separation of the Mobility segment, completed July 1, 2026, is the most consequential structural event in this reporting period. The business — acquired as part of the IHS Markit merger in 2022 — covers vehicle registration data, aftermarket analytics, and dealer inventory solutions. S&P Global management concluded that Mobility's strategic focus on the automotive supply chain differed sufficiently from the core financial-information and analytics franchises to justify a standalone structure.
The Q2 balance sheet reflects preparation for the separation: cash on hand surged from $1,745 million at December 31, 2025 to $4,134 million at June 30, 2026 — an increase of $2,389 million. This likely includes proceeds from capital raises or inter-entity settlements tied to the spin-off. Beginning in Q3 2026, S&P Global will report under a four-segment structure: Ratings, Market Intelligence, Commodity Insights, and Indices.
4. Balance Sheet and Capital Allocation
4-1. Key Balance Sheet Items (June 30, 2026)
| Item | Dec 31, 2025 | Jun 30, 2026 | Change |
|---|---|---|---|
| Cash and Equivalents | $1,745M | $4,134M | +$2,389M |
| Short-Term Debt | — | $2,572M | — |
| Long-Term Debt | $12,370M | $12,598M | +$228M |
| Total Debt | — | $15,170M | — |
4-2. Capital Return
| Activity | H1 2025 | H1 2026 | Full-Year 2026 Target |
|---|---|---|---|
| Share Repurchases | $1,314M | $1,517M | >$7,000M |
| Dividend per Share | $1.92 | $1.94 | — |
Share repurchases totaled $500 million in Q2 alone and $1,517 million for H1. At the pace of H1 buybacks, the >$7 billion annual target implies a sharp acceleration in the second half — consistent with management commentary that share count reduction is a principal capital-allocation priority.
Free cash flow generation supports that ambition. Operating cash flow for H1 2026 reached $2,476 million against capital expenditures of just $65 million, implying H1 free cash flow approaching $2,411 million.
5. Full-Year 2026 Guidance
| Metric | FY2026 Guidance (Updated July 28, 2026) |
|---|---|
| Organic Revenue Growth (constant currency) | 5.9% – 7.9% |
| GAAP Diluted EPS | $16.35 – $16.60 |
| Adjusted Diluted EPS (non-GAAP) | $17.50 – $17.75 |
| GAAP Operating Margin Expansion | +335 to +360 bps YoY |
| Capital Expenditures | $190M – $210M |
| Net Interest Expense | $365M – $385M |
The adjusted EPS range of $17.50–$17.75 sits well above the midpoint of prior guidance. With H1 adjusted EPS already at $9.27, the company needs $8.23–$8.48 in the second half to meet the range — implying roughly flat-to-slightly-higher H2 compared with H1, which seems conservative given that Q3 and Q4 seasonally benefit from year-end refinancing pipelines in the Ratings business.
6. Investment Considerations
Thesis Support. The combination of Ratings leverage to debt issuance and Indices leverage to passive-investment AUM creates a natural exposure to financial-market activity. Both were favorable in H1 2026. The ongoing share buyback ($7B-plus annual target at a 10–11× sales multiple on 295M shares outstanding) continues to reduce share count and support per-share earnings growth even in quarters where aggregate net income is merely in-line.
Risks to Monitor. Credit-market activity is procyclical: a sudden widening in investment-grade or high-yield spreads would suppress new issuance and cut Ratings transaction revenue quickly. Market Intelligence's 23% operating margin is the lowest among reportable segments and leaves limited room for revenue shortfalls. The Commodity Insights segment posted flat operating profit year-over-year in Q2, suggesting incremental pricing power may be reaching a ceiling in the energy-data market. The Mobility separation removes a diversifying revenue stream even as it narrows SPGI's strategic focus.
Post-Separation Structure. As of Q3 2026, investors will assess S&P Global on four segments. Ratings and Indices together generated 87% of combined Q2 segment operating profit — roughly $1.286 billion of $1.812 billion total. The market will increasingly price SPGI as a two-engine company in which debt issuance and equity benchmarking volumes determine the trajectory.
Sources: S&P Global Inc. Form 10-Q for the period ended June 30, 2026 (SEC EDGAR, filed July 28, 2026, accession 0000064040-26-000045); S&P Global Q2 2026 Earnings Press Release, Form 8-K filed July 28, 2026 (accession 0000064040-26-000040).