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.
