Published
{
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"revenue": 16122000000,
"operating_related_expenses": 4691000000,
"selling_and_general_expenses": 3524000000,
"depreciation": 123000000,
"amortization_of_intangibles": 1083000000,
"total_expenses": 9421000000,
"gain_loss_on_dispositions_net": -456000000,
"equity_in_income_on_unconsolidated_subsidiaries": -6000000,
"operating_profit": 7163000000,
"other_income_expense_net": -19000000,
"interest_expense_net": 315000000,
"income_before_taxes_on_income": 6867000000,
"provision_for_taxes_on_income": 1550000000,
"net_income": 5317000000,
"net_income_attributable_to_noncontrolling_interests": -394000000,
"net_income_attributable_to_sp_global": 4923000000
},
"cash_flow": {
"net_income": 5317000000,
"depreciation": 123000000,
"amortization_of_intangibles": 1083000000,
"stock_based_compensation": 239000000,
"operating_cash_flow": 5729000000,
"capital_expenditures": -156000000,
"acquisitions_net_of_cash_acquired": -2024000000,
"proceeds_from_dispositions": 1895000000,
"investing_cash_flow": -321000000,
"proceeds_from_issuance_of_senior_notes_net": 2979000000,
"dividends_paid_to_shareholders": -1156000000,
"distributions_to_noncontrolling_interest_holders": -315000000,
"repurchase_of_treasury_shares": -5200000000,
"financing_cash_flow": -3060000000,
"free_cash_flow": 5573000000
}
},
"notes": [
"Every figure comes from one of two filings: S&P Global's FY2025 Form 10-K for the year ended December 31, 2025 (accession 0000064040-26-000013), and its Form 10-Q for the quarter ended June 30, 2026 (accession 0000064040-26-000045). Both state amounts in millions; the figures here are converted to actual dollars, and share counts to actual shares.",
"S&P Global's income statement reports no cost of revenue and no gross profit, so this record carries neither. Operating profit is the first margin the statements strike, after operating-related expenses, selling and general expenses, depreciation and amortization of intangibles.",
"Sign convention, kept exactly as the statements print it: the net gain or loss on dispositions, equity in income on unconsolidated subsidiaries, and other (income) expense, net are shown as deductions in arriving at operating profit and pre-tax income, so a gain or an income item carries a negative sign. FY2023's positive $70 million on the dispositions line is therefore a net loss, and FY2025's negative $273 million is a net gain. The line for net income attributable to noncontrolling interests is likewise negative, because the statement deducts it from consolidated net income.",
"The 10-Q presents its cash flow statement for the six-month periods only, so no three-month cash-flow figures are reported for Q2 2026 or Q2 2025. Cash flow appears in the six-month block and in the trailing-twelve-month block instead.",
"Q2 2025 carries no balance sheet: the 10-Q's balance sheet columns are June 30, 2026 and December 31, 2025. FY2023 carries no balance sheet either: the 10-K presents balance sheets as of December 31, 2025 and 2024 only, while its income statement and cash flow statement cover three years.",
"The trailing-twelve-month block covers July 1, 2025 through June 30, 2026 and is derived by adding the six months ended June 30, 2026 to FY2025 and subtracting the six months ended June 30, 2025. It carries no per-share amount, because weighted-average share counts are not additive across periods.",
"Two figures in every period are derived rather than read off a line: free cash flow is operating cash flow less capital expenditures, and total debt is short-term debt plus long-term debt.",
"The two filings group a few balance-sheet items differently. The 10-K shows short-term investments ($56 million at December 31, 2025) and an asset for pension benefits ($254 million) on their own lines; the 10-Q folds the first into prepaid and other current assets and the second into other non-current assets. So other non-current assets of $895 million at June 30, 2026 includes the pension asset, while the $610 million shown for December 31, 2025 excludes it.",
"Segment revenue here is revenue from external customers, which sums to consolidated revenue; the segment note's alternative revenue measure adds intersegment revenue, which is then eliminated. Segment operating profit is before Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other income and expense, and interest expense, so the segments sum to more than consolidated operating profit.",
"On July 1, 2026 \u2014 the day after this quarter ended \u2014 S&P Global completed the separation of Mobility Global Inc., distributing one Mobility Global share for every S&P Global share to holders of record on June 15, 2026. Mobility's results are included in every period in this record, through June 30, 2026. The 10-Q states that beginning with the third quarter of 2026 Mobility's historical results through June 30, 2026 will be reported as discontinued operations for all periods, and that S&P Global's operations consist of four reportable segments from July 1, 2026: Ratings, Indices, Energy and Market Intelligence.",
"No stock split affects any figure here. S&P Global's issued share count is unchanged at 415 million shares at both June 30, 2026 and December 31, 2025, and the July 1, 2026 Mobility Global distribution was a separation of a subsidiary, not a split of S&P Global's own shares. No per-share amount has been restated, and no currency or depositary-share conversion applies: S&P Global reports in U.S. dollars and its common stock is a U.S. listing.",
"The outstanding share counts in this record are the ones the statements print, and they are smaller than issued shares less treasury shares. At December 31, 2025 the 10-K shows 415 million shares issued and 109 million shares in treasury \u2014 306.0 million \u2014 against 298.8 million reported as actually outstanding; at December 31, 2024 the same lines give 415 million less 100 million, or 315.0 million, against 307.8 million outstanding. The 7.2 million difference in each year is the outstanding shares held by the Markit Group Holdings Limited Employee Benefit Trust: the 10-K's cover page gives its January 30, 2026 count of 298.8 million shares as excluding 7.2 million such shares, and the 10-Q's cover page gives its July 24, 2026 count of 294.8 million on the same basis \u2014 the same figure the 10-Q's income statement prints as actual shares outstanding at June 30, 2026, which is the count this record carries."
],
"uncertainties": [
"Operating cash flow, capital expenditures and free cash flow cannot be stated for a single three-month period from these filings, because the 10-Q reports cash flows only for the six months. No quarterly cash-flow figure has been estimated.",
"Every trailing-twelve-month figure is arithmetic on reported periods rather than a column any filing prints, so it carries the rounding of the three underlying periods.",
"Because Mobility will be re-presented as a discontinued operation from the third quarter of 2026, the revenue, expense and profit figures in this record \u2014 all of which include Mobility \u2014 will not line up with the continuing-operations figures S&P Global's later filings show for the same periods."
],
"headline": {
"period": "Q2 FY2026",
"period_end_words": "June 30, 2026",
"metrics": [
{
"label": "Revenue",
"format": "usd",
"value": 4146000000,
"text": "$4.15 billion",
"exact": "$4,146,000,000",
"compact": "$4.15B",
"abs": "$4.15 billion",
"prior_value": 3755000000,
"prior": "$3.75 billion",
"priorabs": "$3.75 billion",
"yoy": "up 10.4%",
"source": {
"array": "quarterly",
"field": "income_statement.revenue",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000064040-26-000045",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000064040-26-000045",
"gap_days": 365
}
},
{
"label": "Net income",
"format": "usd",
"value": 1217000000,
"text": "$1.22 billion",
"exact": "$1,217,000,000",
"compact": "$1.22B",
"abs": "$1.22 billion",
"prior_value": 1072000000,
"prior": "$1.07 billion",
"priorabs": "$1.07 billion",
"yoy": "up 13.5%",
"source": {
"array": "quarterly",
"field": "income_statement.net_income_attributable_to_sp_global",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000064040-26-000045",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000064040-26-000045",
"gap_days": 365
}
},
{
"label": "Diluted EPS",
"format": "eps",
"value": 4.12,
"text": "$4.12",
"exact": "$4.12",
"compact": "$4.12",
"abs": "$4.12",
"prior_value": 3.5,
"prior": "$3.50",
"priorabs": "$3.50",
"yoy": "up 17.7%",
"source": {
"array": "quarterly",
"field": "income_statement.diluted_eps",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000064040-26-000045",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000064040-26-000045",
"gap_days": 365
}
},
{
"label": "Operating profit",
"format": "usd",
"value": 1812000000,
"text": "$1.81 billion",
"exact": "$1,812,000,000",
"compact": "$1.81B",
"abs": "$1.81 billion",
"prior_value": 1551000000,
"prior": "$1.55 billion",
"priorabs": "$1.55 billion",
"yoy": "up 16.8%",
"source": {
"array": "quarterly",
"field": "income_statement.operating_profit",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000064040-26-000045",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000064040-26-000045",
"gap_days": 365
}
},
{
"label": "Ratings revenue (external customers)",
"format": "usd",
"value": 1293000000,
"text": "$1.29 billion",
"exact": "$1,293,000,000",
"compact": "$1.29B",
"abs": "$1.29 billion",
"prior_value": 1105000000,
"prior": "$1.10 billion",
"priorabs": "$1.10 billion",
"yoy": "up 17.0%",
"source": {
"array": "quarterly",
"field": "segments.ratings.revenue_from_external_customers",
"index": 0,
"period_label": "Q2 2026",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
"span_days": 90,
"source_accession": "0000064040-26-000045",
"prior_index": 1,
"prior_period_label": "Q2 2025",
"prior_period_end": "2025-06-30",
"prior_period_start": "2025-04-01",
"prior_span_days": 90,
"prior_source_accession": "0000064040-26-000045",
"gap_days": 365
}
}
],
"summary": "S&P Global reported $4.15 billion of revenue for Q2 FY2026, the quarter ended June 30, 2026, up 10.4% from a year earlier, and net income attributable to S&P Global of $1.22 billion, up 13.5%. Operating profit was $1.81 billion, up 16.8%, with the Ratings business the main driver: its revenue from external customers reached $1.29 billion, up 17.0%, on heavier investment-grade and structured-finance debt issuance. Diluted earnings per share of $4.12 grew faster than net income, up 17.7%, as share repurchases reduced the diluted share count, and the quarter still includes the Mobility business, whose separation into an independent public company took effect the day after June 30, 2026.",
"qa": [
{
"q": "How much revenue did S&P Global report in Q2 FY2026?",
"a": "S&P Global reported $4.15 billion of revenue in Q2 FY2026, the quarter ended June 30, 2026. That is up 10.4% from $3.75 billion in the same quarter a year earlier, and it is the last quarter to include the Mobility business, which was separated into an independent company effective the following day."
},
{
"q": "What was S&P Global's net income in Q2 FY2026?",
"a": "Net income attributable to S&P Global was $1.22 billion in Q2 FY2026, the quarter ended June 30, 2026, up 13.5% from $1.07 billion a year earlier. The attributable figure is lower than consolidated net income because a share of the Indices business belongs to the noncontrolling partner in S&P Dow Jones Indices."
},
{
"q": "What was S&P Global's earnings per share in Q2 FY2026?",
"a": "S&P Global posted diluted earnings per share of $4.12 in Q2 FY2026, the quarter ended June 30, 2026, up 17.7% from $3.50 a year earlier. Per-share growth outpaced net income, which was up 13.5%, because share repurchases shrank the diluted share count."
},
{
"q": "How did S&P Global's Ratings segment perform in Q2 FY2026?",
"a": "S&P Global's Ratings segment generated $1.29 billion of revenue from external customers in Q2 FY2026, the quarter ended June 30, 2026, up 17.0% from $1.10 billion a year earlier. Transaction fees led the increase as corporate bond, bank loan and structured-finance issuance rose against a weaker prior-year quarter, making Ratings the largest contributor to group operating profit of $1.81 billion, up 16.8% from a year earlier."
}
]
},
"company_details": {
"Name": "S&P Global Inc.",
"Ticker": "SPGI",
"CIK": "0000064040",
"Exchange": "NYSE",
"State": "New York",
"Incorporation": "New York",
"SIC": "7320",
"Office": "Trade & Services",
"Industry": "Services-Consumer Credit Reporting, Collection Agencies"
},
"next_filing": {
"predicted_date": "2026-10-29",
"predicted_type": "10-Q"
},
"fiscal_period": {
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"form": "10-Q",
"accession": "0000064040-26-000045",
"fiscal_year_end": "1231",
"source": "derived"
},
"source_filings": [
{
"role": "annual",
"current": false,
"form": "10-K",
"fiscal_year": 2025,
"fiscal_period": "FY",
"tag": "FY25",
"period_end": "2025-12-31",
"filed": "2026-02-11",
"accession": "0000064040-26-000013",
"url": "https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/0000064040-26-000013-index.htm",
"source": "reported"
},
{
"role": "quarterly",
"current": true,
"form": "10-Q",
"fiscal_year": 2026,
"fiscal_period": "Q2",
"tag": "FY26Q2",
"period_end": "2026-06-30",
"filed": "2026-07-28",
"accession": "0000064040-26-000045",
"url": "https://www.sec.gov/Archives/edgar/data/64040/000006404026000045/0000064040-26-000045-index.htm",
"source": "derived"
}
]
}