S&P Global third-quarter GAAP profit per share rises 26% to $4.45

S&P Global Inc. (SPGI) said Tuesday that third-quarter GAAP diluted earnings per share rose 26% to $4.45, helped by a gain on a disposition in its Energy segment.

The company said in a filing with the Securities and Exchange Commission that the results cover the quarter ended Sept. 30, 2026. Revenue rose 7% to $3.678 billion from $3.443 billion a year earlier.

The company also said it has started a strategic review of alternatives, including a potential separation, for Capital IQ and associated data businesses.

Those businesses make up the majority of Kensho Data & Platforms within Market Intelligence, and the exact perimeter remains under review. The company expects to retain RatingsDirect, RatingsXpress and Enterprise Solutions.

There is no specific timeframe for the review, and the company said there can be no assurance it will result in any transaction or particular outcome.

“S&P Global delivered a very strong quarter,” President and CEO Martina Cheung said. “Increasing demand for our benchmarks and unique intellectual property demonstrates our leadership in credit, equity, and commodities markets.”

Cheung also said: “The businesses that are part of the strategic review are strong and have significant opportunities ahead of them as technology changes how customers access, analyze, and use information.”

The company said it believes separate ownership could provide dedicated investment and focus for those businesses.

Here’s how the company did:

• Revenue: $3.678 billion vs. $3.443 billion a year earlier
• GAAP diluted EPS: $4.45 vs. $3.54 a year earlier
• Adjusted diluted EPS: $4.58 vs. $4.20 a year earlier
• GAAP net income from continuing operations: $1.298 billion vs. $1.078 billion a year earlier
• Adjusted net income: $1.337 billion vs. $1.280 billion a year earlier
• Operating profit margin: 53.2%, up 800 basis points
• Adjusted operating profit margin: 53.5%, up 60 basis points

Here’s how S&P Global’s segments did during the quarter:

• Ratings: revenue of $1.271 billion, up 2% from $1.240 billion; operating profit of $834 million, up 2% from $818 million
• Indices: revenue of $554 million, up 20% from $462 million; operating profit of $388 million, up 24% from $313 million
• Energy: revenue of $645 million, up 6% from $609 million; operating profit of $469 million, up 88% from $249 million, including a $200 million gain on disposition
• Market Intelligence: revenue of $1.263 billion, up 7% from $1.183 billion; operating profit of $301 million, up 19% from $252 million

Revenue rose by nearly $240 million, the company said, driven mainly by Indices and Market Intelligence, with additional growth in Energy and Ratings. Revenue from subscription products increased 6%.

For the first nine months, revenue was $11.074 billion, up 9% from $10.117 billion a year earlier. Nine-month GAAP diluted EPS from continuing operations was $12.98, up 29% from $10.10.

Adjusted operating profit rose 8% to $1.969 billion from $1.819 billion. The adjusted operating margin rose 60 basis points to 53.5%, which the company said reflected growth and margin expansion in Indices and Market Intelligence.

The company said the GAAP rise in diluted EPS reflected a 20% increase in net income and a 4% decrease in diluted shares outstanding. Adjusted diluted EPS rose 9% on a 4% increase in adjusted net income and a 4% decrease in diluted shares. Currency had no impact on either measure in the quarter.

The largest non-core adjustments to earnings in the third quarter were the gain on disposition and deal-related amortization, the company said. Corporate unallocated expense fell to $36 million from $83 million a year earlier, and net interest expense rose to $87 million from $79 million.

The company said it executed $2.6 billion in share repurchases in the third quarter and has repurchased more than $4 billion in shares so far this year. It continues to expect to repurchase more than $7 billion in total in 2026.

The company completed the spin-off of its Mobility division on July 1, 2026, creating Mobility Global (NYSE: MBGL) as an independent public company. Mobility is reported as discontinued operations, and prior periods have been recast.

The company now expects 2026 revenue growth of 7.4% to 8.4%, higher than the previous range of 5.9% to 7.9%. Organic constant currency revenue growth is now expected at 7.5% to 8.5%, up from 6.0% to 8.0%.

GAAP diluted EPS for 2026 is now expected at $16.25 to $16.50, lower than the prior range of $16.35 to $16.60, primarily due to adjustments to expected gains on dispositions. Adjusted diluted EPS is now expected at $17.70 to $17.95, higher than the prior $17.50 to $17.75, driven by the combined impact of higher revenue and margin expansion.

The guidance assumes a full contribution from Market Intelligence, as it is currently structured, for the full year. The company’s quarterly cash dividend of $0.97 per share was previously announced.

The filing gives no timeframe for the strategic review and does not say what form a separation would take.