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S&P Global (SPGI) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · S&P Global (SPGI) Q3 2026 earnings results →

Q3 2026 Revenue up 7% year over year to $3.7B · 34¢ of every $1 of revenue kept as net profit · operating margin 53.2%

S&P Global made $3.7B in Q3 2026 (+7% Y/Y): Subscription $1.7B, Non-subscription / Transaction $746M, Non-transaction $539M. Operating margin 53.2%, net earnings $1.2B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.

Revenue$3.7B
Year over year+7%
Operating margin53.2%
Net earnings$1.2B
Operating cash flow—

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

S&P Global Q3 2026 revenue breakdown: Sankey diagram of revenue (Subscription, Non-subscription / Transaction, Non-transaction, Asset-linked fees), costs, profit and cash flow
S&P Global Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.7B in Q3 2026, up 7% year over year and down 11% from the previous quarter. Subscription was the largest line at 47% of revenue. Subscription added $0.10B year over year (up 6%), 40% of the total change.

Operating profit was $2.0B, a 53.2% margin (up 8.0 points year over year). Of the extra revenue versus Q3 2025, 170% reached operating profit, above the 45% margin then. Total costs fell 9% while revenue rose 7%. Net earnings were $1.2B, up 5% year over year. The effective tax rate was 25.7%.

Quarterly history

S&P Global revenue by quarterS&P Global revenue by quarter$3.8BQ1 2025$3.8BQ2 2025$3.9BQ3 2025$3.9BQ4 2025$4.2BQ1 2026$4.1BQ2 2026$3.7BQ3 2026
S&P Global net earnings by quarterS&P Global net earnings by quarter$1.1BQ1 2025$1.1BQ2 2025$1.2BQ3 2025$1.1BQ4 2025$1.4BQ1 2026$1.2BQ2 2026$1.2BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 28, 2026$3.7B+7%53.2%$1.2B—
Q2 202610-QJul 28, 2026$4.1B+10%43.7%$1.2B$1.4B
Q1 202610-QApr 28, 2026$4.2B+10%48.0%$1.4B$1.0B
Q4 202510-KFeb 11, 2026$3.9B+9%42.7%$1.1B$1.7B
Q3 202510-QOct 30, 2025$3.9B+9%43.1%$1.2B$1.5B
Q2 202510-QAug 1, 2025$3.8B+6%41.3%$1.1B$1.4B
Q1 202510-QApr 29, 2025$3.8B+8%41.8%$1.1B$953M

Charts

S&P Global: revenue growth, year over year and quarter over quarterS&P Global: revenue growth, year over year and quarter over quarterY/YQ/Q+8%Q1 2025+6%-1%Q2 2025+9%+4%Q3 2025+9%+1%Q4 2025+10%+7%Q1 2026+10%-1%Q2 2026+7%-11%Q3 2026
Latest (Q3 2026): Y/Y +7%, Q/Q -11%.
S&P Global: where the cash came from (+) and went (−), FY2025S&P Global: where the cash came from (+) and went (−), FY2025Operating cash flow$5.7BBuybacks−$5.0BAcquisitions−$2.0BNet borrowing (+) / repaid (−)$1.7BAsset & business sales$1.5BDividends−$1.2BPartners−$321MCapital spending−$195MOther financing−$142MCash drawn (+) / kept (−)−$79.0MExchange rates$62.0MOther investing−$35.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
S&P Global: profit against cash, quarter by quarterS&P Global: profit against cash, quarter by quarterNet incomeOperating cash flow$967M$1.7BQ4 2024$1.2B$953MQ1 2025$1.2B$1.4BQ2 2025$1.3B$1.5BQ3 2025$1.2B$1.7BQ4 2025$1.5B$1.0BQ1 2026$1.3B$1.4BQ2 2026$1.3BQ3 2026
Latest (Q3 2026): Net income $1.3B, Operating cash flow —.
S&P Global: diluted shares by fiscal yearS&P Global: diluted shares by fiscal year242MFY2020242MFY2021318MFY2022319MFY2023312MFY2024305MFY2025
+26.0% since FY2020: more shares outstanding (issuance, stock pay).
S&P Global: long-term debt falling due (FY2025)S&P Global: long-term debt falling due (FY2025)$3.0M2026$1.7B2027$784M2028$2.7B2029$596M2030$6.5BLater
Cash $1.7B, short-term investments $56.0M, long-term debt $13.1B at 2025-12-31.
S&P Global in its industry: growth against margin (5 companies, SIC 7320)S&P Global in its industry: growth against margin (5 companies, SIC 7320)revenue growth, year over year →↑ operating marginmedian +7%median 21%MCOEFXTRUCRMZSPGI (+7%, 53%)
Services-Consumer Credit Reporting, Collection Agencies; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About S&P Global

S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” the “Registrant,” “we,” “us” or “our”) is a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers. We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels.

In its own words, from its 10-K, filed Feb 11, 2026.

S&P Global against its Services-Consumer Credit Reporting, Collection Agencies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +7% against the peers' median +7%. Operating margin: 53.2% against the peers' median 21.0%.

CompanyQuarterRevenueY/YOp. margin
SPGI S&P GlobalQ3 2026$3.7B+7%53.2%
MCO Moody'sQ3 2026$2.0B+0.8%44.8%
EFX EquifaxQ3 2026$1.7B+10%21.0%
TRU TransUnionQ3 2026$1.3B+12%20.4%
CRMZ CreditriskmonitorQ2 2026$5.2M+2%-12.9%

Source: S&P Global 10-Q on SEC EDGAR · CIK 64040 · Services-Consumer Credit Reporting, Collection Agencies

Guidance and outlook

S&P Global GAAP operating margin: guidance against what was reportedS&P Global GAAP operating margin: guidance against what was reportedguided rangereported (above / within / below)FY202542.2%
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
S&P Global: what its forward-looking statements are about (10-Q filed 2026-07-28)S&P Global: what its forward-looking statements are about (10-Q filed 2026-07-28)Other3Deals2Margins1Legal & regulation1Demand1
8 statements; tone -0.12 (−1 all cautious, +1 all confident); 1 hedged.
S&P Global: outlook statements against the filing beforeS&P Global: outlook statements against the filing beforeConfident1Cautious2

13F: who owns SPGI and who is buying

Largest holders of SPGI (13F)Largest holders of SPGI (13F)Vanguard Group$15.9BBlackRock$9.8BVanguard Capital Management LLC$7.9BState Street$5.9BTCI Fund Management$5.7BMorgan Stanley$3.0BGeode Capital Management, LLC$2.8BVanguard Portfolio Management LLC$2.6BWellington Management Group LLP$2.2BEagle Capital Management LLC$1.7B
Funds' net buying of SPGI by quarter (13F)Funds' net buying of SPGI by quarter (13F)$675M2024-09−$1.3B2024-12−$2.7B2025-03$631M2025-06−$1.4B2025-09−$735M2025-12−$1.5B2026-03−$325M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SPGI

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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