Filing Flows › S&P Global (SPGI) › Q1 2026
S&P Global (SPGI) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 28, 2026
S&P Global (SPGI) reported revenue of $4.2B for the first quarter 2026 (Q1 2026), +10% from a year earlier and +7% from the quarter before. Operating margin was 48.0%, net earnings $1.4B (33.4% of revenue).
S&P Global, Q1 2026: revenue $4.2B (+10% year over year), operating margin 48.0%, net earnings $1.4B, operating cash flow $1.0B. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $4.2B | +7% | +10% |
| Operating profit | $2.0B | +20% | +27% |
| Net earnings | $1.4B | +23% | +28% |
| Operating cash flow | $1.0B | -41% | +9% |
| Free cash flow | $919M | — | +13% |
What changed
Revenue was $4.2B in Q1 2026, up 10% year over year and up 7% from the previous quarter. Subscription was the largest line at 48% of revenue. Non-subscription / Transaction added $0.13B year over year (up 15%), 32% of the total change.
Operating profit was $2.0B, a 48.0% margin (up 6.2 points year over year). Of the extra revenue versus Q1 2025, 108% reached operating profit, above the 42% margin then. Total costs fell 1% while revenue rose 10%. Net earnings were $1.4B, up 28% year over year. The effective tax rate was 21.2%.
Operating cash flow was $1.0B (up 9% year over year), 69% of net income including minority interests. Non-cash charges added back $0.31B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items used $0.81B. After distributions to noncontrolling interest holders ($0.09B) and capital expenditures ($0.03B), free cash flow as the company reports it was $0.92B.
Questions
What was S&P Global's revenue in the first quarter 2026?
S&P Global (SPGI) reported revenue of $4.2B for the first quarter 2026 (Q1 2026), +10% from a year earlier and +7% from the quarter before.
Was S&P Global profitable in the first quarter 2026?
Operating profit was $2.0B (48.0% of revenue) and net earnings $1.4B.
Source: S&P Global 10-Q on SEC EDGAR.