Filing Flows › S&P Global (SPGI) › Q2 2026 › vs Q1 2026
S&P Global (SPGI) Q2 2026 vs Q1 2026 (quarter over quarter)
S&P Global's revenue fell $25.0M (-0.6%) from $4.2B in Q1 2026 to $4.1B in Q2 2026. The biggest changes: Non-subscription / Transaction −$83.0M (-8%); Subscription +$50.0M (+2%); Asset-linked fees +$9.0M (+3%). Operating margin 43.7% against 48.0% (-4.3 pts).
S&P Global, Q2 2026: revenue $4.1B (+10% year over year), operating margin 43.7%, net earnings $1.2B, operating cash flow $1.4B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 43.7% | 48.0% | -4.3 pts |
| Net margin | 29.4% | 33.4% | -4.1 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Subscription | $2.1B | $2.0B | $50.0M | +2% |
| Non-subscription / Transaction | $895M | $978M | −$83.0M | -8% |
| Non-transaction | $540M | $538M | $2.0M | +0.4% |
| Asset-linked fees | $348M | $339M | $9.0M | +3% |
| Recurring variable revenue | $173M | $169M | $4.0M | +2% |
| Sales usage-based royalties | $126M | $133M | −$7.0M | -5% |
| Revenue | $4.1B | $4.2B | −$25.0M | -0.6% |
| Operating profit | $1.8B | $2.0B | −$190M | -9% |
| Costs & expenses | $2.3B | $2.2B | $165M | +8% |
| Pre-tax earnings | $1.7B | $1.9B | −$179M | -9% |
| Other expense, net | $83.0M | $94.0M | −$11.0M | -12% |
| Cost of revenue | $1.2B | $1.2B | −$70.0M | -6% |
| SG&A | $873M | $802M | $71.0M | +9% |
| Other operating costs | $296M | $132M | $164M | +124% |
| Net earnings | $1.2B | $1.4B | −$178M | -13% |
| Minority interests | $106M | $109M | −$3.0M | -3% |
| Income tax | $406M | $404M | $2.0M | +0.5% |
| Depreciation & amortization | $307M | $307M | $0 | 0% |
| Share-based compensation | $56.0M | $39.0M | $17.0M | +44% |
| Working capital & other | $141M | $704M | −$563M | -80% |
| Operating cash flow | $1.4B | $1.0B | $402M | +39% |
Questions
How much did S&P Global's revenue grow quarter over quarter in Q2 2026?
S&P Global's revenue fell $25.0M (-0.6%) from $4.2B in Q1 2026 to $4.1B in Q2 2026.
What drove S&P Global's revenue change in Q2 2026?
Non-subscription / Transaction −$83.0M (-8%); Subscription +$50.0M (+2%); Asset-linked fees +$9.0M (+3%).