Filing Flows › S&P Global (SPGI) › Q2 2026 › vs Q2 2025
S&P Global (SPGI) Q2 2026 vs Q2 2025 (year over year)
S&P Global's revenue rose $391M (+10%) from $3.8B in Q2 2025 to $4.1B in Q2 2026. The biggest changes: Non-subscription / Transaction +$150M (+20%); Subscription +$110M (+6%); Asset-linked fees +$62.0M (+22%). Operating margin 43.7% against 41.3% (+2.4 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 43.7% | 41.3% | +2.4 pts |
| Net margin | 29.4% | 28.5% | +0.8 pts |
| Free cash flow margin | 32.1% | 34.9% | -2.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Subscription | $2.1B | $2.0B | $110M | +6% |
| Non-subscription / Transaction | $895M | $745M | $150M | +20% |
| Non-transaction | $540M | $502M | $38.0M | +8% |
| Asset-linked fees | $348M | $286M | $62.0M | +22% |
| Recurring variable revenue | $173M | $158M | $15.0M | +9% |
| Sales usage-based royalties | $126M | $110M | $16.0M | +15% |
| Revenue | $4.1B | $3.8B | $391M | +10% |
| Operating profit | $1.8B | $1.6B | $261M | +17% |
| Costs & expenses | $2.3B | $2.2B | $130M | +6% |
| Pre-tax earnings | $1.7B | $1.5B | $227M | +15% |
| Other expense, net | $83.0M | $49.0M | $34.0M | +69% |
| Cost of revenue | $1.2B | $1.1B | $46.0M | +4% |
| SG&A | $873M | $803M | $70.0M | +9% |
| Other operating costs | $296M | $282M | $14.0M | +5% |
| Net earnings | $1.2B | $1.1B | $145M | +14% |
| Minority interests | $106M | $88.0M | $18.0M | +20% |
| Income tax | $406M | $342M | $64.0M | +19% |
| Depreciation & amortization | $307M | $296M | $11.0M | +4% |
| Share-based compensation | $56.0M | $45.0M | $11.0M | +24% |
| Working capital & other | $141M | −$32.0M | $173M | — |
| Operating cash flow | $1.4B | $1.4B | −$6.0M | -0.4% |
| Free cash flow (company-reported) | $1.3B | $1.3B | $20.0M | +2% |
| Distributions to noncontrolling interest holders | $71.0M | $74.0M | −$3.0M | -4% |
| Capital expenditures | $38.0M | $61.0M | −$23.0M | -38% |
Questions
How much did S&P Global's revenue grow year over year in Q2 2026?
S&P Global's revenue rose $391M (+10%) from $3.8B in Q2 2025 to $4.1B in Q2 2026.
What drove S&P Global's revenue change in Q2 2026?
Non-subscription / Transaction +$150M (+20%); Subscription +$110M (+6%); Asset-linked fees +$62.0M (+22%).