Filing Flows › S&P Global (SPGI) › Q3 2026 › vs Q2 2026
S&P Global (SPGI) Q3 2026 vs Q2 2026 (quarter over quarter)
S&P Global's revenue fell $468M (-11%) from $4.1B in Q2 2026 to $3.7B in Q3 2026. The biggest changes: Subscription −$345M (-17%); Non-subscription / Transaction −$149M (-17%); Asset-linked fees +$27.0M (+8%). Operating margin 53.2% against 43.7% (+9.5 pts).
S&P Global, Q3 2026: revenue $3.7B (+7% year over year), operating margin 53.2%, net earnings $1.2B. The chart draws each line against Q2 2026, the increases inside each band.
Margins
| Q3 2026 | Q2 2026 | Change | |
|---|---|---|---|
| Operating margin | 53.2% | 43.7% | +9.5 pts |
| Net margin | 33.7% | 29.4% | +4.4 pts |
Every line
| Line | Q3 2026 | Q2 2026 | Change | % |
|---|---|---|---|---|
| Subscription | $1.7B | $2.1B | −$345M | -17% |
| Non-subscription / Transaction | $746M | $895M | −$149M | -17% |
| Non-transaction | $539M | $540M | −$1.0M | -0.2% |
| Asset-linked fees | $375M | $348M | $27.0M | +8% |
| Recurring variable revenue | $176M | $173M | $3.0M | +2% |
| Sales usage-based royalties | $123M | $126M | −$3.0M | -2% |
| Revenue | $3.7B | $4.1B | −$468M | -11% |
| Operating profit | $2.0B | $1.8B | $144M | +8% |
| Costs & expenses | $1.7B | $2.3B | −$612M | -26% |
| Pre-tax earnings | $1.8B | $1.7B | $86.0M | +5% |
| Other expense, net | $141M | $83.0M | $58.0M | +70% |
| Cost of revenue | $1.0B | $1.2B | −$131M | -11% |
| SG&A | $660M | $873M | −$213M | -24% |
| Other operating costs | $28.0M | $296M | −$268M | -91% |
| Net earnings | $1.2B | $1.2B | $23.0M | +2% |
| Minority interests | $108M | $106M | $2.0M | +2% |
| Income tax | $467M | $406M | $61.0M | +15% |
Questions
How much did S&P Global's revenue grow quarter over quarter in Q3 2026?
S&P Global's revenue fell $468M (-11%) from $4.1B in Q2 2026 to $3.7B in Q3 2026.
What drove S&P Global's revenue change in Q3 2026?
Subscription −$345M (-17%); Non-subscription / Transaction −$149M (-17%); Asset-linked fees +$27.0M (+8%).