Filing Flows › S&P Global (SPGI) › Q3 2026 › vs Q3 2025
S&P Global (SPGI) Q3 2026 vs Q3 2025 (year over year)
S&P Global's revenue rose $235M (+7%) from $3.4B in Q3 2025 to $3.7B in Q3 2026. The biggest changes: Subscription +$95.0M (+6%); Asset-linked fees +$72.0M (+24%); Non-transaction +$18.0M (+3%). Operating margin 53.2% against 45.2% (+8.0 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 Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 53.2% | 45.2% | +8.0 pts |
| Net margin | 33.7% | 34.2% | -0.4 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Subscription | $1.7B | $1.6B | $95.0M | +6% |
| Non-subscription / Transaction | $746M | $729M | $17.0M | +2% |
| Non-transaction | $539M | $521M | $18.0M | +3% |
| Asset-linked fees | $375M | $303M | $72.0M | +24% |
| Recurring variable revenue | $176M | $158M | $18.0M | +11% |
| Sales usage-based royalties | $123M | $108M | $15.0M | +14% |
| Revenue | $3.7B | $3.4B | $235M | +7% |
| Operating profit | $2.0B | $1.6B | $400M | +26% |
| Costs & expenses | $1.7B | $1.9B | −$165M | -9% |
| Pre-tax earnings | $1.8B | $1.6B | $238M | +15% |
| Other expense, net | $141M | −$21.0M | $162M | — |
| Cost of revenue | $1.0B | $986M | $48.0M | +5% |
| SG&A | $660M | $693M | −$33.0M | -5% |
| Other operating costs | $28.0M | $208M | −$180M | -87% |
| Net earnings | $1.2B | $1.2B | $64.0M | +5% |
| Minority interests | $108M | $89.0M | $19.0M | +21% |
| Income tax | $467M | $312M | $155M | +50% |
Questions
How much did S&P Global's revenue grow year over year in Q3 2026?
S&P Global's revenue rose $235M (+7%) from $3.4B in Q3 2025 to $3.7B in Q3 2026.
What drove S&P Global's revenue change in Q3 2026?
Subscription +$95.0M (+6%); Asset-linked fees +$72.0M (+24%); Non-transaction +$18.0M (+3%).