S&P Global (SPGI) Stock Reports 10% Revenue Growth in First Quarter

TLDR

• S&P Global posted Q1 adjusted EPS of $4.97, beating the $4.82 estimate by $0.15
• Total revenue hit $4.17 billion, up 10% year-over-year, topping the $4.08 billion forecast
• Ratings revenue jumped 13% to $1.30 billion; Indices revenue surged 17% to $519 million
• Adjusted operating margin expanded 100 basis points to 51.8%
• Full-year 2026 EPS guidance held at $19.40–$19.65; revenue growth guided at 6.3%–8.3%

S&P Global turned in a strong first quarter, beating Wall Street on both earnings and revenue as market volatility drove demand for its data and analytics products.

The company reported adjusted EPS of $4.97 for Q1 2026, topping the consensus estimate of $4.82. GAAP EPS came in at $4.69, up 32% from $3.54 a year ago.

Total revenue rose 10% year-over-year to $4.17 billion, ahead of the $4.08 billion analysts had expected.

S&P Global Inc., SPGI

The Ratings division led the way, with revenue climbing 13% to $1.30 billion. Market Intelligence revenue rose 8% to $1.30 billion, while Indices revenue surged 17% to $519 million.

Margins Expand Across the Board

Adjusted operating profit margin expanded 100 basis points to 51.8%. GAAP operating margin jumped 620 basis points to 48.0%.

The company repurchased $1 billion in stock during the quarter. It now expects to return 100% or more of adjusted free cash flow to shareholders via dividends and buybacks in 2026.

Rising geopolitical uncertainty and market volatility have pushed investors toward risk assessment and analytics tools — a tailwind that clearly showed up in Q1 numbers.

Ratings agency Moody’s reported similar strength earlier this month, also driven by demand for research and analytics.

Full-Year Guidance Holds Steady

S&P Global maintained its organic constant currency revenue growth target of 6.0%–8.0% for 2026.

Reported revenue growth guidance was updated to 6.3%–8.3%. The midpoint of 7.3% is slightly below the prior range, reflecting lower expected foreign exchange tailwinds.

Full-year adjusted diluted EPS guidance remains at $19.40–$19.65, with the midpoint of $19.53 in line with analyst expectations.

The stock rose about 2.38% on the day following the report. That said, SPGI has still lost more than 15% year-to-date, weighed down by investor concerns over AI disruption in the software and services sector.

The muted initial reaction — the stock was up just 0.6% in premarket — suggests the market had largely priced in a solid quarter.

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