S&P Global Inc.

SPGI · NYSE · USD

Analysis

Last 4 earnings calls · through Q2 FY2026

S&P Global is now mostly a benchmark business: Ratings, Indices and Platts supply nearly two-thirds of revenue and over 80% of operating profit. The open question is Market Intelligence, being rebuilt around data feeds because its mature platforms barely grow. How much of SPGI's Ratings growth now rests on hyperscaler debt?

  • Ratings and Indices now carry the whole company.

    Ratings had its best quarter ever in Q2 FY2026, up 17%, and Indices posted a 13th straight record quarter, both lifted by debt issued to fund AI data centres and by money flowing into index funds. Management raised guidance for both.

  • Market Intelligence is being split apart to fix slow growth.

    It grew 6% in Q2 FY2026, and management split it into Kensho Data and Platforms, saying some smaller consulting products drag while renewals with big clients take longer. Small carve-outs are possible.

  • Energy is where geopolitics is actually biting.

    Energy grew just 3% in Q2 FY2026 after the Iran conflict disrupted customers, and management chose to be flexible on price increases for them, giving up revenue on purpose. Guidance for the division was cut, and upstream needs more time. How exposed is SPGI Energy revenue to Middle East customers?

Bullish
  • Benchmark franchise durability
    The bull case rests on benchmarks and proprietary data that customers cannot easily replace, which keeps renewals high and lets S&P raise prices on the value it adds.
  • Hyperscaler debt issuance
    Debt raised to build AI data centers has become a large source of rated issuance, and management keeps raising its assumption for how much will come to market.
  • AI distribution and pricing
    Management argues AI widens how customers use its data and points to renewals where clients paid more for AI-ready access as evidence it can charge for that.
Bearish
  • Issuance cycle dependence
    The bear case is that a large share of profit comes from debt issuance and equity market levels, both of which management expects to slow into negative growth later this year.
  • Energy renewals under pressure
    Energy customers hurt by conflict and sanctions are getting flexible terms, and the growth target has already been cut once, so the promised recovery keeps moving out.
  • Market Intelligence drag
    Market Intelligence is being restructured because its largest platforms barely grow, and management now talks about simplifying and cutting costs rather than accelerating revenue.
See the full bull & bear case
PoliticiansInstitutionsInsiders
PoliticianTransactionAmountTradedFiled
Donald Trump
Republican · Executive
Sale≥$1KAug 24Oct 8
Donald Trump
Republican · Executive
Purchase≥$250KAug 21Oct 8
Donald Trump
Republican · Executive
Purchase≥$50KJul 31Sep 22
Donald Trump
Republican · Executive
Purchase≥$1KJul 24Sep 22
Donald Trump
Republican · Executive
Purchase≥$250KJul 16Sep 22

Congressional trading data provided by QuiverQuant

See all
Product segmentsGeography
FY2025 · USD

How S&P Global turned $15.3B of revenue into $6.5B of operating income.

Revenue
Market Intelligence Segment$4.9B▲ 5.83% YoY
Ratings Segment$4.7B▲ 8.10% YoY
Indices Segment$1.9B▲ 13.64% YoY
Mobility$1.7B▲ 8.58% YoY
Total revenue$15.3B
Gross profit$10.8B70.2%
Operating income$6.5B42.2%
See all