S&P Global Reports Second Quarter Results

Transcript

1. #1prepared remarks

   EX-99.1 2 spgi2q2026-earningsrelease.htm EX-99.1

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   55 Water Street New York, NY 10041 www.spglobal.com

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   S&P Global Reports Second Quarter Results

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   New York, NY, July 28, 2026 – S&P Global (NYSE: SPGI) today reported second quarter results. This earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings. The Company reported second-quarter 2026 GAAP revenue of $4.146 billion, an increase of 10% compared to the second quarter of 2025. Second quarter GAAP operating profit increased 17% to $1.812 billion, GAAP net income increased 14% to $1.217 billion and GAAP diluted earnings per share increased 18% to $4.12. To exclude the impact of Mobility, the Company reported on a pro forma basis that revenue increased 11% to $3.678 billion, operating profit increased 21% to $1.757 billion, and net income increased 22% to $1.205 billion, with diluted earnings per share increasing 26% to $4.08. The Company completed the spin-off of its Mobility division, creating an independent public company, Mobility Global (NYSE: MBGL), on July 1, 2026. In a press release dated July 6, 2026, the Company provided pro forma and recast financial results for the four quarters of 2025, full-year 2025, and the first quarter of 2026, which exclude Mobility and reflect updated division composition and expense …

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   • Pro forma operating margin increased 410 basis points and adjusted operating margin increased 200 basis points, driving 26% growth in pro forma diluted EPS and 23% growth in adjusted diluted EPS, respectively, year over year.

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   • In the second quarter, the Company repurchased $500 million in shares, and has repurchased $1.5 billion in shares year-to-date. The Company now expects to repurchase more than $7 billion in shares in total in 2026.

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   • 2026 guidance calls for revenue growth of 5.9% to 7.9%, and organic constant currency growth of 6.0% to 8.0%, both excluding Mobility. |

8. #8Martina Cheung President and

   We delivered another strong quarter, with record results in two of our benchmark businesses - Ratings and Indices - and we successfully launched Mobility Global on July 1, as an independent, public company. Post spin, we have a sharper focus on our four core divisions, having also made organizational changes in Market Intelligence and combined our supply chain products within our Energy division. Additionally, we have seen continued rapid adoption and expansion of our AI solutions. All of this, along with the dedication and talent of our employees, positions us well for increasingly profitable long-term growth.

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   | | | Second Quarter 2026 Pro Forma Revenue |

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    Note: Revenue figures reflect intersegment eliminations of $49M and $53M in 2Q '25 and 2Q '26, respectively. Adjusted revenue includes the impact of business transfers in Market Intelligence and Energy, as reflected in Exhibit 6. Consolidated revenue refers to Article 11 pro forma revenue. See Exhibit 5 for reported Article 11 pro forma revenues.

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    | | | Second Quarter 2026 Pro Forma Operating Profit, Expense, and Margin |

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    Note: To exclude Mobility, and reflect the Company's other non-GAAP adjustments, adjusted results refer to pro forma revenue, as reflected in Exhibit 5, and pro forma non-GAAP adjusted expenses, operating profit, and operating margin, each as reflected in Exhibit 6.

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    The Company’s second-quarter reported operating profit margin increased by 410 basis points to 47.8%, and adjusted operating profit margin increased 200 basis points to 54.3%. Margin improvement on both a GAAP and adjusted basis was driven primarily by growth and margin expansion in the Company's Ratings, Indices, and Market Intelligence divisions.

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    | | | Second Quarter 2026 Pro Forma Diluted Earnings Per Share |

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    | | | | | | | | | | | | | 2Q '26 | 2Q '25 | y/y change | Reported | $4.08 | $3.23 | 26% | Adjusted | $4.83 | $3.92 | 23% |

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    On a pro forma basis, second quarter diluted earnings per share increased 26% to $4.08 primarily due to a 22% increase in net income, and a 3% reduction in diluted shares outstanding.

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    On a pro forma non-GAAP adjusted basis, diluted earnings per share increased 23% to $4.83 due to a 19% increase in adjusted net income and a 3% reduction in diluted shares outstanding. Currency positively impacted both pro forma and pro forma non-GAAP adjusted diluted EPS by $0.03.

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    The largest non-core adjustment to earnings in the second quarter of 2026 was for deal-related amortization.

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    | | | | | | | | | | GAAP | Adjusted | Revenue growth | 5.9% to 7.9% | 5.9% to 7.9% | Organic, Constant Currency Revenue growth | -- | 6.0% to 8.0% | Corporate Unallocated Expense | $205 to $215 million | $185 to $195 million | Deal-related Amortization | ~$785 million | ~$785 million | Operating Profit Margin expansion | 335 to 360 bps | 35 to 60 bps | Operating Profit Margin expansion, excluding OSTTRA | -- | 75 to 100 bps | Interest Expense, net | $365 to $385 million | $390 to $410 million | Tax Rate | 22% to 23% | 22% to 23% | Diluted EPS | $16.35 to $16.60 | $17.50 to $17.75 | Capital Expenditures | $190 to $210 million | $190 to $210 million |

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    Effective July 1, 2026, the operations of Mobility will qualify as discontinued operations for the full year 2026 results. GAAP financial guidance in the table above refers to expected results from continuing operations for the full year 2026.

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    Adjusted financial guidance in the table above refers to non-GAAP adjusted results and is projected against the pro forma non-GAAP adjusted financials for the full year 2025 that the Company provided in a press release dated July 6, 2026.

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    Current adjusted financial guidance is not directly comparable to prior guidance. Prior adjusted financial guidance assumed a full-year contribution from Mobility. Prior to this release, the Company had not previously provided GAAP guidance for 2026.

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    Non-GAAP adjusted guidance excludes amortization of intangibles related to acquisitions, and acquisition and disposition-related costs.

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    As previously announced, the Board of Directors has authorized a quarterly cash dividend of $0.97. Page 3

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    Supplemental Information/Conference Call/Webcast Details : The Company’s senior management will review the second quarter 2026 earnings results on a conference call scheduled for today, July 28, at 8:30 a.m. EDT. Additional information presented on the conference call, and the Company’s supplemental slide content may be found on the Company’s Investor Relations Website at http://investor.spglobal.com/Quarterly-Earnings.

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    The Webcast will be available live and in replay at http://investor.spglobal.com/Quarterly-Earnings.

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    Telephone access is available. U.S. participants may call (888) 603-9623; international participants may call +1 (630) 395-0220 (long-distance charges will apply). The passcode is “S&P Global” and the conference leader is Martina Cheung. A recorded telephone replay will be available approximately two hours after the meeting concludes and will remain available until August 28, 2026. U.S. participants may call (866) 360-7720; international participants may call +1 (203) 369-0172 (long-distance charges will apply). No passcode is required.

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    Comparison of Adjusted Information to U.S. GAAP Information: The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). Company financial results are presented on an as-reported basis, and on a pro forma basis as if the Mobility spin-off had closed on January 1, 2023, for periods including fiscal years 2023, 2024 and 2025, and the three and six months ended June 30, 2026; the pro forma basis agrees to the Company’s unaudited pro forma combined consolidated financial information presented in accordance with Article 11 of Regulation S-X. The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: adjusted (as recast) segment revenue; organic revenue; organic constant currency revenue; pro forma organic revenue; pro forma organic revenue constant currency basis; adjusted net income; pro forma non-GAAP adjusted net income; adjusted diluted EPS; pro forma non-GAAP adjusted diluted EPS; adjusted operating profit and margin; pro forma non-GAAP adjusted operating profit and margin; adjusted e…

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    The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP on Exhibits 6, 8, and 9. The Company is not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort.

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    The Company's non-GAAP measures include adjustments that reflect how management views our businesses. The Company believes these non-GAAP financial measures provide useful supplemental information that, in the case of non-GAAP financial measures other than free cash flow and adjusted free cash flow, excluding certain items, enables investors to better compare the Company's performance across periods, and management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate resources. The Company believes that the presentation of free cash flow and adjusted free cash flow, excluding certain items allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management and that such measures are useful in evaluating the cash available to us to prepay debt, make strategic acquisitions and investments, and repurchase stock. However, investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports.