Key Highlights
- First quarter adjusted earnings per share reached $4.97, surpassing analyst expectations of $4.82 by fifteen cents
- Quarterly revenue climbed to $4.17 billion, representing 10% year-over-year growth and exceeding the $4.08 billion consensus
- The Ratings segment saw revenue increase 13% to $1.30 billion; Indices segment revenue climbed 17% to $519 million
- Adjusted operating profit margin grew by 100 basis points, reaching 51.8%
- Management reaffirmed 2026 EPS guidance range of $19.40–$19.65; revenue growth projection maintained at 6.3%–8.3%
S&P Global delivered impressive first quarter results that exceeded analyst projections across key metrics, benefiting from heightened market turbulence that increased client appetite for data and analytical solutions.
For the first quarter of 2026, the financial services giant posted adjusted earnings per share of $4.97, comfortably beating the Street’s consensus forecast of $4.82. On a GAAP basis, EPS registered at $4.69, marking a substantial 32% improvement from the prior-year figure of $3.54.
Quarterly revenue advanced 10% on a year-over-year basis to reach $4.17 billion, outpacing Wall Street’s projection of $4.08 billion.
The Ratings business emerged as a standout performer, delivering revenue growth of 13% to hit $1.30 billion. The Market Intelligence segment contributed $1.30 billion in revenue, up 8% from the year-ago period, while the Indices division posted exceptional growth of 17%, bringing in $519 million.
Chief Executive Martina Cheung highlighted the company’s broad-based strength in her remarks. “We are pleased with the results we achieved in the first quarter, with strong revenue growth and margin expansion in every division,” she stated.
Profitability Metrics Show Improvement
The company’s adjusted operating profit margin widened by 100 basis points to 51.8% for the quarter. On a GAAP basis, the operating margin experienced a dramatic 620 basis point expansion to 48.0%.
During the three-month period, the firm executed $1 billion worth of share repurchases. Management indicated its intention to distribute 100% or more of adjusted free cash flow back to shareholders through a combination of dividends and stock buybacks throughout 2026.
Elevated geopolitical tensions and increased market volatility have driven organizations toward sophisticated risk management and analytical platforms — a dynamic that clearly benefited S&P Global’s first quarter performance.
Competitor Moody’s announced similarly robust results earlier in the month, also capitalizing on heightened demand for research capabilities and analytical services.
Annual Outlook Remains Unchanged
S&P Global left its organic constant currency revenue growth forecast intact at 6.0%–8.0% for the full year 2026.
The reported revenue growth guidance received a minor adjustment to 6.3%–8.3%. The 7.3% midpoint represents a slight decline from the previous range, primarily due to diminished foreign exchange benefit expectations.
Management held its full-year adjusted diluted earnings per share guidance steady at $19.40–$19.65, with the $19.53 midpoint aligning with consensus analyst estimates.
Shares advanced approximately 2.38% in regular trading following the earnings announcement. Despite this positive movement, SPGI stock remains down more than 15% since the beginning of the year, pressured by broader investor anxiety surrounding artificial intelligence disruption within the software and business services industries.
The relatively modest premarket gain of just 0.6% indicated that much of the positive quarterly performance had already been incorporated into the stock price by investors ahead of the official release.
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