SPGI 8-K — Smart Summary

S&P Global reported first quarter 2026 results with total revenue of $4.171 billion, up 10% year over year, driven primarily by strength in Ratings, Indices, and Market Intelligence. GAAP net income rose 28% to $1.395 billion and GAAP diluted EPS increased 32% to $4.69. The Company also announced the planned separation of its Mobility division, with an Investor Day scheduled for May 12, 2026, and an agreement to divest its geoscience and petroleum engineering software portfolio within the Energy division.

• Revenue: $4.171 billion, +10% YoY (vs. $3.777 billion in 1Q '25)
• GAAP operating profit: $2.002 billion, +27% YoY; GAAP operating margin: 48.0%, +620 bps YoY
• Adjusted operating profit: $2.159 billion, +12% YoY; adjusted operating margin: 51.8%, +100 bps YoY
• GAAP net income attributable to S&P Global: $1.395 billion, +28% YoY
• Adjusted net income: $1.479 billion, +10% YoY
• GAAP diluted EPS: $4.69, +32% YoY; adjusted diluted EPS: $4.97, +14% YoY
• Cash provided by operating activities: $1.037 billion (vs. $953 million in 1Q '25)
• Free cash flow: $919 million; adjusted free cash flow excluding certain items: $992 million (vs. $901 million in 1Q '25)
• Currency positively impacted both GAAP and adjusted diluted EPS by $0.02

• Market Intelligence: revenue $1.296 billion, +8% YoY; organic constant currency +6%; adjusted operating profit $436 million, +11% YoY; adjusted operating margin 34%
• Ratings: revenue $1.302 billion, +13% YoY; organic constant currency +11%; adjusted operating profit $882 million, +16% YoY; adjusted operating margin 68%
• Energy: revenue $652 million, +7% YoY; organic constant currency +7%; adjusted operating profit $322 million, +9% YoY; adjusted operating margin 49%
• Mobility: revenue $454 million, +8% YoY; organic constant currency +7%; adjusted operating profit $182 million, +12% YoY; adjusted operating margin 40%
• Indices: revenue $519 million, +17% YoY; organic constant currency +16%; adjusted operating profit $383 million, +18% YoY; adjusted operating margin 74%
• Total organic constant currency revenue growth: 9% YoY
• Subscription revenue: $2.014 billion, +6% YoY; non-subscription/transaction revenue: $978 million, +15% YoY

• Share repurchases: $1.0 billion in 1Q 2026 (vs. $650 million in 1Q 2025); diluted shares outstanding declined 3% YoY
• Company now expects to return 100% or more of adjusted free cash flow through dividends and share repurchases in 2026
• Quarterly cash dividend: $0.97 per share (authorized by the Board of Directors)
• Dividends paid to shareholders: $288 million in 1Q 2026 (vs. $295 million in 1Q 2025)
• Cash, cash equivalents, and restricted cash: $1.810 billion at March 31, 2026 (vs. $1.745 billion at December 31, 2025)
• Short-term debt: $2.697 billion; long-term debt: $10.621 billion at March 31, 2026
• Proceeds from dispositions, net: $345 million in 1Q 2026

• "We are pleased with the results we achieved in the first quarter, with strong revenue growth and margin expansion in every division, demonstrating our ability to execute and deliver against our strategic vision in an incredibly volatile and challenging operating environment." — Martina Cheung, President and CEO
• "Everything we see reinforces the relevance of our vision as customers turn to us with an even greater sense of urgency in times like these. We are also seeing fast-paced adoption of our AI functionality and are advancing our leadership as we rapidly innovate and partner to help customers unlock the potential of AI." — Martina Cheung, President and CEO

• Reported revenue growth (GAAP): 6.3% to 8.3% (approximately 30 bps lower than prior guidance range due to lower expected FX tailwinds)
• Organic constant currency revenue growth: 6.0% to 8.0% (unchanged from prior guidance)
• Adjusted diluted EPS: $19.40 to $19.65
• Adjusted operating profit margin expansion: 10 to 35 bps; excluding OSTTRA: 50 to 75 bps
• Corporate unallocated expense: $220 to $230 million
• Deal-related amortization: ~$1.11 billion
• Interest expense, net: $405 to $415 million (approximately $10 million higher than prior guidance)
• Tax rate: 22.0% to 23.0%
• Capital expenditures (GAAP): $215 to $225 million
• Adjusted free cash flow excluding certain items expected to grow mid-single digits YoY
• GAAP guidance (other than reported revenue growth and capex) not provided pending completion of Mobility spin; guidance assumes Mobility contributions for the full year

• Q1 2026 total revenue was $4.171 billion, up 10% year over year from $3.777 billion in Q1 2025, representing an increase of nearly $400 million; subscription product revenue increased 6%.
• GAAP net income increased 28% to $1.395 billion; GAAP diluted EPS increased 32% to $4.69 (from $3.54 in Q1 2025); adjusted net income increased 10% to $1.479 billion; adjusted diluted EPS increased 14% to $4.97 (from $4.37 in Q1 2025).
• GAAP operating profit margin increased 620 basis points to 48.0%; adjusted operating profit margin increased 100 basis points to 51.8%; diluted shares outstanding decreased 3% year over year.
• Segment revenue: Market Intelligence $1.296 billion (+8%), Ratings $1.302 billion (+13%), Energy $652 million (+7%), Mobility $454 million (+8%), Indices $519 million (+17%).
• Segment adjusted operating profit: Market Intelligence $436 million (+11%), Ratings $882 million (+16%), Energy $322 million (+9%), Mobility $182 million (+12%), Indices $383 million (+18%).
• The Company repurchased $1 billion in shares in Q1 2026 and now expects to return 100% or more of adjusted Free Cash Flow through dividends and share repurchases in 2026; free cash flow was $919 million and adjusted free cash flow excluding certain items was $992 million.
• Updated full-year 2026 guidance: reported revenue growth (GAAP) of 6.3% to 8.3% (approximately 30 basis points lower than prior guidance due to lower FX tailwinds); organic constant currency revenue growth unchanged at 6.0% to 8.0%; adjusted diluted EPS of $19.40 to $19.65; interest expense, net of $405 to $415 million (approximately $10 million higher than prior guidance); tax rate 22.0% to 23.0%; capital expenditures (GAAP) $215 to $225 million; deal-related amortization ~$1.11 billion.
• The Company remains on track with the planned separation of its Mobility division; Mobility Global expects to host an Investor Day on May 12, 2026 in New York City.
• On April 24, 2026, the Company announced an agreement to divest the geoscience and petroleum engineering software portfolio in its Upstream software business within the Energy division, with the transaction expected to close in the second half of 2026 or early 2027.
• The Board of Directors authorized a quarterly cash dividend of $0.97 per share; currency positively impacted both GAAP and adjusted diluted EPS by $0.02 in Q1 2026.