SPGI 10-Q: Smart Summary

• Segment structure: Operations consist of 5 reportable segments: Market Intelligence, Ratings, Energy, Mobility, and Indices. On April 29, 2025, the Board decided to pursue a full separation of the Mobility segment into a new publicly traded company named Mobility Global Inc., to be implemented via a spin-off expected to be tax-free for U.S. federal income tax purposes and completed mid-2026, subject to customary legal and regulatory requirements and approvals.
• Contract assets and unearned revenue: Contract assets were $107M as of March 31, 2026 and $89M as of December 31, 2025. The unearned revenue balance decreased primarily due to $1.8B of revenues recognized that were included in the unearned revenue balance at the beginning of the period, offset by cash payments received in advance of satisfying performance obligations.
• Remaining performance obligations: As of March 31, 2026, the aggregate transaction price allocated to remaining performance obligations was $5.7B; approximately half is expected to be recognized over the next 12 months and three-quarters over the next 24 months.
• Costs to obtain contracts: Total capitalized costs to obtain contracts were $349M as of both March 31, 2026 and December 31, 2025, amortized over approximately 2 to 5 years based on customer term and average product/service life.

• Energy geoscience and petroleum engineering software portfolio held for sale (April 24, 2026): S&P Global entered into a definitive agreement to sell Energy's geoscience and petroleum engineering software portfolio — including Kingdom Software, Petra, Harmony Enterprise, Analytics Explorer, SubPUMP, Power Tools, FieldDIRECT, Piper, WellTest, and The Element Platform, together with associated business services — to SLB, a global technology company; assets and liabilities were classified as held for sale as of March 31, 2026, the transaction is expected to close in the second half of 2026 or early 2027, and the divestiture is not expected to have a material impact on consolidated financial statements.
• Enterprise Data Management and thinkFolio divested (January 12, 2026): S&P Global completed the sale of the Enterprise Data Management and thinkFolio businesses within its Market Intelligence segment to Symphony Technology Group (STG), a private equity firm; the transaction generated a pre-tax gain of $172M ($168M after-tax) recorded in Gain on dispositions during the three months ended March 31, 2026.
• OSTTRA partial gain recorded (March 2026): S&P Global recorded a pre-tax gain of $3M ($3M after-tax) in Gain on dispositions related to the sale of OSTTRA in October of 2025, bringing total pre-tax gains on dispositions for the three months ended March 31, 2026 to $175M.
• S&P Global acquired Enertel AI Corporation (completed March 18, 2026): S&P Global completed the acquisition of Enertel AI Corporation, a company specializing in AI and machine learning-driven short-term power price forecasting for North American electricity markets, as part of its Energy segment; the acquisition is not material to consolidated financial statements.

• Effective tax rate: The effective income tax rate was 21.2% for the three months ended March 31, 2026, down from 21.7% for the three months ended March 31, 2025, primarily due to discrete adjustments including lower tax on non-US divestitures due to local exemption.
• Unrecognized tax benefits: Total federal, state and local, and foreign unrecognized tax benefits (exclusive of interest and penalties) were $320M as of March 31, 2026, versus $322M as of December 31, 2025; accrued interest and penalties associated with these benefits were $86M and $79M, respectively.
• Pillar Two: The OECD global minimum tax framework (15% minimum) has been reflected in results and did not have a material impact on consolidated financial statements; on January 5, 2026, the OECD issued administrative guidance on a framework under which U.S.-parented groups may be excluded from the global minimum tax rules, and the Company is monitoring developments as each member jurisdiction must adopt this guidance into local law.

• Total debt: Total debt was $13.3B as of March 31, 2026, up from $13.1B at December 31, 2025; long-term debt fell to $10.6B from $12.4B as the 2.45% Senior Notes due 2027 ($1.2B) and 2.95% Sustainability-Linked Senior Notes due 2029 ($1.2B) reclassified to current, driving short-term debt including current maturities to $2.7B from $718M.
• Sustainability-linked rate step-up: From and including March 1, 2026, the interest rate on the 2.95% Sustainability-Linked Senior Notes due 2029 was increased by 25 basis points (0.25%) per annum, in accordance with the terms of the governing indenture; unamortized debt discount and issuance costs on these notes total $9M as of March 31, 2026.
• Fair value: The fair value of total debt borrowings was $11.1B as of March 31, 2026, down from $11.3B as of December 31, 2025, estimated based on quoted market prices.
• Credit facility and commercial paper: The company has a $2B five-year credit facility terminating December 17, 2029, supporting a $2B commercial paper program; outstanding commercial paper was $951M at March 31, 2026 versus $715M at December 31, 2025; the commitment fee for the three months ended March 31, 2026 was 8 basis points, and both the commitment fee and drawn margin will be reduced by 1 basis point and 5 basis points, respectively, for approximately the year-long period beginning April 6, 2026 based on emissions performance for the year ended December 31, 2025.
• Financial covenant: The sole financial covenant requires an indebtedness-to-cash-flow ratio no greater than 4 to 1 as defined in the credit facility, and this ratio has never been exceeded.

• Undesignated forwards: As of both March 31, 2026 and December 31, 2025, the aggregate notional value of outstanding undesignated foreign exchange forward contracts was $1.5B; fair value assets were $3M and $8M, respectively, and fair value liabilities were $15M and $6M, respectively. These contracts generated a net loss of $20M in selling and general expense for the three months ended March 31, 2026, versus a net gain of $49M for the three months ended March 31, 2025.
• Net investment hedges: Cross currency swaps with a notional value of $3.5B (unchanged from December 31, 2025) hedge a portion of net investment in certain European subsidiaries against Euro/U.S. dollar volatility, maturing in 2029, 2030, 2032, and 2033; fair value recorded in other non-current liabilities was $205M as of March 31, 2026 versus $294M as of December 31, 2025. Net interest income recognized was $10M and $14M for the three months ended March 31, 2026 and 2025, respectively.
• Cash flow hedges — FX forwards: Outstanding notional value of foreign exchange forward contracts designated as cash flow hedges was $540M as of March 31, 2026 and $574M as of December 31, 2025, hedging Indian rupee, British pound, and Euro exposures through as late as the first quarter of 2028; $15M of pre-tax loss in OCI is expected to be reclassified into earnings within the next twelve months.
• Cash flow hedges — interest rate swaps: Interest rate swap contracts with $813M aggregate notional were terminated during the three months ended March 31, 2024, generating net proceeds of $155M; the effective gain of $155M remains in accumulated other comprehensive loss and is being amortized into interest expense, net over the term of senior notes issued in December 2025 maturing in 2031 and 2035, with $2M of interest income recognized for the three months ended March 31, 2026.

• Plan structure: The majority of defined benefit plans are frozen (no new entrants, no further benefit accruals); active plans include defined contribution retirement plans, a voluntary 401(k) with non-elective and matching contributions, profit-sharing plans, and supplemental benefit plans for senior management covering retirement, disability, and death benefits.
• Assumption changes: Certain discount rate and expected return on assets assumptions were updated effective January 1, 2026, but management states the effect on retirement and postretirement expense for the three months ended March 31, 2026 did not have a material impact to financial position, results of operations, or cash flows.
• 2026 contributions: $3M was contributed to retirement plans in the first three months of 2026, with approximately $8M in additional required contributions expected during the remainder of the year; additional non-required contributions may be made depending on investment performance or pension plan status.

• Compensation expense: Total stock-based compensation expense related to restricted stock and other stock-based awards was $39M for the three months ended March 31, 2026, down from $47M in the prior-year comparable period.
• Grants in period: During the three months ended March 31, 2026, the Company granted 0.5 million shares of restricted stock and other stock-based awards at a weighted average grant date fair value of $443.23 per share.
• Unrecognized expense: Total unrecognized compensation expense related to unvested equity awards was $318M as of March 31, 2026, expected to be recognized over a weighted average period of 1.8 years.

• Dividend increase: The Board of Directors approved an increase in the quarterly common stock dividend to $0.97 per share on January 14, 2026.
• Share repurchase programs: The 2025 Repurchase Program (approved November 13, 2025) authorized purchase of 30 million shares (~10% of outstanding shares at the time); as of March 31, 2026, 29.6 million shares remained under this program and the 2022 Repurchase Program was completed. During the three months ended March 31, 2026, the company received 3.1 million shares total and purchased 2.3 million shares for $1B of cash; during the three months ended March 31, 2025, it received 1.3 million shares and purchased 1.0 million shares for $650M.
• Excise tax on repurchases: The 1% excise tax under the Inflation Reduction Act of 2022 is recorded as a cost of the treasury stock transaction; the amount in other current liabilities was $58M as of March 31, 2026 and $46M as of December 31, 2025.
• Redeemable noncontrolling interests: The balance in redeemable noncontrolling interests was $4.9B at both December 31, 2025 and March 31, 2026 (of which $4.9B relates to the Indices business), reflecting net income of $100M, distributions payable of ($61M), a redemption value adjustment of ($31M), and other (including foreign currency translation) of ($8M). CME Group and CGIS hold 27% of S&P Dow Jones Indices LLC and retain the right to put at least 20% of their interest to the company at any time, and have a 15-day put right at fair value following a change of control.
• Accumulated other comprehensive loss: Total accumulated other comprehensive loss widened from ($697M) at December 31, 2025 to ($736M) at March 31, 2026, driven primarily by foreign currency translation adjustments moving from ($403M) to ($435M), while unrealized gain on cash flow hedges declined from $92M to $83M and pension/postretirement plans improved slightly from ($386M) to ($384M).

Antidilutive exclusions: Restricted performance shares of 0.5 million and 0.7 million as of March 31, 2026 and 2025, respectively, were excluded from the diluted EPS computation because the necessary vesting conditions had not been met; no stock options were excluded in either period.

• 2025 restructuring plan: Consisted of a company-wide workforce reduction of approximately 1,300 positions; total initial charge recorded was $157M across all segments and Corporate, with an ending reserve balance of $49M as of March 31, 2026, down from $85M as of December 31, 2025.
• Q1 2026 activity: No restructuring charges were recorded for the three months ended March 31, 2026; the 2025 plan reserve was reduced by $36M in the quarter, primarily related to cash payments for employee severance charges.
• 2024 restructuring plan: Ending reserve balance was $4M as of March 31, 2026, compared to $15M as of December 31, 2025, with reductions primarily related to cash payments for employee severance charges.
• Classification: Charges are classified as selling and general expenses within the consolidated statements of income; reserves are included in other current liabilities in the consolidated balance sheets.

• Segment structure: The company has 5 reportable segments — Market Intelligence, Ratings, Energy, Mobility, and Indices. The CODM (CEO) evaluates performance and allocates resources based primarily on operating profit for each segment; segment operating profit excludes Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other (income) expense net, and interest expense net.
• Intersegment revenue: Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings; the intersegment elimination was ($52M) in Q1 2026 and ($48M) in Q1 2025.
• Corporate Unallocated expense: Includes costs for corporate functions, select initiatives, unoccupied office space, and Kensho; was $71M in Q1 2026 vs. $66M in Q1 2025.
• Assets held for sale: $128M as of March 31, 2026, relating to the anticipated divestiture of Energy's geoscience and petroleum engineering software portfolio, the divestitures of the Enterprise Data Management and thinkFolio businesses within Market Intelligence, and fixed assets related to the intent to sell the facility in Centennial, Colorado.

Commitments

• Operating leases not yet commenced ($98M, as of March 31, 2026): Future lease payments excluded from the maturity table, relating primarily to the Mobility segment, commencing Q2 2026 through 2037 with terms of 1 year to 11 years.
• Operating lease maturities ($655M total undiscounted, as of March 31, 2026): Present value of $582M; annual payments range from $110M (remainder of 2026) to $148M in 2031 and beyond.

Legal Proceedings

• Australian class action (filed August 7, 2020): Lawsuit against the Company and a subsidiary alleging investment losses in CDOs rated by Ratings prior to the financial crisis (2005–2007); no assured cap on potential liability.
• SEC compliance — S&P Global Ratings (ongoing): S&P Global Ratings is in ongoing communication with SEC staff regarding compliance under Section 15E of the Exchange Act; no assurance regulators will not seek remedies.

• Hedge accounting alignment (Nov 2025): FASB issued guidance to more closely align hedge accounting with the economics of an entity's risk management activities; effective for annual periods beginning after December 15, 2026, with early adoption permitted — management does not expect a significant impact on consolidated financial statements.
• Derivative and share-based payment contracts (Sep 2025): FASB issued guidance clarifying which contracts are subject to derivative accounting and accounting for share-based payments on contracts with customers; effective for annual periods beginning after December 15, 2026, with early adoption permitted — management does not expect a significant impact.
• Internal software capitalization (Sep 2025): FASB issued guidance removing prescriptive software development stages and providing an updated framework for capitalizing internal software costs; effective for annual periods beginning after December 15, 2027, with early adoption permitted — management does not expect a significant impact.
• Expense category disclosures (Nov 2024): FASB issued guidance requiring additional disclosure in the notes about specific expense categories; effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027 — management is currently evaluating the impact on the Company's disclosures.

• Segments and planned spin-off: Operations consist of 5 reportable segments — Market Intelligence, Ratings, Energy, Mobility, and Indices — with the Board having announced on April 29, 2025 a full separation of the Mobility segment into a new publicly traded company called Mobility Global Inc., expected to be completed mid-2026 via a tax-free spin-off to S&P Global shareholders, subject to customary legal and regulatory requirements and approvals.
• Revenue growth: Revenue increased 10% to $4.2B for the three months ended March 31, 2026, driven by increases at all reportable segments; key drivers included strong investment grade corporate bond issuance at Ratings, ETF/mutual fund AUM-linked fee growth at Indices, increased CERAWeek attendance and enterprise use contract expansion at Energy, Dealer and Financial business growth at Mobility, and subscription and recurring variable revenue growth at Market Intelligence.
• Operating profit: Operating profit increased 27% to $2B, yielding a 48% operating margin vs. 42% in 2025; excluding a 2026 gain on dispositions of $175M (14 percentage points), 2025 employee severance charges of $33M (3 percentage points), and 2025 ELT transition costs of $12M (1 percentage point), partially offset by higher 2026 disposition-related costs of $40M (3 percentage points), adjusted operating profit increased 12%, with foreign exchange providing a favorable 2-percentage-point impact.
• EPS: Diluted earnings per share from net income rose 32% to $4.69 from $3.54 in the prior-year period.

• High-growth adjacencies: Management identifies accelerating focus areas including private markets, energy expansion, supply chain intelligence, wealth, and decentralized finance, alongside AI and technology areas such as blockchain and quantum computing.

• Overall growth: Total revenue increased 10% to $4.2B in the three months ended March 31, 2026 from $3.8B in the prior-year period, with U.S. revenue up 12% to $2.6B and total international revenue up 8% to $1.5B; foreign exchange had a favorable impact of less than 1 percentage point.
• Subscription drivers: Subscription revenue grew 6% to $2B, driven by growth in Data, Analytics & Insights, Lending Solutions in Enterprise Solutions, RatingsXpress® and RatingsDirect®, and recent acquisitions at Market Intelligence; new business growth within the Dealer business, solid underwriting volumes and market share growth within the Financial business at Mobility; continued demand for Energy market data; and higher data subscription revenue at Indices.
• Non-subscription / transaction and non-transaction: Non-subscription / transaction revenue rose 15% to $978M, primarily due to higher corporate bond ratings revenue (partially offset by lower bank loan ratings revenue at Ratings) and higher conference revenue at Energy; non-transaction revenue increased 12% to $538M, driven by higher surveillance revenue and increased revenue at the Crisil subsidiary at Ratings.
• Asset-linked fees and royalties: Asset-linked fees grew 18% to $339M on higher ETF and mutual fund AUM at Indices; sales usage-based royalties rose 20% to $133M from higher exchange-traded derivative revenue at Indices and licensing of proprietary market data to commodity exchanges at Energy.

• Operating-related expenses: Total operating-related expenses rose 7% to $1.2B in 2026 from $1.2B in 2025, with segment-level growth ranging from 4% (Energy) to 16% (Indices); Intersegment eliminations of ($52M) in 2026 versus ($48M) in 2025 primarily reflect a royalty charged to Market Intelligence for rights to use and distribute content and data developed by Ratings.
• Selling and general expenses: Total selling and general expenses increased 5% to $802M from $764M, with Mobility (+13%) and Indices (+12%) posting the fastest segment growth; Corporate Unallocated selling and general expenses rose 14% to $55M, driven by disposition-related costs of $23M and lease impairments of $5M in 2026, compared to employee severance of $10M, Executive Leadership Team transition costs of $8M, a lease impairment of $6M, and acquisition-related costs of $2M in 2025.
• Notable one-time items in 2026: Market Intelligence selling and general expenses include acquisition-related costs of $9M and disposition-related costs of $3M; Mobility includes disposition-related costs of $13M; Corporate Unallocated includes disposition-related costs of $23M and lease impairments of $5M.
• Notable one-time items in 2025: Market Intelligence selling and general expenses included employee severance of $14M, acquisition-related costs of $7M, Executive Leadership Team transition costs of $4M, and disposition-related costs of $1M; Energy included employee severance of $6M; Corporate Unallocated included employee severance of $10M and Executive Leadership Team transition costs of $8M.

• Operating-related expenses: Increased 7%, primarily driven by higher compensation costs from annual merit increases and additional headcount, with the headcount growth partially associated with recent acquisitions at Market Intelligence.
• Intersegment eliminations: Primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

• Overall change: Selling and general expenses increased 5%, or 6% excluding the impact of higher disposition-related costs of 9 percentage points in 2026, partially offset by employee severance charges of 8 percentage points and ELT transition costs of 2 percentage points in 2025.
• Key drivers: The increase was primarily driven by higher compensation costs from annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.

• D&A increase: Depreciation and amortization increased $14M to $307M in 2026 compared to 2025, driven primarily by higher intangible asset amortization from recent acquisitions at Market Intelligence and higher depreciation from new asset purchases, partially offset by assets being fully amortized.

• Total gain on dispositions: During the three months ended March 31, 2026, the company recorded a total pre-tax gain of $175M in Gain on dispositions in the consolidated statement of income.
• Enterprise Data Management and thinkFolio sale: On January 12, 2026, the company completed the sale of the Enterprise Data Management and thinkFolio businesses within its Market Intelligence segment to Symphony Technology Group ("STG"), a private equity firm, recording a pre-tax gain of $172M ($168M after-tax).
• OSTTRA residual gain: In March of 2026, the company recorded a pre-tax gain of $3M ($3M after-tax) related to the sale of OSTTRA, which had occurred in October of 2025.

• Segment operating profit growth: Total segment operating profit rose 27% to $2.1B from $1.6B; on an adjusted basis (excluding a $172M gain on dispositions in 2026 adding 13 percentage points, partially offset by 2026 disposition-related costs and higher amortization), operating profit grew 14%, driven primarily by revenue growth and partially offset by higher compensation costs from annual merit increases, additional headcount, and investments in strategic initiatives.
• Market Intelligence one-time items: Market Intelligence segment operating profit increased to $440M from $220M (N/M change), with 2026 including a gain on disposition of $172M, acquisition-related costs of $9M, and disposition-related costs of $3M, alongside amortization of intangibles of $156M vs. $148M in 2025.
• Corporate Unallocated expense: Corporate Unallocated expense increased 8% to ($71M) from ($66M); on an adjusted basis (excluding prior-year severance, Executive Leadership Team transition costs, lease impairments, and current-year disposition-related costs and gain on disposition), the expense increased 17% primarily due to higher conference expenses and professional fees.
• OSTTRA divestiture and FX: Equity in income on unconsolidated subsidiaries was $11M in Q1 2025 and nil in Q1 2026 following the October 10, 2025 sale of OSTTRA, the 50/50 joint venture with CME Group; foreign exchange rates had a favorable 2 percentage point impact on operating profit in Q1 2026.

• Composition: Other (income) expense, net includes gains and losses on mark-to-market investments and the net periodic benefit cost for retirement and post-retirement plans.
• Period comparison: Other income, net was $2M for the three months ended March 31, 2026, compared to other expense, net of $4M for the three months ended March 31, 2025, with the swing attributable to higher losses on mark-to-market investments in 2025.

• Driver of increase: Interest expense, net increased compared to the three months ended March 31, 2025 primarily due to interest expense related to the issuance of senior notes in December of 2025 and increased expense from commercial paper borrowings in 2026.
• Commercial paper use: The commercial paper borrowings were used to partially finance the Company's ASR agreement entered into in February of 2026 and short-term working capital requirements.

• Effective tax rate: The effective income tax rate was 21.2% for the three months ended March 31, 2026, down from 21.7% for the three months ended March 31, 2025, primarily due to a combination of discrete adjustments including lower tax on non-US divestitures due to local exemption.
• Pillar Two impact: The effects of Pillar Two taxes enacted in jurisdictions in which the company operates have been reflected in results and did not have a material impact on consolidated financial statements.
• OECD U.S.-parent exclusion framework: On January 5, 2026, the OECD issued administrative guidance outlining a framework under which U.S.-parented groups may be excluded from the application of the OECD's global minimum tax rules; each member jurisdiction must adopt this guidance into local law, and the company is continuing to monitor developments and will evaluate the impact as additional information becomes available.

• Segment overview: Market Intelligence is a global multi-asset-class data and analytics provider serving trading and investment professionals, government agencies, corporations, and universities across 3 business lines: Data, Analytics & Insights; Enterprise Solutions; and Credit & Risk Solutions.
• Disposition: On January 12, 2026, the Enterprise Data Management and thinkFolio businesses were sold to Symphony Technology Group; the sale generated a pre-tax gain of $172M ($168M after-tax) recorded in Gain on dispositions, contributing 86 percentage points to the reported operating profit growth rate.
• Revenue drivers: Revenue grew 8%, with 1 percentage point of favorable impact from the net effect of recent acquisitions (AIS data services business of ORBCOMM Inc. and With Intelligence, acquired November 2025) and the Enterprise Data Management and thinkFolio disposition; organic growth was led by Lending Solutions in Enterprise Solutions, subscription revenue in Data, Analytics & Insights, and RatingsXpress® and RatingsDirect®; foreign exchange had a 1 percentage point favorable impact.
• Operating profit: Reported operating profit grew over 100% to $440M (34% margin vs. 18% in 2025); excluding the $172M gain on disposition, employee severance charges of $14M and ELT transition costs of $4M in 2025, and partially offset by higher amortization of intangibles ($156M vs. $148M), higher disposition-related costs, and higher acquisition-related costs, underlying operating profit grew 11%, partially offset by expenses from recent acquisitions, higher compensation costs, and increased bad debt expense.

• Revenue growth: Total revenue grew 13% to $1.3B for the three months ended March 31, 2026, with foreign exchange rates contributing a favorable 2 percentage point impact; transaction revenue rose 15% to $712M driven by strong investment grade issuance in corporate bond ratings (partially offset by lower bank loan ratings revenue), while non-transaction revenue rose 11% to $590M, driven by higher surveillance revenue and growth at the Crisil subsidiary, with both categories also benefiting from improved contract terms across product categories.
• Geographic mix: U.S. revenue grew 16% to $793M (61% of total), while international revenue grew 9% to $509M (39% of total).
• Operating profit: Operating profit increased 16% to $881M, with operating margin expanding to 68% from 66%; growth was partially offset by higher compensation costs from annual merit increases and additional headcount, and an increase in strategic investments, with foreign exchange rates providing a favorable 3 percentage point impact; 2025 results included employee severance charges of $2M, and amortization of intangibles from acquisitions was $1M in 2026 and $2M in 2025.
• Intersegment royalty: Non-transaction revenue includes an intersegment royalty charged to Market Intelligence for rights to use and distribute Ratings content and data; royalty revenue was $44M and $42M for the three months ended March 31, 2026 and 2025, respectively.

• Investment-grade billed issuance: Rose 41% to $621B in Q1 2026 from $440B in Q1 2025, driven by AI-related issuance and M&A transactions; investment grade includes Corporates, Financial Services, and Infrastructure.
• High-yield billed issuance: Increased 4% to $117B from $113B, driven by M&A transactions.
• Other billed issuance: Declined 7% to $491B from $530B, driven primarily by a decrease in bank loans due to AI-disruption concerns affecting software and tech-adjacent leveraged loans; Other includes Bank Loans, Structured Finance, and Government.
• Billed issuance definition: Billed issuance excludes frequent issuer programs, unrated debt, and most international public finance to more effectively correlate issuance activity to movements in transaction revenue.

• Revenue growth: Total revenue grew 7% to $652M in the three months ended March 31, 2026, driven by increased attendance at CERAWeek, continued demand for market data and market insights products under enterprise use contracts, and a 27% increase in sales usage-based royalties to $37M from higher trading volumes for Platts based contracts across all commodity sectors; foreign exchange rates had a favorable impact of less than 1 percentage point.
• Business line mix: 3 of 4 business lines contributed to revenue growth, with Advisory & Transactional Services being the most significant driver, followed by Energy & Resources Data & Insights and Price Assessments; Upstream Data & Insights declined due to a one-time benefit in Q1 2025.
• Operating profit: Operating profit increased 12% to $287M (44% margin vs. 42% in 2025); excluding $1M in disposition-related costs and $1M in acquisition-related costs in 2026, partially offset by $6M in employee severance charges in 2025, operating profit increased 9%; growth was partially offset by higher compensation costs from annual merit increases, additional headcount, and investment in strategic initiatives; foreign exchange rates had an unfavorable impact of 2 percentage points.
• Portfolio transactions: On April 24, 2026, a definitive agreement was signed to sell Energy's geoscience and petroleum engineering software portfolio (including Kingdom Software, Petra, Harmony Enterprise, and others) to SLB, with close expected in the second half of 2026 or early 2027 and no material impact anticipated to consolidated financial statements; on March 18, 2026, the acquisition of Enertel AI Corporation, specializing in AI and machine learning-driven short-term power price forecasting for North American electricity markets, was completed and is not material to consolidated financial statements.

• Revenue drivers: Revenue grew 8% to $454M for the three months ended March 31, 2026, primarily driven by continued new business growth within the Dealer business and solid underwriting volumes within the Financial business, with both also benefiting from improved contract terms; foreign exchange rates had a favorable impact of 1 percentage point.
• Manufacturing outlook: Growth in the Manufacturing business reflects early signs of recovery in discretionary spending with an uptick in transaction activity, though lower recall volumes continue to weigh on performance.
• Operating profit: Operating profit increased 9% to $93M (21% margin vs. 20% prior year); excluding $13M in disposition-related costs (3 percentage points of impact), operating profit increased 12%, driven by revenue growth and partially offset by higher advertising and promotion costs; foreign exchange rates had a favorable impact of 6 percentage points.
• Revenue mix: Subscription revenue was 82% of total revenue in both 2026 and 2025; U.S. revenue was 83% of total in both periods.

• Revenue growth: Total Indices revenue grew 17% to $519M for the three months ended March 31, 2026, driven primarily by higher asset-linked fees (up 18% to $339M) reflecting higher AUM for ETFs and mutual funds, higher exchange-traded derivative revenue (sales usage-based royalties up 18% to $96M), and higher data subscription revenue (subscription revenue up 12% to $84M); foreign exchange rates had a favorable impact of 1 percentage point.
• AUM trends: Ending AUM for ETFs increased 25% to $5.385 trillion compared to March 31, 2025, and average AUM for ETFs increased 25% to $5.574 trillion compared to the three months ended March 31, 2025; ending AUM for ETFs decreased 2% compared to the fourth quarter of 2025 driven by market depreciation in the first quarter of 2026.
• Operating profit: Operating profit increased 18% to $372M, yielding an operating margin of 72% (vs. 71% in the prior year), partially offset by higher strategic investments and compensation costs from annual merit increases; net operating profit attributable to the segment (after noncontrolling interests) grew 14% to $272M, with net operating margin at 52% vs. 53% in the prior year.
• Geographic mix: U.S. revenue grew 15% to $415M (80% of total) and international revenue grew 24% to $104M (20% of total) for the three months ended March 31, 2026.

• Liquidity position: Management states the company continues to maintain a strong financial position, with primary funding from cash generated by its businesses.
• Sufficiency assessment: Cash on hand, cash flows from operations, and availability under the existing credit facility are expected to be sufficient to meet additional operating and recurring cash needs into the foreseeable future.
• Uses of cash: Stated uses include ongoing investments in businesses, strategic acquisitions, share repurchases, dividends, repayment of debt, capital expenditures, and investment in infrastructure.

• Cash position: Cash, cash equivalents, and restricted cash were $1.8B as of March 31, 2026, an increase of $65M from December 31, 2025.
• Free cash flow: Free cash flow increased $103M to $919M in the first three months of 2026 compared to $816M in the first three months of 2025, primarily driven by an increase in operating activities; free cash flow is a non-GAAP measure defined as operating cash flow less capital expenditures and distributions to noncontrolling interest holders, where capital expenditures include purchases of property and equipment and additions to technology projects.

• Operating cash flow: Cash provided by operating activities increased $84M to $1B for the first three months of 2026 compared to 2025, primarily attributable to higher operating results, stronger cash collections, and lower tax payments in 2026.
• Pillar Two — current impact: The OECD's global minimum tax framework (15% Pillar Two) has been reflected in results for jurisdictions where it is enacted, and did not have a material impact on consolidated financial statements.
• Pillar Two — U.S.-parented group guidance: On January 5, 2026, the OECD issued administrative guidance outlining a framework under which U.S.-parented groups may be excluded from Pillar Two rules; each member jurisdiction must adopt this into local law with potentially varying timing, and management states it is continuing to monitor developments and will evaluate the impact as additional information becomes available.

• Investing activity swing: Cash provided by investing activities was $291M for the first three months of 2026, compared to cash used for investing activities of $79M in the first three months of 2025, a shift driven primarily by proceeds from the disposition of the Enterprise Data Management and thinkFolio businesses within the Market Intelligence segment in 2026.
• Activity composition: Cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions.

• Financing cash outflows: Cash used for financing activities increased $134M to $1.2B for the first three months of 2026, with the increase driven primarily by higher share repurchases, partially offset by proceeds from commercial paper borrowings.
• Share repurchases: During the three months ended March 31, 2026, the company purchased 2.3 million shares for $1B of cash, up from 1.0 million shares for $650M of cash in the three months ended March 31, 2025.
• Cash flow composition: Outflows consist primarily of share repurchases, dividends to shareholders, and repayments of short-term and long-term debt; inflows are primarily attributable to borrowing of short-term and long-term debt.

• Commercial paper program: Total borrowing capacity is $2B under the commercial paper program, supported by a $2B five-year credit facility terminating December 17, 2029; outstanding commercial paper was $951M as of March 31, 2026, up from $715M as of December 31, 2025.
• ESG-linked pricing: Commitment fees and applicable margins are linked to 3 environmental sustainability performance indicators related to emissions, tested annually; for the three months ended March 31, 2026, the commitment fee was 8 basis points, and beginning April 6, 2026, the commitment fee and drawn margin will be reduced by 1 basis point and 5 basis points, respectively, for approximately one year based on emissions performance for the year ended December 31, 2025.
• Financial covenant: The sole financial covenant requires an indebtedness to cash flow ratio no greater than 4 to 1, and management states this ratio has never been exceeded.

Quarterly dividend: The Board of Directors approved a quarterly common stock dividend of $0.97 per share on January 14, 2026.

• Guarantor structure: Senior notes issued by S&P Global Inc. are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary; both the notes and the guarantees are unsecured and unsubordinated, ranking equally and ratably with all existing and future unsecured and unsubordinated debt of each respective obligor. Other subsidiaries constitute the "Non-Obligor Group" and do not guarantee the registered debt securities.
• Guarantee release conditions: The subsidiary guarantor's guarantees may be released upon (i) sale or disposition of the subsidiary guarantor or substantially all its assets to a non-affiliate, (ii) defeasance or discharge of the applicable note series, or (iii) the subsidiary guarantor ceasing to guarantee indebtedness under any Credit Facility of the Company (with limited concurrent-release carve-outs).
• Recent issuances: On December 1, 2025, S&P Global Inc. issued $600M of 4.25% Senior Notes due 2031 and $400M of 4.80% Senior Notes due 2035; on August 22, 2024, $746M of 5.25% Senior Notes due 2033 were registered with the SEC in exchange for unregistered notes originally issued September 12, 2023.
• Obligor Group balance sheet: As of March 31, 2026, current liabilities (excluding intercompany to Non-Obligor Group) stood at $3.5B versus $1.2B at December 31, 2025, while non-current liabilities declined to $10.6B from $12.4B; intercompany payables to the Non-Obligor Group were $18.6B versus $18.1B at year-end.

Free cash flow definition: Free cash flow is a non-GAAP measure defined as cash flow provided by operating activities less capital expenditures (purchases of property and equipment and additions to technology projects) and distributions to noncontrolling interest holders; management uses it as a more conservative measure of cash generation and to evaluate capacity to prepay debt, make acquisitions, and repurchase stock.

Investing and financing activities: Cash provided by investing activities swung to $291M in 2026 from cash used of $79M in 2025 (N/M change), while cash used for financing activities increased 12% to $1.2B from $1.1B.