S&P Global (NYSE:SPGI) Posts Quarterly Earnings Results, Beats Expectations By $0.15 EPS

Key Points

• S&P Global exceeded quarterly expectations, reporting adjusted EPS of $4.58 versus the $4.43 consensus and revenue of $3.68 billion, up 6.8% year over year.
• Management raised its full-year outlook, targeting 7.5%-8.5% organic constant-currency growth, 75-100 basis points of margin expansion, and adjusted EPS of $17.70-$17.95. Indices and demand for AI-ready data were key growth drivers.
• The company launched a strategic review of Capital IQ and related data businesses, potentially including a separation, though the scope, timing, and outcome remain uncertain. Ratings growth moderated and some one-time Energy sales may create near-term headwinds.

S&P Global (NYSE:SPGI - Get Free Report) released its earnings results on Tuesday. The business services provider reported $4.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $0.15, FiscalAI reports. S&P Global had a net margin of 31.37% and a return on equity of 17.74%. The firm had revenue of $3.68 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same quarter last year, the business earned $4.73 EPS. The business's revenue was up 6.8% on a year-over-year basis.

Here are the key takeaways from S&P Global's conference call:

• Third-quarter results exceeded expectations, with revenue up 7%, adjusted operating profit up 8%, EPS up 9%, and 60 basis points of margin expansion. Management raised full-year organic constant-currency growth guidance to 7.5%-8.5%, margin expansion to 75-100 basis points, and adjusted EPS to $17.70-$17.95.
• Indices remained a major growth driver, with revenue up 20%, ETF assets under management reaching a record $6.5 trillion, and exchange-traded derivatives revenue rising 19%. The extended Cboe agreement is expected to provide a couple of percentage points of incremental index revenue growth in 2027.
• Demand for AI-ready data and tools is accelerating, contributing roughly 50 basis points of growth in both Energy and Market Intelligence. AI customers are expanding spending faster than other customers, while API call volume rose nearly 50% sequentially and more than 4,000% year over year.
• S&P Global initiated a strategic review of Capital IQ and related data businesses, including parts of Kensho Data and Platforms, with a potential separation under consideration. Management views the review as a way to unlock value and create a more focused company, but the perimeter, transaction structure, timing, and outcome remain uncertain, with a meaningful update unlikely before February.
• Ratings growth moderated to 2% as the company faces difficult comparisons, while management expects a slight fourth-quarter decline in transaction revenue. Energy also benefited from unusually strong one-time sales in the third quarter that may not recur, creating a potential headwind to near-term reported growth.

S&P Global Trading Up 0.6%

SPGI stock traded up $2.65 during mid-day trading on Tuesday, reaching $453.30. The company had a trading volume of 450,025 shares, compared to its average volume of 2,190,433. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.95 and a quick ratio of 0.95. The company has a market capitalization of $133.63 billion, a PE ratio of 27.72, a price-to-earnings-growth ratio of 2.19 and a beta of 1.09. The firm has a 50 day moving average of $418.22 and a 200 day moving average of $433.79. S&P Global has a 12 month low of $381.61 and a 12 month high of $552.25.

S&P Global Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 10th. Shareholders of record on Wednesday, November 25th will be given a $0.97 dividend. This represents a $3.88 annualized dividend and a yield of 0.9%. The ex-dividend date of this dividend is Wednesday, November 25th. S&P Global's payout ratio is 23.69%.

Key Headlines Impacting S&P Global

Here are the key news stories impacting S&P Global this week:

• Positive Sentiment: Quarterly results exceeded expectations. S&P Global reported adjusted EPS of $4.58 versus the $4.43 consensus estimate, while revenue rose 6.8% year over year to $3.68 billion, ahead of the $3.64 billion forecast. Reported net income increased to $1.24 billion, or $4.25 per share, from $1.18 billion, or $3.86 per share, a year earlier. S&P Global Q3 Earnings and Revenues Surpass Estimates
• Positive Sentiment: Management raised its 2026 outlook. The improved guidance signals confidence in demand across S&P Global’s credit ratings, indices, and data businesses and supports the market’s favorable reaction to the earnings release. S&P Global Raises Year Outlook as Profit Improves
• Positive Sentiment: New growth initiatives broaden the company’s opportunities. S&P Global completed its acquisition of OpenZeppelin, adding expertise in on-chain security and digital-asset risk assessment. Separately, its Dow Jones Indices business partnered with Kalshi to support licensed prediction-market contracts tied to S&P DJI benchmarks. S&P Global Completes Acquisition of OpenZeppelin
• Neutral Sentiment: S&P Global is reviewing Capital IQ and related data businesses. A strategic review could lead to restructuring, a sale, or other changes that unlock value, but the outcome and potential financial impact remain uncertain. S&P Global Reports Third Quarter Results and Announces Strategic Review
• Negative Sentiment: Valuation may limit further upside. Despite the strong results, commentary that the stock appears fully priced highlights investor concerns that much of the earnings and guidance improvement may already be reflected in SPGI’s valuation.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on SPGI. UBS Group reduced their price objective on shares of S&P Global from $550.00 to $525.00 and set a "buy" rating on the stock in a research report on Tuesday, July 7th. BMO Capital Markets dropped their target price on S&P Global from $505.00 to $500.00 and set an "outperform" rating for the company in a research report on Tuesday, October 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $510.00 target price on shares of S&P Global in a research note on Wednesday, August 26th. Wall Street Zen upgraded S&P Global to a "hold" rating in a report on Saturday, September 5th. Finally, Bank of America decreased their price target on S&P Global from $575.00 to $550.00 and set a "buy" rating for the company in a research note on Friday, July 10th. Eighteen equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, S&P Global presently has an average rating of "Moderate Buy" and an average target price of $515.88.

About S&P Global

S&P Global NYSE: SPGI is a global provider of financial information, analytics, benchmarks and credit ratings. Its services are used by investors, corporations, governments and other organizations to evaluate risk, assess markets, support investment decisions and manage business operations.

The company operates through businesses including S&P Global Ratings, which provides credit ratings and related research; S&P Global Market Intelligence, which delivers data, research and analytics on companies, markets and industries; and S&P Global Commodity Insights, which supplies information and analysis for energy and commodity markets.

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