TLDR
- S&P Global posted Q1 adjusted EPS of $4.97, beating the $4.82 estimate by $0.15
- Total revenue hit $4.17 billion, up 10% year-over-year, topping the $4.08 billion forecast
- Ratings revenue jumped 13% to $1.30 billion; Indices revenue surged 17% to $519 million
- Adjusted operating margin expanded 100 basis points to 51.8%
- Full-year 2026 EPS guidance held at $19.40–$19.65; revenue growth guided at 6.3%–8.3%
S&P Global turned in a strong first quarter, beating Wall Street on both earnings and revenue as market volatility drove demand for its data and analytics products.
📊 S&P Global $SPGI delivered a strong beat on Q1 2026 earnings this morning! Total revenue reached $4.171B (+10% YoY, beating ~$4.07B estimates) 📈 with Adjusted EPS of $4.97. Operating expenses totaled $2.48B (Cost of Services $1.52B | SG&A & Other $0.96B), supporting strong… pic.twitter.com/HvfS78TsRc
— Nick (@NickUSA01) April 28, 2026
The company reported adjusted EPS of $4.97 for Q1 2026, topping the consensus estimate of $4.82. GAAP EPS came in at $4.69, up 32% from $3.54 a year ago.
Total revenue rose 10% year-over-year to $4.17 billion, ahead of the $4.08 billion analysts had expected.
The Ratings division led the way, with revenue climbing 13% to $1.30 billion. Market Intelligence revenue rose 8% to $1.30 billion, while Indices revenue surged 17% to $519 million.
CEO Martina Cheung credited the performance to strong execution across every division. “We are pleased with the results we achieved in the first quarter, with strong revenue growth and margin expansion in every division,” she said.
Margins Expand Across the Board
Adjusted operating profit margin expanded 100 basis points to 51.8%. GAAP operating margin jumped 620 basis points to 48.0%.
The company repurchased $1 billion in stock during the quarter. It now expects to return 100% or more of adjusted free cash flow to shareholders via dividends and buybacks in 2026.
Rising geopolitical uncertainty and market volatility have pushed investors toward risk assessment and analytics tools — a tailwind that clearly showed up in Q1 numbers.
Ratings agency Moody’s reported similar strength earlier this month, also driven by demand for research and analytics.
Full-Year Guidance Holds Steady
S&P Global maintained its organic constant currency revenue growth target of 6.0%–8.0% for 2026.
Reported revenue growth guidance was updated to 6.3%–8.3%. The midpoint of 7.3% is slightly below the prior range, reflecting lower expected foreign exchange tailwinds.
Full-year adjusted diluted EPS guidance remains at $19.40–$19.65, with the midpoint of $19.53 in line with analyst expectations.
The stock rose about 2.38% on the day following the report. That said, SPGI has still lost more than 15% year-to-date, weighed down by investor concerns over AI disruption in the software and services sector.
The muted initial reaction — the stock was up just 0.6% in premarket — suggests the market had largely priced in a solid quarter.
🚨 Our April Stock Picks Are Live!
A new month means new opportunities. Our analysts have just released their top stock picks for April, highlighting companies with strong momentum that rank highly on our KO Score algorithm. We’re also now sharing trade ideas for both long-term and short-term investors, giving you more ways to spot potential opportunities in the market.
Sign up to Knockout Stocks today and get 50% off to unlock the full list and see which stocks made the cut.
Use coupon code Special50 for your exclusive discount!
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
