S&P Global Reports Third-Quarter Results and Strategic Review of Capital IQ Business
Key Facts
S&P Global reported third-quarter 2026 results on October 27 and said it had launched a strategic review of its Capital IQ business and related data. The announcement was made in a company statement issued in New York, which said third-quarter results were announced the same day. The statement’s headline scoped the review to the Capital IQ unit and related data, without describing it as a review covering all company operations. The information disclosed here does not include the actual financial results, including earnings per share or revenue, for comparison with analyst estimates. Therefore, this information does not establish that earnings beat expectations, nor does it support a claim that the stock rose in response to the results.
Analyst consensus estimates published before the announcement pointed to earnings of $4.42 per share and revenue of $3.64 billion in the third quarter. Those estimates projected declines of 6.6% in earnings and 6.4% in revenue year over year. These are estimates made before the announcement, not the company’s actual results. In the absence of reported results in the available information, a documented comparison between the company’s performance and those estimates is not possible. That comparison will determine whether results came in above or below market estimates.
SPGI shares closed at $450.65 on October 26, according to EL7 data, a day before the company reported its results. The close on October 23 was $450.31, allowing a comparison of closing prices over the two sessions before the results were released. But the October 26 close does not reflect a reaction to an announcement made on October 27. The price data cited here do not show the stock’s movement after the announcement or explain it. Accordingly, these figures do not establish that the stock rose because of the results or the strategic review.
The company had scheduled the results release for about 7:15 a.m. Eastern Daylight Time on October 27, followed by a conference call to discuss them at 8:30 a.m. the same time. The results statement said the call was scheduled for the day of the announcement, giving management an opportunity to discuss the third-quarter results and strategic review with investors. The available information does not detail the company’s options under the review or a timetable for a decision on the Capital IQ business and related data. Nor does it include a documented update to the company’s full-year outlook in this announcement. The latest documented financial guidance cited here was issued with the second-quarter results.
In the second quarter, S&P Global reported revenue of $4.146 billion, up 10% year over year. Revenue excluding Mobility was about $3.678 billion, up 11%. Adjusted operating profit rose 15% to $1.998 billion, while adjusted diluted earnings per share increased 23% to $4.83. The company at the time maintained its forecast for 2026 organic constant-currency revenue growth of 6% to 8%, excluding Mobility. These figures provide context for comparing third-quarter performance with the framework the company announced in the previous quarter, but they do not replace actual third-quarter figures.
After the second-quarter results, Chief Executive Martina Cheung said the company had seen “rapid continued adoption and expansion of AI solutions,” linking that to a sharper focus on its four core divisions following the Mobility separation. A report published before the third-quarter results announcement said customers tied to AI solutions rose about 70% in the second quarter to more than 500. The number of customers using APIs ready for large language models also exceeded 500, with sequential growth of more than 70%. In the same period, Market Intelligence revenue grew 6%, while Ratings revenue rose 17% to a record, according to the earlier report. These indicators place the data business in the context of uneven growth across the company’s divisions, but the review announcement alone does not determine its outcome or potential financial impact.
In the context of the Ratings business, the earlier report said about $11 trillion of rated debt may need refinancing over the next 4.5 years. It cited a Jefferies analyst’s expectation of strong third-quarter issuance and a possible marked slowdown in the fourth quarter; these were estimates made before the results announcement, not a new company disclosure. Jefferies also expected the company to narrow its 2026 organic growth outlook from 6%–8% to 7%–8%, and cut its full-year adjusted earnings-per-share estimate by $0.05 to $17.80. In October, Jefferies lowered its price target on the stock to $490 from $525 while maintaining a Buy rating. These estimates and recommendations remain views expressed before the announcement, while the available information does not establish that the company adopted them or changed its guidance on October 27.