$SPGI · S&P Global Inc.
S&P Global filed its Q3 2026 10-Q, reporting revenue of $3.678B (+6.8% YoY), GAAP diluted EPS of $4.25, and operating profit of $1.956B (+26% YoY). The quarter included a $200M gain on dispositions and a $58M loss from discontinued operations tied to the Mobility Global separation. Operating margin reached 53.2%, and the company repurchased $4.1B in shares over the first nine months.
- Q3 revenue of $3.678B rose 6.8% YoY, with subscription revenue up 6% to $1.719B.
- Operating profit jumped 26% YoY to $1.956B, boosted by a $200M gain on dispositions.
- GAAP diluted EPS from continuing operations hit $4.45 vs. $3.54 a year ago.
- Share repurchases totaled $4.1B in the first nine months, reducing shares outstanding to 289.9M.
- The Mobility Global separation was completed, removing $9.75B from retained income and reshaping the balance sheet.
Extended-hours trading shows SPGI at $445.88, down 0.68% from the regular close of $448.93 — a modest negative drift despite strong operating results, likely reflecting the $58M discontinued operations loss and the complexity of the Mobility separation.
S&P Global's 26% operating profit surge and 53.2% margin demonstrate exceptional pricing power in ratings and data, but the Mobility separation and $4.1B buyback signal a major portfolio transformation.
S&P Global's 53.2% operating margin and 6.8% revenue growth reinforce its position as the profitability benchmark in financial data and analytics. The Ratings segment ($834M Q3 operating profit) continues to dominate, while the Mobility separation mirrors peers' moves to streamline portfolios.
The filing flags prolonged difficulties in global credit markets and regulatory changes as key risks to operating results. The Mobility Global separation introduces execution complexity and a materially restructured balance sheet with $9.75B removed from retained income.