The following Management’s Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three and six months ended June 30, 2026. The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2025 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MD&A includes the following sections: •Overview •Results of Operations — Comparing the Three and Six Months Ended June 30, 2026 and 2025 •Liquidity and Capital Resources •Reconciliation of Non-GAAP Financial Information •Critical Accounting Estimates •Recently Issued or Adopted Accounting Standards •Forward-Looking Statements 32 OVERVIEW We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers and the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture. We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels. On July 1, 2026, the previously announced separation (the “Separation”) of Mobility Global Inc. (“Mobility Global”) from S&P Global became effective. The separation of Mobility Global, which comprises the business of S&P Global and its subsidiaries which previously operated under the S&P Global Mobility (“Mobility”) segment, was achieved through S&P Global’s distribution (the “Distribution”) of 100% of the shares of Mobility Global common stock to holders of S&P Global common stock effective as of 12:01 a.m. New York City time on July 1, 2026, with holders of S&P Global common stock receiving one share of Mobility Global common stock for every share of S&P Global common stock held at the close of business on June 15, 2026 (the “Record Date”). Following the Distribution, Mobility Global became an independent, publicly-traded company with its common stock listed under the symbol “MBGL” on the New York Stock Exchange. Effective July 1, 2026, our operations consist of four reportable segments: S&P Global Ratings (“Ratings”), S&P Dow Jones Indices (“Indices”), S&P Global Energy (“Energy”) and S&P Global Market Intelligence (“Market Intelligence”). •Ratings is an independent provider of credit ratings, research, and analytics. •Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. •Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets. •Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. The results of Mobility are included through June 30, 2026. Beginning with the third quarter of 2026, the historical financial results of Mobility through June 30, 2026 will be reflected in our consolidated financial statements as discontinued operations in accordance with U.S. GAAP for all periods. Costs that were historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations will be reallocated to continuing operations. Additionally, beginning with the third quarter of 2026, results will reflect product transfers of 451 Research and Maritime & Trade from Market Intelligence to Energy which include the transfer of both revenue and expenses and a small portion of expenses associated with the transfer of Credit Analytics products from Market Intelligence to Ratings. Key results for the periods ended June 30 are as follows: (in millions, except per share amounts) Three Months Six Months 2026 2025 % Change 1 2026 2025 % Change 1 Revenue $ 4,146 $ 3,755 10% $ 8,318 $ 7,532 10% Operating profit 2 $ 1,812 $ 1,551 17% $ 3,814 $ 3,129 22% Operating margin % 44 % 41 % 46 % 42 % Diluted earnings per share from net income $ 4.12 $ 3.50 18% $ 8.81 $ 7.04 25% 1 % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented. 2 Operating profit for the three and six months ended June 30, 2026 includes disposition-related costs of $79 million and $118 million, respectively, employee severance charges of $44 million, gain on dispositions of $11 million and $186 million, respectively, acquisition-related costs of $6 million and $16 million, respectively, asset impairment of $4 million, a statutorily required labor law accrual adjustment of $2 million and employee-related costs of $1 million and $3 million, respectively. Operating profit for the six months ended June 30, 2026 includes lease impairments of $5 million. Operating profit for the three and six months ended June 30, 2025 includes legal costs of $29 million, employee severance charges of $49 million and $82 million, respectively, disposition-related costs of $11 million and $13 million, respectively, Executive Leadership Team transition costs of $5 million and $17 million, acquisition-related costs of $5 million and $13 million, respectively, lease-related costs of $2 million and $7 million, respectively, a gain on disposition of $3 million and asset write-offs of $1 million. Operating profit also includes amortization of intangibles from acquisitions of $275 million and $283 million for the three months ended June 30, 2026 and 2025, respectively, and $551 million and $564 million for the six months ended June 30, 2026 and 2025, respectively. 33 Three Months Revenue increased 10% driven by increases at all of our reportable segments. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) activity and an increase in revenue at our Crisil subsidiary. Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth at Market Intelligence. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. The increase at Mobility was primarily due to continued new business growth within the Dealer business and the favorable impact of improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point. Operating profit increased 17%. Excluding the impact of higher disposition-related costs in 2026 of 8 percentage points, partially offset by higher legal costs in 2025 of 3 percentage points, higher gain on dispositions in 2026 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, operating profit increased 14%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had a favorable impact of 1 percentage point. Six Months Revenue increased 10% driven by increases at all of our reportable segments. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary. Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth at Market Intelligence. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. The increase at Mobility was primarily due to continued new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point. Operating profit increased 22%. Excluding the impact of a gain on dispositions in 2026 of 9 percentage points, higher employee severance charges in 2025 of 2 percentage points, higher legal costs in 2025 of 1 percentage point, Executive Leadership Team transition costs in 2025 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, partially offset by higher disposition related costs in 2026 of 5 percentage points, operating profit increased 13%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had a favorable impact of 2 percentage points. Our Strategy We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets. Our mission is Advancing Essential Intelligence. Our industry-leading benchmarks, differentiated data, and solutions provide a unique value proposition that provide customers with the ability to make more confident decisions and stay a step ahead. Our strategy focuses on three key objectives: to Advance market leadership, Expand high-growth adjacencies, and Amplify enterprise capabilities and integration of AI. In 2026, we are focused on delivering on these key strategic priorities. 34 Advance Market Leadership •Delivering market-leading value proposition through best-in-class products, including world-class benchmarks and highly differentiated data, that are transforming the user experience, accelerating innovation, and optimizing go-to-market to enhance client retention and growth; and •Expanding trusted, enduring client relationships through differentiated products and best-in-class client experiences that meet clients’ evolving needs. Expand High-Growth Adjacencies •Accelerating in high-growth adjacencies such as private markets, energy expansion, supply chain intelligence, wealth, and decentralized finance, alongside leading-edge AI and technology, such as blockchain and quantum computing. Amplify Enterprise Capabilities and AI •Enabling growth, innovation, and operating leverage through our integrated operating model that removes siloes across enterprise data, enterprise technology, and client coverage teams; •Driving cutting-edge innovation, in line with client expectations, by integrating and scaling new technology and AI into our products and our operations, and leveraging strategic collaborations and new potential commercial models; •Enhancing our data estate by continuing to add differentiated data sets at scale, thereby enabling new revenue, efficiency, and time-to-market; •Leveraging technology, process and skills innovation to empower our people, enhance productivity, and deliver enterprise impact via a people-forward culture, skills focus, people + AI process redesign, and aligned incentives; and •Continually improving our ongoing commitment to risk management. We believe that delivering on our key strategic priorities will create shareholder value through long-term profitable growth and we expect to continue to deliver targeted capital return to shareholders. There can be no assurance that we will achieve success in implementing any one or more of these strategies as a variety of factors could unfavorably impact operating results, including prolonged difficulties in the global credit markets and a change in the regulatory environment affecting our businesses. See Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. 35 RESULTS OF OPERATIONS — COMPARING THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 Consolidated Review (in millions) Three Months Six Months 2026 2025 % Change 2026 2025 % Change Revenue $ 4,146 $ 3,755 10% $ 8,318 $ 7,532 10% Total Expenses: Operating-related expenses 1,165 1,119 4% 2,400 2,272 6% Selling and general expenses 873 803 9% 1,675 1,568 7% Depreciation and amortization 307 296 4% 615 588 5% Total expenses 2,345 2,218 6% 4,690 4,428 6% Gain on dispositions (11) (3) N/M (186) (3) N/M Equity in income on unconsolidated subsidiaries — (11) N/M — (22) N/M Operating profit 1,812 1,551 17% 3,814 3,129 22% Other income, net (4) (28) 86% (6) (23) 75% Interest expense, net 87 77 13% 182 154 18% Provision for taxes on income 406 342 19% 810 667 21% Net income 1,323 1,160 14% 2,828 2,331 21% Less: net income attributable to noncontrolling interests (106) (88) (20)% (215) (170) (26)% Net income attributable to S&P Global Inc. $ 1,217 $ 1,072 14% $ 2,613 $ 2,161 21% N/M – Represents a change equal to or in excess of 100% or not meaningful 36 Revenue The following table provides consolidated revenue information for the periods ended June 30: (in millions) Three Months Six Months 2026 2025 % Change 2026 2025 % Change Revenue $ 4,146 $ 3,755 10% $ 8,318 $ 7,532 10% Subscription revenue 2,064 1,954 6% 4,077 3,851 6% Non-subscription / transaction revenue 895 745 20% 1,874 1,595 18% Non-transaction revenue 540 502 8% 1,079 983 10% Asset-linked fees 348 286 22% 688 574 20% Sales usage-based royalties 126 110 14% 259 221 17% Recurring variable 173 158 9% 341 308 11% % of total revenue: Subscription revenue 50 % 52 % 49 % 51 % Non-subscription / transaction revenue 22 % 20 % 23 % 21 % Non-transaction revenue 13 % 13 % 13 % 13 % Asset-linked fees 8 % 8 % 8 % 8 % Sales usage-based royalties 3 % 3 % 3 % 3 % Recurring variable 4 % 4 % 4 % 4 % U.S. revenue $ 2,530 $ 2,269 12% $ 5,154 $ 4,611 12% International revenue: European region 952 863 10% 1,848 1,711 8% Asia 440 408 8% 870 791 10% Rest of the world 224 215 4% 446 419 6% Total international revenue $ 1,616 $ 1,486 9% $ 3,164 $ 2,921 8% % of total revenue: U.S. revenue 61 % 60 % 62 % 61 % International revenue 39 % 40 % 38 % 39 % 37 Three Months Revenue increased 10% as compared to the three months ended June 30, 2025. Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in RatingsXpress® and the impact of recent acquisitions at Market Intelligence; new business growth within the Dealer business and the favorable impact of improved contract terms at Mobility; continued demand for Energy market data and market insights products; and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue at Ratings. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information. The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year. Six Months Revenue increased 10% as compared to the six months ended June 30, 2025. Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in RatingsXpress® and the impact of recent acquisitions at Market Intelligence; new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms at Mobility; continued demand for Energy market data and market insights products; and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue at Ratings and an increase in conference revenue at Energy. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Energy. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information. The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year. 38 Total Expenses The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the periods ended June 30: Three Months (in millions) 2026 2025 % Change Operating- related expenses Selling and general expenses Operating- related expenses Selling and general expenses Operating- related expenses Selling and general expenses Market Intelligence 1 $ 530 $ 302 $ 513 $ 289 3% 4% Ratings 2 278 138 262 163 6% (15)% Energy 3 174 127 176 112 (1)% 13% Mobility 4 138 146 134 119 2% 23% Indices 5 80 69 67 60 20% 15% Intersegment eliminations 6 (53) — (49) — (7)% N/M Total segments 1,147 782 1,103 743 4% 5% Corporate Unallocated expense 7 18 91 16 60 13% 50% Total $ 1,165 $ 873 $ 1,119 $ 803 4% 9% N/M – Represents a change equal to or in excess of 100% or not meaningful 1 In 2026, selling and general expenses include employee severance charges of $15 million, acquisition-related costs of $2 million, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $19 million, acquisition-related costs of $4 million and disposition-related costs of $2 million. 2 In 2026, selling and general expenses include employee severance charges of $8 million. In 2025, selling and general expenses include legal costs of $27 million and employee severance charges of $8 million. 3 In 2026, selling and general expenses include employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $2 million. In 2025, selling and general expenses include employee severance charges of $4 million. 4 In 2026, selling and general expenses include disposition-related costs of $21 million. In 2025, selling and general expenses include employee severance charges of $5 million. 5 In 2026, selling and general expenses include employee severance charges of $1 million and employee-related costs of $1 million. 6 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 7 In 2026, selling and general expenses include disposition-related costs of $56 million, employee severance charges of $11 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $12 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $5 million, legal costs of $2 million, a lease impairment of $2 million, acquisition-related costs of $1 million and an asset write-off of $1 million. Operating-Related Expenses Operating-related expenses increased 4% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives. Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Selling and General Expenses Selling and general expenses increased 9%. Selling and general expenses increased 5% excluding the impact in 2026 of higher disposition-related costs of 7 percentage points, partially offset by higher legal costs in 2025 of 3 percentage points. The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives. 39 Depreciation and Amortization Depreciation and amortization increased $11 million to $307 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by recent acquisitions at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized. Six Months (in millions) 2026 2025 % Change Operating- related expenses Selling and general expenses Operating- related expenses Selling and general expenses Operating- related expenses Selling and general expenses Market Intelligence 1 $ 1,088 $ 604 $ 1,036 $ 587 5% 3% Ratings 2 562 266 522 287 8% (7)% Energy 3 390 241 384 226 1% 7% Mobility 4 278 286 266 243 5% 18% Indices 5 153 132 129 116 18% 14% Intersegment eliminations 6 (104) — (97) — (7)% N/M Total segments 2,367 1,529 2,240 1,459 6% 5% Corporate Unallocated expense 7 33 146 32 109 4% 34% Total $ 2,400 $ 1,675 $ 2,272 $ 1,568 6% 7% N/M – Represents a change equal to or in excess of 100% or not meaningful 1 In 2026, selling and general expenses include employee severance charges of $15 million, acquisition-related costs of $12 million, disposition-related costs of $4 million and a statutorily required labor law accrual adjustment of $2 million. In 2025, selling and general expenses include employee severance charges of $33 million, acquisition-related costs of $10 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $3 million. 2 In 2026, selling and general expenses include employee severance charges of $8 million. In 2025, selling and general expenses include legal costs of $27 million and employee severance charges of $10 million. 3 In 2026, selling and general expenses include employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $3 million. In 2025, selling and general expenses include employee severance charges of $10 million. 4 In 2026, selling and general expenses include disposition-related costs of $34 million. In 2025, selling and general expenses include employee severance charges of $5 million. 5 In 2026, selling and general expenses include employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million. 6 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. 7 In 2026, selling and general expenses include disposition-related costs of $78 million, employee severance charges of $11 million, lease impairments of $5 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $23 million, Executive Leadership Team transition costs of $13 million, disposition-related costs of $10 million, a lease impairment of $7 million, acquisition-related costs of $2 million, legal costs of $2 million and an asset write-off of $1 million. Operating-Related Expenses Operating-related expenses increased 6% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives. Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Selling and General Expenses Selling and general expenses increased 7%. Selling and general expenses increased 6% excluding the impact in 2026 of higher disposition-related costs of 5 percentage points, partially offset by employee severance charges in 2025 of 2 percentage points, higher legal costs in 2025 of 1 percentage point and Executive Leadership Team transition costs in 2025 of 1 percentage point. 40 The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives. Depreciation and Amortization Depreciation and amortization increased $27 million to $615 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by recent acquisitions at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized. Gain on Dispositions During the six months ended June 30, 2026, we recorded a pre-tax gain of $186 million ($178 million after-tax) related to the following dispositions, which was included in Gain on dispositions in the consolidated statement of income: •In April of 2026, we sold our facility at Centennial, Colorado. During the three and six months ended June 30, 2026, we recorded a pre-tax gain of $11 million ($8 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Centennial. •In March of 2026, we recorded a pre-tax gain of $3 million ($3 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of OSTTRA in October of 2025. •On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies. During the six months ended June 30, 2026, we recorded a pre-tax gain of $172 million ($168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment. During the three and six months ended June 30, 2025, we recorded a pre-tax gain of $3 million ($2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Fincentric in August of 2024. Operating Profit We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate. We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment’s contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated expense and Equity in Income on Unconsolidated Subsidiaries. 41 The tables below reconcile segment operating profit to total operating profit for the periods ended June 30: Three Months (in millions) 2026 2025 % Change Market Intelligence 1 $ 293 $ 259 13% Ratings 2 913 715 28% Energy 3 233 233 —% Mobility 4 104 104 (1)% Indices 5 373 309 21% Total segment operating profit 1,916 1,620 18% Corporate Unallocated expense 6 (104) (80) (31)% Equity in income on unconsolidated subsidiaries 7 — 11 N/M Total operating profit $ 1,812 $ 1,551 17% N/M – Represents a change equal to or in excess of 100% or not meaningful 1 2026 includes employee severance charges of $15 million, acquisition-related costs of $2 million, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million. 2025 includes employee severance charges $19 million, acquisition-related costs of $4 million, a gain on disposition of $3 million and disposition-related costs of $2 million. 2026 and 2025 include amortization of intangibles from acquisitions of $153 million and $150 million, respectively. 2 2026 includes employee severance charges of $8 million. 2025 includes legal costs of $27 million and employee severance charges of $8 million. 2026 and 2025 include amortization of intangibles from acquisitions of $1 million and $2 million, respectively. 3 2026 includes employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $2 million. 2025 includes employee severance charges of $4 million. 2026 and 2025 include amortization of intangibles from acquisitions of $33 million. 4 2026 includes disposition-related costs of $21 million. 2025 includes employee severance charges of $5 million. 2026 and 2025 include amortization of intangibles from acquisitions of $76 million. 5 2026 includes employee severance charges of $1 million and employee-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $10 million and $9 million, respectively. 6 2026 includes disposition-related costs of $56 million, employee severance charges of $11 million, gain on disposition of $11 million, and acquisition-related costs of $1 million. 2025 employee severance charges of $12 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $5 million, legal costs of $2 million, a lease impairment of $2 million, acquisition-related costs of $1 million and an asset write-off of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $2 million and $1 million, respectively. 7 2025 includes amortization of intangibles from acquisitions of $13 million. Segment Operating Profit — Segment operating profit increased 18% as compared to 2025. Excluding the impact of higher disposition-related costs in 2026 of 11 percentage points, higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, a gain on dispositions in 2025 of 2 percentage points, an asset impairment in 2026 of 2 percentage points, higher acquisition related costs in 2026 of 1 percentage point, higher other employee-related costs in 2026 of 1 percentage point and a statutorily required labor law accrual adjustment of 1 percentage point, partially offset by higher legal costs in 2025 of 15 percentage points and higher employee severance charges in 2025 of 2 percentage points, operating profit increased 15% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. See “Segment Review” below for further information. Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense increased 31% compared to 2025. Excluding the impact of higher disposition-related costs in 2026 of 61 percentage points and higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, partially offset by a gain on disposition in 2026 of 14 percentage points, other employee-related costs in 2025 of 6 percentage points, higher legal costs in 2025 of 2 percentage points, higher employee severance charges in 2025 of 2 percentage points, an asset write-off in 2025 of 2 percentage points and higher lease impairments in 2025 of 2 percentage points, Corporate Unallocated expense decreased 4% primarily due to lower incentives. 42 Equity in Income on Unconsolidated Subsidiaries — On October 10, 2025, the Company and CME Group completed the sale of OSTTRA, an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture. Equity in Income on Unconsolidated Subsidiaries was $11 million for the three months ended June 30, 2025. Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities. Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency. Six Months (in millions) 2026 2025 % Change Market Intelligence 1 $ 733 $ 479 53% Ratings 2 1,794 1,471 22% Energy 3 520 488 6% Mobility 4 197 190 4% Indices 5 745 624 19% Total segment operating profit 3,989 3,252 23% Corporate Unallocated expense 6 (175) (145) (21)% Equity in income on unconsolidated subsidiaries 7 — 22 N/M Total operating profit $ 3,814 $ 3,129 22% N/M – Represents a change equal to or in excess of 100% or not meaningful 1 2026 includes gain on disposition of $172 million, employee severance charges of $15 million, acquisition-related costs of $12 million, disposition-related costs of $4 million and a statutorily required labor law accrual adjustment of $2 million. 2025 includes employee severance charges $33 million, acquisition-related costs of $10 million, Executive Leadership Team transition costs of $4 million, a gain on disposition of $3 million and disposition-related costs of $3 million. 2026 and 2025 include amortization of intangibles from acquisitions of $309 million and $297 million, respectively. 2 2026 includes employee severance charges of $8 million. 2025 includes legal costs of $27 million and employee severance charges of $10 million. 2026 and 2025 include amortization of intangibles from acquisitions of $2 million and $4 million, respectively. 3 2026 includes employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $3 million. 2025 includes employee severance charges of $10 million. 2026 and 2025 include amortization of intangibles from acquisitions of $65 million. 4 2026 includes disposition-related costs of $34 million. 2025 includes employee severance charges of $5 million. 2026 and 2025 include amortization of intangibles from acquisitions of $152 million. 5 2026 includes employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $20 million and $18 million, respectively. 6 2026 includes disposition-related costs of $78 million, gain on dispositions of $14 million, employee severance charges of $11 million, lease impairments of $5 million and acquisition-related costs of $1 million. 2025 includes employee severance charges of $23 million, Executive Leadership Team transition costs of $13 million, disposition-related costs of $10 million, a lease impairment of $7 million, acquisition-related costs of $2 million, legal costs of $2 million and an asset write-off of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $3 million and $1 million, respectively. 7 2025 includes amortization of intangibles from acquisitions of $26 million. Segment Operating Profit — Segment operating profit increased 23% as compared to 2025. Excluding the impact of a gain on dispositions in 2026 of 8 percentage points, legal settlement costs in 2025 of 1 percentage point, and higher employee severance charges in 2025 of 1 percentage point, partially offset by higher disposition-related costs in 2026 of 2 percentage points, operating profit increased 15% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. See “Segment Review” below for further information. Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense increased 21% 43 compared to 2025. Excluding the impact of a disposition-related costs in 2026 of 40 percentage points and higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, partially offset by a gain on disposition in 2026 of 8 percentage points, higher employee severance charges in 2025 of 7 percentage points, other employee-related costs in 2025 of 7 percentage points, higher lease impairments in 2025 of 2 percentage points, higher acquisition-related costs in 2025 of 1 percentage point and higher legal costs in 2025 of 1 percentage point, Corporate Unallocated expense increased 6% primarily due to higher conference expenses and professional fees. Equity in Income on Unconsolidated Subsidiaries — On October 10, 2025, the Company and CME Group completed the sale of OSTTRA, an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture. Equity in Income on Unconsolidated Subsidiaries was $22 million for the six months ended June 30, 2025. Foreign exchange rates had a favorable impact on operating profit of 2 percentage points. This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities. Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency. Other Income, net Other income, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans. Other income, net was $4 million for the three months ended June 30, 2026 compared to $28 million for the three months ended June 30, 2025 and $6 million for the six months ended June 30, 2026 compared to $23 million for the six months ended June 30, 2025 due to higher gains on our mark-to-market investments in 2025. Interest Expense, net Interest expense, net was $87 million for the three months ended June 30, 2026 compared to $77 million for the three months ended June 30, 2025 and $182 million for the six months ended June 30, 2026 compared to $154 million for the six months ended June 30, 2025, primarily due to an increase in interest expense related to the issuance of our senior notes in December of 2025 and increased expense related to commercial paper borrowings in 2026 to partially finance the Company's ASR agreement entered into in February of 2026 and short-term working capital requirements. Provision for Income Taxes The effective income tax rate was 23.5% and 22.3% for the three and six months ended June 30, 2026, respectively, and 22.8% and 22.2% for the three and six months ended June 30, 2025, respectively. The higher 2026 rates are primarily due to a combination of discrete adjustments including tax charge on divestitures. The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our consolidated financial statements. 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 will need to adopt this guidance into local law, and the timing and manner of adoption may vary. We are continuing to monitor developments related to this guidance and will evaluate the impact on our financial statements as additional information becomes available. Segment Review Market Intelligence Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. Market Intelligence’s portfolio of capabilities are designed to help trading and investment professionals, government agencies, corporations and universities track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and manage credit risk. 44 On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies. During the six months ended June 30, 2026, we recorded a pre-tax gain of $172 million ($168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment. Market Intelligence includes the following business lines through June 30, 2026: •Data, Analytics & Insights — a desktop product suite that provides data, analytics and third-party research for global finance and corporate professionals, which includes the Capital IQ platforms (which are inclusive of S&P Capital IQ Pro, Capital IQ, Office and Mobile products) and a broad range of research, reference data, market data, derived analytics and valuation services covering both the public and private capital markets, delivered through flexible feed-based or API delivery mechanisms. This also includes issuer solutions for public companies, a range of products for the maritime & trade market, data and insight into Financial Institutions, the telecoms, technology and media space as well as energy transition and sustainability and supply chain data analytics; •Enterprise Solutions — software and workflow solutions that help our customers manage and analyze data; identify risk; reduce costs; and meet global regulatory requirements. The portfolio includes industry leading financial technology solutions like Wall Street Office, Information Mosaic, and iLevel. Our Primary Markets Group offering delivers bookbuilding platforms across multiple assets including municipal bonds, equities and fixed income; and •Credit & Risk Solutions — commercial arm that sells Ratings' credit ratings and related data and research, advanced analytics, and financial risk solutions which includes subscription-based offerings, RatingsXpress®, RatingsDirect® and Credit Analytics. Subscription revenue at Market Intelligence is primarily derived from distribution of data, valuation services, analytics, third party research, and credit ratings-related information through both feed and web-based channels. Subscription revenue also includes software and hosted product offerings which provide maintenance and continuous access to our platforms over the contract term. Recurring variable revenue at Market Intelligence represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued. Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing conferences and events, and analytical services. Effective July 1, 2026, Market Intelligence will be operated under two business lines: •Kensho Data & Platforms — will include products previously reported under Data, Analytics, & Insights with the following exceptions: 451 Research and Maritime & Trade (both moving to Energy), and pricing and reference data. This business line will also include products previously reported under Credit & Risk Solutions, other than Financial Risk Analytics; and •Enterprise Solutions — will include all products previously reported under Enterprise Solutions, as well as Financial Risk Analytics (previously reported in Credit & Risk Solutions), pricing and reference data, and Valuation Services (previously reported in Data, Analytics & Insights). 45 The following table provides revenue and segment operating profit information for the periods ended June 30: (in millions) Three Months Six Months 2026 2025 % Change 2026 2025 % Change Revenue $ 1,290 $ 1,217 6% $ 2,586 $ 2,416 7% Subscription revenue $ 1,076 $ 1,017 6% $ 2,128 $ 2,010 6% Recurring variable revenue $ 173 $ 158 9% $ 341 $ 308 11% Non-subscription revenue $ 41 $ 42 (1)% $ 117 $ 98 19% % of total revenue: Subscription revenue 83 % 84 % 82 % 83 % Recurring variable revenue 14 % 13 % 13 % 13 % Non-subscription revenue 3 % 3 % 5 % 4 % U.S. revenue $ 774 $ 741 4% $ 1,560 $ 1,445 8% International revenue $ 516 $ 476 8% $ 1,026 $ 971 6% % of total revenue: U.S. revenue 60 % 61 % 60 % 60 % International revenue 40 % 39 % 40 % 40 % Operating profit 1 $ 293 $ 259 13% $ 733 $ 479 53% Operating margin % 23 % 21 % 28 % 20 % N/M – Represents a change equal to or in excess of 100% or not meaningful 1 Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $15 million, acquisition-related costs of $2 million and $12 million, respectively, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million and $4 million, respectively. Operating profit for the six months ended June 30, 2026 includes a gain on disposition of $172 million. Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $19 million and $33 million, respectively, acquisition-related costs of $4 million and $10 million, respectively, a gain on disposition of $3 million and disposition-related costs of $2 million and $3 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $153 million and $150 million for the three months ended June 30, 2026 and 2025, respectively, and $309 million and $297 million for the six months ended June 30, 2026 and 2025, respectively. Three Months Revenue increased 6% and was favorably impacted by less than 1 percentage point from the net impact of recent acquisitions and a disposition. Excluding the impact of acquisitions and a disposition, revenue increased primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point. Revenue was favorably impacted by the acquisitions of Automatic Identification System (AIS) data services business of ORBCOMM Inc. and With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026. Operating profit increased 13%. Excluding the impact of higher amortization of intangibles from acquisitions in 2026 of 6 percentage points, a gain on disposition in 2025 of 5 percentage points, a statutorily required labor law accrual adjustment in 2026 of 3 percentage points and Executive Leadership Transition costs in 2025 of 1 percentage point, partially offset by higher employee severance charges in 2025 of 7 percentage points, higher disposition-related costs in 2025 of 2 percentage points and higher acquisition-related costs in 2025 of 2 percentage points, operating profit increased 9% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in technology costs. Foreign exchange rates had a favorable impact of less than 1 percentage point. Six Months Revenue increased 7% and was favorably impacted by 1 percentage point from the net impact of recent acquisitions and a disposition. Excluding the impact of acquisitions and a disposition, revenue increased primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point. Revenue was favorably impacted by the acquisitions of Automatic Identification System (AIS) data services business of ORBCOMM Inc. and With Intelligence in November of 2025 and 46 unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026. Operating profit increased 53%. Excluding the impact of a higher gain on disposition in 2026 of 42 percentage points, higher employee severance charges in 2025 of 3 percentage points and Executive Leadership Transition costs in 2025 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2026 of 3 percentage points, operating profit increased 10% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in technology costs. Foreign exchange rates had a favorable impact of 1 percentage point. Had the impact of the product transfers discussed above been effective for the three and six months ended June 30, 2026, revenue would have increased 6% and 7% for the three and six months ended June 30, 2026, respectively. Similarly, had the impact of these product transfers and allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective, operating profit would have increased 16% and 64% for the three and six months ended June 30, 2026, respectively. For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q. Ratings Ratings is an independent provider of credit ratings, research, and analytics. Credit ratings are forward-looking opinions about an issuer's relative creditworthiness. They are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments. Our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default. On July 28, 2026, we announced an agreement to acquire a majority stake in Agusto & Co., a leading Pan-African rating agency with operations in Nigeria, Kenya, Rwanda and Ghana. The investment, a strategic step for both companies, will complement and support the growth strategy of our Ratings segment in Africa. The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including receipt of required regulatory approvals. The proposed acquisition is not expected to have a material impact to our consolidated financial statements. Ratings disaggregates its revenue between transaction and non-transaction. Transaction revenue primarily includes fees associated with: •ratings related to new issuance of corporate and government debt instruments, as well as structured finance debt instruments; and •bank loan ratings. Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at Crisil. Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue was $45 million and $89 million for the three and six months ended June 30, 2026, respectively, and $42 million and $84 million for the three and six months ended June 30, 2025, respectively. 47 The following table provides revenue and segment operating profit information for the periods ended June 30: (in millions) Three Months Six Months 2026 2025 % Change 2026 2025 % Change Revenue $ 1,339 $ 1,148 17% $ 2,641 $ 2,297 15% Transaction revenue $ 746 $ 597 25% $ 1,458 $ 1,217 20% Non-transaction revenue $ 593 $ 551 8% $ 1,183 $ 1,080 10% % of total revenue: Transaction revenue 56 % 52 % 55 % 53 % Non-transaction revenue 44 % 48 % 45 % 47 % U.S. revenue $ 766 $ 639 20% $ 1,559 $ 1,322 18% International revenue $ 573 $ 509 13% $ 1,082 $ 975 11% % of total revenue: U.S. revenue 57 % 56 % 59 % 58 % International revenue 43 % 44 % 41 % 42 % Operating profit 1 $ 913 $ 715 28% $ 1,794 $ 1,471 22% Operating margin % 68 % 62 % 68 % 64 % 1Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $8 million. Operating profit for the three and six months ended June 30, 2025 includes legal costs of $27 million and employee severance charges of $8 million and $10 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $1 million and $2 million for the three months ended June 30, 2026 and 2025, respectively, and $2 million and $4 million for the six months ended June 30, 2026 and 2025, respectively. Three Months Revenue increased 17%, with a favorable impact from foreign exchange rates of 1 percentage point. The increase in revenue was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. An increase in bank loan ratings revenue and structured finance revenue also contributed to transaction revenue growth. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) activity and an increase in revenue at our Crisil subsidiary. Transaction and non-transaction revenue also benefited from improved contract terms across product categories. Operating profit increased 28%. Excluding the impact of legal costs in 2025 of 5 percentage points, operating profit increased 23% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of 3 percentage points. Six Months Revenue increased 15%, with a favorable impact from foreign exchange rates of 1 percentage point. The increase in revenue was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. An increase in structured finance revenue and bank loan ratings revenue also contributed to transaction revenue growth. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary. Transaction and non-transaction revenue also benefited from improved contract terms across product categories. Operating profit increased 22%. Excluding the impact of legal costs in 2025 of 3 percentage points, operating profit increased 19% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of 3 percentage points. Had the impact of a small portion of expenses associated with the transfer of Credit Analytics products from Market Intelligence and allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective for the three and six months ended June 30, 2026, operating profit would have increased 27% and 22% for the three and six months ended June 30, 2026, respectively. 48 Billed Issuance Volumes We monitor billed issuance volumes regularly within Ratings. Billed issuance excludes items that do not impact transaction revenue, such as issuance from frequent issuer programs, unrated debt, and most international public finance to more effectively correlate issuance activity to movements in transaction revenue. The following table provides billed issuance levels based on Ratings’ internal data feeds for the periods ended June 30: Three Months Six Months (in billions) 2026 2025 % Change 2026 2025 % Change Investment-grade billed issuance* $ 539 $ 429 25% $ 1,160 $ 869 33% High-yield billed issuance * $ 169 $ 147 15% $ 286 $ 260 10% Other billed issuance ** $ 560 $ 441 27% $ 1,052 $ 971 8% Total billed issuance $ 1,268 $ 1,017 25% $ 2,498 $ 2,100 19% Note - Totals presented may not sum due to rounding. * Includes Corporates, Financial Services and Infrastructure. ** Includes Bank Loans, Structured Finance and Government. Second quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions. High yield also increased driven by M&A transactions. Bank loans and structured finance was up from a low base in the second quarter last year impacted by market volatility. For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q. Energy Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets. Energy provides essential price information, analytics, industry insights and software & services, enabling the energy and commodity markets to function with greater transparency and efficiency. On July 28, 2026, we announced that we entered into a definitive agreement to acquire datacenterHawk, a leading provider of proprietary intelligence for the global data center, fiber optic and related infrastructure markets. The acquisition will bring together leading data center forecasting, market outlooks and technology intelligence from 451 Research, part of our Energy segment, alongside comprehensive coverage of global power markets across grid infrastructure and intelligence, and supply/demand forecasts, with datacenterHawk's proprietary asset-level intelligence on data center supply/demand, pricing, pipelines and site selection, as well as its Fiber Locator platform. The transaction is expected to close in the second half of 2026, subject to customary closing conditions. The proposed acquisition is not expected to have a material impact to our consolidated financial statements. On April 24, 2026, we announced that we entered into a definitive agreement to sell Energy’s geoscience and petroleum engineering software portfolio to SLB, a global technology company driving energy innovation across more than 100 countries. This portfolio of subsurface and engineering software, widely used by U.S. onshore and unconventional operators, includes Kingdom Software, Petra, Harmony Enterprise, Analytics Explorer, SubPUMP, Power Tools, FieldDIRECT, Piper, WellTest, and The Element Platform, together with associated business services. The assets and liabilities of Energy's geoscience and petroleum engineering software portfolio were classified as held for sale in our consolidated balance sheet as of June 30, 2026. This transaction is expected to close in the second half of 2026 or early 2027. The anticipated divestiture of Energy's geoscience and petroleum engineering software portfolio is not expected to have a material impact to our consolidated financial statements. On March 18, 2026, we 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. The acquisition is part of our Energy segment. With the addition of Enertel AI Corporation, Energy now delivers real-time, AI-powered nodal price forecasts and decision tools that physical power traders, utilities and asset operators rely on to navigate the rapidly evolving grid. The acquisition of Enertel AI Corporation is not material to our consolidated financial statements. 49 Energy includes the following business lines through June 30, 2026: •Energy & Resources Data & Insights — includes data, news, insights, and analytics for petroleum, gas, power & renewables, petrochemicals, metals & steel, agriculture, and other commodities; •Price Assessments — includes price assessments and benchmarks, and forward curves; •Upstream Data & Insights — includes exploration & production data and insights, software and analytics; and •Advisory & Transactional Services — includes consulting services, conferences, events and global trading services. Effective July 1, 2026, Energy will be operated under two business lines: •Platts — will include the benchmark products sold through Energy, including Platts price assessments, Forward Curves, Global Trading Services, and related news and reports; and •CERA — will include the proprietary data, research, and content previously reported under Energy & Resources Data & Insights, Upstream Data & Insights, as well as global marquee conferences such as CERAWeek. The CERA business line also includes 451 Research and Maritime & Trade products that were previously included in Market Intelligence. Energy’s revenue is generated primarily through the following sources: •Subscription revenue — primarily from subscriptions to our market data and market insights (price assessments, market reports and commentary and analytics) along with other information products and software term licenses; •Sales usage-based royalties — primarily from licensing our proprietary market price data and price assessments to commodity exchanges; and •Non-subscription revenue — conference sponsorship, consulting engagements, events, and perpetual software licenses. 50 The following table provides revenue and segment operating profit information for the periods ended June 30: (in millions) Three Months Six Months 2026 2025 % Change 2026 2025 % Change Revenue $ 568 $ 555 2% $ 1,221 $ 1,167 5% Subscription revenue $ 518 $ 500 4% $ 1,024 $ 986 4% Sales usage-based royalties $ 27 $ 30 (9)% $ 65 $ 59 9% Non-subscription revenue $ 23 $ 25 (7)% $ 132 $ 122 9% % of total revenue: Subscription revenue 91 % 90 % 84 % 85 % Sales usage-based royalties 5 % 6 % 5 % 5 % Non-subscription revenue 4 % 4 % 11 % 10 % U.S. revenue $ 204 $ 202 1% $ 487 $ 477 2% International revenue $ 364 $ 353 3% $ 734 $ 690 6% % of total revenue: U.S. revenue 36 % 36 % 40 % 41 % International revenue 64 % 64 % 60 % 59 % Operating profit 1 $ 233 $ 233 —% $ 520 $ 488 6% Operating margin % 41 % 42 % 43 % 42 % 1Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $2 million and $3 million, respectively. Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $4 million and $10 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million for the three months ended June 30, 2026 and 2025, and $65 million for the six months ended June 30, 2026 and 2025. Three Months Revenue increased 2% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. The Energy & Resources Data & Insights and Price Assessments businesses contributed to revenue growth in the second quarter of 2026, offset by decreases in the Upstream Data & Insights and Advisory & Transactional Services businesses. The decrease in the Upstream Data & Insights business was driven by a one-time benefit in the second quarter of 2025. Advisory & Transactional Services revenue decreased, driven by lower sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to lower trading volumes for Platts-based contracts, the impact of bi-annual event timing effects and event cancellations. Foreign exchange rates had a favorable impact of less than 1 percentage point. Operating profit remained unchanged. Excluding the impact of higher employee severance charges in 2026 of 1 percentage point, higher disposition-related costs in 2026 of 1 percentage point, higher acquisition-related costs in 2026 of 1 percentage point and an asset impairment in 2026 of 1 percentage point, operating profit increased 4%. The increase was primarily due to revenue growth, partially offset by investment in strategic initiatives. Foreign exchange rates had an unfavorable impact of 1 percentage point. Six Months Revenue increased 5% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. Increased attendance at CERAWeek in 2026 and an increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors in the first quarter of 2026 also contributed to revenue growth. Three of the four business lines contributed to revenue growth in the first half of 2026 with the Energy & Resources Data & Insights and Price Assessments businesses being the most significant drivers followed by the Advisory & Transactional Services business. The increases were offset by a decrease in the Upstream Data & Insights business which was unfavorably impacted by a one-time benefit in the first half of 2025. Foreign exchange rates had a favorable impact of less than 1 percentage point. 51 Operating profit increased 6%. Excluding the impact of an asset impairment in 2026 of 1 percentage point, operating profit increased 7%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and investment in strategic initiatives. Foreign exchange rates had an unfavorable impact of 2 percentage points. Had the impact of the product transfers discussed above been effective for the three and six months ended June 30, 2026, revenue would have increased 3% and 5% for the three and six months ended June 30, 2026, respectively. Similarly, had the impact of these product transfers and allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective for the three and six months ended June 30, 2026, operating profit would have remained unchanged for the three months ended June 30, 2026 and increased 6% for the six months ended June 30, 2026, respectively. For a further discussion of competitive and other risks inherent in our Energy business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q. Mobility On July 1, 2026, the Separation of Mobility Global from S&P Global became effective. The results of Mobility are included through June 30, 2026. Beginning with the third quarter of 2026, the historical financial results of Mobility through June 30, 2026 will be reflected in our consolidated financial statements as discontinued operations in accordance with U.S. GAAP for all periods. Mobility includes the following business lines: •Dealer — includes analytics to predict future buyers, targeted marketing, and vehicle history data to allow people to shop, buy, service and sell used cars; •Manufacturing — includes insights, forecasts and advisory services spanning the entire automotive value chain, from product planning to marketing, sales and the aftermarket; and •Financial — includes reports and data feeds to support lenders and insurance companies. Mobility’s revenue is generated primarily through the following sources: •Subscription revenue — Mobility’s core information products provide critical information and insights to all global OEMs, most of the world’s leading suppliers, and the majority of North American dealerships. Mobility operates across both the new and used car markets. Mobility provides data and insight on future vehicles sales and production, including detailed forecasts on technology and vehicle components; supplies car makers and dealers with market reporting products, predictive analytics and marketing automation software; and supports dealers with vehicle history reports, used car listings and service retention services. Mobility also sells a range of services to financial institutions, to support their marketing, insurance underwriting and claims management activities; and •Non-subscription revenue — transactional sales of data that are non-cyclical in nature – and that are usually tied to underlying business metrics such as OEM marketing spend or safety recall activity – as well as consulting and advisory services. 52 The following table provides revenue and segment operating profit information for the periods ended June 30: (in millions) Three Months Six Months 2026 2025 % Change 2026 2025 % Change Revenue $ 468 $ 438 7% $ 921 $ 858 7% Subscription revenue $ 383 $ 357 7% $ 754 $ 700 8% Non-subscription revenue $ 85 $ 81 5% $ 167 $ 158 6% % of total revenue: Subscription revenue 82 % 81 % 82 % 82 % Non-subscription revenue 18 % 19 % 18 % 18 % U.S. revenue $ 388 $ 364 6% $ 763 $ 714 7% International revenue $ 80 $ 74 8% $ 158 $ 144 10% % of total revenue: U.S. revenue 83 % 83 % 83 % 83 % International revenue 17 % 17 % 17 % 17 % Operating profit 1 $ 104 $ 104 (1)% $ 197 $ 190 4% Operating margin % 22 % 24 % 21 % 22 % 1 Operating profit for the three and six months ended June 30, 2026 includes disposition-related costs of $21 million and $34 million, respectively. Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $5 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended June 30, 2026 and 2025, and $152 million for the six months ended June 30, 2026 and 2025. Three Months Revenue increased 7% primarily driven by continued new business growth within the Dealer business. Additionally, the Dealer and Financial businesses were favorably impacted by improved contract terms. Growth in the Manufacturing business was unfavorably impacted by lower recall volumes. Foreign exchange rates had a favorable impact of less than 1 percentage point. Operating profit decreased 1%. Excluding the impact of disposition-related costs in 2026 of 12 percentage points, partially offset by the impact of employee severance charges in 2025 of 3 percentage points, operating profit increased 8%. The increase was primarily driven by revenue growth and lower incentives, partially offset by higher advertising and promotion costs, and higher technology costs. Foreign exchange rates had a favorable impact of less than 1 percentage point. Six Months Revenue increased 7% primarily driven by continued new business growth within the Dealer business and solid underwriting volumes within the Financial business. Additionally, the Dealer and Financial businesses were favorably impacted by improved contract terms. Growth in the Manufacturing business was unfavorably impacted by lower recall volumes. Foreign exchange rates had a favorable impact of less than 1 percentage point. Operating profit increased 4%. Excluding the impact of disposition-related costs in 2026 of 7 percentage points, partially offset by the impact of employee severance charges in 2025 of 1 percentage point, operating profit increased 10%. The increase was primarily driven by revenue growth and lower incentives, partially offset by higher advertising and promotion costs. Foreign exchange rates had a favorable impact of 3 percentage points. For a further discussion of competitive and other risks inherent in our Mobility business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q. 53 Indices Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. Indices’ mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products, and provide investors with tools to monitor world markets. Indices derives revenue from asset-linked fees when investors direct funds into its proprietary designed or owned indexes, sales usage-based royalties of its indices, as well as data subscription arrangements. Specifically, Indices generates revenue from the following sources: •Investment vehicles — asset-linked fees such as ETFs and mutual funds, that are based on the S&P Dow Jones Indices’ benchmarks that generate revenue through fees based on assets and underlying funds; •Exchange traded derivatives — generate sales usage-based royalties based on trading volumes of derivatives contracts listed on various exchanges; •Index-related licensing fees — fixed or variable annual and per-issue asset-linked fees for over-the-counter derivatives and retail-structured products; and •Data and customized index subscription fees — fees from supporting index fund management, portfolio analytics and research. The following table provides revenue and segment operating profit information for the periods ended June 30: (in millions) Three Months Six Months 2026 2025 % Change 2026 2025 % Change Revenue $ 534 $ 446 20% $ 1,053 $ 891 18% Asset-linked fees $ 348 $ 286 22% $ 688 $ 574 20% Subscription revenue $ 87 $ 80 9% $ 171 $ 155 10% Sales usage-based royalties $ 99 $ 80 22% $ 194 $ 162 20% % of total revenue: Asset-linked fees 65 % 64 % 65 % 64 % Subscription revenue 16 % 18 % 16 % 18 % Sales usage-based royalties 19 % 18 % 19 % 18 % U.S. revenue $ 427 $ 355 20% $ 842 $ 716 18% International revenue $ 107 $ 91 17% $ 211 $ 175 20% % of total revenue: U.S. revenue 80 % 79 % 80 % 80 % International revenue 20 % 21 % 20 % 20 % Operating profit 1 $ 373 $ 309 21% $ 745 $ 624 19% Less: net operating profit attributable to noncontrolling interests 97 78 197 156 Net operating profit $ 276 $ 231 20% $ 548 $ 469 17% Operating margin % 70 % 69 % 71 % 70 % Net operating margin % 52 % 52 % 52 % 53 % 1 Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $1 million and employee-related costs of $1 million and $2 million, respectively. Operating profit for the six months ended June 30, 2026 includes acquisition-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $10 million and $9 million for the three months ended June 30, 2026 and 2025, respectively, and $20 million and $18 million for the six months ended June 30, 2026 and 2025, respectively. 54 Three Months Revenue at Indices increased 20% primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management (“AUM”) for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. Ending AUM for ETFs increased 34% to $6.350 trillion compared to June 30, 2025 and average levels of AUM for ETFs increased 38% to $6.046 trillion compared to the three months ended June 30, 2025. Foreign exchange rates had an unfavorable impact of less than 1 percentage point. Operating profit increased 21% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases, higher incentives and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of less than 1 percentage point. Six Months Revenue at Indices increased 18% primarily due to an increase in asset linked fees revenue driven by higher levels of AUM for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. Ending AUM for ETFs increased 34% to $6.350 trillion compared to June 30, 2025 and average levels of AUM for ETFs increased 32% to $5.810 trillion compared to the six months ended June 30, 2025. Foreign exchange rates had a favorable impact of less than 1 percentage point. Operating profit increased 19%. Excluding employee-related costs in 2026 of 1 percentage point, operating profit increased 20% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases, higher incentives and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of less than 1 percentage point. Had the impact of allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective for the three and six months ended June 30, 2026, operating profit would have increased 21% and 19% for the three and six months ended June 30, 2026, respectively. For a further discussion of competitive and other risks inherent in our Indices business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q. LIQUIDITY AND CAPITAL RESOURCES We continue to maintain a strong financial position. Our primary source of funds for operations is cash from our businesses. Cash on hand, cash flows from operations and availability under our existing credit facility are expected to be sufficient to meet any additional operating and recurring cash needs into the foreseeable future. We use our cash for a variety of needs, including but not limited to: ongoing investments in our businesses, strategic acquisitions, share repurchases, dividends, repayment of debt, capital expenditures and investment in our infrastructure. Cash Flow Overview Cash, cash equivalents, and restricted cash were $4,141 million as of June 30, 2026, an increase of $2,396 million from December 31, 2025. The following table provides cash flow information for the six months ended June 30: (in millions) 2026 2025 % Change Net cash provided by (used for): Operating activities $ 2,476 $ 2,398 3% Investing activities $ 252 $ (131) N/M Financing activities $ (292) $ (2,162) (87)% N/M – Represents a change equal to or in excess of 100% or not meaningful In the first six months of 2026, free cash flow increased $123 million to $2,249 million compared to $2,126 million in the first six months of 2025. The increase is primarily due to an increase in operating activities as discussed below. Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and 55 distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. See “Reconciliation of Non-GAAP Financial Information” below for a reconciliation of cash flow provided by operating activities, the most directly comparable U.S. GAAP financial measure, to free cash flow. Operating activities Cash provided by operating activities increased $78 million to $2,476 million for the first six months of 2026 compared to the first six months of 2025. This is primarily attributable to higher operating results and stronger cash collections in 2026. The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our consolidated financial statements. 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 will need to adopt this guidance into local law, and the timing and manner of adoption may vary. We are continuing to monitor developments related to this guidance and will evaluate the impact on our financial statements as additional information becomes available. Investing activities Our cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions. Cash provided by investing activities was $252 million for the first six months of 2026 compared to cash used for investing activities of $131 million in the first six months of 2025, primarily due to proceeds from the disposition of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment in 2026. Financing activities Our cash outflows from financing activities consist primarily of share repurchases, dividends to shareholders and repayments of short-term and long-term debt, while cash inflows are primarily attributable to the borrowing of short-term and long-term debt. Cash used for financing activities decreased $1,870 million to $292 million for the first six months of 2026. The decrease is primarily attributable to proceeds received from the Mobility Global issuance of senior notes in 2026. During the six months ended June 30, 2026, we purchased a total of 3.5 million shares for $1.5 billion of cash related to our February 12, 2026 and May 7, 2026 ASR agreements. During the six months ended June 30, 2025, we purchased a total of 2.4 million shares for $1.3 billion of cash. See Note 8 — Equity to the consolidated financial statements of this Form 10-Q for further discussion. Additional Financing We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on December 17, 2029. As of June 30, 2026, and December 31, 2025, we had $825 million and $715 million of outstanding commercial paper, respectively. During the second quarter of 2026, Mobility Global entered into a $500 million senior unsecured revolving credit facility, which was undrawn as of June 30, 2026, and will become the sole responsibility of Mobility Global after the Separation. Under the credit facility, we currently pay a commitment fee of 7 basis points. Our commitment fee and our drawn margin under the credit facility was reduced by 1 basis point and 5 basis points, respectively, for the approximately year-long period beginning April 6, 2026 as a result of our emissions performance for the year ended December 31, 2025. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility. The only financial covenant in our credit facility is a requirement that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this ratio has never been exceeded. 56 Dividends On January 14, 2026, the Board of Directors approved a quarterly common stock dividend of $0.97 per share. Supplemental Guarantor Financial Information The senior notes described below were issued by S&P Global Inc. and are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company. •On December 1, 2025, S&P Global Inc. issued $600 million of 4.25% Senior Notes due 2031 and $400 million of 4.80% Senior Notes due 2035. •On August 22, 2024, S&P Global Inc. issued $746 million of 5.25% Senior Notes due 2033 that have been registered with the SEC and guaranteed by Standard & Poor’s Financial Services LLC in exchange for unregistered Senior Notes of like principal amounts and terms that were originally issued on September 12, 2023. •On March 1, 2023, S&P Global Inc. issued new Senior Notes that have been registered with the SEC and guaranteed by Standard & Poor’s Financial Services LLC in exchange for the following series of unregistered Senior Notes of like principal amount and terms: •$700 million of 4.75% Senior Notes due 2028 that were originally issued on March 2, 2022; •$921 million of 4.25% Senior Notes due 2029 that were originally issued on March 2, 2022; •$1,237 million of 2.45% Senior Notes due 2027 that were originally issued on March 18, 2022; •$1,227 million of 2.95% Sustainability-Linked Senior Notes due 2029 that were originally issued on March 18, 2022; •$1,492 million of 2.90% Senior Notes due 2032 that were originally issued on March 18, 2022; •$974 million of 3.70% Senior Notes due 2052 that were originally issued on March 18, 2022; and •$500 million of 3.90% Senior Notes due 2062 that were originally issued on March 18, 2022. •On August 13, 2020, we issued $600 million of 1.25% Senior Notes due in 2030 and $700 million of 2.3% Senior Notes due in 2060. •On November 26, 2019, we issued $500 million of 2.5% Senior Notes due in 2029 and $600 million of 3.25% Senior Notes due in 2049. •On May 17, 2018, we issued $500 million of 4.5% Senior Notes due in 2048. •On September 22, 2016, we issued $500 million of 2.95% Senior Notes due in 2027. •On November 2, 2007, we issued $400 million of 6.55% Senior Notes due 2037. The notes above are unsecured and unsubordinated and rank equally and ratably with all of our existing and future unsecured and unsubordinated debt. The guarantees are the subsidiary guarantor’s unsecured and unsubordinated debt and rank equally and ratably with all of the subsidiary guarantor’s existing and future unsecured and unsubordinated debt. The guarantees of the subsidiary guarantor may be released and discharged upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor or the sale or disposition of all or substantially all the assets of the subsidiary guarantor (in each case other than to the Company or a person who, prior to such sale or other disposition, is an affiliate of the Company); (ii) upon defeasance or discharge of any applicable series of the notes, as described above; or (iii) at such time as the subsidiary guarantor ceases to guarantee indebtedness for borrowed money, other than a discharge through payment thereon, under any Credit Facility of the Company, other than any such Credit Facility of the Company the guarantee of which by the subsidiary guarantor will be released concurrently with the release of the subsidiary guarantor’s guarantees of the notes. Other subsidiaries of the Company do not guarantee the registered debt securities of either S&P Global Inc. or Standard & Poor's Financial Services LLC (the “Obligor Group”) which are referred to as the “Non-Obligor Group”. The following tables set forth the summarized financial information of the Obligor Group on a combined basis. This summarized financial information excludes the Non-Obligor Group. Intercompany balances and transactions between members of the Obligor Group have been eliminated. This information is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP. 57 Summarized results of operations for the periods ended June 30, 2026 are as follows: (in millions) Three Months Six Months Revenue $ 1,253 $ 2,529 Operating Profit 1,030 2,073 Net Income 624 1,051 Net income attributable to S&P Global Inc. 624 1,051 Summarized balance sheet information as of June 30, 2026 and December 31, 2025 is as follows: (in millions) June 30, December 31, 2026 2025 Current assets (excluding intercompany from Non-Obligor Group) $ 3,047 $ 757 Non-current assets 841 898 Current liabilities (excluding intercompany to Non-Obligor Group) 3,077 1,192 Non-current liabilities 10,468 12,435 Intercompany payables to Non-Obligor Group 19,758 18,077 RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. Our cash flow provided by operating activities is the most directly comparable U.S. GAAP financial measure to free cash flow. We believe the presentation of free cash flow allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. We use free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures and distributions to noncontrolling interest holders are considered a necessary component of ongoing operations. Free cash flow is useful for management and investors because it allows management and investors to evaluate the cash available to us to prepay debt, make strategic acquisitions and investments and repurchase stock. The presentation of free cash flow is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow for the six months ended June 30: (in millions) 2026 2025 % Change Cash provided by operating activities $ 2,476 $ 2,398 3% Capital expenditures (65) (104) Distributions to noncontrolling interest holders (162) (168) Free cash flow $ 2,249 $ 2,126 6% (in millions) 2026 2025 % Change Cash provided by (used for) investing activities 252 (131) N/M Cash used for financing activities (292) (2,162) (87)% N/M – Represents a change equal to or in excess of 100% or not meaningful 58 CRITICAL ACCOUNTING ESTIMATES Our accounting policies are described in Note 1 — Accounting Policies to the consolidated financial statements in our most recent Form 10-K. As discussed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our most recent Form 10-K, we consider an accounting estimate to be critical if it required assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates could have a material effect on our results of operations. These critical estimates include those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. We base our estimates on historical experience, current developments and on various other assumptions that we believe to be reasonable under these circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates. Since the date of our most recent Form 10-K, there have been no material changes to our critical accounting estimates. RECENTLY ISSUED OR ADOPTED ACCOUNTING STANDARDS See Note 13 – Recently Issued or Adopted Accounting Standards to the consolidated financial statements of this Form 10-Q for further information. 59 FORWARD-LOOKING STATEMENTS This report contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this report and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; and the Company’s cost structure, dividend policy, cash flows or liquidity. Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things: •worldwide economic, financial, political, regulatory, and geopolitical conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs and disruptions to shipping in connection with the military conflict in the Middle East), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration; •the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives; •the demand and market for credit ratings in and across the sectors and geographies where the Company operates; •the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data; •the outcome of litigation, government and regulatory proceedings, investigations and inquiries; •concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services; •the level of merger and acquisition activity in the United States and abroad; •the level of the Company’s future cash flows and capital investments; •the effect of competitive products (including those incorporating artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion; •the impact of customer cost-cutting pressures; •a decline in the demand for our products and services by our customers and other market participants; •our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors; •the introduction of competing products (including those developed by AI) or technologies by other companies; •our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services; •our ability to attract, incentivize and retain key employees, especially in a competitive business environment; •our ability to successfully navigate key organizational changes; •the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith; •the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions; •the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire; •consolidation of the Company’s customers, suppliers or competitors; •the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure; •the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event; 60 •the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates; •the impact of changes in applicable tax or accounting requirements on the Company; •the ability of the separation of Mobility Global to qualify for tax-free treatment for U.S. federal income tax purposes; •any disruption to the Company’s business in connection with the separation of Mobility Global; and •any loss of synergies from separating the businesses of Mobility Global and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility Global not realizing all of the expected benefits of the separation. The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. 61