A global provider of financial data, credit ratings, and the benchmark indexes that help measure the world's markets—including the S&P 500 and Dow Jones Industrial Average, which track hundreds of the largest US companies. The business traces back to a 1941 merger of Poor's Publishing and Standard Statistics Bureau, later folded into McGraw-Hill publishing before renaming itself S&P Global in 2016 to focus purely on financial intelligence. It also supplies benchmark prices for oil and gas and automotive data tools used across the car industry.
Q2 2026 revenue rose 10% to $4.1B as Mobility separated ahead of planned spin-off
All five segments grew and separated on July 1, 2026. rose 10.4% to $4.171B, rose 32.5% to $4.69, and widened 6.2 points to 48.0% on transaction revenue up 25% from investment-grade issuance. The business is growing across the board with the spin-off now executed.
Key takeaways
separated on July 1, 2026 and will be reported as from Q3 2026, completing the planned spin-off announced in 2025. rose 10.4% to $4.171B with all segments growing: +17%, +20%, +6%, +2%, Mobility +7%. Ratings transaction revenue rose 25% on strong investment-grade corporate bond issuance, while non-transaction revenue rose 8% from higher surveillance fees and RES activity. Indices revenue rose 20% on a 22% increase in as ETF rose 34% to $6.35 trillion. rose 26.9% to $2.002B and widened to 48.0% from 41.3% a year earlier, with at $4.69. rose 11.0% to $1.010B and investing activities swung to a $252M inflow from the sale of Enterprise Data Management and thinkFolio businesses.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 10% to $4.1B and operating profit rose 17% to $1.8B, driven by growth across all segments.
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Consolidated increased 10% to $4,146 million, with growth in all segments: (+17%), (+20%), (+6%), (+2%), and (+7%).
What changed
Q2 2026 transaction rose 25% after the Q1 2026 gain of 13% on investment-grade issuance, confirming the gain held and strengthened. spin-off progressed to completion with separation on July 1, 2026 against the mid-2026 timeline flagged in FY2025 and Q1 2026. sale to KKR for $3.1B was agreed in 2025 and not restated as open in this 10-Q; proceeds use was not updated here. The $4.91B in S&P Dow Jones LLC was not updated this quarter, carrying from FY2025. Q2 2026 of $1.010B rose 11.0% , reversing the Q2 2025 decline of 8% in H1 free cash flow.
What to watch
Q3 2026 transaction to see if the 25% Q2 gain holds as investment-grade issuance moves, now reported with as . The first quarterly report of Mobility as discontinued operations from Q3 2026 onward. The $4.91B in S&P Dow Jones LLC for further redemption value adjustments at next filing. Use of proceeds from the $3.1B sale and Enterprise Data Management/thinkFolio divestitures.
growth was fueled by a 25% jump in transaction revenue from strong investment-grade corporate bond issuance and an 8% rise in non-transaction revenue from higher surveillance fees and RES activity.
climbed 20% on a 22% increase in , reflecting a 34% rise in ETF to $6.35 trillion, plus higher exchange-traded derivative and data subscription revenue.
margin expanded to 44% from 41%, with the 17% profit increase driven by growth, partially offset by higher compensation costs from merit increases and headcount additions.
grew 6% to $2,249 million, supported by higher operating results and stronger cash collections, while investing activities swung to a $252 million inflow mainly from the sale of Enterprise Data Management and thinkFolio businesses.
The was separated on July 1, 2026, and its results will be reported as from Q3 2026 onward.
Quantitative and Qualitative Disclosures About Market Risk
Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent compa…
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Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of June 30, 2026 and December 31, 2025, we have entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts are not designated as hedges and do not qualify for hedge accounting. As of June 30, 2026 and December 31, 2025, we have entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign exchange rates. As of June 30, 2026 and December 31, 2025, we held cross currency swaps to hedge a portion of our net investment in certain European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. We have not entered into any derivative financial instruments for speculative purposes. See Note 5 - Derivative Instruments to the consolidated financial statements of this Form 10-Q for further discussion.
See Note 12 – Commitments and Contingencies - Legal and Regulatory Matters to the consolidated financial statements of this Form 10-Q for information on our legal proceedings.
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See Note 12 – Commitments and Contingencies - Legal and Regulatory Matters to the consolidated financial statements of this Form 10-Q for information on our legal proceedings.