S&P Global

S&P Global rates the credit of companies and governments. It also runs S&P Dow Jones Indices, home of the S&P 500. Investment funds pay licensing fees to track these indices. Companies and banks pay S&P Global to rate the bonds and loans they issue.

Some investors think that the recent growth of S&P Global is unusually high and will not last. Ratings revenue grew 17% in the second quarter of 2026, and management said that much of this growth came from debt for AI data centers and from merger financing. In the third quarter of 2026, Ratings revenue grew only 2%, against a strong third quarter of 2025. This kind of issuance can slow when AI spending slows.

Other investors think that private lenders will stop using public credit ratings as private credit grows. The Indices business gives a second source of growth that depends less on bond issuance. Indices revenue grew 20% in the third quarter of 2026, and its fees from fund assets grew 24%. On October 27, 2026, S&P Global raised its 2026 guidance for adjusted EPS because it expects more revenue from Ratings and Indices.

It also started a strategic review of Capital IQ and associated data businesses, which can lead to a separation. For the gap to close, Ratings revenue must grow again in 2027 from a high 2026 base, and private credit deals must continue to use public ratings. Indices must keep its growth from fund assets. The Capital IQ review must end with a result that adds value and does not distract management.

The fourth quarter results and the 2027 guidance, expected in late January or February 2027, are the next main test. If issuance stays high and Indices keeps growing, the gap can close over the next two to four quarters. If AI debt issuance falls sharply, growth can go back to its usual rate.

1. Oct 27, 2026Passed

   Q3 2026 earnings: Ratings growth and AI debt issuanceRatings revenue growth that stays strong with hyperscaler issuance near the $250 to $300 billion forecast pass; a sharp drop in issuance-driven revenue fails.Outcome: Ratings revenue grew only 2% against a strong prior year, but it did not drop, and S&P Global raised its 2026 revenue and adjusted EPS guidance because of higher expected Ratings and Indices revenue.
2. Jan 27, 2027 · est.Pending

   Full-year 2026 results and 2027 guidance2027 guidance for Ratings growth above its historical pace and leverage on a path back to 2.0 to 2.5 times pass; guidance that assumes a fall in issuance fails.
3. Apr 2027 · est.Pending

   Q1 2027 earnings: private credit ratings and Indices flowsGrowth in private credit ratings and in Indices fees from ETF assets pass; a fall in Ratings revenue as private lenders skip public ratings fails.

Every passed and failed checkpoint across all picks

• October 27, 2026S&P Global reported third quarter 2026 revenue of $3.678 billion, up 7%, without Mobility. Adjusted diluted EPS grew 9% to $4.58. GAAP diluted EPS grew 26% to $4.45 and included a gain from a sale in Energy. Ratings revenue grew 2% to $1,271 million, and Indices revenue grew 20% to $554 million. The company raised its 2026 guidance for adjusted diluted EPS to $17.70 to $17.95, from $17.50 to $17.75. It bought back $2.6 billion of shares in the quarter and still expects buybacks of more than $7 billion in 2026.
• October 27, 2026S&P Global started a strategic review of Capital IQ and associated data businesses, which are the majority of Kensho Data & Platforms in Market Intelligence. The review can lead to a separation. The company expects to keep RatingsDirect, RatingsXpress and Enterprise Solutions. It gave no timeline and said that the review may not lead to a transaction.
• October 9, 2026S&P Global named Thomas Kim as Chief Legal Officer from October 19, 2026. He was Chief Legal Officer at Gartner and at Thomson Reuters. He reports to CEO Martina Cheung and leads Legal, Government Affairs, Risk and Compliance. He replaces Steve Kemps, who retires and stays as an advisor until December 31, 2026.

Last earnings

October 27, 2026 (8-K on sec.gov)

Next earnings

Expected about January 27, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 28, 2026 · spgi-20260930
• 8-KEarnings release and Investor disclosureFiled October 27, 2026 · Press release and exhibits
• 8-KOther company newsFiled October 23, 2026 · spgi-20261023
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 28, 2026 · spgi-20260630
• 8-KEarnings release and Investor disclosureFiled July 28, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled July 6, 2026 · Read it on sec.gov
• 8-KNew material agreement and Acquisition or sale completedFiled July 2, 2026 · Read it on sec.gov
• 8-KChange of directors or officers and Investor disclosureFiled May 26, 2026 · spgi-20260519
• 8-KShareholder vote resultsFiled May 21, 2026 · spgi-20260520
• 8-KOther company newsFiled May 21, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 64040)

• Much of the recent growth in Ratings comes from debt for AI data centers. On the Q2 2026 call, management increased its assumption for hyperscaler debt issuance in 2026 from about $200 billion to $250 to $300 billion. If AI infrastructure spending slows, this issuance and Ratings revenue can fall sharply.
• S&P Global plans to increase its debt for a time to buy back more than $7 billion of shares in 2026. Reports of the Q2 earnings call said management expects gross leverage of 2.7 to 2.8 times EBITDA at the end of 2026. This is above the company's normal target of 2.0 to 2.5 times, and management expects to be in that range again by the end of 2027.
• S&P Global Ratings research said private credit lenders gave about $146 billion in 2025 to borrowers rated B- and below. Broadly syndicated loans gave about $85 billion to the same group. Many private credit deals do not need a public credit rating, which can limit the market for Ratings over time.
• S&P Global started a strategic review of Capital IQ and associated data businesses on October 27, 2026. A separation can take management time, add one-time costs and leave the remaining Market Intelligence business smaller. The review has no timeline and may not lead to a transaction.
• S&P Global completed the spin-off of its Mobility division in July 2026. The remaining company now has less revenue diversification and must absorb the standalone costs of operating without that business.

S&P Global funds itself with cash from its ratings, index and data businesses, and with unsecured notes that the parent company issues and its ratings subsidiary guarantees. At September 30, 2026, debt was $13.1 billion: $2.4 billion of short-term debt and $10.6 billion of long-term debt. Read more

Yield at the current rate

0.8% (current annual rate, at today’s price)

Dividend yield

0.8% (last 12 months, at today’s price of $475.11)

Paid per share

$3.7136 in the last 12 months (4 payments)

Current annual rate

$3.88 ($0.97 × 4 a year)

Latest ex-dividend date

August 26, 2026, $0.97 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 7.5% a year. From 2015 to 2025, the dividend grew by about 11.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.