S&P Global Inc.
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Financial statements
data from SEC XBRL filings. Values are as-reported; restatements supersede originals.
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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 months ended March 31, 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 Months Ended March 31, 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
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OVERVIEW
We are a global, diversified, and highly differentiated provider of benchmarks, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers.
Our operations consist of five reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Energy (“Energy”), S&P Global Mobility (“Mobility”) and S&P Dow Jones Indices (“Indices”).
•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.
•Ratings is an independent provider of credit ratings, research, and analytics.
•Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets.
•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.
•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.
On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The name of the new publicly traded company, Mobility Global Inc., will be effective on day one of the separation. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed mid-2026, subject to the satisfaction of customary legal and regulatory requirements and approvals.
Key results for the three months ended March 31 are as follows:
| (in millions, except per share amounts) | 2026 | 2025 | % Change 1 | ||||||||||||||||||||||||
| Revenue | $ | 4,171 | $ | 3,777 | 10% | ||||||||||||||||||||||
Operating profit 2 | $ | 2,002 | $ | 1,578 | 27% | ||||||||||||||||||||||
| Operating margin % | 48 | % | 42 | % | |||||||||||||||||||||||
| Diluted earnings per share from net income | $ | 4.69 | $ | 3.54 | 32% | ||||||||||||||||||||||
1 % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.
2 2026 includes gain on dispositions of $175 million, disposition-related costs of $40 million, acquisition-related costs of $11 million, lease impairments of $5 million and employee-related costs of $2 million. 2025 includes employee severance charges of $33 million, Executive Leadership Team transition costs of $12 million, acquisition-related costs of $9 million, a lease impairment of $6 million and disposition-related costs of $1 million. 2026 and 2025 also include amortization of intangibles from acquisitions of $276 million and $281 million, respectively.
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, partially offset by lower bank loan ratings revenue. Non-transaction revenue increased primarily due to an increase in surveillance revenue 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 growth for Lending Solutions in Enterprise Solutions, subscription revenue growth in Data, Analytics & Insights, and growth in RatingsXpress® and RatingsDirect®. An increase in recurring variable revenue due 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 increased attendance at CERAWeek in 2026, continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and an increase in sales usage-based royalties revenue. The increase at Mobility was primarily due to continued new business
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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 27%. Excluding the impact of a gain on dispositions in 2026 of 14 percentage points, employee severance charges in 2025 of 3 percentage points and ELT transition costs in 2025 of 1 percentage point, partially offset by higher disposition related costs in 2026 of 3 percentage points, operating profit increased 12%. 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 an 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, energy and commodity, and automotive 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.
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.
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RESULTS OF OPERATIONS — COMPARING THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Consolidated Review
| (in millions) | 2026 | 2025 | % Change | ||||||||||||||||||||||||
| Revenue | $ | 4,171 | $ | 3,777 | 10% | ||||||||||||||||||||||
| Total Expenses: | |||||||||||||||||||||||||||
| Operating-related expenses | 1,235 | 1,153 | 7% | ||||||||||||||||||||||||
| Selling and general expenses | 802 | 764 | 5% | ||||||||||||||||||||||||
| Depreciation and amortization | 307 | 293 | 5% | ||||||||||||||||||||||||
| Total expenses | 2,344 | 2,210 | 6% | ||||||||||||||||||||||||
| Gain on dispositions | (175) | — | N/M | ||||||||||||||||||||||||
| Equity in income on unconsolidated subsidiaries | — | (11) | N/M | ||||||||||||||||||||||||
| Operating profit | 2,002 | 1,578 | 27% | ||||||||||||||||||||||||
| Other (income) expense, net | (2) | 4 | N/M | ||||||||||||||||||||||||
| Interest expense, net | 96 | 78 | 24% | ||||||||||||||||||||||||
| Provision for taxes on income | 404 | 325 | 24% | ||||||||||||||||||||||||
| Net income | 1,504 | 1,171 | 28% | ||||||||||||||||||||||||
| Less: net income attributable to noncontrolling interests | (109) | (81) | (34)% | ||||||||||||||||||||||||
| Net income attributable to S&P Global Inc. | $ | 1,395 | $ | 1,090 | 28% | ||||||||||||||||||||||
N/M – Represents a change equal to or in excess of 100% or not meaningful
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Revenue
The following table provides consolidated revenue information for the three months ended March 31:
| (in millions) | 2026 | 2025 | % Change | ||||||||||||||||||||||||
| Revenue | $ | 4,171 | $ | 3,777 | 10% | ||||||||||||||||||||||
| Subscription revenue | 2,014 | 1,898 | 6% | ||||||||||||||||||||||||
| Non-subscription / transaction revenue | 978 | 850 | 15% | ||||||||||||||||||||||||
| Non-transaction revenue | 538 | 481 | 12% | ||||||||||||||||||||||||
| Asset-linked fees | 339 | 288 | 18% | ||||||||||||||||||||||||
| Sales usage-based royalties | 133 | 110 | 20% | ||||||||||||||||||||||||
| Recurring variable | 169 | 150 | 12% | ||||||||||||||||||||||||
| % of total revenue: | |||||||||||||||||||||||||||
| Subscription revenue | 48 | % | 50 | % | |||||||||||||||||||||||
| Non-subscription / transaction revenue | 24 | % | 22 | % | |||||||||||||||||||||||
| Non-transaction revenue | 13 | % | 13 | % | |||||||||||||||||||||||
| Asset-linked fees | 8 | % | 8 | % | |||||||||||||||||||||||
| Sales usage-based royalties | 3 | % | 3 | % | |||||||||||||||||||||||
| Recurring variable | 4 | % | 4 | % | |||||||||||||||||||||||
| U.S. revenue | $ | 2,625 | $ | 2,342 | 12% | ||||||||||||||||||||||
| International revenue: | |||||||||||||||||||||||||||
| European region | 895 | 849 | 6% | ||||||||||||||||||||||||
| Asia | 430 | 382 | 12% | ||||||||||||||||||||||||
| Rest of the world | 221 | 204 | 8% | ||||||||||||||||||||||||
| Total international revenue | $ | 1,546 | $ | 1,435 | 8% | ||||||||||||||||||||||
| % of total revenue: | |||||||||||||||||||||||||||
| U.S. revenue | 63 | % | 62 | % | |||||||||||||||||||||||
| International revenue | 37 | % | 38 | % | |||||||||||||||||||||||
Revenue increased 10% as compared to the three months ended March 31, 2025. Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in
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RatingsXpress® and RatingsDirect® and the impact of recent acquisitions at Market Intelligence; new business growth within the Dealer business, solid underwriting volumes and market share growth 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, partially offset by lower bank loan ratings revenue at Ratings, and an increase in conference revenue at Energy. Non-transaction revenue increased primarily due to an increase in surveillance revenue 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.
Total Expenses
The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the
periods ended March 31:
| (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 | $ | 559 | $ | 302 | $ | 523 | $ | 298 | 7% | 1% | |||||||||||||||||||||||
Ratings 2 | 284 | 127 | 260 | 125 | 9% | 2% | |||||||||||||||||||||||||||
Energy 3 | 216 | 115 | 208 | 114 | 4% | 1% | |||||||||||||||||||||||||||
Mobility 4 | 140 | 140 | 131 | 123 | 7% | 13% | |||||||||||||||||||||||||||
Indices 5 | 73 | 63 | 63 | 56 | 16% | 12% | |||||||||||||||||||||||||||
Intersegment eliminations 6 | (52) | — | (48) | — | (7)% | N/M | |||||||||||||||||||||||||||
| Total segments | 1,220 | 747 | 1,137 | 716 | 7% | 4% | |||||||||||||||||||||||||||
Corporate Unallocated expense 7 | 15 | 55 | 16 | 48 | (5)% | 14% | |||||||||||||||||||||||||||
| Total | $ | 1,235 | $ | 802 | $ | 1,153 | $ | 764 | 7% | 5% | |||||||||||||||||||||||
N/M – Represents a change equal to or in excess of 100% or not meaningful
1 In 2026, selling and general expenses include acquisition-related costs of $9 million and disposition-related costs of $3 million. In 2025, selling and general expenses include employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million.
2 In 2025, selling and general expenses include employee severance charges of $2 million.
3 In 2026, selling and general expenses include disposition-related costs of $1 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $6 million.
4 In 2026, selling and general expenses include disposition-related costs of $13 million.
5 In 2026, selling and general expenses include employee-related costs 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 $23 million and lease impairments of $5 million. In 2025, selling and general expenses include employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million.
Operating-Related Expenses
Operating-related expenses increased 7% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence.
Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
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Selling and General Expenses
Selling and general expenses increased 5%. Selling and general expenses increased 6% excluding the impact in 2026 of higher disposition-related costs of 9 percentage points, partially offset by employee severance charges in 2025 of 8 percentage points and ELT transition costs in 2025 of 2 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.
Depreciation and Amortization
Depreciation and amortization increased $14 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.
Gain on Dispositions
During the three months ended March 31, 2026, we recorded a pre-tax gain of $175 million related to the following dispositions, which was included in Gain on dispositions in the consolidated statement of income:
•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 three months ended March 31, 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.
•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.
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.
The tables below reconcile segment operating profit to total operating profit for the three months ended March 31:
| (in millions) | 2026 | 2025 | % Change | ||||||||||||
Market Intelligence 1 | $ | 440 | $ | 220 | N/M | ||||||||||
Ratings 2 | 881 | 757 | 16% | ||||||||||||
Energy 3 | 287 | 255 | 12% | ||||||||||||
Mobility 4 | 93 | 86 | 9% | ||||||||||||
Indices 5 | 372 | 315 | 18% | ||||||||||||
| Total segment operating profit | 2,073 | 1,633 | 27% | ||||||||||||
Corporate Unallocated expense 6 | (71) | (66) | (8)% | ||||||||||||
Equity in income on unconsolidated subsidiaries 7 | — | 11 | N/M | ||||||||||||
| Total operating profit | $ | 2,002 | $ | 1,578 | 27% | ||||||||||
N/M – Represents a change equal to or in excess of 100% or not meaningful
1 2026 includes gain on disposition of $172 million, acquisition-related costs of $9 million and disposition-related costs of $3 million. 2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $156 million and $148 million, respectively.
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2 2025 includes employee severance charges of $2 million. 2026 and 2025 include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.
3 2026 includes disposition-related costs of $1 million and acquisition-related costs of $1 million. 2025 includes employee severance charges of $6 million. 2026 and 2025 include amortization of intangibles from acquisitions of $32 million and $33 million, respectively.
4 2026 includes disposition-related costs of $13 million. 2026 and 2025 include amortization of intangibles from acquisitions of $76 million.
5 2026 includes employee-related costs of $1 million and acquisition-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 $23 million, lease impairments of $5 million and gain on disposition of $3 million. 2025 includes employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million. 2026 include amortization of intangibles from acquisitions of $1 million.
7 2025 include amortization of intangibles from acquisitions of $13 million.
Segment Operating Profit — Segment operating profit increased 27% as compared to 2025. Excluding the impact of a gain on dispositions in 2026 of 13 percentage points and employee severance charges in 2025 of 2 percentage points, partially offset by higher disposition-related costs in 2026 of 1 percentage point and higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, operating profit increased 14% 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 8% compared to 2025. Excluding the impact of employee severance charges in 2025 of 74 percentage points, Executive Leadership Team transition costs in 2025 of 56 percentage points, a gain on disposition in 2026 of 19 percentage points, higher acquisition-related costs in 2025 of 14 percentage points and higher lease impairments in 2025 of 8 percentage points, partially offset by higher disposition-related costs in 2026 of 160 percentage points and higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, Corporate Unallocated expense increased 17% 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 $11 million for the three months ended March 31, 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) Expense, net
Other (income) expense, 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 $2 million for the three months ended March 31, 2026 compared to other expense, net of $4 million for the three months ended March 31, 2025 due to higher losses on our mark-to-market investments in 2025.
Interest Expense, net
Interest expense, net increased compared to the three months ended March 31, 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.
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Provision for Income Taxes
The effective income tax rate was 21.2% and 21.7% for the three months ended March 31, 2026 and March 31, 2025, respectively. The lower rate for the three months ended March 31, 2026 was primarily due to a combination of discrete adjustments including lower tax on non-US divestitures due to local exemption.
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.
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 three months ended March 31, 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:
•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.
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The following table provides revenue and segment operating profit information for the three months ended March 31:
| (in millions) | 2026 | 2025 | % Change | ||||||||||||||||||||||||
| Revenue | $ | 1,296 | $ | 1,199 | 8% | ||||||||||||||||||||||
| Subscription revenue | $ | 1,052 | $ | 993 | 6% | ||||||||||||||||||||||
| Recurring variable revenue | $ | 169 | $ | 150 | 12% | ||||||||||||||||||||||
| Non-subscription revenue | |||||||||||||||||||||||||||
Next expected filings
- ~2026-08-03 10-Q expected by 2026-08-15 (in 94 days)
- ~2026-11-01 10-Q expected by 2026-11-13 (in 184 days)
- ~2027-02-11 10-K expected by 2027-03-03 (in 286 days)
- ~2027-04-30 10-Q expected by 2027-05-12 (in 364 days)
Predicted from historical filing cadence; not an SEC commitment.
Recent SEC filings
- 2026-04-28 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-04-28 10-Q Quarterly Report
- 2026-02-11 10-K Annual Report
- 2026-02-10 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2026-01-14 8-K/A Officer/Director Change
- 2025-12-16 8-K Officer/Director Change; Financial Statements and Exhibits
- 2025-12-04 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
- 2025-12-01 8-K Other Events; Financial Statements and Exhibits
- 2025-11-10 8-K Officer/Director Change; Financial Statements and Exhibits
- 2025-10-30 10-Q Quarterly Report
- 2025-10-30 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-08-01 10-Q Quarterly Report
- 2025-07-31 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits
- 2025-04-29 10-Q Quarterly Report
- 2025-04-29 8-K Earnings Release; Regulation FD Disclosure; Financial Statements and Exhibits