NEW YORK, July 28, 2026, 10:08 EDT — U.S. markets open with S&P Global stock down 5% after its ratings and indices segments contributed 77% of growth in the wake of its spin-off.
S&P Global Inc. NYSE:SPGI shares dropped 5.1% to $417.38 during morning trading. Delayed data indicated the stock touched an intraday low of $408.05.
The decline came after robust headline gains. Adjusted earnings climbed 23% to $4.83 per share. Reported revenue advanced 10% to $4.146 billion.
Initial consensus data indicated adjusted earnings expectations ranging from $4.95 to $5.02. Revenue consensus from one source stood at $4.11 billion, which was less than the actual reported amount.
Comparisons are complicated. Mobility Global (NYSE:MBGL) spun off on July 1. S&P Global’s revised guidance and pro forma numbers no longer include this unit.
The main issue lies within the composition. Ratings and Indices accounted for $279 million out of the $361 million rise in pro forma revenue, representing 77%, according to company figures.
| Division | Q2 revenue | Year-on-year growth | Adjusted operating margin |
|---|---|---|---|
| Ratings | $1.339 billion | 17% | 68% |
| Indices | $534 million | 20% | 72% |
| Market Intelligence | $1.235 billion | 6% | 36% |
| Energy | $623 million | 3% | 48% |
Data are presented on a pro forma basis or have been restated when relevant.
Out of the $286 million rise in adjusted operating profit across all four divisions, the same two accounted for $234 million, or 82%.
Ratings were the main driver for the quarter. Transaction revenue increased by 25% to $746 million, while nontransaction revenue climbed 8%.
Indexes tracked. Fees connected to assets increased by 22% to reach $348 million. Royalties from sales usage were also up 22%.
Market Intelligence contributed around one-third of the pro forma revenue, reporting 6% growth, slower than the benchmark segments. Energy segment growth was 3%.
The peer tape signals a reaction tied to individual companies. Shares of Moody’s Corp. NYSE:MCO fell 0.8%, as MSCI Inc. NYSE:MSCI gained 0.5%. S&P Global lagged behind the two.
Chief Executive Martina Cheung said, “Post spin, we have a sharper focus on our four core divisions.” She also highlighted record performances in Ratings and Indices. Securities and Exchange Commission
Revenue for the full year is projected to increase between 5.9% and 7.9%. Adjusted earnings per share are expected to range from $17.50 to $17.75. Management noted that the outlook cannot be directly compared with previous guidance.
Capital distributions are still significant. S&P Global projects buybacks for 2026 to surpass $7 billion. Based on Tuesday’s share price, that figure represents over 5.6% of the company’s present market capitalization.
The company has also consented to acquire datacenterHawk along with a controlling stake in Agusto & Co. The terms were not revealed. Both transactions are anticipated to complete in the latter half, pending necessary approvals. The company does not foresee a material impact on its results from either deal.
Risks continue to be clustered. Ratings and Indices remain influenced primarily by debt issuance and equity market activity. Increased competition in AI and customers reducing spending may impact data pricing. The Mobility separation introduces additional execution risk.
The following challenge is achieving balance. Accelerated growth in Market Intelligence could lessen dependence on issuance and asset-based fees. However, Tuesday’s results did not reflect this shift.
Related articles: NYSE:SPGI
