S&P Global earnings: guidance and what to watch
S&P Global's next results are expected on October 27, 2026. The key thing to watch is whether revenue growth becomes profit and cash.
What has S&P Global guided for 2026?
For 2026, management guides to adjusted diluted EPS of $17.50–$17.75 and GAAP EPS of $16.35–$16.60. GAAP is the formal accounting result; adjusted EPS removes specified items, while diluted EPS allows for shares that employee awards could create. Like judging a restaurant, GAAP is the complete bill, while adjusted profit sets aside selected one-time charges. Neither measure is cash available to spend.
The underlying sales target is 6%–8% organic, constant-currency growth. Organic excludes acquisitions and disposals; constant currency excludes exchange-rate movements. Indices is guided to 12%–14% growth and Ratings to 5%–8%, while operating margin should expand by 35–60 basis points. A basis point is one-hundredth of a percentage point.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Organic, Constant Currency Revenue growth | Year to Dec 2026 | 6.0% | 8.0% | Jul 28, 2026 |
| Operating Profit Margin expansion (Adjusted, bps) | Year to Dec 2026 | 35 | 60 | Jul 28, 2026 |
| Diluted EPS (GAAP) | Year to Dec 2026 | 16.35 | 16.60 | Jul 28, 2026 |
| Diluted EPS (Adjusted) | Year to Dec 2026 | 17.50 | 17.75 | Jul 28, 2026 |
| Share repurchases (more than) | Year to Dec 2026 | 7,000 | Jul 28, 2026 |
What this means. The company’s adjusted earnings per share is higher than its earnings per share under standard accounting rules because adjusted results leave out certain costs and gains.
What have S&P Global's last eight quarters shown?
Revenue, operating income, net income and diluted EPS all rose from the prior-year quarter, and operating margin widened. The improvement was strongest in Ratings and Indices, where activity benefited from debt issuance and market-linked fees. EPS also benefited from fewer shares, so the operating result matters more than the per-share headline alone.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,146 | 4,171 | 3,916 | 3,888 | 3,755 | 3,777 | 3,592 | 3,575 |
| Operating income | 1,812 | 2,002 | 1,674 | 1,675 | 1,551 | 1,578 | 1,309 | 1,434 |
| Net income | 1,217 | 1,395 | 1,134 | 1,176 | 1,072 | 1,090 | 880 | 971 |
| EPS, diluted | 4.12 | 4.69 | 3.75 | 3.86 | 3.50 | 3.54 | 2.85 | 3.11 |
| Cash from operations | 1,439 | 1,037 | 1,748 | 1,505 | 1,445 | 953 | 1,740 | 1,445 |
| = Free cash flow | 1,401 | 1,010 | 1,702 | 1,460 | 1,384 | 910 | 1,707 | 1,410 |
What this means. Free cash flow is the cash left after the company pays for equipment, buildings, and software, so it can differ from profit.
What should you watch in S&P Global's next results?
S&P Global’s October 27, 2026 announcement will use the new discontinued-operations presentation. Investors should compare each remaining division with its recast history, rather than compare a new total with an old total that still includes Mobility.
The key test is whether revenue growth becomes profit and cash. Ratings and Indices may strengthen the mix, while Market Intelligence and Energy will show whether product improvements and productivity programs are working. An EPS increase funded by stronger operations means something different from one funded by more borrowing.