SPGI US S&P 500Russell 1000 Earnings call · transcribed from the recording
S&P Global (SPGI) · Q3 2026 results and valuation
Share price: $475.11 · 2026-11-11
S&P Global provides benchmarks, data, analytics, and workflow solutions for the capital, energy, commodity, and automotive markets. The company serves a global customer base including investment managers, government agencies, energy producers, and automotive manufacturers. It operates across various sectors including finance, energy, and transportation. Source: 10-K annual report (2026-02-11)
Results Q3 2026 vs Q2 2026 · previous quarter · published 27 Oct 2026 and 28 Jul 2026
Net income up 1.9% on the previous quarter, guidance raised. Management sounded very upbeat, though noticeably less so answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+1.9%
Net income vs Q2 2026
Guidance raised
Net income 1.24B vs 1.22B
Revenue −11.3%
2 · How management spoke
Very upbeat
More upbeat than 92% of company calls
Answers to analysts: upbeat, but clearly less so than the script.
Last call it was different: script and answers matched.
3 · What stood out
Figure
On capital return, S&P Global has repurchased $4 billion in shares so far this year.
Valuation
Is S&P Global undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 11.1% growth a year (3-year revenue growth), the model's fair value is $433.38 a share — the stock trades 10% above it. Today's price assumes 12.3% growth a year.
Current price
$475.11
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+12.3% for 10 yrs
Fair value / share
$433.38
Buy below
$325.04
Price vs fair value
Overvalued 10%
Price vs buy-below price
Overvalued 46%
Read between the lines
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Key theme
Expanding into high growth adjacencies
Source quote
“Our strategy rests on three priorities, advancing our market leadership, expanding into high growth adjacencies, and amplifying our enterprise capabilities... I'll start with the bigger picture before I get into the quarter. Today we're taking the next step on that first priority, sharpening our focus on the markets where we lead.”
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Guidance ↑
S&P Global is raising its guidance for adjusted EPS as well to a range of $17.70.
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Guidance
S&P Global expects that when and if this process is completed, S &P Global will be a focused and synergistic organization of high-growth businesses positioned for strong growth in organic revenue...
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q3 2026. Ring: Q2 2026.
Management sounded noticeably less positive answering analysts than in its prepared script — a bigger drop than in 84% of calls. Scripts are polished in advance; a drop under questioning often marks the topics analysts pressed on, so the answers deserve a closer read than the script.
Sentences that drove the tone
“We expect that when and if this process is completed, S &P Global will be a focused and synergistic organization of high-growth businesses positioned for strong growth in organic revenue,...”
“Our priorities are consistent with what we set out at IR Day last year, which is around advancing our market leadership, expanding into high growth adjacencies, and expanding our enterprise...”
“Our strategy rests on three priorities, advancing our market leadership, expanding into high growth adjacencies, and amplifying our enterprise capabilities and AI.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 3.68B | 4.15B | −11.3% | 3.44B | +6.8% |
| Gross profit | 2.64B | 2.98B | −11.3% | 2.46B | +7.6% |
| Operating income | 1.96B | 1.81B | +7.9% | 1.56B | +25.7% |
| Net income | 1.24B | 1.22B | +1.9% | 1.18B | +5.4% |
| EPS | 4.25 | 4.12 | +3.2% | 3.86 | +10.1% |
| P/E today 26.7 | 25.5 | 33.7 | −8.2 | 37.8 | −12.3 |
Topics
Most discussed now
- New Last month, together with CBOE Global Markets, S&P Global announced the extension of its exclusive licensing agreement through 2051.
- With acceleration in subscription revenue, strong incremental margins, and continued productivity gains, S&P Global delivered 60 basis…
- Ratings revenue growth decelerated modestly, as S&P Global expected.
- Adjusted expenses grew 5% as S&P Global invested in key growth areas, funded with productivity initiatives, and held total headcount flat...
- As the world's largest index business by AUM, S&P Global achieved a new record quarter for ETF AUM of $6.5 trillion...
Faded since Q2 2026
- Dropped As Eric will walk through shortly, S&P Global's strong cash flow and healthy balance sheet will allow us to repurchase the...
- Fading This discipline, along with S&P Global's ongoing productivity savings carried through into the second quarter and enabled us to deliver…
- Fading Issuance in the quarter benefited from tighter spreads and favorable market conditions, though growth was also elevated due to a...
- Fading One was a very large strategic deal where S&P Global did a renewal for Desktop feeds, Visible Alpha and AI-ready data.
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Regulation FD disclosure · SEC 8-K
S&P Global reported third-quarter 2026 revenue of $3.678 billion, up 7% from the third quarter of 2025, and initiated a strategic review for Capital IQ and associated data businesses.
- Other events · SEC 8-K
S&P Global completed the separation of its Mobility segment into a new public company, with pro forma revenue for the first half of 2026 reported at $8,318 million.
- Results of operations; Regulation FD disclosure · SEC 8-K
S&P Global Inc. issued an earnings release on July 28, 2026, regarding its second-quarter results and 2026 guidance, including unaudited pro forma financial statements for 2023, 2024, and 2025.
- Director or officer change; Regulation FD disclosure · SEC 8-K
S&P Global announced that Executive Vice President and Chief Legal Officer Steven Kemps will retire on December 31, 2026, and the company is restructuring its Market Intelligence operating model.
- Material agreement; Acquisition or disposal; Other events · SEC 8-K
S&P Global completed the separation of its Mobility division into an independent, publicly-traded company, Mobility Global Inc., on July 1, 2026, distributing 100% of its shares to S&P Global stockholders.
- Director or officer change; Regulation FD disclosure · SEC 8-K
Saugata Saha will step down as President, S&P Global Market Intelligence and Chief Enterprise Data Officer, effective July 30, 2026.
- Shareholder vote results · SEC 8-K · routine
- Other events · SEC 8-K
S&P Global approved the separation of its Mobility division into an independent company, with shareholders receiving one share of Mobility Global for every share of S&P Global held on June 15, 2026.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-19.
Cash & runway
Cash & equivalents
$1.81B
2026-03-31
Short-term investments
$56.0M
total $1.87B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: -3.3% YoY.
| Quarter | Shares |
|---|---|
| Q2 2024 | 313.0M |
| Q3 2024 | 311.2M |
| Q1 2025 | 307.3M |
| Q2 2025 | 305.9M |
| Q3 2025 | 304.3M |
| Q1 2026 | 297.3M |
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. Coverage: newest 50 of 54 filings; 50 filings parsed.
Sold by insiders
0 shares
0 transactions
Bought by insiders
8.5K shares
$3.6M · 7 transactions
Net direction
net buying
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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over the medium term
growth in private markets
Source quote
“We expect strong growth in private markets over the medium term, but this growth will require increased transparency from data and benchmarks, which is an important area of focus for S&P Global.”
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the second half of 2026 or early 2027
divestiture of the software portfolio in our Upstream business
Source quote
“In addition to improving our Data & Insights solutions, we also announced in a separate press release that we have signed an agreement to divest the software portfolio in our Upstream business, and we expect that to close in the second half of 2026 or early 2027.”
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the back half of the year
reversal of a 50 basis point headwind from the timing of revenue recognition
Source quote
“Subscription growth included a 50 basis point headwind from the timing of revenue recognition that we expect to reverse in the back half of the year.”
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mid-2026
completion of the spin
Source quote
“Looking forward, we remain on track for our planned separation of the Mobility business, including completion of the spin mid-2026.”
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this quarter
filing of Form 10
Source quote
“We will file our Form 10 publicly this quarter, and the Mobility Global team is excited to be hosting their Investor Day in New York City on May 12, ahead of the launch of its equity roadshow.”