S&P Global (SPGI) Q2 FY26 earnings
Revenue $4.1B, up 10% from a year ago. Net income $1.3B.
S&P Global's quarter brought $4.1B of revenue, up 10% from a year ago, with Ratings at 31.2% of it. Net income was $1.2B — a 29% net margin. Mobility separated on July 1, 2026; this is its last consolidated quarter.
In 2022 Ratings transaction revenue fell to $1.24B from $2.25B — non-transaction held at $1.81B.
Ratings revenue split the filer's way: transaction fees on new issuance against non-transaction surveillance and other fees. The 2022 issuance drought cut transaction revenue nearly in half while the non-transaction line barely moved.
Fees based on assets in ETFs and mutual funds reached $1.2B in 2025 — from $0.5B in 2018.
The index business's asset-linked fees, drawn from eight consecutive 10-Ks: royalties tied to assets under management in customers' ETFs and mutual funds, as the filer defines them.
Where the revenue came from
| Segment | Amount | % of revenue | Y/Y |
|---|---|---|---|
| Ratings | $1.3B | 31.2% | — |
| Market Intelligence | $1.3B | 31.0% | — |
| Energy | $568M | 13.7% | — |
| Indices | $531M | 12.8% | — |
| Mobility | $468M | 11.3% | — |
Income statement, line by line
| Line | Amount | % of revenue | Y/Y |
|---|---|---|---|
| Revenue | $4.1B | +10% | |
| Operating expenses | $2.3B | 56.6% | +6% |
| Operating income | $1.8B | 43.7% | +17% |
| Pretax income | $1.7B | 41.7% | +15% |
| Income tax | $406M | 9.8% | +19% |
| Net income | $1.3B | 31.9% | +14% |
— means the filing states no comparable prior-year figure for that line, so we do not compute one.
Effective tax rate: 23.5%. That is tax as a share of pretax income. The 9.8% in the column above is tax as a share of revenue, which is not a tax rate.
The last 8 quarters
| Quarter ended | Revenue | Net income | Net margin |
|---|---|---|---|
| Jun 30, 2026 | $4.1B | $1.3B | 31.9% |
| Mar 31, 2026 | $4.2B | $1.5B | 36.1% |
| Dec 31, 2025 | $3.9B | $1.2B | 31.3% |
| Sep 30, 2025 | $3.9B | $1.3B | 32.5% |
| Jun 30, 2025 | $3.8B | $1.2B | 30.9% |
| Mar 31, 2025 | $3.8B | $1.2B | 31.0% |
| Dec 31, 2024 | $3.6B | $967M | 26.9% |
| Sep 30, 2024 | $3.6B | $1.0B | 29.3% |
Held by tracked 13F managers
S&P GLOBAL INC (COM): 18 of 69 tracked managers reported holding it — $8,680M across tracked reports, as filed.
13F reports arrive up to 45 days after quarter end and may be amended; totals sum across tracked reports, not unique economic ownership.
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