NEW YORK, July 28, 2026 — Shares of S&P Global Inc. (NYSE: SPGI) fell 5.1% in morning trading to $417.38, touching an intraday low of $408.05, after the company reported quarterly results that revealed an outsized reliance on its ratings and indices segments for growth following the spin-off of Mobility Global.
Earnings beat but composition concerns emerge
Adjusted earnings per share climbed 23% to $4.83, surpassing consensus estimates that ranged from $4.95 to $5.02. Reported revenue advanced 10% to $4.146 billion, slightly above the $4.11 billion consensus from one source. However, comparisons are complicated by the July 1 spin-off of Mobility Global (NYSE: MBGL), which has been excluded from S&P Global's revised guidance and pro forma numbers.
Ratings and indices dominate growth
The main issue lies in the composition of growth. According to company figures, ratings and indices accounted for $279 million of the $361 million increase in pro forma revenue, representing 77%. The ratings segment posted second-quarter revenue of $1.339 billion, up 17% year-over-year, with an adjusted operating margin of 68%. Indices revenue rose 20% to $534 million, with a 72% margin. Together, these two segments contributed $234 million, or 82%, of the $286 million increase in adjusted operating profit across all four divisions.
Market Intelligence, which contributes about one-third of pro forma revenue, grew just 6% to $1.235 billion, with a 36% margin. Energy segment revenue edged up 3% to $623 million, with a 48% margin.
Ratings strength driven by transaction revenue
Within ratings, transaction revenue surged 25% to $746 million, while non-transaction revenue climbed 8%. Indices benefited from a 22% increase in asset-linked fees to $348 million and a 22% rise in royalties from sales usage, reflecting robust equity market activity.
Peer performance and market reaction
S&P Global lagged behind peers. Moody's Corp. (NYSE: MCO) fell just 0.8%, while MSCI Inc. (NYSE: MSCI) gained 0.5%. Chief Executive Martina Cheung emphasized the company's sharper focus on its four core divisions post spin-off, highlighting record performances in ratings and indices.
Outlook and capital allocation
For the full year, S&P Global projects revenue growth of 5.9% to 7.9% and adjusted earnings per share of $17.50 to $17.75. Management cautioned that the outlook cannot be directly compared with previous guidance. The company plans share buybacks exceeding $7 billion in 2026, representing over 5.6% of its current market capitalization based on Tuesday's share price.
Additionally, S&P Global has agreed to acquire datacenterHawk and a controlling stake in Agusto & Co. Terms were not disclosed. Both transactions are expected to close in the second half of the year, subject to approvals, and are not anticipated to materially impact results.
Risk factors and strategic challenges
Risks remain concentrated. Ratings and indices are heavily influenced by debt issuance and equity market activity. Increased competition in AI and potential customer spending reductions could impact data pricing. The Mobility spin-off introduces execution risk. Accelerating growth in Market Intelligence could reduce dependence on issuance and asset-based fees, but Tuesday's results did not reflect that shift.
