Company Reports

S&P Global's third-quarter revenue grew 7% organically to $3.63 billion. Adjusted operating margins grew to 53.5% from 52.9% last year. The firm raised its 2026 ratings and index revenue outlook and its firmwide EPS outlook. S&P announced a strategic review of its Capital IQ and related businesses.

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model diversified S&P's revenue but also limited revenue upside. We note that much of IHS Markit has been divested or spun off, such as Engineering Solutions, OSTTRA, and Mobility Global.

On Sept. 1, 2026, Bloomberg reported that S&P Global is looking at spinning off its Market Intelligence desktop platform CapitalIQ. Before the news, shares were down 1.6%; after the report, they rose as much as 4.3%; shares ended the session up 1.0%.

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model diversified S&P's revenue but also limited revenue upside. We note that much of IHS Markit has been divested or spun off, such as Engineering Solutions, OSTTRA, and Mobility Global.

S&P Global reported a decent second quarter, with 11% organic revenue growth (excluding Mobility) and 23% adjusted earnings per share growth to $4.83. It raised its full-year ratings and indices organic revenue growth outlook modestly but kept its firmwide outlook of 6%-8% organic growth.

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model diversified S&P's revenue but also limited revenue upside. We note that much of IHS Markit has been divested or spun off, such as Engineering Solutions, OSTTRA, and Mobility Global.

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model diversified S&P's revenue, limiting upside and downside scenarios for the firm.

S&P Global is off to a solid start in 2026, with first-quarter organic revenue growth of 9% and adjusted operating profit growth of 12%. S&P Global maintained its firmwide 2026 outlook of 6%-8% organic revenue growth and adjusted EPS of $19.40-$19.65. Shares rose 3% in intraday trading on April 28.

Amid the possibility of generative AI disrupting many industries, we reviewed the moat ratings for an array of capital markets information services stocks, including Broadridge, Clearwater Analytics, FactSet, Fair Isaac, Moody’s, MSCI, S&P Global, SS&C Technologies, and Verisk.

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model diversified S&P's revenue, limiting upside and downside scenarios for the firm.

S&P Global finished 2025 with solid 9% growth in fourth-quarter revenue and 14% growth in adjusted earnings per share, but the firm’s initial 2026 outlook of adjusted EPS of $19.53 missed FactSet consensus estimates of $20.02, driving a 6% share price drop in Feb. 10 intraday trading.

In intraday trading on Feb. 3, a broad group of information-services companies, such as rating agencies, data providers, index providers, credit bureaus, and others, are seeing share price declines of 5% or more.

Our perusal of S&P Ratings disclosures indicates that its list price on most US corporate transactions as of January 2026 is 8.35 basis points with a minimum fee of $155,000; this is 3.1% higher than the 8.10 basis points list price in January 2025.

On Nov. 13, 2025, S&P Global's investor day had updated financial targets to include medium-term (three- to five-year annual average) firmwide organic revenue growth of 7%-9%, including 6%-8% at Market Intelligence. Shares rose 1.5%, edging out a a1.7% decline in the Morningstar US Market Index.

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model diversified S&P's revenue, limiting upside and downside scenarios for the firm.

S&P Global reported strong third-quarter revenue and moved the midpoint of its revenue outlook higher across multiple segments. Margins grew in all the firm’s segments, and it raised its firmwide margin outlook. Shares popped 4% during Oct. 30 intraday trading.

On Oct. 15, S&P Global announced that it plans to acquire With Intelligence, a provider of private markets data, insights, and analytics, for $1.8 billion. With Intelligence is expected to generate $130 million in revenue in 2025. We expect this deal to sit in S&P’s Market Intelligence segment.

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model diversified S&P's revenue, limiting upside and downside scenarios for the firm.

Whether through credit ratings, financial indexes, or commodity price reporting, S&P Global has established a wide moat from its data-driven benchmarks. Given the embedded nature of these benchmarks, S&P enjoys a strong competitive position and strong operating margins. In February 2022, S&P completed its $44 billion acquisition of IHS Markit. We believe IHS Markit's recurring revenue model diversified S&P's revenue, limiting upside and downside scenarios for the firm.

S&P Global reported second-quarter organic revenue growth of 6% and adjusted operating income growth of 7%. It also increased the midpoints of its revenue and adjusted earnings per share outlook for 2025.