S&P Global Inc. (NYSE: SPGI) reports first-quarter 2026 results on April 28, 2026. Coming off a year in which the company grew full-year revenue 8% to $15.336 billion and raised its adjusted diluted EPS guidance for 2026 to $19.40-$19.65, the Q1 report will be the first test of whether management’s 6-8% organic constant-currency revenue growth framework is tracking as expected — and whether the Ratings segment can sustain the transaction volumes that drove outperformance in 2025.
FY2025 Performance: The Baseline for Q1 2026
S&P Global delivered full-year 2025 revenue of $15.336 billion, up 8% year-over-year. GAAP net income was $4.471 billion (+16%), and GAAP diluted EPS was $14.66 (+19%). In Q4 2025, the company reported revenue of $3.916 billion and GAAP diluted EPS of $3.75, with adjusted operating margin expanding 60 basis points year-over-year to 47.3%.
For Q1 2025, S&P Global reported revenue of $3.777 billion (+8% year-over-year from Q1 2024’s $3.49 billion).
| Metric | Q1 2025 (Actual) | Q4 2025 (Actual) | FY2025 (Full Year) |
|---|---|---|---|
| Revenue | $3.777B | $3.916B | $15.336B |
| GAAP Net Income | $1.090B | $1.134B | $4.471B |
| GAAP Diluted EPS | $3.54 | $3.75 | $14.66 |
| YoY Revenue Growth | +8% | +9% | +8% |
All figures GAAP unless noted. Sources: S&P Global Q4/FY2025 Press Release (PR Newswire, February 10, 2026); GuruFocus Q1 2025 Earnings Report.
As of April 22, 2026, S&P Global closed at $449.06 per share. With approximately 298.8 million shares outstanding (WallStreetZen, April 2026), the company’s market capitalization was approximately $134 billion.
2026 Guidance: What Management Is Targeting
At the February 10, 2026 Q4 2025 earnings call, management provided full-year 2026 guidance:
- Adjusted diluted EPS: $19.40 to $19.65 (representing 9-10% growth year-over-year)
- Organic constant-currency revenue growth: 6-8%
- Full-year revenue: approximately $16.3 billion to $16.7 billion
- Adjusted operating margin expansion: 50-75 basis points on an organic constant-currency basis (excluding OSTTRA); 10-35 basis points including OSTTRA
Division-level guidance for 2026 (organic constant-currency growth):
| Division | 2026 Revenue Growth Guidance |
|---|---|
| Market Intelligence | 5.5%–7% |
| Ratings | 4%–7% |
| Commodity Insights (Energy) | 5.5%–7% |
| Mobility | 7.5%–9% |
| Indices | 10%–12% |
Source: S&P Global Q4 2025 Earnings Call Transcript (Motley Fool, February 10, 2026).
Management also noted Q1 2026 share repurchases were tracking at approximately $1 billion — up from $650 million in Q1 2025 — as part of a plan to return at least 85% of adjusted free cash flow to shareholders.
Key Watchpoints for Q1 2026
Ratings transaction volumes: Ratings grew 12% in Q4 2025, with transaction revenue up 12% and non-transaction (subscription) revenue up 11%. For Q1 2026, management guided full-year Ratings at 4-7% organic growth, assuming low-to-mid-single-digit growth in billed issuance. Debt capital markets activity in Q1 2026 will be a primary driver of whether Ratings tracks to the high or low end of that range.
Indices outperformance: The Indices division was guided for 10-12% growth in 2026, the highest of any segment, driven by asset-linked fees (which grew 13% in Q4 2025) from higher equity market levels and exchange-traded derivatives revenue (up 20% in Q4 2025). Equity market performance in Q1 2026 will directly affect asset-linked fee accruals.
Mobility spin-off progress: Management indicated a public Form 10 SEC filing for the Mobility business spin-off was targeted for Q2 2026. Q1 commentary will likely include an update on spin preparation timeline and any recast standalone financials.
Energy and sustainability headwinds: Energy Transition and Sustainability revenue fell 3% in Q4 2025 to $101 million, with management citing customer spending slowdowns in consulting and one-time transactions. Sanctions-related headwinds of $3 million also weighed on the Energy segment in Q4. Management did not expect a near-term recovery in those areas, so Q1 2026 Energy results will be watched for whether the headwind persists or worsens.
Market Intelligence subscription metrics: Market Intelligence, the largest revenue segment, delivered 85% subscription revenue in Q4 2025, with organic constant-currency subscription growth of roughly 7%. Annual contract value growth ran at 6.5-7% for two consecutive quarters exiting 2025. Whether that momentum continues into Q1 2026 is a key indicator for the segment’s full-year trajectory.
Key Signals for Investors
- S&P Global’s guidance of $19.40-$19.65 in adjusted diluted EPS for 2026 implies roughly $4.85-$4.91 per quarter at the midpoint, and whether Q1 2026 comes in near that run-rate will signal whether the full-year EPS range is achievable without back-half loading (S&P Global Q4 2025 Earnings Call, Motley Fool, February 10, 2026).
- The Ratings division is the key swing factor: management guided 4-7% growth for 2026 assuming low-to-mid-single-digit billed issuance growth, but any softening in corporate bond issuance driven by interest rate uncertainty or macro disruption would compress the range, while a strong issuance quarter would push Ratings to the high end and lift overall company results above the midpoint guidance.
- The Mobility spin-off is the largest structural event on S&P Global’s near-term calendar; investors should watch for any Q1 commentary on the Form 10 timeline, post-spin capital return plans, and whether standalone Mobility guidance will be issued ahead of separation (S&P Global Q4 2025 Earnings Call, Motley Fool, February 10, 2026).
Sources
- S&P Global Reports Fourth Quarter and Full-Year 2025 Results. PR Newswire, February 10, 2026. https://www.prnewswire.com/news-releases/sp-global-reports-fourth-quarter-and-full-year-2025-results-302683719.html
- S&P Global Q4 2025 Earnings Call Transcript. Motley Fool, February 10, 2026. https://www.fool.com/earnings/call-transcripts/2026/02/10/sp-global-spgi-q4-2025-earnings-call-transcript/
- S&P Global Inc. (SPGI) Q1 2025 Earnings. GuruFocus, April 29, 2025. https://www.gurufocus.com/news/2811027/sp-global-inc-spgi-q1-2025-earnings-eps-of-354-beats-estimate-revenue-surpasses-forecast-at-3777-billion
- S&P Global (SPGI) Share Price and Shares Outstanding. WallStreetZen / Yahoo Finance, April 22-23, 2026. https://finance.yahoo.com/quote/SPGI/ .