S&P Global 10-Q Details Q3 Beat: Revenue $3.678B, Operating Margin 53%, $4.1B Buybacks
SPGI sits 23% above its 52-week low of $360.945 on elevated volume (1.9× avg).
Summary
S&P Global's Q3 10-Q fills in the detail behind the October 27 beat: revenue of $3.678B (+7%) and operating margin of 53%, though a $200M disposition gain flattered profit growth. The Mobility spin is fully reflected and the company bought back 8.5M shares for $4.1B in the first nine months.
Key Events · Earnings and Guidance · SPGI
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Q3 Revenue Up 7% to $3.678B
Revenue rose to $3,678 million from $3,443 million, with all four segments growing; nine-month revenue was $11,074 million, up 9%.
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Margin Jump Flattered by Disposition Gain
Operating profit rose 26% to $1,956 million and margin expanded to 53% from 45%, but a $200 million gain on the Schlumberger software sale contributed about 15 points; excluding it, operating profit grew roughly 8%.
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Indices and Energy Drive Segment Growth
Indices revenue rose 20% to $554 million as ETF AUM climbed 26% to $6.517 trillion; Energy operating profit jumped 88% to $469 million, again mostly the $200 million disposition gain.
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Mobility Spin Fully Reflected
The July 1, 2026 separation cut total assets to $48.0 billion from $61.2 billion and reduced equity by $9,753 million; total debt stands at $13.1 billion against $2.4 billion of cash.
Analysis · SPGI · Trade & Services
The headline Q3 beat was already public from the October 27 8-K, but this 10-Q is where the quality of the quarter becomes visible. Operating margin jumped to 53% from 45%, though roughly 15 points of the 26% operating profit growth came from a $200M gain on the Schlumberger software sale rather than operations — underlying operating profit rose about 8%. Indices did the heavy lifting organically, with revenue up 20% and ETF AUM up 26% to $6.517 trillion, while Energy's 88% profit jump is almost entirely the disposition gain. The Mobility spin is now fully reflected: total assets fell to $48.0B from $61.2B and equity dropped by $9.75B, leaving the remaining four-segment company with $13.1B of debt and $2.4B of cash. Capital return stayed aggressive — 8.5M shares repurchased for $4.1B in nine months, including a $2.6B ASR completed October 26 at $412.99 average, below today's $445 price.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 31.1% of the 1661 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, SPGI was trading at $445.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $132.3B. The 52-week trading range was $360.94 to $522.35. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.