S&P Global Q3 EPS Up 26%, Guidance Raised, Capital IQ Strategic Review Launched
SPGI sits 24% above its 52-week low of $360.945.
Summary
S&P Global beat on Q3 with revenue of $3.678B (+7%) and GAAP EPS of $4.45 (+26%), raised full-year revenue and adjusted EPS guidance, and launched a strategic review that could separate Capital IQ and associated data businesses from the rest of Market Intelligence.
Key Events · Earnings and Guidance · SPGI
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Q3 Beat With 26% EPS Growth
Revenue of $3.678B rose 7% year over year and GAAP diluted EPS climbed 26% to $4.45; adjusted diluted EPS rose 9% to $4.58. Operating margin expanded 800 bps to 53.2%, helped by a $200M gain on disposition in Energy.
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Capital IQ Strategic Review Launched
The company initiated a review of alternatives, including a potential separation, for Capital IQ and associated data businesses — the majority of Kensho Data & Platforms within Market Intelligence — while expecting to retain RatingsDirect, RatingsXpress and Enterprise Solutions.
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Full-Year Guidance Raised
Revenue growth guidance moves to 7.4%-8.4% from 5.9%-7.9% and organic constant currency growth to 7.5%-8.5% from 6.0%-8.0%, driven by Ratings and Indices. Adjusted diluted EPS guidance rises to $17.70-$17.95 from $17.50-$17.75, while GAAP diluted EPS falls to $16.25-$16.50 from $16.35-$16.60 on lower expected disposition gains.
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Buybacks Running Above $4B YTD
$2.6B of shares were repurchased in Q3 and more than $4B year-to-date; the company still expects more than $7B of repurchases in total for 2026, with diluted shares down 4% year over year.
Analysis · SPGI · Trade & Services
Two things matter here. First, the quarter was strong and forward numbers went up: revenue growth guidance rises to 7.4%-8.4% from 5.9%-7.9% and adjusted EPS guidance to $17.70-$17.95 from $17.50-$17.75, with the GAAP EPS cut to $16.25-$16.50 explained by lower expected disposition gains rather than operations. Second, and bigger for the long-term story, management opened a strategic review of alternatives including a potential separation of Capital IQ and associated data businesses — the bulk of Kensho Data & Platforms inside Market Intelligence — while saying it expects to keep RatingsDirect, RatingsXpress and Enterprise Solutions. That puts a possible breakup of the Market Intelligence segment on the table just months after the Mobility spin-off closed on July 1, 2026. No timeframe is given and the company explicitly warns there is no assurance of any transaction, so the guidance assumes Market Intelligence stays as currently structured. Buybacks continue to absorb the dilution question entirely: $2.6B repurchased in the quarter, more than $4B year-to-date, and still on track for more than $7B in 2026.
How filings like this one have moved
In the 30 days to Oct 27, 2026, 36.2% of the 898 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.75%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, SPGI was trading at $447.00 on NYSE in the Trade & Services sector, with a market capitalization of approximately $132.9B. The 52-week trading range was $360.94 to $522.35. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.