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12:30
Jul 28 ◎

SPGI FY2026 Q2 Watch

S&P Global Inc. (SPGI) FY2026 Q2 Earnings Call

CBOE SPGI ▾

Martina Cheung

When asked about the CBOE licensing agreement, SPGI declined to comment, which could mean either no major changes or strategic negotiations in progress.

"look, we don't comment on our partners or the conversations that we would have with any of our partners, but thank you for the question."

CBOE WATCH

Eric Aboaf

Management's tone is optimistic, driven by strong performance in benchmark businesses (ratings and indices), which is leading to raised revenue and EPS guidance with margin expansion and aggressive buybacks.

"We now expect Consolidated Margin to expand 75 to 100 basis points this year. Strong revenue growth, additional margin expansion, and the additional buybacks I'll discuss in a moment allow us to deliver faster EPS growth as well."

SPGI WATCH

HIGH

12:30
Apr 28 ◎

SPGI FY2026 Q1 Watch

S&P Global Inc. (SPGI) FY2026 Q1 Earnings Call

MSFT GOOGL AMZN SLB SPGI ▾

Martina Chung

S&P Global sees hyperscaler debt issuance as pulled forward into Q1, with full-year expectations unchanged. — Hyperscaler capex plans are likely being financed earlier than expected, potentially indicating faster AI infrastructure buildout or a shift in financing strategy.

"as we looked at the amount of hyperscale issuance in q1 we believe that there was some pull forward there relative to our expectations"

MSFT WATCH GOOGL WATCH AMZN WATCH

Martina Chung

SLB will take over the divested software portfolio and partner with S&P Global on redistribution, implying a close commercial relationship.

"And as part of that decision to divest, we also have a redistribution partnership with SLB that we are quite excited about."

SLB WATCH

Eric Abouaf

Management maintained full-year guidance despite the Iran conflict, reflecting the resilience of the core business but acknowledging increased macro uncertainty, especially for the energy division.

"At the consolidated level, we are reiterating our guidance for organic constant currency revenue growth in the range of 6% to 8%."

SPGI WATCH

HIGH

13:30
Feb 10 ◎

SPGI FY2025 Q4 Watch

S&P Global Inc. (SPGI) FY2025 Q4 Earnings Call

ANTHROPIC OPENAI AAPL SPGI CME ▾

Martina Chung

S&P Global sees Anthropic as one of several important distribution partners for its data via AI platforms, and does not see open-source AI as a direct competitive threat.

"We have a very good relationship with Anthropic. You'll also have seen in December we announced a partnership with Google that gives us access to Gemini Enterprise."

ANTHROPIC WATCH

Martina Chung

Integration with OpenAI's ecosystem positions S&P Global as a flexible data provider, potentially driving higher data usage and renewal rates.

"Of course, yesterday we also announced our MCP connector for OpenAI."

OPENAI WATCH

Martina Chung

While not explicitly named, the strong performance of ClearPar indicates healthy loan trading volumes, benefiting from the activities of major financial institutions.

"We also have a very attractive product in Clearpar, which continues to do very well."

AAPL WATCH

Martina Chung

Management expresses confidence in 2026, expecting continued growth in subscriptions and market-driven businesses, with a constructive outlook on debt issuance and AI-driven opportunities.

"While a very dynamic macroeconomic and geopolitical backdrop persists, we believe we are entering 2026 with more tailwinds than headwinds and the strength to seize the opportunities ahead of us."

SPGI WATCH

Eric Abouaf

Despite lower overall market volumes, S&P Global's exchange-traded derivatives (ETD) revenue grew 20% in Q4, driven by SPX volumes, indicating a structural shift in market participation towards low-cost index derivatives that benefits S&P Dow Jones Indices. — The sustained growth in ETD volumes, even during periods of low volatility, points to a secular increase in derivatives usage, which disproportionately benefits index providers and exchanges like CME and ICE.

"Exchange-traded derivative revenue was up 20% driven by strengthened SPX ETD volumes."

CME WATCH ICE WATCH

Martina Chung

S&P Global noted that AI-related capital expenditures from 'hyperscalers' drove significant debt issuance in the second half of 2025, and it expects this to continue in 2026, with the potential to be a major driver of ratings revenue if the investments are debt-funded. — The massive planned capex of Microsoft, Google, and Amazon is creating a new financing stream in debt markets, which directly and significantly boosts S&P Global's Ratings division, tying its performance directly to the AI infrastructure buildout.

"In energy expansion, we launched AI capabilities, making much of our research and insights available through Microsoft Copilot."

MSFT WATCH GOOGL WATCH AMZN WATCH

HIGH

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