S&P Global reported a strong Q2 2026, with 11% revenue growth and 23% EPS growth, driven by robust performance in its ratings and indices benchmark businesses. Management raised full-year EPS guidance and increased buybacks, while announcing the completion of the mobility spin-off and strategic acquisitions in the data center and African credit rating spaces. Record revenue for Ratings and Indices divisions, with Ratings up 17% and Indices achieving a 13th consecutive record quarter.
S&P Global reported a strong Q2 2026, with 11% revenue growth and 23% EPS growth, driven by robust performance in its ratings and indices benchmark businesses. Management raised full-year EPS guidance and increased buybacks, while announcing the completion of the mobility spin-off and strategic acquisitions in the data center and African credit rating spaces. Record revenue for Ratings and Indices divisions, with Ratings up 17% and Indices achieving a 13th consecutive record quarter.
Management emphasized rapid AI adoption: LLM Ready API/MCP clients surpassed 500, up more than 70% quarter-over-quarter, and Q2 API call volume was over five times Q1. They highlighted flexible, multifaceted monetization as customers build with Kensho Labs, while noting…
Record revenue for Ratings and Indices divisions, with Ratings up 17% and Indices achieving a 13th consecutive record quarter.
Guidance · revenue to 7%
Management repeatedly cited record results, raised revenue guidance and buybacks, and framed energy/MI headwinds as cyclical or manageable, projecting an assured forward-looking stance.
Management emphasized rapid AI adoption: LLM Ready API/MCP clients surpassed 500, up more than 70% quarter-over-quarter, and Q2 API call volume was over five times Q1. They highlighted flexible, multifaceted monetization as customers build with Kensho Labs, while noting customers are increasingly scrutinizing token costs and AI budgets. AI is also a key internal productivity lever, with about 60%
Hyperscaler debt issuance outlook raised to $250-300 billion. Management repeatedly cited record results, raised revenue guidance and buybacks, and framed energy/MI headwinds as cyclical or manageable, projecting an assured forward-looking stance.
Management did not detail internal capex, but signaled continued investment in AI-enabled products and data infrastructure, including the Data Center Hawk acquisition. Client capex on AI and data centers is a major debt-issuance driver, with the full-year hyperscaler issuance assumption raised to $250-300 billion. Cash and incremental debt are being directed primarily to buybacks rather than large
Management repeatedly cited record results, raised revenue guidance and buybacks, and framed energy/MI headwinds as cyclical or manageable, projecting an assured forward-looking stance.
“In the first half, we saw approximately $169 billion in build issuance from the hyperscalers, while our initial outlook for the year assumed approximately $200 billion for the full year. We are now assuming $250 to $300 billion in hypersca…”
“Importantly, the Iran conflict has complicated contract renewals among some very large customers. and we have intentionally chosen to be flexible on price increases and other terms for effective customers during such a challenging time.”
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| EPS | FY2026 | $17.50–$17.75 | $17.62 | RAISED |
| Free cash flow | FY2026 | $2.9B–$3.1B | $3B | GUIDED |
| Op margin | FY2026 | 75%–100% | 87.5% | RAISED |
| RevenueMARKET_INTELLIGENCE | FY2026 | 5.5%–7% | 6.25% | MAINTAINED |
| Revenue | FY2026 | 6%–8% | 7% | MAINTAINED |
| RevenueENERGY | FY2026 | 4.5%–6% | 5.25% | MAINTAINED |
| RevenueRATINGS | FY2026 | 5%–8% | 6.5% | RAISED |
| RevenueINDICES | FY2026 | 12%–14% | 13% | RAISED |
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.”
Yes. Hey, good morning, everyone. I actually want to ask about the index business, and this may be a little bit in the weeds and details, so bear with me. You know, you have that licensing, ITG relationship with CBOE, and by my numbers, this is definitely more than $200 million a year. And there's been more investor concerns around, more from their side, about that renewal that's coming up in a few years. Now, just wondering what your latest thoughts are on this, because again, if you look at that relationship, some people would suggest that you can probably double those fees. So that could be nicely material and accretive to your business. So just wondering, How do you think about that…
Hi, Alex. It's Martina. Thanks for the question. 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.
Hyperscaler debt issuance surged to $169B in H1 2026, far exceeding the initial $200B full-year target, prompting a raise of full-year expectations to $250-$300B.