Second-quarter revenue topped forecasts, but S&P Global cut its 2026 earnings outlook as energy-market disruption, slower client renewals and post-spinoff changes weighed on the near-term picture.
S&P Global shares fell about 5.3% in regular trading after the company reported second-quarter 2026 adjusted earnings of $4.83 per share, below the $5.02 analyst consensus, even as revenue of $4.15 billion slightly exceeded expectations of $4.11 billion. The results were the first after the July 1, 2026 spinoff of the Mobility business, and on a pro forma basis excluding that unit, revenue rose 11% year over year to $3.68 billion while adjusted EPS increased 23% from $3.90. The company lowered its full-year 2026 adjusted earnings per share forecast to $17.50 to $17.75, with a midpoint of $17.63, and said it expects revenue growth of 5.9% to 7.9% and organic constant-currency growth of 6.0% to 8.0%. Management pointed to pressure in Energy from sanctions and volatility linked to the Iran conflict, which is weighing on Global Trading Services revenue and subscription renewals, as well as longer renewal cycles in Market Intelligence tied partly to negotiations around artificial intelligence and intellectual property protection. Ratings remained a key source of strength, with record revenue of $1.34 billion, up 17%, while Indices posted a 13th straight record quarter with $534 million in revenue, up 20%, driven by asset-linked fees and exchange-traded derivatives. Adjusted operating margin expanded 200 basis points to 54.3%. S&P Global also raised its 2026 share repurchase target to more than $7 billion and said adjusted free cash flow reached $2.4 billion in the first half.