S&P Global earnings increased in the third quarter of 2026, with GAAP diluted earnings per share of $4.45 exceeding an analyst estimate of $3.50. Revenue rose 7% from a year earlier to $3.678 billion, the company reported on October 27.
Key Takeaways
- GAAP net income rose 20% to $1.298 billion, while operating margin expanded by 800 basis points.
- The company repurchased $2.6 billion of shares during the quarter and is reviewing its Capital IQ and associated data businesses.
S&P Global earnings and margins improve
GAAP diluted earnings per share increased 26% from $3.53 in the third quarter of 2025. The $3.50 analyst estimate was lower than the reported figure, although the available information does not specify the estimate’s accounting basis.
Adjusted diluted earnings per share, a separate measure from GAAP earnings, rose 9% to $4.58. Operating margin reached 53.2%, compared with 45.2% a year earlier, meaning a larger share of revenue remained after operating expenses.
The Indices and Market Intelligence divisions were the primary drivers of growth, while subscription product revenue increased 6%.
| Item | Details |
|---|---|
| Revenue | Q3 2026: $3.678 billion; Q3 2025: $3.440 billion |
| GAAP net income | Q3 2026: $1.298 billion; Q3 2025: $1.081 billion |
| Adjusted diluted EPS | Q3 2026: $4.58; Q3 2025: $4.19 |
| Operating margin | Q3 2026: 53.2%; Q3 2025: 45.2% |
Share buybacks and Capital IQ review
S&P Global repurchased $2.6 billion of shares during the quarter. The company was positioned to buy back more than $7 billion in shares across 2026, though that full-year amount was not a completed result.
The company has initiated a strategic review of Capital IQ and associated data businesses. The review’s timing and outcome remain uncertain.
President and CEO Martina Cheung said the businesses under review have significant opportunities as technology changes how customers access, analyze and use information.
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