S&p Global Inc. · NYSE:SPGI
S&p Global — Q1 2026 Earnings Presentation
26 slides from S&p Global's earnings presentation, Apr 28, 2026
Slide 1: 1Q 2026 Earnings Supplemental Disclosure
1Q 2026 Earnings Supplemental Disclosure April 28, 2026 1
Slide 2: Safe Harbor statement under the Private Securities Litigation Reform Act of 1995
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995 This presentation contains “forward-looking Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in for
Slide 3: Comparison of adjusted information to U.S. GAAP information
Comparison of adjusted European regulations affecting information to U.S. GAAP investors in credit rating information agencies This presentation includes Company financials on an as-reported basis. The Company also refers to European Union Regulation 1060/2009 (as amended) applies to credit rating a
Slide 4: Table of Contents
Table of Contents Section Page Financial Results 5 Guidance 16 Issuance Data 19 Appendix & Reconciliations 22 4
Slide 5: Financial Results
Financial Results S&P Global
Slide 6: Enterprise financial results
Enterprise financial results Adjusted financials* 1Q 2026 1Q 2025 Change Revenue $4,171 $3,777 +10% Corporate unallocated expense $46 $39 +17% Total expense $2,012 $1,857 +8% Operating profit $2,159 $1,920 +12% Operating margin 51.8% 50.8% +100 bps Interest expense, net $103 $84 +22% Adjusted effect
Slide 7: Non-GAAP adjustments
Non-GAAP adjustments Pre-tax items excluded to arrive at adjusted results 1Q 2026 Deal-related amortization $276 Acquisition and disposition-related costs 50 Gain on dispositions (175) Other 6 Total $157 ($ in millions; some amounts may not sum due to rounding) 7
Slide 8: Adjusted Free Cash Flow, excluding certain items
Adjusted Free Cash Flow, excluding certain items 1Q 2026 Cash provided by operating activities 1,037 Capital expenditures (27) Distributions to non-controlling interest holders (91) Free cash flow $919 Employee severance and transition costs 56 Acquisition and disposition-related costs 17 Adjusted f
Slide 9: Adjusted gross leverage
Adjusted gross leverage 1Q 2026 Cash and cash equivalents1 $1,810 Short- and long-term debt $13,318 Adjusted gross debt to adjusted EBITDA2 2.3x Adjusted net debt to adjusted EBITDA3 2.1x Gross debt to EBITDA4 1.6x ($ in millions) 1 Cash and cash equivalents includes restricted cash, when applicable
Slide 10: 1Q 2026 Inorganic and foreign currency impacts
1Q 2026 Inorganic and foreign currency impacts Inorganic Impact Net Impact of Acquisitions & 1.1% —% —% —% 0.3% 0.4% Divestitures on Revenue1 Foreign Currency Impact Revenue $7.8 $20.9 $0.6 $4.2 $1.6 $35.1 Expense $(8.5) $(5.6) $(6.3) $(3.8) $(1.9) $(26.2) Adjusted Operating Profit $(0.7) $15.3 $(5.
Slide 11: Financial results: S&P Global Market Intelligence
Financial results: S&P Global Market Intelligence Adjusted 1Q results* 1Q 2026 1Q 2025 Change Revenue $1,296 $1,199 +8% Recurring revenue as % of revenue 94.2% 95.3% (110) bps Segment operating profit $436 $394 +11% Segment operating margin 33.6% 32.8% +80 bps Trailing twelve-month segment operating
Slide 12: Financial results: S&P Global Ratings
Financial results: S&P Global Ratings Adjusted 1Q results* 1Q 2026 1Q 2025 Change Revenue $1,302 $1,149 +13% Transaction $712 $620 +15% Non-transaction $590 $529 +11% Segment operating profit $882 $761 +16% Segment operating margin 67.8% 66.2% +160 bps Trailing twelve-month segment operating margin
Slide 13: Financial results: S&P Global Energy
Financial results: S&P Global Energy Adjusted 1Q results* 1Q 2026 1Q 2025 Change Revenue $652 $612 +7% Recurring revenue as % of revenue 77.5% 79.4% (190) bps Segment operating profit $322 $294 +9% Segment operating margin 49.3% 48.1% +120 bps Trailing twelve-month segment operating margin 47.9% 47.
Slide 14: Financial results: S&P Global Mobility
Financial results: S&P Global Mobility Adjusted 1Q results* 1Q 2026 1Q 2025 Change Revenue $454 $420 +8% Recurring revenue as % of revenue 82.0% 81.7% +30 bps Segment operating profit $182 $162 +12% Segment operating margin 40.0% 38.5% +150 bps Trailing twelve-month segment operating margin 40.2% 39
Slide 15: Financial results: S&P Dow Jones Indices
Financial results: S&P Dow Jones Indices Adjusted 1Q results* 1Q 2026 1Q 2025 Change Revenue $519 $445 +17% Recurring revenue as % of revenue 81.6% 81.7% (10) bps Segment operating profit $383 $324 +18% Segment operating margin 73.8% 72.9% +90 bps Trailing twelve-month segment operating margin 71.3%
Slide 16: 2026 Guidance
2026 Guidance S&P Global
Slide 17: Updated 2026 Enterprise financial guidance
Updated 2026 Enterprise financial guidance1 Adjusted, unless specifically noted as GAAP Previous Current Organic, Constant Currency Revenue growth 6.0% to 8.0% 6.0% to 8.0% Net impact to reported revenue growth from Acquisitions & Divestitures 0.2% 0.2% Net impact to reported revenue growth from For
Slide 18: Updated 2026 Division financial guidance
Updated 2026 Division financial guidance1 Previous Current Net impact to reported Net impact to reported OCC Revenue revenue growth from: OCC Revenue revenue growth from: Growth Growth A&D FX A&D FX S&P Global Market Intelligence 5.5% to 7% 0.7% 0.1% 5.5% to 7% 0.4% 0.1% S&P Global Ratings 4% to 7%
Slide 19: Issuance Data
Issuance Data S&P Global 19
Slide 20: Quarterly global rated issuance
Quarterly global rated issuance* United States Europe Asia $1,170 $1,050 $1,086 $977 $928 $596 $577 $597 $477 $425 $178 $191 $172 $148 $120 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 1Q25 2Q25 3Q25 4Q25 1Q26 • United States issuance increased 11% y/y • Europe issuance flat y/y • Asia issuance
Slide 21: Global rated issuance
Global rated issuance Investment-Grade Global High-Yield Issuance & Leveraged Loan Volume* $1,086 $965 $978 $799 $760 $749 $726 $683 $648 $644 $527 $440 $453 $406 $392 $382 $361 $354 $328 $341 $273 $306 $168 $176 $189 $163 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 1Q23 2Q23 3Q
Slide 22: Appendix & Reconciliations
Appendix & Reconciliations 22
Slide 23: S&P Dow Jones Indices net flows
S&P Dow Jones Indices net flows ETF AUM at Quarter End y/y Asset-Linked Fees: (in billions) • Quarter-ending ETF AUM associated with our $412 $5,385 indices was $5,385 billion, up 25% compared to $670 Q1 2025 $4,304 • Q1 average ETF AUM associated with our indices increased 25% from Q1 2025 • Indust
Slide 24: Enterprise Solutions Overview
Enterprise Solutions Overview Product Line Notable Products Description Key Drivers • ClearPar Industry platforms providing • Loan origination Enterprise Solutions is a • Counterparty Manager critical infrastructure to connect • Loans settled business reporting line within Networks & • Debtdomain ma
Slide 25: 1Q 2026 Trailing twelve-month non-GAAP adjusted operating profit margin
1Q 2026 Trailing twelve-month non-GAAP adjusted operating profit margin Trailing Q2 2025 Q3 2025 Q4 2025 Q1 2026 twelve-month Market Intelligence Revenue $1,217 $1,236 $1,264 $1,296 $5,013 Adjusted operating profit $430 $440 $408 $436 $1,714 TTM Adjusted operating profit margin 34.2% Ratings Revenue
Slide 26: 1Q 2025 Trailing twelve-month non-GAAP adjusted operating profit margin
1Q 2025 Trailing twelve-month non-GAAP adjusted operating profit margin Trailing Q2 2024 Q3 2024 Q4 2024 Q1 2025 twelve-month Market Intelligence Revenue $1,155 $1,162 $1,186 $1,199 $4,702 Adjusted operating profit $380 $371 $387 $394 $1,532 TTM Adjusted operating profit margin 32.6% Ratings Revenue