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: S&P Global Quarterly Update 1Q 2026
1Q 2026 S&P Global Quarterly Update 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 statements,” as defined in the Private Securities Litigation Reform Act of • our ability to protect our intellectual property from unauthorized use and infringement, including
Slide 3: Comparison of adjusted information to U.S. GAAP information
Comparison of adjusted information to U.S. GAAP information This presentation includes Company financials on an as-reported basis. The Company also refers The Company's non-GAAP measures include adjustments that reflect how management views to and presents certain additional non-GAAP financial measu
Slide 4: Advancing Essential Intelligence
Advancing Essential Intelligence Martina Cheung President and CEO 4
Slide 5: First quarter highlights
First quarter highlights Financial updates Operating updates • Revenue increased 10%, or 9% on an organic • Disciplined execution in a volatile and dynamic constant currency basis operating environment • Revenue from subscription products increased 6%, • Continued progress in all three pillars of ou
Slide 6: Macro uncertainty driving heightened volatility
Macro uncertainty driving heightened volatility Key External Themes Market Snapshot Dispersion among S&P 500 sectors • Iran war Year-to-date index performance through March 31, 2026 Geopolitical • Oil risk premium Shock • Macro uncertainty (5%) +37% (10%) (24%) S&P 500 Energy Financials Software • W
Slide 7: Debt & Equity Market Conditions
Debt & Equity Market Conditions Billed Issuance Updates on market conditions ($ in billions) • Investment-grade issuance was very strong despite the +14% current macro environment with non-financial supply leading the way, driven by continued hyper-scaler $1,230 issuance and large M&A-driven transac
Slide 8: Advancing Essential Intelligence
ADVANCE Market Leadership Advancing EXPAND Essential High-Growth Adjacencies Intelligence AMPLIFY Enterprise Capabilities & AI 8
Slide 9: Volatility in the first quarter drove record performance across key products
Volatility in the first quarter drove record performance across key products Record-setting revenue Record-setting Global Record-setting quarterly along with expanded Trading Services average daily volume for partnerships spanning quarterly revenue fueled S&P 500 Exchange- energy, finance, by increa
Slide 10: Capturing upside through increased usage of S&P Global products & data
Capturing upside through increased usage of S&P Global products & data Increased usage across multiple platforms Advancing AI with Kensho • More than 300 customers now under contract or in trial periods for Kensho LLM-Ready APIs Labs • API call volume doubled from February 2026 to March 2026 Kensho
Slide 11: S&P Global Market Intelligence's Data Differentiation
S&P Global Market Intelligence’s Data Differentiation As a % of 2025 MI Revenue 1 Undifferentiated 12% Select Examples Advisory, Consulting, Advisory, Consulting, & Events 11% Powered by proprietary data that we generate from events such as those hosted by & Events With Intelligence, capturing uniqu
Slide 12: Evolving S&P Capital IQ Pro from web-based to AI-native tool
Evolving S&P Capital IQ Pro from web-based to AI-native tool, amplifying the value of our differentiated data Current Capital IQ Value Creation Stack Value Amplification in the Context of AI-driven Future User Front End • Deploying AI-native capabilities like Chat IQ, Document (e.g., web-based deskt
Slide 13: Innovation continues across high-growth adjacent markets
Innovation continues across high-growth adjacent markets Private Markets Energy Expansion DeFi & Digital Assets • Launched Private Markets • Launch of CERA Titan, a new • Launch of iBoxx U.S. Performance Analytics AI-native platform for Treasuries Index as the first datasets in partnership with upst
Slide 14: First quarter & TTM performance
First quarter & TTM performance 1Q ’26 Revenue TTM Adjusted TTM Adjusted Financial Performance Growth Operating Margin Operating Margin Y/Y 8% 34.2% +160 bps 13% 65.6% +220 bps 7% 47.9% +80 bps 8% 40.2% +110 bps 17% 71.3% +90 bps Total S&P Global 10% 50.7% +140 bps Total S&P Global ex-OSTTRA 50.4% +
Slide 15: 1Q 2026 Financial Results & 2026 Guidance
1Q 2026 Financial Results & 2026 Guidance Eric Aboaf Chief Financial Officer 15
Slide 16: First quarter enterprise financial results
First quarter enterprise financial results Revenue Adjusted Operating Profit & Expense ($ in millions) +10% ($ in millions) $4,171 $4,171 $3,777 $519 +17% $3,777 Indices $445 $454 +8% $420 Adjusted Operating Profit $2,159 +12% Mobility $652 +7% $1,920 $612 Adjusted Expenses Energy $1,302 +13% Adjust
Slide 17: S&P Global Market Intelligence
S&P Global Market Intelligence Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +8% $1,296 $1,296 $1,199 $1,199 Data, Analytics, & Insights 1 Adjusted Operating Profit $436 +11% Enterprise Solutions 2 $760 +11% Adjusted Expenses $394 $686 33.6% Credit & Risk Solutions Adju
Slide 18: S&P Global Ratings
S&P Global Ratings Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +13% Crisil, Other 1 $1,302 $1,302 Governments $1,149 $151 +18% $1,149 $127 $86 +19% Adjusted Operating Profit Structured Finance $72 $157 +13% Adjusted Expenses $139 Financials $188 0% $882 +16% Adjusted
Slide 19: S&P Global Energy
S&P Global Energy Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +7% $652 $652 $612 $612 Advisory & Transactional Services $145 +15% Adjusted Operating Profit $126 Upstream Data & Insights $101 -5% Adjusted Expenses $294 $322 +9% Price Assessments $106 Adjusted Operating
Slide 20: S&P Dow Jones Indices
S&P Dow Jones Indices Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +17% $519 $519 Data & Custom Subscriptions $445 $84 +12% Adjusted Operating Profit $445 $76 Exchange-Traded Derivatives $96 +18% Adjusted Expenses Asset-Linked Fees $81 Adjusted Operating Margin $383 +1
Slide 21: S&P Global Mobility
S&P Global Mobility Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +8% $454 $454 $420 $420 Financials & Other $82 +8% Adjusted Operating Profit $76 $182 +12% Manufacturing $89 +5% Adjusted Expenses $162 $85 Dealer Adjusted Operating Margin 40.0% 38.5% $283 +9% $272 +5% R
Slide 22: 2026 macroeconomic assumptions
2026 macroeconomic assumptions Real GDP United States Platts Dated Billed Issuance Growth 1 CPI 2 Brent 3 Growth 4 3.2% 3.2% $87 Low to mid- single-digit Global Average Per Barrel United States 2.2% Eurozone 1.0% China 4.4% India 7.1% 1. S&P Global Ratings Economic Research - Global Economic Outlook
Slide 23: Updated 2026 Enterprise financial guidance
Updated 2026 Enterprise financial guidance 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 foreign exchange 0.4% 0.1% Reported Revenue grow
Slide 24: Updated 2026 Division financial guidance
Updated 2026 Division financial guidance1 Previous Current Net impact to reported Net impact to reported OCC OCC revenue growth from: revenue growth from: Revenue Growth Revenue Growth A&D FX A&D FX 5.5% to 7% 0.7% 0.1% 5.5% to 7% 0.4% 0.1% 4% to 7% - 0.9% 4% to 7% - 0.1% 5.5% to 7% - - 4.5% to 6% -
Slide 25: 1Q 2026 Earnings Call Q&A
1Q 2026 Earnings Call Q&A Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations and Treasurer April 28, 2026 25
Slide 26: 1Q 2026 Earnings Call
1Q 2026 Earnings Call Martina Cheung REPLAY OPTIONS President and CEO Internet: Replay available for one year Eric Aboaf Go to http://investor.spglobal.com Chief Financial Officer Mark Grant Telephone: Replay available through May 28, 2026 Senior Vice President, Domestic: 866-360-7720 Investor Relat