S&P Global Inc. · NYSE:SPGI
S&P Global — Q2 2026 Earnings Presentation
24 slides from S&P Global's earnings presentation, Jul 28, 2026
Slide 1: S&P Global Quarterly Update 2Q 2026
2Q 2026 S&P Global Quarterly Update July 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 The Company reports its financial results in accordance with accounting principles generally The Company's non-GAAP measures include adjustments that reflect how management views accepted in the United States ("GAAP"). Company financial res
Slide 4: Advancing Essential Intelligence
Advancing Essential Intelligence Martina Cheung President and CEO 4
Slide 5: Second quarter highlights
Second quarter highlights Financial updates Operating updates • Revenue increased 11% on a pro forma and on an • Completed spin-off of Mobility Global on July 1 organic constant currency basis • Consolidated supply chain products within Energy • Revenue from benchmarks products increased 15%, divisi
Slide 6: Advancing Essential Intelligence
Advancing Essential Intelligence ADVANCE EXPAND AMPLIFY Market High-Growth Enterprise Leadership Adjacencies Capabilities & AI Continued investment Focused investment Optimizing Market Bringing the full data estate in our global leadership to strengthen strategic Intelligence for agile and to market
Slide 7: Strong global franchises led by benchmarks
Strong global franchises led by benchmarks TTM Revenue by division TTM Adjusted Operating Profit by division ($ in millions, unless noted) ($ in millions, unless noted) Percentage of Percentage of Pro Forma Revenue1 Adjusted Operating Profit2 Ratings Ratings $5,068 35% $3,361 44% Indices TTM Adjuste
Slide 8: Ratings continues strong performance
Ratings continues strong performance Billed Issuance Updates on market conditions ($ in billions) • Market is pricing in a higher-for-longer rate environment, +25% while spreads are tighter than prior to the onset of the Iran conflict, and are expected to remain tight $1,268 • Investment Grade bille
Slide 9: Maturity walls remain robust, despite some pull-forward
Maturity walls remain robust, despite some pull-forward Total rated debt maturing over the next… $15,000 $11 trillion $10,000 ($ in billions) +3% $5,000 -3% +13% $0 6 mos 18 mos 30 mos 42 mos 54 mos 66 mos 7/1/2024 7/1/2025 7/1/2026 Note: Includes bonds, loans, and revolving credit facilities that a
Slide 10: Indices extends global leadership
Indices extends global leadership ETF AUM at Quarter End Update on market conditions and milestones ($ in billions) • Quarter-ending ETF AUM associated with S&P Dow Jones +34% Indices was $6,350 billion, up 34% compared to 2Q ’25 $6,350 $4,735 $605 • S&P Dow Jones Indices remains the #1 global provi
Slide 11: Energy growing profitably in the face of macroeconomic pressure
Energy growing profitably in the face of macroeconomic pressure TTM Revenue1 Factors impacting growth Strategic focus areas ($ in billions) Energy expansion (+) • Benchmarks $2.6 • Thought leadership Geographic diversification of energy • Expansion outside core (+) commodity clients CERA $1.3 Increa
Slide 12: Market Intelligence business structure aligns with strategic focus and customer demand
Market Intelligence business structure aligns with strategic focus and customer demand TTM Revenue1 Factors impacting growth Strategic focus areas & objectives ($ in billions) Rapid growth in key strategic areas (+) • Leverage proprietary data and $4.9 differentiated workflow tools Cyclical tailwind
Slide 13: Meaningful progress in AI initiatives, and continued evolution of customer behavior
Meaningful progress in AI initiatives, and continued evolution of customer behavior Key indicators of progress in AI initiatives Customer behavior evolving • Customers increasingly focused on 1.6x 3.0x their token expense, with higher expectations for ROI on AI ACV growth among MI AI ACV growth amon
Slide 14: 2Q 2026 Financial Results & 2026 Guidance
2Q 2026 Financial Results & 2026 Guidance Eric Aboaf Chief Financial Officer 14
Slide 15: Second quarter enterprise financial results
Second quarter enterprise financial results Revenue Adjusted Operating Profit & Expense ($ in millions) +11% ($ in millions) $3,678 $3,678 $3,317 $3,317 Market Intelligence $1,235 +6% $1,165 Adjusted Operating Profit $1,998 +15% Energy $1,734 $623 +3% Adjusted Expenses Indices $607 Adjusted Operatin
Slide 16: S&P Global Ratings
S&P Global Ratings Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +17% Crisil, Other1 $1,339 $1,339 Governments $1,148 $148 +12% Adjusted Operating Profit $1,148 $86 +6% Structured Finance $132 $166 +22% $81 Adjusted Expenses Financials $136 +8% $917 +22% $208 Adjusted O
Slide 17: S&P Dow Jones Indices
S&P Dow Jones Indices Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +20% $534 $534 Data & Custom Subscriptions $446 $87 +9% Adjusted Operating Profit $446 Exchange-Traded Derivatives $80 $99 +22% Adjusted Expenses $382 +21% Asset-Linked Fees $80 Adjusted Operating Margi
Slide 18: S&P Global Energy
S&P Global Energy Adjusted Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +3% $607 $623 $607 $623 CERA Adjusted Operating Profit Platts $297 $301 +1% Adjusted Expenses $284 $296 +4% Adjusted Operating Margin 46.8% 47.5% Revenue growth by type: $323 +4% $323 $327 +1% $310
Slide 19: S&P Global Market Intelligence
S&P Global Market Intelligence Adjusted Revenue Adjusted Operating Profit & Expense ($ in millions) ($ in millions) +6% $1,235 $1,235 $1,165 $1,165 Enterprise Solutions1 Adjusted Operating Profit $482 +3% $445 +10% $405 Kensho Data & Platforms2 $468 Adjusted Expenses 36.0% Adjusted Operating Margin
Slide 20: 2026 Enterprise GAAP financial guidance, from continuing operations
2026 Enterprise GAAP financial guidance, from continuing operations Current Reported Revenue growth 5.9% to 7.9% Operating Profit Margin expansion 335 to 360 bps Diluted EPS $16.35 to $16.60 Y/Y % Growth +19% to +21% y/y GAAP financial guidance in the table above refers to expected results from cont
Slide 21: 2026 Enterprise adjusted financial guidance
2026 Enterprise adjusted financial guidance Current Organic, Constant Currency Revenue growth 6.0% to 8.0% Net impact to reported revenue growth from acquisitions & divestitures -0.2% Net impact to reported revenue growth from foreign exchange 0.1% Reported Revenue growth 5.9% to 7.9% Adjusted Opera
Slide 22: 2026 Division financial guidance
2026 Division financial guidance Former Current Division Guidance Division Guidance Net impact to reported OCC OCC revenue growth from: Revenue Growth Revenue Growth A&D FX 4% to 7% 5% to 8% 0.2% 0.1% 10% to 12% 12% to 14% 0.2% 0.1% 4.5% to 6% 4.5% to 6% -1.6% - 5.5% to 7% 5.5% to 7% 0.2% 0.1% Note:
Slide 23: 2Q 2026 Earnings Call Q&A
2Q 2026 Earnings Call Q&A Martina Cheung President and CEO Eric Aboaf Chief Financial Officer Mark Grant Senior Vice President, Investor Relations and Treasurer July 28, 2026 23
Slide 24: 2Q 2026 Earnings Call
2Q 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 August 28, 2026 Senior Vice President, Domestic: 866-360-7720 Investor Re