Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2485.7%
Neutral414.3%
Bearish00.0%
S&P Global Inc. · SPGI · FY2024 Q2 · Calendar Q3 2024
S&P Global raises outlook as ratings and AI products accelerate
The supplied analysis supports a constructive operating thesis: strong ratings issuance, recurring revenue, cross-sell synergies and AI-enabled products are supporting growth and a higher full-year outlook. The main qualification is that some of the momentum is exposed to issuance timing, transaction-revenue seasonality, macro conditions and execution on new products.
Reported Before market openNYSEFinancial Services
$126.12B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.04
Consensus $3.65
EPS surprise
+10.7%
Reported versus consensus
Reported revenue
$3.55B
Consensus $3.42B
Revenue surprise
+3.7%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.3%
Event window
SPY move
-0.5%
Same window
Abnormal move
+0.2%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+3.5%
Up to 20 sessions
SPGISPY benchmark
Ask FN2 about SPGI FY2024 Q2
Transcript, numbers and history already loaded
Why did SPGI fall 0.3% after beating EPS estimates in FY2024 Q2?What changed in SPGI's guidance and outlook in FY2024 Q2?Give me the bull and bear case for SPGI after FY2024 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, management reported stronger ratings transaction growth, said Visible Alpha was contributing to cross-sell after closing, raised the full-year outlook to 8–10% revenue growth and $14.35–$14.60 adjusted EPS, and announced a CEO succession plan.
Guidance delta
Management raised full-year guidance to 8–10% revenue growth and adjusted EPS of $14.35–$14.60.
Key takeaways
- Q2 revenue rose 14% year over year to $3.5 billion and adjusted EPS rose 30% to $4.04.
- Ratings transaction revenue increased 63%, supported by high-yield and bank-loan issuance.
- Visible Alpha contributed to cross-sell growth after closing in Q2; annualized revenue synergies reached $199 million.
- Management announced Martina Cheung is slated to become CEO in November.
Management priorities
- Expand generative AI tools including ChatAI and Spark Assist across divisions.
- Integrate Visible Alpha data and build additional cross-sell opportunities.
- Scale sustainability, energy-transition and private-market offerings.
- Continue portfolio optimization, including completion of the Fincentric divestiture.
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Beat
Miss
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Analyst 52W Price Targets
$427.83Previous close
$407Low
$509.39Average
$629High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 20, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| JP Morgan | Overweight | Overweight | Maintain | Oct 14, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Oct 13, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Oct 7, 2026 |
| Mizuho | Outperform | Outperform | Maintain | Oct 6, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 26, 2026 |
| Citigroup | Buy | Buy | Maintain | Jul 29, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 29, 2026 |
| Baird | Outperform | Outperform | Maintain | Jul 29, 2026 |
| Stifel | Buy | Buy | Maintain | Jul 17, 2026 |
| B of A Securities | Buy | Buy | Maintain | Jul 10, 2026 |
| UBS | Buy | Buy | Maintain | Jul 7, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Apr 13, 2026 |
| Goldman Sachs | Buy | Buy | Maintain | Feb 11, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Feb 11, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | Jul 2, 2025 |
| Raymond James | Market Perform | Outperform | Downgrade | Sep 23, 2024 |
| Erste Group | Hold | Buy | Downgrade | Apr 3, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Feb 10, 2023 |
| Atlantic Equities | Overweight | Neutral | Upgrade | Nov 7, 2022 |
| Argus Research | Buy | Buy | Maintain | Nov 1, 2022 |
| Deutsche Bank | Buy | Buy | Maintain | Oct 21, 2022 |
| Jefferies | Buy | Buy | Maintain | Jun 2, 2022 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Feb 7, 2020 |
| PiperJaffray | Overweight | Overweight | Maintain | Apr 5, 2019 |
| Piper Sandler | Overweight | Overweight | Maintain | Apr 5, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | Jul 27, 2018 |
| Argus | Buy | Buy | Maintain | May 5, 2018 |
| Nomura | Neutral | Neutral | Maintain | Jan 11, 2018 |
Named analyst price targets
Upside is calculated against the persisted previous close $427.83. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Jefferies | Stephanie Moore | $490 | $424.81 | +14.5% | Oct 16, 2026 |
| Morgan Stanley | Analyst unavailable | $477 | $396.13 | +11.5% | Oct 7, 2026 |
| Mizuho Securities | Sean Kennedy | $531 | $388.72 | +24.1% | Oct 5, 2026 |
| Robert W. Baird | Jeffrey Meuler | $513 | $440.21 | +19.9% | Sep 2, 2026 |
| Stifel Nicolaus | Analyst unavailable | $521 | $457.38 | +21.8% | Jul 17, 2026 |
| RBC Capital | Ashish Sabadra | $510 | $443.91 | +19.2% | Jul 7, 2026 |
| BMO Capital | Analyst unavailable | $505 | $447.22 | +18.0% | Jul 7, 2026 |
| Barclays | Manav Patnaik | $565 | $417.48 | +32.1% | Feb 23, 2026 |
| UBS | Analyst unavailable | $550 | $412.94 | +28.6% | Feb 17, 2026 |
| Mizuho Securities | Analyst unavailable | $551 | $390.76 | +28.8% | Feb 12, 2026 |
| Evercore ISI | David Motemaden | $625 | $400.3 | +46.1% | Feb 11, 2026 |
| BMO Capital | Jeffrey Silber | $482 | $401.26 | +12.7% | Feb 11, 2026 |
| Stifel Nicolaus | Analyst unavailable | $489 | $401.08 | +14.3% | Feb 11, 2026 |
| Robert W. Baird | Analyst unavailable | $546 | $401.08 | +27.6% | Feb 11, 2026 |
| Goldman Sachs | George Tong | $498 | $407.52 | +16.4% | Feb 11, 2026 |
| Goldman Sachs | Analyst unavailable | $555 | $440 | +29.7% | Feb 9, 2026 |
| Morgan Stanley | Analyst unavailable | $627 | $544.48 | +46.6% | Jan 13, 2026 |
| Evercore ISI | David Motemaden | $632 | $543.12 | +47.7% | Jan 8, 2026 |
| Goldman Sachs | Analyst unavailable | $640 | $499.44 | +49.6% | Dec 16, 2025 |
| BMO Capital | Jeffrey Silber | $546 | $501.79 | +27.6% | Nov 14, 2025 |
| Evercore ISI | Analyst unavailable | $629 | $489.61 | +47.0% | Oct 31, 2025 |
| BMO Capital | Jeffrey Silber | $538 | $491.57 | +25.8% | Oct 31, 2025 |
| BMO Capital | Analyst unavailable | $558 | $482.88 | +30.4% | Oct 16, 2025 |
| Mizuho Securities | Analyst unavailable | $643 | $482.88 | +50.3% | Oct 16, 2025 |
| Morgan Stanley | Analyst unavailable | $620 | $482.43 | +44.9% | Oct 9, 2025 |
| Seaport Global | Analyst unavailable | $540 | $486.71 | +26.2% | Oct 1, 2025 |
| Mizuho Securities | Sean Kennedy | $599 | $480 | +40.0% | Mar 12, 2025 |
| Stifel Nicolaus | Shlomo Rosenbaum | $560 | $487.34 | +30.9% | Oct 28, 2024 |
| BMO Capital | Jeffrey Silber | $589 | $527.52 | +37.7% | Oct 15, 2024 |
| Morgan Stanley | Toni Kaplan | $570 | $518.35 | +33.2% | Oct 9, 2024 |
| Evercore ISI | David Motemaden | $599 | $512.22 | +40.0% | Oct 1, 2024 |
| Morgan Stanley | Toni Kaplan | $564 | $513.31 | +31.8% | Sep 5, 2024 |
| BMO Capital | Jeffrey Silber | $537 | $510.6 | +25.5% | Sep 4, 2024 |
| Wells Fargo | Jason Haas | $575 | $484.47 | +34.4% | Aug 12, 2024 |
| RBC Capital | Ashish Sabadra | $552 | $484.73 | +29.0% | Jul 31, 2024 |
| Barclays | Manav Patnaik | $550 | $488.51 | +28.6% | Jul 31, 2024 |
| Stifel Nicolaus | Shlomo Rosenbaum | $540 | $488.51 | +26.2% | Jul 30, 2024 |
| Morgan Stanley | Toni Kaplan | $510 | $449.44 | +19.2% | Jul 5, 2024 |
| Oppenheimer | Owen Lau | $486 | $446 | +13.6% | Jul 1, 2024 |
| RBC Capital | Ashish Sabadra | $500 | $436.28 | +16.9% | May 24, 2024 |
| Raymond James | Patrick O'Shaughnessy | $462 | $424.04 | +8.0% | Apr 11, 2024 |
| BMO Capital | Jeffrey Silber | $483 | $425.45 | +12.9% | Apr 1, 2024 |
| Morgan Stanley | Analyst unavailable | $403 | $372.91 | -5.8% | Feb 6, 2023 |
| Morgan Stanley | Analyst unavailable | $388 | $343.38 | -9.3% | Jan 4, 2023 |
| Morgan Stanley | Analyst unavailable | $390 | $360.34 | -8.8% | Dec 2, 2022 |
| J.P. Morgan | Analyst unavailable | $410 | $358.33 | -4.2% | Dec 2, 2022 |
| BMO Capital | Analyst unavailable | $393 | $356.07 | -8.1% | Nov 28, 2022 |
| Morgan Stanley | Analyst unavailable | $378 | $346.92 | -11.6% | Nov 17, 2022 |
| Barclays | Manav Patnaik | $385 | $319.93 | -10.0% | Jun 19, 2022 |
| UBS | Alex Kramm | $407 | $315.1 | -4.9% | Jun 16, 2022 |
| RBC Capital | Ashish Sabadra | $434 | $336.43 | +1.4% | Jun 10, 2022 |
| Deutsche Bank | Faiza Alwy | $418 | $335.93 | -2.3% | Jun 6, 2022 |
| Morgan Stanley | Analyst unavailable | $419 | $356.6 | -2.1% | May 4, 2022 |
| BMO Capital | Analyst unavailable | $433 | $356.44 | +1.2% | May 4, 2022 |
| Credit Suisse | Analyst unavailable | $425 | $353.79 | -0.7% | May 4, 2022 |
| Raymond James | Analyst unavailable | $462 | $348.96 | +8.0% | May 4, 2022 |
| BMO Capital | Jeffrey Silber | $462 | $395.35 | +8.0% | Apr 20, 2022 |
| Credit Suisse | Kevin McVeigh | $495 | $407.88 | +15.7% | Apr 2, 2022 |
| BMO Capital | Jeffrey Silber | $454 | $379.68 | +6.1% | Mar 12, 2022 |
| J.P. Morgan | Andrew Steinerman | $480 | $399.12 | +12.2% | Mar 2, 2022 |
| Jefferies | Hamzah Mazari | $453 | $399.12 | +5.9% | Mar 2, 2022 |
| RBC Capital | Ashish Sabadra | $540 | $390.58 | +26.2% | Mar 1, 2022 |
| Robert W. Baird | Jeffrey Meuler | $493 | $375.7 | +15.2% | Feb 28, 2022 |
| Argus Research | John Eade | $500 | $460.93 | +16.9% | Oct 27, 2021 |
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Start freeCompany context
Snapshot as of publicationS&P Global Inc., together with its subsidiaries, provides benchmarks, data, analytics, and workflow solutions in the global capital, energy and commodity, and automotive markets. It operates through five segments: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Energy, S&P Global Mobility, and S&P Dow Jones Indices. The S&P Global Market Intelligence segment provides multi-asset-class data and analytics integrated with purpose-built workflow solutions. This segment offers Data, Analytics & Insights, a desktop product suite that provides data, analytics, and third-party research for global finance and corporate professionals; research, reference data, market data, derived analytics, and valuation services; enterprise solutions, such as software and workflow solutions; and credit and risk solutions for selling Ratings' credit ratings and related data and research, analytics, and financial risk solutions.…
Historical context
All SPGI earningsFinancial Services peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| FITB Fifth Third Bancorp | FY2026 Q3 · Calendar Q4 2026 | +36.0% | +0.3% | Fifth Third completes Comerica integration as deposits and efficiency improve |
| IBN ICICI Bank Limited | FY2027 Q2 · Calendar Q4 2026 | +1.0% | — | ICICI Bank sustains strong growth, but funding weighs on margins |
| HDB HDFC Bank Limited | FY2027 Q2 · Calendar Q4 2026 | -2.0% | — | HDFC Bank: Strong deposits and asset quality, margins under pressure |
| MTB-PH M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T Bank: Loan Growth Holds Up as Rates Pressure Margins |
| MTB-PJ M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | +2.2% | — | M&T: Deposit growth supports margins as AI use expands |
| RF-PE Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | +10.3% | — | Regions Financial: Fee Growth and Credit Quality Support Q3 |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2024-10-17T05:10:49.140638+00:00
- Polygon adjusted daily market bars · 2026-10-20T07:10:45.537480+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-20T07:10:45.534731+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-20. For educational purposes only; not investment advice.