Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2485.7%
Neutral414.3%
Bearish00.0%
S&P Global Inc. · SPGI · FY2026 Q1 · Calendar Q2 2026
SPGI Beats on Revenue and EPS as AI Adoption Accelerates
S&P Global delivered a strong start to fiscal 2026, beating consensus on both revenue ($4.17B vs. $4.08B estimate) and EPS ($4.70 vs. $4.58 estimate), powered by 10% year-over-year revenue growth and 100 basis points of margin expansion to 51.8%. AI integration is gaining tangible traction with over one-third of Capital IQ Pro users engaging with new AI features and API call volume growing more than 5x quarter-over-quarter. The Mobility spin-off remains on track for mid-2026. The market reaction was muted on the event day (-0.37% abnormal move), but the stock has subsequently drifted -4.1%, potentially reflecting concerns about the lowered Energy growth outlook and persistent bank loan volume weakness. With the consensus price target of $541 implying roughly 28% upside from the current $424, analysts remain broadly constructive on the franchise.
Reported Before market openNYSEFinancial Services
$130.19B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.70
Consensus $4.58
EPS surprise
+2.6%
Reported versus consensus
Reported revenue
$4.17B
Consensus $4.08B
Revenue surprise
+2.1%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-0.9%
Event window
SPY move
-0.5%
Same window
Abnormal move
-0.4%
Stock minus SPY
Volume
1.5×
Versus trailing sessions
Subsequent drift
-4.1%
Up to 20 sessions
SPGISPY benchmark
Ask FN2 about SPGI FY2026 Q1
Transcript, numbers and history already loaded
Why did SPGI fall 0.9% after beating EPS estimates in FY2026 Q1?What changed in SPGI's guidance and outlook in FY2026 Q1?Give me the bull and bear case for SPGI after FY2026 Q1 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Revenue growth accelerated from 9% in FY2025 to 10% YoY in Q1 FY2026. The Energy segment revenue growth outlook was modestly lowered to 4.5-6% constant currency. Share repurchases stepped up to $1B in the quarter, with full-year buyback plans raised to approximately $4.5B. New developments include the planned divestiture of the Upstream software portfolio (target H2 2026 or early 2027) and the launch of blockchain-native index products (iBoxx U.S. Treasuries and a tokenized S&P 500 with Centrifuge). API call volume grew more than 5x quarter-over-quarter, signaling rapid AI-ready data adoption.
Guidance delta
Overall guidance was maintained. The sole change was a modest reduction in the Energy segment revenue growth outlook to 4.5-6% constant currency. Full-year FY2026 guidance for 6-8% organic constant-currency revenue growth, 50-75 bps of margin expansion, and EPS of $19.40-$19.65 remains unchanged from the prior quarter.
Key takeaways
- Revenue grew 10% YoY to $4.17B, beating consensus by 2.1%; adjusted EPS of $4.70 beat by 2.6%.
- Margins expanded 100 bps to 51.8% despite macro volatility, including geopolitical tensions from the Iran conflict.
- AI adoption is accelerating: over one-third of Capital IQ Pro users engage with new AI features; API calls grew 5x QoQ.
- Mobility spin-off remains on track for mid-2026 with an associated public debt offering planned.
- Share repurchases totaled $1B in the quarter; full-year buyback target raised to approximately $4.5B.
Management priorities
- Launch CERA Titan AI platform later in 2026.
- Complete Mobility spin-off by mid-2026 with associated public debt offering.
- Expand AI integrations via MCP apps, plug-ins for Claude, and other LLM partnerships.
- Advance tokenized index products and blockchain initiatives with partners like Centrifuge.
- Continue share repurchases targeting approximately 100% of adjusted free cash flow.
- Divest Upstream software portfolio with closing target in H2 2026 or early 2027.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$429.64Current
$407Low
$510.03Average
$629High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 16, 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 current price $429.64. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Analyst unavailable | $477 | $396.13 | +11.0% | Oct 7, 2026 |
| Mizuho Securities | Sean Kennedy | $531 | $388.72 | +23.6% | Oct 5, 2026 |
| Robert W. Baird | Jeffrey Meuler | $513 | $440.21 | +19.4% | Sep 2, 2026 |
| Stifel Nicolaus | Analyst unavailable | $521 | $457.38 | +21.3% | Jul 17, 2026 |
| RBC Capital | Ashish Sabadra | $510 | $443.91 | +18.7% | Jul 7, 2026 |
| BMO Capital | Analyst unavailable | $505 | $447.22 | +17.5% | Jul 7, 2026 |
| Barclays | Manav Patnaik | $565 | $417.48 | +31.5% | Feb 23, 2026 |
| UBS | Analyst unavailable | $550 | $412.94 | +28.0% | Feb 17, 2026 |
| Mizuho Securities | Analyst unavailable | $551 | $390.76 | +28.2% | Feb 12, 2026 |
| Evercore ISI | David Motemaden | $625 | $400.3 | +45.5% | Feb 11, 2026 |
| BMO Capital | Jeffrey Silber | $482 | $401.26 | +12.2% | Feb 11, 2026 |
| Stifel Nicolaus | Analyst unavailable | $489 | $401.08 | +13.8% | Feb 11, 2026 |
| Robert W. Baird | Analyst unavailable | $546 | $401.08 | +27.1% | Feb 11, 2026 |
| Goldman Sachs | George Tong | $498 | $407.52 | +15.9% | Feb 11, 2026 |
| Goldman Sachs | Analyst unavailable | $555 | $440 | +29.2% | Feb 9, 2026 |
| Morgan Stanley | Analyst unavailable | $627 | $544.48 | +45.9% | Jan 13, 2026 |
| Evercore ISI | David Motemaden | $632 | $543.12 | +47.1% | Jan 8, 2026 |
| Goldman Sachs | Analyst unavailable | $640 | $499.44 | +49.0% | Dec 16, 2025 |
| BMO Capital | Jeffrey Silber | $546 | $501.79 | +27.1% | Nov 14, 2025 |
| Evercore ISI | Analyst unavailable | $629 | $489.61 | +46.4% | Oct 31, 2025 |
| BMO Capital | Jeffrey Silber | $538 | $491.57 | +25.2% | Oct 31, 2025 |
| BMO Capital | Analyst unavailable | $558 | $482.88 | +29.9% | Oct 16, 2025 |
| Mizuho Securities | Analyst unavailable | $643 | $482.88 | +49.7% | Oct 16, 2025 |
| Morgan Stanley | Analyst unavailable | $620 | $482.43 | +44.3% | Oct 9, 2025 |
| Seaport Global | Analyst unavailable | $540 | $486.71 | +25.7% | Oct 1, 2025 |
| Mizuho Securities | Sean Kennedy | $599 | $480 | +39.4% | Mar 12, 2025 |
| Stifel Nicolaus | Shlomo Rosenbaum | $560 | $487.34 | +30.3% | Oct 28, 2024 |
| BMO Capital | Jeffrey Silber | $589 | $527.52 | +37.1% | Oct 15, 2024 |
| Morgan Stanley | Toni Kaplan | $570 | $518.35 | +32.7% | Oct 9, 2024 |
| Evercore ISI | David Motemaden | $599 | $512.22 | +39.4% | Oct 1, 2024 |
| Morgan Stanley | Toni Kaplan | $564 | $513.31 | +31.3% | Sep 5, 2024 |
| BMO Capital | Jeffrey Silber | $537 | $510.6 | +25.0% | Sep 4, 2024 |
| Wells Fargo | Jason Haas | $575 | $484.47 | +33.8% | Aug 12, 2024 |
| RBC Capital | Ashish Sabadra | $552 | $484.73 | +28.5% | Jul 31, 2024 |
| Barclays | Manav Patnaik | $550 | $488.51 | +28.0% | Jul 31, 2024 |
| Stifel Nicolaus | Shlomo Rosenbaum | $540 | $488.51 | +25.7% | Jul 30, 2024 |
| Morgan Stanley | Toni Kaplan | $510 | $449.44 | +18.7% | Jul 5, 2024 |
| Oppenheimer | Owen Lau | $486 | $446 | +13.1% | Jul 1, 2024 |
| RBC Capital | Ashish Sabadra | $500 | $436.28 | +16.4% | May 24, 2024 |
| Raymond James | Patrick O'Shaughnessy | $462 | $424.04 | +7.5% | Apr 11, 2024 |
| BMO Capital | Jeffrey Silber | $483 | $425.45 | +12.4% | Apr 1, 2024 |
| Morgan Stanley | Analyst unavailable | $403 | $372.91 | -6.2% | Feb 6, 2023 |
| Morgan Stanley | Analyst unavailable | $388 | $343.38 | -9.7% | Jan 4, 2023 |
| Morgan Stanley | Analyst unavailable | $390 | $360.34 | -9.2% | Dec 2, 2022 |
| J.P. Morgan | Analyst unavailable | $410 | $358.33 | -4.6% | Dec 2, 2022 |
| BMO Capital | Analyst unavailable | $393 | $356.07 | -8.5% | Nov 28, 2022 |
| Morgan Stanley | Analyst unavailable | $378 | $346.92 | -12.0% | Nov 17, 2022 |
| Barclays | Manav Patnaik | $385 | $319.93 | -10.4% | Jun 19, 2022 |
| UBS | Alex Kramm | $407 | $315.1 | -5.3% | Jun 16, 2022 |
| RBC Capital | Ashish Sabadra | $434 | $336.43 | +1.0% | Jun 10, 2022 |
| Deutsche Bank | Faiza Alwy | $418 | $335.93 | -2.7% | Jun 6, 2022 |
| Morgan Stanley | Analyst unavailable | $419 | $356.6 | -2.5% | May 4, 2022 |
| BMO Capital | Analyst unavailable | $433 | $356.44 | +0.8% | May 4, 2022 |
| Credit Suisse | Analyst unavailable | $425 | $353.79 | -1.1% | May 4, 2022 |
| Raymond James | Analyst unavailable | $462 | $348.96 | +7.5% | May 4, 2022 |
| BMO Capital | Jeffrey Silber | $462 | $395.35 | +7.5% | Apr 20, 2022 |
| Credit Suisse | Kevin McVeigh | $495 | $407.88 | +15.2% | Apr 2, 2022 |
| BMO Capital | Jeffrey Silber | $454 | $379.68 | +5.7% | Mar 12, 2022 |
| J.P. Morgan | Andrew Steinerman | $480 | $399.12 | +11.7% | Mar 2, 2022 |
| Jefferies | Hamzah Mazari | $453 | $399.12 | +5.4% | Mar 2, 2022 |
| RBC Capital | Ashish Sabadra | $540 | $390.58 | +25.7% | Mar 1, 2022 |
| Robert W. Baird | Jeffrey Meuler | $493 | $375.7 | +14.7% | Feb 28, 2022 |
| Argus Research | John Eade | $500 | $460.93 | +16.4% | 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
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| MTB-PH M&T Bank Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | M&T: Loan and Deposit Growth Offset a Modest Q3 Earnings Decline |
| RF-PC Regions Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | Regions Financial Maintains Growth Outlook as Fee Revenue Sets Records |
| TFC-PI Truist Financial Corporation | FY2026 Q3 · Calendar Q4 2026 | — | — | Truist refocuses on relationship banking while investing for growth |
| TRV The Travelers Companies, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +0.5% | Travelers posts strong Q3 underwriting results as AI investment continues |
Latest beats and misses
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Get the SPGI recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-07-28T22:06:47.895215+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-28T22:06:47.891974+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 2026-07-28. For educational purposes only; not investment advice.