S&P Global Inc
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+ FollowMarket Cap$135.25B
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Earnings Call Q3 2026
October 27, 2026 - AI Summary
Strong quarter, accelerating growth + margin expansion (core positive)
- Revenue: +7% organic constant currency (and all-in), with acceleration in 3 of 4 divisions (indices, energy, market intelligence).
- Profitability: Adjusted expenses +5% (investing in growth, productivity offset; headcount flat), delivering ~60 bps margin expansion to 53.5%.
- Earnings/cash: Adjusted operating profit +8%, EPS +9% (tax timing tempers EPS).
- AI momentum: Early traction—AI products and data portal gaining customers; management cites higher customer spend for AI users (in MI ACV growth 1.8x non-AI; in Energy ~3x).
Ratings + indices + data/energy all benefitting from issuance/data demand (opportunities)
- Ratings: Revenue +2% (moderated vs first half). Issuance +8%; transaction revenue +1%. Stronger mix toward investment grade (+28%) partly offsets weaker areas (high yield, bank loans, structured finance comparisons).
- Indices (S&P Dow Jones Indices): Revenue +20%; 14th consecutive quarter of record revenue. ETF AUM +26%, with $600B+ net inflows into ETFs and $6.5T ETF AUM in the quarter.
- Energy: Revenue +6% (organic and reported), supported by Platts benchmarking and differentiated data/research/Thought leadership; negative sanctions impact ~0.5 pts.
- Market Intelligence: Revenue +7%, with Kensho Data & Platforms strongest; Kensho fastest-growing and AI-ready data adoption continuing. Subscription growth improving after last quarter’s noise.
Capital return remains a major shareholder focus (good + forecasted)
- Buybacks: $4B repurchased so far in 2026, on track for > $7B by year-end (another $2.6B launched in Q3).
- Message: capital allocation and margin expansion are reinforcing each other (higher margins + substantial buyback capacity).
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$226.09
53.1% downside
Current Fair Value
53.1% downsideOvervalued by 53.1% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $135.25 Billion |
|---|---|
| Enterprise Value | $150.79 Billion |
| Annual dividend | $3.87 |
| Dividend yield | 0.83% |
| Earnings per Share | $14.67 |
| Beta | 1.1 |
| Outstanding Shares | 291,400,000 |
Return
| Return on Equity | 15.77% |
|---|---|
| Return on Assets | 7.93% |
| Return on Invested Capital | 13.86% |
Valuation & Multiples
| P/E Ratio | 27.74 |
|---|---|
| PEG | 197.07 |
| Price to Sales | 8.92 |
| Price to Book Ratio | 3.85 |
| Enterprise Value to Revenue | 9.48 |
| Enterprise Value to EBIT | 20.23 |
| Enterprise Value to Net Income | 30 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | 0.62 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS Estimate
$4.43
Consensus analyst estimateRevenue Estimate
$3.63 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$4.04
Consensus analyst estimateRevenue Estimate
$3.62 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.65, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.6534▼ 25.01% |
|---|---|
| Total Calls | 1,621,485▼ 3.53% |
| Total Puts | 1,059,558▼ 30.24% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 88.38%▲ 2.42% |
|---|---|
| Total Invested | $106.06B▼ 2.50% |
| Investors Holding | 2,128▼ 60.00% |
About S&P Global Inc
44,500 employees
CEO: Douglas Peterson
S&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 Intel...