S&P Global Inc

Strong Q2 performance (good): - Total revenue grew 11% YoY; organic constant-currency and all-in growth both tracked at ~11%. - Recurring revenue up 8% YoY. - Benchmark revenues grew 15% YoY (core driver), and the company delivered 200 bps of margin expansion. - Adjusted diluted EPS +23% YoY (driven by margin + buybacks), and adjusted operating profit +15%. - Adjusted margins expanded to 54.3%, with note that excluding OSTTRA margin expansion would have been ~270 bps (more favorable underlying performance).

Ratings & Indices momentum (good, with specific forward-looking setup): - Ratings revenue +17% YoY with a record quarter; transaction revenue +25% (investment-grade + high 20% growth), and Private Markets Ratings revenue +60%. - Hyperscaler issuance remains strong but slowed vs Q1, and company updated its hyperscaler outlook (see below). - S&P Dow Jones Indices revenue +20% YoY, 13th consecutive record quarter, and division exceeded $2B trailing-12-month revenue. - ETF momentum: “best quarter of net inflows on record” and milestone: first-ever ETF surpassed $1 trillion AUM (based on S&P 500).

Energy pressure likely “transitory” + clear quantified headwinds (bad/risks): - Energy revenue grew only +3% YoY amid Iran conflict / sanctions / extreme volatility. - Company expects growth to normalize after 2026 back to its prior 6%–8% average range. - Quantified negative impacts: sanctions had ~120 bps negative impact to Platts and ~30 bps negative impact to CERA growth in Q2. - Management said it chose flexibility on price increases/terms for some impacted customers due to Iran-related complexity (trade-off that can weigh on 2026).