[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_100":101},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","j711gg4f2361uil599elah3hl","revision",2,"title","S&P Global提交截至2026年9月30日季度的10-Q：第三季度收入36.78亿美元，前九个月收入110.74亿美元","originalTitle","S&P Global Inc. (0000064040) (Filer)","summary","S&P Global提交截至2026年9月30日季度的10-Q；公司披露，2026年第三季度收入为36.78亿美元，归属于公司的净利润为12.40亿美元，前九个月收入为110.74亿美元，归属于公司的净利润为38.52亿美元。","reason","材料涵盖S&P Global第三季度及前九个月的营收、利润、现金流、资本回报和分拆后业务列报变化，可用于了解其报告期经营与财务状况。","source",{"_12":91,"_92":93,"_9":94,"_95":42,"_96":97,"_98":99},"links",{"_88":89,"_78":90},"publishedAt","2026-10-27T21:55:50.000Z","discoveredAt","2026-10-28T12:11:39.845Z","timelineAt","category","ai-products","tags",[84,85,86,87],"stockSymbols",[83],"score",66,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","fcwE5utq0xP8",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","f230021d-5a87-4b83-bfd0-ea396730e103","S&P Global发布第三季度业绩并评估数据业务分拆",{"_73":74,"_16":75},"

美国证券交易委员会

华盛顿特区 20549

10-Q 表


☑	根据《1934年证券交易法》第13或15(d)条提交的季度报告

截至2026年9月 30日的季度

或


☐	根据《1934年证券交易法》第13或15(d)条提交的过渡报告

过渡期自至

委员会档案编号：1-1023

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S&P Global Inc.

（注册人章程中规定的确切名称）

纽约州

13-1026995

（注册成立或组织所在州或其他司法管辖区）

（美国国税局雇主识别号）

Water Street 55号

纽约

纽约州

10041

（主要行政办公室地址）

（邮政编码）

注册人电话号码（含区号）：212-438-1000

注册人电子邮箱地址：investor.relations@spglobal.com

根据该法第12(b)条注册的证券：


类别	交易代码	注册交易所名称
普通股（每股面值 $1.00）	SPGI	纽约证券交易所

请勾选标记，说明注册人是否 (1) 已提交《1934年证券交易法》第13或15(d)条要求在过去12个月内（或注册人须提交此类报告的较短期间内）提交的所有报告，且 (2) 在过去90天内一直受此类申报要求约束。是 ☑ 否 ☐

请勾选标记，说明注册人是否已在过去12个月内（或注册人须提交此类文件的较短期间内）以电子方式提交根据 S-T 条例第405条（本章§232.405）要求提交的所有交互式数据文件。是 ☑ 否 ☐

请勾选标记，说明注册人是大型加速申报公司、加速申报公司、非加速申报公司、较小型申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”、“加速申报公司”、“较小型申报公司”和“新兴成长型公司”的定义。

☑

大型加速申报公司

☐

加速申报公司

☐

非加速申报公司

☐

较小型申报公司

☐

新兴成长型公司

如果属于新兴成长型公司，请勾选以表明注册人是否已选择不采用《交易法》第 13(a) 条规定的延长过渡期，以遵守任何新的或修订的会计准则。 ☐

请勾选以表明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。是 ☐ 否 ☑

截至 2026 年 10 月 23 日（最近可行日期），发行人各类普通股（每股面值 $1.00）共发行在外 2.899 亿股，不包括 Markit Group Holdings Limited 员工福利信托持有的 720 万股发行在外普通股。

S&P Global Inc.


	页码
第一部分：财务信息
第 1 项：财务报表（未经审计）
独立注册会计师事务所审阅报告	3
截至 9 月 30 日止三个月和九个月的合并收益表，涵盖 2026 年和 2025 年	4
截至九个月和 9 月 30 日止三个月的 2026 年和 2025 年合并综合收益表	5
截至2026年9月30日和2025年12月31日的合并资产负债表	6
截至九个月 9 月 30 日止的 2026 年和 2025 年合并现金流量表	7
截至 2026 年和 2025 年 9 月 30 日止三个月和九个月的合并权益变动表	8
合并财务报表附注	10
第 2 项：管理层对财务状况和经营业绩的讨论与分析	34
第 3 项：有关市场风险的定量和定性披露	60
第 4 项：控制与程序	60
第二部分：其他信息
第 1 项：法律诉讼	61
第 1A 项：风险因素	61
第 2 项：未注册证券销售及所得款项用途	61
第 5 项：其他信息	61
第 6 项：附件	63
签名	64

独立注册会计师事务所审阅报告

致 S&P Global Inc. 股东及董事会：

中期财务报表审阅结果

我们已审阅随附的 S&P Global Inc. 及其子公司（以下简称“公司”）截至 2026 年 9 月 30 日的合并资产负债表、截至 2026 年和 2025 年 9 月 30 日的三个月和九个月期间相关合并损益表、综合收益表和权益变动表、截至 2026 年和 2025 年 9 月 30 日的九个月期间相关合并现金流量表，以及相关附注（统称“合并中期财务报表”）。根据我们的审阅，我们未发现需要对合并中期财务报表作出任何重大修改，才能使其符合美国公认会计原则。

我们此前已按照美国公众公司会计监督委员会（PCAOB）的标准，审计了公司截至 2025 年 12 月 31 日的合并资产负债表、截至该日止年度相关合并损益表、综合收益表、权益变动表和现金流量表，以及相关附注和附表（本文未列示）；并在 2026 年 2 月 10 日出具的报告中，对该等合并财务报表发表了无保留审计意见。我们认为，随附的截至 2025 年 12 月 31 日的合并资产负债表所列信息，在所有重大方面均与其来源的合并资产负债表公允一致。

审阅结果的依据

这些财务报表由公司管理层负责。我们是一家在 PCAOB 注册的公众会计师事务所，并须遵守美国联邦证券法以及 SEC 和 PCAOB 适用规则和条例所规定的对公司的独立性要求。我们按照 PCAOB 的标准执行了审阅。中期财务报表审阅主要包括实施分析程序，并向负责财务和会计事项的人员进行询问。其范围远小于按照 PCAOB 标准进行的审计；审计旨在对财务报表整体发表意见。因此，我们不发表此类意见。

/s/ ERNST & YOUNG LLP

纽约州纽约市

2026 年 10 月 27 日

第一部分 — 财务信息

项目 1。财务报表

S&P Global Inc.

合并损益表

（未经审计）


（单位：百万，每股金额除外）	截至三个月		截至九个月
	9 月 30 日，		9 月 30 日，
	2026		2025		2026		2025
收入	$	3,678			$	3,443			$	11,074			$	10,117
费用：
运营相关费用	1,034			986			3,159			2,996
销售及一般费用	660			693			1,990			2,032
折旧	29			25			86			68
无形资产摊销	199			190			598			576
费用总额	1,922			1,894			5,833			5,672
处置收益	(200)			—			(386)			(3)
未合并子公司收益中的权益	—			(7)			—			(28)
营业利润	1,956			1,556			5,627			4,476
其他收入，净额	(4)			(2)			(10)			(25)
利息费用，净额	87			79			267			233

持续经营业务税前收入	1,873			1,479			5,370			4,268
所得税费用	467			312			1,220			918
持续经营业务收入	1,406			1,167			4,150			3,350

已终止经营业务（亏损）收入，扣除税项后	(58)			98			25			246


净利润	1,348			1,265			4,175			3,596
减：归属于非控股权益的持续经营业务净利润	(108)			(89)			(323)			(259)

归属于 S&P Global Inc. 的净利润	$1,240		$	1,176			$	3,852			$	3,337

归属于 S&P Global Inc. 普通股股东的金额：
持续经营业务收入	$	1,298			$	1,078			$	3,827			$	3,091
终止经营业务（亏损）收入	(58)			98			25			246
净利润	$	1,240			$	1,176			$	3,852			$	3,337

归属于 S&P Global Inc. 普通股股东的每股收益：
持续经营业务收入：
基本	$	4.45			$	3.54			$	12.99			$	10.11
摊薄	$	4.45			$	3.54			$	12.98			$	10.10
终止经营业务（亏损）收入：
基本	$	(0.20)			$	0.32			$	0.08			$	0.81
摊薄	$	(0.20)			$	0.32			$	0.08			$	0.80
净利润：
基本	$	4.25			$	3.86			$	13.07			$	10.91
摊薄	$	4.25			$	3.86			$	13.06			$	10.90
加权平均普通股流通股数：
基本	291.4			304.3			294.7			305.8
摊薄	291.6			304.5			294.9			306.1

期末实际流通股数					289.9			303.4

参见未经审计合并财务报表附注。

S&P Global Inc.

综合收益合并报表

（未经审计）


（百万）	截至三个月		截至九个月
	9月30日，		9月30日，
	2026		2025		2026		2025
净利润	$	1,348			$	1,265		$	4,175	$	3,596

其他综合收益：
外币折算调整	(30)			14			(90)		(5)
所得税影响	(4)			(8)			(17)		95
	(34)			6			(107)		90

养老金及其他退休后福利计划	3			1			4		(1)
所得税影响	—			—			1		1
	3			1			5		—

现金流量套期未实现收益（亏损）	1			(12)			(2)		(7)
所得税影响	—			2			(1)		2
	1			(10)			(3)		(5)

综合收益	1,318			1,262			4,070		3,681
减：归属于不可赎回非控股权益的综合收益	(6)			(7)			(24)		(24)
减：归属于可赎回非控股权益的综合收益	(102)			(82)			(299)		(235)
归属于 S&P Global Inc. 的综合收益	$	1,210			$	1,173		$	3,747	$	3,422

参见未经审计合并财务报表附注。

S&P Global Inc.

合并资产负债表


（百万）	9月30日， 2026		12月31日， 2025
	（未经审计）
资产
流动资产：
现金及现金等价物	$	2,441			$	1,707
受限现金	—			—
应收账款，扣除坏账准备：2026 - $54；2025 - $48	3,099			3,238

预付费用及其他流动资产	876			886
持有待售资产	—			196
终止经营业务流动资产	—			269
流动资产总额	6,416			6,296
不动产及设备，扣除累计折旧：2026 - $775；2025 - $780	233			259
使用权资产	345			397
商誉	27,596			27,616
其他无形资产，净额	11,935			12,522
对未合并子公司的权益投资	624			590
其他非流动资产	883			833
终止经营业务非流动资产	—			12,687
资产总额	$	48,032			$	61,200
负债和权益
流动负债：
应付账款	$	507			$	555
应计薪酬及退休计划缴款	683			924
短期债务	2,448			718
应付所得税	247			177
预收收入	3,767			4,010

其他流动负债	1,066			970
持有待售负债	—			43
终止经营业务流动负债	—			241
流动负债总额	8,718			7,638
长期债务	10,614			12,370
租赁负债 — 非流动	403			483
养老金及其他退休后福利	175			178
递延所得税负债 — 非流动	2,180			2,285
其他非流动负债	764			1,106
已终止经营的非流动负债	—			988
负债总额	22,854			25,048
可赎回非控股权益（附注 8）	5,348			4,917
承诺和或有事项（附注 12）
权益：
普通股，面值 $1：授权发行 6 亿股；已发行——2026 年和 2025 年均为 4.15 亿股	415			415
资本公积	44,022			44,117
留存收益	16,481			23,666
累计其他综合亏损	(802)			(697)
减：库存普通股	(40,406)			(36,374)
控股权益总额	19,710			31,127
非控股权益总额	120			108
权益总额	19,830			31,235
负债和权益总额	$	48,032			$	61,200

请参阅未经审计合并财务报表附注。

S&P Global Inc.

合并现金流量表

（未经审计）


（百万）	截至九个月
	9 月 30 日，
	2026		2025
经营活动：
净利润	$	4,175			$	3,596
减：已终止经营业务净利润	25			246
持续经营业务收入	4,150			3,350
将持续经营业务收入调节为持续经营业务经营活动提供的现金的调整项目：
折旧	86			68
无形资产摊销	598			576
应收账款损失准备	36			25
递延所得税	(114)			(212)
股份支付薪酬	127			155
处置收益	(386)			(3)



其他	(70)			175
经营性资产和负债变动，扣除收购和处置的影响：
应收账款	35			(36)
预付费用和其他流动资产	14			76
应付账款和应计费用	(286)			(487)
未赚取收入	(219)			(74)

其他流动负债	(204)			(168)
预付/应计所得税净变动	(19)			(55)
其他资产和负债净变动	(87)			(73)
持续经营业务经营活动提供的现金	3,661			3,317
投资活动：
资本支出	(93)			(133)
收购，扣除取得的现金	(208)			(47)
处置所得款项净额	667			19
短期投资变动	(26)			(52)
持续经营业务投资活动提供（使用）的现金	340			(213)
融资活动：
短期债务偿付款项净额	(15)			—

偿还优先票据	(3)			(4)
向股东支付的股息	(856)			(880)

向非控股权益持有人分配	(269)			(234)


回购库存股	(4,100)			(2,501)
因分拆而转给 Mobility Global 的现金	(198)			—
因 Mobility Global 分拆而发行债务所得款项	1,974			—
员工股份支付预扣税、股票回购消费税、或有对价付款及其他	(150)			(106)
持续经营业务融资活动使用的现金	(3,617)			(3,725)
汇率变动对持续经营业务现金的影响	(37)			62
持续经营业务提供（使用）的现金	347			(559)
已终止经营业务：
经营活动提供的现金	371			586
投资活动使用的现金	(15)			(19)
融资活动使用的现金	—			(3)
汇率变动对现金的影响	(7)			1
变动对现金、现金等价物及受限现金的影响	38			(12)
已终止经营业务提供的现金	387			553
现金、现金等价物及受限现金净变动	734			(6)
期初现金、现金等价物及受限现金	1,707			1,639
期末现金、现金等价物及受限现金	$	2,441			$	1,633

请参阅未经审计合并财务报表附注。

S&P Global Inc.

合并权益变动表

（未经审计）


截至2026年9月30日的三个月
（百万）	普通股，面值$1		额外实收资本	留存收益		累计其他综合亏损		减：库存股		SPGI股东权益总额		非控股权益		权益总额
截至2026年6月30日的余额	$	415		$	44,547			$	25,618			$	(772)			$	38,307		31,501		$	115		$	31,616
综合收益 1				1,240			(30)					1,210			6			1,216
股息（每股普通股宣派股息 — 每股$0.97）				(281)							(281)			(3)			(284)
Mobility Global分拆				(9,753)							(9,753)					(9,753)
股份回购，包括消费税			(520)						2,100			(2,620)					(2,620)
员工股票计划			(5)						(1)			(4)					(4)
可赎回非控股权益赎回价值变动				(343)							(343)					(343)

其他										—			2			2
截至2026年9月30日的余额	$	415		$	44,022			$	16,481			$	(802)			$	40,406		$	19,710		$	120		$	19,830


截至2025年9月30日的三个月
（百万）	普通股，面值$1		额外实收资本	留存收益		累计其他综合亏损		减：库存股		SPGI股东权益总额		非控股权益		权益总额
截至2025年6月30日的余额	$	415		$	44,392			$	22,402			$	(795)			$	33,024		$	33,390	$	106	$	33,496
综合收益 1				1,176			(3)					1,173			7			1,180
股息（每股普通股宣派股息 — 每股$0.96）				(291)							(291)			(4)			(295)

股份回购，包括消费税			(110)						1,101			(1,211)					(1,211)
员工股票计划			70						(1)			71					71
可赎回非控股权益赎回价值变动				1							1					1

其他										—			(4)			(4)
截至2025年9月30日的余额	$	415		$	44,352			$	23,288			$	(798)			$	34,124		$	33,133	$	105	$	33,238


截至2026年9月30日的九个月
（百万）	普通股，面值$1		额外实收资本	留存收益		累计其他综合亏损		减：库存股		SPGI股东权益总额		非控股权益		权益总额
截至2025年12月31日的余额	$	415		$	44,117			$	23,666			$	(697)			$	36,374		$	31,127	$	108	$	31,235
综合收益 1				3,852			(105)					3,747			24			3,771
股息（每股普通股宣派股息 — 每股$2.91）				(856)							(856)			(13)			(869)
Mobility Global分拆				(9,753)							(9,753)					(9,753)
股份回购，包括消费税			(20)						4,117			(4,137)					(4,137)
员工股票计划			(75)						(85)			10					10
可赎回非控股权益赎回价值变动				(428)							(428)					(428)

其他										—			1			1
截至2026年9月30日的余额	$	415		$	44,022			$	16,481			$	(802)			$	40,406		$	19,710	$	120	$	19,830


截至2025年9月30日的九个月
（百万）	普通股，面值$1		额外实收资本	留存收益		累计其他综合亏损		减：库存股		SPGI股东权益总额		非控股权益		权益总额
截至2024年12月31日的余额	$	415		$	44,321			$	20,977			$	(883)			$	31,671		$	33,159	$	97	$	33,256
综合收益 1				3,337			85					3,422			24			3,446
股息（每股普通股宣派股息 — 每股$2.88）				(880)							(880)			(14)			(894)

股份回购，包括消费税			(45)						2,480			(2,525)					(2,525)
员工股票计划			76						(27)			103					103
可赎回非控股权益赎回价值变动				(146)							(146)					(146)

其他										—			(2)			(2)
截至2025年9月30日的余额	$	415		$	44,352			$	23,288			$	(798)			$	34,124		$	33,133	$	105	$	33,238

1不包括截至2026年和2025年9月 30日止三个月分别为102 million和82 million、截至九个月止2026年9月 30日和2025分别为299 million和235 million的综合收益，这些金额归属于可赎回非控股权益。

请参阅未经审计合并财务报表附注。

S&P Global Inc.

合并财务报表附注

（未经审计）

1. 经营性质及列报基础

S&P Global Inc.（连同其合并子公司，称为“S&P Global”、“本公司”、“我们”或“我们的”）是全球资本市场、能源和大宗商品市场中基准、数据、分析和工作流解决方案的全球性、多元化且高度差异化的提供商。

2026年7月1日，先前宣布的Mobility Global Inc.（“Mobility Global”）从S&P Global分拆（“分拆”）正式生效。Mobility Global由S&P Global及其子公司此前在S&P Global Mobility（“Mobility”）部门下运营的业务组成；此次分拆通过S&P Global向其普通股持有人分配（“分配”）Mobility Global 100%的普通股股份完成，分配自2026年7月1日凌晨12:01（纽约市时间）起生效。于2026年6月15日营业结束时持有S&P Global普通股的股东（“登记日”）每持有一股S&P Global普通股，即获分配一股Mobility Global普通股。分配完成后，Mobility Global成为一家独立的上市公司，其普通股在纽约证券交易所上市，股票代码为“MBGL”。

我们的业务由四个可报告部门组成：S&P Global Ratings（“Ratings”）、S&P Dow Jones Indices（“Indices”）、S&P Global Energy（“Energy”）和S&P Global Market Intelligence（“Market Intelligence”）。

•Ratings是独立的信用评级、研究和分析服务提供商。

•Indices是全球指数提供商，为投资顾问、财富管理机构和机构投资者维护种类广泛的估值和指数基准。

•Energy是能源和大宗商品市场领先的独立信息及基准价格提供商。

•Market Intelligence是全球多资产类别数据和分析提供商，并将其与专门打造的工作流解决方案相结合。

在分拆完成时，Mobility已满足作为终止经营业务进行报告的会计要求。因此，随附的所有期间未经审计财务报表均将该业务列为终止经营业务。除非另有说明，财务报表附注中的所有金额均指持续经营业务。进一步讨论请参阅附注2——收购、剥离和终止经营业务。

自2026年第三季度起，公司分部报告中某些产品及相关收入和费用的列报方式进行了修订，以符合管理层对当前业务的看法。因此，451 Research 和 Maritime & Trade 计入能源分部，而非市场情报分部；部分与 Credit Analytics 相关的费用计入评级分部，而非市场情报分部。这些变更仅影响可报告分部的业绩，不影响合并财务报表。所有列报的以前期间均已重列，以符合当前列报方式。详见附注11 - 分部及相关信息，了解更多讨论。

本公司随附的未经审计财务报表按照美利坚合众国普遍接受的会计原则（“美国 GAAP”）关于中期财务信息的规定，以及 Form 10-Q 的说明和 Regulation S-X 第10条编制。因此，这些报表未包含美国 GAAP 完整财务报表所要求的全部信息和附注。因此，本文件所载财务报表应与我们截至2025年12月 31日止年度的 Form 10-K（我们的“Form 10-K”）中的财务报表及附注一并阅读。

管理层认为，已纳入所有被认为为公允列报中期业绩所必需的正常经常性调整。截至2026年9月 30日止三个月和九个月的经营业绩不一定代表全年预期业绩。

我们持续评估估计和假设，包括与收入确认、企业合并、呆账备抵、长期资产估值、商誉及其他无形资产、养老金计划、激励薪酬和股份薪酬、所得税、或有事项及可赎回非控股权益相关的估计和假设。自 Form 10-K 发布之日起，我们的关键会计政策和估计没有发生重大变化。

受限现金

截至2026年9月 30日和2025年12月 31日，我们的合并资产负债表中均不含受限现金。

合同资产

合同资产包括公司在客户支付对价或付款到期之前向客户转让服务而产生的未开票金额。截至2026年9月 30日和2025年12月 31日，合同资产分别为90百万美元和89百万美元，计入我们合并资产负债表中的应收账款。

未赚取收入

我们在收到现金付款但尚未履行相关义务时，将其记为未赚取收入。2026年9月 30日的未赚取收入余额较2025年12月 31日减少，主要是由于确认了期初未赚取收入余额中所含的36亿美元收入，部分被在履行履约义务前收到的现金付款所抵销。

剩余履约义务

剩余履约义务代表尚未履行的合同的交易价格。截至2026年9月30日，分配给剩余履约义务的交易价格总额为$6.0 十亿美元。我们预计，未来12个月和24个月内分别确认约一半和四分之三剩余履约义务的收入，其余部分将在此后确认。

对于（i）原预计期限为一年或以内的合同，以及（ii）以使用量为基础、承诺以知识产权许可换取的特许权使用费收入合同，我们不披露未履行履约义务的价值。

获取合同的成本

如果我们预计获取客户合同的增量成本所带来的收益期限超过一年，则将其确认为资产。我们认定，某些销售佣金计划相关成本属于获取客户合同的增量成本，因此符合资本化条件。截至2026年9月30日和2025年12月31日，资本化的获取合同成本总额分别为$334 百万和$349 百万，计入合并资产负债表中的预付费用及其他流动资产和其他非流动资产。资本化资产将在与相关商品或服务转移给客户的期间内摊销；摊销期限根据客户合同期限以及合同所涉及产品和服务的平均寿命计算，确定约为2至5年。相关费用计入合并收益表中的销售及一般费用。

如果销售佣金成本的收益期限为一年或以内，我们在发生时将其费用化。这些成本计入合并收益表中的销售及一般费用。

未合并子公司的权益收益

2025年10月10日，公司与CME Group完成了OSTTRA的出售。OSTTRA是一项50/50合资安排投资，由公司与CME Group共同控制，将两家公司的交易后服务整合到一家合资企业中。

其他收入，净额

截至9月30日各期间的其他收入净额构成如下：


（百万）	三个月		九个月
	2026		2025		2026		2025
定期福利成本净额的其他构成项	$	(4)			$	(5)		$	(12)	$	(17)
投资净亏损（收益）	—			3			2		(8)
其他收入，净额	$	(4)			$	(2)		$	(10)	$	(25)

2. 收购、资产剥离及终止经营

2026年7月28日，我们宣布达成协议，收购Agusto & Co.的多数股权。Agusto & Co.是一家领先的泛非洲评级机构，在尼日利亚、肯尼亚、卢旺达和加纳开展业务。这项投资是双方的战略举措，将补充并支持我们评级业务部门在非洲的增长战略。该交易预计将于2026年第四季度完成，但须满足惯常成交条件，包括获得所需的监管批准。预计拟议收购不会对我们的合并财务报表产生重大影响。

收购

2026

2026年10月26日，我们宣布完成对 OpenZeppelin 的收购。OpenZeppelin 是链上金融的安全标准。该交易补充了 S&P Global 在数字资产市场的风险评估能力，并带来 OpenZeppelin 在链上生态系统开发方面的深厚专业知识，增强其创建新一代链上安全评估和基准的能力，并在资本市场转向链上时提供关键情报。该收购属于我们的评级业务板块，对合并财务报表不具有重大影响。

2026年9月1日，我们完成了对 datacenterHawk 的收购。该公司是全球数据中心、光纤及相关基础设施市场专有情报的领先提供商。此次收购将 datacenterHawk 在数据中心供应、需求、定价、项目管线和选址方面的资产级情报，与 Energy 对全球电力市场的全面覆盖相结合，后者涵盖电网基础设施情报、供需预测，以及来自 451 Research 的领先数据中心预测、市场展望和技术情报。对 datacenterHawk 的收购对合并财务报表不具有重大影响。

2026年3月18日，我们完成了对 Enertel AI Corporation 的收购。该公司专注于为北美电力市场提供由人工智能和机器学习驱动的短期电价预测。该收购属于我们的 Energy 业务板块。随着 Enertel AI Corporation 的加入，Energy 现在可提供实时、由人工智能驱动的节点电价预测和决策工具，帮助实体电力交易商、公用事业公司和资产运营商应对快速演变的电网。对 Enertel AI Corporation 的收购对合并财务报表不具有重大影响。

2025

2025年6月6日，我们完成了对 TeraHelix 的收购。TeraHelix 是一家非上市金融科技公司，通过提供数据模型框架，帮助解决复杂的企业级数据难题，使数据能够在不同平台、系统和存储架构之间顺畅互操作。此次收购属于我们的 Market Intelligence 业务板块，通过显著增强跨类别和平台关联数据集的能力，强化了以客户为中心的数据、技术和人工智能战略。对 TeraHelix 的收购对合并财务报表不具有重大影响。

持续经营业务的资产剥离

2026

在截至2026年9月30日的三个月和九个月内，我们分别就以下处置确认了税前收益 200 百万美元（税后 136 百万美元）和 386 百万美元（税后 315 百万美元）：

•2026年9月1日，我们完成了将 Energy 的地球科学和石油工程软件组合出售给 Schlumberger (SLB)。该公司是一家全球性科技公司，在 100 多个国家推动能源创新。在截至2026年9月30日的三个月和九个月内，我们在合并损益表的处置收益项目中，就出售地球科学和石油工程软件组合确认了税前收益 200 百万美元（税后 136 百万美元）。

•2026年4月，我们出售了位于科罗拉多州森特尼尔的设施。在截至2026年9月 30日的九个月内，我们在合并损益表的处置收益中确认了与出售森特尼尔设施相关的税前收益11 百万美元（税后8 百万美元）。

•2026年1月12日，我们完成了向专注于创建和发展市场领先软件、数据和分析公司的私募股权公司 Symphony Technology Group（“STG”）出售市场情报部门旗下 Enterprise Data Management 和 thinkFolio 业务。在截至2026年9月 30日的九个月内，我们在合并损益表的处置收益中确认了与出售市场情报部门旗下 Enterprise Data Management 和 thinkFolio 业务相关的税前收益172 百万美元（税后168 百万美元）。

•2026年3月，我们在合并损益表的处置收益中确认了与2025年10月出售 OSTTRA 相关的税前收益3 百万美元（税后3 百万美元）。

2025

在截至九个月的2025年9月 30日期间，我们在合并损益表的处置收益中确认了与2024年8月出售 Fincentric 相关的税前收益3 百万美元（税后2 百万美元）。

在截至九个月的2025年9月30日，我们未完成任何重大处置。

持有待售资产和负债

合并资产负债表中持有待售资产和负债的构成如下：


（百万美元）	12月31日，
	2025 1
应收账款净额	$	34

不动产和设备净额	8
商誉	141
其他非流动资产	13
持有待售资产	$	196

应付账款	$	9

未赚取收入	34
持有待售负债	$	43

1 截至2026年9月30日，没有持有待售资产和负债。持有待售资产和负债与截至2025年12月31日待剥离的市场情报部门旗下 Enterprise Data Management 和 thinkFolio 业务有关。此外，持有待售资产还包括截至2025年12月31日与我们位于科罗拉多州森特尼尔的设施相关的固定资产。

已终止经营业务

2026年7月1日，先前宣布的 Mobility Global 从 S&P Global 分拆正式生效。Mobility 的历史业绩列为已终止经营业务，因此在所有列报期间均已从持续经营业务和部门业绩中剔除。截至2025年12月 31日，Mobility 的资产和负债已归类为已终止经营业务。

公司列报的已终止经营不包括历史上分配给 Mobility、但不符合已终止经营列报要求的一般公司管理费用。这些分摊费用包括与 S&P Global 公司支持职能（例如财务、会计、资金管理、信息技术、法律等）相关的人工和非人工费用，这些职能历史上曾为 Mobility 提供支持。此外，已终止经营不包括 S&P Global 与 Mobility 之间历史上的公司间采购和销售，这些交易在合并时已抵销。

截至2026年9月30日止三个月和九个月的分离成本分别为 70 million 和 182 million；截至2025年9月30日止三个月和九个月的分离成本分别为 12 million 和 20 million。这些成本计入合并损益表中的税后已终止经营（亏损）收益。这些成本主要涉及投资银行家费用、法律费用、第三方咨询费用及其他直接与分离相关的成本。

我们主要通过过渡服务协议继续与 Mobility Global 保持业务往来，根据该协议，分离后最长 18 个月内，S&P Global 继续向 Mobility Global 提供某些服务。该合同安排在合并损益表中反映为销售及一般费用的减少。截至2026年9月30日止三个月和九个月，这些过渡服务的影响对我们的合并财务报表并不重大。

截至9月30日止各期间已终止经营的（亏损）收益主要组成部分如下：


（百万）	三个月		九个月
	2026		2025		2026		2025
收入	$	—			$	445		$	922	$	1,303
费用	70			326			849		975
营业（亏损）收益	(70)			119			73		328
利息费用，净额	—			—			3		—
税前（亏损）收益	(70)			119			70		328
（亏损）收益税项（收益）费用	(12)			21			45		82
已终止经营（亏损）收益，税后净额	(58)			98			25		246

合并资产负债表中已终止经营的资产和负债组成部分包括以下内容：


（百万）	12月31日，
资产	2025
现金及现金等价物	$	38
应收账款，净额	203
预付费用及其他流动资产	28
已终止经营流动资产	269
不动产、厂房及设备，净额	19
使用权资产	16
商誉	8,859
其他无形资产，净额	3,749
其他非流动资产	44
已终止经营非流动资产	12,687
已终止经营资产总额	12,956
负债
应付账款	$	56
应计薪酬及退休计划缴款	64
未赚取收入	78
应计应付所得税	3
其他流动负债	40
已终止经营流动负债	241
非流动租赁负债	11
非流动递延税项负债	976
其他非流动负债	1
已终止经营非流动负债	988
已终止经营负债总额	1,229

3. 所得税

截至2026年9月30日的三个月和九个月，有效所得税率分别为24.9%和22.7%；截至2025年9月30日的三个月和九个月，分别为21.1%和21.5%。2026年税率较高，主要是由于多项离散调整，其中包括资产剥离税费。

在每个中期期间末，我们估算年度有效税率，并将该税率应用于普通季度收益。与重大、异常或不常发生项目相关的税费或税收利益（这些项目将单独报告，或按扣除相关税收影响后的净额报告，且需单独计算），在项目发生的中期期间确认。此外，已颁布税法或税率或税务身份变更的影响，在变更发生的中期期间确认。

本公司在多个司法管辖区须接受税务审查。截至2026年9月30日和2025年12月31日，联邦、州和地方以及外国未确认税收利益总额分别为$313 million和$322 million，不包括利息和罚款。与未确认税收利益相关的应计利息和罚款分别计入利息费用和运营相关费用。截至2026年9月30日和2025年12月31日，与未确认税收利益相关的应计利息和罚款分别为$85 million和$79 million。

经济合作与发展组织（“OECD”）推出了第二支柱国际税收框架，该框架规定全球最低税率为15%，并通过参与司法管辖区的当地立法实施。我们运营所在司法管辖区已颁布的第二支柱税项的影响已反映在我们的业绩中，对我们的合并财务报表没有重大影响。

2026年1月5日，OECD发布行政指导，概述了一项框架，根据该框架，由美国母公司控股的集团可不适用OECD全球最低税规则。各成员司法管辖区需将该指导纳入当地法律，采纳的时间和方式可能有所不同。我们将继续关注与该指导相关的进展，并将在获得更多信息后评估其对财务报表的影响。

4. 债务

短期和长期未偿债务概述如下：


（百万）	2026年 9月30日		2025年 12月31日
4.0%优先票据，2026年到期 1	$	—			$	3
2.95%优先票据，2027年到期 2	500			499
2.45%优先票据，2027年到期 3	1,248			1,246
4.75%优先票据，2028年到期 4	774			784
4.25%优先票据，2029年到期 5	982			991
2.5%优先票据，2029年到期 6	498			498
2.95%可持续发展挂钩优先票据，2029年到期 7	1,243			1,241
1.25%优先票据，2030年到期 8	597			596
4.25%优先票据，2031年到期 9	596			595
2.90%优先票据，2032年到期 10	1,482			1,480
5.25%优先票据，2033年到期 11	745			744
4.80%优先票据，2035年到期 12	396			396
6.55%优先票据，2037年到期 13	291			291
4.5%高级票据，2048年到期 14	273			273
3.25%高级票据，2049年到期 15	591			591
3.70%高级票据，2052年到期 16	976			976
2.3%高级票据，2060年到期 17	683			683
3.9%高级票据，2062年到期 18	487			486

商业票据	700			715

债务总额	13,062			13,088
减：包括当期到期部分在内的短期债务	2,448			718
长期债务	$	10,614			$	12,370

1 我们在2026年第一季度偿还了4.0%高级票据中的300万美元。

2 利息每半年支付一次，日期为1月22日和7月22日；截至2026年9月30日，未摊销债务折价和发行成本合计不足100万美元。

3 利息每半年支付一次，日期为3月1日和9月1日；截至2026年9月30日，未摊销债务折价和发行成本合计200万美元。

4 利息每半年支付一次，日期为2月1日和8月1日。

5 利息每半年支付一次，日期为5月1日和11月1日。

6 利息每半年支付一次，日期为6月1日和12月1日；截至2026年9月30日，未摊销债务折价和发行成本合计200万美元。

7 利息每半年支付一次，日期为3月1日和9月1日；截至2026年9月30日，未摊销债务折价和发行成本合计700万美元。自2026年3月1日起，根据相关契约条款，2029年到期的可持续发展挂钩高级票据的应付年利率上调了25个基点（0.25%）。

8 利息每半年支付一次，日期为2月15日和8月15日；截至2026年9月30日，未摊销债务折价和发行成本合计300万美元。

9 利息每半年支付一次，日期为1月15日和7月15日；截至2026年9月30日，未摊销债务折价和发行成本合计400万美元。

10 利息每半年支付一次，日期为3月1日和9月1日；截至2026年9月30日，未摊销债务折价和发行成本合计1800万美元。

11 利息每半年支付一次，日期为3月15日和9月15日；截至2026年9月30日，未摊销债务折价和发行成本合计500万美元。

12 利息每半年支付一次，日期为6月4日和12月4日；截至2026年9月30日，未摊销债务折价和发行成本合计400万美元。

13 利息每半年支付一次，日期为5月15日和11月15日；截至2026年9月30日，未摊销债务折价和发行成本合计200万美元。

14 利息每半年支付一次，日期为5月15日和11月15日；截至2026年9月30日，未摊销债务折价和发行成本合计1000万美元。

15利息每半年支付一次，分别于 6 月 1 日和 12 月 1 日支付；截至 2026 年 9 月 30 日，未摊销债务折价和发行成本合计为 9 million 美元。

16 利息每半年支付一次，分别于 3 月 1 日和 9 月 1 日支付；截至 2026 年 9 月 30 日，未摊销债务折价和发行成本合计为 24 million 美元。

17 利息每半年支付一次，分别于 2 月 15 日和 8 月 15 日支付；截至 2026 年 9 月 30 日，未摊销债务折价和发行成本合计为 17 million 美元。

18 利息每半年支付一次，分别于 3 月 1 日和 9 月 1 日支付；截至 2026 年 9 月 30 日，未摊销债务折价和发行成本合计为 13 million 美元。

截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，我们的债务借款总额公允价值分别为 10.7 billion 美元和 11.3 billion 美元，估值依据为报价市场价格。

2026 年 5 月 19 日，与分拆相关，Mobility Global 发行了 6.5 亿美元、利率为 5.05%、2029 年到期的优先票据，6.5 亿美元、利率为 5.45%、2031 年到期的优先票据，以及 7 亿美元、利率为 6.05%、2036 年到期的优先票据。截至 2026 年 6 月 30 日，这些优先票据的债务已反映在财务报表中；分拆后，该等债务由 Mobility Global 单独承担。

我们可通过商业票据计划借入总计 20 亿美元，该计划由我们的 20 亿美元五年期信贷协议（我们的“信贷额度”）提供支持，该协议将于 2029 年 12 月 17 日终止。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，我们未偿还的商业票据分别为 7 亿美元和 7.15 亿美元。2026 年第二季度，Mobility Global 签订了一项 5 亿美元的优先无担保循环信贷额度，分拆后该额度由 Mobility Global 单独承担。

根据信贷额度，我们目前支付 7 个基点的承诺费。由于我们 2025 年 12 月 31 日止年度的排放表现，自 2026 年 4 月 6 日起约一年的期间内，信贷额度的承诺费和已提取资金利差分别降低了 1 个基点和 5 个基点。信贷额度包含惯常的肯定义务和否定义务，以及惯常的违约事件。发生违约事件可能导致信贷额度项下的债务加速到期。

我们信贷额度中唯一的财务契约要求，按信贷额度中的定义，我们的债务与现金流比率不得超过 4 比 1；该比率从未超出此限值。

5. 衍生工具

我们的市场风险敞口包括外汇汇率和利率变动。我们在外国设有业务，其功能货币主要为当地货币。对于被认定为母公司延伸的国际业务，美元为功能货币。从当地货币角度看，我们通常在大多数国家通过相互抵销的资产和负债持有自然对冲头寸。截至2026年9月30日和2025年12月31日，我们已签订外汇远期合约，以减轻或对冲外汇汇率不利波动的影响。截至2026年9月30日和2025年12月31日，我们持有交叉货币互换合约，以对冲外国子公司部分净投资所面临的外汇汇率波动风险。这些合约按公允价值入账，其公允价值基于活跃市场中的外汇汇率和利率；因此，我们将这些衍生合约归类为公允价值层级中的第2级。我们不会出于投机目的订立任何衍生金融工具。

未指定用途的衍生工具

在截至2026年9月30日的九个月和截至2025年12月31日的十二个月内，我们签订了外汇远期合约，以减轻合并资产负债表中特定资产和负债公允价值变动的影响。这些远期合约不符合套期会计条件。截至2026年9月30日和2025年12月31日，这些未平仓远期合约的名义总值分别为$1 billion和$1.5 billion。这些远期合约的公允价值变动计入合并资产负债表中的预付及其他资产或其他流动负债，相应的公允价值变动则在合并收益表中确认为销售及一般费用。截至时，计入预付及其他流动资产的金额为$3 million和$8 million，分别为

2026年9月30日和2025年12月31日。截至2026年9月30日和2025年12月31日，计入其他流动负债的金额分别为$12 million和$6 million。与这些合约相关、计入销售及一般费用的金额为净收益$1 million，以及截至2026年9月30日的三个月和九个月净损失$27 million；截至2025年9月30日的三个月和九个月则分别为净损失$2 million和净收益$158 million。

净投资套期

截至2026年9月 30日和2025年12月 31日，我们持有交叉货币互换，以对冲部分欧洲子公司净投资面临的欧元/美元汇率波动风险。这些互换被指定为对冲外国子公司净投资的套期工具，符合相关资格，并计划于2029年、2030年、2032年和2033年到期。截至2026年9月 30日和2025年12月 31日，被指定为净投资套期的未偿交叉货币互换名义价值为$3.5 billion。这些互换公允价值的变动计入外币折算调整（其他综合收益（亏损）的组成部分），并列报于合并资产负债表的累计其他综合亏损中。待对冲的净投资出售、清算或实质上清算时，相关收益或亏损将重新分类计入净收益。我们选择根据即期汇率变动评估净投资套期的有效性。因此，直接计入净收益的交叉货币互换相关金额代表净定期利息结算和应计金额，并计入利息支出净额。2026年截至9月 30日的三个月和九个月，我们分别确认净利息收入$11 million和$31 million；2025年截至9月 30日的三个月和九个月，我们分别确认净利息收入$10 million和$35 million。

现金流量套期

外汇远期合约

在截至2026年9月 30日的九个月和截至2025年12月 31日的十二个月内，我们签订了一系列外汇远期合约，以对冲部分印度卢比、英镑和欧元敞口，期限分别覆盖至2028年第三季度和2027年第四季度。这些合约旨在抵消汇率变动对未来收入和运营成本的影响，计划在二十四个月内到期。这些合约公允价值的变动最初计入合并资产负债表的累计其他综合亏损，并在被套期交易影响收益的同一期间重新分类计入收入以及销售和一般费用。

截至2026年9月 30日，我们预计，与指定为现金流量套期的外汇远期合约相关、已计入其他综合收益的税前亏损$6 million，将在未来十二个月内重新分类计入收益。

截至2026年9月 30日和2025年12月 31日，被指定为现金流量套期的未偿外汇远期合约名义价值总额分别为$460 million和$574 million。

利率互换

During the three months ended March 31, 2024, we terminated our interest rate swap contracts with an aggregate notional value of $813 million and received net proceeds of $155 million upon termination. These contracts were designated as cash flow hedges and were scheduled to mature beginning in the first quarter of 2027. We performed a final effectiveness test upon the termination of each swap, and the effective portion of the gain of $155 million was recorded in accumulated other comprehensive loss in our consolidated balance sheet. A portion of the gain is being recognized into interest expense, net over the term related to the issuance of our senior notes in December of 2025 which are scheduled to mature in 2031 and 2035. We recognized interest income of $1 million and $4 million for the three and nine months ended September 30, 2026.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of September 30, 2026 and December 31, 2025:


(in millions)		September 30,		December 31,
Balance Sheet Location		2026		2025
Derivatives designated as cash flow hedges:
Prepaid and other current assets	Foreign exchange forward contracts	$	4		$	5

Other current liabilities	Foreign exchange forward contracts	$	10		$	11


Derivatives designated as net investment hedges:

Other non-current liabilities	Cross currency swaps	$	209		$	294

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended September 30:

Three Months


(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)		Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2026		2025			2026	2025
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	3		$	(12)		Revenue, Selling and general expenses	$	(3)	$	1
Interest rate swap contracts	$	(2)		$	—		Interest expense, net	$	2	$	—

Net investment hedges - designated as hedging instruments
Cross currency swaps	$	16		$	33		Interest expense, net	$	(1)	$	(1)

Nine Months


(in millions)	Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion)		Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)	Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)
	2026		2025			2026	2025
Cash flow hedges - designated as hedging instruments
Foreign exchange forward contracts	$	3		$	(7)		Revenue, Selling and general expenses	$	(9)	$	5
Interest rate swap contracts	$	(5)		$	—		Interest expense, net	$	5	$	—

Net investment hedges - designated as hedging instruments
Cross currency swaps	$	82		$	(386)		Interest expense, net	$	(3)	$	(3)

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended September 30:


(in millions)	Three Months		Nine Months
	2026		2025		2026		2025
Cash Flow Hedges
Foreign exchange forward contracts
Net unrealized (losses) gains on cash flow hedges, net of taxes, beginning of period	$	(6)			$	4		$	(6)	$	1
Change in fair value, net of tax	(1)			(8)			(7)		(1)
Reclassification into earnings, net of tax	3			(1)			9		(5)
Net unrealized (losses) gains on cash flow hedges, net of taxes, end of period	$	(4)			$	(5)		$	(4)	$	(5)

Interest rate swap contracts
Net unrealized gains on cash flow hedges, net of taxes, beginning of period	$	95			$	99		$	99	$	99
Change in fair value, net of tax	—			—			(1)		—
Reclassification into earnings, net of tax	(2)			—			(5)		—
Net unrealized gains on cash flow hedges, net of taxes, end of period	$	93			$	99		$	93	$	99

Net Investment Hedges
Net unrealized (losses) gains on net investment hedges, net of taxes, beginning of period	$	(180)			$	(283)		$	(234)	$	33
Change in fair value, net of tax	10			24			62		(294)
Reclassification into earnings, net of tax	1			1			3		3
Net unrealized losses on net investment hedges, net of taxes, end of period	$	(169)			$	(258)		$	(169)	$	(258)

6. Employee Benefits

We maintain a number of active defined contribution retirement plans for our employees. The majority of our defined benefit plans are frozen. As a result, no new employees will be permitted to enter these plans and no additional benefits for current participants in the frozen plans will be accrued.

We also have supplemental benefit plans that provide senior management with supplemental retirement, disability and death benefits. Certain supplemental retirement benefits are based on final monthly earnings. In addition, we sponsor a voluntary 401(k) plan under which we make a non-elective contribution and may match employee contributions up to certain levels of compensation as well as profit-sharing plans under which we contribute a percentage of eligible employees’ compensation to the employees’ accounts.

We also provide certain medical, dental and life insurance benefits for active employees and eligible dependents. The medical and dental plans and supplemental life insurance plan are contributory, while the basic life insurance plan is noncontributory. We currently do not prefund any of these plans.

We recognize the funded status of our retirement and postretirement plans in the consolidated balance sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. The amounts in accumulated other comprehensive loss represent net unrecognized actuarial losses and unrecognized prior service costs. These amounts will be subsequently recognized as net periodic pension cost pursuant to our accounting policy for amortizing such amounts.

Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other (income) expense, net in our consolidated statements of income.

The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended September 30 are as follows:


(in millions)	Three Months		Nine Months
	2026		2025		2026		2025
Service cost	$	—			$	—		$	1	$	1
Interest cost	17			18			50		53
Expected return on assets	(23)			(24)			(70)		(73)
Amortization of prior service credit / actuarial loss	2			1			8		3
Net periodic benefit cost	$	(4)			$	(5)		$	(11)	$	(16)

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and nine months ended September 30, 2026 and 2025.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans and our expected return on assets assumption for our retirement plans which became effective on January 1, 2026. The effect of the assumption changes on retirement and postretirement expense for the three and nine months ended September 30, 2026 did not have a material impact to our financial position, results of operations or cash flows.

In the first nine months of 2026, we contributed $8 million to our retirement plans and expect to make additional required contributions of approximately $3 million to our retirement plans during the remainder of the year. We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in the fourth quarter of 2026.

7. Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee members of the Board of Directors under a Director Deferred Stock Ownership Plan.

For the nine months ended September 30, 2026 and 2025, total stock-based compensation expense related to restricted stock and other stock-based awards was $127 million and $155 million, respectively. During the nine months ended September 30, 2026, the Company granted 0.5 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $437.45 per share. Total unrecognized compensation expense related to unvested equity awards as of September 30, 2026 was $223 million, which is expected to be recognized over a weighted average period of 1.4 years.

8. Equity

Dividends

On January 14, 2026, the Board of Directors approved an increase in the dividends for 2026 to a quarterly common stock dividend of $0.97 per share.

Stock Repurchases

Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. As of September 30, 2026, 23.4 million shares remained under the 2025 Repurchase Program and the 2022 repurchase program was completed. Our 2025 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

We have entered into accelerated share repurchase (“ASR”) agreements with financial institutions to initiate share repurchases of our common stock. Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial

delivery of shares. Upon settlement of the ASR agreement, the financial institution typically delivers additional shares. The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount. We account for our ASR agreements as two transactions: a stock purchase transaction and a forward stock purchase contract. The shares delivered under the ASR agreements resulted in a reduction of outstanding shares used to determine our weighted average common shares outstanding for purposes of calculating basic and diluted earnings per share. The repurchased shares are held in Treasury. The forward stock purchase contracts are classified as equity instruments.

Effective January 1, 2023, the Inflation Reduction Act of 2022 has mandated a 1% excise tax on share repurchases. Excise tax obligations that result from the Company’s share repurchases are accounted for as a cost of the treasury stock transaction, and are included in other current liabilities on our consolidated balance sheets. The amount recorded in other current liabilities was $37 million and $46 million as of September 30, 2026 and December 31, 2025, respectively. During the nine months ended September 30, 2026, the Company made an excise tax payment of $47 million, which is included in financing activities in the Consolidated Statement of Cash Flows.

The terms of each ASR agreement entered into during the nine months ended September 30, 2026 and 2025, structured as outlined above, are as follows:


(in millions, except average price paid per share)
ASR Agreement Initiation Date	ASR Agreement Completion Date	Initial Shares Delivered	Additional Shares Delivered	Total Number of Shares Purchased		Average Price Paid Per Share		Total Cash Utilized
July 29, 2026 1		5.0	—		5.0		$	—	$	2,600
May 7, 2026 2	June 10, 2026	0.9	0.3		1.2		$	414.76	$	500
February 12, 2026 3	March 12, 2026	2.0	0.3		2.3		$	426.70	$	1,000
August 12, 2025 4	October 23, 2025	1.7	0.6		2.3		$	513.82	$	1,200
May 6, 2025 5	August 8, 2025	1.0	0.2		1.2		$	518.47	$	650
February 19, 2025 6	May 6, 2025	1.0	0.3		1.3		$	491.12	$	650

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $2.6 billion and initially received shares valued at 80% of the $2.6 billion at a price equal to the market price of the Company’s common stock on July 29, 2026. The Company received an initial delivery of 5.0 million shares from the ASR program. We completed the ASR agreement on October 26, 2026 and received an additional $1.3 million shares. We repurchased a total of $6.3 million shares under the ASR agreement for an average purchase price $412.99 per share. The ASR agreement was executed under our 2025 Repurchase Program.

2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $500 million and initially received shares valued at 80% of the $500 million at a price equal to the market price of the Company’s common stock on May 7, 2026. The Company received an initial delivery of 0.9 million shares from the ASR program. We completed the ASR agreement on June 10, 2026 and received an additional 0.3 million shares. The ASR agreement was executed under our 2025 Repurchase Program.

3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1 billion and initially received shares valued at 80% of the $1 billion at a price equal to the market price of the Company’s common stock on February 12, 2026. The Company received an initial delivery of 2.0 million shares from the ASR program. We completed the ASR agreement on March 12, 2026 and received an additional 0.3 million shares. The ASR agreement was executed under our 2025 and 2022 Repurchase Programs.

4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $1.2 billion and initially received shares valued at 80% of the $1.2 billion at a price equal to the market price of the Company’s common stock on August 12, 2025. The Company received an initial delivery of 1.7 million shares from the ASR program. We completed the ASR agreement on October 23, 2025 and received an additional 0.6 million shares. The ASR agreement was executed under our 2022 Repurchase Program

5 The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company’s common stock on May 6, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on August 8, 2025 and received an additional 0.2 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

6 The ASR agreement was structured as an uncapped ASR agreement in which we paid $650 million and initially received shares valued at 80% of the $650 million at a price equal to the market price of the Company’s common stock on February 19, 2025. The Company received an initial delivery of 1.0 million shares from the ASR program. We completed the ASR agreement on May 6, 2025 and received an additional 0.3 million shares. The ASR agreement was executed under our 2022 Repurchase Program.

During the nine months ended September 30, 2026, we received 9.3 million shares, including 0.8 million shares received in February of 2026 related to our December 4, 2025 ASR agreement. During the nine months ended September 30, 2026, we purchased a total of 8.5 million shares for $4.1 billion of cash. During the nine months ended September 30, 2025, we received

4.6 million shares, including 0.3 million shares received in February of 2025 related to our October 28, 2024 ASR agreement. During the nine months ended September 30, 2025, we purchased a total of 4.3 million shares for $2.5 billion of cash.

Redeemable Noncontrolling Interests

Our redeemable noncontrolling interests include an agreement with the minority partners that own 27% of our S&P Dow Jones Indices LLC joint venture contains redemption features whereby interests held by minority partners are redeemable either (i) at the option of the holder or (ii) upon the occurrence of an event that is not solely within our control. Specifically, under the terms of the operating agreement of S&P Dow Jones Indices LLC, CME Group and CME Group Index Services LLC (“CGIS”) has the right at any time to sell, and we are obligated to buy, at least 20% of their share in S&P Dow Jones Indices LLC. In addition, in the event there is a change of control of the Company, for the 15 days following a change in control, CME Group and CGIS will have the right to put their interest to us at the then fair value of CME Group’s and CGIS’ minority interest.

If interests were to be redeemed under this agreement, we would generally be required to purchase the interest at fair value on the date of redemption. This interest is presented on the consolidated balance sheets outside of equity under the caption “Redeemable noncontrolling interests” with an initial value based on fair value for the portion attributable to the net assets we acquired, and based on our historical cost for the portion attributable to our S&P Index business. We adjust the redeemable noncontrolling interest each reporting period to its estimated redemption value, but never less than its initial fair value, using both income and market valuation approaches. Our income and market valuation approaches may incorporate Level 3 fair value measures for instances when observable inputs are not available. The more significant judgmental assumptions used to estimate the value of the S&P Dow Jones Indices LLC joint venture include an estimated discount rate, a range of assumptions that form the basis of the expected future net cash flows (e.g., the revenue growth rates and operating margins), and a company specific beta. The significant judgmental assumptions used that incorporate market data, including the relative weighting of market observable information and the comparability of that information in our valuation models, are forward-looking and could be affected by future economic and market conditions. Any adjustments to the redemption value will impact retained income.

Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interests during the nine months ended September 30, 2026 were as follows:


(in millions)
Balance as of December 31, 2025	$	4,917
Net income attributable to redeemable noncontrolling interests	299


Distributions payable to redeemable noncontrolling interests	(285)

Redemption value adjustment	428
Other 1	(11)
Balance as of September 30, 2026 2	$	5,348

1 Includes foreign currency translation adjustments.

2 As of September 30, 2026, $5,346 million relates to our redeemable noncontrolling interest in the Indices business.

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the nine months ended September 30:


(in millions)	Foreign Currency Translation Adjustments		Pension and Postretirement Benefit Plans		Unrealized Gain (Loss) on Cash Flow Hedges			Accumulated Other Comprehensive Loss
Balance as of December 31, 2025	$	(403)			$	(386)		$	92		$	(697)
Other comprehensive income (loss) before reclassifications	(110)		1	(4)			(8)			(122)
Reclassifications from accumulated other comprehensive income (loss) to net earnings	3			9		2	5	3		17
Net other comprehensive income	(107)			5			(3)			(105)

Balance as of September 30, 2026	$	(510)			$	(381)		$	89		$	(802)

1Includes an unrealized gain related to our cross currency swaps. See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.

2Reflects amortization of net actuarial losses and is net of a tax expense of $1 million for the nine months ended September 30, 2026. See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

3See Note 5 — Derivative Instruments for additional details of items reclassified from accumulated other comprehensive loss to net earnings.

9. Earnings Per Share

Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of restricted performance shares and stock options calculated using the treasury stock method.

The calculation of basic and diluted EPS for the periods ended September 30 is as follows:


(in millions, except per share amounts)	Three Months		Nine Months
	2026		2025		2026		2025
Amounts attributable to S&P Global Inc. common shareholders:
Income from continuing operations	$	1,298			$	1,078		$	3,827	$	3,091
(Loss) income from discontinued operations	(58)			98			25		246
Net income	$	1,240			$	1,176		$	3,852	$	3,337

Basic weighted-average number of common shares outstanding	291.4			304.3			294.7		305.8
Effect of dilutive securities	0.2			0.2			0.2		0.3
Diluted weighted-average number of common shares outstanding	291.6			304.5			294.9		306.1

Earnings per share attributable to S&P Global Inc. common shareholders:
Income from continuing operations:
Basic	$	4.45			$	3.54		$	12.99	$	10.11
Diluted	$	4.45			$	3.54		$	12.98	$	10.10
(Loss) income from discontinued operations:
Basic	$	(0.20)			$	0.32		$	0.08	$	0.81
Diluted	$	(0.20)			$	0.32		$	0.08	$	0.80
Net income:
Basic	$	4.25			$	3.86		$	13.07	$	10.91
Diluted	$	4.25			$	3.86		$	13.06	$	10.90

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. For the three and nine months ended September 30, 2026 and 2025, there were no stock options excluded. Restricted performance shares outstanding of 0.5 million and 0.6 million as of September 30, 2026 and 2025, respectively, were excluded.

10. Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2026 and 2025 restructuring plans consisted of a company-wide workforce reduction of approximately 450 and 1,230 positions and are further detailed below. The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the consolidated statements of income during the period when it is

determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of September 30, 2026 by segment is as follows:


	2026 Restructuring Plan		2025 Restructuring Plan
(in millions)	Initial Charge Recorded		Ending Reserve Balance		Initial Charge Recorded		Ending Reserve Balance
Ratings	$	8			$	5		$	17	$	—
Indices	—			—			4		2
Energy	8			4			19		5
Market Intelligence	15			6			56		6


Corporate	11			5			46		8
Total	$	42			$	20		$	142	$	21

We recorded a pre-tax restructuring charge of $42 million primarily related to employee severance charges for the 2026 restructuring plan during the nine months ended September 30, 2026 and have reduced the reserve by $22 million. The ending reserve balance for the 2025 restructuring plan was $74 million as of December 31, 2025. For the nine months ended September 30, 2026, we have reduced the reserve for the 2025 restructuring plan by $53 million. The reductions primarily related to cash payments for employee severance charges.

11. Segment and Related Information

We have four reportable segments: Ratings, Indices, Energy and Market Intelligence. On July 1, 2026, the previously announced Separation of Mobility Global from S&P Global became effective. The historical results of Mobility have been presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. The assets and liabilities of Mobility have been classified as discontinued operations as of December 31, 2025. See Note 2 - Acquisitions, Divestitures and Discontinued Operations for further discussion.

Beginning with the third quarter of 2026, the presentation of certain products and related revenue and expenses within the Company's segment reporting was revised to align with management's current view of the business. Accordingly, 451 Research and Maritime & Trade are reported in Energy rather than Market Intelligence, and a small portion of expenses of Credit Analytics-related expenses are reported in Ratings rather than Market intelligence. These changes affected reportable segments results only and did not impact the consolidated financial statements. All prior periods presented have been recast to conform with current presentation.

Our Chief Executive Officer is our chief operating decision-maker (“CODM”) and evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment. Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other income, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

Operating results from continuing operations for the periods ended September 30 are as follows:


(in millions)	Ratings		Indices		Energy		Market Intelligence		Total
	Three Months Ended September 30, 2026
Revenue from external customers	$	1,223			$	551			$	645	$	1,259	$	3,678
Intersegment revenue 1	48		3		—			4		55
Revenue	1,271			554			645			1,263	3,733
Intersegment elimination									(55)
Total revenue									3,678
Less: segment expenses 2	436			156			335			806	1,733
Less: other segment items 3	1			10			(159)			156	8
Intersegment elimination									(55)
Segment operating profit	$	834			$	388			$	469	$	301	$	1,992
Corporate Unallocated expense 4									36

Operating profit									1,956
Other income, net									(4)
Interest expense, net									87
Income from continuing operations before taxes on income									$	1,873


(in millions)	Ratings		Indices		Energy		Market Intelligence		Total
	Nine Months Ended September 30, 2026
Revenue from external customers	$	3,773			$	1,597			$	1,992	$	3,712	$	11,074
Intersegment revenue 1	139		9		—			11		159
Revenue	3,912			1,606			1,992			3,723	11,233
Intersegment elimination									(159)
Total revenue									11,074
Less: segment expenses 2	1,282			448			1,038			2,419	5,187
Less: other segment items 3	11			33			(75)			325	294
Intersegment elimination									(159)
Segment operating profit	$	2,619			$	1,125			$	1,029	$	979	$	5,752
Corporate Unallocated expense 4									125

Operating profit									5,627
Other income, net									(10)
Interest expense, net									267
Income from continuing operations before taxes on income									$	5,370


(in millions)	Ratings		Indices		Energy		Market Intelligence	Total
	Three Months Ended September 30, 2025
Revenue from external customers	$	1,196			$	459		$	609		$	1,179	$	3,443
Intersegment revenue 1	44			3		—		4		51
Revenue	1,240			462			609		1,183		3,494
Intersegment elimination								(51)
Total revenue								3,443
Less: segment expenses 2	409			138			328		768		1,643
Less: other segment items 3	13			11			32		163		219
Intersegment elimination								(51)
Segment operating profit	$	818			$	313		$	249		$	252	$	1,632
Corporate Unallocated expense 4								83
Equity in income on unconsolidated subsidiaries								(7)
Operating profit								1,556
Other income, net								(2)
Interest expense, net								79

Income from continuing operations before taxes on income								$	1,479


(in millions)	Ratings		Indices		Energy		Market Intelligence	Total
	Nine Months Ended September 30, 2025
Revenue from external customers	$	3,408			$	1,344		$	1,896		$	3,469	$	10,117
Intersegment revenue 1	129			8		—		10		147
Revenue	3,537			1,352			1,896		3,479		10,264
Intersegment elimination								(147)
Total revenue								10,117
Less: segment expenses 2	1,197			390			1,009		2,307		4,903
Less: other segment items 3	54			30			108		507		699
Intersegment elimination								(147)
Segment operating profit	$	2,286			$	932		$	779		$	665	$	4,662
Corporate Unallocated expense 4								214
Equity in income on unconsolidated subsidiaries								(28)
Operating profit								4,476
Other income, net								(25)
Interest expense, net								233

Income from continuing operations before taxes on income								$	4,268

1 Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

2 The segment expense category for Ratings, Indices, Energy and Market Intelligence for the three and nine months ended September 30, 2026 and 2025 primarily include an aggregation of compensation costs, technology costs and strategic investments. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments; however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.

3 Other segment items for the three and nine months ended September 30, 2026 for each reportable segment primarily include amortization of intangibles from acquisitions, gain on dispositions and certain items primarily including acquisition and disposition-related costs. Other segment items for the nine months ended September 30, 2026 also include employee severance charges. Other

segment items for the three and nine months ended September 30, 2025 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, legal costs, acquisition and disposition-related costs and Executive Leadership Team transition costs.

4 Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.

The following table presents our revenue disaggregated by revenue type for the periods ended September 30:


(in millions)	Ratings		Indices		Energy		Market Intelligence	Intersegment Elimination 1		Total
	Three Months Ended September 30, 2026
Subscription	$	—			$	87		$	583		$	1,049		$	—	$	1,719
Non-subscription / Transaction	677			—			31		38		—		746
Non-transaction	594			—			—		—		(55)		539
Asset-linked fees	—			375			—		—		—		375
Sales usage-based royalties	—			92			31		—		—		123
Recurring variable revenue	—			—			—		176		—		176
Total revenue	$	1,271			$	554		$	645		$	1,263		$	(55)	$	3,678

Timing of revenue recognition
Services transferred at a point in time	$	677			$	—		$	31		$	38		$	—	$	746
Services transferred over time	594			554			614		1,225		(55)		2,932
Total revenue	$	1,271			$	554		$	645		$	1,263		$	(55)	$	3,678

(in millions)	Ratings		Indices		Energy		Market Intelligence	Intersegment Elimination 1		Total
	Nine Months Ended September 30, 2026
Subscription	$	—			$	258		$	1,708		$	3,076		$	—	$	5,042
Non-subscription / Transaction	2,135			—			189		129		—		2,453
Non-transaction	1,777			—			—		—		(159)		1,618
Asset-linked fees	—			1,062			—		—		—		1,062
Sales usage-based royalties	—			286			95		—		—		381
Recurring variable revenue	—			—			—		518		—		518
Total revenue	$	3,912			$	1,606		$	1,992		$	3,723		$	(159)	$	11,074

Timing of revenue recognition
Services transferred at a point in time	$	2,135			$	—		$	189		$	129		$	—	$	2,453
Services transferred over time	1,777			1,606			1,803		3,594		(159)		8,621
Total revenue	$	3,912			$	1,606		$	1,992		$	3,723		$	(159)	$	11,074


(in millions)	Ratings		Indices		Energy		Market Intelligence	Intersegment Elimination 1		Total
	Three Months Ended September 30, 2025
Subscription	$	—			$	82		$	556		$	986		$	—	$	1,624
Non-subscription / Transaction	668			—			22		39		—		729
Non-transaction	572			—			—		—		(51)		521
Asset-linked fees	—			303			—		—		—		303
Sales usage-based royalties	—			77			31		—		—		108
Recurring variable revenue	—			—			—		158		—		158
Total revenue	$	1,240			$	462		$	609		$	1,183		$	(51)	$	3,443

Timing of revenue recognition
Services transferred at a point in time	$	668			$	—		$	22		$	39		$	—	$	729
Services transferred over time	572			462			587		1,144		(51)		2,714
Total revenue	$	1,240			$	462		$	609		$	1,183		$	(51)	$	3,443

(in millions)	Ratings		Indices		Energy		Market Intelligence	Intersegment Elimination 1		Total
	Nine Months Ended September 30, 2025
Subscription	$	—			$	237		$	1,637		$	2,900		$	—	$	4,774
Non-subscription / Transaction	1,885			—			169		112		—		2,166
Non-transaction	1,652			—			—		—		(147)		1,505
Asset-linked fees	—			876			—		—		—		876
Sales usage-based royalties	—			239			90		—		—		329
Recurring variable revenue	—			—			—		467		—		467
Total revenue	$	3,537			$	1,352		$	1,896		$	3,479		$	(147)	$	10,117

Timing of revenue recognition
Services transferred at a point in time	$	1,885			$	—		$	169		$	112		$	—	$	2,166
Services transferred over time	1,652			1,352			1,727		3,367		(147)		7,951
Total revenue	$	3,537			$	1,352		$	1,896		$	3,479		$	(147)	$	10,117

1 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Segment information as of September 30, 2026 and December 31, 2025 is as follows:


(in millions)	Total Assets
	September 30,		December 31,
	2026		2025
Ratings	$	1,389			$	1,212
Indices	3,375			3,369
Energy	8,580			8,658
Market Intelligence	29,898			30,782
Total reportable segments	43,242			44,021
Corporate 1	4,790			4,027
Assets held for sale 2	—			196
Assets of discontinued operations	—			12,956
Total	$	48,032			$	61,200

1Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, investments, assets for pension benefits and deferred income taxes.

2Relates to the divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment as of December 31, 2025. Additionally, assets held for sale include fixed assets related to our facility in Centennial, Colorado as of December 31, 2025.

The following provides revenue by geographic region for the periods ended September 30:


(in millions)	Three Months		Nine Months
	2026		2025		2026		2025
U.S.	$	2,176			$	1,995		$	6,567	$	5,891
European region	873			861			2,672		2,530
Asia	445			417			1,290		1,182
Rest of the world	184			170			545		514
Total	$	3,678			$	3,443		$	11,074	$	10,117

See Note 2 — Acquisitions, Divestitures and Discontinued Operations and Note 10 — Restructuring for additional actions that impacted the segment operating results.

12. Commitments and Contingencies

Leases

We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 11 years, some of which include options to extend the leases for up to 12 years, and some of which include options to terminate the leases early. We sublease certain real estate leases to third parties which mainly consist of operating leases for space within our offices.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum base payments used to determine our lease liabilities include minimum base rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of September 30, 2026 and December 31, 2025:



(in millions)		September 30,		December 31,
Balance Sheet Location		2026		2025
Assets
Right of use assets	Lease right of use assets	$	345			$	397

Liabilities
Other current liabilities	Current lease liabilities	118			117
Lease liabilities — non-current	Non-current lease liabilities	403			483

The components of lease expense for the periods ended September 30 are as follows:


(in millions)	Three Months		Nine Months
	2026		2025			2026	2025
Operating lease cost	$	27			$	28		$	80	$	87





Sublease income	(5)			(3)			(22)		(10)
Total lease cost	$	22			$	25		$	58	$	77

Supplemental information related to leases for the periods ended September 30 are as follows:


(in millions)	Three Months		Nine Months
	2026		2025		2026		2025
Cash paid for amounts included in the measurement for operating lease liabilities
Operating cash flows for operating leases	$	36			$	33		$	106	$	99



Right of use assets obtained in exchange for lease obligations
Operating leases	9			1			25		22

Weighted-average remaining lease term and discount rate for our operating leases are as follows:


	September 30,		December 31,
	2026		2025

Weighted-average remaining lease term (years)	4.5		5.3


Weighted-average discount rate	4.33	%		4.29	%

Maturities of lease liabilities for our operating leases are as follows:


(in millions)
2026 (Excluding the nine months ended September 30, 2026)	$	34
2027	136
2028	113
2029	89
2030	65
2031 and beyond	151
Total undiscounted lease payments	$	588
Less: Imputed interest	67
Present value of lease liabilities	$	521

As of September 30, 2026, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $18 million which have been excluded from the table above. These leases are expected to begin in the fourth quarter of 2026 and continue through 2037, with lease terms ranging from 1 year to 11 years.

Related Party Agreements

In June of 2012, we entered into a license agreement (the “License Agreement\") with the holder of S&P Dow Jones Indices LLC noncontrolling interest, CME Group, replacing the 2005 license agreement between Indices and CME Group. Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group’s equity index products. During the three and nine months ended September 30, 2026, S&P Dow Jones Indices LLC earned $48 million and $154 million of revenue under the terms of the License Agreement. During the three and nine months ended September 30, 2025, S&P Dow Jones Indices LLC earned $44 million and $146 million, respectively, of revenue under the terms of the License Agreement. The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27% noncontrolling interest is removed in net income attributable to noncontrolling interests.

Legal and Regulatory Matters

In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in a number of legal proceedings and are often subjected to government and regulatory proceedings, investigations and inquiries.

A class action lawsuit was filed in Australia on August 7, 2020 against the Company and a subsidiary of the Company. The lawsuit relates to alleged investment losses in collateralized debt obligations rated by Ratings prior to the financial crisis between 2005 and 2007. We can provide no assurance that we will not be obligated to pay significant amounts in order to resolve the lawsuit on terms deemed acceptable.

From time to time, the Company receives customer complaints. The Company believes it has strong contractual protections in the terms and conditions included in its arrangements with customers. Nonetheless, in the interest of managing customer relationships, the Company from time to time engages in dialogue with such customers in an effort to resolve such complaints, and if such complaints cannot be resolved through dialogue, may face litigation regarding such complaints. The Company does not expect to incur material losses as a result of these matters.

Moreover, various government and self-regulatory agencies frequently make inquiries and conduct investigations into our compliance with applicable laws and regulations, including those related to our regulated products and services, antitrust matters and other matters, such as ESG. For example, as a nationally recognized statistical rating organization registered with the SEC under Section 15E of the Exchange Act, S&P Global Ratings is in ongoing communication with the staff of the SEC regarding compliance with its extensive obligations under the federal securities laws. Although S&P Global seeks to promptly address any compliance issues that it detects or that the staff of the SEC or another regulator raises, there can be no assurance that the SEC or another regulator will not seek remedies against S&P Global for one or more compliance deficiencies. Any of these proceedings, investigations or inquiries could ultimately result in adverse judgments, damages, fines, penalties or activity restrictions, which could adversely impact our consolidated financial condition, cash flows, business or competitive position.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

13. Recently Issued or Adopted Accounting Standards

In May of 2026, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that provides recognition, measurement, presentation and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In November of 2025, the FASB issued accounting guidance to more closely align hedge accounting with the economics of an entity's risk management activities. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In September of 2025, the FASB issued accounting guidance that clarifies the guidance on which contracts are subject to derivative accounting and guidance on accounting for share based payments on contracts with customers. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In September of 2025, the FASB issued accounting guidance which removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In July of 2025, the FASB issued accounting guidance that provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. The guidance was effective on January 1, 2026, and the adoption of this guidance did not have an impact on our consolidated financial statements.

In May of 2025, the FASB issued accounting guidance to improve the requirements for identifying the accounting acquirer in ASC 805, Business Combinations. The amendments in this update revise current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a VIE that meets the definition of a business. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted as of the beginning of an interim or annual reporting period. This guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. We do not expect this guidance to have a significant impact on our consolidated financial statements.

In November of 2024, the FASB issued accounting guidance which requires that an entity disclose, in the notes to financial statements, additional information about specific expense categories. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on the Company’s disclosures.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)

The following Management’s Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three and nine months ended September 30, 2026. The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2025 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MD&A includes the following sections:

•Overview

•Results of Operations — Comparing the Three and Nine Months Ended September 30, 2026 and 2025

•Liquidity and Capital Resources

•Reconciliation of Non-GAAP Financial Information

•Critical Accounting Estimates

•Recently Issued or Adopted Accounting Standards

•Forward-Looking Statements

OVERVIEW

We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers and the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture. We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels.

On July 1, 2026, the previously announced separation (the “Separation”) of Mobility Global Inc. (“Mobility Global”) from S&P Global became effective. The separation of Mobility Global, which comprises the business of S&P Global and its subsidiaries which previously operated under the S&P Global Mobility (“Mobility”) segment, was achieved through S&P Global’s distribution (the “Distribution”) of 100% of the shares of Mobility Global common stock to holders of S&P Global common stock effective as of 12:01 a.m. New York City time on July 1, 2026, with holders of S&P Global common stock receiving one share of Mobility Global common stock for every share of S&P Global common stock held at the close of business on June 15, 2026 (the “Record Date”). Following the Distribution, Mobility Global became an independent, publicly-traded company with its common stock listed under the symbol “MBGL” on the New York Stock Exchange.

Our operations consist of four reportable segments: S&P Global Ratings (“Ratings”), S&P Dow Jones Indices (“Indices”), S&P Global Energy (“Energy”) and S&P Global Market Intelligence (“Market Intelligence”).

•Ratings is an independent provider of credit ratings, research, and analytics.

•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

•Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets.

•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

The accounting requirements for reporting Mobility as a discontinued operation were met when the Separation was completed. Accordingly, the historical results of Mobility have been presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented.

The Company's presentation of discontinued operations excludes general corporate overhead costs that were historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations. Such allocations include labor and non-labor expenses related to S&P Global's corporate support functions (e.g., finance, accounting, treasury, information technology, legal, among others) that historically provided support to Mobility. In addition, discontinued operations excludes historical intercompany purchases and sales between S&P Global and Mobility that were eliminated in consolidation.

Key results for the periods ended September 30 are as follows:


(in millions, except per share amounts)	Three Months		Nine Months
	2026		2025		% Change 1		2026	2025		% Change 1
Revenue	$	3,678			$	3,443		7%		$	11,074		$	10,117	9%
Operating profit 2	$	1,956			$	1,556		26%		$	5,627		$	4,476	26%
Operating margin %	53	%		45	%			51	%		44	%
Diluted earnings per share from continuing operations	$	4.45			$	3.54		26%		$	12.98		$	10.10	29%

1 % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

2 Operating profit for the three and nine months ended September 30, 2026 includes disposition-related costs of $5 million and $12 million, respectively, gain on dispositions of $200 million and $386 million, respectively, acquisition-related costs of $8 million and $24 million, respectively, lease impairments of $5 million and $10 million, respectively, and a reversal of a statutorily required labor law accrual adjustment of $5 million and $2 million, respectively. Operating profit for the nine months ended September 30, 2026 includes employee severance charges of $44 million, asset impairment of $4 million, employee-related costs of $3 million, and legal costs of $1 million. Operating profit for the three and nine months ended September 30, 2025 includes employee severance charges of $18 million and $94 million, respectively, acquisition-related costs of $6 million and $19 million, respectively, legal costs of $13 million and $42 million, respectively, disposition-related costs of $7 million and $12 million, respectively, Executive Leadership Team transition costs of $10 million and $27 million, respectively, and lease impairments of $6 million and $14 million, respectively. Operating profit for the nine months ended September 30, 2025 includes a gain on disposition of $3 million and asset write-offs of $1 million. Operating profit also includes amortization of intangibles from acquisitions of $199 million and $203 million for the three months ended September 30, 2026 and 2025, respectively, and $598 million and $615 million for the nine months ended September 30, 2026 and 2025, respectively.

Three Months

Revenue increased 7% driven by increases at all of our reportable segments. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Market Intelligence was primarily due to subscription revenue growth in Kensho Data and Platforms driven by increases in data feed products, RatingsXpress® and RatingsDirect®, and the favorable impact of retroactive revenue from delayed renewals. An increase in recurring variable revenue primarily due to increased volumes also contributed to revenue growth. Revenue at Market Intelligence was favorably impacted by the acquisition of With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue and a decrease in structured finance revenue. Non-transaction revenue increased primarily due to an increase in surveillance revenue, an increase in revenue at our Crisil subsidiary and higher Ratings Evaluation Service (“RES”) activity. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 26%. Excluding the impact of a higher gain on dispositions in 2026 of 15 percentage points, higher employee severance charges in 2025 of 1 percentage point, higher legal costs in 2025 of 1 percentage point and Executive Leadership Team transition costs in 2025 of 1 percentage point, operating profit increased 8%. The increase was primarily due to revenue growth, partially offset by higher compensation costs, higher technology costs and investments in strategic initiatives. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Nine Months

Revenue increased 9% driven by increases at all of our reportable segments. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue. Non-transaction revenue increased primarily due to an increase in surveillance revenue, an increase in revenue at our Crisil subsidiary and higher RES activity. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Market Intelligence was primarily due to subscription revenue growth in Kensho Data and Platforms driven by increases in data feed products, RatingsXpress® and RatingsDirect®, and the favorable impact of retroactive revenue from delayed renewals. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Revenue at Market Intelligence was favorably impacted by the acquisition of With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 26%. Excluding the impact of a higher gain on dispositions in 2026 of 10 percentage points, higher employee severance charges in 2025 of 1 percentage point, higher legal costs in 2025 of 1 percentage point higher Executive Leadership Team transition costs in 2025 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, operating profit increased 12%. The increase was primarily due to revenue growth, partially offset by higher compensation costs, higher technology costs and investments in strategic initiatives. Foreign exchange rates had a favorable impact of 1 percentage point.

Our Strategy

Our industry-leading benchmarks, differentiated data, and solutions provide a unique value proposition that provide customers with the ability to make more confident decisions and stay a step ahead. Our strategy focuses on three key objectives: to Advance market leadership, Expand high-growth adjacencies, and Amplify enterprise capabilities and integration of AI. In 2026, we are focused on delivering on these key strategic priorities.

Advance Market Leadership

•Delivering market-leading value proposition through best-in-class products, including world-class benchmarks and highly differentiated data, that are transforming the user experience, accelerating innovation, and optimizing go-to-market to enhance client retention and growth; and

•Expanding trusted, enduring client relationships through differentiated products and best-in-class client experiences that meet clients’ evolving needs.

Expand High-Growth Adjacencies

•Accelerating in high-growth adjacencies such as private markets, energy expansion, supply chain intelligence, wealth, and decentralized finance, alongside leading-edge AI and technology, such as blockchain and quantum computing.

Amplify Enterprise Capabilities and AI

•Enabling growth, innovation, and operating leverage through our integrated operating model that removes siloes across enterprise data, enterprise technology, and client coverage teams;

•Driving cutting-edge innovation, in line with client expectations, by integrating and scaling new technology and AI into our products and our operations, and leveraging strategic collaborations and new potential commercial models;

•Enhancing our data estate by continuing to add differentiated data sets at scale, thereby enabling new revenue, efficiency, and time-to-market;

•Leveraging technology, process and skills innovation to empower our people, enhance productivity, and deliver enterprise impact via a people-forward culture, skills focus, people + AI process redesign, and aligned incentives; and

•Continually improving our ongoing commitment to risk management.

We believe that delivering on our key strategic priorities will create shareholder value through long-term profitable growth and we expect to continue to deliver targeted capital return to shareholders.

There can be no assurance that we will achieve success in implementing any one or more of these strategies as a variety of factors could unfavorably impact operating results, including prolonged difficulties in the global credit markets and a change in the regulatory environment affecting our businesses. See Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

RESULTS OF OPERATIONS — COMPARING THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025

Consolidated Review


(in millions)	Three Months		Nine Months
	2026		2025		% Change		2026	2025	% Change
Revenue	$	3,678			$	3,443		7%	$	11,074	$	10,117	9%
Total Expenses:
Operating-related expenses	1,034			986			5%	3,159		2,996	5%
Selling and general expenses	660			693			(5)%	1,990		2,032	(2)%
Depreciation and amortization	228			215			6%	684		644	6%
Total expenses	1,922			1,894			2%	5,833		5,672	3%
Gain on dispositions	(200)			—			N/M	(386)		(3)	N/M
Equity in income on unconsolidated subsidiaries	—			(7)			N/M	—		(28)	N/M
Operating profit	1,956			1,556			26%	5,627		4,476	26%
Other income, net	(4)			(2)			N/M	(10)		(25)	60%
Interest expense, net	87			79			10%	267		233	14%

Provision for taxes on income	467			312			49%	1,220		918	33%
Income from continuing operations	1,406			1,167			21%	4,150		3,350	24%
Discontinued operations, net	(58)			98			N/M	25		246	(90)%
Less: net income from continuing operations attributable to noncontrolling interests	(108)			(89)			(22)%	(323)		(259)	(25)%

Net income attributable to S&P Global Inc.	$	1,240			$	1,176		5%	$	3,852	$	3,337	15%

N/M – Represents a change equal to or in excess of 100% or not meaningful

Revenue

The following table provides consolidated revenue information for the periods ended September 30:


(in millions)	Three Months		Nine Months
	2026		2025		% Change		2026	2025		% Change
Revenue	$	3,678			$	3,443		7%		$	11,074		$	10,117	9%

Subscription revenue	1,719			1,624			6%	5,042			4,774		6%
Non-subscription / transaction revenue	746			729			2%	2,453			2,166		13%
Non-transaction revenue	539			521			3%	1,618			1,505		8%
Asset-linked fees	375			303			24%	1,062			876		21%
Sales usage-based royalties	123			108			14%	381			329		16%
Recurring variable	176			158			11%	518			467		11%

% of total revenue:
Subscription revenue	47	%		47	%			45	%		47	%
Non-subscription / transaction revenue	20	%		21	%			22	%		21	%
Non-transaction revenue	15	%		15	%			15	%		15	%
Asset-linked fees	10	%		9	%			10	%		9	%
Sales usage-based royalties	3	%		3	%			3	%		3	%
Recurring variable	5	%		5	%			5	%		5	%

U.S. revenue	$	2,176			$	1,995		9%		$	6,567		$	5,891	11%
International revenue:
European region	873			861			1%	2,672			2,530		6%
Asia	445			417			7%	1,290			1,182		9%
Rest of the world	184			170			8%	545			514		6%
Total international revenue	$	1,502			$	1,448		4%		$	4,507		$	4,226	7%
% of total revenue:
U.S. revenue	59	%		58	%			59	%		58	%
International revenue	41	%		42	%			41	%		42	%

$\"291\"$ $\"297\"$

Three Months

Revenue increased 7% as compared to the three months ended September 30, 2025. Subscription revenue increased in 2026 primarily due to growth in Kensho Data and Platforms driven by increases in data feed products, RatingsXpress® and RatingsDirect®, and the favorable impact of retroactive revenue from delayed renewals; continued demand for Energy market data and market insights products; and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue at Ratings and an increases in consulting revenue and conference revenue at Energy. Non-transaction revenue increased primarily due to an increase in surveillance revenue, an increase in revenue at our Crisil subsidiary and higher RES activity at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information.

The unfavorable impact of foreign exchange rates reduced revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

Nine Months

Revenue increased 9% as compared to the nine months ended September 30, 2025. Subscription revenue increased in 2026 primarily due to growth in Kensho Data and Platforms driven by increases in data feed products, RatingsXpress® and RatingsDirect®, the favorable impact of retroactive revenue from delayed renewals; continued demand for Energy market data and market insights products; and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue at Ratings, and increases in conference revenue and consulting revenue at Energy. Non-transaction revenue increased primarily due to an increase in surveillance revenue, an increase in revenue at our Crisil subsidiary and higher RES activity at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Energy. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information.

The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

Total Expenses

The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the

periods ended September 30:

Three Months


(in millions)	2026		2025		% Change
	Operating- related expenses		Selling and general expenses		Operating- related expenses		Selling and general expenses	Operating- related expenses		Selling and general expenses
Ratings 1	281			146			267		147		5%		(1)%
Indices 2	79			76			70		67		11%		13%
Energy 3	192			148			188		138		3%		7%
Market Intelligence 4	518			276			493		281		5%		(1)%
Intersegment eliminations 5	(55)			—			(51)		—		(8)%		N/M
Total segments	1,015			646			967		633		5%		2%
Corporate Unallocated expense 6	19			14			19		60		(4)%		(76)%
Total	$	1,034			$	660		$	986		$	693		5%	(5)%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 In 2025, selling and general expenses include legal costs of $12 million.

2 In 2025, selling and general expenses include employee severance charges of $1 million and acquisition-related costs of $1 million.

3 In 2026, selling and general expenses include acquisition-related costs of $6 million, disposition-related costs of $4 million and a reversal of a statutorily required labor law accrual adjustment of $1 million.

4 In 2026, selling and general expenses include a reversal of a statutorily required labor law accrual adjustment of $2 million, disposition-related costs of $2 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $11 million, acquisition-related costs of $2 million, disposition-related costs of $4 million and Executive Leadership Team transition costs of $1 million.

5 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

6 In 2026, selling and general expenses include lease impairments of $5 million, a reversal of a statutorily required labor law accrual adjustment of $2 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include Executive Leadership Team transition costs of $9 million, lease impairments of $6 million, employee severance charges of $5 million, acquisition-related costs of $4 million, disposition-related costs of $4 million and legal costs of $1 million.

Operating-Related Expenses

Operating-related expenses increased 5% primarily driven by higher compensation costs, higher technology costs and an increase in strategic initiatives.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Selling and General Expenses

Selling and general expenses decreased 5%. Selling and general expenses increased 2% excluding the impact of higher employee severance charges in 2025 of 3 percentage points, higher legal costs in 2025 of 2 percentage points, Executive Leadership Team transition costs in 2025 of 1 percentage point, and a reversal of a statutorily required labor law accrual adjustment in 2026 of 1 percentage point. The increase was primarily driven by higher compensation costs, higher technology costs and an increase in strategic initiatives.

Depreciation and Amortization

Depreciation and amortization increased $13 million to $228 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by a recent acquisition at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized.

Nine Months


(in millions)	2026		2025		% Change
	Operating- related expenses		Selling and general expenses		Operating- related expenses		Selling and general expenses	Operating- related expenses		Selling and general expenses
Ratings 1	$	847			$	418		$	788		$	439		7%	(5)%
Indices 2	232			216			203		186		14%		16%
Energy 3	628			428			610		404		3%		6%
Market Intelligence 4	1,559			856			1,491		851		5%		1%
Intersegment eliminations 5	(158)			—			(147)		—		(8)%		N/M
Total segments	3,108			1,918			2,945		1,880		6%		2%
Corporate Unallocated expense 6	51			72			51		152		1%		(53)%
Total	$	3,159			$	1,990		$	2,996		$	2,032		5%	(2)%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 In 2026, selling and general expenses include employee severance charges of $8 million. In 2025, selling and general expenses include legal costs of $39 million and employee severance charges of $10 million.

2 In 2026, selling and general expenses include employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $1 million and acquisition-related costs of $1 million.

3 In 2026, selling and general expenses include acquisition-related costs of $9 million, employee severance charges of $8 million, disposition-related costs of $6 million, asset impairment of $4 million and a reversal of a statutorily required labor law accrual adjustment of $1 million. In 2025, selling and general expenses include employee severance charges of $10 million.

4 In 2026, selling and general expenses include employee severance charges of $15 million, acquisition-related costs of $13 million and disposition-related costs of $6 million. In 2025, selling and general expenses include employee severance charges of $44 million, acquisition-related costs of $12 million, disposition-related costs of $6 million and Executive Leadership Team transition costs of $5 million.

5 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

6 In 2026, selling and general expenses include employee severance charges of $11 million, lease impairments of $10 million, acquisition-related costs of $2 million and a reversal of a statutorily required labor law accrual adjustment of $2 million. In 2025, selling and general expenses include employee severance charges of $28 million, Executive Leadership Team transition costs of $22 million, lease impairments of $14 million, acquisition-related costs of $6 million, disposition-related costs of $6 million, legal costs of $3 million and an asset write-off of $1 million.

Operating-Related Expenses

Operating-related expenses increased 5% primarily driven by higher compensation costs, higher technology costs and an increase in strategic initiatives.

Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Selling and General Expenses

Selling and general expenses decreased 2%. Selling and general expenses increased 4% excluding the impact of higher employee severance charges in 2025 of 3 percentage points, higher legal costs in 2025 of 2 percentage points and Executive Leadership Team transition costs in 2025 of 1 percentage point. The increase was primarily driven by higher compensation costs, higher technology costs and an increase in strategic initiatives.

Depreciation and Amortization

Depreciation and amortization increased $40 million to $684 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by a recent acquisition at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized.

Gain on Dispositions

During the three and nine months ended September 30, 2026, we recorded a pre-tax gain of $200 million ($136 million after-tax) and $386 million ($315 million after-tax), respectively, related to the following dispositions:

•On September 1, 2026, we completed the sale of Energy's geoscience and petroleum engineering software portfolio to Schlumberger (SLB), a global technology company driving energy innovation across more than 100 countries. During the three and nine months ended September 30, 2026, we recorded a pre-tax gain of $200 million ($136 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of the geoscience and petroleum engineering software portfolio.

•In April of 2026, we sold our facility at Centennial, Colorado. During the nine months ended September 30, 2026, we recorded a pre-tax gain of $11 million ($8 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Centennial.

•On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies. During the nine months ended September 30, 2026, we recorded a pre-tax gain of $172 million ($168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.

•In March of 2026, we recorded a pre-tax gain of $3 million ($3 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of OSTTRA in October of 2025.

During the nine months ended September 30, 2025, we recorded a pre-tax gain of $3 million ($2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Fincentric in August of 2024.

Operating Profit

We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate.

We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment’s contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated expense and Equity in Income on Unconsolidated Subsidiaries.

The tables below reconcile segment operating profit to total operating profit for the periods ended September 30:

Three Months


(in millions)	2026		2025		% Change
Ratings 1	$	834			$	818		2%
Indices 2	388			313			24%
Energy 3	469			249			88%
Market Intelligence 4	301			252			19%
Total segment operating profit	1,992			1,632			22%
Corporate Unallocated expense 5	(36)			(83)			56%
Equity in income on unconsolidated subsidiaries 6	—			7			N/M
Total operating profit	$	1,956			$	1,556		26%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 2025 includes legal costs of $12 million. 2026 and 2025 include amortization of intangibles from acquisitions of $1 million.

2 2025 includes employee severance charges of $1 million and acquisition-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $10 million and $9 million, respectively.

3 2026 includes a gain on disposition of $200 million, acquisition-related costs of $6 million, disposition-related costs of $4 million, and a reversal of a statutorily required labor law accrual adjustment of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $32 million.

4 2026 includes a reversal of a statutorily required labor law accrual adjustment of $2 million, disposition-related costs of $2 million and acquisition-related costs of $1 million. 2025 includes employee severance charges of $11 million, acquisition-related costs of $2 million, disposition-related costs of $4 million and Executive Leadership Team transition costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $154 million and $146 million, respectively.

5 2026 includes lease impairments of $5 million, a reversal of a statutorily required labor law accrual adjustment of $2 million and acquisition-related costs of $1 million. 2025 includes Executive Leadership Team transition costs of $9 million, lease impairments of $6 million, employee severance charges of $5 million, acquisition-related costs of $4 million, disposition-related costs of $4 million and legal costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $2 million and $1 million, respectively.

6 2025 includes amortization of intangibles from acquisitions of $14 million.

Segment Operating Profit — Segment operating profit increased 22% as compared to 2025. Excluding the impact of a higher gain on dispositions in 2026 of 13 percentage points, higher employee severance charges in 2025 of 1 percentage point, higher legal costs in 2025 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2026 of 1

percentage point, operating profit increased 8% primarily due to revenue growth, partially offset by higher compensation costs, higher technology costs and investments in strategic initiatives. See “Segment Review” below for further information.

Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense decreased 56% compared to 2025. Excluding the impact of Executive Leadership Team transition costs in 2025 of 6 percentage points, employee severance charges in 2025 of 3 percentage points, higher disposition-related costs in 2025 of 2 percentage points, higher acquisition-related costs in 2025 of 2 percentage points, a reversal of a statutorily required labor law accrual adjustment in 2026 of 1 percentage point and higher lease impairments in 2025 of 1 percentage point, Corporate Unallocated expense decreased 41% primarily due to lower professional fees and incentives.

Equity in Income on Unconsolidated Subsidiaries — On October 10, 2025, the Company and CME Group completed the sale of OSTTRA, an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture. Equity in Income on Unconsolidated Subsidiaries was $7 million for the three months ended September 30, 2025.

Foreign exchange rates had an unfavorable impact on operating profit of less than 1 percentage point. This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities. Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.

Nine Months


(in millions)	2026		2025		% Change
Ratings 1	$	2,619			$	2,286		15%
Indices 2	1,125			932			21%
Energy 3	1,029			779			32%
Market Intelligence 4	979			665			47%
Total segment operating profit	5,752			4,662			23%
Corporate Unallocated expense 5	(125)			(214)			42%
Equity in income on unconsolidated subsidiaries 6	—			28			N/M
Total operating profit	$	5,627			$	4,476		26%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 2026 includes employee severance charges of $8 million. 2025 includes legal costs of $39 million and employee severance charges of $10 million. 2026 and 2025 include amortization of intangibles from acquisitions of $3 million and $5 million, respectively.

2 2026 includes employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million. 2025 includes employee severance charges of $1 million and acquisition-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $29 million and $27 million, respectively.

3 2026 includes a gain on disposition of $200 million, employee severance charges of $8 million, acquisition-related costs of $9 million, disposition-related costs of $6 million, asset impairment of $4 million and a reversal of a statutorily required labor law accrual adjustment of $1 million. 2025 includes employee severance charges of $10 million. 2026 and 2025 include amortization of intangibles from acquisitions of $98 million.

4 2026 includes gain on disposition of $172 million, employee severance charges of $15 million, acquisition-related costs of $13 million, and disposition-related costs of $6 million. 2025 includes employee severance charges of $44 million, acquisition-related costs of $12 million, Executive Leadership Team transition costs of $5 million, disposition-related costs of $6 million and a gain on disposition of $3 million. 2026 and 2025 include amortization of intangibles from acquisitions of $464 million and $443 million, respectively.

5 2026 includes a gain on dispositions of $14 million, employee severance charges of $11 million, lease impairments of $10 million, acquisition-related costs of $2 million and a reversal of a statutorily required labor law accrual adjustment of $2 million. 2025 includes employee severance charges of $28 million, Executive Leadership Team transition costs of $22 million, lease impairments of $14 million, acquisition-related costs of $6 million, disposition-related costs of $6 million, legal costs of $3 million and an asset write-off of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $4 million and $2 million, respectively.

6 2025 includes amortization of intangibles from acquisitions of $40 million.

Segment Operating Profit — Segment operating profit increased 23% as compared to 2025. Excluding the impact of a gain on dispositions in 2026 of 9 percentage points, higher employee severance charges in 2025 of 1 percentage point, legal settlement costs in 2025 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, operating profit increased 13% primarily due to revenue growth, partially offset by higher compensation costs, higher technology costs and investments in strategic initiatives. See “Segment Review” below for further information.

Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense decreased 42% compared to 2025. Excluding the impact of Executive Leadership Team transition costs in 2025 of 9 percentage points, higher employee severance charges in 2025 of 7 percentage points, a gain on dispositions in 2026 of 4 percentage points, disposition-related costs in 2025 of 2 percentage points, higher acquisition-related costs in 2025 of 2 percentage points, higher lease impairments in 2025 of 2 percentage points, legal costs in 2025 of 1 percentage point, a reversal of a statutorily required labor law accrual adjustment in 2026 of 1 percentage point and an asset write-off in 2025 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, Corporate Unallocated expense decreased 14% primarily due to lower professional fees and incentives.

Equity in Income on Unconsolidated Subsidiaries — On October 10, 2025, the Company and CME Group completed the sale of OSTTRA, an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture. Equity in Income on Unconsolidated Subsidiaries was $28 million for the nine months ended September 30, 2025.

Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities. Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.

Other Income, net

Other income, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans. Other income, net was $4 million for the three months ended September 30, 2026 compared to $2 million for the three months ended September 30, 2025 and $10 million for the nine months ended September 30, 2026 compared to $25 million for the nine months ended September 30, 2025 due to higher losses on our mark-to-market investments in the three months ended September 30, 2025 and higher gains on our mark-to-market investments in the nine months ended September 30, 2025.

Interest Expense, net

Interest expense, net was $87 million for the three months ended September 30, 2026 compared to $79 million for the three months ended September 30, 2025 and $267 million for the nine months ended September 30, 2026 compared to $233 million for the nine months ended September 30, 2025, primarily due to an increase in interest expense related to the issuance of our senior notes in December of 2025 and increased expense related to commercial paper borrowings in 2026 to partially finance the Company's ASR agreements entered into in 2026 and short-term working capital requirements.

Provision for Income Taxes

The effective income tax rate was 24.9% and 22.7% for the three and nine months ended September 30, 2026, respectively, and 21.1% and 21.5% for the three and nine months ended September 30, 2025, respectively. The higher 2026 rates are primarily due to a combination of discrete adjustments including tax charge on divestitures.

The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our consolidated financial statements.

On January 5, 2026, the OECD issued administrative guidance outlining a framework under which U.S.-parented groups may be excluded from the application of the OECD’s global minimum tax rules. Each member jurisdiction will need to adopt this guidance into local law, and the timing and manner of adoption may vary. We are continuing to monitor developments related to this guidance and will evaluate the impact on our financial statements as additional information becomes available.

Discontinued Operations

On July 1, 2026, the previously announced Separation of Mobility Global from S&P Global became effective. The historical results of Mobility have been presented as discontinued operations and, as such, have been excluded from continuing operations and segment results for all periods presented. See Note 2 – Acquisitions, Divestitures and Discontinued Operations to the consolidated financial statements of this Form 10-Q for further information.

Segment Review

Ratings

Ratings is an independent provider of credit ratings, research, and analytics. Credit ratings are forward-looking opinions about an issuer's relative creditworthiness. They are one of several tools investors can use when making decisions about purchasing bonds and other fixed income investments. Our ratings express our opinion about the ability and willingness of an issuer, such as a corporation or state or city government, to meet its financial obligations in full and on time. Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default.

On October 26, 2026, we announced the completion of the acquisition of OpenZeppelin, the security standard for onchain finance. The transaction complements S&P Global's risk assessment capabilities in digital asset markets and brings OpenZeppelin's deep expertise in onchain ecosystem development, enhancing its ability to create the next generation of onchain security assessments and benchmarks, and deliver essential intelligence as capital markets transition onchain. The acquisition is part of our Ratings segment and is not material to our consolidated financial statements.

On July 28, 2026, we announced an agreement to acquire a majority stake in Agusto & Co., a leading Pan-African rating agency with operations in Nigeria, Kenya, Rwanda and Ghana. The investment, a strategic step for both companies, will complement and support the growth strategy of our Ratings segment in Africa. The transaction is expected to close in the fourth quarter of 2026, subject to customary closing conditions, including receipt of required regulatory approvals. The proposed acquisition is not expected to have a material impact to our consolidated financial statements.

Ratings disaggregates its revenue between transaction and non-transaction. Transaction revenue primarily includes fees associated with:

•ratings related to new issuance of corporate and government debt instruments, as well as structured finance debt instruments; and

•bank loan ratings.

Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at Crisil. Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue was $47 million and $137 million for the three and nine months ended September 30, 2026, respectively, and $44 million and $128 million for the three and nine months ended September 30, 2025, respectively.

The following table provides revenue and segment operating profit information for the periods ended September 30:


(in millions)	Three Months		Nine Months
	2026		2025		% Change		2026	2025		% Change
Revenue	$	1,271			$	1,240		2%		$	3,912		$	3,537	11%

Transaction revenue	$	677			$	668		1%		$	2,135		$	1,885	13%
Non-transaction revenue	$	594			$	572		4%		$	1,777		$	1,652	8%
% of total revenue:
Transaction revenue	53	%		54	%			55	%		53	%
Non-transaction revenue	47	%		46	%			45	%		47	%

U.S. revenue	$	737			$	729		1%		$	2,296		$	2,051	12%
International revenue	$	534			$	511		5%		$	1,616		$	1,486	9%
% of total revenue:
U.S. revenue	58	%		59	%			59	%		58	%
International revenue	42	%		41	%			41	%		42	%

Operating profit 1	$	834			$	818		2%		$	2,619		$	2,286	15%
Operating margin %	66	%		66	%			67	%		65	%

1Operating profit for the nine months ended September 30, 2026 includes employee severance charges of $8 million. Operating profit for the three and nine months ended September 30, 2025 includes legal costs of $12 million and $39 million, respectively. Operating profit for the nine months ended September 30, 2025 includes employee severance charges $10 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $1 million for the three months ended September 30, 2026 and 2025, and $3 million and $5 million for the nine months ended September 30, 2026 and 2025, respectively.

Three Months

Revenue increased 2%, with a unfavorable impact from foreign exchange rates of 1 percentage point. The increase in revenue was driven by both transaction and non-transaction revenue. Non-transaction revenue increased primarily due to an increase in surveillance revenue, an increase in revenue at our Crisil subsidiary and higher Ratings Evaluation Service (“RES”) activity. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue driven due to lower refinancing activity and a decrease in structured finance revenue driven by decreased collateralized loan obligations (“CLOs”) issuance volumes. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit increased 2%. Excluding the impact of legal costs in 2025 of 2 percentage points, operating profit remained unchanged due to revenue growth, offset by higher compensation costs driven by annual merit increases and additional headcount, higher technology costs and an increase in strategic investments. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Nine Months

Revenue increased 11%, with a favorable impact from foreign exchange rates of 1 percentage point. The increase in revenue was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue driven due to lower refinancing activity. An increase in structured finance revenue also contributed to transaction revenue growth. Non-transaction revenue increased primarily due to an increase in surveillance revenue, an increase in revenue at our Crisil subsidiary and higher RES activity. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit increased 15%. Excluding the impact of legal costs in 2025 of 3 percentage points, operating profit increased 12% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, higher technology costs and an increase in strategic investments. Foreign exchange rates had a favorable impact of 2 percentage points.

Billed Issuance Volumes

We monitor billed issuance volumes regularly within Ratings. Billed issuance excludes items that do not impact transaction revenue, such as issuance from frequent issuer programs, unrated debt, and most international public finance to more effectively correlate issuance activity to movements in transaction revenue.

The following table provides billed issuance levels based on Ratings’ internal data feeds for the periods ended September 30:


	Three Months		Nine Months
(in billions)	2026		2025	% Change		2026	2025	% Change
Investment-grade billed issuance*	$	503		$	392		28%	$	1,663	$	1,261	32%
High-yield billed issuance *	$	154		$	185		(17)%	$	440	$	446	(1)%
Other billed issuance **	$	570		$	563		1%	$	1,622	$	1,533	6%
Total billed issuance	$	1,227		$	1,140		8%	$	3,725	$	3,240	15%

Note - Totals presented may not sum due to rounding.

* Includes Corporates, Financial Services and Infrastructure.

** Includes Bank Loans, Structured Finance and Government.

Third quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions. High yield and bank loans decreased in the third quarter driven by lower refinancing activity.

For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Indices

Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors. Indices’ mission is to provide transparent benchmarks to help with decision making, collaborate with the financial community to create innovative products, and provide investors with tools to monitor world markets.

Indices derives revenue from asset-linked fees when investors direct funds into its proprietary designed or owned indexes, sales usage-based royalties of its indices, as well as data subscription arrangements. Specifically, Indices generates revenue from the following sources:

•Investment vehicles — asset-linked fees such as ETFs and mutual funds, that are based on the S&P Dow Jones Indices’ benchmarks that generate revenue through fees based on assets and underlying funds;

•Exchange traded derivatives — generate sales usage-based royalties based on trading volumes of derivatives contracts listed on various exchanges;

•Index-related licensing fees — fixed or variable annual and per-issue asset-linked fees for over-the-counter derivatives and retail-structured products; and

•Data and customized index subscription fees — fees from supporting index fund management, portfolio analytics and research.

The following table provides revenue and segment operating profit information for the periods ended September 30:


(in millions)	Three Months		Nine Months
	2026		2025		% Change		2026	2025		% Change
Revenue	$	554			$	462		20%		$	1,606		$	1,352	19%

Asset-linked fees	$	375			$	303		24%		$	1,062		$	876	21%
Subscription revenue	$	87			$	82		7%		$	258		$	237	9%
Sales usage-based royalties	$	92			$	77		19%		$	286		$	239	20%
% of total revenue:
Asset-linked fees	68	%		65	%			66	%		65	%
Subscription revenue	16	%		18	%			16	%		17	%
Sales usage-based royalties	16	%		17	%			18	%		18	%


U.S. revenue	$	449			$	372		21%		$	1,290		$	1,087	19%
International revenue	$	105			$	90		17%		$	316		$	265	19%
% of total revenue:
U.S. revenue	81	%		81	%			80	%		80	%
International revenue	19	%		19	%			20	%		20	%

Operating profit 1	$	388			$	313		24%		$	1,125		$	932	21%
Less: net operating profit attributable to noncontrolling interests	101			83				299			238
Net operating profit	$	287			$	230		24%		$	826		$	694	19%
Operating margin %	70	%		68	%			70	%		69	%
Net operating margin %	52	%		50	%			51	%		51	%

1 Operating profit for the nine months ended September 30, 2026 includes employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million. Operating profit for the three and nine months ended September 30, 2025 includes employee severance charges of $1 million and acquisition-related costs of $1 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $10 million and $9 million for the three months ended September 30, 2026 and 2025, respectively, and $29 million and $27 million for the nine months ended September 30, 2026 and 2025, respectively.

Three Months

Revenue at Indices increased 20% primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management (“AUM”) for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. Ending AUM for ETFs increased 26% to $6.517 trillion compared to September 30, 2025 and average levels of AUM for ETFs increased 32% to $6.516 trillion compared to the three months ended September 30, 2025. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 24%. Excluding employee severance charges in 2025 of 1 percentage point and higher acquisition-related costs in 2025 of 1 percentage point, operating profit increased 22% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases, higher incentives and additional headcount, and an increase in strategic investments. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Nine Months

Revenue at Indices increased 19% primarily due to an increase in asset linked fees revenue driven by higher levels of AUM for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. Ending AUM for ETFs increased 26% to $6.517 trillion compared to September 30, 2025 and average levels of AUM for ETFs increased 32% to $6.048 trillion compared to the nine months ended September 30, 2025. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 21%. Excluding employee-related costs in 2026 of 1 percentage point, operating profit increased 20% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases, higher incentives and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of less than 1 percentage point.

For a further discussion of competitive and other risks inherent in our Indices business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Energy

Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets. Energy provides essential price information, analytics, industry insights and software & services, enabling the energy and commodity markets to function with greater transparency and efficiency.

On September 1, 2026, we completed the acquisition of datacenterHawk, a leading provider of proprietary intelligence for global data center, fiber optic and related infrastructure markets. The acquisition combines datacenterHawk's asset-level intelligence on data center supply, demand, pricing, pipelines and site selection with Energy's comprehensive coverage of global power markets across grid infrastructure intelligence, supply and demand forecasting, and leading datacenter forecasting, market outlooks, and technology intelligence from 451 Research. The acquisition of datacenterHawk is not material to our consolidated financial statements.

On September 1, 2026, we completed the sale of Energy's geoscience and petroleum engineering software portfolio to Schlumberger (SLB), a global technology company driving energy innovation across more than 100 countries. During the three and nine months ended September 30, 2026, we recorded a pre-tax gain of $200 million ($136 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of the geoscience and petroleum engineering software portfolio.

On March 18, 2026, we completed the acquisition of Enertel AI Corporation, a company specializing in AI and machine learning-driven short-term power price forecasting for North American electricity markets. The acquisition is part of our Energy segment. With the addition of Enertel AI Corporation, Energy now delivers real-time, AI-powered nodal price forecasts and decision tools that physical power traders, utilities and asset operators rely on to navigate the rapidly evolving grid. The acquisition of Enertel AI Corporation is not material to our consolidated financial statements.

Energy includes the following business lines:

•Platts — benchmark products, including price assessments, forward curves, global trading services, and related news and reports; and

•CERA — proprietary data, research, and content for petroleum, gas, power & renewables, petrochemicals, metals & steel, agriculture, and other commodities, exploration & production data and insights, analytics, products for the maritime and trade market, consulting services, conferences and events such as CERAWeek.

Energy’s revenue is generated primarily through the following sources:

•Subscription revenue — primarily from subscriptions to our market data and market insights (price assessments, market reports and commentary and analytics) along with other information products and software term licenses;

•Sales usage-based royalties — primarily from licensing our proprietary market price data and price assessments to commodity exchanges; and

•Non-subscription revenue — conference sponsorship, consulting engagements and events.

The following table provides revenue and segment operating profit information for the periods ended September 30:


(in millions)	Three Months		Nine Months
	2026		2025		% Change		2026	2025		% Change
Revenue	$	645			$	609		6%		$	1,992		$	1,896	5%

Subscription revenue	$	583			$	556		5%		$	1,708		$	1,637	4%
Sales usage-based royalties	$	31			$	31		—%		$	95		$	90	6%
Non-subscription revenue	$	31			$	22		37%		$	189		$	169	12%
% of total revenue:
Subscription revenue	90	%		91	%			86	%		86	%
Sales usage-based royalties	5	%		5	%			5	%		5	%
Non-subscription revenue	5	%		4	%			9	%		9	%

U.S. revenue	$	241			$	222		9%		$	798		$	764	4%
International revenue	$	404			$	387		4%		$	1,194		$	1,132	5%
% of total revenue:
U.S. revenue	37	%		36	%			40	%		40	%
International revenue	63	%		64	%			60	%		60	%

Operating profit 1	$	469			$	249		88%		$	1,029		$	779	32%
Operating margin %	73	%		41	%			52	%		41	%

1Operating profit for the three and nine months ended September 30, 2026 includes a gain on disposition of $200 million, acquisition-related costs of $6 million and $9 million, respectively, disposition-related costs of $4 million and $6 million, respectively, and a reversal of a statutorily required labor law accrual adjustment of $1 million. Operating profit for the nine months ended September 30, 2026 includes employee severance charges of $8 million and asset impairment of $4 million. Operating profit for the nine months ended September 30, 2025 includes employee severance charges of $10 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $32 million for the three months ended September 30, 2026 and 2025, and $98 million for the nine months ended September 30, 2026 and 2025.

Three Months

Revenue increased 6% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. An increase in consulting revenue driven by strong demand and growth in conference revenue which was favorably impact of event timing also contributed to revenue growth. Revenue was favorably impacted by the acquisitions of DatacenterHawk, Enertel AI Corporation and Automatic Identification System (AIS) data services business of ORBCOMM Inc. in September of 2026, March of 2026 and November of 2025, respectively, and unfavorably impacted by the sale of Energy's geoscience and petroleum engineering software portfolio. The Platts and CERA businesses both contributed to revenue growth in the third quarter of 2026. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 88%. Excluding the impact of a gain on disposition in 2026 of 82 percentage points, partially offset by higher disposition-related costs in 2026 of 2 percentage points and higher acquisition-related costs in 2026 of 2 percentage points, operating profit increased 10%. The increase was primarily due to revenue growth, partially offset by higher technology costs and investment in strategic initiatives. Foreign exchange rates had an unfavorable impact of 1 percentage point.

Nine Months

Revenue increased 5% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. Growth in conference revenue including increased attendance at CERAWeek in 2026, an increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors in the first quarter of 2026 and an increase in consulting revenue also contributed to revenue growth. Revenue was favorably impacted by the acquisitions of DatacenterHawk, Enertel AI Corporation and Automatic Identification System (AIS) data services business of ORBCOMM Inc. in September of 2026, March of 2026 and November of 2025, respectively, and unfavorably impacted by the sale of Energy's geoscience and petroleum engineering software portfolio. The Platts and CERA businesses both contributed to revenue growth in the nine months ended September 30, 2026. Foreign exchange rates had a favorable impact of less than 1

percentage point.

Operating profit increased 32%. Excluding the impact of a gain on disposition in 2026 of 27 percentage points, partially offset by higher disposition-related costs in 2026 of 1 percentage point, higher acquisition-related costs in 2026 of 1 percentage point and an asset impairment in 2026 of 1 percentage point, operating profit increased 8%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases, technology costs and investment in strategic initiatives. Foreign exchange rates had an unfavorable impact of 1 percentage point.

For a further discussion of competitive and other risks inherent in our Energy business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

Market Intelligence

Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions. Market Intelligence’s portfolio of capabilities are designed to help trading and investment professionals, government agencies, corporations and universities track performance, generate alpha, identify investment ideas, understand competitive and industry dynamics, perform valuations and manage credit risk.

On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies. During the nine months ended September 30, 2026, we recorded a pre-tax gain of $172 million ($168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.

Market Intelligence includes two business lines:

•Kensho Data & Platforms — a desktop product suite that provides data, analytics and third-party research for global finance and corporate professionals, which includes the Capital IQ platforms (which are inclusive of S&P Capital IQ Pro, Capital IQ, Office and Mobile products) and a broad range of research, market data and derived analytics covering both the public and private capital markets, delivered through flexible feed-based or API delivery mechanisms. This also includes issuer solutions for public companies, data and insight into Financial Institutions, the telecoms, technology and media space as well as energy transition and sustainability and supply chain data analytics. This business line also includes a commercial arm that sells Ratings' credit ratings and related data and research and advanced analytics which includes subscription-based offerings, RatingsXpress®, RatingsDirect® and Credit Analytics; and

•Enterprise Solutions — software and workflow solutions that help our customers manage and analyze data; identify risk; reduce costs; and meet global regulatory requirements. The portfolio includes industry leading financial technology solutions like Wall Street Office, Information Mosaic, and iLevel. Our Primary Markets Group offering delivers bookbuilding platforms across multiple assets including municipal bonds, equities and fixed income. This business line also includes reference data and valuation services, and financial risk solutions.

Subscription revenue at Market Intelligence is primarily derived from distribution of data, valuation services, analytics, third party research, and credit ratings-related information through both feed and web-based channels. Subscription revenue also includes software and hosted product offerings which provide maintenance and continuous access to our platforms over the contract term. Recurring variable revenue at Market Intelligence represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued. Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing conferences and events, and analytical services.

The following table provides revenue and segment operating profit information for the periods ended September 30:


(in millions)	Three Months		Nine Months
	2026		2025		% Change		2026	2025		% Change
Revenue	$	1,263			$	1,183		7%		$	3,723		$	3,479	7%

Subscription revenue	$	1,049			$	986		6%		$	3,076		$	2,900	6%
Recurring variable revenue	$	176			$	158		11%		$	518		$	467	11%
Non-subscription revenue	$	38			$	39		(2)%		$	129		$	112	15%
% of total revenue:
Subscription revenue	83	%		83	%			83	%		83	%
Recurring variable revenue	14	%		14	%			14	%		14	%
Non-subscription revenue	3	%		3	%			3	%		3	%

U.S. revenue	$	779			$	705		11%		$	2,270		$	2,085	9%
International revenue	$	484			$	478		1%		$	1,453		$	1,394	4%
% of total revenue:
U.S. revenue	62	%		60	%			61	%		60	%
International revenue	38	%		40	%			39	%		40	%

Operating profit 1	$	301			$	252		19%		$	979		$	665	47%
Operating margin %	24	%		21	%			26	%		19	%

1 Operating profit for the three and nine months ended September 30, 2026 includes acquisition-related costs of $1 million and $13 million, respectively, and disposition-related costs of $2 million and $6 million, respectively. Operating profit for the three months ended September 30, 2026 include a reversal of a statutorily required labor law accrual adjustment of $2 million. Operating profit for the nine months ended September 30, 2026 includes a gain on disposition of $172 million and employee severance charges of $15 million. Operating profit for the three and nine months ended September 30, 2025 includes employee severance charges of $11 million and $44 million, respectively, acquisition-related costs of $2 million and $12 million, respectively, disposition-related costs of $4 million and $6 million, respectively, and Executive Leadership Team transition costs of $1 million and $5 million, respectively. Operating profit for the nine months ended September 30, 2025 includes a gain on disposition of $3 million. Additionally, operating profit includes amortization of intangibles from acquisitions of $154 million and $146 million for the three months ended September 30, 2026 and 2025, respectively, and $464 million and $443 million for the nine months ended September 30, 2026 and 2025, respectively.

Three Months

Revenue increased 7% primarily due to subscription revenue growth in Kensho Data and Platforms driven by increases in data feed products, RatingsXpress® and RatingsDirect®, and the favorable impact of retroactive revenue from delayed renewals. An increase in recurring variable revenue primarily due to increased volumes also contributed to revenue growth. Revenue was favorably impacted by the acquisition of With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026. Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 19%. Excluding the impact of higher employee severance charges in 2025 of 14 percentage points, higher disposition-related costs in 2025 of 2 percentage points a statutorily required labor law accrual adjustment in 2026 of 2 percentage points, Executive Leadership Transition costs in 2025 of 1 percentage point and higher acquisition-related costs in 2025 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2026 of 11 percentage points, operating profit increased 10% primarily due to revenue growth, partially offset by expenses associated with the acquisition of With Intelligence and an increase in technology costs. Foreign exchange rates had a favorable impact of 1 percentage point.

Nine Months

Revenue increased 7% primarily due to subscription revenue growth in Kensho Data and Platforms driven by increases in data feed products, RatingsXpress® and RatingsDirect®, the favorable impact of retroactive revenue from delayed renewals. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Revenue was favorably impacted by the acquisition of With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 47%. Excluding the impact of a higher gain on disposition in 2026 of 33 percentage points, higher employee severance charges in 2025 of 6 percentage points and Executive Leadership Transition costs in 2025 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2026 of 4 percentage points, operating profit increased 11% primarily due to revenue growth, partially offset by expenses associated with the acquisition of With Intelligence, higher compensation costs and an increase in technology costs. Foreign exchange rates had a favorable impact of 1 percentage point.

For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

LIQUIDITY AND CAPITAL RESOURCES

We continue to maintain a strong financial position. Our primary source of funds for operations is cash from our businesses. Cash on hand, cash flows from operations and availability under our existing credit facility are expected to be sufficient to meet any additional operating and recurring cash needs into the foreseeable future. We use our cash for a variety of needs, including but not limited to: ongoing investments in our businesses, strategic acquisitions, share repurchases, dividends, repayment of debt, capital expenditures and investment in our infrastructure.

Cash Flow Overview

Cash, cash equivalents, and restricted cash were $2,441 million as of September 30, 2026, an increase of $734 million from December 31, 2025.

The following table provides cash flow information for the nine months ended September 30:


(in millions)	2026		2025	% Change
Net cash provided by (used for):
Operating activities from continuing operations	$	3,661		$	3,317	10%
Investing activities from continuing operations	$	340		$	(213)	N/M
Financing activities from continuing operations	$	(3,617)		$	(3,725)	(3)%

N/M – Represents a change equal to or in excess of 100% or not meaningful

In the first nine months of 2026, free cash flow increased $349 million to $3,299 million compared to $2,950 million in the first nine months of 2025. The increase is primarily due to an increase in operating activities as discussed below. Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. See “Reconciliation of Non-GAAP Financial Information” below for a reconciliation of cash flow provided by operating activities, the most directly comparable U.S. GAAP financial measure, to free cash flow.

Operating activities

Cash provided by operating activities from continuing operations increased $344 million to $3,661 million for the first nine months of 2026 compared to the first nine months of 2025. This is primarily attributable to higher operating results in 2026 and higher compensation payments in 2025.

Investing activities

Our cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions.

Cash provided by investing activities from continuing operations was $340 million for the first nine months of 2026 compared to cash used for investing activities of $213 million in the first nine months of 2025, primarily due to proceeds from the dispositions of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment and Energy's geoscience and petroleum engineering software portfolio in 2026.

Financing activities

Our cash outflows from financing activities consist primarily of share repurchases, dividends to shareholders and repayments of short-term and long-term debt, while cash inflows are primarily attributable to the borrowing of short-term and long-term debt.

Cash used for financing activities from continuing operations decreased $108 million to $3,617 million for the first nine months of 2026. The decrease is primarily attributable to proceeds from debt issuance related to the Mobility Global separation, partially offset by an increase in cash used for share repurchases in 2026.

During the nine months ended September 30, 2026, we purchased a total of 8.5 million shares for $4.1 billion of cash. During the nine months ended September 30, 2025, we purchased a total of 4.3 million shares for $2.5 billion of cash. See Note 8 — Equity to the consolidated financial statements of this Form 10-Q for further discussion.

Additional Financing

We have the ability to borrow a total of $2.0 billion through our commercial paper program, which is supported by our $2.0 billion five-year credit agreement (our “credit facility”) that will terminate on December 17, 2029. As of September 30, 2026, and December 31, 2025, we had $700 million and $715 million of outstanding commercial paper, respectively. During the second quarter of 2026, Mobility Global entered into a $500 million senior unsecured revolving credit facility which become the sole responsibility of Mobility Global after the Separation.

Under the credit facility, we currently pay a commitment fee of 7 basis points. Our commitment fee and our drawn margin under the credit facility was reduced by 1 basis point and 5 basis points, respectively, for the approximately year-long period beginning April 6, 2026 as a result of our emissions performance for the year ended December 31, 2025. The credit facility contains customary affirmative and negative covenants and customary events of default. The occurrence of an event of default could result in an acceleration of the obligations under the credit facility.

The only financial covenant in our credit facility is a requirement that our indebtedness to cash flow ratio, as defined in our credit facility, is not greater than 4 to 1, and this ratio has never been exceeded.

Dividends

On January 14, 2026, the Board of Directors approved a quarterly common stock dividend of $0.97 per share.

Supplemental Guarantor Financial Information

The senior notes described below were issued by S&P Global Inc. and are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC, a 100% owned subsidiary of the Company.

•On August 17, 2026, S&P Global Inc. issued $595 million of 4.25% Senior Notes due 2031 and $397 million of 4.80% Senior Notes due 2035 that have been registered with the SEC and guaranteed by Standard & Poor's Financial Services LLC in exchange for unregistered Senior Notes of like principal amounts and terms that were originally issued on December 1, 2025.

•On August 22, 2024, S&P Global Inc. issued $746 million of 5.25% Senior Notes due 2033 that have been registered with the SEC and guaranteed by Standard & Poor’s Financial Services LLC in exchange for unregistered Senior Notes of like principal amounts and terms that were originally issued on September 12, 2023.

•On March 1, 2023, S&P Global Inc. issued new Senior Notes that have been registered with the SEC and guaranteed by Standard & Poor’s Financial Services LLC in exchange for the following series of unregistered Senior Notes of like principal amount and terms:

•$700 million of 4.75% Senior Notes due 2028 that were originally issued on March 2, 2022;

•$921 million of 4.25% Senior Notes due 2029 that were originally issued on March 2, 2022;

•$1,237 million of 2.45% Senior Notes due 2027 that were originally issued on March 18, 2022;

•$1,227 million of 2.95% Sustainability-Linked Senior Notes due 2029 that were originally issued on March 18, 2022;

•$1,492 million of 2.90% Senior Notes due 2032 that were originally issued on March 18, 2022;

•$974 million of 3.70% Senior Notes due 2052 that were originally issued on March 18, 2022; and

•$500 million of 3.90% Senior Notes due 2062 that were originally issued on March 18, 2022.

•On August 13, 2020, we issued $600 million of 1.25% Senior Notes due in 2030 and $700 million of 2.3% Senior Notes due in 2060.

•On November 26, 2019, we issued $500 million of 2.5% Senior Notes due in 2029 and $600 million of 3.25% Senior Notes due in 2049.

•On May 17, 2018, we issued $500 million of 4.5% Senior Notes due in 2048.

•On September 22, 2016, we issued $500 million of 2.95% Senior Notes due in 2027.

•On November 2, 2007, we issued $400 million of 6.55% Senior Notes due 2037.

The notes above are unsecured and unsubordinated and rank equally and ratably with all of our existing and future unsecured and unsubordinated debt. The guarantees are the subsidiary guarantor’s unsecured and unsubordinated debt and rank equally and ratably with all of the subsidiary guarantor’s existing and future unsecured and unsubordinated debt.

The guarantees of the subsidiary guarantor may be released and discharged upon (i) a sale or other disposition (including by way of consolidation or merger) of the subsidiary guarantor or the sale or disposition of all or substantially all the assets of the subsidiary guarantor (in each case other than to the Company or a person who, prior to such sale or other disposition, is an affiliate of the Company); (ii) upon defeasance or discharge of any applicable series of the notes, as described above; or (iii) at such time as the subsidiary guarantor ceases to guarantee indebtedness for borrowed money, other than a discharge through payment thereon, under any Credit Facility of the Company, other than any such Credit Facility of the Company the guarantee of which by the subsidiary guarantor will be released concurrently with the release of the subsidiary guarantor’s guarantees of the notes.

Other subsidiaries of the Company do not guarantee the registered debt securities of either S&P Global Inc. or Standard & Poor's Financial Services LLC (the “Obligor Group”) which are referred to as the “Non-Obligor Group”.

The following tables set forth the summarized financial information of the Obligor Group on a combined basis. This summarized financial information excludes the Non-Obligor Group. Intercompany balances and transactions between members of the Obligor Group have been eliminated. This information is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S. GAAP.

Summarized results of operations for the periods ended September 30, 2026 are as follows:


(in millions)	Three Months		Nine Months

Revenue	$	1,259			$	3,788
Operating Profit	940			3,013
Net Income	114			1,165
Net income attributable to S&P Global Inc.	114			1,165

Summarized balance sheet information as of September 30, 2026 and December 31, 2025 is as follows:


(in millions)	September 30,		December 31,
	2026		2025
Current assets (excluding intercompany from Non-Obligor Group)	$	1,318			$	757
Non-current assets	1,072			898

Current liabilities (excluding intercompany to Non-Obligor Group)	2,809			1,192
Non-current liabilities	10,572			12,435
Intercompany payables to Non-Obligor Group	20,972			18,077

RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders. Capital expenditures include purchases of property and equipment and additions to technology projects. Our cash flow provided by operating activities is the most directly comparable U.S. GAAP financial measure to free cash flow.

We believe the presentation of free cash flow allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. We use free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures and distributions to noncontrolling interest holders are considered a necessary component of ongoing operations. Free cash flow is useful for management and investors because it allows management and investors to evaluate the cash available to us to prepay debt, make strategic acquisitions and investments and repurchase stock.

The presentation of free cash flow is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies. The following table presents a reconciliation of our cash flow provided by operating activities from continuing operations to free cash flow for the nine months ended September 30:


(in millions)	2026		2025		% Change
Cash provided by operating activities from continuing operations	$	3,661			$	3,317	10%
Capital expenditures	(93)			(133)
Distributions to noncontrolling interest holders	(269)			(234)
Free cash flow	$	3,299			$	2,950	12%


(in millions)	2026	2025		% Change
Cash provided by (used for) investing activities from continuing operations	340		(213)		N/M
Cash used for financing activities from continuing operations	(3,617)		(3,725)		(3)%

N/M – Represents a change equal to or in excess of 100% or not meaningful

CRITICAL ACCOUNTING ESTIMATES

Our accounting policies are described in Note 1 — Accounting Policies to the consolidated financial statements in our most recent Form 10-K. As discussed in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, in our most recent Form 10-K, we consider an accounting estimate to be critical if it required assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates could have a material effect on our results of operations. These critical estimates include those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests. We base our estimates on historical experience, current developments and on various other assumptions that we believe to be reasonable under these circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates. Since the date of our most recent Form 10-K, there have been no material changes to our critical accounting estimates.

RECENTLY ISSUED OR ADOPTED ACCOUNTING STANDARDS

See Note 13 – Recently Issued or Adopted Accounting Standards to the consolidated financial statements of this Form 10-Q for further information.

FORWARD-LOOKING STATEMENTS

This report contains “forward-looking statements,” as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management’s current views concerning future events, trends, contingencies or results, appear at various places in this report and use words like “anticipate,” “assume,” “believe,” “continue,” “estimate,” “expect,” “forecast,” “future,” “intend,” “plan,” “potential,” “predict,” “project,” “strategy,” “target” and similar terms, and future or conditional tense verbs like “could,” “may,” “might,” “should,” “will” and “would.” For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company’s business strategies and methods of generating revenue; the development and performance of the Company’s services and products; the expected impact of acquisitions and dispositions; the Company’s effective tax rates; and the Company’s cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

•worldwide economic, financial, political, regulatory, and geopolitical conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs and disruptions to shipping in connection with the military conflict in the Middle East), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;

•the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;

•the demand and market for credit ratings in and across the sectors and geographies where the Company operates;

•the Company’s ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;

•the outcome of litigation, government and regulatory proceedings, investigations and inquiries;

•concerns in the marketplace affecting the Company’s credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;

•the level of merger and acquisition activity in the United States and abroad;

•the level of the Company’s future cash flows and capital investments;

•the effect of competitive products (including those incorporating artificial intelligence (\"AI\")) and pricing, including the level of success of new product developments and global expansion;

•the impact of customer cost-cutting pressures;

•a decline in the demand for our products and services by our customers and other market participants;

•our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;

•the introduction of competing products (including those developed by AI) or technologies by other companies;

•our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services;

•our ability to attract, incentivize and retain key employees, especially in a competitive business environment;

•our ability to successfully navigate key organizational changes;

•the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;

•the Company’s exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;

•the Company’s ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;

•consolidation of the Company’s customers, suppliers or competitors;

•the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;

•the Company’s ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;

•the impact on the Company’s revenue and net income caused by fluctuations in foreign currency exchange rates;

•the impact of changes in applicable tax or accounting requirements on the Company;

•the ability to maintain tax-free treatment, for U.S. federal income tax purposes, of the separation of Mobility Global;

•any disruption to the Company’s business related to the separation of Mobility Global; and

•any loss of synergies from separating Mobility Global from the Company that adversely impact our results of operations, or that results in the Company not realizing all of the expected benefits of the separation.

The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company’s businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company’s filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Our exposure to market risk includes changes in foreign exchange rates and interest rates. We have operations in foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the U.S. dollar is the functional currency. We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities. As of September 30, 2026 and December 31, 2025, we have entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheet. These forward contracts are not designated as hedges and do not qualify for hedge accounting. As of September 30, 2026 and December 31, 2025, we have entered into foreign exchange forward contracts to hedge the effect of adverse fluctuations in foreign exchange rates. As of September 30, 2026 and December 31, 2025, we held cross currency swaps to hedge a portion of our net investment in certain European subsidiaries against volatility in the Euro/U.S. dollar exchange rate. We have not entered into any derivative financial instruments for speculative purposes. See Note 5 - Derivative Instruments to the consolidated financial statements of this Form 10-Q for further discussion.

Item 4. Controls and Procedures

Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed so that information required to be disclosed in our reports filed with the U.S. Securities and Exchange Commission (the “SEC”) is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

As of September 30, 2026, an evaluation was performed under the supervision and with the participation of management, including the CEO and CFO, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934). Based on that evaluation, management, including the CEO and CFO, concluded that our disclosure controls and procedures were effective as of September 30, 2026.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal control over financial reporting that occurred during the most recent quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

See Note 12 – Commitments and Contingencies - Legal and Regulatory Matters to the consolidated financial statements of this Form 10-Q for information on our legal proceedings.

Item 1A. Risk Factors

For a discussion of our risk factors please see Item 1A, Risk Factors in our most recent Form 10-K.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

On November 13, 2025, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2025 Repurchase Program”), which was approximately 10% of the total shares of our outstanding common stock at the time. On June 22, 2022, the Board of Directors approved a share repurchase program authorizing the purchase of 30 million shares (the “2022 Repurchase Program”), which was approximately 9% of the total shares of our outstanding common stock at that time. During the third quarter of 2026, we received 5.0 million shares. Further discussion relating to our ASR agreements can be found in Note 8 - Equity. As of September 30, 2026, 23.4 million shares remained under the 2025 Repurchase Program and the 2022 Repurchase Program was complete.

Repurchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options. Our 2025 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

The following table provides information on our purchases of our outstanding common stock during the third quarter of 2026 pursuant to the 2025 Repurchase Program (column c). In addition to these purchases, the number of shares in column (a) include shares of common stock that are tendered to us to satisfy our employees’ tax withholding obligations in connection with the vesting of awards of restricted shares (we repurchase such shares based on their fair market value on the vesting date).

There were no other share repurchases during the quarter outside the repurchases noted below.


Period	(a) Total Number of Shares Purchased	(b) Average Price Paid per Share		(c) Total Number of Shares Purchased as Part of Publicly Announced Programs	(d) Maximum Number of Shares that may yet be Purchased Under the Programs
July 1 — July 31, 2026 1	4,957,246		$	414.97		4,956,630		23.4	million
August 1 — August 31, 2026	2,075		416.25		—		23.4	million
September 1 — September 30, 2026	185		440.21		—		23.4	million
Total — Quarter 1	4,959,506		$	417.52		4,956,630		23.4	million

1 Includes 5.0 million shares received from the initiation of our ASR agreement that we entered into on July 29, 2026. Average price paid per share information does not include this accelerated share repurchase transaction.

Item 5. Other Information

IRAN THREAT REDUCTION AND SYRIA HUMAN RIGHTS ACT DISCLOSURE

Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, which amended the Securities Exchange Act of 1934, an issuer is required to disclose in its annual or quarterly reports, as applicable, whether, during the reporting period, it or any of its affiliates knowingly engaged in certain activities, transactions or dealings relating to Iran or with individuals or entities designated pursuant to certain Executive Orders. Disclosure is generally required even where the activities, transactions or dealings were conducted in compliance with applicable laws and regulations.

During the third quarter of 2026, the Company engaged in limited transactions or dealings related to the purchase or sale of information and informational materials, which are generally exempt from U.S. economic sanctions, with persons that are owned or controlled, or appear to be owned or controlled, by the Government of Iran or are otherwise subject to disclosure

pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012. Energy provided subscribers access to proprietary data, analytics, and industry information that enable commodities markets to perform with greater transparency and efficiency. Market Intelligence sourced certain trade data from Iran via third parties. The Company will continue to monitor such activities closely. During the third quarter of 2026, the Company recorded de minimis revenue and net profit attributable to the Energy transactions and dealings described above. The Company attributes a de minimis amount of revenue and net profit to the data sourced from Iran via third parties by Market Intelligence.

RULE 10b5-1 PLAN ELECTIONS

No Rule 10b5-1 trading arrangements or “non-Rule 10b5-1 trading arrangements” (as defined by S-K Item 408(c)) were entered into or terminated by our directors or officers (as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, as amended) during the third quarter of 2026.

Item 6. Exhibits



(3.1)	Amended and Restated Certificate of Incorporation of Registrant, as amended and restated on May 13, 2020, incorporated by reference from the Registrant's Form 8-K filed May 18, 2020

(3.2)	Amended and Restated By-Laws of Registrant, as amended and restated on September 27, 2023, incorporated by reference from the Registrant's Form 8-K filed October 2, 2023

(10.1)*	Executive Separation and Release Agreement, dated September 18, 2026, between the Registrant and Steven Kemps

(15)	Letter on Unaudited Interim Financials

(31.1)	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended

(31.2)	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Securities Exchange Act of 1934, as amended

(32)	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

(101.INS)	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

(101.SCH)	Inline XBRL Taxonomy Extension Schema

(101.CAL)	Inline XBRL Taxonomy Extension Calculation Linkbase

(101.LAB)	Inline XBRL Taxonomy Extension Label Linkbase

(101.PRE)	Inline XBRL Taxonomy Extension Presentation Linkbase

(101.DEF)	Inline XBRL Taxonomy Extension Definition Linkbase

(104)	Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibit 101)

* These exhibits relate to management contracts or compensatory plan arrangements.

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned, thereunto duly authorized.


			S&P Global Inc.
			Registrant

Date:	October 27, 2026	By:	/s/ Eric W. Aboaf
			Eric W. Aboaf
			Executive Vice President and Chief Financial Officer

Date:	October 27, 2026	By:	/s/ Christopher F. Craig
			Christopher F. Craig
			Senior Vice President, Chief Accounting Officer

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