S&P opens the
books on Thursday evening.

Indices Record Growth Aum

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S&P Dow Jones Indices achieved its 13th consecutive record quarter, growing revenue by 20% and solidifying its position as the world's largest index provider with $6.35 trillion in ETF AUM.

"Indices reported its 13th consecutive record quarter for revenue and the division surpassed $2 billion of revenue on a trailing 12-month basis. Revenue in the quarter grew 20%, with excellent growth in both asset-linked fees and exchange-traded derivatives. ... ETF AUM for S&P Dow Jones Indices ended the quarter at $6.35 trillion."

- Eric Aboaf, Chief Financial Officer - Q2 FY26 Earnings Call - July 28, 2026

Ai Solutions Adoption Cost Savings

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The number of customers leveraging the company's AI solutions grew over 70% quarter-over-quarter to over 500, with LLM-ready API call volume increasing more than 5x, while the EDO achieved nearly 60% of its targeted $100 million in annualized cost savings.

"We continue to rapidly add customers to our LLM-ready APIs and MCP-connected solutions, with that number now sitting above 500 and increasing more than 70% quarter-over-quarter. API call volume continues to grow rapidly as well, showing that our customers are finding real value in these powerful solutions. Call volume for our LLM-ready API in the second quarter was more than 5x the volume we saw in the first quarter. Internally, the EDO has achieved nearly 60% of its targeted $100 million in annualized cost savings through a combination of AI-driven efficiencies and traditional productivity initiatives."

- Martina Cheung, President and Chief Executive Officer - Q2 FY26 Earnings Call - July 28, 2026

Strong Q2 Performance Capital Return

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S&P Global delivered strong performance in its first quarter post-Mobility spin, with 11% revenue growth and 23% EPS growth, and increased its share repurchase target for 2026 to over $7 billion.

"We had very strong performance in the second quarter with 11% total revenue growth, outperforming our expectations on both a reported and an organic constant currency basis. ... On capital return, we have decided to increase our target share repurchase for 2026 by nearly $3 billion to more than $7 billion for the full year."

- Martina Cheung, President and Chief Executive Officer - Q2 FY26 Earnings Call - July 28, 2026

Ratings Hyperscaler Issuance

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The Ratings division achieved a record quarter, driven by hyperscaler issuance supported by AI infrastructure and data center CapEx, with the full-year hyperscaler issuance outlook raised to $250 billion to $300 billion.

"In the first half, we saw approximately $169 billion in billed issuance from the hyperscalers while our initial outlook for the year assumed approximately $200 billion for the full year. Our updated financial guidance assumes billed issuance growth in the mid- to high single-digit range. We are now assuming $250 billion to $300 billion in hyperscaler issuance for the full year and double-digit growth in M&A-related issuance."

- Martina Cheung, President and Chief Executive Officer - Q2 FY26 Earnings Call - July 28, 2026

Energy Iran Conflict Headwinds

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The Energy division experienced revenue growth of 3% due to pressure from the Iran conflict, tariffs, and extreme volatility, but these headwinds are believed to be transitory with growth expected to normalize to the 6% to 8% range after 2026.

"Energy revenue grew 3% amid pressure from the challenging environment as well as the sanctions we have called out in recent quarters. The conflict in the Middle East led to continued volatility and uncertainty in the quarter. While the business remains resilient, the Iran conflict, tariffs and extreme volatility have put some strain on Energy subscription renewals, onetime sales and Global Trading Services, or GTS, as Martina mentioned. We believe these headwinds are transitory, however, and we expect growth to normalize after this year, back to the 6% to 8% average range we outlined at our Investor Day."

- Eric Aboaf, Chief Financial Officer - Q2 FY26 Earnings Call - July 28, 2026

Market Intelligence Restructuring

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The Market Intelligence division has been restructured into two new business lines, Kensho Data & Platforms and Enterprise Solutions, with Kensho Data growing in the high single-digit to low double-digit range and Platforms growing low single digits.

"Within Market Intelligence, we'll be reporting 2 business lines: Kensho Data & Platforms and Enterprise Solutions. Kensho Data consists of our data feeds, Kensho LLM-ready APIs, RatingsXpress and our vast estate of proprietary data. The Kensho Data component is roughly half the size of platforms by revenue, but is growing in the high single-digit to low double-digit range on an organic basis. The Platforms component includes Cap IQ, Consulting, Issuer Solutions, RatingsDirect, Visible Alpha and With Intelligence. Platforms is the larger component of the business line and in aggregate is growing low single digits on an organic basis."

- Martina Cheung, President and Chief Executive Officer - Q2 FY26 Earnings Call - July 28, 2026