S&P Global Opens Review Of Capital IQ, Including A Possible Separation, As Revenue Rises 7%
The company raised full-year revenue growth and adjusted EPS guidance, while its standard-accounting EPS range moved lower.
S&P Global, which provides benchmarks, data and analytics to capital, energy and commodity markets, has started a strategic review of Capital IQ and associated data businesses, including a possible separation, it said Tuesday in an 8-K and earnings release. Third-quarter revenue rose 7% to $3.678 billion, and the company lifted its full-year revenue growth and adjusted profit guidance.
The Capital IQ review
The businesses under review make up the majority of Kensho Data & Platforms inside Market Intelligence, the division that sells data, analytics and workflow software to investors, banks and corporations. The company said it expects to keep RatingsDirect, RatingsXpress and Enterprise Solutions, though the exact perimeter is still under review.
There is no specific timeframe, and the company said there can be no assurance the review will result in any transaction. Its guidance assumes Market Intelligence contributes for the full year as it is currently structured.
CEO Martina Cheung said the businesses in the review "are strong and have significant opportunities ahead of them." The company also said separate ownership could provide dedicated investment and focus.
Quarter and guidance
Revenue grew by nearly $240 million, driven mainly by Indices and Market Intelligence, with added growth in Energy and Ratings. Indices revenue rose 20% to $554 million, and Market Intelligence rose 7% to $1.263 billion.
Standard-accounting diluted earnings per share rose 26% to $4.45, helped by a $200 million gain on a disposition in Energy. Adjusted EPS rose 9% to $4.58, and adjusted operating margin rose 60 basis points to 53.5%.
Full-year revenue growth is now expected at 7.4% to 8.4%, up from 5.9% to 7.9%, driven by Ratings and Indices. Adjusted EPS guidance rose to $17.70 to $17.95 from $17.50 to $17.75. Standard-accounting EPS guidance fell to $16.25 to $16.50 from $16.35 to $16.60, mainly because of adjustments to expected gains on dispositions.
Buybacks continue after the Mobility spin
The company bought back $2.6 billion of shares in the third quarter and more than $4 billion year to date. It still expects to repurchase more than $7 billion in 2026. The quarterly dividend is $0.97 per share.
S&P completed the spin-off of Mobility, now the separate public company Mobility Global, on July 1, 2026, and the results shown here exclude it.
Management reviewed the results on a conference call at 8:30 a.m. ET Tuesday.
Sources
- 8-K Filing — S&P Global Inc. (SPGI) — SEC EDGAR
- Exhibit spgi3q2026-earningsrelease.htm — S&P Global Inc. 8-K exhibit — SEC EDGAR
- SPGI Gears Up to Report Q3 Earnings: Here's What Investors Should Know — Yahoo Finance
