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# S&P Global Weighs Splitting Off Capital IQ, And CFO Says NDAs Are Already Signed
- URL: https://www.bullished.co/s-and-p-global-weighs-splitting-off-capital-iq-and-cfo-says-ndas-are-already-signed-ec01defe/
- Published: 2026-10-27T14:02:39.000Z
- Updated: 2026-10-27T14:02:39.000Z
- Description: The ratings and data giant launched a strategic review of Capital IQ and related data units and raised its buyback to $7 billion.
- Author: Matteo Parrino
- Tags: Earnings, SPGI, Industry: Financials

[S&P Global](https://www.bullished.co/tag/spgi/) has started a [strategic review](https://investor.spglobal.com/news-releases/news-details/2026/SP-Global-Reports-Third-Quarter-Results-Announces-Strategic-Review-for-Capital-IQ-and-Associated-Data-Businesses/default.aspx?ref=bullished.co) of Capital IQ and associated data businesses, including a possible separation, CEO Martina Cheung said on the company's third-quarter earnings call Tuesday. CFO Eric Aboaf told analysts on the same call that the company has already signed nondisclosure agreements with a number of interested firms.

## Interest is already coming in

S&P Global, which provides benchmarks, data, analytics and software to capital, commodity and automotive markets, has been

## Interest is already coming in

Aboaf said the company has been "front-footed" in exploring interest and has "gotten quite a bit of interest from a number of different potential firms." It has signed NDAs with a number of them and engaged advisors. He added that there is "no certainty of an outcome one way or the other."

An analyst from Morgan Stanley asked about a Bloomberg article on the plans from early last month. Aboaf's answer described work on the perimeter over the past month.

## What stays and what could go

Cheung said the businesses under review are Capital IQ and associated data businesses, including financials, SNL and Visible Alpha, within Market Intelligence. Enterprise Solutions, Ratings Direct and Ratings Express are expected to stay, though the exact perimeter remains under review.

She framed the review as part of the first of three priorities, advancing market leadership, rather than a change in strategy. A leaner S&P Global, she said, would have more flexibility on capital allocation, including returning more capital to shareholders.

There is "no definitive timetable," Cheung said, and the earliest meaningful update would come on the February earnings call.

## A $7 billion buyback

Aboaf said the planned 2026 buyback is now $7 billion, twice the original $3.5 billion announced in February. The company expects to issue about $2 billion of debt at prevailing market rates, which will raise interest expense slightly.

Cheung said the company has repurchased $4 billion of shares so far this year. S&P Global completed the spin-off of Mobility Global on July 1, and its guidance excludes Mobility for the full year. It raised adjusted EPS guidance to a range of [$17.70 to $17.95](https://finance.yahoo.com/markets/stocks/articles/p-global-q3-earnings-snapshot-112339201.html?ref=bullished.co).

The next checkpoint is the February earnings call, where Cheung said the company may offer more clarity on the final perimeter.

### Sources

- [S&P Global Beats Earnings Estimates. A Major Shake-Up Could Be Coming.](https://www.barrons.com/articles/sp-global-earnings-stock-price-26865571?ref=bullished.co) — Barron's
- [S&P Global Schedules Third Quarter 2026 Earnings Announcement and Conference Call for Tuesday, October 27, 2026 - Sep 29, 2026](https://press.spglobal.com/2026-09-29-S-P-Global-Schedules-Third-Quarter-2026-Earnings-Announcement-and-Conference-Call-for-Tuesday,-October-27,-2026?ref=bullished.co) — press.spglobal.com
- [S&P Global: Q3 Earnings Snapshot](https://finance.yahoo.com/markets/stocks/articles/p-global-q3-earnings-snapshot-112339201.html?ref=bullished.co) — Associated Press
- [S&P Global Reports Third Quarter Results; Announces Strategic Review for Capital IQ and Associated Data Businesses - S&P Global](https://investor.spglobal.com/news-releases/news-details/2026/SP-Global-Reports-Third-Quarter-Results-Announces-Strategic-Review-for-Capital-IQ-and-Associated-Data-Businesses/default.aspx?ref=bullished.co) — investor.spglobal.com
- [S&P Global confirms strategic review of Capital IQ, data businesses; Q3 earnings beat (SPGI:NYSE) | Seeking Alpha](https://seekingalpha.com/news/4657767-sp-global-confirms-strategic-review-of-capital-iq-data-businesses-q3-earnings-beat?ref=bullished.co) — seekingalpha.com

### More on S&P Global

- [S&P Global Opens Review Of Capital IQ, Including A Possible Separation, As Revenue Rises 7%](https://www.bullished.co/s-and-p-global-opens-review-of-capital-iq-including-a-possible-separation-as-revenue-rises-aedc1a0a/)
- [S&P Global Without Mobility: 2025 Revenue Drops To $13.59 Billion In Pro Forma Recast](https://www.bullished.co/s-and-p-global-without-mobility-2025-revenue-drops-to-13-59-billion-in-pro-forma-recast-c596e37d/)

[All S&P Global (SPGI) coverage →](https://www.bullished.co/tag/spgi/)