S&P Global (SPGI) Stock Falls 5% After EPS Miss and Guidance Cut

TLDR

• Q2 revenue came in at $4.15 billion, up 10.4% year-on-year, beating estimates by 1%
• Adjusted EPS of $4.83 missed analyst expectations of $5.02 by 3.7%
• S&P Global completed the spinoff of its Mobility division on July 1, 2026
• Ratings revenue jumped 17% year-on-year; Indices revenue rose 20%
• Full-year adjusted EPS guidance was cut to $17.63 at the midpoint, down 9.7%

S&P Global (SPGI) fell 2.5% in premarket trading on Tuesday after the company posted mixed Q2 results and trimmed its full-year earnings outlook.

S&P Global Inc., SPGI

Revenue for the quarter hit $4.15 billion, up 10.4% year-on-year and ahead of the $4.11 billion Wall Street had expected. But adjusted EPS of $4.83 fell short of the $5.02 consensus estimate, a miss of 3.7%.

The results come with an important caveat. S&P Global completed the spinoff of its Mobility division on July 1, 2026. The company is now reporting on a pro forma basis, as if the spinoff had taken place in prior periods, meaning comparisons to analyst consensus may not be apples-to-apples.

S&P GLOBAL $SPGI Q2’26 EARNINGS HIGHLIGHTS

🔹 Revenue: $4.15B (Est. $3.85B) 🟢; +10% YoY
🔹 Adj. EPS: $4.83 (Est. $4.76) 🟢; +23% YoY
🔹 Adjusted Operating Margin: 54.3%; +200 bps YoY

FY26 Guide:
🔹 Adj. EPS: $17.50-$17.75 (Est. $18.32) 🔴
🔹 Revenue Growth: 5.9% to 7.9%
🔹… pic.twitter.com/jERXgOjfzd

— Wall St Engine (@wallstengine) July 28, 2026

On that pro forma basis, Q2 revenue was $3.68 billion, up 11% year-on-year. Adjusted EPS of $4.83 compares to $3.90 in Q2 2025.

Divisional Breakdown

Ratings was the standout performer, with revenue of $1.34 billion rising 17% year-on-year. Indices also put up strong numbers, with revenue of $534 million growing 20%.

Market Intelligence brought in $1.29 billion, up 6% year-on-year. Energy revenue of $568 million edged up just 2%, the weakest of the four divisions.

Adjusted operating margin improved to 54.3%, up from 52.3% in Q2 2025.

CEO Martina Cheung pointed to the post-spin structure as a positive. “We have a sharper focus on our four core divisions, having also made organizational changes in Market Intelligence and combined our supply chain products within our Energy division,” she said.

Cheung also highlighted AI momentum, noting “continued rapid adoption and expansion of our AI solutions.”

Guidance Cut Weighs on Stock

The bigger concern for investors is the guidance revision. S&P Global now expects full-year adjusted EPS of $17.50 to $17.75, putting the midpoint at $17.63. That represents a 9.7% cut from prior guidance.

Revenue growth is now expected to come in at 5.9% to 7.9%, with organic constant currency growth of 6.0% to 8.0%.

Pre-tax profit for the quarter was $1.73 billion, representing a 41.7% margin.

Over the past two years, S&P Global has grown revenue at an annualized rate of 10.2%, slightly ahead of its five-year compounded annual growth rate of 9%.

The stock carries a market cap of approximately $130.2 billion.

SPGI was down around 5.3% as of Tuesday’s session.

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