S&P Global Inc (NYSE:SPGI) stock slid on Tuesday despite disclosing adjusted earnings of $4.83 per share for the second quarter—a 23% increase from the previous year—and topping analysts’ expectations of $4.76.
The quarterly revenue rose 10% year over year to $4.15 billion, also ahead of the consensus estimate of $3.85 billion.
The quarterly adjusted operating profit margin increased 200 basis points to 54.3%, driven primarily by growth and margin expansion in the company’s Ratings, Indices, and Market Intelligence divisions.
At the end of the quarter, the company’s cash, cash equivalents, and restricted cash totaled $4.14 billion.
The company has returned $1.5 billion to shareholders through share repurchases year-to-date.
Segment Performance
S&P Global announced two acquisitions and delivered broad-based growth across all operating segments.
Revenue from the Market Intelligence division rose 6% Y/Y to $1.29 billion, with operating profit climbing 13% to $293 million.
The Ratings segment reported a 17% increase in revenue to $1.34 billion, while operating profit advanced 28% to $913 million.
Energy division posted a 2% revenue gain to $568 million and flat operating profit of $233 million.
The Mobility business grew 7% to $468 million, with operating profit down 1% to $104 million. Effective July 1, 2026, the operations of Mobility will qualify as discontinued operations for the full year 2026 results.
Meanwhile, the Indices segment reported revenue of $534 million, up 20%, while operating profit increased 21% to $373 million from the prior-year quarter.
S&P Global Expands Ratings And Infrastructure Data
The firm agreed to acquire a majority stake in Agusto & Co., a Pan-African credit rating agency with operations in Nigeria, Kenya, Rwanda and Ghana. The deal will support the growth strategy of S&P Global Ratings in Africa by combining S&P Global’s global resources with Agusto’s regional presence, market knowledge and credit-rating expertise.
Agusto & Co. will continue operating as a separate ratings entity and will issue its own credit ratings and methodologies under applicable regulatory requirements. The transaction terms were not disclosed, and the deal is expected to close in the second half of 2026, subject to regulatory approvals and customary closing conditions.
S&P Global also agreed to acquire datacenterHawk, a provider of proprietary intelligence for data centers, fiber optic networks, and related infrastructure markets. The acquisition will add asset-level data on data center supply, demand, pricing, pipelines, site selection, and fiber infrastructure to S&P Global Energy’s existing forecasting, market outlook and power-market intelligence capabilities.
S&P Global said the datacenterHawk deal will help customers better assess operational and planned data centers, emerging capacity, and how AI infrastructure growth is reshaping demand for power, compute, connectivity, land, supply chains and sustainable infrastructure.
Both acquisitions are expected to close in the second half of 2026, subject to customary conditions. Neither transaction is expected to have a material impact on S&P Global’s financial results or the financial results of the relevant divisions.
Outlook
S&P Global expects fiscal 2026 adjusted EPS of $17.50-$17.75. It expects an annual GAAP and adjusted revenue growth of 5.9%-7.9%.
The company now expects to repurchase more than $7 billion in shares in total in 2026.
Price Action: SPGI shares were trading lower by 4.74% to $419.00 at last check Thursday.
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