S&P Global Inc.
Shortcut
4.46Normalized diluted EPS
+1.0% vs Street
Street
4.42Normalized diluted EPS
October 25 consensus snapshot
Real
4.58Adjusted diluted EPS, continuing operations
Model download
Explore the assumptions and calculations behind the forecast.
Shortcut’s reasoning.
Revenue $3,644m (+5.8% y/y PF) built by segment: Ratings $1,273m (billed issuance +4.8% on Jul +8%/Aug +11%, assumed Sept -3%, 6% lower realised yield on IG-heavy mix), Indices $551m (+19%: S&P 500 +14% y/y, SPX ADV +29%), Energy $622m (+2%, Upstream software sold 1-Sep), MI $1,253m (+5.9%).
Peer read is mixed: Moody's 3Q MIS revenue -1% and missed estimates (HY -40%, leveraged loans -27%), offset by SPGI's own billed issuance data and IG strength; Ratings set between broker forecasts of -1% and +3.3%.
Adjusted operating margin 52.9% (+40bps y/y ex-OSTTRA 52.2%) with segment expense growth of 2-14%; adjusted tax 22.5% (FY26 guide 22-23%), adjusted interest $101m.
On the record.
- Reporting period
- Q3 2026 (FQ3 2026 - Sep 2026)
- Reporting basis
- consensus data-normalized pro forma adjusted diluted EPS from continuing operations, excluding Mobility
- Consensus snapshot
- October 25, 2026
- Model / effort
- Opus 5.5 · High effort
- Workbook
- Reviewed workbook
Record history
- Forecast generated
- Oct 26, 2026 at 12:26 PM PDT
- Reviewed revision completed
- Oct 26, 2026 at 12:26 PM PDT
- First published
- Oct 26, 2026 at 1:07 PM PDT
Result basis
Adjusted diluted EPS from continuing operations was $4.58, versus $4.45 GAAP. This retains the published ex-Mobility continuing-operations convention. Consolidated GAAP EPS including discontinued operations is a different measure and is not scored.