S&P Global Reports First Full Post-Spin Quarter October 27 With Ratings Up 17%

S&P Global reports third-quarter results on October 27, its first full quarter as a four-division company, with Ratings revenue up 17% and Market Intelligence growth at 6%. The financial data and analytics company said last quarter's revenue of $4.146 billion beat estimates while adjusted EPS of $4.83 missed the $5.0027 consensus, according to 247wallst.

S&P Global's Kensho APIs and the Renewal Question

S&P Global is a financial data and analytics company serving capital markets participants in more than 190 countries with credit ratings, market intelligence platforms, energy benchmarks and indices including the S&P 500, according to company records. Customers on LLM-ready APIs topped 500, up more than 70% from the prior quarter, and API call volume ran more than 5x first-quarter levels. S&P Global has since added Credit Ratings and Visible Alpha data to its AI Data Portal.

Kensho Data grows at a high single-digit to low double-digit rate, while Platforms grows in the low single digits. Larger customers are stretching out renewals while they negotiate AI use and IP protection. Martina Cheung called this a near-term effect, but it puts pressure on the 5.5% to 7% Market Intelligence growth guide. Ratings remains the engine: management expects about $11 trillion of rated debt to need refinancing over the next 4.5 years, and it assumes $250 billion to $300 billion of hyperscaler issuance this year.

S&P Global's Market Intelligence Reorganization

S&P Global announced a new operating model for its Market Intelligence division in July 2026, reorganizing it into Kensho Data & Platforms and Enterprise Solutions verticals, with Maritime & Trade moving to S&P Global Energy and Credit Analytics moving to S&P Global Ratings, according to akta.pro company records. The company completed the spin-off of its Mobility division into independent public company Mobility Global Inc. on July 1, 2026, through a pro rata distribution of 100% of Mobility Global shares to S&P Global stockholders. S&P Global also holds approximately 50% market share in credit ratings globally and serves 80% of Fortune 500 companies with financial data and credit ratings.

S&P Global's Path to the October 27 Report

S&P Global reported pro forma results after completing its Mobility spin-off on July 1, 2026, with 2025 continuing-operations revenue of $13.589 billion, net income of $4.192 billion and diluted EPS of $13.74, TradingView reported. Wall Street analysts forecast third-quarter earnings at $4.43 per share, a 6.3% year-over-year decline, with revenues of $3.64 billion, down 6.4%, Yahoo reported. S&P Global declared a $0.45 per share quarterly dividend, payable November 13 to shareholders of record November 3, Seeking Alpha reported.

What S&P Global Has Said About the Second Half

Full-year adjusted EPS guidance stands at $17.50 to $17.75. Management warned that second-half comparisons get harder, and billed issuance is tracked for mid- to high single-digit full-year growth.