What changed in this filing

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Item 1. Financial Statements

2026-07-28 compared with 2026-04-28 · 330 added, 154 removed, 572 unchanged (46% of the section changed)

2 unchanged sentences

Consolidated Statements of Income

(in millions, except per share amounts) Three Months Ended

(in millions, except per share amounts) Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Revenue $ 4,146 $ 3,755 $ 8,318 $ 7,532

7 unchanged sentences

Operating profit 1,812 1,551 3,814 3,129

Other (income) expense, net ( 2 ) 4

Other income, net ( 4 ) ( 28 ) ( 6 ) ( 23 )

Interest expense, net 87 77 182 154

17 unchanged sentences

Consolidated Statements of Comprehensive Income

(in millions) Three Months Ended

(in millions) Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

Net income $ 1,323 $ 1,160 $ 2,828 $ 2,331

1 unchanged sentence

Foreign currency translation adjustments

( 47 ) ( 51 ) ( 60 ) ( 19 )

Income tax effect

6 84 ( 13 ) 103

( 41 ) 33 ( 73 ) 84

Pension and other postretirement benefit plans

( 1 ) ( 3 ) 1 ( 1 )

Income tax effect

Unrealized (loss) gain on cash flow hedges ( 9 ) 5

Unrealized gain (loss) on cash flow hedges 7 — ( 3 ) 4

Income tax effect

( 2 ) — ( 1 ) —

Comprehensive income 1,287 1,191 2,753 2,419

comprehensive income attributable to nonredeemable noncontrolling interests

( 9 ) ( 12 ) ( 18 ) ( 17 )

comprehensive income attributable to redeemable noncontrolling interests

5 unchanged sentences

Consolidated Balance Sheets

(in millions) March 31,

(in millions) June 30,

2026 December 31,

47 unchanged sentences

Consolidated Statements of Cash Flows

(in millions) Three Months Ended

(in millions) Six Months Ended

Operating Activities:

24 unchanged sentences

Additions to short-term debt, net 110 —

Proceeds from issuance of senior notes, net 1,986 —

Payments on senior notes ( 3 ) ( 4 )

2 unchanged sentences

Repurchase of treasury shares ( 1,500 ) ( 1,301 )

Employee withholding tax on share-based payments, contingent consideration payments and other ( 91 ) ( 60 )

Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other ( 148 ) ( 100 )

Cash used for financing activities ( 292 ) ( 2,162 )

6 unchanged sentences

Consolidated Statements of Equity

Three Months Ended March 31, 2026

Three Months Ended June 30, 2026

(in millions) Common Stock $ 1 par

1 unchanged sentence

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

Balance as of March 31, 2026 $ 415 $ 44,507 $ 24,804 $ ( 736 ) $ 37,817 31,173 $ 115 $ 31,288

Comprehensive income 1

1,217 ( 36 ) 1,181 9 1,190

Dividends (Dividend declared per common share — $ 0.97 per share)

( 287 ) ( 287 ) ( 10 ) ( 297 )

Share repurchases, including excise tax 505 ( 505 ) ( 505 )

Employee stock plans 40 ( 15 ) 55 55

Change in redemption value of redeemable noncontrolling interests ( 116 ) ( 116 ) ( 116 )

Balance as of June 30, 2026

$ 415 $ 44,547 $ 25,618 $ ( 772 ) $ 38,307 $ 31,501 $ 115 $ 31,616

Three Months Ended June 30, 2025

(in millions) Common Stock $ 1 par

Additional Paid-in Capital Retained Income Accumulated Other Comprehensive Loss Less:

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

Balance as of March 31, 2025 $ 415 $ 44,359 $ 21,799 $ ( 826 ) $ 32,376 $ 33,371 $ 102 $ 33,473

Comprehensive income 1

1,072 31 1,103 13 1,116

Dividends (Dividend declared per common share — $ 0.96 per share)

( 293 ) ( 293 ) ( 10 ) ( 303 )

Share repurchases, including excise tax 657 ( 657 ) ( 657 )

Employee stock plans 33 ( 9 ) 42 42

Change in redemption value of redeemable noncontrolling interests ( 176 ) ( 176 ) ( 176 )

Balance as of June 30, 2025

$ 415 $ 44,392 $ 22,402 $ ( 795 ) $ 33,024 $ 33,390 $ 106 $ 33,496

Six Months Ended June 30, 2026

(in millions) Common Stock $ 1 par

Additional Paid-in Capital Retained Income Accumulated Other Comprehensive Loss Less:

Treasury Stock Total SPGI Equity Noncontrolling Interests Total Equity

Balance as of December 31, 2025 $ 415 $ 44,117 $ 23,666 $ ( 697 ) $ 36,374 $ 31,127 $ 108 $ 31,235

7 unchanged sentences

Other — ( 1 ) ( 1 )

Balance as of March 31, 2026

Balance as of June 30, 2026

$ 415 $ 44,547 $ 25,618 $ ( 772 ) $ 38,307 $ 31,501 $ 115 $ 31,616

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

(in millions) Common Stock $ 1 par

9 unchanged sentences

Change in redemption value of redeemable noncontrolling interests ( 147 ) ( 147 ) ( 147 )

Balance as of March 31, 2025

Balance as of June 30, 2025

$ 415 $ 44,392 $ 22,402 $ ( 795 ) $ 33,024 $ 33,390 $ 106 $ 33,496

1 Excludes comprehensive income of $ 100 million and $ 77 million for the three months ended March 31, 2026 and 2025, respectively, attributable to our redeemable noncontrolling interests.

1 Excludes comprehensive income of $ 97 million and $ 76 million for the three months ended June 30, 2026 and 2025, respectively, and $ 197 million and $ 153 million for the six months ended June 30, 2026 and 2025 , respectively, attributable to our redeemable noncontrolling interests.

See accompanying notes to the unaudited consolidated financial statements.

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S&P Global Inc.

(together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) is a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets.

Our operations consist of five reportable segments:

S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Energy (“Energy”), S&P Global Mobility (“Mobility”) and S&P Dow Jones Indices (“Indices”).

• Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

On July 1, 2026, the previously announced separation (the “Separation”) of Mobility Global Inc.

(“Mobility Global”) from S&P Global became effective.

The separation of Mobility Global, which comprises the business of S&P Global and its subsidiaries which previously operated under the S&P Global Mobility (“Mobility”) segment, was achieved through S&P Global’s distribution (the “Distribution”) of 100 % of the shares of Mobility Global common stock to holders of S&P Global common stock effective as of 12:01 a.m.

New York City time on July 1, 2026, with holders of S&P Global common stock receiving one share of Mobility Global common stock for every share of S&P Global common stock held at the close of business on June 15, 2026 (the “Record Date”).

Following the Distribution, Mobility Global became an independent, publicly-traded company with its common stock listed under the symbol “MBGL” on the New York Stock Exchange.

Effective July 1, 2026, our operations consist of four reportable segments:

S&P Global Ratings (“Ratings”), S&P Dow Jones Indices (“Indices”), S&P Global Energy (“Energy”) and S&P Global Market Intelligence (“Market Intelligence”).

• Ratings is an independent provider of credit ratings, research, and analytics.

• Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets.

• Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

• Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company.

The name of the new publicly traded company, Mobility Global Inc., will be effective on day one of the separation.

The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S.

federal income tax purposes for S&P Global shareholders and is expected to be completed mid-2026, subject to the satisfaction of customary legal and regulatory requirements and approvals.

• Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets.

• Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

The results of Mobility are included through June 30, 2026.

Beginning with the third quarter of 2026, the historical financial results of Mobility through June 30, 2026 will be reflected in our consolidated financial statements as discontinued operations in accordance with U.S.

GAAP for all periods.

The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

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In the opinion of management, all normal recurring adjustments considered necessary for a fair statement of the results of the interim periods have been included.

The operating results for the three months ended March 31, 2026 are not necessarily indicative of the results that may be expected for the full year.

The operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for the full year.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, pension plans, incentive compensation and stock-based compensation, income taxes, contingencies and redeemable noncontrolling interests.

1 unchanged sentence

Restricted Cash

We had no restricted cash included in our consolidated balance sheets as of March 31, 2026 and December 31, 2025.

Restricted cash in our consolidated balance sheet was $ 7 million as of June 30, 2026.

We had no restricted cash included in our consolidated balance sheet as of December 31, 2025.

Contract Assets

Contract assets include unbilled amounts from when the Company transfers service to a customer before a customer pays consideration or before payment is due.

As of March 31, 2026 and December 31, 2025, contract assets were $ 107 million and $ 89 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

As of June 30, 2026 and December 31, 2025, contract assets were $ 97 million and $ 89 million, respectively, and are included in accounts receivable in our consolidated balance sheets.

Unearned Revenue

We record unearned revenue when cash payments are received in advance of our performance.

The decrease in the unearned revenue balance at March 31, 2026 compared to December 31, 2025 is primarily driven by $ 1.8 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period, offset by cash payments received in advance of satisfying our performance obligations.

The decrease in the unearned revenue balance at June 30, 2026 compared to December 31, 2025 is primarily driven by $ 3.0 billion of revenues recognized that were included in the unearned revenue balance at the beginning of the period, offset by cash payments received in advance of satisfying our performance obligations.

Remaining Performance Obligations

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed.

As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 5.7 billion.

As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $ 5.8 billion.

We expect to recognize revenue on approximately half and three-quarters of the remaining performance obligations over the next 12 and 24 months, respectively, with the remainder recognized thereafter.

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We have determined that the costs associated with certain sales commission programs are incremental to the costs to obtain contracts with customers and therefore meet the criteria to be capitalized.

Total capitalized costs to obtain contracts were $ 349 million as of March 31, 2026 and December 31, 2025, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets.

Total capitalized costs to obtain contracts were $ 338 million and $ 349 million as of June 30, 2026 and December 31, 2025, respectively, and are included in prepaid and other current assets and other non-current assets on our consolidated balance sheets.

The capitalized asset will be amortized over a period consistent with the transfer to the customer of the goods or services to which the asset relates, calculated based on the customer term and the average life of the products and services underlying the contracts which has been determined to be approximately 2 to 5 years.

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On October 10, 2025, the Company and CME Group completed the sale of OSTTRA, an investment in a 50 / 50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture.

Other (Income) Expense, net

The components of other (income) expense, net for the three months ended March 31 are as follows:

(in millions) 2026 2025

Other Income, net

The components of other income, net for the periods ended June 30 are as follows:

(in millions) Three Months Six Months

2026 2025 2026 2025

Other components of net periodic benefit cost $ ( 3 ) $ ( 5 ) $ ( 8 ) $ ( 11 )

Net loss from investments 2 10

Other (income) expense, net $ ( 2 ) $ 4

Net (gain) loss from investments ( 1 ) ( 23 ) 2 ( 12 )

Other income, net $ ( 4 ) $ ( 28 ) $ ( 6 ) $ ( 23 )

Acquisitions and Divestitures

On April 24, 2026, we entered into a definitive agreement to sell Energy’s geoscience and petroleum engineering software portfolio to SLB, a global technology company driving energy innovation across more than 100 countries.

On July 28, 2026, we announced an agreement to acquire a majority stake in Agusto & Co., a leading Pan-African rating agency with operations in Nigeria, Kenya, Rwanda and Ghana.

The investment, a strategic step for both companies, will complement and support the growth strategy of our Ratings segment in Africa.

The transaction is expected to close in the

second half of 2026, subject to customary closing conditions, including receipt of required regulatory approvals.

The proposed acquisition is not expected to have a material impact to our consolidated financial statements.

On July 28, 2026, we announced that we entered into a definitive agreement to acquire datacenterHawk, a leading provider of proprietary intelligence for the global data center, fiber optic and related infrastructure markets.

The acquisition will bring together leading data center forecasting, market outlooks and technology intelligence from 451 Research, part of our Energy segment, alongside comprehensive coverage of global power markets across grid infrastructure and intelligence, and supply/demand forecasts, with datacenterHawk's proprietary asset-level intelligence on data center supply/demand, pricing, pipelines and site selection, as well as its Fiber Locator platform.

The transaction is expected to close in the second half of 2026, subject to customary closing conditions.

The proposed acquisition is not expected to have a material impact to our consolidated financial statements.

On April 24, 2026, we announced that we entered into a definitive agreement to sell Energy’s geoscience and petroleum engineering software portfolio to SLB, a global technology company driving energy innovation across more than 100 countries.

This portfolio of subsurface and engineering software, widely used by U.S.

onshore and unconventional operators, includes Kingdom Software, Petra, Harmony Enterprise, Analytics Explorer, SubPUMP, Power Tools, FieldDIRECT, Piper, WellTest, and The Element Platform, together with associated business services.

The assets and liabilities of Energy's geoscience and petroleum engineering software portfolio were classified as held for sale in our consolidated balance sheet as of March 31, 2026.

This transaction is expected to close in the second half of 2026 or early 2027.

The assets and liabilities of Energy's geoscience and petroleum engineering software portfolio were classified as held for sale in our consolidated balance sheet as of June 30, 2026.

This transaction is expected to close in the second half of 2026.

The anticipated divestiture of Energy's geoscience and petroleum engineering software portfolio is not expected to have a material impact to our consolidated financial statements.

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The acquisition of Enertel AI Corporation is not material to our consolidated financial statements.

During the three months ended March 31, 2025, we did not complete any material acquisitions.

During the three months ended March 31, 2026, we recorded a pre-tax gain of $ 175 million related to the following dispositions:

On June 6, 2025, we completed the acquisition of TeraHelix, a privately held financial technology firm.

TeraHelix helps solve complex, enterprise-scale data challenges by providing frameworks that structure data models for smooth interoperability across platforms, systems and storage architectures.

This acquisition is part of our Market Intelligence segment and strengthens our customer-centric approach to data, technology, and AI by meaningfully enhancing the ability to link datasets across classes and platforms.

The acquisition of TeraHelix is not material to our consolidated financial statements.

During the three and six months ended June 30, 2026, we recorded a pre-tax gain of $ 11 million ($ 8 million after-tax) and $ 186 million ($ 178 million after-tax), respectively, related to the following dispositions:

• In April of 2026, we sold our facility at Centennial, Colorado.

During the three and six months ended June 30, 2026, we recorded a pre-tax gain of $ 11 million ($ 8 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Centennial.

• On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies.

During the three months ended March 31, 2026, we recorded a pre-tax gain of $ 172 million ($ 168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.

During the six months ended June 30, 2026, we recorded a pre-tax gain of $ 172 million ($ 168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.

• In March of 2026, we recorded a pre-tax gain of $ 3 million ($ 3 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of OSTTRA in October of 2025.

During the three months ended March 31, 2025 , we did not complete any material dispositions.

During the three and six months ended June 30, 2025 , we recorded a pre-tax gain of $ 3 million ($ 2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Fincentric in August of 2024.

During the six months ended June 30, 2025, we did not complete any material dispositions.

Assets and Liabilities Held for Sale

The components of assets and liabilities held for sale in the consolidated balance sheets consist of the following:

(in millions) March 31, December 31,

(in millions) June 30, December 31,

Accounts receivable, net $ 51 $ 34

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Liabilities held for sale $ 28 $ 43

1 Assets and liabilities held for sale relate to the anticipated divestiture of Energy’s geoscience and petroleum engineering software portfolio and the divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment as of March 31, 2026 and December 31, 2025, respectively.

Additionally, assets held for sale include fixed assets related to our intent to sell our facility in Centennial, Colorado as of March 31, 2026 and December 31, 2025.

The effective income tax rate was 21.2 % and 21.7 % for the three months ended March 31, 2026 and March 31, 2025, respectively.

The lower rate for the three months ended March 31, 2026 was primarily due to a combination of discrete adjustments including lower tax on non-US divestitures due to local exemption.

Additionally, assets held for sale include fixed assets related to our facility in Centennial, Colorado as of December 31, 2025.

The effective income tax rate was 23.5 % and 22.3 % for the three and six months ended June 30, 2026, respectively, and 22.8 % and 22.2 % for the three months and six months ended June 30, 2025, respectively.

The higher 2026 rates are primarily due to a combination of discrete adjustments including tax charge on divestitures.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings.

The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately

reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur.

The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur.

In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company is subject to tax examinations in various jurisdictions.

As of March 31, 2026 and December 31, 2025, the total amount of federal, state and local, and foreign unrecognized tax benefits was $ 320 million and $ 322 million, respectively, exclusive of interest and penalties.

As of June 30, 2026 and December 31, 2025, the total amount of federal, state and local, and foreign unrecognized tax benefits was $ 303 million and $ 322 million, respectively, exclusive of interest and penalties.

We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively.

As of March 31, 2026 and December 31, 2025, we had $ 86 million and $ 79 million, respectively, of accrued interest and penalties associated with unrecognized tax benefits.

As of both June 30, 2026 and December 31, 2025, we had $ 79 million of accrued interest and penalties associated with unrecognized tax benefits.

The Organization for Economic Co-operation and Development (“OECD”) introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions.

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A summary of short-term and long-term debt outstanding is as follows:

(in millions) March 31,

(in millions) June 30,

2026 December 31,

17 unchanged sentences

3.9 % Senior Notes, due 2062 18

5.05 % Senior Notes, due 2029 19

5.45 % Senior Notes, due 2031 20

6.05 % Senior Notes, due 2036 21

Commercial paper 825 715

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1 We made a $ 3 million repayment of our 4.0 % Senior Notes in the first quarter of 2026.

2 Interest payments are due semiannually on January 22 and July 22, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 1 million.

3 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 3 million.

2 Interest payments are due semiannually on January 22 and July 22, and as of June 30, 2026, the unamortized debt discount and issuance costs total less than $ 1 million.

3 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 3 million.

4 Interest payments are due semiannually on February 1 and August 1.

5 Interest payments are due semiannually on May 1 and November 1.

6 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 2 million.

7 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 9 million.

6 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 2 million.

7 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 8 million.

From and including March 1, 2026, the interest rate payable on Sustainability-Linked Senior Notes due 2029 was increased by 25 basis points ( 0.25 %) per annum, in accordance with the terms of the governing indenture.

8 Interest payments are due semiannually on February 15 and August 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 4 million.

9 Interest payments are due semiannually on January 15 and July 15, beginning on July 15, 2026, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 4 million.

10 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 20 million.

11 Interest payments are due semiannually on March 15 and September 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 6 million.

12 Interest payments are due semiannually on June 4 and December 4, beginning on June 4, 2026, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 4 million.

13 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 2 million.

14 Interest payments are due semiannually on May 15 and November 15, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 10 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 9 million.

16 Interest payments are d ue semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 24 million.

17 Interest payments are due semiannually on February 15 and August 1 5, and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 17 million.

18 Interest payments are due semiannually on March 1 and September 1 and as of March 31, 2026, the unamortized debt discount and issuance costs total $ 13 million.

The fair value of our total debt borrowings was $ 11.1 billion an d $ 11.3 billion as of March 31, 2026 and December 31, 2025, respectively, and was estimated based on quoted market prices.

8 Interest payments are due semiannually on February 15 and August 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 3 million.

9 Interest payments are due semiannually on January 15 and July 15, beginning on July 15, 2026, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 4 million.

10 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 19 million.

11 Interest payments are due semiannually on March 15 and September 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 6 million.

12 Interest payments are due semiannually on June 4 and December 4, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 4 million.

13 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 2 million.

14 Interest payments are due semiannually on May 15 and November 15, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 10 million.

15 Interest payments are due semiannually on June 1 and December 1, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 9 million.

16 Interest payments are d ue semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 24 million.

17 Interest payments are due semiannually on February 15 and August 1 5, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 17 million.

18 Interest payments are due semiannually on March 1 and September 1 and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 13 million.

19 Interest payments are due semiannually on June 15 and December 15, beginning on December 15, 2026, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 5 million.

20 Interest payments are due semiannually on June 15 and December 15, beginning on December 15, 2026, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 6 million.

21 Interest payments are due semiannually on June 15 and December 15, beginning on December 15, 2026, and as of June 30, 2026, the unamortized debt discount and issuance costs total $ 8 million.

The fair value of our total debt borrowings was $ 13.1 billion an d $ 11.3 billion as of June 30, 2026 and December 31, 2025, respectively, and was estimated based on quoted market prices.

On May 19, 2026, in connection with the Separation, Mobility Global issued $ 650 million of 5.05 % senior notes due in 2029, $ 650 million of 5.45 % senior notes due in 2031 and $ 700 million of 6.05 % senior notes due in 2036.

The obligations under these senior notes are reflected in these financial statements, but became the sole responsibility of Mobility Global after the Separation.

We have the ability to borrow a total of $ 2.0 billion through our commercial paper program, which is supported by our $ 2.0 billion five-year credit agreement (our “credit facility”) that will terminate on December 17, 2029.

As of March 31, 2026, and December 31, 2025, we had $ 951 million and $ 715 million of outstanding commercial paper, respectively.

Commitment fees for the unutilized commitments under the credit facility and applicable margins for borrowings thereunder are linked to the Company achieving three environmental sustainability performance indicators related to emissions, tested annually.

For the three months ended March 31, 2026, we paid a commitment fee of 8 basis points.

Our commitment fee and our drawn margin under the credit facility will be reduced by 1 basis point and 5 basis points, respectively, for the approximately year-long period beginning April 6, 2026 as a result of our emissions performance for the year ended December 31, 2025.

As of June 30, 2026, and December 31, 2025, we had $ 825 million and $ 715 million of outstanding commercial paper, respectively.

During the second quarter of 2026, Mobility Global entered into a $ 500 million senior unsecured revolving credit facility, which was undrawn as of June 30, 2026, and became the sole responsibility of Mobility Global after the Separation.

Under the credit facility, we currently pay a commitment fee of 7 basis points.

Our commitment fee and our drawn margin under the credit facility was reduced by 1 basis point and 5 basis points, respectively, for the approximately year-long period beginning April 6, 2026 as a result of our emissions performance for the year ended December 31, 2025.

The credit facility contains customary affirmative and negative covenants and customary events of default.

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We typically have naturally hedged positions in most countries from a local currency perspective with offsetting assets and liabilities.

As of March 31, 2026 and December 31, 2025, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates.

As of March 31, 2026 and December 31, 2025, we held cross currency swap contracts to hedge a portion of our net investment in foreign subsidiaries against volatility in foreign exchange rates.

As of June 30, 2026 and December 31, 2025, we have entered into foreign exchange forward contracts to mitigate or hedge the effect of adverse fluctuations in foreign exchange rates.

As of June 30, 2026 and December 31, 2025, we held cross currency swap contracts to hedge a portion of our net investment in foreign subsidiaries against volatility in foreign exchange rates.

These contracts are recorded at fair value that is based on foreign currency exchange rates and interest rates in active markets;

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Undesignated Derivative Instruments

During the three months ended March 31, 2026 and twelve months ended December 31, 2025, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets.

During the six months ended June 30, 2026 and twelve months ended December 31, 2025, we entered into foreign exchange forward contracts in order to mitigate the change in fair value of specific assets and liabilities in the consolidated balance sheets.

These forward contracts do not qualify for hedge accounting.

As of March 31, 2026 and December 31, 2025, the aggregate notional value of these outstanding forward contracts was $ 1.5 billion.

As of June 30, 2026 and December 31, 2025, the aggregate notional value of these outstanding forward contracts was $ 1 billion and $ 1.5 billion, respectively.

The changes in fair value of these forward contracts are recorded in prepaid and other assets or other current liabilities in the consolidated balance sheets with their corresponding change in fair value recognized in selling and general expenses in the consolidated statements of income.

The amount recorded in prepaid and other current assets was $ 3 million and $ 8 million as of March 31, 2026 and December 31, 2025, respectively.

The amount recorded in other current liabilities was $ 15 million and $ 6 million as of March 31, 2026 and December 31, 2025, respectively.

The amount recorded in selling and general expense related to these contracts was a net loss of $ 20 million for the three months ended March 31, 2026, and a net gain of $ 49 million for the three months ended March 31, 2025, respectively.

The amount recorded in prepaid and other current assets was $ 8 million as of June 30, 2026 and December 31, 2025.

The amount recorded in other current liabilities was $ 22 million and $ 6 million as of June 30, 2026 and December 31, 2025, respectively.

The amount recorded in selling and general expense related to these contracts was a net loss of $ 8 million and $ 28 million for the three and six months ended June 30, 2026, respectively, and a net gain of $ 111 million and $ 160 million for the three and six months ended June 30, 2025, respectively.

Net Investment Hedges

As of March 31, 2026 and December 31, 2025, we held cross currency swaps to hedge a portion of our net investment in certain European subsidiaries against volatility in the Euro/U.S.

As of June 30, 2026 and December 31, 2025, we held cross currency swaps to hedge a portion of our net investment in certain European subsidiaries against volatility in the Euro/U.S.

dollar exchange rate.

These swaps are designated and qualify as a hedge of a net investment in a foreign subsidiary and are scheduled to mature in 2029, 2030, 2032 and 2033.

The notional value of our outstanding cross currency swaps designated as a net investment hedge was $ 3.5 billion as of March 31, 2026 and December 31, 2025.

The notional value of our outstanding cross currency swaps designated as a net investment hedge was $ 3.5 billion as of June 30, 2026 and December 31, 2025.

The changes in the fair value of these swaps are recognized in foreign currency translation adjustments, a component of other comprehensive income (loss), and reported in accumulated other comprehensive loss in our consolidated balance sheet.

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Accordingly, amounts related to the cross currency swaps recognized directly in net income represent net periodic interest settlements and accruals, which are recognized in interest expense, net.

We recognized net interest income of $ 10 million and $ 14 million for the three months ended March 31, 2026 and 2025, respectively.

We recognized net interest income of $ 10 million and $ 20 million for the three and six months ended June 30, 2026 and net interest income of $ 11 million and $ 25 million for the three and six months ended June 30, 2025, respectively.

Cash Flow Hedges

Foreign Exchange Forward Contracts

During the three months ended March 31, 2026 and the twelve months ended December 31, 2025, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the first quarter of 2028 and the fourth quarter of 2027, respectively.

During the six months ended June 30, 2026 and the twelve months ended December 31, 2025, we entered into a series of foreign exchange forward contracts to hedge a portion of the Indian rupee, British pound, and Euro exposures through the second quarter of 2028 and the fourth quarter of 2027, respectively.

These contracts are intended to offset the impact of movement of exchange rates on future revenue and operating costs and are scheduled to mature within twenty-four months .

The changes in the fair value of these contracts are initially reported in accumulated other comprehensive loss in our consolidated balance sheet and are subsequently reclassified into revenue and selling and general expenses in the same period that the hedged transaction affects earnings.

As of March 31, 2026, we estimate that $ 15 million of pre-tax loss related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of March 31, 2026 and December 31, 2025, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $ 540 million and $ 574 million, respectively.

As of June 30, 2026, we estimate that $ 8 million of pre-tax loss related to foreign exchange forward contracts designated as cash flow hedges recorded in other comprehensive income is expected to be reclassified into earnings within the next twelve months.

As of June 30, 2026 and December 31, 2025, the aggregate notional value of our outstanding foreign exchange forward contracts designated as cash flow hedges was $ 505 million and $ 574 million, respectively.

Interest Rate Swaps

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A portion of the gain is being recognized into interest expense, net over the term related to the issuance of our senior notes in December of 2025 which are scheduled to mature in 2031 and 2035.

We recognized interest income of $ 2 million for the three months ended March 31, 2026.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of March 31, 2026 and December 31, 2025:

(in millions) March 31, December 31,

We recognized interest income of $ 1 million and $ 3 million for the three and six months ended June 30, 2026.

The following table provides information on the location and fair value amounts of our cash flow hedges and net investment hedges as of June 30, 2026 and December 31, 2025:

(in millions) June 30, December 31,

Balance Sheet Location 2026 2025

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Other non-current liabilities Cross currency swaps $ 226 $ 294

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the three months ended March 31:

The following table provides information on the location and amounts of pre-tax gains (losses) on our cash flow hedges and net investment hedges for the periods ended June 30:

(in millions) Gain (Loss) recognized in Accumulated Other Comprehensive Loss (effective portion) Location of Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion) Gain (Loss) reclassified from Accumulated Other Comprehensive Loss into Income (effective portion)

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Cross currency swaps $ ( 22 ) $ ( 342 ) Interest expense, net $ ( 1 ) $ ( 1 )

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the three months ended March 31:

(in millions) 2026 2025

2026 2025 2026 2025

Cash flow hedges - designated as hedging instruments

Foreign exchange forward contracts $ — $ 4 Revenue, Selling and general expenses $ ( 6 ) $ 4

Interest rate swap contracts $ ( 3 ) $ — Interest expense, net $ 3 $ —

Net investment hedges - designated as hedging instruments

Cross currency swaps $ 66 $ ( 419 ) Interest expense, net $ ( 2 ) $ ( 2 )

The activity related to the change in unrealized gains (losses) in accumulated other comprehensive loss was as follows for the periods ended June 30:

(in millions) Three Months Six Months

2026 2025 2026 2025

Cash Flow Hedges

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Net periodic benefit cost for our retirement and postretirement plans other than the service cost component are included in other (income) expense, net in our consolidated statements of income.

The components of net periodic benefit cost for our retirement plans and postretirement plans for the three months ended March 31 are as follows:

(in millions) 2026 2025

The components of net periodic benefit cost for our retirement plans and postretirement plans for the periods ended June 30 are as follows:

(in millions) Three Months Six Months

2026 2025 2026 2025

Service cost $ — $ — $ 1 $ 1

Interest cost 17 18 33 35

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Net periodic benefit cost $ ( 3 ) $ ( 5 ) $ ( 7 ) $ ( 10 )

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three months ended March 31, 2026 and 2025.

Net periodic benefit cost related to our postretirement plans reflected in the table above was not material for the three and six months ended June 30, 2026 and 2025.

As discussed in our Form 10-K, we changed certain discount rate assumptions for our retirement and postretirement plans and our expected return on assets assumption for our retirement plans which became effective on January 1, 2026.

The effect of the assumption changes on retirement and postretirement expense for the three months ended March 31, 2026 did not have a material impact to our financial position, results of operations or cash flows.

In the first three months of 2026, we contributed $ 3 million to our retirement plans and expect to make additional required contributions of approximately $ 8 million to our retirement plans during the remainder of the year.

We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in remaining nine months of 2026.

The effect of the assumption changes on retirement and postretirement expense for the three and six months ended June 30, 2026 did not have a material impact to our financial position, results of operations or cash flows.

In the first six months of 2026, we contributed $ 5 million to our retirement plans and expect to make additional required contributions of approximately $ 6 million to our retirement plans during the remainder of the year.

We may elect to make additional non-required contributions depending on investment performance or any potential deterioration of our pension plan status in second half of 2026.

Stock-Based Compensation

We issue stock-based incentive awards to our eligible employees under the 2019 Employee Stock Incentive Plan and to our eligible non-employee members of the Board of Directors under a Director Deferred Stock Ownership Plan.

For the three months ended March 31, 2026 and 2025, total stock-based compensation expense related to restricted stock and other stock-based awards was $ 39 million and $ 47 million, respectively.

During the three months ended March 31, 2026, the Company granted 0.5 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $ 443.23 per share.

Total unrecognized compensation expense related to unvested equity awards as of March 31, 2026 was $ 318 million, which is expected to be recognized over a weighted average period of 1.8 years.

For the six months ended June 30, 2026 and 2025, total stock-based compensation expense related to restricted stock and other stock-based awards was $ 95 million and $ 92 million, respectively.

During the six months ended June 30, 2026, the Company granted 0.5 million shares of restricted stock and other stock-based awards, which had a weighted average grant date fair value of $ 441.03 per share.

Total unrecognized compensation expense related to unvested equity awards as of June 30, 2026 was $ 284 million, which is expected to be recognized over a weighted average period of 1.6 years.

On January 14, 2026, the Board of Directors approved an increase in the dividends for 2026 to a quarterly common stock dividend of $ 0.97 per share.

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Our purchased shares may be used for general corporate purposes, including the issuance of shares for stock compensation plans and to offset the dilutive effect of the exercise of employee stock options.

As of March 31, 2026, 29.6 million shares remained under the 2025 Repurchase Program and the 2022 repurchase program was completed.

As of June 30, 2026, 28.4 million shares remained under the 2025 Repurchase Program and the 2022 repurchase program was completed.

Our 2025 Repurchase Program has no expiration date and purchases under this program may be made from time to time on the open market and in private transactions, depending on market conditions.

We have entered into accelerated share repurchase (“ASR”) agreements with financial institutions to initiate share repurchases of our common stock.

Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial delivery of shares.

Under an ASR agreement, we pay a specified amount to the financial institution and receive an initial

delivery of shares.

Upon settlement of the ASR agreement, the financial institution typically delivers additional shares.

The total number of shares ultimately delivered, and therefore the average price paid per share, is determined at the end of the applicable purchase period of each ASR agreement based on the volume weighted-average share price, less a discount.

account for our ASR agreements as two transactions:

We account for our ASR agreements as two transactions:

a stock purchase transaction and a forward stock purchase contract.

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Excise tax obligations that result from the Company’s share repurchases are accounted for as a cost of the treasury stock transaction, and are included in other current liabilities on our consolidated balance sheets.

The amount recorded in other current liabilities was $ 58 million and $ 46 million as of March 31, 2026 and December 31, 2025, respectively.

The terms of each ASR agreement entered into during the three months ended March 31, 2026 and 2025, structured as outlined above, are as follows:

The amount recorded in other current liabilities was $ 16 million and $ 46 million as of June 30, 2026 and December 31, 2025, respectively.

During the six months ended June 30, 2026, the Company made an excise tax payment of $ 47 million, which is included in financing activities in the Consolidated Statement of Cash Flows.

The terms of each ASR agreement entered into during the six months ended June 30, 2026 and 2025, structured as outlined above, are as follows:

(in millions, except average price paid per share)

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Purchased Average Price Paid Per Share Total Cash Utilized

May 7, 2026 1

June 10, 2026 0.9 0.3 1.2 $ 414.76 $ 500

February 12, 2026 2

March 12, 2026 2.0 0.3 2.3 $ 426.70 $ 1,000

May 6, 2025 3

August 8, 2025 1.0 0.2 1.2 $ 518.47 $ 650

February 19, 2025 4

May 6, 2025 1.0 0.3 1.3 $ 491.12 $ 650

1 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 500 million and initially received shares valued at 80 % of the $ 500 million at a price equal to the market price of the Company ’ s common stock on May 7, 2026.

The Company received an initial delivery of 0.9 million shares from the ASR program.

We completed the ASR agreement on June 10, 2026 and received an additional 0.3 million shares.

The ASR agreement was executed under our 2025 Repurchase Program.

2 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 1 billion and initially received shares valued at 80 % of the $ 1 billion at a price equal to the market price of the Company ’ s common stock on February 12, 2026.

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The ASR agreement was executed under our 2025 and 2022 Repurchase Programs.

3 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 650 million and initially received shares valued at 80 % of the $ 650 million at a price equal to the market price of the Company ’ s common stock on May 6, 2025.

The Company received an initial delivery of 1.0 million shares from the ASR program.

We completed the ASR agreement on August 8, 2025 and received an additional 0.2 million shares.

The ASR agreement was executed under our 2022 Repurchase Program.

4 The ASR agreement was structured as an uncapped ASR agreement in which we paid $ 650 million and initially received shares valued at 80 % of the $ 650 million at a price equal to the market price of the Company ’ s common stock on February 19, 2025.

2 unchanged sentences

The ASR agreement was executed under our 2022 Repurchase Program.

During the three months ended March 31, 2026, we received 3.1 million shares, including 0.8 million shares received in February of 2026 related to our December 4, 2025 ASR agreement.

During the three months ended March 31, 2026, we purchased a total of 2.3 million shares for $ 1 billion of cash.

During the three months ended March 31, 2025, we received 1.3 million shares, including 0.3 million shares received in February of 2025 related to our October 28, 2024 ASR agreement.

During the three months ended March 31, 2025, we purchased a total of 1.0 million shares for $ 650 million of cash.

During the six months ended June 30, 2026, we received 4.3 million shares, including 0.8 million shares received in February of 2026 related to our December 4, 2025 ASR agreement.

During the six months ended June 30, 2026, we purchased a total of 3.5 million shares for $ 1.5 billion of cash related to our February 12, 2026 and May 7, 2026 ASR agreements.

During the six months ended June 30, 2025, we received 2.7 million shares, including 0.3 million shares received in February of 2025 related to our October 28, 2024 ASR agreement.

During the six months ended June 30, 2025, we purchased a total of 2.4 million shares for $ 1.3 billion of cash.

Redeemable Noncontrolling Interests

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Noncontrolling interests that do not contain such redemption features are presented in equity.

Changes to redeemable noncontrolling interests during the three months ended March 31, 2026 were as follows:

Changes to redeemable noncontrolling interests during the six months ended June 30, 2026 were as follows:

(in millions)

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Redemption value adjustment 86

Balance as of March 31, 2026 2

Balance as of June 30, 2026 2

1 Includes foreign currency translation adjustments.

2 As of March 31, 2026 , $ 4,914 million relates to our redeemable noncontrolling interest in the Indices business.

2 As of June 30, 2026 , $ 5,022 million relates to our redeemable noncontrolling interest in the Indices business.

Accumulated Other Comprehensive Loss

The following table summarizes the changes in the components of accumulated other comprehensive loss for the three months ended March 31:

The following table summarizes the changes in the components of accumulated other comprehensive loss for the six months ended June 30:

(in millions) Foreign Currency Translation Adjustments Pension and Postretirement Benefit Plans Unrealized Gain (Loss) on Cash Flow Hedges Accumulated Other Comprehensive Loss

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Net other comprehensive income ( 73 ) 2 ( 4 ) ( 75 )

Balance as of March 31, 2026

Balance as of June 30, 2026

$ ( 476 ) $ ( 384 ) $ 88 $ ( 772 )

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See Note 5 – Derivative Instruments for additional detail of items recognized in accumulated other comprehensive loss.

2 Reflects amortization of net actuarial losses and is net of a tax expense of less than $ 1 million for the three months ended March 31, 2026.

2 Reflects amortization of net actuarial losses and is net of a tax expense of $ 1 million for the six months ended June 30, 2026.

See Note 6 — Employee Benefits for additional details of items reclassed from accumulated other comprehensive loss to net earnings.

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Potential common shares consist primarily of restricted performance shares and stock options calculated using the treasury stock method.

The calculation of basic and diluted EPS for the three months ended March 31 is as follows:

(in millions, except per share amounts) 2026 2025

The calculation of basic and diluted EPS for the periods ended June 30 is as follows:

(in millions, except per share amounts) Three Months Six Months

2026 2025 2026 2025

Amounts attributable to S&P Global Inc.

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Basic weighted-average number of common shares outstanding

295.4 305.9 296.4 306.6

Effect of dilutive securities 0.1 0.2 0.2 0.3

Diluted weighted-average number of common shares outstanding

295.5 306.1 296.6 306.9

Earnings per share attributable to S&P Global Inc.

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Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists.

For the three months ended March 31, 2026 and 2025, there were no stock options excluded.

Restricted performance shares outstanding of 0.5 million and 0.7 million as of March 31, 2026 and 2025, respectively, were excluded.

For the three and six months ended June 30, 2026 and 2025, there were no stock options excluded.

Restricted performance shares outstanding of 0.6 million and 0.7 million as of June 30, 2026 and 2025, respectively, were excluded.

Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure.

Our 2025 restructuring plan consisted of a company-wide workforce reduction of approximately 1,300 positions and are further detailed below.

Our 2026 and 2025 restructuring plans consisted of a company-wide workforce reduction of approximately 450 and 1,300 positions and are further detailed below.

The charges for each restructuring plan are classified as selling and general expenses within the consolidated statements of income and the reserves are included in other current liabilities in the consolidated balance sheets.

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In these cases, we reverse reserves through the consolidated statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of March 31, 2026 by segment is as follows:

2025 Restructuring Plan

(in millions) Initial Charge Recorded Ending Reserve Balance

The initial restructuring charge recorded and the ending reserve balance as of June 30, 2026 by segment is as follows:

2026 Restructuring Plan 2025 Restructuring Plan

(in millions) Initial Charge Recorded Ending Reserve Balance Initial Charge Recorded Ending Reserve Balance

Market Intelligence $ 15 $ 14 $ 56 $ 8

Ratings 8 7 17 3

Energy 8 7 19 7

Mobility — — 15 2

Indices — — 4 2

Corporate 11 9 46 11

Total $ 42 $ 37 $ 157 $ 33

For the three months ended March 31, 2026, we did not record any restructuring charges.

We recorded a pre-tax restructuring charge of $ 42 million primarily related to employee severance charges for the 2026 restructuring plan during the six months ended June 30, 2026 and have reduced the reserve by $ 5 million.

The ending reserve balance for the 2025 restructuring plan was $ 85 million as of December 31, 2025.

For the three months ended March 31, 2026, we have reduced the reserve for the 2025 restructuring plan by $ 36 million.

The ending reserve balance for the 2024 restructuring plan was $ 4 million and $ 15 million as of March 31, 2026 and December 31, 2025, respectively.

For the six months ended June 30, 2026, we have reduced the reserve for the 2025 restructuring plan by $ 52 million.

The reductions primarily related to cash payments for employee severance charges.

Segment and Related Information

We have five reportable segments:

Market Intelligence, Ratings, Energy, Mobility and Indices.

Effective July 1, 2026, we have four reportable segments:

Market Intelligence, Ratings, Energy and Indices.

The results of Mobility are included through June 30, 2026.

GAAP for all periods.

Our Chief Executive Officer is our chief operating decision-maker (“CODM”) and evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment.

Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other (income) expense, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

Operating results for the three months ended March 31 are as follows:

Segment operating profit does not include Corporate Unallocated expense, equity in income on unconsolidated subsidiaries, other income, net, or interest expense, net, as these are amounts that do not affect the operating results of our reportable segments.

Operating results for the periods ended June 30 are as follows:

(in millions) Market Intelligence Ratings Energy Mobility Indices Total

Three Months Ended June 30, 2026

Revenue from external customers $ 1,286 $ 1,293 $ 568 $ 468 $ 531 $ 4,146

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(in millions) Market Intelligence Ratings Energy Mobility Indices Total

Six Months Ended June 30, 2026

Revenue from external customers $ 2,579 $ 2,550 $ 1,221 $ 921 $ 1,047 $ 8,318

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Corporate Unallocated expense 4

Operating profit 3,814

Other income, net ( 6 )

Interest expense, net 182

Income before taxes on income $ 3,638

(in millions) Market Intelligence Ratings Energy Mobility Indices Total

Three Months Ended June 30, 2025

Revenue from external customers $ 1,214 $ 1,105 $ 555 $ 438 $ 443 $ 3,755

Intersegment revenue 1

3 43 — — 3 49

Revenue 1,217 1,148 555 438 446 3,804

Intersegment elimination ( 49 )

Total revenue 3,755

segment expenses 2

787 396 285 253 128 1,849

other segment items 3

171 37 37 81 9 335

Intersegment elimination ( 49 )

Segment operating profit $ 259 $ 715 $ 233 $ 104 $ 309 $ 1,620

Corporate Unallocated expense 4

Equity in income on unconsolidated subsidiaries ( 11 )

Operating profit 1,551

Other expense, net 4

Other income, net ( 28 )

Interest expense, net 77

Income before taxes on income $ 1,502

(in millions) Market Intelligence Ratings Energy Mobility Indices Total

Six Months Ended June 30, 2025

Revenue from external customers $ 2,410 $ 2,212 $ 1,167 $ 858 $ 885 $ 7,532

Intersegment revenue 1

6 85 — — 6 97

Revenue 2,416 2,297 1,167 858 891 7,629

Intersegment elimination ( 97 )

Total revenue 7,532

segment expenses 2

1,593 784 603 511 249 3,740

other segment items 3

344 42 76 157 18 637

Intersegment elimination ( 97 )

Segment operating profit $ 479 $ 1,471 $ 488 $ 190 $ 624 $ 3,252

Corporate Unallocated expense 4

Equity in income on unconsolidated subsidiaries ( 22 )

Operating profit 3,129

Other income, net ( 23 )

Interest expense, net 154

Income before taxes on income $ 2,998

1 Intersegment revenue primarily relates to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

2 The segment expense category for Market Intelligence, Ratings, Energy, Mobility and Indices for 2026 and 2025 primarily include an aggregation of compensation costs, technology costs and strategic investments.

2 The segment expense category for Market Intelligence, Ratings, Energy, Mobility and Indices for the three and six months ended June 30, 2026 and 2025 primarily include an aggregation of compensation costs, technology costs and strategic investments.

The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments;

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Variance explanations include segment expenses including compensation costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.

3 Other segment items for 2026 for each reportable segment primarily include amortization of intangibles from acquisitions, gain on dispositions and certain items primarily including acquisition and disposition-related costs.

Other segment items for 2025 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, Executive Leadership Team transition costs and acquisition and disposition-related costs.

3 Other segment items for the three and six months ended June 30, 2026 for each reportable segment primarily include amortization of intangibles from acquisitions, gain on dispositions and certain items primarily including acquisition and disposition-related costs and employee severance charges.

Other segment items for the three and six months ended June 30, 2025 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges, legal costs, acquisition and disposition-related costs and Executive Leadership Team transition costs.

4 Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses.

The following table presents our revenue disaggregated by revenue type for the three months ended March 31:

The following table presents our revenue disaggregated by revenue type for the periods ended June 30:

(in millions) Market Intelligence Ratings Energy Mobility Indices Intersegment Elimination 1

Three Months Ended June 30, 2026

Subscription $ 1,076 $ — $ 518 $ 383 $ 87 $ — $ 2,064

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(in millions) Market Intelligence Ratings Energy Mobility Indices Intersegment Elimination 1

Six Months Ended June 30, 2026

Subscription $ 2,128 $ — $ 1,024 $ 754 $ 171 $ — $ 4,077

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Services transferred over time

2,469 1,183 1,089 754 1,053 ( 104 ) 6,444

Total revenue $ 2,586 $ 2,641 $ 1,221 $ 921 $ 1,053 $ ( 104 ) $ 8,318

(in millions) Market Intelligence Ratings Energy Mobility Indices Intersegment Elimination 1

Three Months Ended June 30, 2025

Subscription $ 1,017 $ — $ 500 $ 357 $ 80 $ — $ 1,954

Non-subscription / Transaction 42 597 25 81 — — 745

Non-transaction — 551 — — — ( 49 ) 502

Asset-linked fees — — — — 286 — 286

Sales usage-based royalties — — 30 — 80 — 110

Recurring variable revenue 158 — — — — — 158

Total revenue $ 1,217 $ 1,148 $ 555 $ 438 $ 446 $ ( 49 ) $ 3,755

Timing of revenue recognition

Services transferred at a point in time $ 42 $ 597 $ 25 $ 81 $ — $ — $ 745

Services transferred over time 1,175 551 530 357 446 ( 49 ) 3,010

Total revenue $ 1,217 $ 1,148 $ 555 $ 438 $ 446 $ ( 49 ) $ 3,755

(in millions) Market Intelligence Ratings Energy Mobility Indices Intersegment Elimination 1

Six Months Ended June 30, 2025

Subscription $ 2,010 $ — $ 986 $ 700 $ 155 $ — $ 3,851

Non-subscription / Transaction 98 1,217 122 158 — — 1,595

Non-transaction — 1,080 — — — ( 97 ) 983

Asset-linked fees — — — — 574 — 574

Sales usage-based royalties — — 59 — 162 — 221

Recurring variable revenue 308 — — — — — 308

Total revenue $ 2,416 $ 2,297 $ 1,167 $ 858 $ 891 $ ( 97 ) $ 7,532

Timing of revenue recognition

Services transferred at a point in time $ 98 $ 1,217 $ 122 $ 158 $ — $ — $ 1,595

Services transferred over time 2,318 1,080 1,045 700 891 ( 97 ) 5,937

Total revenue $ 2,416 $ 2,297 $ 1,167 $ 858 $ 891 $ ( 97 ) $ 7,532

1 Intersegment eliminations primarily consists of a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Segment information as of March 31, 2026 and December 31, 2025 is as follows:

Segment information as of June 30, 2026 and December 31, 2025 is as follows:

(in millions) Total Assets

March 31, December 31,

June 30, December 31,

Market Intelligence $ 30,323 $ 31,234

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1 Corporate assets consist principally of cash and cash equivalents, goodwill and other intangible assets, investments, assets for pension benefits and deferred income taxes.

2 Relates to the anticipated divestiture of Energy’s geoscience and petroleum engineering software portfolio and the divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment as of March 31, 2026 and December 31, 2025, respectively.

Additionally, assets held for sale include fixed assets related to our intent to sell our facility in Centennial, Colorado as of March 31, 2026 and December 31, 2025.

The following provides revenue by geographic region for the three months ended March 31:

(in millions) 2026 2025

Additionally, assets held for sale include fixed assets related to our facility in Centennial, Colorado as of December 31, 2025.

The following provides revenue by geographic region for the periods ended June 30:

(in millions) Three Months Six Months

2026 2025 2026 2025

$ 2,530 $ 2,269 $ 5,154 $ 4,611

European region 952 863 1,848 1,711

Asia 440 408 870 791

Rest of the world 224 215 446 419

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As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of March 31, 2026 and December 31, 2025:

(in millions) March 31, December 31,

The following table provides information on the location and amounts of our leases on our consolidated balance sheets as of June 30, 2026 and December 31, 2025:

(in millions) June 30, December 31,

Balance Sheet Location 2026 2025

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Lease liabilities — non-current Non-current lease liabilities 452 494

The components of lease expense for the three months ended March 31 are as follows:

(in millions) 2026 2025

The components of lease expense for the periods ended June 30 are as follows:

(in millions) Three Months Six Months

2026 2025 2026 2025

Operating lease cost $ 30 $ 31 $ 58 $ 62

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Total lease cost $ 18 $ 28 $ 41 $ 55

Supplemental information related to leases for the three months ended March 31 are as follows:

(in millions) 2026 2025

Supplemental information related to leases for the periods ended June 30 are as follows:

(in millions) Three Months Six Months

2026 2025 2026 2025

Cash paid for amounts included in the measurement for operating lease liabilities

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Weighted-average remaining lease term and discount rate for our operating leases are as follows:

March 31, December 31,

June 30, December 31,

Weighted-average remaining lease term (years) 4.7 5.3

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(in millions)

2026 (Excluding the three months ended March 31, 2026)

2026 (Excluding the six months ended June 30, 2026)

2031 and beyond 159

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Present value of lease liabilities $ 578

As of March 31, 2026, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $ 98 million which have been excluded from the table above.

These lease agreements relate primarily to our Mobility segment.

These leases are expected to begin in the second quarter of 2026 and continue through 2037, with lease terms ranging from 1 year to 11 years.

As of June 30, 2026, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $ 81 million which have been excluded from the table above.

These leases are expected to begin in the third quarter of 2026 and continue through 2037, with lease terms ranging from 1 year to 11 years.

The majority of these lease agreements relate to our Mobility segment.

The obligations of these lease agreements related to Mobility are reflected in these financial statements, but became the sole responsibility of Mobility Global after the Separation.

Related Party Agreements

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Under the terms of the License Agreement, S&P Dow Jones Indices LLC receives a share of the profits from the trading and clearing of CME Group’s equity index products.

During both the three months ended March 31, 2026 and 2025, S&P Dow Jones Indices LLC earned $ 52 million of revenue under the terms of the License Agreement.

During the three months and six months ended June 30, 2026, S&P Dow Jones Indices LLC earned $ 54 million and $ 107 million of revenue under the terms of the License Agreement.

During the three and six months ended June 30, 2025, S&P Dow Jones Indices LLC earned $ 51 million and $ 103 million, respectively, of revenue under the terms of the License Agreement.

The entire amount of this revenue is included in our consolidated statement of income and the portion related to the 27 % noncontrolling interest is removed in net income attributable to noncontrolling interests.

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Recently Issued or Adopted Accounting Standards

In November of 2025, the Financial Accounting Standards Board (“FASB”) issued accounting guidance to more closely align hedge accounting with the economics of an entity's risk management activities.

In May of 2026, the Financial Accounting Standards Board (“FASB”) issued accounting guidance that provides recognition, measurement, presentation and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits.

This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual periods, and early adoption is permitted.

We do not expect this guidance to have a significant impact on our consolidated financial statements.

In November of 2025, the FASB issued accounting guidance to more closely align hedge accounting with the economics of an entity's risk management activities.

This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted.

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In September of 2025, the FASB issued accounting guidance which removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs.

This guidance is effective for annual

reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted.

This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted.

We do not expect this guidance to have a significant impact on our consolidated financial statements.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements