What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-07-28 compared with 2026-04-28 · 364 added, 162 removed, 488 unchanged (52% of the section changed)

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The following Management’s Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc.

(together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three months ended March 31, 2026.

(together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three and six months ended June 30, 2026.

The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2025 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S.

The MD&A includes the following sections:

• Results of Operations — Comparing the Three Months Ended March 31, 2026 and 2025

• Results of Operations — Comparing the Three and Six Months Ended June 30, 2026 and 2025

• Liquidity and Capital Resources

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• Forward-Looking Statements

We are a global, diversified, and highly differentiated provider of benchmarks, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets.

The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers;

the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture;

and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers.

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.

We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets.

The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers and the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture.

We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels.

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.

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

(in millions, except per share amounts) 2026 2025 % Change 1

• 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.

Costs that were historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations will be reallocated to continuing operations.

Additionally, beginning with the third quarter of 2026, results will reflect product transfers of 451 Research and Maritime & Trade from Market Intelligence to Energy which include the transfer of both revenue and expenses and a small portion of expenses associated with the transfer of Credit Analytics products from Market Intelligence to Ratings.

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

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

2026 2025 % Change 1

Revenue $ 4,146 $ 3,755 10% $ 8,318 $ 7,532 10%

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1 % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

2 2026 includes gain on dispositions of $175 million, disposition-related costs of $40 million, acquisition-related costs of $11 million, lease impairments of $5 million and employee-related costs of $2 million.

2025 includes employee severance charges of $33 million, Executive Leadership Team transition costs of $12 million, acquisition-related costs of $9 million, a lease impairment of $6 million and disposition-related costs of $1 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $276 million and $281 million, respectively.

2 Operating profit for the three and six months ended June 30, 2026 includes disposition-related costs of $79 million and $118 million, respectively, employee severance charges of $44 million, gain on dispositions of $11 million and $186 million, respectively, acquisition-related costs of $6 million and $16 million, respectively, asset impairment of $4 million, a statutorily required labor law accrual adjustment of $2 million and employee-related costs of $1 million and $3 million, respectively.

Operating profit for the six months ended June 30, 2026 includes lease impairments of $5 million.

Operating profit for the three and six months ended June 30, 2025 includes legal costs of $29 million, employee severance charges of $49 million and $82 million, respectively, disposition-related costs of $11 million and $13 million, respectively, Executive Leadership Team transition costs of $5 million and $17 million, acquisition-related costs of $5 million and $13 million, respectively, lease-related costs of $2 million and $7 million, respectively, a gain on disposition of $3 million and asset write-offs of $1 million.

Operating profit also includes amortization of intangibles from acquisitions of $275 million and $283 million for the three months ended June 30, 2026 and 2025, respectively, and $551 million and $564 million for the six months ended June 30, 2026 and 2025, respectively.

Revenue increased 10% driven by increases at all of our reportable segments.

The increase at Ratings was driven by both transaction and non-transaction revenue.

Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary.

Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to growth for Lending Solutions in Enterprise Solutions, subscription revenue growth in Data, Analytics & Insights, and growth in RatingsXpress® and RatingsDirect®.

An increase in recurring variable revenue due increased volumes also contributed to revenue growth at Market Intelligence.

Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance.

Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) activity and an increase in revenue at our Crisil subsidiary.

Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®.

An increase in recurring variable revenue due to increased volumes also contributed to revenue growth at Market Intelligence.

The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue.

The increase at Energy was primarily due to increased attendance at CERAWeek in 2026, continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and an increase in sales usage-based royalties revenue.

The increase at Mobility was primarily due to continued new business

growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms.

The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts.

The increase at Mobility was primarily due to continued new business growth within the Dealer business and the favorable impact of improved contract terms.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 17%.

Excluding the impact of a gain on dispositions in 2026 of 14 percentage points, employee severance charges in 2025 of 3 percentage points and ELT transition costs in 2025 of 1 percentage point, partially offset by higher disposition related costs in 2026 of 3 percentage points, operating profit increased 12%.

Excluding the impact of higher disposition-related costs in 2026 of 8 percentage points, partially offset by higher legal costs in 2025 of 3 percentage points, higher gain on dispositions in 2026 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, operating profit increased 14%.

The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

Foreign exchange rates had an favorable impact of 2 percentage points.

We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets.

Foreign exchange rates had a favorable impact of 1 percentage point.

Revenue increased 10% driven by increases at all of our reportable segments.

The increase at Ratings was driven by both transaction and non-transaction revenue.

Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance.

Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary.

An increase in recurring variable revenue due to increased volumes also contributed to revenue growth at Market Intelligence.

The increase at Mobility was primarily due to continued new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 22%.

Excluding the impact of a gain on dispositions in 2026 of 9 percentage points, higher employee severance charges in 2025 of 2 percentage points, higher legal costs in 2025 of 1 percentage point, Executive Leadership Team transition costs in 2025 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, partially offset by higher disposition related costs in 2026 of 5 percentage points, operating profit increased 13%.

The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

Foreign exchange rates had a favorable impact of 2 percentage points.

We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets.

Our mission is Advancing Essential Intelligence.

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See Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

RESULTS OF OPERATIONS — COMPARING THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025

RESULTS OF OPERATIONS — COMPARING THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

Consolidated Review

(in millions) 2026 2025 % Change

(in millions) Three Months Six Months

2026 2025 % Change 2026 2025 % Change

Revenue $ 4,146 $ 3,755 10% $ 8,318 $ 7,532 10%

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Total expenses 2,345 2,218 6% 4,690 4,428 6%

Gain on dispositions (175) — N/M

Equity in income on unconsolidated subsidiaries — (11) N/M

Gain on dispositions (11) (3) N/M (186) (3) N/M

Equity in income on unconsolidated subsidiaries — (11) N/M — (22) N/M

Operating profit 1,812 1,551 17% 3,814 3,129 22%

Other (income) expense, net (2) 4 N/M

Other income, net (4) (28) 86% (6) (23) 75%

Interest expense, net 87 77 13% 182 154 18%

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N/M – Represents a change equal to or in excess of 100% or not meaningful

The following table provides consolidated revenue information for the three months ended March 31:

(in millions) 2026 2025 % Change

The following table provides consolidated revenue information for the periods ended June 30:

(in millions) Three Months Six Months

2026 2025 % Change 2026 2025 % Change

Revenue $ 4,146 $ 3,755 10% $ 8,318 $ 7,532 10%

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International revenue 39 % 40 % 38 % 39 %

Revenue increased 10% as compared to the three months ended March 31, 2025.

Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in

RatingsXpress® and RatingsDirect® and the impact of recent acquisitions at Market Intelligence;

new business growth within the Dealer business, solid underwriting volumes and market share growth within the Financial business and the favorable impact of improved contract terms at Mobility;

Revenue increased 10% as compared to the three months ended June 30, 2025.

Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in RatingsXpress® and the impact of recent acquisitions at Market Intelligence;

new business growth within the Dealer business and the favorable impact of improved contract terms at Mobility;

continued demand for Energy market data and market insights products;

and higher data subscription revenue at Indices.

Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue at Ratings, and an increase in conference revenue at Energy.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary at Ratings.

Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue at Ratings.

Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary at Ratings.

Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds.

The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices.

Recurring variable revenue at Market Intelligence increased due to increased volumes.

See “Segment Review” below for further information.

The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point.

This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.

Revenue increased 10% as compared to the six months ended June 30, 2025.

new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms at Mobility;

continued demand for Energy market data and market insights products;

and higher data subscription revenue at Indices.

Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue at Ratings and an increase in conference revenue at Energy.

Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary at Ratings.

Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds.

The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Energy.

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The following tables provide an analysis by segment of our operating-related expenses and selling and general expenses for the

periods ended March 31:

periods ended June 30:

(in millions) 2026 2025 % Change

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N/M – Represents a change equal to or in excess of 100% or not meaningful

1 In 2026, selling and general expenses include acquisition-related costs of $9 million and disposition-related costs of $3 million.

1 In 2026, selling and general expenses include employee severance charges of $15 million, acquisition-related costs of $2 million, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million.

In 2025, selling and general expenses include employee severance charges of $19 million, acquisition-related costs of $4 million and disposition-related costs of $2 million.

2 In 2026, selling and general expenses include employee severance charges of $8 million.

In 2025, selling and general expenses include legal costs of $27 million and employee severance charges of $8 million.

3 In 2026, selling and general expenses include employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $2 million.

In 2025, selling and general expenses include employee severance charges of $4 million.

4 In 2026, selling and general expenses include disposition-related costs of $21 million.

In 2025, selling and general expenses include employee severance charges of $5 million.

5 In 2026, selling and general expenses include employee severance charges of $1 million and employee-related costs of $1 million.

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

7 In 2026, selling and general expenses include disposition-related costs of $56 million, employee severance charges of $11 million and acquisition-related costs of $1 million.

In 2025, selling and general expenses include employee severance charges of $12 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $5 million, legal costs of $2 million, a lease impairment of $2 million, acquisition-related costs of $1 million and an asset write-off of $1 million.

Operating-Related Expenses

Operating-related expenses increased 4% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.

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

Selling and General Expenses

Selling and general expenses increased 9%.

Selling and general expenses increased 5% excluding the impact in 2026 of higher disposition-related costs of 7 percentage points, partially offset by higher legal costs in 2025 of 3 percentage points.

The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.

Depreciation and Amortization

Depreciation and amortization increased $11 million to $307 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by recent acquisitions at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized.

(in millions) 2026 2025 % Change

related expenses Selling and

general expenses Operating-

related expenses Selling and

general expenses Operating-

related expenses Selling and

general expenses

Market Intelligence 1

$ 1,088 $ 604 $ 1,036 $ 587 5% 3%

562 266 522 287 8% (7)%

390 241 384 226 1% 7%

278 286 266 243 5% 18%

153 132 129 116 18% 14%

Intersegment eliminations 6

(104) — (97) — (7)% N/M

Total segments 2,367 1,529 2,240 1,459 6% 5%

Corporate Unallocated expense 7

33 146 32 109 4% 34%

Total $ 2,400 $ 1,675 $ 2,272 $ 1,568 6% 7%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 In 2026, selling and general expenses include employee severance charges of $15 million, acquisition-related costs of $12 million, disposition-related costs of $4 million and a statutorily required labor law accrual adjustment of $2 million.

In 2025, selling and general expenses include employee severance charges of $33 million, acquisition-related costs of $10 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $3 million.

2 In 2026, selling and general expenses include employee severance charges of $8 million.

3 In 2026, selling and general expenses include disposition-related costs of $1 million and acquisition-related costs of $1 million.

In 2025, selling and general expenses include legal costs of $27 million and employee severance charges of $10 million.

In 2025, selling and general expenses include employee severance charges of $10 million.

4 In 2026, selling and general expenses include disposition-related costs of $34 million.

5 In 2026, selling and general expenses include employee-related costs of $1 million and acquisition-related costs of $1 million.

In 2025, selling and general expenses include employee severance charges of $5 million.

5 In 2026, selling and general expenses include employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million.

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

7 In 2026, selling and general expenses include disposition-related costs of $23 million and lease impairments of $5 million.

In 2025, selling and general expenses include employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million.

7 In 2026, selling and general expenses include disposition-related costs of $78 million, employee severance charges of $11 million, lease impairments of $5 million and acquisition-related costs of $1 million.

In 2025, selling and general expenses include employee severance charges of $23 million, Executive Leadership Team transition costs of $13 million, disposition-related costs of $10 million, a lease impairment of $7 million, acquisition-related costs of $2 million, legal costs of $2 million and an asset write-off of $1 million.

Operating-Related Expenses

Operating-related expenses increased 7% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence.

Operating-related expenses increased 6% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.

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

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Selling and general expenses increased 7%.

Selling and general expenses increased 6% excluding the impact in 2026 of higher disposition-related costs of 9 percentage points, partially offset by employee severance charges in 2025 of 8 percentage points and ELT transition costs in 2025 of 2 percentage points.

Selling and general expenses increased 6% excluding the impact in 2026 of higher disposition-related costs of 5 percentage points, partially offset by employee severance charges in 2025 of 2 percentage points, higher legal costs in 2025 of 1 percentage point and Executive Leadership Team transition costs in 2025 of 1 percentage point.

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Gain on Dispositions

During the three months ended March 31, 2026, we recorded a pre-tax gain of $175 million related to the following dispositions, which was included in Gain on dispositions in the consolidated statement of income:

• 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 $186 million ($178 million after-tax) related to the following dispositions, which was included in Gain on dispositions in the consolidated statement of income:

• 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.

• 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 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.

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.

Operating Profit

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Segment operating profit is defined as operating profit before Corporate Unallocated expense and Equity in Income on Unconsolidated Subsidiaries.

The tables below reconcile segment operating profit to total operating profit for the three months ended March 31:

The tables below reconcile segment operating profit to total operating profit for the periods ended June 30:

(in millions) 2026 2025 % Change

Market Intelligence 1

$ 440 $ 220 N/M

$ 293 $ 259 13%

Total segment operating profit 1,916 1,620 18%

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N/M – Represents a change equal to or in excess of 100% or not meaningful

1 2026 includes gain on disposition of $172 million, acquisition-related costs of $9 million and disposition-related costs of $3 million.

2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million.

1 2026 includes employee severance charges of $15 million, acquisition-related costs of $2 million, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million.

2025 includes employee severance charges $19 million, acquisition-related costs of $4 million, a gain on disposition of $3 million and disposition-related costs of $2 million.

2026 and 2025 include amortization of intangibles from acquisitions of $153 million and $150 million, respectively.

2 2026 includes employee severance charges of $8 million.

2025 includes legal costs of $27 million and employee severance charges of $8 million.

2026 and 2025 include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.

3 2026 includes disposition-related costs of $1 million and acquisition-related costs of $1 million.

3 2026 includes employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $2 million.

2025 includes employee severance charges of $4 million.

2026 and 2025 include amortization of intangibles from acquisitions of $32 million and $33 million , respectively .

2026 and 2025 include amortization of intangibles from acquisitions of $33 million.

4 2026 includes disposition-related costs of $21 million.

2025 includes employee severance charges of $5 million.

2026 and 2025 include amortization of intangibles from acquisitions of $76 million.

5 2026 includes employee-related costs of $1 million and acquisition-related costs of $1 million.

5 2026 includes employee severance charges of $1 million and employee-related costs of $1 million.

2026 and 2025 include amortization of intangibles from acquisitions of $10 million and $9 million, respectively.

6 2026 includes disposition-related costs of $23 million, lease impairments of $5 million and gain on disposition of $3 million.

2025 includes employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million.

2026 include amortization of intangibles from acquisitions of $1 million.

7 2025 include amortization of intangibles from acquisitions of $13 million.

6 2026 includes disposition-related costs of $56 million, employee severance charges of $11 million, gain on disposition of $11 million, and acquisition-related costs of $1 million.

2025 employee severance charges of $12 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $5 million, legal costs of $2 million, a lease impairment of $2 million, acquisition-related costs of $1 million and an asset write-off of $1 million.

2026 and 2025 include amortization of intangibles from acquisitions of $2 million and $1 million, respectively.

7 2025 includes amortization of intangibles from acquisitions of $13 million.

Segment Operating Profit — Segment operating profit increased 18% as compared to 2025.

Excluding the impact of a gain on dispositions in 2026 of 13 percentage points and employee severance charges in 2025 of 2 percentage points, partially offset by higher disposition-related costs in 2026 of 1 percentage point and higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, operating profit increased 14% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

Excluding the impact of higher disposition-related costs in 2026 of 11 percentage points, higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, a gain on dispositions in 2025 of 2 percentage points, an asset impairment in 2026 of 2 percentage points, higher acquisition related costs in 2026 of 1 percentage point, higher other employee-related costs in 2026 of 1 percentage point and a statutorily required labor law accrual adjustment of 1 percentage point, partially offset by higher legal costs in 2025 of 15 percentage points and higher employee severance charges in 2025 of 2 percentage points, operating profit increased 15% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

See “Segment Review” below for further information.

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Corporate Unallocated expense increased 31% compared to 2025.

Excluding the impact of employee severance charges in 2025 of 74 percentage points, Executive Leadership Team transition costs in 2025 of 56 percentage points, a gain on disposition in 2026 of 19 percentage points, higher acquisition-related costs in 2025 of 14 percentage points and higher lease impairments in 2025 of 8 percentage points, partially offset by higher disposition-related costs in 2026 of 160 percentage points and higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, Corporate Unallocated expense increased 17% primarily due to higher conference expenses and professional fees.

Excluding the impact of higher disposition-related costs in 2026 of 61 percentage points and higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, partially offset by a gain on disposition in 2026 of 14 percentage points, other employee-related costs in 2025 of 6 percentage points, higher legal costs in 2025 of 2 percentage points, higher employee severance charges in 2025 of 2 percentage points, an asset write-off in 2025 of 2 percentage points and higher lease impairments in 2025 of 2 percentage points, Corporate Unallocated expense decreased 4% primarily due to lower incentives.

Equity in Income on Unconsolidated Subsidiaries — 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.

Equity in Income on Unconsolidated Subsidiaries was $11 million for the three months ended March 31, 2025.

Equity in Income on Unconsolidated Subsidiaries was $11 million for the three months ended June 30, 2025.

Foreign exchange rates had a favorable impact on operating profit of 1 percentage point.

This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities.

Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year.

Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.

(in millions) 2026 2025 % Change

Market Intelligence 1

$ 733 $ 479 53%

1,794 1,471 22%

Total segment operating profit 3,989 3,252 23%

Corporate Unallocated expense 6

(175) (145) (21)%

Equity in income on unconsolidated subsidiaries 7

Total operating profit $ 3,814 $ 3,129 22%

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 2026 includes gain on disposition of $172 million, employee severance charges of $15 million, acquisition-related costs of $12 million, disposition-related costs of $4 million and a statutorily required labor law accrual adjustment of $2 million.

2025 includes employee severance charges $33 million, acquisition-related costs of $10 million, Executive Leadership Team transition costs of $4 million, a gain on disposition of $3 million and disposition-related costs of $3 million.

2026 and 2025 include amortization of intangibles from acquisitions of $309 million and $297 million, respectively.

2 2026 includes employee severance charges of $8 million.

2025 includes legal costs of $27 million and employee severance charges of $10 million.

2026 and 2025 include amortization of intangibles from acquisitions of $2 million and $4 million, respectively.

3 2026 includes employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $3 million.

2025 includes employee severance charges of $10 million.

2026 and 2025 include amortization of intangibles from acquisitions of $65 million.

4 2026 includes disposition-related costs of $34 million.

2025 includes employee severance charges of $5 million.

2026 and 2025 include amortization of intangibles from acquisitions of $152 million.

5 2026 includes employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million.

2026 and 2025 include amortization of intangibles from acquisitions of $20 million and $18 million, respectively.

6 2026 includes disposition-related costs of $78 million, gain on dispositions of $14 million, employee severance charges of $11 million, lease impairments of $5 million and acquisition-related costs of $1 million.

2025 includes employee severance charges of $23 million, Executive Leadership Team transition costs of $13 million, disposition-related costs of $10 million, a lease impairment of $7 million, acquisition-related costs of $2 million, legal costs of $2 million and an asset write-off of $1 million.

2026 and 2025 include amortization of intangibles from acquisitions of $3 million and $1 million, respectively.

7 2025 includes amortization of intangibles from acquisitions of $26 million.

Segment Operating Profit — Segment operating profit increased 23% as compared to 2025.

Excluding the impact of a gain on dispositions in 2026 of 8 percentage points, legal settlement costs in 2025 of 1 percentage point, and higher employee severance charges in 2025 of 1 percentage point, partially offset by higher disposition-related costs in 2026 of 2 percentage points, operating profit increased 15% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives.

See “Segment Review” below for further information.

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

Corporate Unallocated expense increased 21%

compared to 2025.

Excluding the impact of a disposition-related costs in 2026 of 40 percentage points and higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, partially offset by a gain on disposition in 2026 of 8 percentage points, higher employee severance charges in 2025 of 7 percentage points, other employee-related costs in 2025 of 7 percentage points, higher lease impairments in 2025 of 2 percentage points, higher acquisition-related costs in 2025 of 1 percentage point and higher legal costs in 2025 of 1 percentage point, Corporate Unallocated expense increased 6% primarily due to higher conference expenses and professional fees.

Equity in Income on Unconsolidated Subsidiaries was $22 million for the six months ended June 30, 2025.

Foreign exchange rates had a favorable impact on operating profit of 2 percentage points.

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Other (Income) Expense, net

Other (income) expense, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans.

Other income, net was $2 million for the three months ended March 31, 2026 compared to other expense, net of $4 million for the three months ended March 31, 2025 due to higher losses on our mark-to-market investments in 2025.

Other Income, net

Other income, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans.

Other income, net was $4 million for the three months ended June 30, 2026 compared to $28 million for the three months ended June 30, 2025 and $6 million for the six months ended June 30, 2026 compared to $23 million for the six months ended June 30, 2025 due to higher gains on our mark-to-market investments in 2025.

Interest Expense, net

Interest expense, net increased compared to the three months ended March 31, 2025 primarily due to an increase in interest expense related to the issuance of our senior notes in December of 2025 and increased expense related to commercial paper borrowings in 2026 to partially finance the Company's ASR agreement entered into in February of 2026 and short-term working capital requirements.

Interest expense, net was $87 million for the three months ended June 30, 2026 compared to $77 million for the three months ended June 30, 2025 and $182 million for the six months ended June 30, 2026 compared to $154 million for the six months ended June 30, 2025, primarily due to an increase in interest expense related to the issuance of our senior notes in December of 2025 and increased expense related to commercial paper borrowings in 2026 to partially finance the Company's ASR agreement entered into in February of 2026 and short-term working capital requirements.

Provision for Income Taxes

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.

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 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.

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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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.

Market Intelligence includes the following business lines:

Market Intelligence includes the following business lines through June 30, 2026:

• Data, Analytics & Insights — a desktop product suite that provides data, analytics and third-party research for global finance and corporate professionals, which includes the Capital IQ platforms (which are inclusive of S&P Capital IQ Pro, Capital IQ, Office and Mobile products) and a broad range of research, reference data, market data, derived analytics and valuation services covering both the public and private capital markets, delivered through flexible feed-based or API delivery mechanisms.

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Non-subscription revenue at Market Intelligence is primarily related to certain advisory, pricing conferences and events, and analytical services.

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

Effective July 1, 2026, Market Intelligence will be operated under two business lines:

• Kensho Data & Platforms — will include products previously reported under Data, Analytics, & Insights with the following exceptions:

451 Research and Maritime & Trade (both moving to Energy), and pricing and reference data.

This business line will also include products previously reported under Credit & Risk Solutions, other than Financial Risk Analytics;

• Enterprise Solutions — will include all products previously reported under Enterprise Solutions, as well as Financial Risk Analytics (previously reported in Credit & Risk Solutions), pricing and reference data, and Valuation Services (previously reported in Data, Analytics & Insights).

The following table provides revenue and segment operating profit information for the periods ended June 30:

(in millions) Three Months Six Months

2026 2025 % Change 2026 2025 % Change

Revenue $ 1,290 $ 1,217 6% $ 2,586 $ 2,416 7%

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Operating profit 1

$ 440 $ 220 N/M

$ 293 $ 259 13% $ 733 $ 479 53%

Operating margin % 23 % 21 % 28 % 20 %

N/M – Represents a change equal to or in excess of 100% or not meaningful

1 2026 includes gain on disposition of $172 million, acquisition-related costs of $9 million and disposition-related costs of $3 million.

2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $156 million and $148 million, respectively.

Revenue increased 8% and was favorably impacted by 1 percentage point from the net impact of recent acquisitions and a disposition.

Excluding the impact of acquisitions and a disposition, revenue increased primarily due to growth for Lending Solutions in Enterprise Solutions, subscription revenue growth in Data, Analytics & Insights, and growth in RatingsXpress® and RatingsDirect®.

1 Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $15 million, acquisition-related costs of $2 million and $12 million, respectively, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million and $4 million, respectively.

Operating profit for the six months ended June 30, 2026 includes a gain on disposition of $172 million.

Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $19 million and $33 million, respectively, acquisition-related costs of $4 million and $10 million, respectively, a gain on disposition of $3 million and disposition-related costs of $2 million and $3 million, respectively.

Additionally, operating profit includes amortization of intangibles from acquisitions of $153 million and $150 million for the three months ended June 30, 2026 and 2025, respectively, and $309 million and $297 million for the six months ended June 30, 2026 and 2025, respectively.

Revenue increased 6% and was favorably impacted by less than 1 percentage point from the net impact of recent acquisitions and a disposition.

Excluding the impact of acquisitions and a disposition, revenue increased primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®.

An increase in recurring variable revenue due to increased volumes also contributed to revenue growth.

Foreign exchange rates had a favorable impact of 1 percentage point.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Revenue was favorably impacted by the acquisitions of Automatic Identification System (AIS) data services business of ORBCOMM Inc.

and With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026.

Operating profit increased over 100%.

Excluding the impact of a gain on disposition in 2026 of 86 percentage points, employee severance charges in 2025 of 7 percentage points and ELT transition costs in 2025 of 2 percentage points, partially offset by higher amortization of intangibles from acquisitions in 2026 of 4 percentage points, higher disposition-related costs in 2026 of 1 percentage point and higher acquisition-related costs in 2026 of 1 percentage point, operating profit increased 11% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in bad debt expense.

Operating profit increased 13%.

Excluding the impact of higher amortization of intangibles from acquisitions in 2026 of 6 percentage points, a gain on disposition in 2025 of 5 percentage points, a statutorily required labor law accrual adjustment in 2026 of 3 percentage points and Executive Leadership Transition costs in 2025 of 1 percentage point, partially offset by higher employee severance charges in 2025 of 7 percentage points, higher disposition-related costs in 2025 of 2 percentage points and higher acquisition-related costs in 2025 of 2 percentage points, operating profit increased 9% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in technology costs.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Revenue increased 7% and was favorably impacted by 1 percentage point from the net impact of recent acquisitions and a disposition.

An increase in recurring variable revenue due to increased volumes also contributed to revenue growth.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Revenue was favorably impacted by the acquisitions of Automatic Identification System (AIS) data services business of ORBCOMM Inc.

and With Intelligence in November of 2025 and

unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026.

Operating profit increased 53%.

Excluding the impact of a higher gain on disposition in 2026 of 42 percentage points, higher employee severance charges in 2025 of 3 percentage points and Executive Leadership Transition costs in 2025 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2026 of 3 percentage points, operating profit increased 10% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in technology costs.

Foreign exchange rates had a favorable impact of 1 percentage point.

Had the impact of the product transfers discussed above been effective for the three and six months ended June 30, 2026, revenue would have increased 6% and 7% for the three and six months ended June 30, 2026, respectively.

Similarly, had the impact of these product transfers and allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective, operating profit would have increased 16% and 64% for the three and six months ended June 30, 2026, respectively.

For a further discussion of competitive and other risks inherent in our Market Intelligence business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

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Our credit ratings can also relate to the credit quality of an individual debt issue, such as a corporate or municipal bond, and the relative likelihood that the issue may default.

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.

Ratings disaggregates its revenue between transaction and non-transaction.

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Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.

Royalty revenue was $44 million and $42 million for the three months ended March 31, 2026 and 2025, respectively.

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

Royalty revenue was $45 million and $89 million for the three and six months ended June 30, 2026, respectively, and $42 million and $84 million for the three and six months ended June 30, 2025, respectively.

The following table provides revenue and segment operating profit information for the periods ended June 30:

(in millions) Three Months Six Months

2026 2025 % Change 2026 2025 % Change

Revenue $ 1,339 $ 1,148 17% $ 2,641 $ 2,297 15%

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Transaction revenue

56 % 52 % 55 % 53 %

Non-transaction revenue 44 % 48 % 45 % 47 %

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Operating margin % 68 % 62 % 68 % 64 %

1 2025 includes employee severance charges of $2 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.

Revenue increased 13%, with a favorable impact from foreign exchange rates of 2 percentage points.

1 Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $8 million.

Operating profit for the three and six months ended June 30, 2025 includes legal costs of $27 million and employee severance charges of $8 million and $10 million, respectively.

Additionally, operating profit includes amortization of intangibles from acquisitions of $1 million and $2 million for the three months ended June 30, 2026 and 2025, respectively, and $2 million and $4 million for the six months ended June 30, 2026 and 2025, respectively.

Revenue increased 17%, with a favorable impact from foreign exchange rates of 1 percentage point.

The increase in revenue was driven by both transaction and non-transaction revenue.

Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue.

Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary.

Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance.

An increase in bank loan ratings revenue and structured finance revenue also contributed to transaction revenue growth.

Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) activity and an increase in revenue at our Crisil subsidiary.

Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit increased 16% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments.

Operating profit increased 28%.

Excluding the impact of legal costs in 2025 of 5 percentage points, operating profit increased 23% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments.

Foreign exchange rates had a favorable impact of 3 percentage points.

Revenue increased 15%, with a favorable impact from foreign exchange rates of 1 percentage point.

The increase in revenue was driven by both transaction and non-transaction revenue.

Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance.

An increase in structured finance revenue and bank loan ratings revenue also contributed to transaction revenue growth.

Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary.

Transaction and non-transaction revenue also benefited from improved contract terms across product categories.

Operating profit increased 22%.

Excluding the impact of legal costs in 2025 of 3 percentage points, operating profit increased 19% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments.

Foreign exchange rates had a favorable impact of 3 percentage points.

Had the impact of a small portion of expenses associated with the transfer of Credit Analytics products from Market Intelligence and allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective for the three and six months ended June 30, 2026, operating profit would have increased 27% and 22% for the three and six months ended June 30, 2026, respectively.

Billed Issuance Volumes

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Billed issuance excludes items that do not impact transaction revenue, such as issuance from frequent issuer programs, unrated debt, and most international public finance to more effectively correlate issuance activity to movements in transaction revenue.

The following table provides billed issuance levels based on Ratings’ internal data feeds for the three months ended March 31:

(in billions) 2026 2025 % Change

The following table provides billed issuance levels based on Ratings’ internal data feeds for the periods ended June 30:

Three Months Six Months

(in billions) 2026 2025 % Change 2026 2025 % Change

Investment-grade billed issuance *

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** Includes Bank Loans, Structured Finance and Government.

First quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions.

High yield increased slightly driven by M&A transactions.

These increases were partially offset by a decrease in bank loans primarily due to AI-disruption concerns affecting software and tech-adjacent leveraged loans.

Second quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions.

High yield also increased driven by M&A transactions.

Bank loans and structured finance was up from a low base in the second quarter last year impacted by market volatility.

For a further discussion of competitive and other risks inherent in our Ratings business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

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

Energy provides essential price data, analytics, industry insights and software & services, enabling the energy and commodity markets to perform with greater transparency and efficiency.

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.

Energy provides essential price information, analytics, industry insights and software & services, enabling the energy and commodity markets to function with greater transparency and efficiency.

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.

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 or early 2027.

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

Energy includes the following business lines:

Energy includes the following business lines through June 30, 2026:

• Energy & Resources Data & Insights — includes data, news, insights, and analytics for petroleum, gas, power & renewables, petrochemicals, metals & steel, agriculture, and other commodities;

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• Advisory & Transactional Services — includes consulting services, conferences, events and global trading services.

Effective July 1, 2026, Energy will be operated under two business lines:

• Platts — will include the benchmark products sold through Energy, including Platts price assessments, Forward Curves, Global Trading Services, and related news and reports;

• CERA — will include the proprietary data, research, and content previously reported under Energy & Resources Data & Insights, Upstream Data & Insights, as well as global marquee conferences such as CERAWeek.

The CERA business line also includes 451 Research and Maritime & Trade products that were previously included in Market Intelligence.

Energy’s revenue is generated primarily through the following sources:

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• Non-subscription revenue — conference sponsorship, consulting engagements, events, and perpetual software licenses.

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

The following table provides revenue and segment operating profit information for the periods ended June 30:

(in millions) Three Months Six Months

2026 2025 % Change 2026 2025 % Change

Revenue $ 568 $ 555 2% $ 1,221 $ 1,167 5%

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Operating margin % 41 % 42 % 43 % 42 %

1 2026 includes disposition-related costs of $1 million and acquisition-related costs of $1 million.

2025 includes employee severance charges of $6 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $32 million and $33 million, respectively.

Revenue increased 7% primarily due to increased attendance at CERAWeek in 2026 and continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts.

An increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors also contributed to revenue growth.

Three of the four business lines contributed to revenue growth in the first quarter of 2026 with the Advisory & Transactional Services business being the most significant driver, followed by the Energy & Resources Data & Insights and Price Assessments businesses.

The increases were offset by a decrease in the Upstream Data & Insights business which was unfavorably impacted by a one-time benefit in the first quarter of 2025.

1 Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $2 million and $3 million, respectively.

Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $4 million and $10 million, respectively.

Additionally, operating profit includes amortization of intangibles from acquisitions of $33 million for the three months ended June 30, 2026 and 2025, and $65 million for the six months ended June 30, 2026 and 2025.

Revenue increased 2% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts.

The Energy & Resources Data & Insights and Price Assessments businesses contributed to revenue growth in the second quarter of 2026, offset by decreases in the Upstream Data & Insights and Advisory & Transactional Services businesses.

The decrease in the Upstream Data & Insights business was driven by a one-time benefit in the second quarter of 2025.

Advisory & Transactional Services revenue decreased, driven by lower sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to lower trading volumes for Platts-based contracts, the impact of bi-annual event timing effects and event cancellations.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit remained unchanged.

Excluding the impact of higher employee severance charges in 2026 of 1 percentage point, higher disposition-related costs in 2026 of 1 percentage point, higher acquisition-related costs in 2026 of 1 percentage point and an asset impairment in 2026 of 1 percentage point, operating profit increased 4%.

The increase was primarily due to revenue growth, partially offset by investment in strategic initiatives.

Foreign exchange rates had an unfavorable impact of 1 percentage point.

Revenue increased 5% primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts.

Increased attendance at CERAWeek in 2026 and an increase in sales usage-based royalties from the licensing of our proprietary market data to commodity exchanges due to increased trading volumes for Platts based contracts across all commodity sectors in the first quarter of 2026 also contributed to revenue growth.

Three of the four business lines contributed to revenue growth in the first half of 2026 with the Energy & Resources Data & Insights and Price Assessments businesses being the most significant drivers followed by the Advisory & Transactional Services business.

The increases were offset by a decrease in the Upstream Data & Insights business which was unfavorably impacted by a one-time benefit in the first half of 2025.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 6%.

Excluding the impact of higher disposition-related costs in 2026 of 1 percentage point and higher acquisition-related costs in 2026 of 1 percentage point, partially offset by higher employee severance charges in 2025 of 5 percentage points, operating profit increased 9%.

The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount and investment in strategic initiatives.

Excluding the impact of an asset impairment in 2026 of 1 percentage point, operating profit increased 7%.

The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and investment in strategic initiatives.

Foreign exchange rates had an unfavorable impact of 2 percentage points.

Had the impact of the product transfers discussed above been effective for the three and six months ended June 30, 2026, revenue would have increased 3% and 5% for the three and six months ended June 30, 2026, respectively.

Similarly, had the impact of these product transfers and allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective for the three and six months ended June 30, 2026, operating profit would have remained unchanged for the three months ended June 30, 2026 and increased 6% for the six months ended June 30, 2026, respectively.

For a further discussion of competitive and other risks inherent in our Energy business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

For a further discussion of the legal and regulatory matters see Note 12 – Commitments and Contingencies to the consolidated financial statements of this Form 10-Q.

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.

On July 1, 2026, the Separation of Mobility Global from S&P Global became effective.

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

GAAP for all periods.

Mobility includes the following business lines:

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• Non-subscription revenue — transactional sales of data that are non-cyclical in nature – and that are usually tied to underlying business metrics such as OEM marketing spend or safety recall activity – as well as consulting and advisory services.

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

The following table provides revenue and segment operating profit information for the periods ended June 30:

(in millions) Three Months Six Months

2026 2025 % Change 2026 2025 % Change

Revenue $ 468 $ 438 7% $ 921 $ 858 7%

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Operating profit 1

$ 104 $ 104 (1)% $ 197 $ 190 4%

Operating margin % 22 % 24 % 21 % 22 %

1 2026 includes disposition-related costs of $13 million.

2026 and 2025 include amortization of intangibles from acquisitions of $76 million.

1 Operating profit for the three and six months ended June 30, 2026 includes disposition-related costs of $21 million and $34 million, respectively.

Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $5 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $76 million for the three months ended June 30, 2026 and 2025, and $152 million for the six months ended June 30, 2026 and 2025.

Revenue increased 7% primarily driven by continued new business growth within the Dealer business.

Additionally, the Dealer and Financial businesses were favorably impacted by improved contract terms.

Growth in the Manufacturing business was unfavorably impacted by lower recall volumes.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit decreased 1%.

Excluding the impact of disposition-related costs in 2026 of 12 percentage points, partially offset by the impact of employee severance charges in 2025 of 3 percentage points, operating profit increased 8%.

The increase was primarily driven by revenue growth and lower incentives, partially offset by higher advertising and promotion costs, and higher technology costs.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Revenue increased 7% primarily driven by continued new business growth within the Dealer business and solid underwriting volumes within the Financial business.

Additionally, the Dealer and Financial businesses were favorably impacted by improved contract terms.

Growth in the Manufacturing business reflects early signs of recovery in discretionary spending, with an uptick in transaction activity, though lower recall volumes continue to weigh on performance.

Foreign exchange rates had a favorable impact of 1 percentage point.

Growth in the Manufacturing business was unfavorably impacted by lower recall volumes.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 4%.

Excluding the impact of disposition-related costs in 2026 of 3 percentage points, operating profit increased 12%.

The increase was primarily driven by revenue growth, partially offset by higher advertising and promotion costs.

Excluding the impact of disposition-related costs in 2026 of 7 percentage points, partially offset by the impact of employee severance charges in 2025 of 1 percentage point, operating profit increased 10%.

The increase was primarily driven by revenue growth and lower incentives, partially offset by higher advertising and promotion costs.

Foreign exchange rates had a favorable impact of 3 percentage points.

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• Data and customized index subscription fees — fees from supporting index fund management, portfolio analytics and research.

The following table provides revenue and segment operating profit information for the three months ended March 31:

(in millions) 2026 2025 % Change

The following table provides revenue and segment operating profit information for the periods ended June 30:

(in millions) Three Months Six Months

2026 2025 % Change 2026 2025 % Change

Revenue $ 534 $ 446 20% $ 1,053 $ 891 18%

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Net operating margin % 52 % 52 % 52 % 53 %

1 2026 includes employee-related costs of $1 million and acquisition-related costs of $1 million.

2026 and 2025 also include amortization of intangibles from acquisitions of $10 million and $9 million , respectively.

1 Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $1 million and employee-related costs of $1 million and $2 million, respectively.

Operating profit for the six months ended June 30, 2026 includes acquisition-related costs of $1 million.

Additionally, operating profit includes amortization of intangibles from acquisitions of $10 million and $9 million for the three months ended June 30, 2026 and 2025, respectively, and $20 million and $18 million for the six months ended June 30, 2026 and 2025, respectively.

Revenue at Indices increased 20% primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management (“AUM”) for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue.

Ending AUM for ETFs increased 25% to $5.385 trillion compared to March 31, 2025 and average levels of AUM for ETFs increased 25% to $5.574 trillion compared to the three months ended March 31, 2025.

Ending AUM for ETFs decreased 2% compared to the fourth quarter of 2025 driven by the impact of market depreciation in the first quarter of 2026.

Foreign exchange rates had a favorable impact of 1 percentage point.

Operating profit increased 18% primarily due to revenue growth, partially offset by an increase in strategic investments and higher compensation costs driven by annual merit increases.

Ending AUM for ETFs increased 34% to $6.350 trillion compared to June 30, 2025 and average levels of AUM for ETFs increased 38% to $6.046 trillion compared to the three months ended June 30, 2025.

Foreign exchange rates had an unfavorable impact of less than 1 percentage point.

Operating profit increased 21% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases, higher incentives and additional headcount, and an increase in strategic investments.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Revenue at Indices increased 18% primarily due to an increase in asset linked fees revenue driven by higher levels of AUM for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue.

Ending AUM for ETFs increased 34% to $6.350 trillion compared to June 30, 2025 and average levels of AUM for ETFs increased 32% to $5.810 trillion compared to the six months ended June 30, 2025.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 19%.

Excluding employee-related costs in 2026 of 1 percentage point, operating profit increased 20% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases, higher incentives and additional headcount, and an increase in strategic investments.

Foreign exchange rates had a favorable impact of less than 1 percentage point.

Had the impact of allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective for the three and six months ended June 30, 2026, operating profit would have increased 21% and 19% for the three and six months ended June 30, 2026, respectively.

For a further discussion of competitive and other risks inherent in our Indices business, see Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

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Cash Flow Overview

Cash, cash equivalents, and restricted cash were $1,810 million as of March 31, 2026, an increase of $65 million from December 31, 2025.

The following table provides cash flow information for the three months ended March 31:

Cash, cash equivalents, and restricted cash were $4,141 million as of June 30, 2026, an increase of $2,396 million from December 31, 2025.

The following table provides cash flow information for the six months ended June 30:

(in millions) 2026 2025 % Change

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N/M – Represents a change equal to or in excess of 100% or not meaningful

In the first three months of 2026, free cash flow increased $103 million to $919 million compared to $816 million in the first three months of 2025.

In the first six months of 2026, free cash flow increased $123 million to $2,249 million compared to $2,126 million in the first six months of 2025.

The increase is primarily due to an increase in operating activities as discussed below.

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and distributions to noncontrolling interest holders.

Free cash flow is a non-GAAP financial measure and reflects our cash flow provided by operating activities less capital expenditures and

distributions to noncontrolling interest holders.

Capital expenditures include purchases of property and equipment and additions to technology projects.

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Operating activities

Cash provided by operating activities increased $84 million to $1,037 million for the first three months of 2026 compared to 2025.

This is primarily attributable to higher operating results, stronger cash collections and lower tax payments in 2026.

Cash provided by operating activities increased $78 million to $2,476 million for the first six months of 2026 compared to the first six months of 2025.

This is primarily attributable to higher operating results and stronger cash collections in 2026.

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Our cash outflows from investing activities are primarily for acquisitions and capital expenditures, while cash inflows are primarily proceeds from dispositions.

Cash provided by investing activities was $291 million for the first three months of 2026 compared to cash used for investing activities of $79 million in the first three months of 2025, primarily due to proceeds from the disposition of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment in 2026.

Cash provided by investing activities was $252 million for the first six months of 2026 compared to cash used for investing activities of $131 million in the first six months of 2025, primarily due to proceeds from the disposition of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment in 2026.

Financing activities

Our cash outflows from financing activities consist primarily of share repurchases, dividends to shareholders and repayments of short-term and long-term debt, while cash inflows are primarily attributable to the borrowing of short-term and long-term debt.

Cash used for financing activities increased $134 million to $1,237 million for the first three months of 2026.

The increase is primarily attributable to an increase in cash used for share repurchases in 2026, partially offset by proceeds received from commercial paper borrowings in 2026.

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 purchased a total of 1.0 million shares for $650 million of cash.

Cash used for financing activities decreased $1,870 million to $292 million for the first six months of 2026.

The decrease is primarily attributable to proceeds received from the Mobility Global issuance of senior notes in 2026.

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 purchased a total of 2.4 million shares for $1.3 billion of cash.

See Note 8 — Equity to the consolidated financial statements of this Form 10-Q for further discussion.

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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 will become 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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This information is not intended to present the financial position or results of operations of the Obligor Group in accordance with U.S.

Summarized results of operations for the three months ended March 31, 2026 are as follows:

(in millions) 2026

Summarized results of operations for the periods ended June 30, 2026 are as follows:

(in millions) Three Months Six Months

Revenue $ 1,253 $ 2,529

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Net income attributable to S&P Global Inc.

Summarized balance sheet information as of March 31, 2026 and December 31, 2025 is as follows:

(in millions) March 31, December 31,

Summarized balance sheet information as of June 30, 2026 and December 31, 2025 is as follows:

(in millions) June 30, December 31,

Current assets (excluding intercompany from Non-Obligor Group) $ 3,047 $ 757

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Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies.

The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow for the three months ended March 31:

The following table presents a reconciliation of our cash flow provided by operating activities to free cash flow for the six months ended June 30:

(in millions) 2026 2025 % Change

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the Company’s effective tax rates;

the Company’s cost structure, dividend policy, cash flows or liquidity;

and the anticipated separation of Mobility into a standalone public company.

and the Company’s cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties.

Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

• worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S.

• worldwide economic, financial, political, regulatory, and geopolitical conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs and disruptions to shipping in connection with the military conflict in the Middle East), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S.

administration;

• the volatility and health of debt, equity, commodities, energy and automotive markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;

• the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;

• the demand and market for credit ratings in and across the sectors and geographies where the Company operates;

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• the impact of changes in applicable tax or accounting requirements on the Company;

• the separation of Mobility not being consummated within the anticipated time period or at all;

• the ability of the separation of Mobility to qualify for tax-free treatment for U.S.

• the ability of the separation of Mobility Global to qualify for tax-free treatment for U.S.

federal income tax purposes;

• any disruption to the Company’s business in connection with the proposed separation of Mobility;

• any loss of synergies from separating the businesses of Mobility and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility not realizing all of the expected benefits of the separation;

• following the separation of Mobility, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company’s common stock had the separation not occurred.

• any disruption to the Company’s business in connection with the separation of Mobility Global;

• any loss of synergies from separating the businesses of Mobility Global and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility Global not realizing all of the expected benefits of the separation.

The factors noted above are not exhaustive.

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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 2. Management’s Discussion and Analysis