The company reported net income of $1.13 billion, or $3.75 per share, a significant climb from the $880 million recorded during the same period last year. Total revenue increased 9% to $3.92 billion, slightly exceeding analyst projections. However, adjusted earnings of $4.30 per share fell just short of the $4.33 consensus reported by FactSet.

Operational growth was consistent across the company’s portfolio, with the ratings division seeing a 12% revenue jump and the indices business rising 14%. Chief Executive Martina Cheung attributed the results to broad-based divisional performance and sustained momentum in private markets.

The 2026 Forecast Gap

The sharp market reaction was primarily triggered by S&P Global's conservative 2026 projections. The firm guided for adjusted earnings between $19.40 and $19.65 per share, missing the $20.02 mark analysts had modeled. Revenue growth for that period is expected to land between 6.6% and 8.6%. Following the announcement, the stock fell 8.9% to $404.89 in early trading.