S&P Global (SPGI)
Market Price (8/15/2026): $418.07 | Market Cap: $123.5 BilInvestor Relations Sector: Financials | Industry: Financial Exchanges & Data
S&P Global (SPGI)
Market Price (8/15/2026): $418.07Market Cap: $123.5 BilSector: FinancialsIndustry: Financial Exchanges & Data
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 5.7 Bil, FCF LTM is 5.6 Bil Stock buyback supportStock Buyback 3Y Total is 12 Bil Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Sustainable Finance, Digital & Alternative Assets, Fintech & Digital Payments, and AI in Financial Services. Show more. | Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -64% | Expensive valuation multiplesP/SPrice/Sales ratio is 7.7x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x Key risksSPGI key risks include [1] significant legal and regulatory challenges targeting its core ratings and indices businesses, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 5.7 Bil, FCF LTM is 5.6 Bil |
| Stock buyback supportStock Buyback 3Y Total is 12 Bil |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Sustainable Finance, Digital & Alternative Assets, Fintech & Digital Payments, and AI in Financial Services. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -59%, 3Y Excs Rtn is -64% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 7.7x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x |
| Key risksSPGI key risks include [1] significant legal and regulatory challenges targeting its core ratings and indices businesses, Show more. |
Qualitative Assessment
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Updated on 8/1/2026
S&P Global (SPGI) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Adjusted EPS missed some analyst expectations, coupled with a significant reduction in fiscal year 2026 guidance.
S&P Global reported adjusted diluted earnings per share (EPS) of $4.83 for fiscal Q2 2026 (ended June 2026). While this exceeded some analyst consensus estimates (e.g., $4.81), it notably fell below others, such as a $5.02 forecast. More critically, management lowered its full-year fiscal 2026 adjusted EPS guidance to a range of $17.50 to $17.75, which was significantly below the prior consensus estimate of $18.98. This downward revision in future earnings expectations directly contributed to the stock's negative performance, including a 5.2% decline in premarket trading on July 28, 2026, following the earnings release.
2. Market scrutiny intensified due to existing high valuation multiples.
Before the Q2 2026 earnings announcement and revised guidance, S&P Global's stock was trading at elevated earnings-based multiples, leading some analyses to suggest it was on the expensive side. This stretched valuation made the stock particularly sensitive to any perceived earnings disappointments or reductions in future outlook, prompting investors to re-evaluate its intrinsic value.
Show more
S&P Global (SPGI) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Adjusted EPS missed some analyst expectations, coupled with a significant reduction in fiscal year 2026 guidance.
S&P Global reported adjusted diluted earnings per share (EPS) of $4.83 for fiscal Q2 2026 (ended June 2026). While this exceeded some analyst consensus estimates (e.g., $4.81), it notably fell below others, such as a $5.02 forecast. More critically, management lowered its full-year fiscal 2026 adjusted EPS guidance to a range of $17.50 to $17.75, which was significantly below the prior consensus estimate of $18.98. This downward revision in future earnings expectations directly contributed to the stock's negative performance, including a 5.2% decline in premarket trading on July 28, 2026, following the earnings release.
2. Market scrutiny intensified due to existing high valuation multiples.
Before the Q2 2026 earnings announcement and revised guidance, S&P Global's stock was trading at elevated earnings-based multiples, leading some analyses to suggest it was on the expensive side. This stretched valuation made the stock particularly sensitive to any perceived earnings disappointments or reductions in future outlook, prompting investors to re-evaluate its intrinsic value.
Show more
Updated on 8/1/2026
S&P Global (SPGI) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Adjusted EPS missed some analyst expectations, coupled with a significant reduction in fiscal year 2026 guidance.
S&P Global reported adjusted diluted earnings per share (EPS) of $4.83 for fiscal Q2 2026 (ended June 2026). While this exceeded some analyst consensus estimates (e.g., $4.81), it notably fell below others, such as a $5.02 forecast. More critically, management lowered its full-year fiscal 2026 adjusted EPS guidance to a range of $17.50 to $17.75, which was significantly below the prior consensus estimate of $18.98. This downward revision in future earnings expectations directly contributed to the stock's negative performance, including a 5.2% decline in premarket trading on July 28, 2026, following the earnings release.
2. Market scrutiny intensified due to existing high valuation multiples.
Before the Q2 2026 earnings announcement and revised guidance, S&P Global's stock was trading at elevated earnings-based multiples, leading some analyses to suggest it was on the expensive side. This stretched valuation made the stock particularly sensitive to any perceived earnings disappointments or reductions in future outlook, prompting investors to re-evaluate its intrinsic value.
3. Analyst sentiment shifted with a notable downgrade prior to earnings.
Zacks Research downgraded S&P Global from a "hold" rating to a "strong sell" rating on July 20, 2026. This negative adjustment in analyst sentiment, occurring just days before the company's fiscal Q2 2026 earnings report, likely increased investor caution and contributed to selling pressure on the stock during the specified period.
Show less
S&P Global (SPGI) stock has lost about 5% since 4/30/2026 because of the following key factors:
1. Adjusted EPS missed some analyst expectations, coupled with a significant reduction in fiscal year 2026 guidance.
S&P Global reported adjusted diluted earnings per share (EPS) of $4.83 for fiscal Q2 2026 (ended June 2026). While this exceeded some analyst consensus estimates (e.g., $4.81), it notably fell below others, such as a $5.02 forecast. More critically, management lowered its full-year fiscal 2026 adjusted EPS guidance to a range of $17.50 to $17.75, which was significantly below the prior consensus estimate of $18.98. This downward revision in future earnings expectations directly contributed to the stock's negative performance, including a 5.2% decline in premarket trading on July 28, 2026, following the earnings release.
2. Market scrutiny intensified due to existing high valuation multiples.
Before the Q2 2026 earnings announcement and revised guidance, S&P Global's stock was trading at elevated earnings-based multiples, leading some analyses to suggest it was on the expensive side. This stretched valuation made the stock particularly sensitive to any perceived earnings disappointments or reductions in future outlook, prompting investors to re-evaluate its intrinsic value.
3. Analyst sentiment shifted with a notable downgrade prior to earnings.
Zacks Research downgraded S&P Global from a "hold" rating to a "strong sell" rating on July 20, 2026. This negative adjustment in analyst sentiment, occurring just days before the company's fiscal Q2 2026 earnings report, likely increased investor caution and contributed to selling pressure on the stock during the specified period.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -2.7% change in SPGI stock from 4/30/2026 to 8/14/2026 was primarily driven by a -6.1% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 430.23 | 418.80 | -2.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,730 | 16,121 | 2.5% |
| Net Income Margin (%) | 30.4% | 30.5% | 0.5% |
| P/E Multiple | 26.8 | 25.1 | -6.1% |
| Shares Outstanding (Mil) | 297 | 295 | 0.6% |
| Cumulative Contribution | -2.7% |
Market Drivers
4/30/2026 to 8/14/2026| Return | Correlation | |
|---|---|---|
| SPGI | -2.7% | |
| Market (SPY) | 8.0% | -2.8% |
| Sector (XLF) | 11.6% | 55.9% |
Fundamental Drivers
The -20.3% change in SPGI stock from 1/31/2026 to 8/14/2026 was primarily driven by a -33.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 525.34 | 418.80 | -20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,012 | 16,121 | 7.4% |
| Net Income Margin (%) | 28.1% | 30.5% | 8.7% |
| P/E Multiple | 37.9 | 25.1 | -33.7% |
| Shares Outstanding (Mil) | 304 | 295 | 3.0% |
| Cumulative Contribution | -20.3% |
Market Drivers
1/31/2026 to 8/14/2026| Return | Correlation | |
|---|---|---|
| SPGI | -20.3% | |
| Market (SPY) | 12.5% | 13.3% |
| Sector (XLF) | 9.4% | 46.9% |
Fundamental Drivers
The -23.4% change in SPGI stock from 7/31/2025 to 8/14/2026 was primarily driven by a -40.9% change in the company's P/E Multiple.| (LTM values as of) | 7312025 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 546.52 | 418.80 | -23.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,493 | 16,121 | 11.2% |
| Net Income Margin (%) | 27.3% | 30.5% | 12.0% |
| P/E Multiple | 42.5 | 25.1 | -40.9% |
| Shares Outstanding (Mil) | 307 | 295 | 4.0% |
| Cumulative Contribution | -23.4% |
Market Drivers
7/31/2025 to 8/14/2026| Return | Correlation | |
|---|---|---|
| SPGI | -23.4% | |
| Market (SPY) | 23.9% | 15.9% |
| Sector (XLF) | 12.4% | 48.5% |
Fundamental Drivers
The 8.8% change in SPGI stock from 7/31/2023 to 8/14/2026 was primarily driven by a 56.9% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8142026 | Change |
|---|---|---|---|
| Stock Price ($) | 385.05 | 418.80 | 8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,059 | 16,121 | 33.7% |
| Net Income Margin (%) | 19.5% | 30.5% | 56.9% |
| P/E Multiple | 52.4 | 25.1 | -52.0% |
| Shares Outstanding (Mil) | 319 | 295 | 8.1% |
| Cumulative Contribution | 8.8% |
Market Drivers
7/31/2023 to 8/14/2026| Return | Correlation | |
|---|---|---|
| SPGI | 8.8% | |
| Market (SPY) | 75.6% | 45.7% |
| Sector (XLF) | 72.0% | 58.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPGI Return | 45% | -28% | 33% | 14% | 6% | -19% | 35% |
| Peers Return | 36% | -25% | 31% | 13% | -17% | -5% | 18% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| SPGI Win Rate | 67% | 33% | 58% | 58% | 67% | 50% | |
| Peers Win Rate | 65% | 38% | 62% | 55% | 42% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SPGI Max Drawdown | -8% | -39% | -20% | -11% | -19% | -28% | |
| Peers Max Drawdown | -14% | -35% | -18% | -16% | -33% | -29% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MCO, MSCI, FDS, VRSK, MORN. See SPGI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/14/2026 (YTD)
How Low Can It Go
| Event | SPGI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -19.1% | -18.8% |
| % Gain to Breakeven | 23.6% | 23.1% |
| Time to Breakeven | 115 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.7% | -9.5% |
| % Gain to Breakeven | 24.5% | 10.5% |
| Time to Breakeven | 46 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.1% | -6.7% |
| % Gain to Breakeven | 13.8% | 7.1% |
| Time to Breakeven | 70 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.4% | -24.5% |
| % Gain to Breakeven | 59.8% | 32.4% |
| Time to Breakeven | 473 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.1% | -33.7% |
| % Gain to Breakeven | 61.6% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.5% | -19.2% |
| % Gain to Breakeven | 22.7% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
In The Past
S&P Global's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | SPGI | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -37.4% | -24.5% |
| % Gain to Breakeven | 59.8% | 32.4% |
| Time to Breakeven | 473 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -38.1% | -33.7% |
| % Gain to Breakeven | 61.6% | 50.9% |
| Time to Breakeven | 56 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -20.9% | -12.2% |
| % Gain to Breakeven | 26.4% | 13.9% |
| Time to Breakeven | 76 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -60.2% | -53.4% |
| % Gain to Breakeven | 151.1% | 114.4% |
| Time to Breakeven | 791 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -23.1% | -8.6% |
| % Gain to Breakeven | 30.1% | 9.5% |
| Time to Breakeven | 1858 days | 47 days |
In The Past
S&P Global's stock fell -19.1% during the 2025 US Tariff Shock. Such a loss loss requires a 23.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About S&P Global (SPGI)
S&P Global Inc. (SPGI) is a leading global information services company that provides essential intelligence to the capital, commodity, and automotive markets. The company specializes in delivering credit ratings, financial benchmarks, analytical tools, and workflow solutions designed to help various market participants make critical decisions. SPGI's extensive offerings are foundational for understanding market performance, assessing risk, and optimizing operational workflows across diverse industries.
SPGI operates through several key divisions, each addressing specific market needs with specialized products and services. S&P Global Ratings is a primary provider of independent credit ratings and research, crucial for investors and debt markets. S&P Dow Jones Indices maintains widely recognized index benchmarks like the S&P 500, used by investment professionals globally for tracking market performance and creating investment products. S&P Global Market Intelligence offers comprehensive data and technology solutions, encompassing areas from capital formation and private markets to ESG and risk management, serving a broad spectrum of financial industry clients. Additionally, SPGI provides specialized data and insights through S&P Global Commodity Insights, S&P Global Mobility, and S&P Global Engineering Solutions, catering to the energy, automotive, and industrial sectors respectively.
The company's primary customers span a wide range of global entities, including institutional investors, wealth managers, corporations, governments, and professionals within the financial services industry. Beyond finance, SPGI serves decision-makers in energy, commodities, automotive manufacturing, and engineering sectors. Essentially, S&P Global empowers these customers by providing the data, analytics, and insights necessary to navigate complex market dynamics, benchmark performance, manage supply chains, assess creditworthiness, and drive strategic growth and innovation.
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S&P Global is like:
- The Experian or TransUnion for companies and countries, providing essential credit ratings.
- The Nielsen Ratings for global financial markets, creating the key benchmarks like the S&P 500 index.
- A specialized Google for professionals in finance, energy, and automotive, offering deep industry data and analytics.
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- Credit Ratings and Analytics: Provides independent credit ratings, research, and analytics for investors and market participants.
- Index Benchmarks: Offers a range of valuation and index benchmarks for investment advisors, wealth managers, and institutional investors.
- Commodity Market Data and Insights: Delivers data and insights for global energy and commodity markets.
- Financial Market Data and Solutions: Provides data and technology solutions for customers to gain insights and enable end-to-end workflow solutions.
- Automotive Data and Insights: Offers insights derived from comprehensive automotive data, enabling customers to anticipate change.
- Engineering Solutions: Supplies engineering expertise and solutions across industries such as aerospace, energy, and construction.
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Martina L. Cheung, President and Chief Executive Officer
Martina L. Cheung became the President and Chief Executive Officer of S&P Global, effective November 1, 2024. She joined the company in 2010 and has held various leadership positions, including President of S&P Global Ratings and President of S&P Global Market Intelligence. Before her tenure at S&P Global, Ms. Cheung worked as a consultant and analyst at Accenture and was a partner at Mitchell Madison Consulting. She played a key role in significant mergers and acquisitions for S&P Global, notably the IHS Markit merger in 2022 and the SNL Financial acquisition in 2015.
Eric Aboaf, Executive Vice President and Chief Financial Officer
Eric Aboaf assumed the role of Executive Vice President and Chief Financial Officer of S&P Global in February 2025. Prior to joining S&P Global, he served as CFO for State Street Corporation for nearly eight years, where he also held the position of Vice Chairman since 2022. Mr. Aboaf's experience also includes serving as CFO at Citizens Financial Group and holding senior financial roles, including Treasurer, during his twelve years at Citigroup. Earlier in his career, he was a partner at Bain & Company, where he co-led its U.S. financial services consulting practice.
Yann Le Pallec, President, S&P Global Ratings
Yann Le Pallec became President of S&P Global Ratings, effective November 1, 2024. Previously, he was the Executive Managing Director, Head of Global Ratings Services. In his role, Mr. Le Pallec oversees Analytics, Research, and Operations for the S&P Global Ratings division.
Saugata Saha, President, S&P Global Market Intelligence; Chief Enterprise Data Officer
Saugata Saha is the President of S&P Global Market Intelligence and Chief Enterprise Data Officer, with his role leading Market Intelligence effective November 1, 2024. He previously served as President of S&P Global Commodity Insights.
Dave Ernsberger, Co-President, S&P Global Commodity Insights
Dave Ernsberger became Co-President of S&P Global Commodity Insights, effective November 1, 2024. Prior to this, he was the Head of Market Reporting & Trading Solutions.
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Key Risks to S&P Global (SPGI)
- Regulatory Scrutiny and Challenges: S&P Global, particularly its core S&P Global Ratings and S&P Dow Jones Indices divisions, operates in highly regulated environments. The company faces significant legal and regulatory challenges, as regulatory changes can increase operating costs, impact business operations, and alter the economics of the credit ratings business. Compliance risk, including exposure to legal and financial risk for failing to adhere to laws, regulations, and internal policies, is a continuous concern.
- Technological Disruption and Competition: S&P Global faces risks from technological disruption, especially from advancements in artificial intelligence (AI), which could threaten to undermine its Market Intelligence products and reduce demand for traditional financial data services. Competitors are increasingly deploying AI, and the availability of "off-the-shelf" AI models may empower new and existing players to develop competing products and services. Additionally, the Market Intelligence segment faces challenges from large clients accelerating vendor consolidation, which could impact its market share and performance.
- Macroeconomic Sensitivity and Market Cyclicality: A significant portion of S&P Global's revenue, particularly within its Ratings division, is tied to transaction-based services which are inherently cyclical and dependent on the volume of debt issuance. Economic downturns, tightening financial conditions, and broader macroeconomic headwinds can lead to reduced debt issuance and trading activity, thereby impacting revenue growth. Geopolitical risks and market volatility also contribute to economic uncertainty, potentially affecting S&P Global's diverse revenue streams.
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Here are the addressable market sizes for S&P Global's main products and services:
- S&P Global Ratings (Credit Ratings, Research, and Analytics): The global credit rating market size was approximately USD 6.5 billion in 2023, with projections to reach around USD 11.2 billion by 2032.
- S&P Dow Jones Indices (Index Provider): While a direct "market size for financial indices" is not readily available as indices are foundational benchmarks for various financial products, the global equity market capitalization was USD 126.7 trillion in 2024. S&P Global itself highlights that benchmarks constitute the majority of its revenue and over 70% of its operating income, underscoring the significant financial market that relies on these indices.
- S&P Global Commodity Insights (Data and Insights for Global Energy and Commodity Markets): The global commodity services market was valued at approximately USD 12 billion in 2023 and is projected to reach USD 18 billion by 2032.
- S&P Global Market Intelligence (Data and Technology Solutions, Workflow Solutions): The global financial data services market was valued at USD 28.1 billion in 2025 and is projected to reach USD 59 billion by the end of 2035.
- S&P Global Mobility (Automotive Data and Insights): The global market for big data in the automotive industry is anticipated to exceed USD 27.15 billion by 2033. This segment focuses on insights derived from automotive data, which aligns with the "big data in the automotive industry" market.
- S&P Global Engineering Solutions (Engineering Expertise and Solutions): The global engineering software market size was valued at USD 53.92 billion in 2025 and is expected to reach approximately USD 246.51 billion by 2034.
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S&P Global (NYSE: SPGI) is expected to drive future revenue growth over the next two to three years through several strategic initiatives and market tailwinds, according to recent company statements and analyst insights.
Here are 3-5 expected drivers of future revenue growth:
- Expansion into High-Growth Adjacencies, including Private Markets and Energy Transition: S&P Global is actively pursuing growth in high-growth adjacent markets. This includes a strong focus on private markets, enhanced by the integration of "With Intelligence" data, which strengthens its position in private credit ratings, indices, and data workflows. Private market fundraising saw 11% growth in 2025. Additionally, the company is targeting growth within its Energy division (formerly Commodity Insights), which provides data and insights for global energy and commodity markets.
- Leveraging Artificial Intelligence (AI) for Enhanced Products and Customer Value: The company is making significant investments in artificial intelligence to amplify its enterprise capabilities, enhance productivity, and expand margins. S&P Global is embedding AI into its products, such as Chat IQ, Chart Explainer, and Document Intelligence, and has launched MCP connectors with leading AI platforms like Anthropic, OpenAI, Microsoft Copilot, and Google's Gemini. Early adoption of these AI-enabled solutions has shown promising results, with customers experiencing double the revenue growth and higher retention rates.
- Strengthening Core Market Leadership in Benchmarks and Differentiated Data: S&P Global aims to reinforce its position as a leading provider of essential benchmarks, differentiated data, and solutions across its core divisions. Both S&P Global Ratings and S&P Dow Jones Indices are projected to be significant growth contributors. The index business, which includes widely used benchmarks like the S&P 500, is expected to grow at an annual rate of 10%-12% over the next 3-5 years. This ongoing demand for their proprietary benchmarks and data underpins consistent revenue growth.
- Increased Bond Issuance Activity in the Ratings Division: A key driver for the S&P Global Ratings division is the anticipated increase in bond issuance activity. The company expects growth to be influenced by factors such as a larger "three-year cumulative maturity wall," which grew 9% from the prior year and is likely to drive refinancing activity. Furthermore, substantial capital expenditures announced for hyperscale data centers, estimated around $700 billion, could contribute an additional 1-4 points of revenue growth to the Ratings division.
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Share Repurchases
- S&P Global made significant share repurchases, totaling $5.001 billion in 2025, $3.301 billion in 2024, and $3.301 billion in 2023.
- The company executed share buybacks of $2.501 billion during the quarter ending December 31, 2025.
- On November 13, 2025, S&P Global announced a new share repurchase program authorizing the buyback of up to 30,000,000 shares.
Outbound Investments
- In October 2025, S&P Global acquired With Intelligence, a provider of data, insights, and events for the alternative investment industry, for $1.8 billion.
- S&P Global completed 6 acquisitions in 2023 and 3 acquisitions in 2025.
- Notable recent acquisitions include TeraHelix (June 2025), Prontonlp (January 2025), World Hydrogen Leaders (May 2024), and Visible Alpha (February 2024).
Capital Expenditures
- S&P Global's Capital Expenditures were -$195 million USD for the fiscal year ending December 31, 2025.
- Annual capital expenditures were -$1383 million in 2024, $121 million in 2023, and $107 million in 2022.
- In Q4 2025, capital expenditures amounted to $46.0 million.
Peer Outperformance in Financial Exchanges & Data
SPGI has trailed 57% of its 14 Financial Exchanges & Data peers over 5Y. Among the peers that beat it are CBOE, NDAQ and CME. Financial Exchanges & Data ranks 11th of 18 industries in Financials by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Financial Exchanges & Data constituents that SPGI has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
7%
of 14 industry peers · -25.1% return
3Y
50%
of 14 industry peers · 10.9% return
5Y
43%
of 14 industry peers · -1.1% return
Financial Exchanges & Data peers with revenue growth within 4pp of SPGI's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SPGI | S&P Global | 10.2% | 25.1x | -25.1% | 10.9% | -1.1% | — |
| CBOE | Cboe Global Markets | 9.5% | 22.9x | 22.8% | 105.3% | 149.3% | +150pp |
| NDAQ | Nasdaq | 13.0% | 27.8x | 3.0% | 99.9% | 63.1% | +64pp |
| CME | CME | 9.0% | 22.7x | 2.0% | 49.5% | 60.8% | +62pp |
| ICE | Intercontinental Exchange | 12.0% | 21.6x | -14.2% | 40.8% | 41.3% | +42pp |
| MCO | Moodys | 13.9% | 30.2x | -6.0% | 49.7% | 33.5% | +35pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Financials sector, ranked by 5Y. Financial Exchanges & Data is SPGI's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Investment Banking & Brokerage | 13 | 9.6% | 132.3% | 139.6% | IBKR 499% · SNEX 245% · GS 186% |
| Reinsurance | 6 | 21.0% | 84.6% | 120.9% | SPNT 140% · MTG 134% · RGA 133% |
| Diversified Banks | 12 | 47.2% | 132.3% | 111.2% | CM 163% · JPM 157% · RY 147% |
| Life & Health Insurance | 19 | 21.1% | 60.5% | 95.8% | UNM 301% · FG 261% · MFC 178% |
| Property & Casualty Insurance | 42 | 13.9% | 76.5% | 68.2% | ASIC 2469900% · HRTG 400% · UVE 275% |
| Regional Banks | 264 | 34.7% | 84.5% | 66.8% | ESQ 419% · GCBC 385% · VBNK 290% |
| Multi-Sector Holdings | 5 | 4.5% | 18.7% | 66.8% | JEF 91% · BRK-B 75% · VOYA 67% |
| Multi-line Insurance | 9 | 18.5% | 82.7% | 63.1% | GNW 175% · L 107% · SLF 89% |
| Consumer Finance | 30 | 15.2% | 92.8% | 41.2% | ENVA 726% · EZPW 379% · FCFS 175% |
| Insurance Brokers | 15 | -10.4% | 11.5% | 33.9% | LIFE 604% · AJG 89% · ARX 86% |
| Financial Exchanges & Data ← | 15 | -6.0% | 10.9% | 33.5% | VIRT 176% · CBOE 149% · NDAQ 63% |
| Commercial & Residential Mortgage Finance | 13 | -24.3% | 33.7% | 23.5% | FNMA 460% · FMCC 445% · IOR 69% |
| Asset Management & Custody Banks | 83 | -6.2% | 21.2% | 23.4% | VCTR 295% · WT 291% · SII 262% |
| Specialized Finance | 3 | 22.9% | 52.3% | 4.3% | EFC 38% · CACC 4% · HASI -8% |
| Mortgage REITs | 34 | -4.1% | 12.8% | -8.6% | RITM 72% · DX 41% · NREF 38% |
| Transaction & Payment Processing Services | 15 | 0.5% | 1.6% | -43.0% | V 63% · MA 62% · CPAY 59% |
| Diversified Capital Markets | 21 | -33.7% | -10.8% | -46.9% | BTCS 467% · OPY 187% · LPLA 159% |
| Diversified Financial Services | 5 | -15.3% | 63.9% | -47.8% | FRHC 127% · EQH 88% · TMS -48% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 351.14 |
| Mkt Cap | 32.6 |
| Rev LTM | 3,235 |
| Op Inc LTM | 1,616 |
| FCF LTM | 1,364 |
| FCF 3Y Avg | 1,201 |
| CFO LTM | 1,566 |
| CFO 3Y Avg | 1,380 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.5% |
| Rev Chg 3Y Avg | 10.1% |
| Rev Chg Q | 10.0% |
| QoQ Delta Rev Chg LTM | 2.4% |
| Op Inc Chg LTM | 15.8% |
| Op Inc Chg 3Y Avg | 17.9% |
| Op Mgn LTM | 42.7% |
| Op Mgn 3Y Avg | 41.0% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 38.1% |
| CFO/Rev 3Y Avg | 37.3% |
| FCF/Rev LTM | 35.5% |
| FCF/Rev 3Y Avg | 34.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 32.6 |
| P/S | 7.6 |
| P/Op Inc | 17.9 |
| P/EBIT | 17.4 |
| P/E | 26.0 |
| P/CFO | 18.7 |
| Total Yield | 4.9% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 3.6% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Market Intelligence | 4,916 | 4,645 | 4,376 | 3,811 | 2,185 |
| Ratings | 4,724 | 4,370 | 3,332 | 3,050 | 4,097 |
| Energy | 2,299 | 2,142 | 1,946 | 1,685 | 1,012 |
| Indices | 1,850 | 1,628 | 1,403 | 1,339 | 1,149 |
| Mobility | 1,747 | 1,609 | 1,484 | 1,142 | 0 |
| Engineering Solutions | 0 | 0 | 133 | 323 | 0 |
| Intersegment elimination | -200 | -186 | -177 | -169 | -146 |
| Total | 15,336 | 14,208 | 12,497 | 11,181 | 8,297 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Ratings | 3,013 | 2,707 | 1,864 | 1,672 | 2,629 |
| Indices | 1,271 | 1,103 | 925 | 927 | 798 |
| Market Intelligence | 991 | 875 | 714 | 2,488 | 676 |
| Energy | 943 | 845 | 704 | 591 | 544 |
| Mobility | 378 | 312 | 260 | 213 | 0 |
| Equity in income on unconsolidated subsidiaries | 28 | 43 | 36 | 27 | 0 |
| Engineering Solutions | 0 | 0 | 19 | 15 | 0 |
| Corporate Unallocated expense | -146 | -305 | -502 | -989 | -426 |
| Total | 6,478 | 5,580 | 4,020 | 4,944 | 4,221 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Market Intelligence | 31,234 | 29,478 | 29,674 | 29,852 | 3,368 |
| Mobility | 12,974 | 13,222 | 13,495 | 13,416 | |
| Energy | 8,543 | 8,636 | 8,746 | 8,781 | |
| Corporate | 3,738 | 4,629 | 4,411 | 4,127 | 7,697 |
| Indices | 3,378 | 3,200 | 3,222 | 3,271 | 1,501 |
| Ratings | 1,137 | 1,056 | 1,041 | 1,039 | 1,248 |
| Assets of held for sale | 196 | 0 | 1,298 | 321 | |
| Engineering Solutions | 0 | ||||
| Platts | 891 | ||||
| Total | 61,200 | 60,221 | 60,589 | 61,784 | 15,026 |
Price Behavior
Price Behavior
| Market Price | $418.80 | |
| Market Cap ($ Bil) | 123.7 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -25.1% | |
| 50 Days | 200 Days | |
| DMA Price | $422.38 | $452.00 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -0.8% | -7.3% |
| 3M | 1YR | |
| Volatility | 30.4% | 29.6% |
| Downside Capture | -25.17 | 65.43 |
| Upside Capture | -1.75 | 17.35 |
| Correlation (SPY) | 1.6% | 14.3% |
SPGI Betas & Captures as of 7/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.06 | -0.10 | -0.14 | 0.31 | 0.34 | 0.71 |
| Up Beta | -1.42 | -0.46 | -0.38 | -0.05 | 0.26 | 0.71 |
| Down Beta | 2.08 | 0.91 | 1.05 | 0.39 | 0.38 | 0.79 |
| Up Capture | -24% | -44% | -47% | 10% | 12% | 29% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 10 | 21 | 30 | 63 | 130 | 407 |
| Down Capture | -45% | -31% | -51% | 79% | 65% | 89% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 12 | 22 | 33 | 63 | 121 | 344 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPGI | |
|---|---|---|---|---|
| SPGI | -25.0% | 29.6% | -0.96 | - |
| Sector ETF (XLF) | 11.6% | 14.5% | 0.53 | 48.4% |
| Equity (SPY) | 21.5% | 12.8% | 1.25 | 14.5% |
| Gold (GLD) | 30.0% | 28.5% | 0.91 | -6.6% |
| Commodities (DBC) | 38.1% | 20.1% | 1.49 | -13.9% |
| Real Estate (VNQ) | 14.4% | 13.9% | 0.73 | 26.6% |
| Bitcoin (BTCUSD) | -48.7% | 42.8% | -1.44 | 15.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPGI | |
|---|---|---|---|---|
| SPGI | -0.2% | 25.0% | -0.03 | - |
| Sector ETF (XLF) | 10.8% | 18.4% | 0.45 | 59.5% |
| Equity (SPY) | 13.4% | 17.2% | 0.60 | 59.3% |
| Gold (GLD) | 19.5% | 18.6% | 0.85 | 6.9% |
| Commodities (DBC) | 9.6% | 19.6% | 0.38 | 7.7% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 57.4% |
| Bitcoin (BTCUSD) | 8.2% | 52.8% | 0.34 | 22.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPGI | |
|---|---|---|---|---|
| SPGI | 14.4% | 26.1% | 0.54 | - |
| Sector ETF (XLF) | 13.8% | 22.0% | 0.57 | 63.3% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 68.5% |
| Gold (GLD) | 12.0% | 16.2% | 0.60 | 5.4% |
| Commodities (DBC) | 7.7% | 18.0% | 0.34 | 17.4% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 58.7% |
| Bitcoin (BTCUSD) | 60.0% | 66.1% | 1.00 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -3.5% | -5.4% | |
| 4/28/2026 | -0.9% | -2.9% | -4.9% |
| 2/10/2026 | -9.7% | -7.6% | -3.2% |
| 10/30/2025 | 3.9% | 5.1% | 4.9% |
| 7/31/2025 | 4.1% | 6.3% | 3.6% |
| 4/29/2025 | 2.6% | 5.5% | 6.9% |
| 2/11/2025 | 4.9% | 5.5% | -7.0% |
| 10/24/2024 | -3.5% | -4.9% | 0.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 14 |
| # Negative | 12 | 11 | 9 |
| Median Positive | 3.6% | 4.0% | 5.2% |
| Median Negative | -1.9% | -5.4% | -6.7% |
| Max Positive | 7.0% | 10.0% | 20.4% |
| Max Negative | -9.7% | -10.5% | -10.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | -3.5% | -5.4% | |
| 4/28/2026 | -0.9% | -2.9% | -4.9% |
| 2/10/2026 | -9.7% | -7.6% | -3.2% |
| 10/30/2025 | 3.9% | 5.1% | 4.9% |
| 7/31/2025 | 4.1% | 6.3% | 3.6% |
| 4/29/2025 | 2.6% | 5.5% | 6.9% |
| 2/11/2025 | 4.9% | 5.5% | -7.0% |
| 10/24/2024 | -3.5% | -4.9% | 0.1% |
| 7/30/2024 | -0.3% | -3.6% | 3.4% |
| 4/25/2024 | 0.5% | 0.7% | 5.6% |
| 2/8/2024 | -5.0% | -8.4% | -6.7% |
| 11/2/2023 | 7.0% | 10.0% | 20.4% |
| 7/27/2023 | -7.6% | -8.0% | -9.7% |
| 4/27/2023 | 4.6% | 2.9% | 5.6% |
| 2/9/2023 | -0.6% | 0.5% | -10.5% |
| 10/27/2022 | 2.5% | -0.3% | 15.2% |
| 8/2/2022 | -1.7% | 0.5% | -5.2% |
| 5/3/2022 | -2.1% | -10.5% | -9.4% |
| 2/8/2022 | -1.3% | -5.9% | -3.2% |
| 10/26/2021 | 3.9% | 3.5% | 2.5% |
| 7/29/2021 | 2.9% | 6.8% | 6.4% |
| 4/29/2021 | 3.3% | 3.2% | 0.3% |
| 2/9/2021 | 2.1% | 4.0% | 6.1% |
| 10/27/2020 | -0.8% | -1.7% | 0.4% |
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 14 |
| # Negative | 12 | 11 | 9 |
| Median Positive | 3.6% | 4.0% | 5.2% |
| Median Negative | -1.9% | -5.4% | -6.7% |
| Max Positive | 7.0% | 10.0% | 20.4% |
| Max Negative | -9.7% | -10.5% | -10.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/28/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/09/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/08/2022 | 10-K |
| 09/30/2021 | 10/26/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-K |
| 09/30/2020 | 10/28/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/10/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 7/29/2026Latest: Q2 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue Growth | 5.9% | 6.9% | 7.9% | -0.4% | Lowered | Guidance: 7.3% for 2026 | |
| 2026 Organic, Constant Currency Revenue growth | 6.0% | 7.0% | 8.0% | 0.0% | Affirmed | Guidance: 7.0% for 2026 | |
| 2026 Diluted EPS | 16.4 | 16.5 | 16.6 | -15.6% | Lowered | Guidance: 19.5 for 2026 | |
| 2026 Adjusted Diluted EPS | 17.5 | 17.6 | 17.8 | -9.7% | Lowered | Guidance: 19.5 for 2026 | |
| 2026 Share Repurchases | 7.00 Bil | ||||||
Prior: Q1 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Reported Revenue growth | 6.3% | 7.3% | 8.3% | -0.3% | Lowered | Guidance: 7.6% for 2026 | |
| 2026 Organic, Constant Currency Revenue growth | 6.0% | 7.0% | 8.0% | 0.0% | Affirmed | Guidance: 7.0% for 2026 | |
| 2026 Diluted EPS | 19.4 | 19.5 | 19.6 | 0.0% | Affirmed | Guidance: 19.5 for 2026 | |
| 2026 Corporate unallocated expense | 220.00 Mil | 225.00 Mil | 230.00 Mil | ||||
| 2026 Deal-related amortization | 1.11 Bil | ||||||
| 2026 Operating profit margin expansion | 0.1% | 0.23% | 0.35% | ||||
| 2026 Operating profit margin expansion, excluding OSTTRA | 0.5% | 0.63% | 0.75% | ||||
| 2026 Interest expense, net | 405.00 Mil | 410.00 Mil | 415.00 Mil | ||||
| 2026 Tax rate | 22.0% | 22.5% | 23.0% | ||||
| 2026 Capital expenditures | 215.00 Mil | 220.00 Mil | 225.00 Mil | 0.0% | Affirmed | Guidance: 220.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/10/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Organic, Constant Currency Revenue growth | 6.0% | 7.0% | 8.0% | -0.5% | Lower New | Actual: 7.5% for 2025 | |
| 2026 Reported Revenue growth (GAAP) | 6.6% | 7.6% | 8.6% | 0.1% | Higher New | Actual: 7.5% for 2025 | |
| 2026 Diluted EPS | 19.4 | 19.5 | 19.6 | 30.8% | Higher New | Actual: 14.9 for 2025 | |
| 2026 Capital expenditures (GAAP) | 215.00 Mil | 220.00 Mil | 225.00 Mil | ||||
Q3 2025 Earnings Reported 10/30/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Revenue Growth | 7.0% | 7.5% | 8.0% | 1.5% | Raised | Guidance: 6.0% for 2025 | |
| 2025 GAAP Diluted EPS | 14.8 | 14.9 | 15.1 | 3.1% | Raised | Guidance: 14.5 for 2025 | |
| 2025 Adjusted Diluted EPS | 17.6 | 17.7 | 17.9 | 3.5% | Raised | Guidance: 17.1 for 2025 | |
| 2025 Free Cash Flow | 5.60 Bil | 5.70 Bil | 5.80 Bil | 0 | Affirmed | Guidance: 5.70 Bil for 2025 | |
| Q4 2025 Share Repurchases | 2.50 Bil | ||||||
Insider Activity
Updated 8/4/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clay, Catherine R | CEO, S&P Dow Jones Indices | Direct | Buy | 5042026 | 431.39 | 2,500 | 1,078,475 | 1,078,475 | Form |
| 2 | Moritz, Robert Edward JR | Direct | Buy | 5042026 | 434.03 | 1,152 | 500,001 | 500,001 | Form | |
| 3 | Cheung, Martina | CEO & President | Direct | Buy | 5012026 | 429.93 | 2,322 | 998,297 | 11,830,814 | Form |
| 4 | Joly, Hubert | Direct | Buy | 2122026 | 398.98 | 2,500 | 997,459 | 1,063,292 | Form | |
| 5 | Eager, William W | President, S&P Global Mobility | Direct | Buy | 1152026 | 493.40 | 12 | 5,964 | 4,304,231 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clay, Catherine R | CEO, S&P Dow Jones Indices | Direct | Buy | 5042026 | 431.39 | 2,500 | 1,078,475 | 1,078,475 | Form |
| 2 | Moritz, Robert Edward JR | Direct | Buy | 5042026 | 434.03 | 1,152 | 500,001 | 500,001 | Form | |
| 3 | Cheung, Martina | CEO & President | Direct | Buy | 5012026 | 429.93 | 2,322 | 998,297 | 11,830,814 | Form |
| 4 | Joly, Hubert | Direct | Buy | 2122026 | 398.98 | 2,500 | 997,459 | 1,063,292 | Form | |
| 5 | Eager, William W | President, S&P Global Mobility | Direct | Buy | 1152026 | 493.40 | 12 | 5,964 | 4,304,231 | Form |
| 6 | Eager, William W | President, S&P Global Mobility | Direct | Buy | 1152026 | 544.30 | 11 | 5,954 | 4,741,684 | Form |
| 7 | Saha, Saugata | President, Market Intelligence | Direct | Sell | 8122025 | 561.12 | 2,000 | 1,122,240 | 1,767,528 | Form |
| 8 | Tavernier, Edouard | President, S&P Global Mobility | Direct | Sell | 8082025 | 555.00 | 1,799 | 998,526 | 9,511,509 | Form |
Investor Activity (13F)
Updated Aug 15, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Valley Forge Capital Management, LP | $747.8 Mil | 22.2% | 7 | Hold | 13F |
| C Partners Holding GmbH | $53.6 Mil | 16.9% | 7 | ADD +9.2% | 13F |
| TCI Fund Management LTD | $6.0 Bil | 13.2% | 10 | ADD +19.0% | 13F |
| Alfreton Capital LLP | $40.4 Mil | 13.1% | 5 | New | 13F |
| BLS Capital Fondsmaeglerselskab A/S | $374.6 Mil | 12.8% | 11 | ADD +163.5% | 13F |
| Camrose Capital Investment Partners LLP | $89.7 Mil | 11.7% | 10 | ADD +78.7% | 13F |
| Coalescence Partners Investment Management, LP | $50.1 Mil | 10.8% | 12 | ADD +108.6% | 13F |
| BlueSpruce Investments, LP | $60.7 Mil | 9.6% | 10 | TRIM -79.1% | 13F |
| Rothschild & Co Wealth Management UK Ltd | $571.0 Mil | 8.7% | 25 | ADD +26.4% | 13F |
| Lionstone Capital Management LLC | $35.7 Mil | 8.7% | 12 | Hold | 13F |
| RIT Capital Partners PLC | $32.3 Mil | 8.6% | 12 | TRIM -10.1% | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $63.9 Mil | 8.5% | 11 | New | 13F |
| Meritage Group LP | $214.5 Mil | 8.1% | 13 | New | 13F |
| PBCay One RSC Ltd | $74.7 Mil | 8.0% | 17 | ADD +18.6% | 13F |
| Spear Holdings RSC Ltd | $74.7 Mil | 8.0% | 17 | ADD +18.6% | 13F |
| Unisphere Establishment | $906.0 Mil | 7.6% | 50 | ADD +6.5% | 13F |
| Dorsey Asset Management, LLC | $94.7 Mil | 7.5% | 11 | New | 13F |
| Hudson Way Capital Management LLC | $72.2 Mil | 6.9% | 16 | ADD +8.4% | 13F |
| OAKMONT Corp | $35.7 Mil | 6.8% | 31 | Hold | 13F |
| EdgePoint Investment Group Inc. | $702.9 Mil | 5.6% | 37 | New | 13F |
| Soroban Capital Partners LP | $718.2 Mil | 5.1% | 27 | ADD +260.3% | 13F |
| Skye Global Management LP | $223.7 Mil | 4.8% | 44 | ADD +20.5% | 13F |
| Gates Capital Management, Inc. | $139.5 Mil | 4.8% | 31 | ADD +14.0% | 13F |
| Bowie Capital Management, LLC | $100.7 Mil | 4.8% | 29 | TRIM -6.8% | 13F |
| Locust Wood Capital Advisers, LLC | $160.0 Mil | 4.4% | 27 | ADD +20.6% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| EdgePoint Investment Group Inc. | $702.9 Mil | 5.6% | 37 | New | 13F |
| Meritage Group LP | $214.5 Mil | 8.1% | 13 | New | 13F |
| Dorsey Asset Management, LLC | $94.7 Mil | 7.5% | 11 | New | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $63.9 Mil | 8.5% | 11 | New | 13F |
| Himalaya Capital Management LLC | $51.7 Mil | 1.6% | 14 | New | 13F |
| Alfreton Capital LLP | $40.4 Mil | 13.1% | 5 | New | 13F |
| Goodnow Investment Group, LLC | $10.2 Mil | 1.1% | 29 | New | 13F |
| Warther Private Wealth, LLC | $8.2 Mil | 1.9% | 40 | New | 13F |
| KR Capital LP | $7.6 Mil | 1.5% | 49 | New | 13F |
| Mudita Advisors LLP | $6.0 Mil | 1.2% | 28 | New | 13F |
| Soroban Capital Partners LP | $718.2 Mil | 5.1% | 27 | ADD +260.3% | 13F |
| BLS Capital Fondsmaeglerselskab A/S | $374.6 Mil | 12.8% | 11 | ADD +163.5% | 13F |
| Kensico Capital Management Corp | $48.3 Mil | 1.0% | 20 | ADD +140.0% | 13F |
| Coalescence Partners Investment Management, LP | $50.1 Mil | 10.8% | 12 | ADD +108.6% | 13F |
| Camrose Capital Investment Partners LLP | $89.7 Mil | 11.7% | 10 | ADD +78.7% | 13F |
| Makena Capital Management LLC | $19.6 Mil | 2.3% | 27 | ADD +41.8% | 13F |
| Rothschild & Co Wealth Management UK Ltd | $571.0 Mil | 8.7% | 25 | ADD +26.4% | 13F |
| Locust Wood Capital Advisers, LLC | $160.0 Mil | 4.4% | 27 | ADD +20.6% | 13F |
| Skye Global Management LP | $223.7 Mil | 4.8% | 44 | ADD +20.5% | 13F |
| TCI Fund Management LTD | $6.0 Bil | 13.2% | 10 | ADD +19.0% | 13F |
| Spear Holdings RSC Ltd | $74.7 Mil | 8.0% | 17 | ADD +18.6% | 13F |
| PBCay One RSC Ltd | $74.7 Mil | 8.0% | 17 | ADD +18.6% | 13F |
| Gates Capital Management, Inc. | $139.5 Mil | 4.8% | 31 | ADD +14.0% | 13F |
| C Partners Holding GmbH | $53.6 Mil | 16.9% | 7 | ADD +9.2% | 13F |
| Hudson Way Capital Management LLC | $72.2 Mil | 6.9% | 16 | ADD +8.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Sherman Porfolios, LLC | $163.2 Mil | 11.1% | 156 | Exited | Dec 31, 2025 | 13F |
| Atalan Capital Partners, LP | $162.1 Mil | 11.5% | 11 | Exited | Dec 31, 2025 | 13F |
| Cypress Funds LLC | $44.2 Mil | 7.3% | 14 | Exited | Dec 31, 2025 | 13F |
| Troy Asset Management Ltd | $21.8 Mil | 0.6% | 31 | Exited | Dec 31, 2025 | 13F |
| TRB Advisors LP | $15.7 Mil | 3.7% | 11 | Exited | Dec 31, 2025 | 13F |
| Incline Global Management LLC | $14.0 Mil | 4.8% | 30 | Exited | Dec 31, 2025 | 13F |
| BlueSpruce Investments, LP | $60.7 Mil | 9.6% | 10 | TRIM -79.1% | Mar 31, 2026 | 13F |
| Longview Partners (Guernsey) LTD | $143.9 Mil | 2.0% | 25 | TRIM -59.2% | Mar 31, 2026 | 13F |
| Cander Asset Management LP | $13.4 Mil | 2.4% | 43 | TRIM -33.7% | Mar 31, 2026 | 13F |
| Evergreen Quality Fund GP, Ltd. | $115.1 Mil | 2.6% | 40 | TRIM -20.0% | Mar 31, 2026 | 13F |
| PineStone Asset Management Inc. | $226.5 Mil | 1.6% | 44 | TRIM -13.8% | Mar 31, 2026 | 13F |
| RIT Capital Partners PLC | $32.3 Mil | 8.6% | 12 | TRIM -10.1% | Mar 31, 2026 | 13F |
| Bowie Capital Management, LLC | $100.7 Mil | 4.8% | 29 | TRIM -6.8% | Mar 31, 2026 | 13F |
| Threadgill Financial, LLC | $7.1 Mil | 2.1% | 44 | TRIM -5.3% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| TCI Fund Management LTD | $6.0 Bil | 13.2% | 10 | ADD +19.0% | 13F |
| Unisphere Establishment | $906.0 Mil | 7.6% | 50 | ADD +6.5% | 13F |
| Valley Forge Capital Management, LP | $747.8 Mil | 22.2% | 7 | Hold | 13F |
| Soroban Capital Partners LP | $718.2 Mil | 5.1% | 27 | ADD +260.3% | 13F |
| EdgePoint Investment Group Inc. | $702.9 Mil | 5.6% | 37 | New | 13F |
| Rothschild & Co Wealth Management UK Ltd | $571.0 Mil | 8.7% | 25 | ADD +26.4% | 13F |
| BLS Capital Fondsmaeglerselskab A/S | $374.6 Mil | 12.8% | 11 | ADD +163.5% | 13F |
| PineStone Asset Management Inc. | $226.5 Mil | 1.6% | 44 | TRIM -13.8% | 13F |
| Skye Global Management LP | $223.7 Mil | 4.8% | 44 | ADD +20.5% | 13F |
| Meritage Group LP | $214.5 Mil | 8.1% | 13 | New | 13F |
| Locust Wood Capital Advisers, LLC | $160.0 Mil | 4.4% | 27 | ADD +20.6% | 13F |
| Longview Partners (Guernsey) LTD | $143.9 Mil | 2.0% | 25 | TRIM -59.2% | 13F |
| Gates Capital Management, Inc. | $139.5 Mil | 4.8% | 31 | ADD +14.0% | 13F |
| Evergreen Quality Fund GP, Ltd. | $115.1 Mil | 2.6% | 40 | TRIM -20.0% | 13F |
| Bowie Capital Management, LLC | $100.7 Mil | 4.8% | 29 | TRIM -6.8% | 13F |
| Dorsey Asset Management, LLC | $94.7 Mil | 7.5% | 11 | New | 13F |
| Camrose Capital Investment Partners LLP | $89.7 Mil | 11.7% | 10 | ADD +78.7% | 13F |
| PBCay One RSC Ltd | $74.7 Mil | 8.0% | 17 | ADD +18.6% | 13F |
| Spear Holdings RSC Ltd | $74.7 Mil | 8.0% | 17 | ADD +18.6% | 13F |
| Hudson Way Capital Management LLC | $72.2 Mil | 6.9% | 16 | ADD +8.4% | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $63.9 Mil | 8.5% | 11 | New | 13F |
| BlueSpruce Investments, LP | $60.7 Mil | 9.6% | 10 | TRIM -79.1% | 13F |
| C Partners Holding GmbH | $53.6 Mil | 16.9% | 7 | ADD +9.2% | 13F |
| Himalaya Capital Management LLC | $51.7 Mil | 1.6% | 14 | New | 13F |
| Coalescence Partners Investment Management, LP | $50.1 Mil | 10.8% | 12 | ADD +108.6% | 13F |
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