S&P Global weighs Capital IQ separation and lifts adjusted EPS guidance

S&P Global has begun a strategic review of options for Capital IQ and the data businesses linked to it, with a separation among the possibilities, the company said in its third-quarter results release on 27 October 2026. Those businesses make up most of Kensho Data & Platforms, within the Market Intelligence division. S&P Global said the exact scope is still being decided but that it expects to keep RatingsDirect, RatingsXpress and Enterprise Solutions. It set no timeframe for the review and said there is no assurance it will produce a transaction or any particular outcome. The company said it believes separate ownership could give those businesses dedicated investment and focus, helping them innovate and grow faster.

In guidance issued on 27 October 2026, S&P Global raised its 2026 adjusted diluted EPS range for continuing operations to $17.70-$17.95 from $17.50-$17.75, citing higher revenue and margin expansion. Its GAAP diluted EPS range moved the other way, to $16.25-$16.50 from $16.35-$16.60, which the company put mainly down to changes in the gain it expects from dispositions, partly offset by higher revenue. It now expects reported revenue growth of 7.4%-8.4%, up from 5.9%-7.9%, and organic constant-currency growth, a non-GAAP measure, of 7.5%-8.5%, up from 6.0%-8.0%, with Ratings and Indices driving both increases, according to the release. The outlook assumes Market Intelligence contributes for the whole year in its current form.

In the third quarter, revenue rose 7% year on year to $3.678bn from $3.443bn. Indices grew 20% to $554m, Market Intelligence 7% to $1.263bn, Energy 6% to $645m and Ratings 2% to $1.271bn. GAAP diluted EPS from continuing operations rose 26% to $4.45 from $3.54, and the GAAP operating margin widened 800 basis points to 53.2%, helped mainly by a $200m gain on a disposition in Energy, according to the company. On an adjusted basis, diluted EPS rose 9% to $4.58 from $4.20 a year earlier, and the operating margin reached 53.5%, which the company said was up 60 basis points. The company said a 4% fall in diluted shares outstanding also lifted both EPS measures.

Adjusted net income rose 4% year on year to $1.337bn, which S&P Global said was driven mainly by higher adjusted operating profit, partly offset by higher taxes in the quarter. GAAP net income from continuing operations attributable to the company rose 20% to $1.298bn from $1.078bn. After a $58m loss from discontinued operations, against income of $98m a year earlier, total net income attributable to S&P Global was $1.240bn, up 5%. The company bought back $2.6bn of its shares in the quarter, more than $4bn so far in 2026, and still expects buybacks of more than $7bn for the full year.

S&P Global spun off its Mobility division as an independent listed company, Mobility Global (NYSE: MBGL), on 1 July 2026, and now reports it as discontinued operations, with prior periods recast. Before S&P Global announced the review, Bloomberg News reported on 1 September 2026, citing people familiar with the matter, that S&P Global was at an early stage of looking at options for its Capital IQ Pro platform.