S&P Global launches strategic review of Capital IQ as Q3 adjusted EPS rises 9%

S&P Global said it has started a strategic review that could lead to a separation of Capital IQ and associated data businesses, as the ratings and benchmarks company reported a 7% rise in third-quarter revenue and a 9% gain in adjusted earnings per share.

The review covers Capital IQ and associated data businesses that make up the majority of Kensho Data & Platforms within its Market Intelligence division, according to the earnings release attached to its 8-K on Tuesday. The company said the exact scope is still under review but that it expects to keep RatingsDirect, RatingsXpress and Enterprise Solutions.

"We believe separate ownership could provide dedicated investment and focus, positioning these businesses to accelerate innovation and growth," the company said.

Quarter results

Revenue rose 7% to $3.678 billion. GAAP net income increased 20% to $1.298 billion, and diluted EPS rose 26% to $4.45, helped by a gain on a disposition in its Energy business. Adjusted net income rose 4% to $1.337 billion, and adjusted diluted EPS climbed 9% to $4.58, partly offset by higher taxes.

Ratings revenue grew 2% to $1.271 billion in the quarter, the release showed.

President and CEO Martina Cheung said demand for the company's benchmarks and intellectual property "demonstrates our leadership in credit, equity, and commodities markets," and called the businesses under review "strong" with significant opportunities ahead.

Buybacks and outlook

S&P Global repurchased $2.6 billion of stock in the quarter and more than $4 billion so far this year, and it still expects to buy back more than $7 billion in total in 2026.

For 2026, the company expects revenue growth of 7.4% to 8.4% and organic constant-currency growth of 7.5% to 8.5%. It guided to adjusted diluted EPS of $17.70 to $17.95 and GAAP diluted EPS of $16.25 to $16.50.

By the numbers

• Q3 revenue: $3.678 billion, up 7%
• Adjusted EPS: $4.58, up 9%
• GAAP EPS: $4.45, up 26%
• Q3 buybacks: $2.6 billion
• 2026 adjusted EPS outlook: $17.70 to $17.95

Sources

1. S&P Global Inc., Form 8-K with third quarter 2026 earnings release, filed Oct. 27, 2026 (accession 0000064040-26-000053)

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