S&P Global filed its 10-Q with the SEC, and its figures are now in our data. Revenue over the twelve months to Q3 2026 was $17.2 billion, which rose 18.2% on the year before. That growth rate was up 2.7 percentage points on the rate a quarter earlier.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | 13.7% | 39.3% | 39.2% |
| FY25 Q1 | 13.0% | 39.8% | 38.3% |
| FY25 Q2 | 10.7% | 39.9% | 36.8% |
| FY25 Q3 | 5.8% | 41.1% | 37.6% |
| FY25 Q4 | 14.0% | 41.3% | 33.7% |
| FY26 Q1 | 14.5% | 42.9% | 33.5% |
| FY26 Q2 | 15.5% | 43.4% | 32.8% |
| FY26 Q3 | 18.2% | 45.1% | 30.5% |
The main points
Net income rose 18.2% over the year while free cash flow fell 4.1%, indicating that reported profit and cash are moving at different speeds.
Profit and margins
The business is getting more profitable as it grows. The trailing gross margin was 70.9%. The trailing operating margin was 45.1%, up 4.0 percentage points from a year earlier, while the trailing net margin stood at 29.0%. Net income over the twelve months was $5.0 billion, which rose 18.2% on the year before.
Cash flow
Profit and cash are telling different stories: earnings rose while cash flow fell. Operating cash flow over the twelve months was $5.4 billion, down 4.1% on the year before. Capital spending was $155.0 million, or 0.9% of revenue. Free cash flow, operating cash flow less capital spending, was $5.3 billion, down 4.1% on the year before. This represented a free-cash-flow margin of 30.5%, down 7.1 percentage points from a year earlier.
Shares outstanding
The average diluted share count fell 3.3% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 30.5% is higher than 57% of the company’s own past quarterly readings, which have ranged from −6.7% to 46.9%. Today’s operating margin of 45.1% is higher than 73% of past readings (2.3% to 60.6%). Today’s twelve-month revenue growth rate of 18.2% is higher than 91% of past readings (−33.8% to 37.8%).
Guidance
The company gave its full-year 2026 outlook guidance for revenue growth of 5.9% to 7.9%, for corporate unallocated expense of $205.0 million to $215.0 million, for deal-related amortization of $785.0 million, and for operating profit margin expansion of 335 to 360.
What it means for our valuation
These trends feed directly into what the shares are worth in our model. In our model, growth 5 percentage points lower would lower the value by 25.8%, and 5 percentage points higher would raise it by 33.1%. A free-cash-flow margin 1 percentage point lower would lower it by 3.4%.
What comes next
The next filing will show whether the trends above continue, slow or reverse.
