S&P Global reports results on Tuesday 27 October, before the market opens. As the business grows, profitability is increasing; revenue over the twelve months to Q2 2026 was $16.1 billion, up 9.7% from the prior year.
Source: reported quarterly EPS and aggregated third-party estimates. Historical surprises are context, not a forecast.
View chart data
| Period | Reported EPS | Analysts' estimate |
|---|---|---|
| Sep '25 | $4.73 | $4.41 |
| Dec '25 | $4.30 | $4.34 |
| Mar '26 | $4.97 | $4.82 |
| Jun '26 | $4.87 | $5.02 |
What analysts expect
For the quarter, the average EPS estimate stands at $4.42, with a range of $4.26 to $4.55, while the average revenue estimate is $3.6 billion. Looking ahead, the full-year EPS consensus is $17.86, representing a 0.1% increase from last year based on 21 analysts. Recommendations are split with 23 positive, 1 neutral and 0 negative ratings.
Company guidance
In its latest earnings release, management set Full-Year 2026 Outlook Diluted EPS guidance at $16.35 to $16.60. In its latest earnings release, management set Full-Year 2026 Outlook Diluted EPS guidance at $17.50 to $17.75.
Earnings surprise model
The model projects that EPS could exceed the analysts’ average estimate by 0.6%. Based on the last 4 quarters, it assigns a 50.0% probability of an EPS beat. By shrinking the median recent surprise toward zero and applying a neutral prior for beat frequency, this small sample serves as a reference estimate rather than company guidance.
Track record against estimates
In 2 of the last 4 quarters, reported EPS surpassed the analysts’ average estimate. Last quarter, however, EPS of $4.87 fell short of the $5.02 estimate by 2.9%.
The trends going in
Margins show strength across the board: trailing gross margin is 70.9%, while operating margin reached 44.4%, up 4.5 percentage points year-over-year. Net margin stands at 30.5%. Over the twelve months, net income of $4.9 billion increased by 22.7% from the previous year.
Cash flow
Consequently, the average diluted share count declined by 2.8% over the year.
How today compares
Today’s operating margin of 44.4% exceeds 70% of the company’s historical quarterly readings, which have spanned from 2.3% to 60.6%. Similarly, the twelve-month revenue growth rate of 9.7% is higher than 63% of past readings in a range that extends from −33.8% to 37.8%.
Questions this report will answer
Whether the pick-up in revenue growth continues remains key. Investors will also see if results land above or below the analysts’ expectations outlined above. Additionally, it is important to determine whether margins hold at the trailing levels described previously. The next filing will reveal if these trends continue, slow or reverse.
What it means for our valuation
These trends directly influence the share value in our model. A 5 percentage point decrease in growth would lower the value by 27.7%, whereas a 5 percentage point increase would raise it by 36.0%. Finally, a 1 percentage point drop in free-cash-flow margin would reduce the value by 3.1%.
