S&P Global Inc.
For the period ended Jun 30, 2026. Filed Jul 28, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Jul 28, 2026
SPGI$467.80-1.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-04-28.
0000064040-26-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-07-28.
0000064040-26-000045
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 247 previous paragraphs and 299 current paragraphs.
164 unchanged; 65 reworded; 55 added; 15 removed; 3 previous and 15 current paragraphs rearranged.
Tables are not compared: 16 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (55)
Current report
On July 1, 2026, the previously announced separation (the “Separation”) of Mobility Global Inc. (“Mobility Global”) from S&P Global became effective. The separation of Mobility Global, which comprises the business of S&P Global and its subsidiaries which previously operated under the S&P Global Mobility (“Mobility”) segment, was achieved through S&P Global’s distribution (the “Distribution”) of 100% of the shares of Mobility Global common stock to holders of S&P Global common stock effective as of 12:01 a.m. New York City time on July 1, 2026, with holders of S&P Global common stock receiving one share of Mobility Global common stock for every share of S&P Global common stock held at the close of business on June 15, 2026 (the “Record Date”). Following the Distribution, Mobility Global became an independent, publicly-traded company with its common stock listed under the symbol “MBGL” on the New York Stock Exchange.
Current report
The results of Mobility are included through June 30, 2026. Beginning with the third quarter of 2026, the historical financial results of Mobility through June 30, 2026 will be reflected in our consolidated financial statements as discontinued operations in accordance with U.S. GAAP for all periods. Costs that were historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations will be reallocated to continuing operations. Additionally, beginning with the third quarter of 2026, results will reflect product transfers of 451 Research and Maritime & Trade from Market Intelligence to Energy which include the transfer of both revenue and expenses and a small portion of expenses associated with the transfer of Credit Analytics products from Market Intelligence to Ratings.
Current report
2 Operating profit for the three and six months ended June 30, 2026 includes disposition-related costs of $79 million and $118 million, respectively, employee severance charges of $44 million, gain on dispositions of $11 million and $186 million, respectively, acquisition-related costs of $6 million and $16 million, respectively, asset impairment of $4 million, a statutorily required labor law accrual adjustment of $2 million and employee-related costs of $1 million and $3 million, respectively. Operating profit for the six months ended June 30, 2026 includes lease impairments of $5 million. Operating profit for the three and six months ended June 30, 2025 includes legal costs of $29 million, employee severance charges of $49 million and $82 million, respectively, disposition-related costs of $11 million and $13 million, respectively, Executive Leadership Team transition costs of $5 million and $17 million, acquisition-related costs of $5 million and $13 million, respectively, lease-related costs of $2 million and $7 million, respectively, a gain on disposition of $3 million and asset write-offs of $1 million. Operating profit also includes amortization of intangibles from acquisitions of $275 million and $283 million for the three months ended June 30, 2026 and 2025, respectively, and $551 million and $564 million for the six months ended June 30, 2026 and 2025, respectively.
Current report
Operating profit increased 17%. Excluding the impact of higher disposition-related costs in 2026 of 8 percentage points, partially offset by higher legal costs in 2025 of 3 percentage points, higher gain on dispositions in 2026 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, operating profit increased 14%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had a favorable impact of 1 percentage point.
Current report
Operating profit increased 22%. Excluding the impact of a gain on dispositions in 2026 of 9 percentage points, higher employee severance charges in 2025 of 2 percentage points, higher legal costs in 2025 of 1 percentage point, Executive Leadership Team transition costsin 2025 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, partially offset by higher disposition related costs in 2026 of 5 percentage points, operating profit increased 13%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had a favorable impact of 2 percentage points.
Current report
1 In 2026, selling and general expenses include employee severance charges of $15 million, acquisition-related costs of $2 million, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $19 million, acquisition-related costs of $4 million and disposition-related costs of $2 million.
Current report
7 In 2026, selling and general expenses include disposition-related costs of $56 million, employee severance charges of $11 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $12 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $5 million, legal costs of $2 million, a lease impairment of $2 million, acquisition-related costs of $1 million and an asset write-off of $1 million.
Current report
Operating-related expenses increased 4% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.
Current report
2 In 2026, selling and general expenses include employee severance charges of $8 million. In 2025, selling and general expenses include legal costs of $27 million and employee severance charges of $10 million.
Current report
3 In 2026, selling and general expenses include employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $3 million. In 2025, selling and general expenses include employee severance charges of $10 million.
Current report
4 In 2026, selling and general expenses include disposition-related costs of $34 million. In 2025, selling and general expenses include employee severance charges of $5 million.
Current report
Operating-Related Expenses
Current report
Operating-related expenses increased 6% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.
Current report
Selling and General Expenses
Current report
Depreciation and Amortization
Current report
•In April of 2026, we sold our facility at Centennial, Colorado. During the three and six months ended June 30, 2026, we recorded a pre-tax gain of $11 million ($8 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Centennial.
Current report
During thethree and six months ended June 30, 2025, we recorded a pre-tax gain of $3 million ($2 million after-tax) in Gain on dispositions in the consolidated statements of income related to the sale of Fincentric in August of 2024.
Current report
1 2026 includes employee severance charges of $15 million, acquisition-related costs of $2 million, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million. 2025 includes employee severance charges $19 million, acquisition-related costs of $4 million, a gain on disposition of $3 million and disposition-related costs of $2 million. 2026 and 2025 include amortization of intangibles from acquisitions of $153 million and $150 million, respectively.
Current report
32026 includes employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $2 million. 2025 includes employee severance charges of $4 million. 2026 and 2025 include amortization of intangibles from acquisitions of $33 million.
Current report
6 2026 includes disposition-related costs of $56 million, employee severance charges of $11 million, gain on disposition of $11 million, and acquisition-related costs of $1 million. 2025 employee severance charges of $12 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $5 million, legal costs of $2 million, a lease impairment of $2 million, acquisition-related costs of $1 million and an asset write-off of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $2 million and $1 million, respectively.
Current report
Segment Operating Profit — Segment operating profit increased 18% as compared to 2025. Excluding the impact of higher disposition-related costs in 2026 of 11 percentage points, higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, a gain on dispositions in 2025 of 2 percentage points, an asset impairment in 2026 of 2 percentage points, higher acquisition related costs in 2026 of 1 percentage point, higher other employee-related costs in 2026 of 1 percentage point and a statutorily required labor law accrual adjustment of 1 percentage point, partially offset by higher legal costs in 2025 of 15 percentage points and higher employee severance charges in 2025 of 2 percentage points, operating profit increased 15% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. See “Segment Review” below for further information.
Current report
1 2026 includes gain on disposition of $172 million, employee severance charges of $15 million, acquisition-related costs of $12 million, disposition-related costs of $4 million and a statutorily required labor law accrual adjustment of $2 million. 2025 includes employee severance charges $33 million, acquisition-related costs of $10 million, Executive Leadership Team transition costs of $4 million, a gain on disposition of $3 million and disposition-related costs of $3 million. 2026 and 2025 include amortization of intangibles from acquisitions of $309 million and $297 million, respectively.
Current report
2 2026 includes employee severance charges of $8 million. 2025 includes legal costs of $27 million and employee severance charges of $10 million. 2026 and 2025 include amortization of intangibles from acquisitions of $2 million and $4 million, respectively.
Current report
32026 includes employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $3 million. 2025 includes employee severance charges of $10 million. 2026 and 2025 include amortization of intangibles from acquisitions of $65 million.
Current report
4 2026 includes disposition-related costs of $34 million. 2025 includes employee severance charges of $5 million. 2026 and 2025 include amortization of intangibles from acquisitions of $152 million.
Current report
5 2026 includes employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $20 million and $18 million, respectively.
Current report
7 2025 includes amortization of intangibles from acquisitions of $26 million.
Current report
Other Income, net
Current report
Effective July 1, 2026, Market Intelligence will be operated under two business lines:
Current report
•Kensho Data & Platforms—will include products previously reported under Data, Analytics, & Insights with the following exceptions: 451 Research and Maritime & Trade (both moving to Energy), and pricing and reference data. This business line will also include products previously reported under Credit & Risk Solutions, other than Financial Risk Analytics; and
Current report
•Enterprise Solutions—will include all products previously reported under Enterprise Solutions, as well as Financial Risk Analytics (previously reported in Credit & Risk Solutions), pricing and reference data, and Valuation Services (previously reported in Data, Analytics & Insights).
Current report
1 Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $15 million, acquisition-related costs of $2 million and $12 million, respectively, a statutorily required labor law accrual adjustment of $2 million and disposition-related costs of $1 million and $4 million, respectively. Operating profit for the six months ended June 30, 2026 includes a gain on disposition of $172 million. Operating profit for the three and six months ended June 30, 2025 includes employee severance charges of $19 million and $33 million, respectively, acquisition-related costs of $4 million and $10 million, respectively, a gain on disposition of $3 million and disposition-related costs of $2 million and $3 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $153 million and $150 million for the three months ended June 30, 2026 and 2025, respectively, and $309 million and $297 million for the six months ended June 30, 2026 and 2025, respectively.
Current report
Operating profit increased 53%. Excluding the impact of a higher gain on disposition in 2026 of 42 percentage points, higher employee severance charges in 2025 of 3 percentage points and Executive Leadership Transition costs in 2025 of 1 percentage point, partially offset by higher amortization of intangibles from acquisitions in 2026 of 3 percentage points, operating profit increased 10% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in technology costs. Foreign exchange rates had a favorable impact of 1 percentage point.
Current report
Had the impact of the product transfers discussed above been effective for the three and six months ended June 30, 2026, revenue would have increased 6% and 7% for the three and six months ended June 30, 2026, respectively. Similarly, had the impact of these product transfers and allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective, operating profit would have increased 16% and 64% for the three and six months ended June 30, 2026, respectively.
Current report
On July 28, 2026, we announced an agreement to acquire a majority stake in Agusto & Co., a leading Pan-African rating agency with operations in Nigeria, Kenya, Rwanda and Ghana. The investment, a strategic step for both companies, will complement and support the growth strategy of our Ratings segment in Africa. The transaction is expected to close in the second half of 2026, subject to customary closing conditions, including receipt of required regulatory approvals. The proposed acquisition is not expected to have a material impact to our consolidated financial statements.
Current report
1 Operating profit for the three and six months ended June 30, 2026 includes employee severance charges of $8 million. Operating profit for the three and six months ended June 30, 2025 includes legal costs of $27 million and employee severance charges of $8 million and $10 million, respectively. Additionally, operating profit includes amortization of intangibles from acquisitions of $1 million and $2 million for the three months ended June 30, 2026 and 2025, respectively, and $2 million and $4 million for the six months ended June 30, 2026 and 2025, respectively.
Current report
Revenue increased 17%, with a favorable impact from foreign exchange rates of 1 percentage point. The increase in revenue was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. An increase in bank loan ratings revenue and structured finance revenue also contributed to transaction revenue growth. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) activity and an increase in revenue at our Crisil subsidiary. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.
Current report
Operating profit increased 28%. Excluding the impact of legal costs in 2025 of 5 percentage points, operating profit increased 23% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of 3 percentage points.
Current report
Operating profit increased 22%. Excluding the impact of legal costs in 2025 of 3 percentage points, operating profit increased 19% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of 3 percentage points.
Current report
Had the impact of a small portion of expenses associated with the transfer of Credit Analytics products from Market Intelligence and allocation changes including costs historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations been effective for the three and six months ended June 30, 2026, operating profit would have increased 27% and 22% for the three and six months ended June 30, 2026, respectively.
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Removed paragraphs (15)
Previous report
•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.
Previous report
On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The name of the new publicly traded company, Mobility Global Inc., will be effective on day one of the separation. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed mid-2026, subject to the satisfaction of customary legal and regulatory requirements and approvals.
Previous report
1 In 2026, selling and general expenses include acquisition-related costs of $9 million and disposition-related costs of $3 million. In 2025, selling and general expenses include employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million.
Previous report
1 2026 includes gain on disposition of $172 million, acquisition-related costs of $9 million and disposition-related costs of $3 million. 2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $156 million and $148 million, respectively.
Previous report
32026 includes disposition-related costs of $1 million and acquisition-related costs of $1 million. 2025 includes employee severance charges of $6 million. 2026 and 2025 include amortization of intangibles from acquisitions of $32 million and $33 million, respectively.
Previous report
Other (Income) Expense, net
Previous report
1 2026 includes gain on disposition of $172 million, acquisition-related costs of $9 million and disposition-related costs of $3 million. 2025 includes employee severance charges of $14 million, acquisition-related costs of $7 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $1 million. 2026 and 2025 also include amortization of intangibles from acquisitions of $156 million and $148 million, respectively.
Previous report
12025 includes employee severance charges of $2 million. 2026 and 2025 also include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.
Previous report
Operating profit increased 16% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments. Foreign exchange rates had a favorable impact of 3 percentage points.
Previous report
12026 includes disposition-related costs of $1 million and acquisition-related costs of $1 million. 2025 includes employee severance charges of $6 million. 2026 and 2025 also include amortization of intangibles from acquisitions of $32 million and $33 million, respectively.
Previous report
Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.
Previous report
Operating profit increased 18% primarily due to revenue growth, partially offset by an increase in strategic investments and higher compensation costs driven by annual merit increases. Foreign exchange rates had a favorable impact of less than 1 percentage point.
Previous report
Cash used for financing activities increased $134 million to $1,237 million for the first three months of 2026. The increase is primarily attributable to an increase in cash used for share repurchases in 2026, partially offset by proceeds received from commercial paper borrowings in 2026.
Previous report
•the separation of Mobility not being consummated within the anticipated time period or at all;
Previous report
•following the separation of Mobility, the combined value of the common stock of the two publicly-traded companies not being equal to or greater than the value of the Company’s common stock had the separation not occurred.
Reworded paragraphs (65)
Previous wording
The following Management’s Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three months ended March 31, 2026. The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2025 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MD&A includes the following sections:
Current wording
The following Management’s Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three and six months ended June 30, 2026. The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2025 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MD&A includes the following sections:
Previous wording
•Results of Operations — Comparing the Three Months Ended March 31, 2026 and 2025
Current wording
•Results of Operations — Comparing the Three and Six Months Ended June 30, 2026 and 2025
Previous wording
We are a global, diversified, and highly differentiated provider of benchmarks, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers.
Current wording
We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers and the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture. We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels.
Previous wording
Our operations consist of five reportable segments: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Energy (“Energy”), S&P Global Mobility (“Mobility”) and S&P Dow Jones Indices (“Indices”).
Current wording
Effective July 1, 2026, our operations consist of four reportable segments: S&P Global Ratings (“Ratings”), S&P Dow Jones Indices (“Indices”), S&P Global Energy (“Energy”) and S&P Global Market Intelligence (“Market Intelligence”).
Previous wording
Key results for the three months ended March 31 are as follows:
Current wording
Key results for the periods ended June 30 are as follows:
Previous wording
Revenue increased 10% driven by increases at all of our reportable segments. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary. Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to growth for Lending Solutions in Enterprise Solutions, subscription revenue growth in Data, Analytics & Insights, and growth in RatingsXpress® and RatingsDirect®. An increase in recurring variable revenue due increased volumes also contributed to revenue growth at Market Intelligence. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Energy was primarily due to increased attendance at CERAWeek in 2026, continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts and an increase in sales usage-based royalties revenue. The increase at Mobility was primarily due to continued new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point.
Current wording
Revenue increased 10% driven by increases at all of our reportable segments. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary. Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth at Market Intelligence. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. The increase at Mobility was primarily due to continued new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point.
Previous wording
We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. Our mission is Advancing Essential Intelligence.
Current wording
We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets. Our mission is Advancing Essential Intelligence.
Previous wording
RESULTS OF OPERATIONS — COMPARING THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025
Current wording
RESULTS OF OPERATIONS — COMPARING THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025
Previous wording
The following table provides consolidated revenue information for the three months ended March 31:
Current wording
The following table provides consolidated revenue information for the periods ended June 30:
Previous wording
RatingsXpress® and RatingsDirect® and the impact of recent acquisitions at Market Intelligence; new business growth within the Dealer business, solid underwriting volumes and market share growth within the Financial business and the favorable impact of improved contract terms at Mobility; continued demand for Energy market data and market insights products; and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue at Ratings, and an increase in conference revenue at Energy. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Energy. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information.
Current wording
Revenue increased 10% as compared to the six months ended June 30, 2025. Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in RatingsXpress® and the impact of recent acquisitions at Market Intelligence; new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms at Mobility; continued demand for Energy market data and market insights products; and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue at Ratings and an increase in conference revenue at Energy. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices and the licensing of our proprietary market data to commodity exchanges at Energy. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information.
Previous wording
2 In 2025, selling and general expenses include employee severance charges of $2 million.
Current wording
2 In 2026, selling and general expenses include employee severance charges of $8 million. In 2025, selling and general expenses include legal costs of $27 million and employee severance charges of $8 million.
Previous wording
3 In 2026, selling and general expenses include disposition-related costs of $1 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $6 million.
Current wording
3 In 2026, selling and general expenses include employee severance charges of $8 million, asset impairment of $4 million, acquisition-related costs of $3 million and disposition-related costs of $2 million. In 2025, selling and general expenses include employee severance charges of $4 million.
Previous wording
4 In 2026, selling and general expenses include disposition-related costs of $13 million.
Current wording
4 In 2026, selling and general expenses include disposition-related costs of $21 million. In 2025, selling and general expenses include employee severance charges of $5 million.
Previous wording
Selling and general expenses increased 5%. Selling and general expenses increased 6% excluding the impact in 2026 of higher disposition-related costs of 9 percentage points, partially offset by employee severance charges in 2025 of 8 percentage points and ELT transition costs in 2025 of 2 percentage points. The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.
Current wording
Selling and general expenses increased 9%. Selling and general expenses increased 5% excluding the impact in 2026 of higher disposition-related costs of 7 percentage points, partially offset by higher legal costs in 2025 of 3 percentage points. The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.
Previous wording
Depreciation and amortization increased $14 million to $307 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by recent acquisitions at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized.
Current wording
Depreciation and amortization increased $11 million to $307 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by recent acquisitions at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized.
Previous wording
2 2026 includes gain on dispositions of $175 million, disposition-related costs of $40 million, acquisition-related costs of $11 million, lease impairments of $5 million and employee-related costs of $2 million. 2025 includes employee severance charges of $33 million, Executive Leadership Team transition costs of $12 million, acquisition-related costs of $9 million, a lease impairment of $6 million and disposition-related costs of $1 million. 2026 and 2025 also include amortization of intangibles from acquisitions of$276 million and $281 million, respectively.
Current wording
1 In 2026, selling and general expenses include employee severance charges of $15 million, acquisition-related costs of $12 million, disposition-related costs of $4 million and a statutorily required labor law accrual adjustment of $2 million. In 2025, selling and general expenses include employee severance charges of $33 million, acquisition-related costs of $10 million, Executive Leadership Team transition costs of $4 million and disposition-related costs of $3 million.
Previous wording
5 In 2026, selling and general expenses include employee-related costs of $1 million and acquisition-related costs of $1 million.
Current wording
5 In 2026, selling and general expenses include employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million.
Previous wording
7 In 2026, selling and general expenses include disposition-related costs of $23 million and lease impairments of $5 million. In 2025, selling and general expenses include employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million.
Current wording
7 In 2026, selling and general expenses include disposition-related costs of $78 million, employee severance charges of $11 million, lease impairments of $5 million and acquisition-related costs of $1 million. In 2025, selling and general expenses include employee severance charges of $23 million, Executive Leadership Team transition costs of $13 million, disposition-related costs of $10 million, a lease impairment of $7 million, acquisition-related costs of $2 million, legal costs of $2 million and an asset write-off of $1 million.
Previous wording
Operating profit increased 27%. Excluding the impact of a gain on dispositions in 2026 of 14 percentage points, employee severance charges in 2025 of 3 percentage points and ELT transition costs in 2025 of 1 percentage point, partially offset by higher disposition related costs in 2026 of 3 percentage points, operating profit increased 12%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had an favorable impact of 2 percentage points.
Current wording
The increase was primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence, and an increase in strategic initiatives.
Previous wording
During the three months ended March 31, 2026, we recorded a pre-tax gain of $175 million related to the following dispositions, which was included in Gain on dispositions in the consolidated statement of income:
Current wording
During the six months ended June 30, 2026, we recorded a pre-tax gain of $186 million ($178 million after-tax) related to the following dispositions, which was included in Gain on dispositions in the consolidated statement of income:
Previous wording
•On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies. During the three months ended March 31, 2026, we recorded a pre-tax gain of $172 million ($168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.
Current wording
•On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies. During the six months ended June 30, 2026, we recorded a pre-tax gain of $172 million ($168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.
Previous wording
The tables below reconcile segment operating profit to total operating profit for the three months ended March 31:
Current wording
The tables below reconcile segment operating profit to total operating profit for the periods ended June 30:
Previous wording
2 2025 includes employee severance charges of $2 million. 2026 and 2025 include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.
Current wording
2 2026 includes employee severance charges of $8 million. 2025 includes legal costs of $27 million and employee severance charges of $8 million. 2026 and 2025 include amortization of intangibles from acquisitions of $1 million and $2 million, respectively.
Previous wording
4 2026 includes disposition-related costs of $13 million. 2026 and 2025 include amortization of intangibles from acquisitions of $76 million.
Current wording
4 2026 includes disposition-related costs of $21 million. 2025 includes employee severance charges of $5 million. 2026 and 2025 include amortization of intangibles from acquisitions of $76 million.
Previous wording
5 2026 includes employee-related costs of $1 million and acquisition-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $10 million and $9 million, respectively.
Current wording
5 2026 includes employee severance charges of $1 million and employee-related costs of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $10 million and $9 million, respectively.
Previous wording
7 2025 include amortization of intangibles from acquisitions of $13 million.
Current wording
7 2025 includes amortization of intangibles from acquisitions of $13 million.
Previous wording
6 2026 includes disposition-related costs of $23 million, lease impairments of $5 million and gain on disposition of $3 million. 2025 includes employee severance charges of $10 million, Executive Leadership Team transition costs of $8 million, a lease impairment of $6 million and acquisition-related costs of $2 million. 2026 include amortization of intangibles from acquisitions of $1 million.
Current wording
6 2026 includes disposition-related costs of $78 million, gain on dispositions of $14 million, employee severance charges of $11 million, lease impairments of $5 million and acquisition-related costs of $1 million. 2025 includes employee severance charges of $23 million, Executive Leadership Team transition costs of $13 million, disposition-related costs of $10 million, a lease impairment of $7 million, acquisition-related costs of $2 million, legal costs of $2 million and an asset write-off of $1 million. 2026 and 2025 include amortization of intangibles from acquisitions of $3 million and $1 million, respectively.
Previous wording
Segment Operating Profit — Segment operating profit increased 27% as compared to 2025. Excluding the impact of a gain on dispositions in 2026 of 13 percentage points and employee severance charges in 2025 of 2 percentage points, partially offset by higher disposition-related costs in 2026 of 1 percentage point and higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, operating profit increased 14% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. See “Segment Review” below for further information.
Current wording
Segment Operating Profit — Segment operating profit increased 23% as compared to 2025. Excluding the impact of a gain on dispositions in 2026 of 8 percentage points, legal settlement costs in 2025 of 1 percentage point, and higher employee severance charges in 2025 of 1 percentage point, partially offset by higher disposition-related costs in 2026 of 2 percentage points, operating profit increased 15% primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. See “Segment Review” below for further information.
Previous wording
Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense increased 8% compared to 2025. Excluding the impact of employee severance charges in 2025 of 74 percentage points, Executive Leadership Team transition costs in 2025 of 56 percentage points, a gain on disposition in 2026 of 19 percentage points, higher acquisition-related costs in 2025 of 14 percentage points and higher lease impairments in 2025 of 8 percentage points, partially offset by higher disposition-related costs in 2026 of 160 percentage points and higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, Corporate Unallocated expense increased 17% primarily due to higher conference expenses and professional fees.
Current wording
Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense increased 21% compared to 2025. Excluding the impact of a disposition-related costs in 2026 of 40 percentage points and higher amortization of intangibles from acquisitions in 2026 of 1 percentage point, partially offset by a gain on disposition in 2026 of 8 percentage points, higher employee severance charges in 2025 of 7 percentage points, other employee-related costs in 2025 of 7 percentage points, higher lease impairments in 2025 of 2 percentage points, higher acquisition-related costs in 2025 of 1 percentage point and higher legal costs in 2025 of 1 percentage point, Corporate Unallocated expense increased 6% primarily due to higher conference expenses and professional fees.
Previous wording
Other (income) expense, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans. Other income, net was $2 million for the three months ended March 31, 2026 compared to other expense, net of $4 million for the three months ended March 31, 2025 due to higher losses on our mark-to-market investments in 2025.
Current wording
Other income, net includes gains and losses on our mark-to-market investments and the net periodic benefit cost for our retirement and post retirement plans. Other income, net was $4 million for the three months ended June 30, 2026 compared to $28 million for the three months ended June 30, 2025 and $6 million for the six months ended June 30, 2026 compared to $23 million for the six months ended June 30, 2025 due to higher gains on our mark-to-market investments in 2025.
Previous wording
Interest expense, net increased compared to the three months ended March 31, 2025 primarily due to an increase in interest expense related to the issuance of our senior notes in December of 2025 and increased expense related to commercial paper borrowings in 2026 to partially finance the Company's ASR agreement entered into in February of 2026 and short-term working capital requirements.
Current wording
Interest expense, net was $87 million for the three months ended June 30, 2026 compared to $77 million for the three months ended June 30, 2025 and $182 million for the six months ended June 30, 2026 compared to $154 million for the six months ended June 30, 2025, primarily due to an increase in interest expense related to the issuance of our senior notes in December of 2025 and increased expense related to commercial paper borrowings in 2026 to partially finance the Company's ASR agreement entered into in February of 2026 and short-term working capital requirements.
Previous wording
The effective income tax rate was 21.2% and 21.7% for the three months ended March 31, 2026 and March 31, 2025, respectively. The lower rate for the three months ended March 31, 2026 was primarily due to a combination of discrete adjustments including lower tax on non-US divestitures due to local exemption.
Current wording
The effective income tax rate was 23.5% and 22.3% for the three and six months ended June 30, 2026, respectively, and 22.8% and 22.2% for the three and six months ended June 30, 2025, respectively. The higher 2026 rates are primarily due to a combination of discrete adjustments including tax charge on divestitures.
Previous wording
On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies. During the three months ended March 31, 2026, we recorded a pre-tax gain of $172 million ($168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.
Current wording
On January 12, 2026, we completed the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment to Symphony Technology Group (“STG”), a private equity firm focused on building and scaling market-leading software, data and analytics companies. During the six months ended June 30, 2026, we recorded a pre-tax gain of $172 million ($168 million after-tax) in Gain on dispositions in the consolidated statement of income related to the sale of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment.
Previous wording
Market Intelligence includes the following business lines:
Current wording
Market Intelligence includes the following business lines through June 30, 2026:
Previous wording
Operating profit increased over 100%. Excluding the impact of a gain on disposition in 2026 of 86 percentage points, employee severance charges in 2025 of 7 percentage points and ELT transition costs in 2025 of 2 percentage points, partially offset by higher amortization of intangibles from acquisitions in 2026 of 4 percentage points, higher disposition-related costs in 2026 of 1 percentage point and higher acquisition-related costs in 2026 of 1 percentage point, operating profit increased 11% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in bad debt expense. Foreign exchange rates had a favorable impact of 1 percentage point.
Current wording
Operating profit increased 13%. Excluding the impact of higher amortization of intangibles from acquisitions in 2026 of 6 percentage points, a gain on disposition in 2025 of 5 percentage points, a statutorily required labor law accrual adjustment in 2026 of 3 percentage points and Executive Leadership Transition costs in 2025 of 1 percentage point, partially offset by higher employee severance charges in 2025 of 7 percentage points, higher disposition-related costs in 2025 of 2 percentage points and higher acquisition-related costs in 2025 of 2 percentage points, operating profit increased 9% primarily due to revenue growth, partially offset by expenses associated with recent acquisitions, higher compensation costs and an increase in technology costs. Foreign exchange rates had a favorable impact of less than 1 percentage point.
Previous wording
Revenue increased 8% and was favorably impacted by 1 percentage point from the net impact of recent acquisitions and a disposition. Excluding the impact of acquisitions and a disposition, revenue increased primarily due to growth for Lending Solutions in Enterprise Solutions, subscription revenue growth in Data, Analytics & Insights, and growth in RatingsXpress® and RatingsDirect®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of 1 percentage point. Revenue was favorably impacted by the acquisitions of Automatic Identification System (AIS) data services business of ORBCOMM Inc. and With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026.
Current wording
Revenue increased 7% and was favorably impacted by 1 percentage point from the net impact of recent acquisitions and a disposition. Excluding the impact of acquisitions and a disposition, revenue increased primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point. Revenue was favorably impacted by the acquisitions of Automatic Identification System (AIS) data services business of ORBCOMM Inc. and With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026.
Previous wording
Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at Crisil. Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue was $44 million and $42 million for the three months ended March 31, 2026 and 2025, respectively.
Current wording
Non-transaction revenue primarily includes fees for surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at Crisil. Non-transaction revenue also includes an intersegment royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings. Royalty revenue was $45 million and $89 million for the three and six months ended June 30, 2026, respectively, and $42 million and $84 million for the three and six months ended June 30, 2025, respectively.
Previous wording
Revenue increased 13%, with a favorable impact from foreign exchange rates of 2 percentage points. The increase in revenue was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance, partially offset by lower bank loan ratings revenue. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.
Current wording
Revenue increased 15%, with a favorable impact from foreign exchange rates of 1 percentage point. The increase in revenue was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. An increase in structured finance revenue and bank loan ratings revenue also contributed to transaction revenue growth. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary. Transaction and non-transaction revenue also benefited from improved contract terms across product categories.
Previous wording
The following table provides billed issuance levels based on Ratings’ internal data feeds for the three months ended March 31:
Current wording
The following table provides billed issuance levels based on Ratings’ internal data feeds for the periods ended June 30:
Previous wording
First quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions. High yield increased slightly driven by M&A transactions. These increases were partially offset by a decrease in bank loans primarily due to AI-disruption concerns affecting software and tech-adjacent leveraged loans.
Current wording
Second quarter billed issuance was up primarily due to increases in investment grade driven by AI-related issuance and M&A transactions. High yield also increased driven by M&A transactions. Bank loans and structured finance was up from a low base in the second quarter last year impacted by market volatility.
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Current report — wording carried from elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)
Current report — wording carried from elsewhere
Revenue increased 10% driven by increases at all of our reportable segments. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) activity and an increase in revenue at our Crisil subsidiary. Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth at Market Intelligence. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. The increase at Mobility was primarily due to continued new business growth within the Dealer business and the favorable impact of improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point.
Current report — wording carried from elsewhere
Revenue increased 10% as compared to the three months ended June 30, 2025. Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in RatingsXpress® and the impact of recent acquisitions at Market Intelligence; new business growth within the Dealer business and the favorable impact of improved contract terms at Mobility; continued demand for Energy market data and market insights products; and higher data subscription revenue at Indices. Non-subscription / transaction revenue increased primarily due to higher corporate bond ratings revenue at Ratings. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary at Ratings. Asset linked fees increased at Indices primarily due to higher levels of assets under management for ETFs and mutual funds. The increase in sales-usage based royalties was driven by higher exchange-traded derivative revenue at Indices. Recurring variable revenue at Market Intelligence increased due to increased volumes. See “Segment Review” below for further information.
Current report — wording carried from elsewhere
The favorable impact of foreign exchange rates increased revenue by less than 1 percentage point. This impact refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year.
Current report — wording carried from elsewhere
5 In 2026, selling and general expenses include employee severance charges of $1 million and employee-related costs of $1 million.
Current report — wording carried from elsewhere
6 Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Current report — wording carried from elsewhere
Intersegment eliminations primarily relate to a royalty charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
Current report — wording carried from elsewhere
Selling and general expenses increased 7%. Selling and general expenses increased 6% excluding the impact in 2026 of higher disposition-related costs of 5 percentage points, partially offset by employee severance charges in 2025 of 2 percentage points, higher legal costs in 2025 of 1 percentage point and Executive Leadership Team transition costs in 2025 of 1 percentage point.
Current report — wording carried from elsewhere
Depreciation and amortization increased $27 million to $615 million in 2026 compared to 2025 primarily due to higher intangible asset amortization driven by recent acquisitions at Market Intelligence and higher depreciation due to new asset purchases, partially offset by assets being fully amortized.
Current report — wording carried from elsewhere
Corporate Unallocated Expense — Corporate Unallocated expense includes costs for corporate functions, select initiatives, unoccupied office space and Kensho, included in selling and general expenses. Corporate Unallocated expense increased 31% compared to 2025. Excluding the impact of higher disposition-related costs in 2026 of 61 percentage points and higher amortization of intangibles from acquisitions in 2026 of 2 percentage points, partially offset by a gain on disposition in 2026 of 14 percentage points, other employee-related costs in 2025 of 6 percentage points, higher legal costs in 2025 of 2 percentage points, higher employee severance charges in 2025 of 2 percentage points, an asset write-off in 2025 of 2 percentage points and higher lease impairments in 2025 of 2 percentage points, Corporate Unallocated expense decreased 4% primarily due to lower incentives.
Current report — wording carried from elsewhere
Foreign exchange rates had a favorable impact on operating profit of 1 percentage point. This impact refers to currency comparisons and the remeasurement of monetary assets and liabilities. Currency impacts are estimated by re-calculating current year results of foreign operations using the average exchange rate from the prior year. Remeasurement impacts are based on the variance between current-year and prior-year foreign exchange rate fluctuations on assets and liabilities denominated in currencies other than the individual business’s functional currency.
Current report — wording carried from elsewhere
Equity in Income on Unconsolidated Subsidiaries — On October 10, 2025, the Company and CME Group completed the sale of OSTTRA, an investment in a 50/50 joint venture arrangement with shared control with CME Group that combined each company’s post-trade services into a joint venture. Equity in Income on Unconsolidated Subsidiaries was $22 million for the six months ended June 30, 2025.
Current report — wording carried from elsewhere
Revenue increased 6% and was favorably impacted by less than 1 percentage point from the net impact of recent acquisitions and a disposition. Excluding the impact of acquisitions and a disposition, revenue increased primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth. Foreign exchange rates had a favorable impact of less than 1 percentage point. Revenue was favorably impacted by the acquisitions of Automatic Identification System (AIS) data services business of ORBCOMM Inc. and With Intelligence in November of 2025 and unfavorably impacted by the disposition of the Enterprise Data Management and thinkFolio businesses in January of 2026.
Current report — wording carried from elsewhere
Revenue increased 7% primarily driven by continued new business growth within the Dealer business. Additionally, the Dealer and Financial businesses were favorably impacted by improved contract terms. Growth in the Manufacturing business was unfavorably impacted by lower recall volumes. Foreign exchange rates had a favorable impact of less than 1 percentage point.
Current report — wording carried from elsewhere
Revenue at Indices increased 18% primarily due to an increase in asset linked fees revenue driven by higher levels of AUM for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. Ending AUM for ETFs increased 34% to $6.350 trillion compared to June 30, 2025 and average levels of AUM for ETFs increased 32% to $5.810 trillion compared to the six months ended June 30, 2025. Foreign exchange rates had a favorable impact of less than 1 percentage point.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
Revenue increased 10% as compared to the three months ended March 31, 2025. Subscription revenue increased in 2026 primarily due to growth in Data, Analytics & Insights, growth for Lending Solutions in Enterprise Solutions and growth in
Previous report — wording carried elsewhere
Operating-related expenses increased 7% primarily driven by higher compensation costs driven by annual merit increases and additional headcount partially associated with recent acquisitions at Market Intelligence.
Previous report — wording carried elsewhere
1 2026 includes disposition-related costs of $13 million. 2026 and 2025 include amortization of intangibles from acquisitions of $76 million.