# S&P Global Stock Q3 2026: Indices Up 20% and a Capital IQ Review
> S&P Global stock Q3 2026: revenue rose 7% to $3.68bn, Indices revenue grew 20%, 2026 guidance was raised and a strategic review of Capital IQ began.

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## Facts
- Ticker: SPGI
- QSILabs fair value: $339.30 USD
- Price: $475.17 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-27) and Form 10-Q filed 2026-10-28; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/sp-global-stock-q3-2026-earnings-indices-capital-iq-review/

## Short answer
S&P Global stock Q3 2026 is a story of strong benchmarks and a possible separation of its Capital IQ data business. In the three months to 30 September 2026, revenue from continuing operations rose 7% to $3,678m, led by a 20% jump at Indices, while Ratings grew 2% against a tough comparison. The adjusted operating margin rose to 53.5%, adjusted earnings per share rose 9% to $4.58, and S&P Global raised its 2026 guidance for revenue growth to 7.4% to 8.4% and for adjusted earnings to $17.70 to $17.95 a share. It also began a strategic review, including a possible separation, of Capital IQ and associated data businesses. Our discounted cash flow model gives $339.30 a share, against a $475.17 close on 2 November 2026; below we explain why it is lower and how far it moves when you change our assumptions.

## Key takeaways
- Revenue rose 7% to $3,678m. Indices grew 20% to $554m, Market Intelligence 7% to $1,263m, Energy 6% to $645m and Ratings 2% to $1,271m. Organic constant currency growth was also 7%.
- Margins and earnings rose. The adjusted operating margin was 53.5%, up 0.6 points, and adjusted diluted EPS rose 9% to $4.58. GAAP diluted EPS rose 26% to $4.45, helped by a $200m gain on a disposition in Energy.
- Guidance went up. S&P Global now expects 2026 revenue growth of 7.4% to 8.4%, up from 5.9% to 7.9%, and adjusted EPS of $17.70 to $17.95, up from $17.50 to $17.75.
- Capital IQ may be separated. The company is reviewing options for Capital IQ and associated data businesses, most of Kensho Data & Platforms, and expects to keep RatingsDirect, RatingsXpress and Enterprise Solutions.
- Buybacks continue. S&P Global repurchased $2.6bn of shares in the quarter and expects more than $7bn for 2026, helped by a planned bond offering of about $2bn.
- Our value: $339.30 a share, 71% of the $475.17 close on 2 November 2026. Analysts' average target is $525.15. Our value is lower mainly because we use a 9.03% cost of capital; at the 8.09% US industry rate the same forecasts give $403.34.
- What to watch. Fourth-quarter Ratings revenue against a tough comparison, equity markets and ETF flows at Indices, the outcome of the Capital IQ review, and 2027 guidance in February.

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