S&P Global benefits from a recurring subscription-based revenue model and strong demand for AI-powered services, supporting its position in portfolios. Subscription product revenues rose 6% year over year in the first quarter of 2026, while Ratings revenue increased 13%, Market Intelligence 8%, Energy 7%, and Indices 17%. The company is expanding compatibility with AI platforms like Microsoft Copilot, ChatGPT, and Claude, with AI-enabled customers generating faster annual contract value growth. S&P Global paid dividends of $1.1 billion, $1.1 billion, and $1.2 billion in 2023, 2024, and 2025, respectively, and repurchased shares worth $3.3 billion, $18.6 billion, and $5 billion over the same period. However, rising expenses—up 6.1% to $2.34 billion in the first quarter of 2026—and a current ratio of 0.68, below the industry average of 1.01, pose risks.
S&P Global IncSubscription product revenues rose 6% YoY, Ratings revenue up 13%, Market Intelligence 8%, Energy 7%, Indices 17%, and AI-enabled customers show faster ACV growth.
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JPMorgan Chase & Co