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Enhancements span embedded and connected AI capabilities, integrated valuations, expanded analytics and greater connectivity across S&P Global's private markets ecosystem

, /PRNewswire/ -- S&P Global (NYSE: SPGI) today announced expanded AI-powered capabilities across its private markets ecosystem, including new iLEVEL enhancements that embed AI directly into private markets workflows and enable customers to securely connect their iLEVEL data and capabilities to AI tools such as Copilot and Claude through iLEVEL's MCP server, while maintaining their existing access controls and permissions. These enhancements bring together native AI capabilities, including an iLEVEL Agent, with valuations, performance analytics and complementary S&P Global data and solutions. Together, these capabilities are designed to help asset managers and asset allocators work faster and smarter across the investment lifecycle.

At the center of this expansion is iLEVEL, S&P Global's private markets platform for portfolio monitoring, valuations, reporting and data management. Its latest enhancements build on AI capabilities embedded directly within iLEVEL, helping automate data-intensive workflows and enabling users to surface portfolio insights through natural-language search. In addition, iLEVEL's MCP server enables customers to connect their iLEVEL data and capabilities to AI tools such as Copilot and Claude, giving them greater flexibility to use iLEVEL within the AI tools and agentic workflows they choose while maintaining their existing iLEVEL permissions and access controls.

"Private markets firms increasingly need connected data, analytics and workflows that help them operate more efficiently and make decisions with confidence," said Kelly McGeehan, Head of Markets & Regulatory, Enterprise Solutions at S&P Global Market Intelligence. "We're bringing together capabilities across S&P Global's private markets ecosystem, with iLEVEL playing an important role in connecting customers' data and workflows to the analytics, valuations and AI capabilities they need to make better-informed decisions." 

Key enhancements include:

AI embedded in iLEVEL and governed AI connectivity: iLEVEL combines AI capabilities embedded directly into the platform, including a native iLEVEL Agent, with AI-powered data ingestion, natural-language search and other intelligent workflows. Beyond iLEVEL, the platform's MCP server is designed to help users integrate governed, validated iLEVEL data and capabilities into third-party AI applications and agentic workflows. Together, these capabilities give customers flexibility to use AI directly within iLEVEL or bring trusted iLEVEL data into their preferred AI environments. Integrated valuations: Enhanced integration between iLEVEL and S&P Global Private Market Valuations simplifies the document and data exchanges needed for third-party valuation opinions and delivers results directly within iLEVEL. Clients can run valuations using self-service software or outsource the process to S&P Global experts. Private credit and covenant monitoring: iLEVEL supports private credit investment workflows, including covenant monitoring, helping investment teams monitor covenant compliance against credit agreement terms and identify potential signs of deterioration and emerging risks across their portfolios. Expanded performance analytics: Following the launch of S&P Global, Cambridge Associates and Mercer, a Marsh business, performance analytics earlier this year, the datasets have been expanded in collaboration with contributing GPs across private credit, real assets and private equity. iLEVEL plays an important role in powering the analytics by standardizing, aggregating and anonymizing contributing GP data. Expanded connectivity across S&P Global: iLEVEL continues to expand connections across complementary S&P Global data, analytics and solutions, enabling customers to extend private markets workflows beyond traditional monitoring and reporting. These connections span Capital IQ insights, WSO, Outreach360 stakeholder engagement, risk and reputational screening and CLM Pro deal lifecycle workflows. These enhancements advance S&P Global's broader private markets strategy, bringing together data, valuations, analytics, benchmarks and workflow solutions across the investment lifecycle.

With more than 15 years of experience serving more than 700 private markets firms worldwide, iLEVEL supports workflows across the private markets deal lifecycle, streamlining data collection, portfolio analytics, valuations, peer comparables, capital structure analysis and reporting. Its software capabilities are complemented by outsourced services ranging from data collection and resourcing to strategic projects.

To learn more about S&P Global's private markets insights and offerings, visit here.

Media Contacts: 

Orla O'Brien 
S&P Global
+1 857 407 8559
[email protected]

Becca Loveridge 
S&P Global Market Intelligence 
+1 239 273 9566 
[email protected]
[email protected] 

About S&P Global 

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape. 

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.

SOURCE S&P Global

Granular, broker-sourced consensus estimates, financial line items and segment data from Visible Alpha are now accessible through the S&P Global AI Data Portal for earnings preparation, portfolio monitoring and equity research workflows.

, /PRNewswire/ -- S&P Global (NYSE: SPGI) today announced that Visible Alpha data is now available through the S&P Global AI Data Portal, a solution that enables customers to access verifiable data via MCP-enabled AI applications. The addition brings Visible Alpha's granular view of sell-side consensus into S&P Global's AI data delivery ecosystem, enabling customers to build AI-powered workflows grounded in high-quality, trusted S&P Global data.

Visible Alpha, part of S&P Global Market Intelligence, extracts and standardizes data from the full working models of more than 250 contributing sell-side brokers, covering more than 8,000 companies across 170+ industries. Customers can now bring that industry-leading consensus data directly into AI workflows through the S&P Global AI Data Portal's Deterministic Retrieval solution, which provides API-driven access through direct, structured queries where users know the specific data they need.

Key capabilities:

Compatible with natural language querying in third-party AI applications that support MCP, including GPT, Gemini, Claude, and Copilot. Access through the S&P Global AI Data Portal, with Deterministic Retrieval for targeted queries available now and Adaptive Retrieval for complex, multi-dataset workflows expected later this year Supports earnings preparation, coverage initiation, comparable company analysis, valuation and investor relations benchmarking Available data: Consensus Estimates, including driver-level metrics with contributor counts and estimate dispersion; Financial Line Items, including standardized line items and historical actuals; and Segments, including business segment and product-level forecasts and actuals "Investors and analysts want to see more than the headline number. They need the assumptions and the level of analyst agreement behind it," said Peter Licursi, Head of AI and Growth, Kensho Data & Platforms, S&P Global Market Intelligence. "With Visible Alpha's rich sell-side data now available through the S&P Global AI Data Portal, customers can move from a headline consensus figure to the drivers underneath it in a single query, with answers grounded in verifiable S&P Global data. Because it sits alongside our company intelligence and credit ratings data, customers can assess the market's expectations, fundamentals and credit ratings information in the same workflow."

This addition builds on the recent launch of Adaptive Retrieval, which will support Visible Alpha data later this year. Alongside Deterministic Retrieval in the S&P Global AI Data Portal, Adaptive Retrieval is designed for more complex, open-ended workflows, enabling AI agents and large language models (LLMs) to retrieve and assemble information across multiple S&P Global datasets using natural language queries. Once available, customers will be able to use Deterministic Retrieval, Adaptive Retrieval, or both depending on their needs. Alongside the recent availability of S&P Global Credit Ratings data, today's Visible Alpha launch expands the breadth of S&P Global intelligence that customers can bring together within their AI workflows.

To learn more about the S&P Global AI Data Portal, please visit here.

Media Contacts:

Orla O'Brien, S&P Global, +1 857-407-8559, [email protected]

Amanda Oey, S&P Global Market Intelligence, +1 212-438-1904, [email protected], [email protected]

About S&P Global 
S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.

SOURCE S&P Global

Agreement extends Cboe's exclusive licensing rights for S&P 500 Index options through 2051 and creates new opportunities for innovation across next-generation markets and technologies

, /PRNewswire/ -- Cboe Global Markets, Inc. (Cboe: CBOE), a leading global markets operator and pioneer in equity and index derivatives, and S&P Dow Jones Indices ("S&P DJI"), the world's leading index provider, today announced a 25-year extension of their exclusive licensing agreement that will continue their longstanding collaboration through 2051.

Under the extended agreement, Cboe will continue to have the exclusive rights to offer trading in its flagship S&P 500® Index (SPX) options. Cboe and S&P DJI may also collaborate to pursue innovation beyond traditional index derivatives, including new products like tokenized options contracts.

The agreement builds on more than 40 years of collaboration between Cboe and S&P DJI that began in 1983 with the launch of SPX options – a breakthrough innovation that has since become the global standard for how investors worldwide gain and manage U.S. equity market exposure.

"Cboe and S&P DJI have created one of the industry's great success stories. By combining S&P DJI's index expertise with Cboe's unmatched ability to build and operate highly liquid derivatives markets, we have built one of the world's most liquid products and a relationship that has delivered lasting value across the global financial marketplace," said Craig Donohue, Chief Executive Officer of Cboe Global Markets. "This extension allows us to further grow our SPX and VIX franchises, while providing the certainty and continuity that our customers have come to expect in these products. It also gives us significant runway to pursue the next frontier of innovation and stay ahead of evolving investor needs and emerging technologies. The opportunities ahead are as compelling as those that first brought our organizations together 43 years ago, and we look forward to what we can achieve together in the decades ahead."

"The S&P 500 is the definitive barometer of U.S. equity market performance and the most widely tracked index in the world," said Catherine Clay, Chief Executive Officer of S&P DJI. "Investor demand for exposure to U.S. equities continues to accelerate, and we see a future where every investor, everywhere, can access this benchmark in the format that best suits their needs. Cboe brings deep expertise in developing, listing, and operating liquid derivatives markets that complements our index expertise, and this agreement allows us to keep innovating for the next generation of investors."

SPX options are one of the world's most liquid and actively traded index options. Reflecting growing global demand for exposure to U.S. equity markets, SPX options set a record annual volume of 970.6 million contracts in 2025, with average daily volume of 3.9 million contracts – a 25% increase over the prior year and the 4th consecutive year of record trading activity.

In recent years, Cboe has continued to grow the SPX options suite, alongside its closely connected VIX options and futures franchise, through new products, structures and expirations, expanding the range of tools available and access for retail and institutional investors globally.

About Cboe Global Markets

Cboe Global Markets (Cboe: CBOE) is a leading global markets operator with a long history of innovation in equity and index derivatives. Since launching the world's first listed options exchange in 1973, Cboe has pioneered landmark products, including the introduction of S&P 500® index options and the creation of the VIX® Index, the world's leading gauge of market volatility, reshaping how investors manage risk and access opportunity. Today, Cboe operates derivatives, equities, and FX markets, providing trading, clearing, and investment solutions for customers worldwide. To learn more, visit www.cboe.com.

About S&P Dow Jones Indices

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets. S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit: www.spglobal.com/spdji. 

Cboe®, Cboe Global Markets®, and VIX ® are registered trademarks or service marks of Cboe Exchange, Inc The S&P 500 Index is proprietary to S&P Dow Jones Indices LLC or its affiliates. S&P®, S&P 500®, The 500®, 500™, US 500™ and SPX® are trademarks of Standard & Poor's Financial Services, LLC or its affiliates; Dow Jones®, is a trademark of Dow Jones Trademark Holdings LLC; all of which have been licensed for use by Cboe Exchange, Inc. Cboe Exchange's options on the S&P 500 Index are not sponsored, issued or endorsed by S&P Dow Jones Indices and S&P Dow Jones Indices does not have any liability with respect thereto. All other trademarks and service marks are the property of their respective owners. 

Any products that have the S&P Index or Indexes as their underlying interest are not sponsored, endorsed, sold or promoted by Standard & Poor's or Cboe and neither Standard & Poor's nor Cboe make any representations or recommendations concerning the advisability of investing in products that have S&P indexes as their underlying interests. All other trademarks and service marks are the property of their respective owners.

Cboe Global Markets, Inc. and its affiliates do not recommend or make any representation as to possible benefits from any securities, futures or investments, or third-party products or services. Cboe Global Markets, Inc. is not affiliated with S&P. Investors should undertake their own due diligence regarding their securities, futures, and investment practices. This press release speaks only as of this date. Cboe Global Markets, Inc. disclaims any duty to update the information herein.

Nothing in this announcement should be considered a solicitation to buy or an offer to sell any securities or futures in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction. Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

Cboe Global Markets, Inc. and its affiliates make no warranty, expressed or implied, including, without limitation, any warranties as of merchantability, fitness for a particular purpose, accuracy, completeness or timeliness, the results to be obtained by recipients of the products and services described herein, or as to the ability of the indices referenced in this press release to track the performance of their respective securities, generally, or the performance of the indices referenced in this press release or any subset of their respective securities, and shall not in any way be liable for any inaccuracies or errors. Cboe Global Markets, Inc. and its affiliates have not calculated, composed or determined the constituents or weightings of the securities that comprise the third-party indices referenced in this press release and shall not in any way be liable for any inaccuracies or errors in any of the indices referenced in this press release.

There are important risks associated with transacting in any of the Cboe products discussed here. Before engaging in any transactions in those products, it is important for market participants to carefully review the disclosures and disclaimers contained at: https://www.cboe.com/us_disclaimers/. Options involve risk and are not suitable for all market participants. Prior to buying or selling an option, a person should review the Characteristics and Risks of Standardized Options (ODD), which is required to be provided to all such persons. Copies of the ODD are available from your broker or from The Options Clearing Corporation, 125 S. Franklin Street, Suite 1200, Chicago, IL 60606. 

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions or projections about the future other than statements of historical fact are forward-looking statements. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from those expressed or implied by the forward-looking statements.

We operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include: the loss of our right to exclusively list and trade certain index options and futures products; economic, political and market conditions; compliance with legal and regulatory obligations; price and new products and services competition and consolidation in our industry; decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges; legislative or regulatory changes or changes in tax regimes; our ability to protect our systems and communication networks from security vulnerabilities and breaches; our ability to attract and retain skilled management and other personnel; increasing competition by foreign and domestic entities; our business and operational dependence on and exposure to risk from third parties; factors that impact the quality and integrity of our and other applicable indices; our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively; increases in the cost of the products and services we use; our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights; our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses; our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems; misconduct by those who use our markets or our products or for whom we clear transactions; challenges to our use of open source software code; our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities; the loss of key customers or a significant reduction in trading or clearing volumes by key customers; damage to our reputation; the ability of our compliance and risk management methods to effectively monitor and manage our risks; restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations; our ability to maintain an investment grade credit rating; impairment of our goodwill, long-lived assets, investments or intangible assets; the accuracy of our estimates and expectations; and litigation risks and other liabilities. More detailed information about factors that may affect our actual results to differ may be found in our filings with the SEC, including in our Annual Report on Form 10-K for the year ended December 31, 2025 and other filings made from time to time with the SEC.

We do not undertake, and we expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.

SOURCE Cboe Global Markets, Inc.

AI Panic Hits Wall Street: 3 Financial Stocks on SaleS&P Global NYSE: SPGI is seeing continued growth across its Market Intelligence, Ratings, Indices and Energy businesses, supported by commercial integration, artificial intelligence adoption and productivity initiatives, Chief Financial Officer Eric Aboaf said during a Barclays conference discussion.

Aboaf, who joined the company about a year and a half ago after two decades in banking, said his focus has been on improving visibility into commercial activity, including sales pipelines, customer segments and product offerings. He said the company is seeking to operate at greater scale while continuing to invest in growth and deliver margin expansion.

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Despite Downturns, Analysts Say These 4 Financial Stocks Are BuysHe credited the management team, led by Martina Cheung, with establishing a chief commercial officer organization focused on 130 customers representing roughly the top third of S&P Global’s revenue base. The approach is intended to bring the company’s ratings, market data, benchmarks and energy offerings together for senior client discussions, including with corporate and financial-services executives.

Market Intelligence Growth and AI Adoption Addressing market speculation concerning the Capital IQ Pro business, Aboaf said S&P Global does not comment on “unwarranted rumors.” He said the company remains focused on growth in Market Intelligence, where first-half revenue growth exceeded 6%, within its full-year guidance range of 5.5% to 7%.

3 Financially Fit Companies Set to Make a RunThe company has reorganized Market Intelligence into two segments: Kensho Data Platforms, which represents about two-thirds of the division, and Enterprise Solutions, which accounts for the remaining third. Enterprise Solutions, which includes system-of-record workflow software and data offerings, grew 10% year over year during the first two quarters, according to Aboaf.

Aboaf said the company is seeing high-single-digit to low-double-digit growth in data, depending on the quarter. He said the number of customers using model context protocol, or MCP, connectors reached 500, up 50% from the prior quarter. Data usage through application programming interfaces and large-language-model calls increased fivefold from the first quarter to the second quarter, after also rising fivefold from the fourth quarter to the first quarter.

He also pointed to the integration of S&P Global data into ChatGPT financial-services workflows. According to Aboaf, an OpenAI study released the prior week found error rates below 3% when using trusted proprietary S&P Global data, compared with about 6.5% for the company’s nearest competitor.

Aboaf characterized AI as an “accelerant” rather than an immediate standalone revenue source. He said the company expects its pricing model to evolve over time from primarily value-based pricing toward greater usage-based components as customers gain experience with AI tools. S&P Global intends to maintain controls around its proprietary data, including keeping it behind a paywall and not allowing it to be used for model training.

Productivity and Margin Outlook The CFO said AI and other technology tools are creating opportunities to reduce operating costs while funding reinvestment. In data operations, an area with roughly $500 million in costs, S&P Global sees a path to a 20% cost reduction and is evaluating additional opportunities through advanced AI and quantitative models.

Aboaf said the company expects to continue delivering companywide margin expansion of approximately 50 to 75 basis points while investing in products, features and geographic growth. Market Intelligence could generally be at the upper end of that range because of its larger expense base, he said.

In the first half, he said margins increased by more than 100 basis points in Market Intelligence, more than 200 basis points in Ratings, and 75 basis points or more in both Energy and Indices. He also expects more limited headcount growth across the company, citing productivity improvements in enterprise data, software development, research and analytical work.

Ratings Issuance and Investment Activity For S&P Global Ratings, Aboaf said the company’s outlook for billed issuance has improved from low-single-digit growth at the start of the year to mid- to high-single-digit growth. He said issuance comparisons may become more difficult in the second half because the third and fourth quarters of the prior year were particularly strong.

Investment-grade issuance has been supported by hyperscaler financing activity, though Aboaf said this has been only one component of a broader issuance environment. Investment-grade issuance has represented roughly 40% to 45% of total issuance this year, broadly consistent with historical levels, he said.

He added that refinancing needs in high yield and bank loans remain substantial, while merger-and-acquisition activity, structured finance volumes and public and private ratings have also supported demand. Hyperscaler transactions have included not only conventional bonds but also structured and project finance, he said.

S&P Global continues to invest in automating parts of ratings surveillance and improving analyst productivity, according to Aboaf. The company also recently completed a small acquisition of a Nigerian and African ratings service as part of its regional expansion efforts.

Energy and Capital Allocation In S&P Global Energy, the company now expects full-year revenue growth of 4.5% to 6%, after first-half growth of about 4%. Aboaf said the second quarter was expected to be the low point and that growth should improve in the second half, assuming some stabilization in energy markets.

He said S&P Global expects the Energy division to return to its medium-term growth target of 6% to 8% next year. Current sanctions have represented an approximately 75-basis-point headwind for the division over the last several quarters, he said.

Aboaf said the sale of a software slice of the energy business to SLB should improve the portfolio mix, while creating a new distribution partner for the company’s proprietary data. The company’s capital-allocation priorities remain organic investment, limited bolt-on acquisitions and selective exits from small, subscale product lines, he said. Recent bolt-on investments included datacenterHawk, a data-center power and forecasting business, and the African ratings expansion.

About S&P Global (NYSE:SPGI)S&P Global Inc NYSE: SPGI provides financial information, analytics, benchmarks and credit ratings to businesses, governments and investors worldwide. Its services are used to evaluate credit risk, analyze markets, value assets, assess commodities and support investment and business decisions.

The company operates through businesses that include S&P Global Ratings, which provides credit ratings and related research; S&P Global Market Intelligence, which delivers financial and industry data, analytics and workflow tools; S&P Global Commodity Insights, which supplies information and pricing assessments for energy and commodity markets; and S&P Dow Jones Indices, which develops and maintains market indexes such as the S&P 500.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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New York-based crypto data provider Kaiko has raised $110 million in a ​funding round led by S&P Global, in a ‌sign of growing interest from mainstream financial institutions in tracking digital asset markets.

Other investors in the round include ​BNP Paribas, Nasdaq, Royal Bank of Canada, ​French state investor Bpifrance and U.S. trading ⁠firm Susquehanna, Kaiko said in a statement ​on Monday.

Kaiko, which was founded in France in 2014, ​said it would use the funds to strengthen its data business and expand its product offering, which currently covers ​more than 150 different exchanges and crypto ​protocols.

While cryptocurrencies such as bitcoin have retreated from a peak ‌hit ⁠in late 2025, banks, exchange operators and other financial institutions have increasingly expressed interest in "tokenisation" - the idea of creating crypto tokens that represent mainstream ​financial assets such ​as stocks and ⁠bonds.

Various crypto exchanges have started selling products based on stocks, including perpetual ​futures, prompting regulatory warnings about the risk ​to ⁠investors.

“As digital assets accelerate, S&P Global is investing for the future, and this investment underscores that conviction,” ⁠said ​Cathy Clay, the CEO of ​S&P Dow Jones Indices, in a statement.

Enhances S&P Global Energy's global data center, power, and infrastructure intelligence

, /PRNewswire/ -- S&P Global (NYSE: SPGI) today announced the completion of its acquisition of datacenterHawk, a leading provider of proprietary intelligence for global data center, fiber optic, and related infrastructure markets.

datacenterHawk is now part of S&P Global Energy, combining its asset-level intelligence on data center supply, demand, pricing, pipelines, and site selection – including its FiberLocator platform – with S&P Global Energy's comprehensive coverage of global power markets across grid infrastructure intelligence, supply and demand forecasting, and leading datacenter forecasting, market outlooks, and technology intelligence from 451 Research.

"Completing this acquisition marks a meaningful step forward in how we serve global energy and infrastructure markets," said Dave Ernsberger, President, S&P Global Energy. "AI is transforming the physical infrastructure and energy systems that underpin the global economy, and our customers need real-time, actionable intelligence that connects all of it – data centers, power grids, compute, and connectivity. datacenterHawk's asset-level data, combined with S&P Global Energy's forecasting capabilities and 451 Research insights, creates the most comprehensive view in the market, and we're excited to start delivering that to customers today."

The combined platform provides customers with enhanced transparency and insight into data centers, emerging capacity, and the evolving AI infrastructure ecosystem with real-time intelligence for investment, site selection, and strategic planning.

The transaction, originally announced in July 2026, further strengthens S&P Global Energy's position as an industry leader in connecting data center, power and infrastructure markets with advanced intelligence and technology.

Financial terms of the transaction were not disclosed and the acquisition is not expected to have a material impact on the financial results of S&P Global, or the Energy division.

Media Contacts 

Josh Goldstein
S&P Global Energy
+1 954-254-4900
[email protected] 

Orla O'Brien
S&P Global
+1 857-407-8559
[email protected]

About S&P Global

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.

About S&P Global Energy
At S&P Global Energy, our comprehensive view of global energy and commodities markets enables our customers to make superior decisions and create long-term, sustainable value. Our four core capabilities are: Platts for pricing and news; CERA for research and advisory; Horizons for energy expansion and sustainability solutions; and Events for industry collaboration. S&P Global Energy is a division of S&P Global (NYSE: SPGI). Learn more at www.spglobal.com/energy. 

Forward-Looking Statements: This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company's business strategies and methods of generating revenue; the development and performance of the Company's services and products; the expected impact of acquisitions and dispositions; the Company's effective tax rates; and the Company's cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

worldwide economic, financial, political, regulatory, and geopolitical conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs and disruptions to shipping in connection with the military conflict in the Middle East), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration; the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives; the demand and market for credit ratings in and across the sectors and geographies where the Company operates; the Company's ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data; the outcome of litigation, government and regulatory proceedings, investigations and inquiries; concerns in the marketplace affecting the Company's credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services; the level of merger and acquisition activity in the United States and abroad; the level of the Company's future cash flows and capital investments; the effect of competitive products (including those incorporating artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion; the impact of customer cost-cutting pressures; a decline in the demand for our products and services by our customers and other market participants; our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors; the introduction of competing products (including those developed by AI) or technologies by other companies;  our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services; our ability to attract, incentivize and retain key employees, especially in a competitive business environment; our ability to successfully navigate key organizational changes; the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith; the Company's exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions; the Company's ability to make acquisitions and dispositions and successfully integrate the businesses we acquire; consolidation of the Company's customers, suppliers or competitors; the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure; the Company's ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event; the impact on the Company's revenue and net income caused by fluctuations in foreign currency exchange rates; the impact of changes in applicable tax or accounting requirements on the Company; the ability of the separation of Mobility Global to qualify for tax-free treatment for U.S. federal income tax purposes; any disruption to the Company's business in connection with the separation of Mobility Global; and any loss of synergies from separating the businesses of Mobility Global and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility Global not realizing all of the expected benefits of the separation. The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company's filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

SOURCE S&P Global

Bill Ackman doesn't buy much. Pershing Square (PS +0.12%) runs one of the most concentrated portfolios in fund management (just 14 companies as of June 30), and new names show up rarely.

So a quarter in which the fund opened three positions of about $1.1 billion each is unusual. That's what Pershing Square's latest 13F filing, which landed in mid-August, revealed. The fund bought Visa (V +0.51%), Mastercard (MA +0.60%), and S&P Global (SPGI +1.72%) during the second quarter -- three stakes worth about $3.3 billion at quarter-end.

And the three purchases share one trait. Each company collects a small fee on transactions it doesn't originate, fund, or take risk on.

Together, the trio accounted for about 17% of Pershing Square's $19.5 billion U.S. stock portfolio. At quarter-end, that was a bigger allocation than any single position Ackman held, and it's the most telling thing in the filing, in my view.

Image source: Getty Images.

A $3.3 billion clusterThe sizing looks deliberate. Visa came in at about $1.1 billion, or 5.8% of the portfolio. Mastercard was about $1.1 billion, at 5.6%. And S&P Global was about $1.1 billion, or 5.4%.

The filing also shows Pershing Square sold out of Alphabet, a smaller position worth about $99 million at the end of March.

It also reported roughly a quarter fewer Amazon shares than it held three months earlier, though Amazon remains a top-five holding even after the trim. And the fund returned to Netflix with a stake of about $934 million, four years after selling its previous position.

For scale, the largest single holding in the filing, Uber Technologies, represented about 13% of the portfolio. The new trio, taken together, was bigger.

None of them takes the credit riskVisa and Mastercard run the rails that move money between a shopper's bank and a merchant's bank, and they keep a small fee from nearly every swipe. Capturing the sheer scale of those rails, Visa processed 71.7 billion individual transactions in its fiscal third quarter (the period ended June 30), up 10% year over year, with payments volume growing 10% on a constant-dollar basis. All of that swiping converted into $11.6 billion of net revenue, up 14%, at an operating margin near 60%. And Mastercard's second-quarter gross dollar volume rose 8% on a local-currency basis to $2.9 trillion, with net revenue also up 14%.

Notably, neither company carries the loans behind those purchases. The banks that issue the cards take the credit losses. The networks collect their fee either way.

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S&P Global runs the same model on different rails. When a company issues debt, it pays S&P for a credit rating -- a toll on somebody else's borrowing. S&P Global's ratings revenue rose 17% year over year in the second quarter, to $1.34 billion, with the transaction piece (fees for rating newly issued debt and bank loans) up 25%. And when investors buy index funds, the fund managers pay licensing fees, too. The company's indices revenue rose 20% during the quarter, including 22% growth in fees tied to the assets sitting in funds that track its indexes.

In other words, all three get paid on activity they don't have to create. The volume comes from everyone else.

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The bet is durability, not priceThe through-line, arguably, is staying power. Fee collectors like these grow with total spending, borrowing, and investing rather than with any single product cycle, and they do it with little capital at risk. A recession can slow the volumes. It's much harder to stop using the networks entirely. And the model throws off cash: Visa alone returned $6.2 billion to shareholders through buybacks and dividends last quarter.

Of course, durability like that rarely comes cheap. Visa trades within about 1% of its 52-week high as of this writing, at a forward price-to-earnings ratio of about 26.

That's a premium price for a business the market already knows is excellent, and a starting valuation like that could cap near-term returns. The same goes for Mastercard. S&P Global is the exception, trading about 20% below its own 52-week high.

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Sure, none of the three is a bargain. But I don't think Ackman was hunting for bargains.

About a sixth of the portfolio ended the quarter in companies that get paid no matter which bank, borrower, or fund manager comes out ahead. After all, that fee gets collected in good markets and bad. I find it easy to see why he wanted all three at once.

Key Takeaways SPGI's Q2 adjusted EPS rose 23% y/y to $4.83 as operating margin expanded 200 basis points to 54.3%.S&P Global trades at 22.3X forward earnings, above its sub-industry's 21X and the S&P 500's 20.6X.SPGI's 2026 earnings estimate fell 4.5% y/y in four weeks, while Market Intelligence faces execution risk. S&P Global Inc. (SPGI - Free Report) is showing stronger profitability after the Mobility spin-off, supported by recurring revenues, benchmark strength and productivity gains. Those positives improve the long-term earnings case.

The near-term setup is less clean. A premium valuation, falling earnings estimates, elevated obligations and a Market Intelligence reset argue for patience until the risk-reward becomes more favorable.

SPGI's Q2 Profit Growth Strengthens the Bull CaseAdjusted earnings in the second quarter of 2026 rose 23% to $4.83 per share and beat the Zacks Consensus Estimate by 7.6%. Pro forma revenues increased 11% year over year, while recurring revenues advanced 8%.

Adjusted operating profit climbed 15%, and adjusted operating margin expanded 200 basis points to 54.3%. That leverage shows SPGI can convert revenue growth and productivity into faster profit growth.

S&P Global Still Trades at a PremiumSPGI trades at 22.3X forward 12-month earnings, above the 21X Securities and Exchanges sub-industry multiple and the S&P 500's 20.3X. The multiple is below SPGI's five-year median of 28.4X, but the relative premium still leaves less room for execution misses.

                                                                       Image Source: Zacks Investment Research

                                                                          Image Source: Zacks Investment Research

Intercontinental Exchange, Inc. (ICE - Free Report) reported 8% growth in fixed-income and data-services revenues in the second quarter of 2026, with recurring revenues in that segment up 10%. Nasdaq, Inc. (NDAQ - Free Report) posted 15% net-revenue growth and 11% growth in annualized recurring revenue, showing healthy peer growth across capital-markets data and infrastructure.

SPGI Faces Liquidity and Execution PressureAt June 30, current liabilities of $9.13 billion exceeded current assets of $8.71 billion. Short-term debt rose to $2.57 billion and long-term debt reached $12.60 billion, although cash increased to $4.13 billion and management expects cash, operating cash flow and credit availability to cover foreseeable recurring needs.

Market Intelligence adds execution risk. Its larger Platforms operation is growing only in the low single digits organically, while management is consolidating technology, simplifying operations and redirecting investment toward faster-growing data and AI opportunities. The payoff depends on disciplined execution without disrupting customer value.

S&P Global's 2027 Estimates Offer a Growth ResetThe Zacks Consensus Estimate calls for 2027 revenues of $15.63 billion and earnings of $20.25 per share. Those figures point to renewed growth beyond 2026 and provide a path for the stock to grow into its valuation.

The revision trend remains the near-term test. The Zacks Consensus Estimate for 2026 earnings has fallen 4.5% over the past four weeks and 9.5% over 12 weeks, so stabilization or upward revisions would strengthen the case that expectations have reset sufficiently.

SPGI Buybacks Add Per-Share SupportManagement raised its 2026 share-repurchase target to more than $7 billion after buying back $1.5 billion in the first half. A lower share count can amplify earnings growth if operating performance remains solid.

SPGI also maintains a quarterly dividend of 97 cents per share. Capital returns are supportive, but their durability still rests on cash generation as the company balances repurchases, investment and an elevated debt load.

SPGI's Signals Still Favor CautionFor now, the evidence favors waiting rather than buying SPGI at the current setup. Margin expansion, recurring revenues and 2027 growth expectations are constructive, but valuation, estimate revisions and Market Intelligence execution leave limited room for disappointment.

The stock currently carries a Zacks Rank #4 (Sell), which reflects an unfavorable near-term earnings-estimate revision backdrop.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

SPGI’s VGM Score of D, Value Score of D and Growth Score of D reinforce the weaker valuation and growth setup. A Momentum Score of B is a relatively bright spot, but the Zacks Rank remains the primary timing signal and supports a cautious stance.

© Worawee Meepian / iStock via Getty Images

Li Lu’s Himalaya Capital cut its Bank of America (NYSE:BAC | BAC Price Prediction) position by roughly 71% and redeployed the proceeds into the three companies that grade, index, and monitor the credit system itself. Moody’s (NYSE:MCO) was sized at approximately $51.4 million and S&P Global (NYSE:SPGI) at $51.7 million, a gap of about $300,000 that looks like a deliberate paired bet on the ratings duopoly. MSCI rounded out the rotation.

Li Lu is the only outside manager Charlie Munger ever trusted with his family’s money, and Berkshire has owned Moody’s for roughly 25 years. When a Munger disciple sells a big commercial bank to buy the toll operators sitting above it, that signals where durable pricing power lives in financial services.

What Got Sold Bank of America is having a fine year on paper. Q2 2026 EPS of $1.21 beat consensus of $1.12, the fifth straight beat, and the stock is up 13% year to date and 39% over the past year. However, the earnings engine tilts increasingly toward markets and trading, and the balance sheet carries the classic problem.

A 100 basis point drop in rates would cut net interest income by roughly $2.2 billion over the next twelve months. Own a bank, and you own the yield curve and the credit cycle along with it.

What Got Bought Moody’s put up 15.1% revenue growth in Q2 2026 with an adjusted operating margin of 55.3%, and its ratings unit generated a 68.3% operating margin on 25% revenue growth. Moreover, S&P Global posted 17% growth in its Ratings segment with a pro forma 68% operating margin.

MSCI (NYSE:MSCI) delivered Index segment growth of 17.5% with ETF assets linked to its indexes at a record $2.82 trillion. None hold credit risk on a balance sheet. None get told by the Federal Reserve how much capital to reserve against a bad quarter.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Bank of America didn't make the cut. Grab the names FREE today.

The Thesis Rating agencies and index providers do not lend money and do not need regulatory capital buffers. Instead, they charge fees every time debt gets issued or an ETF gets funded, and the AI infrastructure buildout is one of the largest issuance events in a generation. Moody’s Public, Project and Infrastructure Finance revenue rose 38% in Q2 2026, most of it data-center paper. That is the same wave lifting commercial banks, monetized at a fraction of the capital intensity and at margins banks cannot approach. Rob Fauber put it plainly on the July call, saying “Moody’s is well positioned at the intersection of risk, data, analytics and technology.”

S&P Global is down 15.4% year to date, and Moody’s is off 3%, while BAC ran hard. Selling strength to buy weakness in higher-quality businesses is the standard Munger move, and Li Lu is executing it in size.

Should Retail Investors Follow The takeaway is to understand what Li Lu is signaling rather than mirror position sizes at home. Rating agencies and index compounders survive credit cycles while banks participate in them. In addition, buybacks reinforce that discipline. Moody’s raised its 2026 authorization to up to $3 billion, S&P Global lifted its 2026 target above $7 billion, and MSCI has roughly $1.6 billion remaining on its authorization.

Moody’s trades at 29x forward earnings and S&P Global at 22x. Not cheap. But a value investor with a 25-year holding pattern is paying for durability. Worth following the thesis. Copying the trade is optional.

Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Bank of America didn't make the cut. Grab the names FREE today.

Contact [email protected] for any questions or corrections.

S&P Global (SPGI - Free Report) came out with quarterly earnings of $4.83 per share, beating the Zacks Consensus Estimate of $4.49 per share. This compares to earnings of $4.43 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.57%. A quarter ago, it was expected that this independent ratings and analytics provider would post earnings of $4.82 per share when it actually produced earnings of $4.97, delivering a surprise of +3.11%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

S&P Global, which belongs to the Zacks Securities and Exchanges industry, posted revenues of $3.68 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.84%. This compares to year-ago revenues of $3.76 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

S&P Global shares have lost about 15.8% since the beginning of the year versus the S&P 500's gain of 8.3%.

What's Next for S&P Global?While S&P Global has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for S&P Global was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #5 (Strong Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $4.66 on $3.68 billion in revenues for the coming quarter and $18.37 on $14.7 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Securities and Exchanges is currently in the bottom 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, CBOE Global (CBOE - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on July 31.

This holding company for the Chicago Board Options Exchange is expected to post quarterly earnings of $3.45 per share in its upcoming report, which represents a year-over-year change of +40.2%. The consensus EPS estimate for the quarter has been revised 2.3% higher over the last 30 days to the current level.

CBOE Global's revenues are expected to be $708.54 million, up 20.6% from the year-ago quarter.

Transaction brings together Agusto & Co.'s Pan-African market expertise and S&P Global Ratings' global ratings experience to support the development of African markets  Partnership deepens and strengthens S&P Global Ratings' presence in Africa's domestic credit markets  , /PRNewswire/ -- S&P Global announced today that it has agreed 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 the S&P Global Ratings division in Africa. By combining S&P Global's international expertise and resources with Agusto & Co.'s strong Pan-African presence and reputation for excellence, the partnership aims to expand market insights, strengthen credit transparency, and support market participants across the region. 

"We are delighted to partner with Agusto & Co. to strengthen our domestic ratings presence across Africa," said Yann Le Pallec, President, S&P Global Ratings. "This transaction underscores our commitment to supporting growth and transparency in local credit markets throughout the continent. Africa's opportunity is extraordinary, and by combining our global expertise with Agusto & Co.'s deep local insights, together we can foster informed analysis, constructive market dialogue, and greater investor confidence both regionally and internationally."

"This partnership is a transformational milestone for Agusto & Co. and African capital markets, fulfilling our late founder's vision of affiliating with a leading global rating agency," said Yinka Adelekan, Managing Director of Agusto & Co. "For more than 30 years, we have built a trusted credit rating institution across Africa. By combining our deep Pan-African market knowledge and analytical independence with S&P Global Ratings' global expertise, resources and affiliate network, we believe this partnership will create new opportunities, enhance value for market participants, and support the continued development of transparent and resilient credit markets across the continent."

Agusto & Co. is a leading Pan-African credit rating agency with a strong presence in Nigeria and other key African markets, rating financial institutions, corporates and other entities. Following the transaction, Agusto & Co. will continue to operate as a separate ratings entity and issue its own credit ratings and methodologies in accordance with applicable regulatory requirements.

The transaction is subject to customary closing conditions, including receipt of required regulatory approvals. The terms of the transaction were not disclosed. Subject to obtaining all required regulatory approvals, the transaction is expected to close during the second half of 2026.

The transaction is not expected to have a material impact on the financial results of S&P Global or S&P Global Ratings.

Media Contacts:

Farhan Husain  
S&P Global Ratings
[email protected]  

Michelle James
S&P Global Ratings
[email protected] 

About S&P Global

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges and plan for tomorrow – today. Learn more at www.spglobal.com.

About Agusto & Co. 

Agusto & Co. is a Pan-African credit rating agency and a leading provider of industry research and knowledge in Nigeria and Sub-Saharan Africa. Since inception, Agusto & Co. has assigned over 4,000 ratings to banks, corporates, finance & leasing companies, funds & investment managers, insurance companies, microfinance banks, mortgage institutions, corporate bonds, municipal bonds, structured notes, securities & investment firms, supranational bonds and sovereigns, across Africa. 

Agusto & Co. holds credit rating licenses that allow it to operate in Nigeria, Kenya, Rwanda and Ghana. The agency has a thorough understanding of both the African macroeconomic and business environments.  Agusto & Co. is also an Approved Verifier by the Climate Bonds Standard with the capacity to perform verification of green bonds, projects and assets in Africa. In addition, Agusto & Co. is listed by the International Capital Market Association (ICMA)  as an External Reviewer that has adopted the Green Bond Principles, Social Bond Principles, Sustainability Bond Guidelines and Sustainability-Linked Bond Principles, and provides Second Party Opinion (SPO) across Africa.  

Forward-Looking Statements: This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995.  These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the Company's business strategies and methods of generating revenue; the development and performance of the Company's services and products; the expected impact of acquisitions and dispositions; the Company's effective tax rates; and the Company's cost structure, dividend policy, cash flows or liquidity. 

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things: 

worldwide economic, financial, political, regulatory, and geopolitical conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs and disruptions to shipping in connection with the military conflict in the Middle East), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration;  the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives;  the demand and market for credit ratings in and across the sectors and geographies where the Company operates;  the Company's ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data;  the outcome of litigation, government and regulatory proceedings, investigations and inquiries;  concerns in the marketplace affecting the Company's credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services;  the level of merger and acquisition activity in the United States and abroad;  the level of the Company's future cash flows and capital investments;  the effect of competitive products (including those incorporating artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion;  the impact of customer cost-cutting pressures;  a decline in the demand for our products and services by our customers and other market participants;  our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors;  the introduction of competing products (including those developed by AI) or technologies by other companies;   our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services;  our ability to attract, incentivize and retain key employees, especially in a competitive business environment;  our ability to successfully navigate key organizational changes;  the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith;  the Company's exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions;  the Company's ability to make acquisitions and dispositions and successfully integrate the businesses we acquire;  consolidation of the Company's customers, suppliers or competitors;  the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure;  the Company's ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event;  the impact on the Company's revenue and net income caused by fluctuations in foreign currency exchange rates;  the impact of changes in applicable tax or accounting requirements on the Company;  the ability of the separation of Mobility Global to qualify for tax-free treatment for U.S. federal income tax purposes;  any disruption to the Company's business in connection with the separation of Mobility Global; and  any loss of synergies from separating the businesses of Mobility Global and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility Global not realizing all of the expected benefits of the separation.  The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company's filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K. 

SOURCE S&P Global

Key Takeaways SPGI is expected to report Q2 EPS of $4.49, up 1.4% y/y, before market open on July 28. S&P Global's ratings and indices revenues are projected to rise on debt activity and asset-linked fees. SPGI's market intelligence and mobility units are expected to benefit from AI, M&A and subscriptions. S&P Global Inc. (SPGI - Free Report) is scheduled to release second-quarter 2026 results on July 28, before market open.

SPGI has a decent history of earnings surprises, having surpassed the Zacks Consensus Estimate in the past three trailing quarters and missing once, with an average surprise of 3.6%.

S&P Global’s Q2 ExpectationsThe Zacks Consensus Estimate for revenue is pegged at $3.7 billion, indicating a 2.9% decline from the year-ago quarter’s actual.

The consensus mark for revenues from market intelligence is close to $1.3 billion, which is indicated to improve 3.6% year over year. Growth in this segment is likely to have been attributed to product strength, fast-paced AI integration, strategic M&A, and robust commercial sales. Strong renewals and net sales across the franchise are anticipated to have driven subscription revenues. The With Intelligence buyout is expected to have provided a continued impetus to the segment’s growth.

For ratings, the Zacks Consensus Estimate for revenues is set at $1.3 billion, a 14.4% jump from the year-ago actuals. Expansion in transactional and non-transactional revenues is anticipated to have improved this segment’s growth. Transactional revenues are likely to have been supported by rising billed issuance, driven by solid investment-grade debt activity. Higher annual fees and strong CRISIL performance are relevant factors expected to have improved non-transactional revenues.

The Zacks Consensus Estimate for mobility revenues is set at $473 million, up 8% year over year. Solid subscription momentum, coupled with customer wins across CARFAX and automotiveMastermind, is expected to have supported this segment’s growth. Momentum in subscription adoption and discretionary spending is likely to have aided manufacturing revenues, adding to the segment’s growth.

The consensus mark for revenues from indices is pinned at $534.8 million. It is anticipated to improve 19.9% year over year. Asset-linked fees and consistent net inflows into the S&P 500 are expected to have been the primary factors improving the segment’s revenues. Other factors, including high trading volumes, innovation in decentralized finance and robust business demand in data and custom subscriptions, are likely to have contributed to growth.

The consensus estimate for earnings per share is set at $4.49, indicating a 1.4% increase on a year-over-year basis.

What Our Model Predicts About SPGIOur proven model does not conclusively predict an earnings beat for S&P Global this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. But that is not the case here. You can uncover the best stocks before they are reported with our Earnings ESP Filter.

SPGI has an Earnings ESP of 0.00% and a Zacks Rank of 5 (Strong Sell).

Stocks to ConsiderHere are a few stocks that, according to our model, have the right combination of elements to beat on earnings this time around.

Chatham Lodging Trust (CLDT - Free Report) : The Zacks Consensus Estimate for the company’s second-quarter 2026 revenues is $86.9 million, suggesting an 8.2% year-over-year rise. For earnings, the consensus estimate is kept at 45 cents per share, indicating a 25% uptick from the year-ago quarter’s actual. The company beat the consensus estimate in the trailing four quarters, with an average surprise of 15.6%.

CLDT has an Earnings ESP of +2.22% and sports a Zacks Rank of 1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The company is scheduled to declare second-quarter 2026 results on Aug. 4.

Apple Hospitality REIT (APLE - Free Report) : The Zacks Consensus Estimate for the company’s second-quarter 2026 revenues is pegged at $393.7 million, indicating year-over-year growth of 2.4%. For earnings, the consensus estimate is 49 cents, suggesting a 4.3% gain from the year-ago quarter’s reported figure. The company beat the consensus estimate in the trailing quarters, with an average of 4.5%.

APLE has an Earnings ESP of +2.04% and a Zacks Rank of 1 at present. The company is scheduled to declare second-quarter 2026 results on Aug. 5.

, /PRNewswire/ -- S&P Global Inc. (NYSE: SPGI) announced today that it has completed the separation of its Mobility division into an independent, public company, Mobility Global Inc. ("Mobility Global"). Mobility Global common stock will begin regular-way trading today on the New York Stock Exchange under the ticker symbol "MBGL".

"The successful completion of this separation reflects the extraordinary work and dedication of the S&P Global and Mobility Global teams over the past 15 months," said Martina Cheung, President and CEO of S&P Global. "Together, we have built a strong foundation for Mobility Global as an independent company and both companies stand well-positioned for the future."

The separation was achieved through the distribution of 100 percent of the shares of Mobility Global to holders of S&P Global common stock effective as of 12:01 a.m. New York City time on July 1, 2026, with S&P Global stockholders 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. S&P Global stockholders entitled to receive the distribution received a book-entry account statement or a credit to their brokerage account reflecting their ownership of Mobility Global common stock. Fractional shares of Mobility Global common stock were not distributed. Any fractional share of Mobility Global common stock otherwise issuable to a S&P Global stockholder will be sold in the open market on such stockholder's behalf, and such stockholder will receive a cash payment for the fractional share based on its pro rata portion of the net cash proceeds from all sales of fractional shares.

S&P Global expects to issue a press release on July 6, 2026 providing recast financial information for full year 2025, the four quarters of 2025 and the first quarter of 2026, reflecting the completion of the spin-off of Mobility Global.

Morgan Stanley & Co. LLC, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and Evercore Group L.L.C. served as financial advisors and Davis Polk & Wardwell LLP and Baker McKenzie LLP served as legal advisors to S&P Global.

About S&P Global

S&P Global (NYSE: SPGI) enables businesses, governments, and individuals with trusted data, expertise and technology to make decisions with conviction. We are Advancing Essential Intelligence through world-leading benchmarks, data, and insights that customers need in order to plan confidently, act decisively, and thrive in a rapidly changing global landscape.

From helping our customers assess new investments across the capital and commodities markets to navigating the energy expansion, acceleration of artificial intelligence, and evolution of public and private markets, we enable the world's leading organizations to unlock opportunities, solve challenges, and plan for tomorrow – today.

Forward-Looking Statements

This press release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995. These statements, which express management's current views concerning future events, trends, contingencies or results, appear at various places in this press release and use words like "anticipate," "assume," "believe," "continue," "estimate," "expect," "forecast," "future," "intend," "plan," "potential," "predict," "project," "strategy," "target" and similar terms, and future or conditional tense verbs like "could," "may," "might," "should," "will" and "would." For example, management may use forward-looking statements when addressing topics such as: the outcome of contingencies; future actions by regulators; changes in the business strategies and methods of generating revenue of S&P Global Inc. (the "Company"); the development and performance of the Company's services and products; the expected impact of acquisitions and dispositions; and the Company's effective tax rates; the Company's cost structure, dividend policy, cash flows or liquidity.

Forward-looking statements are subject to inherent risks and uncertainties. Factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements include, among other things:

worldwide economic, financial, political, and regulatory conditions (including slower GDP growth or recession, restrictions on trade (e.g., tariffs), instability in the banking sector and inflation), and factors that contribute to uncertainty and volatility (e.g., supply chain risk), geopolitical uncertainty (including military conflict), natural and man-made disasters, civil unrest, public health crises (e.g., pandemics), and conditions that result from legislative, regulatory, trade and policy changes, including from the U.S. administration; the volatility and health of debt, equity, commodities and energy markets, including credit quality and spreads, the composition and mix of credit maturity profiles, the level of liquidity and future debt issuances, equity flows from active to passive, fluctuations in average asset prices in global equities, demand for investment products that track indices and assessments and trading volumes of certain exchange traded derivatives; the demand and market for credit ratings in and across the sectors and geographies where the Company operates; the Company's ability to maintain adequate physical, technical and administrative safeguards to protect the security of confidential information and data, or protect against a system or network disruption that results in regulatory penalties and remedial costs or improper disclosure of confidential information or data; the outcome of litigation, government and regulatory proceedings, investigations and inquiries; concerns in the marketplace affecting the Company's credibility or otherwise affecting market perceptions of the integrity or utility of independent credit ratings, benchmarks, indices and other services; the level of merger and acquisition activity in the United States and abroad; the level of the Company's future cash flows and capital investments; the effect of competitive products (including those incorporating artificial intelligence ("AI")) and pricing, including the level of success of new product developments and global expansion; the impact of customer cost-cutting pressures; a decline in the demand for our products and services by our customers and other market participants; our ability to develop new products or technologies, to integrate our products with new technologies (e.g., AI), or to compete with new products or technologies offered by new or existing competitors; the introduction of competing products (including those developed by AI) or technologies by other companies; our ability to protect our intellectual property from unauthorized use and infringement, including by others using AI technologies, and to operate our business without violating third-party intellectual property rights, including through our own use of AI in our products and services; our ability to attract, incentivize and retain key employees, especially in a competitive business environment; our ability to successfully navigate key organizational changes; the continuously evolving regulatory environment in Europe, the United States and elsewhere around the globe affecting each of our businesses and the products they offer, and our compliance therewith; the Company's exposure to potential criminal sanctions or civil penalties for noncompliance with foreign and U.S. laws and regulations that are applicable in the jurisdictions in which it operates, including sanctions laws relating to countries such as Iran, Russia and Venezuela, anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, and local laws prohibiting corrupt payments to government officials, as well as import and export restrictions; the Company's ability to make acquisitions and dispositions and successfully integrate the businesses we acquire; consolidation of the Company's customers, suppliers or competitors; the ability of the Company, and its third-party service providers, to maintain adequate physical and technological infrastructure; the Company's ability to successfully recover from a disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, outbreak of pandemic or contagious diseases, security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made event; the impact on the Company's revenue and net income caused by fluctuations in foreign currency exchange rates; the impact of changes in applicable tax or accounting requirements on the Company; the ability of the separation of Mobility Global to qualify for tax-free treatment for U.S. federal income tax purposes; any disruption to the Company's business in connection with the separation of Mobility Global; any loss of synergies from separating the businesses of Mobility Global and the Company that adversely impact the results of operations of both businesses, or the companies resulting from the separation of Mobility Global not realizing all of the expected benefits of the separation; and following the separation of Mobility Global, 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. The factors noted above are not exhaustive. The Company and its subsidiaries operate in a dynamic business environment in which new risks emerge frequently. Accordingly, the Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the dates on which they are made. The Company undertakes no obligation to update or revise any forward-looking statement to reflect events or circumstances arising after the date on which it is made, except as required by applicable law. Further information about the Company's businesses, including information about factors that could materially affect its results of operations and financial condition, is contained in the Company's filings with the SEC, including Item 1A, Risk Factors in our most recently filed Annual Report on Form 10-K.

Contacts:

S&P Global Investor Relations:
Mark Grant
Senior Vice President, Investor Relations and Treasurer
Tel: +1 (347) 640-1521
[email protected]m 

Media:
Christina Twomey
Chief Communications Officer, S&P Global
Tel: +1 (646) 407-3001
[email protected]

SOURCE S&P Global