S&P Global stock weighs Capital IQ review after Q3 results

S&P Global said on October 27 that it had begun a strategic review of alternatives for Capital IQ and associated data businesses within Market Intelligence, including a potential separation. The announcement accompanied the company's third-quarter results and is the central portfolio issue for investors following the stock.

In the company's third-quarter announcement, S&P Global said the review covers Capital IQ and associated data businesses, including the Kensho Data and Platforms businesses. RatingsDirect, RatingsXpress and Enterprise Solutions are expected to remain with the company, although management said the final perimeter is still under review.

Growth Supports Strategic Reset

The third quarter produced 7% revenue growth on both an organic constant-currency and all-in basis. Adjusted operating margin widened by 60 basis points to 53.5%, while adjusted operating profit rose 8% and adjusted earnings per share increased 9%. Indices led the operating performance with revenue growth of 20%, according to management's earnings-call presentation.

Management raised its 2026 organic constant-currency revenue growth outlook to 7.5% to 8.5%, from 6% to 8% previously. The projected adjusted operating-margin expansion increased to 75 to 100 basis points from 35 to 60 basis points, while adjusted earnings guidance moved to 17.70 to 17.95 US dollars per share from 17.50 to 17.75 US dollars.

The earnings-call transcript shows management framing the review as a way to give the businesses under consideration more dedicated investment and focus while allowing S&P Global to concentrate on credit, equity and commodity markets. The company said the businesses serve more than 15,000 clients and more than 355,000 users, and that existing customer contracts and service commitments remain in place.

February Update Becomes Key Catalyst

The review remains at an early stage. S&P Global has given no definitive completion timetable and said the earliest meaningful update is expected at its February 2027 earnings call. That leaves investors balancing a potentially sharper portfolio against uncertainty over the final scope, timing and financial terms of any transaction.

S&P Global stock traded at 429.70 euros on Lang & Schwarz at 14:30 CET on Thursday, November 12, 2026.

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