Earnings release
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55 Water Street New York, NY 10041www.spglobal.com Press Release For Immediate Release S&P Global Reports Third Quarter Results; Announces Strategic Review for Capital IQ and Associated Data Businesses New York, NY, October 27, 2026 – S&P Global (NYSE: SPGI) today reported third quarter results. This earnings release and supplemental materials are available at http://investor.spglobal.com/Quarterly-Earnings. The Company reported third-quarter 2026 revenue of $3.678 billion, an increase of 7% compared to the third quarter of 2025.Third quarter GAAP net income increased 20% to $1.298 billion and GAAP diluted earnings per share increased 26% to$4.45. Adjusted net income for the third quarter increased 4% to $1.337 billion and adjusted diluted earnings per shareincreased 9% to $4.58. Higher GAAP net income was driven by growth in operating profit, including the benefit from a gain ondisposition in Energy. Higher adjusted net income was driven primarily by growth in adjusted operating profit, partially offsetby higher taxes in the quarter. The Company has initiated a strategic review of alternatives, including potential separation, for Capital IQ and associated databusinesses, which constitute the majority of Kensho Data & Platforms within Market Intelligence. While the exact perimeterremains under review, the Company expects to retain RatingsDirect, RatingsXpress, and Enterprise Solutions. Capital IQ andthe associated data businesses are well positioned to grow and thrive, and we believe separate ownership could providededicated investment and focus, positioning these businesses to accelerate innovation and growth. • The Company reported revenue of $3.678 billion, which increased 7% year over year. • Operating margin increased 800 basis points and adjusted operating margin increased 60 basis points, driving 26% growth in diluted EPS and 9% growth in adjusted diluted EPS, respectively, year over year. • In the third quarter, the Company executed $2.6 billion in share repurchases, and has repurchased more than $4 billion in shares year-to-date. The Company continues to expect to repurchase more than $7 billion in shares in total in 2026. • 2026 guidance calls for revenue growth of 7.4% to 8.4%, and organic constant currency growth of 7.5% to 8.5%. "S&P Global delivered a very strong quarter. Increasing demand for our benchmarks and unique intellectual property demonstrates our leadership in credit, equity, and commodities markets. Our focus on new high-growth adjacencies and our innovation are resonating deeply with customers around the world. The businesses that are part of the strategic review are strong and have significant opportunities ahead of them as technology changes how customers access, analyze, and use information. This reflects our long-standing commitment to be good stewards of our portfolio, while prioritizing our investments where we’re strongest." Martina Cheung President and CEO
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The Company completed the spin-off of its Mobility division, creating an independent public company, Mobility Global (NYSE: MBGL), on July 1, 2026. Effective with the Company's third-quarter 2026 financial statements, Mobility has been reclassified as discontinued operations for all completed periods presented. All financial information presented in this release reflects the Company’s results on a continuing operations basis, unless otherwise stated, and prior periods have been recast accordingly to conform to this presentation. Division results presented in this release also reflect a recast of the Company’s division financial information for all periods presented, including inter-segment adjustments and changes to expense allocation methodologies as outlined in our press release dated July 6, 2026. Third Quarter 2026 Revenue (from Continuing Operations) Third-quarter revenue increased 7% year overyear, representing an increase of nearly $240million. This increase was driven primarily byIndices and Market Intelligence, with additionalgrowth in Energy and Ratings. Revenue fromsubscription products increased 6%. (1) Total revenue includes the impact of inter-segment eliminations of $51M and $55M in 3Q '25 and 3Q '26, respectively. Third Quarter 2026 Operating Profit, Expense, and Margin (from Continuing Operations) Note: All presentations of revenue above refer to GAAP revenue. Adjusted financials refer to non-GAAP adjusted metrics in all periods. The Company’s third-quarter reported operating profit margin increased by 800 basis points to 53.2%, and adjusted operating profit margin increased 60 basis points to 53.5%. GAAP operating profit margin benefited primarily from a gain on disposition, while adjusted operating margin improvement was driven by growth and margin expansion in the Company's Indices and Market Intelligence divisions. Page 2
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Third Quarter 2026 Diluted Earnings Per Share from Continuing Operations 3Q '26 3Q '25 y/y change Reported $4.45 $3.54 26% Adjusted $4.58 $4.20 9% Third quarter GAAP diluted earnings per share increased 26% to $4.45 due to a 20% increase in net income and a 4% decrease in diluted shares outstanding. Adjusted diluted earnings per share increased 9% to $4.58 due to a 4% increase in adjusted net income and a 4% decrease in diluted shares outstanding. Currency had no impact on GAAP or adjusted diluted EPS in the quarter. The largest non-core adjustments to earnings in the third quarter of 2026 were for gain on disposition and deal-related amortization. Full-Year 2026 Outlook (from Continuing Operations) GAAP Adjusted Revenue growth 7.4% to 8.4% 7.4% to 8.4% Organic, Constant Currency Revenue growth -- 7.5% to 8.5% Corporate Unallocated Expense $185 to $195 million $160 to $170 million Deal-related Amortization ~$800 million ~$800 million Operating Profit Margin expansion 310 to 335 bps 75 to 100 bps Operating Profit Margin expansion, excluding OSTTRA -- 125 to 150 bps Interest Expense, net $380 to $390 million $405 to $415 million Tax Rate 22% to 23% 22% to 23% Diluted EPS $16.25 to $16.50 $17.70 to $17.95 Capital Expenditures $155 to $165 million $155 to $165 million Total revenue and organic constant currency revenue are now expected to be higher than the previous guidance ranges of 5.9% to 7.9% and 6.0% to 8.0%, respectively, both driven by higher expected revenue from the Ratings and Indices divisions. GAAP operating margin expansion is expected to be below the prior range of 335 to 360 basis points primarily due to adjustments to expected gain on dispositions, partially offset by higher revenue growth. Higher revenue growth and continued expense discipline are expected to drive adjusted operating margin expansion above the prior range of 35 to 60 basis points. GAAP diluted EPS is expected to be lower than the prior guidance range of $16.35 to $16.60 primarily due to adjustments to expected gain on dispositions, partially offset by higher revenue. Adjusted diluted EPS is expected to be higher than the prior guidance range of $17.50 to $17.75, driven by the combined impact of higher revenue and margin expansion. Non-GAAP adjusted guidance excludes amortization of intangibles related to acquisitions and acquisition and disposition-related costs. There is no specific timeframe for the strategic review we announced, and there can be no assurance that the review will result in any transaction or particular outcome. As such, the guidance provided assumes a full contribution from Market Intelligence, as it is currently structured, for the full year. As previously announced, the Board of Directors has authorized a quarterly cash dividend of $0.97 per share. Page 3
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Supplemental Information/Conference Call/Webcast Details: The Company’s senior management will review the third quarter 2026 earnings results on a conference call scheduled for today, October 27, at 8:30 a.m. EDT. Additional information presented on the conference call, and the Company’s supplemental slide content may be found on the Company’s Investor Relations Website at http://investor.spglobal.com/Quarterly-Earnings. The Webcast will be available live and in replay at http://investor.spglobal.com/Quarterly-Earnings. Telephone access is available. U.S. participants may call (888) 603-9623; international participants may call +1 (630) 395- 0220 (long-distance charges will apply). The passcode is “S&P Global” and the conference leader is Martina Cheung. A recorded telephone replay will be available approximately two hours after the meeting concludes and will remain available until November 27, 2026. U.S. participants may call (866) 360-7720; international participants may call +1 (203) 369-0172 (long-distance charges will apply). No passcode is required. Comparison of Adjusted Information to U.S. GAAP Information: The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company also refers to and presents certain additional non-GAAP financial measures, within the meaning of Regulation G under the Securities Exchange Act of 1934. These measures are: organic revenue; organic constant currency revenue; adjusted net income; adjusted diluted EPS; adjusted operating profit and margin; adjusted expenses; adjusted corporate unallocated expense; adjusted deal-related amortization; adjusted interest expense, net; adjusted income before taxes on income; adjusted provision for income taxes; adjusted effective tax rate; adjusted equity in income on unconsolidated subsidiaries; free cash flow; and adjusted free cash flow, excluding certain items. The Company has included reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with GAAP on Exhibits 5, 7 and 8. The Company is not able to provide reconciliations of certain forward-looking non-GAAP financial measures to comparable GAAP measures because certain items required for such reconciliations are outside of the Company's control and/or cannot be reasonably predicted without unreasonable effort. The Company's non-GAAP measures include adjustments that reflect how management views our businesses. The Companybelieves these non-GAAP financial measures provide useful supplemental information that, in the case of non-GAAP financial measures other than free cash flow and adjusted free cash flow, excluding certain items, enables investors to better compare the Company's performance across periods, and management also uses these measures internally to assess the operating performance of its business, to assess performance for employee compensation purposes and to decide how to allocate resources. The Company believes that the presentation of free cash flow and adjusted free cash flow, excluding certain items allows investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management and that such measures are useful in evaluating the cash available to us to prepay debt, make strategic acquisitions and investments, and repurchase stock. However, investors should not consider any of these non-GAAP measures in isolation from, or as a substitute for, the financial information that the Company reports. Page 4
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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; Page 5
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▪ 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 to maintain tax-free treatment, for U.S. federal income tax purposes, of the separation of Mobility Global; ▪ any disruption to the Company’s business related to the separation of Mobility Global; and ▪ any loss of synergies from separating Mobility Global from the Company that adversely impact our results of operations, or that results in the Company 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. 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 leadingorganizations to unlock opportunities, solve challenges, and plan for tomorrow – today. Learn more at www.spglobal.com. Investor Relations: https://investor.spglobal.com Contact: Investor Relations: Mark Grant Senior Vice President, Investor Relations and Treasurer Tel: +1 (347) 640-1521 mark.grant@spglobal.com Media: Christina Twomey Chief Communications Officer Tel: +1 (646) 407-3001 christina.twomey@spglobal.com ### Page 6
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Exhibit 1 S&P Global Condensed Consolidated Statements of Income Three and nine months ended September 30, 2026 and 2025 (dollars in millions, except per share data) (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Revenue $ 3,678 $ 3,443 7% $ 11,074 $ 10,117 9% Expenses 1,922 1,894 2% 5,833 5,672 3% Gain on dispositions (200) — N/M (386) (3) N/M Equity in income on unconsolidated subsidiaries — (7) N/M — (28) N/M Operating profit 1,956 1,556 26% 5,627 4,476 26% Other income, net (4) (2) N/M (10) (25) 60% Interest expense, net 87 79 10% 267 233 14% Income from continuing operations before taxes onincome 1,873 1,479 27% 5,370 4,268 26% Provision for taxes on income 467 312 49% 1,220 918 33% Income from continuing operations 1,406 1,167 21% 4,150 3,350 24% (Loss) income from discontinued operations, net of taxes(58) 98 N/M 25 246 (90)% Net income 1,348 1,265 7% 4,175 3,596 16% Less: net income attributable to noncontrolling interests -continuing (108) (89) (22)% (323) (259) (25)% Net income attributable to S&P Global Inc. $ 1,240 $ 1,176 5% $ 3,852 $ 3,337 15% Amounts attributable to S&P Global Inc. commonshareholders: Income from continuing operations $ 1,298 $ 1,078 20% $ 3,827 $ 3,091 24% (Loss) income from discontinued operations (58) 98 N/M 25 246 (90)% Net income $ 1,240 $ 1,176 5% $ 3,852 $ 3,337 15% Earnings per share attributable to S&P Global Inc.common shareholders: Income from continuing operations: Basic $ 4.45 $ 3.54 26% $ 12.99 $ 10.11 28% Diluted $ 4.45 $ 3.54 26% $ 12.98 $ 10.10 29% (Loss) income from discontinued operations: Basic $ (0.20)$ 0.32 N/M $ 0.08 $ 0.81 (89)% Diluted $ (0.20)$ 0.32 N/M $ 0.08 $ 0.80 (89)% Net income: Basic $ 4.25 $ 3.86 10% $ 13.07 $ 10.91 20% Diluted $ 4.25 $ 3.86 10% $ 13.06 $ 10.90 20% Weighted-average number of common shares outstanding: Basic 291.4 304.3 294.7 305.8 Diluted 291.6 304.5 294.9 306.1 Actual shares outstanding at period end 289.9 303.4 N/M - Represents a change equal to or in excess of 100% or not meaningful Note - % change in the tables throughout the exhibits are calculated off of the actual number, not the rounded number presented. Note - Beginning with the third quarter of 2026, the historical results of Mobility have been presented as discontinued operations and, as such, have been excluded from continuing operations for all periods presented. Financial information presented in Exhibits 4, 5, 6 and 7 reflects the Company's results on a continuing operations basis, and segment results reflected throughout the exhibits reflect the effect of the recast outlined in our press release dated July 6, 2026.
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Exhibit 2 S&P Global Condensed Consolidated Balance Sheets September 30, 2026 and December 31, 2025 (dollars in millions) (unaudited) September 30, December 31, 2026 2025 Assets: Cash, cash equivalents, and restricted cash $ 2,441 $ 1,707 Other current assets 3,975 4,124 Assets held for sale — 196 Current assets of discontinued operations — 269 Total current assets 6,416 6,296 Property and equipment, net 233 259 Right of use assets 345 397 Goodwill and other intangible assets, net 39,531 40,138 Equity investments in unconsolidated subsidiaries 624 590 Other non-current assets 883 833 Non-current assets of discontinued operations — 12,687 Total assets $ 48,032 $ 61,200 Liabilities and Equity: Short-term debt $ 2,448 $ 718 Unearned revenue 3,767 4,010 Other current liabilities 2,503 2,626 Liabilities held for sale — 43 Current liabilities of discontinued operations — 241 Long-term debt 10,614 12,370 Lease liabilities — non-current 403 483 Deferred tax liability — non-current 2,180 2,285 Pension, other postretirement benefits and other non-current liabilities 939 1,284 Non-current liabilities of discontinued operations — 988 Total liabilities 22,854 25,048 Redeemable noncontrolling interests 5,348 4,917 Total equity 19,830 31,235 Total liabilities and equity $ 48,032 $ 61,200 There were no assets and liabilities held for sale as of September 30, 2026. Assets and liabilities held for sale relate to the divestitures of the Enterprise Data Management and thinkFolio businesses within our Market Intelligence segment as of December 31, 2025. Additionally, assets held for sale include fixed assets related to our facility in Centennial, Colorado as of December 31, 2025. The assets and liabilities of Mobility have been classified as discontinued operations as of December 31, 2025. 1 2 2 1 2 2 1 2
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Exhibit 3 S&P Global Condensed Consolidated Statements of Cash Flows Nine months ended September 30, 2026 and 2025 (dollars in millions) (unaudited) 2026 2025 Operating Activities: Income from continuing operations $ 4,150 $ 3,350 Adjustments to reconcile income from continuing operations to cash provided byoperating activities from continuing operations: Depreciation 86 68 Amortization of intangibles 598 576 Deferred income taxes (114) (212) Stock-based compensation 127 155 Gain on dispositions (386) (3) Other (34) 200 Net changes in other operating assets and liabilities (766) (817) Cash provided by operating activities from continuing operations 3,661 3,317 Investing Activities: Capital expenditures (93) (133) Acquisitions, net of cash acquired (208) (47) Proceeds from dispositions, net 667 19 Changes in short-term investments (26) (52) Cash provided by (used for) investing activities from continuing operations 340 (213) Financing Activities: Additions to short-term debt, net (15) — Payments on senior notes (3) (4) Dividends paid to shareholders (856) (880) Distributions to noncontrolling interest holders (269) (234) Repurchase of treasury shares (4,100) (2,501) Cash transferred to Mobility Global related to separation (198) — Proceeds from debt issuance related to Mobility Global separation 1,974 — Employee withholding tax on share-based payments, excise tax payments on sharerepurchases, contingent consideration payments and other (150) (106) Cash used for financing activities from continuing operations (3,617) (3,725) Effect of exchange rate changes on cash from continuing operations (37) 62 Cash provided by (used for) continuing operations 347 (559) Cash provided by discontinued operations 387 553 Net change in cash, cash equivalents, and restricted cash 734 (6) Cash, cash equivalents, and restricted cash at beginning of period 1,707 1,639 Cash, cash equivalents, and restricted cash at end of period $ 2,441 $ 1,633
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Exhibit 4 S&P Global Operating Results by Segment Three and nine months ended September 30, 2026 and 2025 (dollars in millions) (unaudited) Three Months Nine Months Revenue Revenue 2026 2025 % Change 2026 2025 % Change Ratings $ 1,271 $ 1,240 2% $ 3,912 $ 3,537 11% Indices 554 462 20% 1,606 1,352 19% Energy 645 609 6% 1,992 1,896 5% Market Intelligence 1,263 1,183 7% 3,723 3,479 7% Intersegment Elimination (55) (51) (8)% (159) (147) (8)% Total revenue $ 3,678 $ 3,443 7% $ 11,074 $ 10,117 9% Expenses Expenses 2026 2025 % Change 2026 2025 % Change Ratings (a) $ 437 $ 422 3% $ 1,293 $ 1,251 3% Indices (b) 166 149 12% 481 420 14% Energy (c) 176 360 (51)% 963 1,117 (14)% Market Intelligence (d) 962 931 3% 2,744 2,814 (2)% Corporate Unallocated expense (e) 36 83 (56)% 125 214 (42)% Equity in Income on Unconsolidated Subsidiaries (f)— (7) N/M — (28) N/M Intersegment Elimination (55) (51) (8)% (159) (147) (8)% Total expenses $ 1,722 $ 1,887 (9)% $ 5,447 $ 5,641 (3)% Operating Profit Operating Profit 2026 2025 % Change 2026 2025 % Change Ratings (a) $ 834 $ 818 2% $ 2,619 $ 2,286 15% Indices (b) 388 313 24% 1,125 932 21% Energy (c) 469 249 88% 1,029 779 32% Market Intelligence (d) 301 252 19% 979 665 47% Total reportable segments 1,992 1,632 22% 5,752 4,662 23% Corporate Unallocated expense (e) (36) (83) 56% (125) (214) 42% Equity in Income on Unconsolidated Subsidiaries (f)— 7 N/M — 28 N/M Total operating profit $ 1,956 $ 1,556 26% $ 5,627 $ 4,476 26% N/M - Represents a change equal to or in excess of 100% or not meaningful Note - Financial information presented reflects the Company's results on a continuing operations basis, and prior periods have been recast accordingly to conform to this presentation. Segment results also reflect the effect of the recast outlined in our press release dated July 6, 2026. (a) The nine months ended September 30, 2026 include employee severance charges of $8 million. The three and nine months ended September 30, 2025 include legal costs of $12 million and $39 million, respectively. The nine months ended September 30, 2025 include employee severance charges of $10 million. Additionally, amortization of intangibles from acquisitions of $1 million is included for the three months ended September 30, 2026 and 2025, and $3 million and $5 million for the nine months ended September 30, 2026 and 2025, respectively.
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Exhibit 4 (b) The nine months ended September 30, 2026 include employee-related costs of $2 million, employee severance charges of $1 million and acquisition-related costs of $1 million. The three and nine months ended September 30, 2025 include employee severance charges of $1 million and acquisition-related costs of $1 million. Additionally, amortization of intangibles from acquisitions of $10 million and $9 million is included for the three months ended September 30, 2026 and 2025, respectively, and $29 million and $27 million for the nine months ended September 30, 2026 and 2025, respectively. (c) The three and nine months ended September 30, 2026 include a gain on disposition of $200 million, acquisition-related costs of $6 million and $9 million, respectively, disposition-related costs of $4 million and $6 million, respectively, and a reversal of a statutorily required labor law accrual adjustment of $1 million. The nine months ended September 30, 2026 include employee severance charges of $8 million and asset impairment of $4 million. The nine months ended September 30, 2025 include employee severance charges of $10 million. Additionally, amortization of intangibles from acquisitions of $32 million is included for the three months ended September 30, 2026 and 2025, and $98 million for the nine months ended September 30, 2026 and 2025. (d) The three and nine months ended September 30, 2026 include acquisition-related costs of $1 million and $13 million, respectively, and disposition-related costs of $2 million and $6 million, respectively. The three months ended September 30, 2026 include a reversal of a statutorily required labor law accrual adjustment of $2 million. The nine months ended September 30, 2026 include a gain on dispositions of $172 million and employee severance charges of $15 million. The three and nine months ended September 30, 2025 include employee severance charges of $11 million and $44 million, respectively, acquisition-related costs of $2 million and $12 million, respectively, disposition- related costs of $4 million and $6 million, respectively, and Executive Leadership Team transition costs of $1 million and $5 million, respectively. The nine months ended September 30, 2025 includes gain on disposition of $3 million. Additionally, amortization of intangibles from acquisitions of $154 million and $146 million is included for the three months ended September 30, 2026 and 2025, respectively, and $464 million and $443 million for the nine months ended September 30, 2026 and 2025, respectively. (e) The three and nine months ended September 30, 2026 include lease impairments of $5 million and $10 million, respectively, acquisition-related costs of $1 million and $2 million, respectively, and a reversal of a statutorily required labor law accrual adjustment of $2 million. The nine months ended September 30, 2026 include a gain on dispositions of $14 million and employee severance charges of $11 million. The three and nine months ended September 30, 2025 include acquisition-related costs of $4 million and $6 million, respectively, Executive Leadership Team transition costs of $9 million and $22 million, respectively, lease impairments of $6 million and $14 million, respectively, employee severance charges of $5 million and $28 million, respectively, disposition-related costs of $4 million and $6 million, respectively, and legal costs of $1 million and $3 million, respectively. The nine months ended September 30, 2025 include an asset write-off of $1 million. Additionally, amortization of intangibles from acquisitions of $2 million and $1 million is included for the three months ended September 30, 2026 and 2025, respectively, and $4 million and $2 million for the nine months ended September 30, 2026 and 2025, respectively. (f) Amortization of intangibles from acquisitions of $14 million and $40 million is included for the three and nine months ended September 30, 2025, respectively.
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Exhibit 5 S&P Global Operating Results - Reported vs. Adjusted Non-GAAP Financial Information Three and nine months ended September 30, 2026 and 2025 (dollars in millions, except per share amounts) Adjusted Expenses (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Ratings Expenses $ 437 $ 422 3% $ 1,293 $ 1,251 3% Non-GAAP adjustments (a) — (12) (8) (49) Deal-related amortization (1) (1) (3) (5) Adjusted expenses $ 436 $ 409 7% $ 1,282 $ 1,197 7% Indices Expenses $ 166 $ 149 12% $ 481 $ 420 14% Non-GAAP adjustments (b) — (2) (4) (3) Deal-related amortization (10) (9) (29) (27) Adjusted expenses $ 156 $ 137 14% $ 448 $ 391 15% Energy Expenses $ 176 $ 360 (51)% $ 963 $ 1,117 (14)% Non-GAAP adjustments (c) 191 — 173 (10) Deal-related amortization (32) (32) (98) (98) Adjusted expenses $ 335 $ 328 2% $ 1,038 $ 1,009 3% Market Intelligence Expenses $ 962 $ 931 3% $ 2,744 $ 2,814 (2)% Non-GAAP adjustments (d) (2) (17) 139 (64) Deal-related amortization (154) (146) (464) (443) Adjusted expenses $ 806 $ 767 5% $ 2,419 $ 2,307 5% Corporate UnallocatedExpense Corporate Unallocated expense $ 36 $ 83 (56)% 125 214 (42)% Non-GAAP adjustments (e) (4) (29) (7) (80) Deal-related amortization (2) (1) (4) (2) Adjusted Corporate Unallocatedexpenses $ 31 $ 52 (41)% $ 113 $ 131 (14)% Equity in Income onUnconsolidatedSubsidiaries Equity in income on unconsolidatedsubsidiaries $ — $ (7) N/M $ — $ (28) N/M Deal-related amortization — (14) — (40) Adjusted equity in income onunconsolidated subsidiaries$ — $ (21) N/M $ — $ (69) N/M Total SPGI Expenses $ 1,722 $ 1,887 (9)% $ 5,447 $ 5,641 (3)% Non-GAAP adjustments (a)(b)(c)(d)(e) 186 (61) 292 (207) Deal-related amortization (199) (203) (598) (615) Adjusted expenses $ 1,709 $ 1,622 5% $ 5,141 $ 4,818 7%
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Exhibit 5 Adjusted Operating Profit (unaudited) Three Months Nine Months 2026 2025 %Change 2026 2025 %Change Ratings Operating profit $ 834 $ 818 2% $ 2,619 2,286 15% Non-GAAP adjustments (a) — 12 8 49 Deal-related amortization 1 1 3 5 Adjusted operating profit $ 835 $ 831 —% $ 2,630 $ 2,341 12% Operating profit margin 66 % 66 % 67 % 65 % Adjusted operating profit margin 66 % 67 % 67 % 66 % Indices Operating profit $ 388 $ 313 24% $ 1,125 932 21% Non-GAAP adjustments (b) — 2 4 3 Deal-related amortization 10 9 29 27 Adjusted operating profit $ 398 $ 325 22% $ 1,158 $ 961 20% Operating profit margin 70 % 68 % 70 % 69 % Adjusted operating profit margin 72 % 70 % 72 % 71 % Energy Operating profit $ 469 $ 249 88% $ 1,029 779 32% Non-GAAP adjustments (c) (191) — (173) 10 Deal-related amortization 32 32 98 98 Adjusted operating profit $ 310 $ 281 10% $ 954 $ 887 8% Operating profit margin 73 % 41 % 52 % 41 % Adjusted operating profit margin 48 % 46 % 48 % 47 % MarketIntelligence Operating profit $ 301 $ 252 19% $ 979 $ 665 47% Non-GAAP adjustments (d) 2 17 (139) 64 Deal-related amortization 154 146 464 443 Adjusted operating profit $ 457 $ 416 10% $ 1,304 $ 1,172 11% Operating profit margin 24 % 21 % 26 % 19 % Adjusted operating profit margin 36 % 35 % 35 % 34 % Total Segments Operating profit $ 1,992 $ 1,632 22% $ 5,752 $ 4,662 23% Non-GAAP adjustments (a) (b) (c)(d) (190) 32 (300) 127 Deal-related amortization 198 189 594 573 Adjusted operating profit $ 2,000 $ 1,853 8% $ 6,046 $ 5,361 13% CorporateUnallocatedExpense Corporate unallocated expense $ (36) $ (83) 56% $ (125) $ (214) 42% Non-GAAP adjustments (e) 4 29 7 80 Deal-related amortization 2 1 4 2 Adjusted corporate unallocatedexpense $ (31) $ (52) 41% $ (113) $ (131) 14% Equity in IncomeonUnconsolidatedSubsidiaries Equity in income on unconsolidatedsubsidiaries $ — $ 7 N/M $ — $ 28 N/M Deal-related amortization — 14 — 40 Adjusted equity in income onunconsolidated subsidiaries$ — $ 21 N/M $ — $ 69 N/M Total SPGI Operating profit $ 1,956 $ 1,556 26% 5,627 4,476 26% Non-GAAP adjustments (a) (b) (c)(d) (e) (186) 61 (292) 207 Deal-related amortization 199 203 598 615 Adjusted operating profit $ 1,969 $ 1,819 8% $ 5,933 $ 5,299 12% Operating profit margin 53 % 45 % 51 % 44 % Adjusted operating profit margin 54 % 53 % 54 % 52 %
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Exhibit 5 Adjusted Interest Expense, Net (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Interest expense, net $ 87 $ 79 10% $ 267 $ 233 14% Non-GAAP adjustments (f) 6 6 19 19 Adjusted interest expense, net $ 93 $ 85 9% $ 285 $ 252 13% Adjusted Provision for Income Taxes (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Provision for income taxes $ 467 $ 312 49% $ 1,220 $ 918 33% Non-GAAP adjustments (a) (b) (c)(d) (e) (f) (g) (82) 10 (123) 70 Deal-related amortization 50 47 151 146 Adjusted provision for income taxes $ 435 $ 369 18% $ 1,247 $ 1,134 10% Adjusted Effective Tax Rate (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Adjusted operating profit $ 1,969 $ 1,819 8% $ 5,933 $ 5,299 12% Other income, net (4) (2) (10) (25) Adjusted interest expense, net 93 85 285 252 Adjusted income before taxes on income $ 1,880 $ 1,737 8% $ 5,657 $ 5,071 12% Adjusted provision for income taxes $ 435 $ 369 $ 1,247 $ 1,134 Effective tax rate 24.9 % 21.1 % 22.7 % 21.5 % Adjusted effective tax rate 23.1 % 21.2 % 22.0 % 22.4 %` The adjusted effective tax rate is calculated by dividing adjusted provision for income taxes by the adjusted income before taxes, which includes income from unconsolidated subsidiaries. The adjusted effective tax rate excluding income from unconsolidated subsidiaries was 23.1% and 21.5% for the three months ended September 30, 2026 and 2025, respectively, and 22.0% and 22.7% for the nine months ended September 30, 2026 and 2025, respectively. Adjusted Net Income attributable to SPGI and Diluted EPS (from Continuing Operations) (unaudited) 2026 2025 % Change Net Incomeattributable toSPGI DilutedEPS Net Incomeattributable toSPGI DilutedEPS Net Incomeattributableto SPGI DilutedEPS Three Months Reported (from continuing operations) $ 1,298 $ 4.45 $ 1,078 $ 3.54 20% 26% Non-GAAP adjustments (111) (0.38) 45 0.15 Deal-related amortization 149 0.51 157 0.52 Adjusted $ 1,337 $ 4.58 $ 1,280 $ 4.20 4% 9% Nine Months Reported (from continuing operations) $ 3,827 $ 12.98 $ 3,091 $ 10.10 24% 29% Non-GAAP adjustments (188) (0.64) 117 0.38 Deal-related amortization 448 1.52 470 1.54 Adjusted $ 4,087 $ 13.86 $ 3,679 $ 12.02 11% 15% N/M - Represents a change equal to or in excess of 100% or not meaningful 1 1
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Exhibit 5 Note - Totals presented may not sum due to rounding. Note - Adjusted operating profit margin is calculated as adjusted operating profit divided by revenue. Adjusted operating profit margin for the Company excluding OSTTRA was 54% for the three and nine months ended September 30, 2026, respectively. Adjusted operating profit margin for the Company excluding OSTTRA was 52% for the three and nine months ended September 30, 2025, respectively. Adjusted operating profit margin excluding OSTTRA is calculated as adjusted operating profit less adjusted equity in income on unconsolidated subsidiaries divided by revenue. Note - Financial information presented reflects the Company's results on a continuing operations basis, and prior periods have been recast accordingly to conform to this presentation. Segment results also reflect the effect of the recast outlined in our press release dated July 6, 2026. (a) The nine months ended September 30, 2026 include employee severance charges of $8 million ($6 million after-tax). The three and nine months ended September 30, 2025 include legal costs of $12 million ($9 million after-tax) and $39 million ($29 million after-tax), respectively. The nine months ended September 30, 2025 include employee severance charges of $10 million ($7 million after-tax). (b) The nine months ended September 30, 2026 include employee-related costs of $2 million ($1 million after-tax), employee severance charges of $1 million ($1 million after-tax) and acquisition-related costs of $1 million ($1 million after-tax). The three and nine months ended September 30, 2025 include employee severance charges of $1 million ($1 million after-tax) and acquisition-related costs of $1 million ($1 million after-tax). (c) The three and nine months ended September 30, 2026 include a gain on disposition of $200 million ($136 million after-tax), acquisition-related costs of $6 million ($6 million after-tax) and $9 million ($9 million after-tax), respectively, and disposition-related costs of $4 million ($4 million after-tax) and $6 million ($6 million after-tax), respectively, and a reversal of a statutorily required labor law accrual adjustment of $1 million ($1 million after-tax). The nine months ended September 30, 2026 include employee severance charges of $8 million ($6 million after- tax) and asset impairment of $4 million ($3 million after-tax). The nine months ended September 30, 2025 include employee severance charges of $10 million ($8 million after-tax). (d) The three and nine months ended September 30, 2026 includes acquisition-related costs of $1 million ($1 million after-tax) and $13 million ($12 million after-tax), respectively, and disposition-related costs of $2 million ($1 million after-tax) and $6 million ($4 million after-tax), respectively. The three months ended September 30, 2026 include a reversal of a statutorily required labor law accrual adjustment of $2 million ($1 million after-tax). The nine months ended September 30, 2026 include a gain on dispositions of $172 million ($168 million after-tax) and employee severance charges of $15 million ($11 million after-tax). The three and nine months ended September 30, 2025 include employee severance charges of $11 million ($8 million after-tax) and $44 million ($33 million after-tax), respectively, acquisition-related costs of $2 million ($1 million after-tax) and $12 million ($10 million after-tax), respectively, disposition-related costs of $4 million ($3 million after-tax) and $6 million ($5 million after-tax), respectively, and Executive Leadership Team transition costs of $1 million ($1 million after-tax) and $5 million ($3 million after-tax), respectively. The nine months ended September 30, 2025 includes a gain on disposition of $3 million ($2 million after-tax). (e) The three and nine months ended September 30, 2026 include lease impairments of $5 million ($4 million after-tax) and $10 million ($7 million after-tax), respectively, acquisition-related costs of $1 million ($1 million after-tax) and $2 million ($2 million after-tax), respectively, and a reversal of a statutorily required labor law accrual adjustment of $2 million ($2 million after-tax). The nine months ended September 30, 2026 include a gain on dispositions of $14 million ($11 million after-tax) and employee severance charges of $11 million ($8 million after-tax). The three and nine months ended September 30, 2025 include acquisition-related costs of $4 million ($4 million after-tax) and $6 million ($6 million after-tax), respectively, Executive Leadership Team transition costs of $9 million ($7 million after-tax) and $22 million ($17 million after-tax), respectively, lease impairments of $6 million ($5 million after-tax) and $14 million ($10 million after-tax), respectively, employee severance charges of $5 million ($4 million after-tax) and $28 million ($21 million after-tax), respectively, disposition-related costs of $4 million ($4 million after-tax) and $6 million ($5 million after-tax), respectively, and legal costs of $1 million ($1 million after-tax) and $3 million ($2 million after-tax), respectively. The nine months ended September 30, 2025 include an asset write-off of $1 million ($1 million after-tax). (f) The three and nine months ended September 30, 2026 include a premium amortization benefit of $6 million ($5 million after-tax) and $19 million ($14 million after-tax), respectively. The three and nine months ended September 30, 2025 include a premium amortization benefit of $6 million ($5 million after-tax) and $20 million ($15 million after-tax), respectively. (g) The three and nine months ended September 30, 2026 include tax expense related to Mobility pre-spin separation steps of $15 million and $64 million, respectively. The three months ended September 30, 2026 include a tax expense of $1 million due to annualized effective tax rate differences for GAAP. The three and nine months ended September 30, 2025 include a tax benefit of $1 million and $2 million, respectively, due to annualized effective tax rate differences for GAAP.
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Exhibit 6 S&P Global Revenue Information Three and nine months ended September 30, 2026 and 2025 (dollars in millions) Revenue by Type (unaudited) Three Months Subscription (a) Non-subscription / Transaction (b) Non-transaction (c) 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Ratings $ — $ — N/M $ 677 $ 668 1% $ 594 $ 572 4% Indices 87 82 7% — — N/M — — N/M Energy 583 556 5% 31 22 37% — — N/M Market Intelligence 1,049 986 6% 38 39 (2)% — — N/M Intersegment elimination — — N/M — — N/M (55) (51) (8)% Total revenue $ 1,719 $ 1,624 6% $ 746 $ 729 2% $ 539 $ 521 3% Asset-linked fees (d) Sales usage-based royalties (e) Recurring variable (f) 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Ratings $ — $ — N/M $ — $ — N/M $ — $ — N/M Indices 375 303 24% 92 77 19% — — N/M Energy — — N/M 31 31 —% — — N/M Market Intelligence — — N/M — — N/M 176 158 11% Total revenue $ 375 $ 303 24% $ 123 $ 108 14% $ 176 $ 158 11% Nine Months Subscription (a) Non-subscription / Transaction (b) Non-transaction (c) 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Ratings $ — $ — N/M $ 2,135 $ 1,885 13% $ 1,777 $ 1,652 8% Indices 258 237 9% — — N/M — — N/M Energy 1,708 1,637 4% 189 169 12% — — N/M Market Intelligence 3,076 2,900 6% 129 112 15% — — N/M Intersegment elimination — — N/M — — N/M (159) (147) (8)% Total revenue $ 5,042 $ 4,774 6% $ 2,453 $ 2,166 13% $ 1,618 $ 1,505 8% Asset-linked fees (d) Sales usage-based royalties (e) Recurring variable (f) 2026 2025 % Change 2026 2025 % Change 2026 2025 % Change Ratings $ — $ — N/M $ — $ — N/M $ — $ — N/M Indices 1,062 876 21% 286 239 20% — — N/M Energy — — N/M 95 90 6% — — N/M Market Intelligence — — N/M — — N/M 518 467 11% Total revenue $ 1,062 $ 876 21% $ 381 $ 329 16% $ 518 $ 467 11% N/M - Represents a change equal to or in excess of 100% or not meaningful Note - Financial information presented reflects the Company's results on a continuing operations basis, and prior periods have been recast accordingly to conform to this presentation. Segment results also reflect the effect of the recast outlined in our press release dated July 6, 2026. (a) Subscription revenue is primarily derived from distribution of data, valuation services, analytics, third party research, and credit ratings-related information through both feed and web-based channels, market data and market insights along with other information products. (b) Non-subscription / transaction revenue is primarily related to ratings of publicly-issued debt and bank loan ratings. (c) Non-transaction revenue is primarily related to surveillance of a credit rating, annual fees for customer relationship-based pricing programs, fees for entity credit ratings and global research and analytics at Crisil. Non-transaction revenue also includes an intersegment revenue elimination charged to Market Intelligence for the rights to use and distribute content and data developed by Ratings.
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Exhibit 6 (d) Asset-linked fees is primarily related to fees based on assets underlying exchange-traded funds, mutual funds and insurance products. (e) Sales usage-based royalty revenue is primarily related to trading based fees from exchange-traded derivatives and licensing proprietary market price data and price assessments to commodity exchanges. (f) Recurring variable revenue represents revenue from contracts for services that specify a fee based on, among other factors, the number of trades processed, assets under management, or the number of positions valued.
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Exhibit 7 S&P Global Non-GAAP Financial Information Three and nine months ended September 30, 2026 and 2025 (dollars in millions) Computation of Free Cash Flow and Adjusted Free Cash Flow Excluding Certain Items (unaudited) Nine Months 2026 2025 Cash provided by operating activities from continuing operations $ 3,661 $ 3,317 Capital expenditures (93) (133) Distributions to noncontrolling interest holders (269) (234) Free cash flow $ 3,299 $ 2,950 Employee severance and transition costs 104 143 Acquisition-related, disposition-related and separation costs 68 28 Acquisition-related prepayment — 48 Tax on gain from divestitures 33 — Payment of legal costs 6 20 Adjusted free cash flow, excluding certain items $ 3,510 $ 3,189 S&P Global Organic, Constant Currency Revenue (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Total revenue $ 3,678 $ 3,443 7% $ 11,074 $ 10,117 9% Ratings acquisition (3) — (9) — Indices acquisition (1) — (4) — Energy acquisitions and divestiture (23) (25) (74) (76) Market Intelligence acquisitions and divestiture(32) (31) (102) (89) Total organic revenue $ 3,619 $ 3,387 7% $ 10,885 $ 9,952 9% Fx impact - (unfavorable) favorable (10) — 26 — Organic revenue constant currency basis $ 3,629 $ 3,387 7% $ 10,859 $ 9,952 9% Ratings Organic, Constant Currency Revenue (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Ratings revenue $ 1,271 $ 1,240 2% $ 3,912 $ 3,537 11% Acquisition (3) — (9) — Organic revenue 1,268 1,240 2% 3,903 3,537 10% Fx impact - (unfavorable) favorable (7) — 18 — Organic revenue constant currency basis $ 1,275 $ 1,240 3% $ 3,885 $ 3,537 10%
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Exhibit 7 Indices Organic, Constant Currency Revenue (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Indices revenue $ 554 $ 462 20% $ 1,606 $ 1,352 19% Acquisition (1) — (4) — Organic revenue 553 462 20% 1,602 1,352 18% Fx impact - (unfavorable) favorable (1) — 1 — Organic revenue constant currency basis $ 554 $ 462 20% $ 1,601 $ 1,352 18% Energy Organic, Constant Currency Revenue (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Energy revenue $ 645 $ 609 6% $ 1,992 $ 1,896 5% Acquisitions and divestiture (23) (25) (74) (76) Organic revenue 622 584 6% 1,918 1,820 5% Fx impact - favorable — — 1 — Organic revenue constant currency basis $ 622 $ 584 6% $ 1,917 $ 1,820 5% Market Intelligence Organic, Constant Currency Revenue (unaudited) Three Months Nine Months 2026 2025 % Change 2026 2025 % Change Market Intelligence revenue $ 1,263 $ 1,183 7% $ 3,723 $ 3,479 7% Acquisitions and divestiture (32) (31) (102) (89) Organic revenue 1,231 1,152 7% 3,621 3,390 7% Fx impact - (unfavorable) favorable (2) — 6 — Organic revenue constant currency basis $ 1,233 $ 1,152 7% $ 3,615 $ 3,390 7% Note - The impact of foreign exchange rates refers to constant currency comparisons estimated by recalculating current year results of foreign operations using the average exchange rate from the prior year. Note - Financial information presented reflects the Company's results on a continuing operations basis, and prior periods have been recast accordingly to conform to this presentation. Segment results also reflect the effect of the recast outlined in our press release dated July 6, 2026.
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Exhibit 8 S&P Global Non-GAAP Guidance Reconciliation of 2026 Non-GAAP Guidance (from Continuing Operations) (unaudited) Low High Diluted EPS $ 16.25 $ 16.50 Deal-related amortization 2.04 2.04 Gain on sale from divestitures (1.05) (1.05) Premium amortization benefit (0.07) (0.07) Restructuring 0.24 0.24 Tax rate and other 0.29 0.29 Non-GAAP adjusted diluted EPS $ 17.70 $ 17.95