S&P Global stock faces Capital IQ review after raised outlook

S&P Global opened a strategic review of Capital IQ and associated data businesses on October 27, 2026, alongside its third-quarter results. The company said the review could include a separation of the businesses within Market Intelligence, according to its third-quarter announcement.

Capital IQ Review Shapes Portfolio Focus

The review covers Capital IQ and associated data businesses within Market Intelligence, including the Kensho Data and Platforms businesses. S&P Global said the exact perimeter remains under review, while RatingsDirect, RatingsXpress and Enterprise Solutions are expected to remain part of the company.

Chief Executive Martina Cheung said separate ownership could give the businesses more dedicated investment and focus. She also emphasized the commercial and data relationships between S&P Global and the businesses under review, indicating that any transaction would need to preserve those links.

The businesses serve more than 15,000 clients and more than 355,000 users. Management said customer contracts and service commitments remain in place during the review. The company expects the earliest meaningful update to come with its February earnings call, and it has not set a definitive timetable for completing the process.

Raised Guidance Supports Core Businesses

Management described the third quarter as a period of accelerating subscription growth and expanding margins. Revenue grew 7% on both an organic constant-currency and all-in basis, while adjusted operating margin expanded by 60 basis points to 53.5%. Adjusted operating profit increased 8% and adjusted earnings per share rose 9%, with share repurchases also supporting per-share growth.

For 2026, S&P Global raised its organic constant-currency revenue growth outlook to 7.5% to 8.5%. The company now expects total adjusted operating margin expansion of 75 to 100 basis points and adjusted earnings per share of 17.70 to 17.95 US dollars.

Market Intelligence revenue growth accelerated to 7% in the quarter. Kensho Data and Platforms grew 10% on a reported basis and 6% organically, while subscription revenue increased 6% on an organic basis. Management said demand for AI-ready data feeds remained strong and that sales cycles had normalized.

Stock Context And Next Catalyst

S&P Global stock traded at 421.60 euros on Lang & Schwarz at 14:07 CET on Wednesday, November 11.

The strategic review gives investors a potential portfolio catalyst, but its outcome and timing remain uncertain. The raised outlook and continued demand for subscription and AI-ready data provide the operating backdrop while management evaluates the structure of Capital IQ and related assets.

Broader US equities remain the relevant market backdrop; see Current market reports.

Further updates are expected through the February earnings call and the company’s More news and analyses on S&P Global stock.