S&P Global Inc. (SPGI) Q3 2026 (USD): Adj. EPS 4.58 (exp. 4.43), Revenue 3.68bln (exp. 3.64bln); Co. is reviewing strategic options for Capital IQ and some of its data businesses

• Adj. EPS 17.70-17.95 (exp. 17.90).
• Revenue growth 7.4-8.4%.

A modest beat on both lines with full-year guidance bracketing consensus is the standard pattern for this name and for the financial data peer set, where the recurring debate is mix rather than headline print: subscription and index-linked revenue versus the more cyclical ratings and issuance exposure. In episodes of this kind the post-print move has tended to be driven less by the quarter than by the guidance bridge, and a range that straddles the street number usually reads as in-line absent a margin surprise. The larger item is the strategic review of Capital IQ and parts of the data businesses. Strategic options language of this kind has historically opened a wide band of outcomes, from outright sale to separation to retention after review, and the market's first question is typically sum-of-parts: whether the remaining entity trades at a premium once lower-multiple or slower-growth assets are carved out, a debate that has played out across the exchanges-and-data complex whenever portfolios have been reshaped. The distinction that matters for the transmission is whether any disposal is dilutive to the ratings-and-index core or releases capital for buybacks, which is how comparable reviews in the sector have tended to resolve. What follows is the call, any commentary on process and timeline, and whether peer names in the data complex re-rate in sympathy on read-through to their own portfolio optionality.