S&P Global (SPGI) Operating Margin (2009 - 2026)
S&P Global's (SPGI) quarterly Operating Margin came in at 43.7% in Q2 2026, up 240.0% YoY from 12.85% in Q2 2025, and down 8.94% on a QoQ basis from 48.0% in Q1 2026.
S&P Global (SPGI) Operating Margin (2009 - 2026) Analysis & Trends
S&P Global (SPGI) has 18 years of Operating Margin data on file, last reported at 43.7% in Q2 2026.
- Quarterly Operating Margin rose 240.0% year-over-year to 43.7% in Q2 2026, while the trailing twelve-month figure through Jun 2026 was 44.43% (up 448.0% YoY) and the FY2025 annual result came in at 42.24%, up 297.0% from the prior year.
- Operating Margin retreated to 43.7% in Q2 2026, from 48.0% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 79.2% in Q1 2022 to a low of 24.38% in Q4 2022.
- A 5-year average of 40.52% and a median of 40.51% in 2024 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2022 — Operating Margin jumped 2558 bps — and 2023, when it plunged 4299 bps.
- Tracing SPGI's Operating Margin over 5 years: stood at 24.38% in 2022, then gained by 16 bps to 28.24% in 2023, then increased by 29 bps to 36.44% in 2024, then grew by 17 bps to 42.75% in 2025, then gained by 2 bps to 43.7% in 2026.
- The last three Operating Margin figures came in at 43.7% (Q2 2026), 48.0% (Q1 2026), and 42.75% (Q4 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | S&P Global | 127.63 Bn | 123.49 Bn | 2.98 Bn | 43.70% |
| 2 | Cme | 98.59 Bn | 98.59 Bn | 1.65 Bn | 64.89% |
| 3 | Intercontinental Exchange | 90.85 Bn | 88.90 Bn | - | 38.52% |
| 4 | Moodys | 87.35 Bn | 85.85 Bn | 1.67 Bn | 47.87% |
| 5 | Nasdaq | 55.51 Bn | 54.79 Bn | 1.50 Bn | 28.12% |
| 6 | Coinbase Global | 49.58 Bn | 40.79 Bn | 1.16 Bn | -9.30% |
| 7 | Msci | 41.22 Bn | 40.86 Bn | 717.10 Mn | 56.23% |
| 8 | Cboe Global Markets | 31.03 Bn | 28.64 Bn | 731.60 Mn | 32.99% |
| 9 | TransUnion | 16.42 Bn | 15.58 Bn | 765.00 Mn | 19.70% |
| 10 | Factset Research Systems | 10.78 Bn | 10.47 Bn | 310.73 Mn | 26.70% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 43.70% |
| Mar 31, 2026 | 48.00% |
| Dec 31, 2025 | 42.75% |
| Sep 30, 2025 | 43.08% |
| Jun 30, 2025 | 41.30% |
| Mar 31, 2025 | 41.78% |
| Dec 31, 2024 | 36.44% |
| Sep 30, 2024 | 40.11% |
| Jun 30, 2024 | 40.91% |
| Mar 31, 2024 | 39.67% |
| Dec 31, 2023 | 28.24% |
| Sep 30, 2023 | 34.82% |
| Jun 30, 2023 | 29.38% |
| Mar 31, 2023 | 36.20% |
| Dec 31, 2022 | 24.38% |
| Sep 30, 2022 | 29.81% |
| Jun 30, 2022 | 49.52% |
| Mar 31, 2022 | 79.20% |
| Dec 31, 2021 | 43.30% |
| Sep 30, 2021 | 51.89% |