S&P Global shares dropped by over 18% in pre-market session on Tuesday after the company released quarterly results that included a narrow earnings miss and forward guidance that fell short of investor expectations.
For the fourth quarter, S&P Global reported adjusted earnings per share of $4.30, missing consensus by $0.02. Revenue for the quarter came in at $3.92 billion, a figure described as fractionally ahead of forecasts. On a full-year basis, adjusted earnings per share rose 14 percent to $17.83.
Despite the annual improvement, management offered a 2026 adjusted EPS outlook of $19.40 to $19.65, which sits below the market consensus of $19.96. The guided range, together with commentary on business-line momentum, appeared to trigger investor concern and a sharp drop in the stock price.
Analyst reaction and business-line details
BMO Capitals Jeffrey Silber noted the company had "reported a narrow EPS miss, though this was against a higher bar," and added that "2026 guidance missed consensus." He called out Ratings specifically, saying the group's 4-7 percent organic constant currency growth guide was "weak." Silber said investors had expected a stronger year for issuance and ratings activity.
"Reported a narrow EPS miss, though this was against a higher bar," and "2026 guidance missed consensus." - Jeffrey Silber, BMO Capital
Stifels Shlomo Rosenbaum described the results as "mixed" and warned the stock was "likely to be pressured." Rosenbaum cited lower-than-expected free cash flow and guidance that falls below medium-term targets the company had provided in December. He emphasized that "2026 Revenue and EPS guidance is below expectations," and noted that revenue growth for three of the four retained operating units was beneath prior strategic ranges.
"2026 Revenue and EPS guidance is below expectations." - Shlomo Rosenbaum, Stifel
Market interpretation
The size of the pre-market decline suggests investors are wary of the headwinds facing S&P Global and, by extension, potential broader pressures on the financial data and analytics sector. The combination of a narrow quarterly EPS miss, revenue that only slightly beat estimates, a full-year EPS gain, and 2026 guidance that is below consensus has prompted a reassessment of near-term growth prospects for the group.
Where available detail is limited, observers have focused on the guidance ranges and the companys commentary around Ratings and retained operating-unit trends to interpret momentum across the business.