- Price
- $394.47 → $407.82(+3.4%)
- Discount
- 24.9% → 22.3%(−2.5 pts)
- Balance sheet
- Cash: $4.1B
Debt: $15.2B
Net debt: $11.1B
Interest cover: 24×
Undrawn credit line: $2.0B, to December 2029
Last debt due: 2062
Ratings: Moody's A3 (stable outlook)
S&P Global funds itself with cash from its ratings, index and data businesses. It also uses, and with unsecured notes that the parent company issues and its ratings subsidiary guarantees. Management plans buybacks of more than $7 billion in 2026 and expects leverage to rise above its target before it falls in 2027. At June 30, 2026, reported debt was $15.2 billion, mostly fixed-rate notes due from 2027 to 2062, plus $825 million of commercial paper. But $2.0 billion of this debt was Mobility Global notes, which left with Mobility at the July 1, 2026 spin-off. Before the spin-off, Mobility paid S&P Global a dividend of about $2 billion, and S&P Global kept it. Cash was $4.1 billion. In theInterest cover is first half of 2026, operating profit plus depreciation and amortization wasof $4.4 billion, and over net interest expense was onlyof $182 million. AnThe undrawn $2.0 billion credit line to December 2029 backs the commercial paper. Moody's last affirmed its A3 rating with a stable outlook in 2022, after the IHS Markit merger. The balance sheet also carries $5.0 billion of redeemable noncontrolling interest for CME Group's 27% share of S&P Dow Jones Indices. CME can at any time make S&P Global buy part of that share at fair value. This is a possible cash call that does not show as debt. Management plans to buy back more than $7 billion of stock in 2026,The buyback plan is about five times the $1.5 billion it bought in the first half. Reports of the Q2 earnings call said management expects to borrow about $2 billion more to pay for the buybacks. The same reports said management expects gross leverage of 2.7 to 2.8 times EBITDA at year end, above its 2.0 to 2.5 times target. Management then plans to bring leverage down in 2027.
As of 2026-06-30.