S&P Global Inc. stock research
FY2026 Q1
S&P Global (SPGI) Gross Margin & Quarterly History
Explore S&P Global Inc. (SPGI) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both increased compared to the immediately preceding quarter and the same quarter one year earlier, while cost of revenue remained stable. Gross margin improved relative to both prior periods, indicating that gross profit grew at a faster pace than revenue.
- The gross margin improvement was driven by gross profit rising more rapidly than revenue, with cost of revenue unchanged from the prior quarter and stable year-over-year.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was unchanged, and gross margin improved slightly. Relative to the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was unchanged, and gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
70.4%
Gross profit
$2.9B
Revenue
$4.2B
Cost of revenue
$1.2B
Quarter-over-quarter change
+0.3 pts
Year-over-year change
+0.9 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $3.8B | $2.6B | $1.1B | 70.2% |
| Sep 30, 2025 | $3.9B | $2.8B | $1.1B | 71.2% |
| Dec 31, 2025 | $3.9B | $2.7B | $1.2B | 70.1% |
| Mar 31, 2026 | $4.2B | $2.9B | $1.2B | 70.4% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
+0.3 pts
Year-over-year change
Mar 31, 2025
+0.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improvement was driven by gross profit rising more rapidly than revenue, with cost of revenue unchanged from the prior quarter and stable year-over-year.
Compared to the immediately preceding quarter, revenue and gross profit were higher, cost of revenue was unchanged, and gross margin improved slightly. Relative to the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was unchanged, and gross margin was higher.
Monitor whether cost of revenue remains stable if revenue continues to increase, as this pattern underpins the current margin improvement.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| S&P Global Inc. (SPGI) | 70.4% |