S&P Global earnings miss sends shares tumbling as US-Iran War rattles energy division

S&P Global posted adjusted earnings per share of $4.83 for the second quarter of 2026, missing Bloomberg’s consensus estimate of $4.93. The culprit: an ongoing conflict between the US and Iran that has thrown a wrench into the company’s energy data and analytics business, specifically around contract renewals and pricing. Shares dropped as much as 7.7% during intraday trading on July 28, marking S&P Global’s worst single-day decline since February 10. Revenue came in at roughly $4.15 billion, representing a 10% year-over-year increase and slightly beating estimates of around $4 billion. CEO Martina Cheung pointed directly to the Iran conflict during the earnings call, explaining that it has complicated large customer contract renewals in the Energy division. S&P Global responded by adopting more flexible pricing and contract structures for affected customers. S&P Global now expects 2026 adjusted diluted EPS in the range of $17.50 to $17.75. Analysts had been modeling $18.67. That’s roughly a 5% haircut to expectations. Ratings business keeps the lights on The Ratings segment posted 17% revenue growth year over year. The driver behind that growth is hyperscaler debt ...