S&P Global
S&P Global stays unusually durable against AI disruption because ratings and index revenue rest on regulatory and franchise legitimacy rather than on analytical difficulty. Q2 2026, reported July 28, grew revenue 11% YoY and adjusted EPS 23%, with Ratings +17% and Indices +20%. Kensho's LLM-ready API client base reached 500-plus, up 70% in a quarter, with API call volume roughly 5x sequentially - a continuation of the trajectory already priced in rather than a step-change. The Technology and Data franchise grew 8%, but that figure bundles the With Intelligence acquisition and is not a clean AI-attribution number.
Scenarios
Credit ratings carry regulatory moat AI cannot disintermediate. AI-ready data renewals at +35-45% pricing premium is monetization at scale, not pilot revenue.
If AI models offer 'good enough' credit assessments, regulatory pressure for AI-native rating agencies could emerge by 2028-2030.
Key Factors to Watch
- ●Kensho-LLM 300+ customers/trials; API volume +5x QoQ; AI-ready data renewals at +35-45% price premium
- ●Q1 2026 revenue $4.17B (+10% YoY), adj. EPS +14% — beats on revenue and EPS
- ●Credit ratings regulatory moat (NRSRO) is AI-proof near-to-medium term; Capital IQ Pro generative-AI upgrades ongoing
- ●Kensho Link next evolution (April 2026) — multilingual matching, deeper corporate-structure intelligence
Score History
| Date | Score | Direction | Note |
|---|---|---|---|
| 2026-05-30 | 8.1 | Very Positive | Score 7.9→8.1 (are 8→9). Direction crosses positive→very_positive on Q1 2026 print + monetization evidence: AI-ready data renewals at +35-45% pricing premium, Kensho-LLM 300+ customers with API volume +5x QoQ. Revenue $4.17B (+10% YoY), adj. EPS +14% — beats on revenue and EPS. Cleared materiality gate with concrete pricing-power signal, not pilot commentary. |
| 2026-04-10 | 7.9 | Positive | Score 7.8→7.9 (rounding drift correction — dimensions unchanged, formula recomputed to match stored value) |
| 2026-03-08 | 7.8 | Positive | Score 8.0->7.8 (are 9->8). External research cross-ref: Kensho AI hub powers products directly but core is ratings/data subscriptions (are=8 not 9) |
| 2026-03-08 | 8.0 | Very Positive | Initial assessment from batch 2 research |
Finance Peers
Last researched: 2026-09-12
This is research and analysis, not financial advice. Scores reflect AI impact potential, not investment recommendations.