S&P Global shares plummeted more than 18% in pre-market trading Tuesday after the company reported fourth-quarter earnings that narrowly missed expectations and issued disappointing 2026 guidance. The financial data and analytics giant posted adjusted earnings per share of $4.30, falling short of consensus by $2 cents, while revenue of $3.92 billion slightly exceeded forecasts.

Despite full-year adjusted EPS rising 14% to $17.83, S&P Global projected 2026 adjusted EPS of $19.40 to $19.65, below the market's $19.96 consensus estimate. Analysts flagged mounting concerns over the pace of growth, particularly in the Ratings segment where the 4-7% organic constant currency growth guide disappointed investors who had hoped for stronger issuance and ratings activity.

The stock decline reflects investor anxiety about challenges facing S&P Global amid potential broader headwinds for the financial data and analytics industry. Analysts noted the guidance sits below medium-term targets provided in December, with revenue growth for three of four retained operating units beneath prior strategic ranges.