SPGI) And The Rest Of The Financial Exchanges & Data Segment
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SPGI) And The Rest Of The Financial Exchanges & Data Segment
09 mins
Let’s dig into the relative performance of S&P Global (NYSE:SPGI) and its peers as we unravel the now-completed Q4 financial exchanges & data earnings season.
Financial exchanges and data providers operate trading platforms and sell market information. They enjoy relatively stable revenue from trading fees and subscriptions, increasing demand for data analytics, and expansion opportunities in emerging markets. Challenges include regulatory oversight of market structure, competition from alternative trading venues, and substantial technology investments needed to maintain low-latency trading infrastructure and data security.
The 10 financial exchanges & data stocks we track reported a satisfactory Q4. As a group, revenues beat analysts’ consensus estimates by 0.8%.
In light of this news, share prices of the companies have held steady as they are up 1.2% on average since the latest earnings results.
Tracing its roots back to 1860 when it published the first railroad industry manual, S&P Global (NYSE:SPGI) provides credit ratings, market intelligence, commodity data, automotive analytics, and financial indices that help investors and businesses make decisions.
S&P Global reported revenues of $3.92 billion, up 9% year on year. This print was in line with analysts’ expectations, but overall, it was a slower quarter for the company with full-year EPS guidance meeting analysts’ expectations and a miss of analysts’ EPS estimates.
S&P Global Total Revenue
Unsurprisingly, the stock is down 4.8% since reporting and currently trades at $422.88.
Founded in 1984 by Joe Mansueto with just $80,000 in personal savings, Morningstar (NASDAQ:MORN) provides independent investment data, research, and analysis tools that help investors, advisors, and institutions make informed financial decisions.
Morningstar reported revenues of $641.1 million, up 8.5% year on year, outperforming analysts’ expectations by 2.2%. The business had an exceptional quarter with a beat of analysts’ EPS and EBITDA estimates.
Morningstar Total Revenue
Morningstar scored the biggest analyst estimates beat among its peers. The market seems happy with the results as the stock is up 10.4% since reporting. It currently trades at $169.99.
Pioneering the shift from phone-based to electronic bond trading since 2000, MarketAxess (NASDAQ:MKTX) operates electronic trading platforms that enable institutional investors and broker-dealers to efficiently trade fixed-income securities like corporate and government bonds.
MarketAxess reported revenues of $209.4 million, up 3.5% year on year, falling short of analysts’ expectations by 0.9%. It was a mixed quarter as it posted a beat of analysts’ EPS estimates but a slight miss of analysts’ EBITDA estimates.
MarketAxess delivered the weakest performance against analyst estimates and slowest revenue growth in the group. The stock is flat since the results and currently trades at $163.80.
Originally founded in 1971 as the world’s first electronic stock market, Nasdaq (NASDAQ:NDAQ) operates global exchanges and provides technology, data, and corporate services that help companies, investors, and financial institutions navigate capital markets.
Nasdaq reported revenues of $1.39 billion, up 13.4% year on year. This print topped analysts’ expectations by 1.4%. Overall, it was a strong quarter as it also recorded a beat of analysts’ EPS estimates and a narrow beat of analysts’ revenue estimates.
Nasdaq pulled off the fastest revenue growth among its peers. The stock is down 14% since reporting and currently trades at $84.90.
Founded in 1900 during America’s railroad boom when investors needed reliable information on bond risks, Moody’s (NYSE:MCO) provides credit ratings, risk assessment tools, and analytical solutions that help organizations evaluate financial risks and make informed investment decisions.
Moody’s reported revenues of $1.89 billion, up 13% year on year. This result beat analysts’ expectations by 1.6%. It was a strong quarter as it also produced full-year EPS guidance meeting analysts’ expectations and a beat of analysts’ EPS estimates.
The stock is up 3.7% since reporting and currently trades at $438.82.
Late in 2025 into early 2026, there was hand wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?
These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.
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