S&P Global shares fell Tuesday after the financial data company reported second quarter earnings that missed expectations despite stronger than expected revenue.

Adjusted earnings reached $4.83 per share, while revenue rose 10% from a year earlier to approximately $4.15 billion. Revenue came in slightly above analyst estimates, but the earnings shortfall weighed on the stock.

S&P Global shares traded around 4% lower later Tuesday after falling more sharply earlier in the session.

The company expects adjusted diluted earnings of between $17.50 and $17.75 per share for 2026, below the average analyst estimate cited by Bloomberg.

Management said the guidance reflects S&P Global’s continuing operations following the July 1 separation of its Mobility division. The company warned that the new forecast is not directly comparable with its previous guidance, which included a full year contribution from Mobility.

S&P Global said volatility linked to the US and Iran conflict created difficulties for its Energy division, particularly during contract renewals with large customers.

“The Iran conflict has complicated contract renewals among some very large customers,” Chief Executive Martina Cheung said.

The company chose to offer affected clients more flexibility on price increases and other contract terms during the disruption.

Energy revenue increased 3% during the quarter. Extreme commodity price volatility pressured subscriptions, one time sales, event attendance, and Global Trading Services.

Management said unusually large price swings can reduce trading activity even though more moderate volatility typically supports demand for its energy data and benchmarks.

Strength in S&P Global’s credit ratings business partially offset the Energy division slowdown.

Ratings revenue rose 17% from the previous year, while transaction revenue increased 25%. The division benefited from debt sales funding artificial intelligence infrastructure, data centers, acquisitions, and refinancing activity.

Large technology companies issued approximately $169 billion of debt during the first half of the year, already approaching S&P Global’s original full year assumption of about $200 billion.

The company now expects hyperscalers to issue between $250 billion and $300 billion of debt in 2026 as they continue funding AI infrastructure and data center expansion.

S&P Global also increased its planned share repurchases for 2026 by nearly $3 billion to more than $7 billion.

The company said strong cash flow and its balance sheet would allow it to repurchase shares equal to more than 5% of its market value.