Financials · CIK 0000064040

SPGI S&P Global

Moderate positive

S&P Global's management tone tended to become more positive when quarterly net income improved.

Relationship strength (, primary)

0.51

Sample

13 quarterly observations

More established sample

Multiple-testing check

Does not remain notable after adjusting for hundreds of tests. Why?

Pearson (secondary): 0.44 Why show both?

The analysis measures a same-filing relationship, not a forecast. Limitations

Tone vs earnings change

Each dot represents one 10-Q filing. Points farther right have more positive MD&A tone. Points higher on the chart had stronger year-over-year net income growth, after extreme percent changes are capped. Upper-right and lower-left points indicate tone and earnings moving in the same direction. How to read this chart

Direction agreement

Tone and earnings moved in the same direction in 9 of 10 comparable quarters.

9 / 10 direction agreement

How is agreement calculated?

Statistical details (Pearson, p-values, q, confidence interval)

Spearman ρ (exact)	0.511 (p=0.074)
Pearson r	0.442 (p=0.130)
95% CI (Pearson)	[-0.14, 0.80]
FDR q	0.370
Sample size (n)	13 · More established sample
Agreement	9 / 10 (9 / 10)

Revenue analysis (secondary metric)

Secondary to net income because revenue concepts are less comparable across some industries.

Revenue comparison not used

Revenue comparison is not used for this industry because companies report revenue-like concepts differently.

Why?

Annual 10-K analysis (secondary analysis)

Annual samples are shorter and are not mixed into the default quarterly board.

Relationship

Relationship not available

Spearman

n/a

Pearson

n/a

Sample

3 annual observations

Filing history

Tone shown to three decimals so small nonzero values stay visible.

Quarterly (10-Q)

Date	Form	Tone	Net income YoY	Revenue YoY
Jul 28, 2026	10-Q	+0.203	n/a	n/a
Apr 28, 2026	10-Q	+0.174	+28.0%	n/a
Oct 30, 2025	10-Q	+0.153	+21.1%	n/a
Aug 1, 2025	10-Q	+0.104	+6.0%	n/a
Apr 29, 2025	10-Q	+0.085	+10.0%	n/a
Oct 25, 2024	10-Q	+0.141	+30.9%	n/a
Jul 30, 2024	10-Q	+0.123	+97.8%	n/a
Apr 25, 2024	10-Q	+0.182	+24.7%	n/a
Nov 2, 2023	10-Q	+0.117	+22.0%	n/a
Jul 27, 2023	10-Q	+0.046	-47.4%	n/a
Apr 27, 2023	10-Q	+0.061	-35.6%	n/a
Oct 28, 2022	10-Q	-0.023	-23.7%	n/a
Aug 3, 2022	10-Q	+0.031	+21.8%	n/a
May 4, 2022	10-Q	+0.056	+63.6%	n/a
Oct 26, 2021	10-Q	+0.297	n/a	n/a

Annual (10-K)

Date	Form	Tone	Net income YoY	Revenue YoY
Feb 11, 2026	10-K	+0.069	n/a	n/a
Feb 11, 2025	10-K	+0.077	n/a	n/a
Feb 9, 2024	10-K	+0.047	-19.2%	n/a
Feb 10, 2023	10-K	+0.120	+7.4%	n/a
Feb 8, 2022	10-K	+0.201	+29.3%	n/a