What‘s Powering Your Services Recap - 7/2/26

研报英文原文证据摘录

What‘s Powering Your Services Recap - 7/2/26

Equity Research

2 July 2026 | 8:15AM PDT

AMERICAS BUSINESS & INFORMATION SERVICES

What’s Powering Your Services Recap - 7/2/26

George K. Tong, CFA

+1(415)249-7421 | george.tong@gs.com

Goldman Sachs & Co. LLC

Sami Nasir, CFA

+1(415)834-7967 | sami.nasir@gs.com

Anna WuThis week in Business & Information Services, SPGI completed the spin-off of its +1(415)249-7235 | anna.wu@gs.com

Mobility business, which we view as a positive catalyst for multiple expansion given a Goldman Sachs & Co. LLC

stronger margin profile, greater strategic focus and improved alignment with MCO. Alex+1(415)249-7072Lakritz | alex.lakritz@gs.com

Investor feedback was constructive, reflecting SPGI’s more pure-play exposure to Goldman Sachs & Co. LLC

financial and capital markets, improved capital allocation flexibility and sharper

investor targeting. FDS also reported F3Q results showing accelerating organic ASV

and revenue growth, offset by management’s implied deceleration in F4Q organic

growth and greater margin contraction than Street expectations. Despite the mixed

print, investor sentiment remained generally positive given traction in AI product

development and monetization, a shift toward enterprise contracts and positive

revenue estimate revisions. We additionally published our 2Q uniform rental

sentiment survey, which indicated accelerating revenue growth expectations driven

by new customer wins, cross-sell/upsell activity and no-programmer market

penetration, as well as lower fuel costs but higher labor costs. Investor sentiment on

CTAS remains positive, supported by potential strategic and cost benefits from the

pending $5.5bn UNF acquisition, though uncertainty remains around the FTC’s

second request for information.