NYSE : SPGI
S&P Global Inc. — Financial statements
Financials · Financial Data & Stock Exchanges · United States
Last price 466.55 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 135.25B
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Financial statements
S&P Global Inc. (SPGI) reported revenue of 16.29B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 16.29B | 15.34B | 14.21B | 12.50B | 11.18B | 8.30B |
| Cost of Revenue | 4.73B | 4.56B | 4.36B | 4.14B | 3.75B | 2.18B |
| Gross Profit | 11.57B | 10.77B | 9.85B | 8.36B | 7.43B | 6.12B |
| Selling, General & Admin | 3.16B | 3.13B | 2.88B | 2.64B | 2.47B | 1.41B |
| Amortization of Goodwill & Intangibles | 1.09B | 1.07B | 1.08B | 1.04B | 905.00M | 96.00M |
| Operating Expenses | 4.38B | 4.31B | 4.05B | 3.78B | 3.49B | 1.58B |
| Operating Income | 7.18B | 6.46B | 5.79B | 4.57B | 3.94B | 4.53B |
| Interest Expense | -317.00M | -283.00M | -293.00M | -330.00M | -300.00M | -114.00M |
| Earnings From Equity Investments | 28.00M | 43.00M | 36.00M | 27.00M | ||
| Currency Exchange Gain (Loss) | -4.00M | -4.00M | -4.00M | -4.00M | -4.00M | -5.00M |
| EBT Excluding Unusual Items | 6.86B | 6.21B | 5.54B | 4.28B | 3.66B | 4.41B |
| Merger & Restructuring Charges | -161.00M | -205.00M | -258.00M | -498.00M | -903.00M | -274.00M |
| Gain (Loss) on Sale of Investments | 277.00M | 287.00M | 60.00M | -85.00M | 59.00M | 17.00M |
| Gain (Loss) on Sale of Assets | 383.00M | 1.90B | 11.00M | |||
| Asset Writedown | -21.00M | -22.00M | -3.00M | -21.00M | -18.00M | -3.00M |
| Legal Settlements | 3.00M | 3.00M | -20.00M | |||
| Other Unusual Items | -15.00M | -42.00M | -9.00M | 2.00M | ||
| Pretax Income | 7.33B | 6.23B | 5.31B | 3.67B | 4.70B | 4.16B |
| Income Tax Expense | 1.71B | 1.41B | 1.14B | 778.00M | 1.18B | 901.00M |
| Earnings From Continuing Operations | 5.62B | 4.82B | 4.17B | 2.89B | 3.52B | 3.26B |
| Minority Interest in Earnings | -413.00M | -349.00M | -315.00M | -267.00M | -274.00M | -239.00M |
| Net Income | 4.99B | 4.47B | 3.85B | 2.63B | 3.25B | 3.02B |
| Net Income to Common | 4.99B | 4.47B | 3.85B | 2.63B | 3.25B | 3.02B |
| Shares Outstanding (Basic) | 296.48M | 304.80M | 311.60M | 318.40M | 316.90M | 240.80M |
| Shares Outstanding (Diluted) | 296.70M | 305.10M | 311.90M | 318.90M | 318.50M | 241.80M |
| EPS (Basic) | 16.82 | 14.67 | 12.36 | 8.25 | 10.25 | 12.56 |
| EPS (Diluted) | 16.81 | 14.66 | 12.35 | 8.23 | 10.20 | 12.51 |
| Free Cash Flow | 5.67B | 5.46B | 5.57B | 3.57B | 2.51B | 3.56B |
| Free Cash Flow Per Share | 19.13 | 17.88 | 17.84 | 11.19 | 7.89 | 14.73 |
| Dividend Per Share | 3.87 | 3.84 | 3.64 | 3.60 | 3.32 | 3.08 |
| Gross Margin | 70.99% | 70.25% | 69.31% | 66.86% | 66.43% | 73.72% |
| Operating Margin | 44.09% | 42.16% | 40.77% | 36.59% | 35.25% | 54.62% |
| Profit Margin | 30.60% | 29.15% | 27.11% | 21.01% | 29.05% | 36.45% |
| Free Cash Flow Margin | 34.83% | 35.58% | 39.17% | 28.54% | 22.48% | 42.94% |
| EBITDA | 8.40B | 7.64B | 6.96B | 5.72B | 4.95B | 4.71B |
| EBITDA Margin | 51.57% | 49.84% | 49.02% | 45.74% | 44.31% | 56.77% |
| D&A For EBITDA | 1.22B | 1.18B | 1.17B | 1.14B | 1.01B | 178.00M |
| EBIT | 7.18B | 6.46B | 5.79B | 4.57B | 3.94B | 4.53B |
| EBIT Margin | 44.09% | 42.16% | 40.77% | 36.59% | 35.25% | 54.62% |
| Effective Tax Rate | 23.32% | 22.60% | 21.50% | 21.19% | 25.10% | 21.64% |
| Advertising Expenses | 252.00M | 229.00M | 209.00M | 177.00M | 39.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.44B | 1.75B | 1.67B | 1.29B | 1.29B | 6.50B |
| Short-Term Investments | 56.00M | 20.00M | 26.00M | 14.00M | 11.00M | |
| Cash & Short-Term Investments | 2.44B | 1.80B | 1.69B | 1.32B | 1.30B | 6.51B |
| Receivables | 3.10B | 3.44B | 2.87B | 2.83B | 2.49B | 1.65B |
| Prepaid Expenses | 869.00M | 845.00M | 902.00M | 922.00M | 566.00M | 311.00M |
| Restricted Cash | 1.00M | 1.00M | 8.00M | |||
| Other Current Assets | 7.00M | 209.00M | 4.00M | 78.00M | 1.31B | 333.00M |
| Total Current Assets | 6.42B | 6.30B | 5.46B | 5.14B | 5.67B | 8.81B |
| Property, Plant & Equipment | 578.00M | 691.00M | 678.00M | 637.00M | 720.00M | 667.00M |
| Long-Term Investments | 624.00M | 603.00M | 1.77B | 1.92B | 1.90B | 165.00M |
| Goodwill | 27.60B | 36.48B | 34.92B | 34.85B | 34.55B | 3.51B |
| Other Intangible Assets | 11.94B | 16.45B | 16.69B | 17.51B | 18.38B | 1.33B |
| Long-Term Deferred Tax Assets | 64.00M | 81.00M | 56.00M | |||
| Other Long-Term Assets | 883.00M | 682.00M | 703.00M | 467.00M | 499.00M | 494.00M |
| Total Assets | 48.03B | 61.20B | 60.22B | 60.59B | 61.78B | 15.03B |
| Accounts Payable | 507.00M | 610.00M | 553.00M | 557.00M | 450.00M | 205.00M |
| Accrued Expenses | 720.00M | 1.03B | 1.10B | 906.00M | 753.00M | 607.00M |
| Short-Term Debt | 700.00M | 715.00M | 226.00M | |||
| Current Portion of Long-Term Debt | 1.75B | 3.00M | 4.00M | 47.00M | ||
| Current Portion of Leases | 118.00M | 124.00M | 109.00M | 105.00M | 118.00M | 96.00M |
| Current Income Taxes Payable | 247.00M | 180.00M | 199.00M | 121.00M | 116.00M | 90.00M |
| Current Unearned Revenue | 3.77B | 4.09B | 3.69B | 3.46B | 3.13B | 2.22B |
| Other Current Liabilities | 911.00M | 883.00M | 730.00M | 928.00M | 1.21B | 600.00M |
| Total Current Liabilities | 8.72B | 7.64B | 6.39B | 6.12B | 6.00B | 3.81B |
| Long-Term Debt | 10.61B | 12.37B | 11.39B | 11.41B | 10.73B | 4.38B |
| Long-Term Leases | 403.00M | 494.00M | 535.00M | 541.00M | 577.00M | 492.00M |
| Pension & Post-Retirement Benefits | 175.00M | 178.00M | 180.00M | 199.00M | 180.00M | 262.00M |
| Long-Term Deferred Tax Liabilities | 2.18B | 3.26B | 3.40B | 3.69B | 4.07B | 147.00M |
| Other Long-Term Liabilities | 764.00M | 1.11B | 815.00M | 522.00M | 489.00M | 390.00M |
| Total Liabilities | 22.85B | 25.05B | 22.71B | 22.49B | 22.04B | 9.49B |
| Common Stock | 415.00M | 415.00M | 415.00M | 415.00M | 415.00M | 294.00M |
| Additional Paid-In Capital | 44.02B | 44.12B | 44.32B | 44.23B | 44.42B | 1.03B |
| Retained Earnings | 16.48B | 23.67B | 20.98B | 18.73B | 17.78B | 15.02B |
| Treasury Stock | -40.41B | -36.37B | -31.67B | -28.41B | -25.35B | -13.47B |
| Comprehensive Income & Other | -802.00M | -697.00M | -883.00M | -763.00M | -886.00M | -841.00M |
| Total Common Equity | 19.71B | 31.13B | 33.16B | 34.20B | 36.39B | 2.03B |
| Minority Interest | 5.47B | 5.03B | 4.35B | 3.90B | 3.36B | 3.50B |
| Shareholders' Equity | 25.18B | 36.15B | 37.51B | 38.10B | 39.74B | 5.54B |
| Total Liabilities & Equity | 48.03B | 61.20B | 60.22B | 60.59B | 61.78B | 15.03B |
| Total Debt | 13.58B | 13.71B | 12.04B | 12.11B | 11.65B | 4.97B |
| Net Cash (Debt) | -11.14B | -11.90B | -10.36B | -10.79B | -10.35B | 1.54B |
| Net Cash Per Share | -37.55 | -39.02 | -33.20 | -33.83 | -32.50 | 6.35 |
| Filing Date Shares Outstanding | 289.90M | 298.80M | 307.80M | 314.10M | 322.00M | 241.10M |
| Total Common Shares Outstanding | 289.90M | 298.80M | 307.80M | 314.10M | 321.90M | 241.00M |
| Working Capital | -2.30B | -1.34B | -933.00M | -982.00M | -332.00M | 5.00B |
| Book Value Per Share | 67.99 | 104.17 | 107.73 | 108.88 | 113.04 | 8.43 |
| Tangible Book Value | -19.82B | -21.80B | -18.45B | -18.16B | -16.53B | -2.80B |
| Tangible Book Value Per Share | -68.37 | -72.96 | -59.94 | -57.81 | -51.36 | -11.63 |
| Buildings | 444.00M | 433.00M | 424.00M | 468.00M | 346.00M | |
| Machinery | 695.00M | 655.00M | 628.00M | 688.00M | 515.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.99B | 4.47B | 3.85B | 2.63B | 3.25B | 3.02B |
| Depreciation & Amortization | 1.22B | 1.18B | 1.17B | 1.14B | 1.01B | 178.00M |
| Loss (Gain) From Sale of Assets | -383.00M | -3.00M | -59.00M | 70.00M | -1.90B | -11.00M |
| Asset Writedown & Restructuring Costs | 324.00M | 324.00M | 206.00M | 246.00M | 319.00M | 89.00M |
| Loss (Gain) From Sale of Investments | -273.00M | -270.00M | ||||
| Stock-Based Compensation | 208.00M | 236.00M | 247.00M | 171.00M | 214.00M | 122.00M |
| Provision & Write-off of Bad Debts | 50.00M | 39.00M | 43.00M | 28.00M | 24.00M | 14.00M |
| Other Operating Activities | 245.00M | 107.00M | -8.00M | -114.00M | -79.00M | 252.00M |
| Change in Accounts Receivable | -529.00M | -600.00M | -79.00M | -291.00M | 36.00M | -144.00M |
| Change in Accounts Payable | 146.00M | -55.00M | 245.00M | 328.00M | 43.00M | 38.00M |
| Change in Unearned Revenue | 182.00M | 327.00M | 222.00M | 352.00M | 37.00M | 198.00M |
| Change in Income Taxes | 136.00M | 100.00M | 192.00M | -175.00M | -135.00M | -36.00M |
| Change in Other Net Operating Assets | -316.00M | -204.00M | -345.00M | -674.00M | -219.00M | -126.00M |
| Operating Cash Flow | 5.83B | 5.65B | 5.69B | 3.71B | 2.60B | 3.60B |
| Capital Expenditures | -155.00M | -195.00M | -124.00M | -143.00M | -89.00M | -35.00M |
| Cash Acquisitions | -2.18B | -2.02B | -305.00M | -296.00M | 210.00M | -99.00M |
| Divestitures | 697.00M | 49.00M | 168.00M | 1.01B | 3.51B | 16.00M |
| Investment in Securities | 1.49B | 1.47B | 6.00M | -13.00M | -2.00M | -2.00M |
| Investing Cash Flow | -147.00M | -704.00M | -255.00M | 562.00M | 3.63B | -120.00M |
| Short-Term Debt Issued | 715.00M | |||||
| Long-Term Debt Issued | 993.00M | 744.00M | 5.39B | |||
| Total Debt Issued | 3.68B | 1.71B | 744.00M | 5.39B | ||
| Short-Term Debt Repaid | -188.00M | -32.00M | ||||
| Long-Term Debt Repaid | -4.00M | -47.00M | -3.70B | |||
| Total Debt Repaid | -18.00M | -4.00M | -47.00M | -188.00M | -3.73B | |
| Net Debt Issued (Repaid) | 3.66B | 1.70B | -47.00M | 556.00M | 1.67B | |
| Issuance of Common Stock | 13.00M | |||||
| Repurchase of Common Stock | -6.78B | -5.13B | -3.42B | -3.40B | -12.11B | -56.00M |
| Common Dividends Paid | -1.15B | -1.17B | -1.13B | -1.15B | -1.02B | -743.00M |
| Other Financing Activities | -561.00M | -331.00M | -394.00M | -289.00M | 140.00M | -227.00M |
| Financing Cash Flow | -4.82B | -4.93B | -5.00B | -4.28B | -11.33B | -1.01B |
| Foreign Exchange Rate Adjustments | -45.00M | 62.00M | -61.00M | 12.00M | -123.00M | -82.00M |
| Net Cash Flow | 819.00M | 79.00M | 375.00M | 4.00M | -5.22B | 2.38B |
| Free Cash Flow | 5.67B | 5.46B | 5.57B | 3.57B | 2.51B | 3.56B |
| Free Cash Flow Margin | 34.83% | 35.58% | 39.17% | 28.54% | 22.48% | 42.94% |
| Free Cash Flow Per Share | 19.13 | 17.88 | 17.84 | 11.19 | 7.89 | 14.73 |
| Levered Free Cash Flow | 6.04B | 4.88B | 5.09B | 4.68B | 3.28B | 2.83B |
| Unlevered Free Cash Flow | 6.24B | 5.05B | 5.28B | 4.89B | 3.47B | 2.90B |
| Cash Interest Paid | 390.00M | 390.00M | 391.00M | 369.00M | 240.00M | 130.00M |
| Cash Income Tax Paid | 1.50B | 1.50B | 1.16B | 1.28B | 1.55B | 883.00M |
| Change in Working Capital | -381.00M | -432.00M | 235.00M | -460.00M | -238.00M | -70.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 137.75B | 158.24B | 154.37B | 139.56B | 109.12B | 113.68B |
| Enterprise Value | 148.89B | 173.12B | 169.12B | 153.63B | 122.46B | 115.92B |
| Last Close Price | 475.17 | 490.90 | 464.40 | 407.60 | 306.94 | 428.59 |
| PE Ratio | 28.26 | 35.39 | 40.08 | 53.14 | 33.60 | 37.59 |
| Forward PE | 24.44 | 27.05 | 30.80 | 31.78 | 28.21 | 33.66 |
| PS Ratio | 8.45 | 10.32 | 10.87 | 11.17 | 9.76 | 13.70 |
| PB Ratio | 6.99 | 4.38 | 4.12 | 3.66 | 2.75 | 20.53 |
| P/FCF Ratio | 24.27 | 29.00 | 27.74 | 39.12 | 43.41 | 31.91 |
| P/OCF Ratio | 23.63 | 28.00 | 27.14 | 37.62 | 41.92 | 31.59 |
| PEG Ratio | 1.94 | 2.36 | 2.15 | 2.62 | 2.00 | 2.35 |
| EV/Sales Ratio | 9.14 | 11.29 | 11.90 | 12.29 | 10.95 | 13.97 |
| EV/EBITDA Ratio | 17.72 | 22.65 | 24.28 | 26.88 | 24.72 | 24.61 |
| EV/EBIT Ratio | 20.73 | 26.78 | 29.20 | 33.59 | 31.07 | 25.58 |
| EV/FCF Ratio | 26.24 | 31.73 | 30.39 | 43.07 | 48.71 | 32.53 |
| Debt / Equity Ratio | 0.54 | 0.38 | 0.32 | 0.32 | 0.29 | 0.90 |
| Debt / EBITDA Ratio | 1.60 | 1.77 | 1.70 | 2.07 | 2.29 | 1.03 |
| Debt / FCF Ratio | 2.39 | 2.51 | 2.16 | 3.39 | 4.63 | 1.40 |
| Net Debt / Equity Ratio | 0.44 | 0.33 | 0.28 | 0.28 | 0.26 | -0.28 |
| Net Debt / EBITDA Ratio | 1.33 | 1.56 | 1.49 | 1.89 | 2.09 | -0.33 |
| Net Debt / FCF Ratio | 1.96 | 2.18 | 1.86 | 3.02 | 4.12 | -0.43 |
| Asset Turnover | 0.30 | 0.25 | 0.23 | 0.20 | 0.29 | 0.60 |
| Quick Ratio | 0.64 | 0.69 | 0.71 | 0.68 | 0.63 | 2.14 |
| Current Ratio | 0.74 | 0.82 | 0.85 | 0.84 | 0.94 | 2.31 |
| Return on Equity (ROE) | 17.88% | 13.09% | 11.02% | 7.43% | 15.56% | 73.42% |
| Return on Assets (ROA) | 8.33% | 6.66% | 5.99% | 4.67% | 6.41% | 20.55% |
| Return on Invested Capital (ROIC) | 13.03% | 10.43% | 9.40% | 7.28% | 10.91% | 88.91% |
| Return on Capital Employed (ROCE) | 18.30% | 12.10% | 10.80% | 8.40% | 7.10% | 40.40% |
| Earnings Yield | 3.54% | 2.83% | 2.50% | 1.88% | 2.98% | 2.66% |
| FCF Yield | 4.12% | 3.45% | 3.60% | 2.56% | 2.30% | 3.13% |
| Dividend Yield | 0.82% | 0.73% | 0.73% | 0.81% | 0.98% | 0.65% |
| Payout Ratio | 23.08% | 26.17% | 29.44% | 43.68% | 31.53% | 24.57% |
| Buyback Yield / Dilution | 3.29% | 2.18% | 2.20% | -0.13% | -31.72% | 0.12% |
| Total Shareholder Return | 4.11% | 2.90% | 2.92% | 0.68% | -30.74% | 0.78% |