S&P Global (SPGI) Financials

$547.67 -2.20 (-0.40%)

Closing price 08/28/2025 03:59 PM Eastern

Extended Trading

$547.64 -0.04 (-0.01%)

As of 05:44 AM Eastern

Annual Income Statements for S&P Global

This table shows S&P Global's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-115	1,156	2,106	1,496	1,958	2,123	2,339	3,024	3,248	2,626	3,852
Consolidated Net Income / (Loss)	-13	1,268	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167
Net Income / (Loss) Continuing Operations	-191	1,268	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167
Total Pre-Tax Income	54	1,815	3,188	2,461	2,681	2,930	3,228	4,164	4,702	3,671	5,308
Total Operating Income	113	1,917	3,341	2,583	2,790	3,226	3,617	4,221	4,944	4,020	5,580
Total Gross Profit	3,400	3,595	3,888	4,369	4,420	4,723	5,348	6,117	7,428	8,356	9,817
Total Revenue	5,051	5,313	5,661	6,063	6,258	6,699	7,442	8,297	11,181	12,497	14,208
Operating Revenue	5,051	5,313	5,661	6,063	6,258	6,699	7,442	8,297	11,181	12,497	14,208
Total Cost of Revenue	1,651	1,718	1,773	1,694	1,838	1,976	2,094	2,180	3,753	4,141	4,391
Operating Cost of Revenue	1,651	1,718	1,773	1,694	1,838	1,976	2,094	2,180	3,753	4,141	4,391
Total Operating Expenses	3,287	1,678	547	1,786	1,630	1,497	1,731	1,896	2,511	4,372	4,280
Selling, General & Admin Expense	3,144	1,532	1,467	1,606	1,424	1,342	1,541	1,729	3,396	3,159	3,166
Depreciation Expense	86	90	85	82	84	82	83	82	108	101	96
Amortization Expense	48	67	96	98	122	122	123	96	905	1,042	1,077
Other Operating Expenses / (Income)	-	-	-1,101	-	0.00	-	-	-11	-1,898	70	-59
Total Other Income / (Expense), net	-59	-102	-153	-122	-109	-296	-389	-57	-215	-313	-229
Interest Expense	59	102	181	149	134	198	420	119	312	334	297
Interest & Investment Income	-	-	-	-	-	-	0.00	0.00	27	36	43
Other Income / (Expense), net	-	-	28	27	25	-98	31	62	70	-15	25
Income Tax Expense	245	547	960	823	560	627	694	901	1,180	778	1,141
Net Income / (Loss) Attributable to Noncontrolling Interest	102	112	122	142	163	180	195	239	274	267	315
Basic Earnings per Share	($0.42)	$4.26	$8.02	$5.84	$7.80	$8.65	$9.71	$12.56	$10.25	$8.25	$12.36
Weighted Average Basic Shares Outstanding	271.50M	271.60M	262.80M	256.30M	250.90M	245.40M	241M	240.80M	316.90M	318.40M	311.60M
Diluted Earnings per Share	($0.42)	$4.21	$7.94	$5.78	$7.73	$8.60	$9.66	$12.51	$10.20	$8.23	$12.35
Weighted Average Diluted Shares Outstanding	271.50M	274.60M	265.20M	258.90M	253.20M	246.90M	242.10M	241.80M	318.50M	318.90M	311.90M
Weighted Average Basic & Diluted Shares Outstanding	273.80M	271.40M	0.00	0.00	0.00	0.00	240.70M	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$1.20	$1.32	$1.44	$1.64	$2.00	$2.28	$2.68	$3.08	$3.32	-	$3.64

This table shows S&P Global's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	433	795	511	742	578	991	1,011	971	879	1,090	1,072
Consolidated Net Income / (Loss)	494	860	575	814	644	1,068	1,085	1,047	967	1,171	1,160
Net Income / (Loss) Continuing Operations	494	860	575	814	644	1,068	1,085	1,047	967	1,171	1,160
Total Pre-Tax Income	621	1,048	834	995	794	1,316	1,378	1,360	1,254	1,496	1,502
Total Operating Income	720	1,144	911	1,074	891	1,385	1,452	1,434	1,309	1,578	1,551
Total Gross Profit	1,930	2,072	2,075	2,089	2,120	2,380	2,471	2,503	2,479	2,624	2,636
Total Revenue	2,938	3,160	3,101	3,084	3,152	3,491	3,549	3,575	3,593	3,777	3,755
Operating Revenue	2,938	3,160	3,101	3,084	3,152	3,491	3,549	3,575	3,593	3,777	3,755
Total Cost of Revenue	1,008	1,088	1,026	995	1,032	1,111	1,078	1,072	1,114	1,153	1,119
Operating Cost of Revenue	1,008	1,088	1,026	995	1,032	1,111	1,078	1,072	1,114	1,153	1,119
Total Operating Expenses	1,220	942	1,175	1,023	1,232	1,001	1,032	1,080	1,183	1,057	1,096
Selling, General & Admin Expense	945	705	771	741	942	714	741	808	919	764	803
Depreciation Expense	15	25	24	22	30	23	25	22	26	25	26
Amortization Expense	260	262	261	260	259	264	266	271	276	268	270
Other Operating Expenses / (Income)	-	-50	119	0.00	1.00	-	0.00	-21	-38	-	-3.00
Total Other Income / (Expense), net	-89	-82	-66	-71	-94	-63	-61	-63	-42	-71	-38
Interest Expense	79	85	88	84	77	78	77	72	70	78	77
Interest & Investment Income	7.00	14	11	8.00	3.00	6.00	13	11	13	11	11
Other Income / (Expense), net	-17	-11	11	5.00	-20	9.00	3.00	-2.00	15	-4.00	28
Income Tax Expense	127	188	259	181	150	248	293	313	287	325	342
Net Income / (Loss) Attributable to Noncontrolling Interest	61	65	64	72	66	77	74	76	88	81	88
Basic Earnings per Share	$1.05	$2.47	$1.60	$2.34	$1.84	$3.16	$3.23	$3.12	$2.85	$3.55	$3.50
Weighted Average Basic Shares Outstanding	316.90M	321.30M	319.30M	317.50M	318.40M	313.60M	313M	311.20M	311.60M	307.30M	305.90M
Diluted Earnings per Share	$1.03	$2.47	$1.60	$2.33	$1.83	$3.16	$3.23	$3.11	$2.85	$3.54	$3.50
Weighted Average Diluted Shares Outstanding	318.50M	322.10M	319.80M	318M	318.90M	314M	313.20M	311.50M	311.90M	307.70M	306.10M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	-	$0.90	$0.90	$0.90	-	$0.91	$0.91	$0.91	-	$0.96	$0.96

This table details how cash moves in and out of S&P Global's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	955	-857	911	300	-821	928	1,236	2,383	-5,218	4.00	375
Net Cash From Operating Activities	1,209	227	1,560	2,016	2,064	2,776	3,567	3,598	2,603	3,710	5,689
Net Cash From Continuing Operating Activities	1,209	356	1,560	2,020	2,064	2,776	3,567	3,598	2,603	3,710	5,689
Net Income / (Loss) Continuing Operations	-191	1,268	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167
Consolidated Net Income / (Loss)	-13	1,268	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167
Depreciation Expense	86	90	85	82	84	82	83	82	108	101	96
Amortization Expense	48	67	96	98	122	122	123	96	905	1,042	1,077
Non-Cash Adjustments To Reconcile Net Income	156	132	-986	211	60	481	580	412	-1,304	867	659
Changes in Operating Assets and Liabilities, net	1,110	-1,201	137	-9.00	-323	-212	247	-255	-628	-1,193	-310
Net Cash From Investing Activities	-65	-2,525	1,171	-209	-513	-131	-240	-120	3,628	562	-255
Net Cash From Continuing Investing Activities	-65	-2,525	1,171	-209	-513	-131	-240	-120	3,628	562	-255
Purchase of Property, Plant & Equipment	-92	-139	-115	-123	-113	-115	-76	-35	-89	-143	-124
Acquisitions	-71	-2,396	-177	-83	-401	-91	-201	-99	210	-296	-305
Purchase of Investments	15	-4.00	-1.00	-5.00	-5.00	-10	19	-2.00	-2.00	-13	6.00
Divestitures	-	-	-	-	-	-	-	-	3,509	1,014	168
Net Cash From Financing Activities	-462	1,441	-1,662	-1,507	-2,288	-1,751	-2,166	-1,013	-11,326	-4,280	-4,998
Net Cash From Continuing Financing Activities	-462	1,349	-1,662	-1,507	-2,288	-1,751	-2,166	-1,013	-11,326	-4,280	-4,998
Repayment of Debt	0.00	143	-564	0.00	-403	-868	-1,394	0.00	-3,730	-188	-47
Repurchase of Common Equity	-362	-974	-1,123	-1,001	-1,685	-1,240	-1,164	0.00	-12,004	-3,301	-3,301
Payment of Dividends	-410	-467	-496	-532	-657	-703	-839	-970	-1,294	-1,427	-1,421
Issuance of Debt	0.00	2,674	493	0.00	489	1,086	1,276	0.00	5,395	744	0.00
Issuance of Common Equity	-	-	-	-	-	-	0.00	0.00	410	0.00	0.00
Other Financing Activities, net	310	65	28	26	-32	-26	-45	-43	-103	-108	-229
Effect of Exchange Rate Changes	-65	-	-158	-	-84	34	75	-82	-123	12	-61
Cash Interest Paid	50	65	150	139	151	162	159	130	240	369	391
Cash Income Taxes Paid	419	260	683	709	558	659	683	883	1,555	1,279	1,159

This table details how cash moves in and out of S&P Global's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-102	118	157	84	-355	253	495	-342	-31	-197	378
Net Cash From Operating Activities	1,113	594	769	1,013	1,334	948	1,556	1,445	1,740	953	1,445
Net Cash From Continuing Operating Activities	1,113	594	769	1,013	1,334	948	1,556	1,445	1,740	953	1,445
Net Income / (Loss) Continuing Operations	494	860	575	814	644	1,068	1,086	1,046	967	1,171	1,160
Consolidated Net Income / (Loss)	494	860	575	814	644	1,068	1,086	1,046	967	1,171	1,160
Depreciation Expense	15	25	24	22	30	23	25	22	26	25	26
Amortization Expense	260	262	260	260	260	264	267	272	274	268	269
Non-Cash Adjustments To Reconcile Net Income	151	75	147	89	556	213	87	-39	482	297	59
Changes in Operating Assets and Liabilities, net	193	-628	-237	-172	-156	-620	91	144	-9.00	-808	-69
Net Cash From Investing Activities	-61	-253	909	-49	-45	-20	-299	57	7.00	-79	-52
Net Cash From Continuing Investing Activities	-61	-253	909	-49	-45	-20	-299	57	7.00	-79	-52
Purchase of Property, Plant & Equipment	-28	-28	-31	-36	-48	-24	-32	-35	-33	-43	-61
Acquisitions	-32	-272	-14	-7.00	-3.00	-1.00	-260	-3.00	-41	-13	-12
Purchase of Investments	-	-3.00	2.00	-8.00	-4.00	5.00	-3.00	-3.00	7.00	-23	6.00
Net Cash From Financing Activities	-1,198	-230	-1,517	-855	-1,678	-657	-748	-1,875	-1,718	-1,103	-1,059
Net Cash From Continuing Financing Activities	-1,198	-230	-1,517	-855	-1,678	-657	-748	-1,875	-1,718	-1,103	-1,059
Repurchase of Common Equity	-1,001	-500	-1,001	-500	-1,300	-500	-	-1,501	-1,300	-650	-651
Payment of Dividends	-348	-368	-350	-357	-352	-359	-346	-362	-354	-389	-368
Other Financing Activities, net	-22	-72	-8.00	-2.00	-26	-48	-105	-12	-64	-60	-40
Effect of Exchange Rate Changes	44	7.00	-4.00	-25	34	-18	-14	31	-60	32	44

This table presents S&P Global's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	6,773	8,183	8,669	9,425	9,441	11,348	12,537	15,026	61,784	60,589	60,221
Total Current Assets	3,962	3,296	3,671	4,324	3,587	4,712	5,988	8,810	5,667	5,143	5,459
Cash & Equivalents	2,497	1,481	2,392	2,777	1,917	2,866	4,108	6,497	1,286	1,290	1,666
Restricted Cash	-	-	-	2.00	41	20	14	8.00	1.00	1.00	0.00
Accounts Receivable	932	991	1,122	1,319	1,449	1,577	1,593	1,650	2,494	2,826	2,867
Prepaid Expenses	170	206	149	214	162	221	264	323	574	1,000	926
Plant, Property, & Equipment, net	206	270	271	275	270	320	284	241	297	258	265
Total Noncurrent Assets	2,605	4,617	4,727	4,826	5,584	6,316	6,265	5,975	55,820	55,188	54,497
Long-Term Investments	-	-	-	-	-	-	-	165	1,752	1,787	1,774
Goodwill	1,387	2,882	2,949	2,989	3,535	3,575	3,735	3,506	34,545	34,850	34,917
Intangible Assets	1,004	1,522	1,506	1,388	1,524	1,424	1,352	1,285	18,306	17,398	16,556
Other Noncurrent Operating Assets	186	213	272	449	525	1,317	881	660	985	915	1,250
Total Liabilities & Shareholders' Equity	6,773	8,183	8,669	9,425	9,441	11,348	12,537	15,026	61,784	60,589	60,221
Total Liabilities	5,424	7,020	6,888	7,307	7,137	8,544	9,185	9,490	22,040	22,489	22,713
Total Current Liabilities	3,920	2,908	2,611	3,214	2,630	3,093	3,587	3,815	5,999	6,125	6,392
Short-Term Debt	0.00	143	0.00	399	-	-	-	0.00	226	47	4.00
Accounts Payable	191	206	183	195	211	190	233	205	450	557	553
Current Deferred Revenue	1,254	1,421	1,509	1,613	1,641	1,928	2,168	2,217	3,126	3,461	3,694
Current Deferred & Payable Income Tax Liabilities	54	56	95	77	73	68	84	90	116	121	199
Current Employee Benefit Liabilities	410	383	409	472	354	446	551	607	753	906	1,073
Other Current Liabilities	402	372	359	351	351	461	551	547	1,094	1,033	869
Total Noncurrent Liabilities	1,504	4,112	4,277	4,093	4,507	5,451	5,598	5,675	16,041	16,364	16,321
Long-Term Debt	795	3,468	3,564	3,170	3,662	3,948	4,110	4,114	10,730	11,412	11,394
Noncurrent Deferred & Payable Income Tax Liabilities	40	-	-	-	-	-	-	147	4,065	3,690	3,397
Noncurrent Employee Benefit Liabilities	333	276	274	244	229	259	291	262	180	199	180
Other Noncurrent Operating Liabilities	336	368	439	679	616	1,244	1,197	1,152	1,066	1,063	1,350
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	810	920	1,080	1,352	1,620	2,268	2,781	3,429	3,267	3,800	4,252
Total Equity & Noncontrolling Interests	539	243	701	766	684	536	571	2,107	36,477	34,300	33,256
Total Preferred & Common Equity	488	194	650	709	628	479	509	2,032	36,388	34,200	33,159
Total Common Equity	488	194	650	709	628	479	509	2,032	36,388	34,200	33,159
Common Stock	905	887	914	937	1,127	1,197	1,240	1,325	44,837	44,646	44,736
Retained Earnings	6,946	7,636	9,210	10,023	11,284	12,205	13,367	15,017	17,784	18,728	20,977
Accumulated Other Comprehensive Income / (Loss)	-514	-600	-773	-649	-742	-624	-637	-841	-886	-763	-883
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-28,411	-31,671
Noncontrolling Interest	51	49	51	57	56	57	62	75	89	100	97

This table presents S&P Global's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	61,784	62,024	60,695	60,561	60,589	60,477	60,956	60,368	60,221	59,889	60,395
Total Current Assets	5,667	5,822	4,720	4,804	5,143	5,428	5,642	5,202	5,459	5,340	5,877
Cash & Equivalents	1,286	1,402	1,561	1,645	1,290	1,543	2,038	1,696	1,666	1,469	1,847
Restricted Cash	1.00	3.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00
Accounts Receivable	2,494	2,478	2,545	2,547	2,826	2,979	2,709	2,635	2,867	3,081	2,979
Prepaid Expenses	574	626	613	611	1,000	845	832	832	906	790	1,051
Plant, Property, & Equipment, net	297	281	258	254	258	247	248	252	265	266	275
Total Noncurrent Assets	55,820	55,921	55,717	55,503	55,188	54,802	55,066	54,914	54,497	54,283	54,243
Long-Term Investments	1,752	1,750	1,792	1,791	1,787	1,775	1,795	1,800	1,774	1,785	1,846
Goodwill	34,545	34,817	34,827	34,785	34,850	34,748	34,975	34,991	34,917	34,961	35,072
Intangible Assets	18,306	18,168	17,912	17,635	17,398	17,120	17,099	16,848	16,556	16,306	16,078
Other Noncurrent Operating Assets	985	1,186	1,186	1,292	915	1,159	1,197	1,275	1,004	1,231	1,247
Total Liabilities & Shareholders' Equity	61,784	62,024	60,695	60,561	60,589	60,477	60,956	60,368	60,221	59,889	60,395
Total Liabilities	22,040	22,252	21,626	21,537	22,489	22,228	21,972	21,977	22,713	22,164	22,434
Total Current Liabilities	5,999	6,394	6,030	5,218	6,125	5,877	5,500	5,505	6,392	5,920	5,982
Short-Term Debt	226	936	825	47	47	301	4.00	4.00	4.00	3.00	3.00
Accounts Payable	450	456	488	458	557	458	477	475	553	525	532
Current Deferred Revenue	3,126	3,175	3,148	3,022	3,461	3,535	3,406	3,288	3,694	3,891	3,871
Current Deferred & Payable Income Tax Liabilities	116	219	127	59	121	179	180	188	199	228	198
Current Employee Benefit Liabilities	753	385	507	655	906	419	583	823	1,073	426	582
Other Current Liabilities	1,094	971	935	977	1,033	975	837	720	869	847	796
Total Noncurrent Liabilities	16,041	15,858	15,596	16,319	16,364	16,351	16,472	16,472	16,321	16,244	16,452
Long-Term Debt	10,730	10,727	10,676	11,415	11,412	11,404	11,401	11,398	11,394	11,388	11,385
Noncurrent Deferred & Payable Income Tax Liabilities	4,065	3,906	3,693	3,671	3,690	3,631	3,540	3,415	3,397	3,319	3,175
Noncurrent Employee Benefit Liabilities	180	183	185	183	199	197	196	199	180	182	188
Other Noncurrent Operating Liabilities	1,066	1,042	1,042	1,050	1,063	1,119	1,335	1,460	1,350	1,355	1,704
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	3,267	3,402	3,510	3,510	3,800	3,825	4,014	4,305	4,252	4,252	4,465
Total Equity & Noncontrolling Interests	36,477	36,370	35,559	35,514	34,300	34,424	34,970	34,086	33,256	33,473	33,496
Total Preferred & Common Equity	36,388	36,275	35,468	35,419	34,200	34,327	34,881	33,992	33,159	33,371	33,390
Total Common Equity	36,388	36,275	35,468	35,419	34,200	34,327	34,881	33,992	33,159	33,371	33,390
Common Stock	44,837	44,744	44,708	44,854	44,646	44,710	44,822	44,688	44,736	44,774	44,807
Retained Earnings	17,784	18,171	18,279	18,725	18,728	19,433	19,957	20,364	20,977	21,799	22,402
Accumulated Other Comprehensive Income / (Loss)	-886	-861	-813	-846	-763	-825	-839	-714	-883	-826	-795
Other Equity Adjustments	-	-25,779	-26,706	-27,314	-28,411	-28,991	-29,059	-30,346	-	-32,376	-33,024
Noncontrolling Interest	89	95	91	95	100	97	89	94	97	102	106

This table displays calculated financial ratios and metrics derived from S&P Global's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.42%	5.19%	6.55%	7.10%	3.22%	7.05%	11.09%	11.49%	34.76%	11.77%	13.69%
EBITDA Growth	-83.48%	739.68%	71.17%	-21.41%	8.28%	10.29%	15.67%	15.75%	35.10%	-14.58%	31.66%
EBIT Growth	-91.68%	1,596.46%	75.74%	-22.53%	7.85%	11.12%	16.62%	17.41%	17.07%	-20.12%	39.95%
NOPAT Growth	-143.74%	435.08%	74.34%	-26.37%	28.39%	14.88%	11.98%	16.49%	11.96%	-14.45%	38.27%
Net Income Growth	-100.89%	9,853.85%	75.71%	-26.48%	29.49%	8.58%	10.03%	28.77%	7.94%	-17.86%	44.04%
EPS Growth	-108.55%	1,102.38%	88.60%	-27.20%	33.74%	11.25%	12.33%	29.50%	-18.47%	-19.31%	50.06%
Operating Cash Flow Growth	54.60%	-81.22%	587.22%	29.23%	2.38%	34.50%	28.49%	0.87%	-27.65%	42.53%	53.34%
Free Cash Flow Firm Growth	201.90%	-253.62%	218.60%	-25.70%	-37.04%	141.43%	24.51%	5.21%	-1,266.25%	111.19%	17.32%
Invested Capital Growth	-126.37%	939.89%	-1.51%	-1.66%	37.78%	-3.81%	-13.21%	-6.39%	1,435.63%	-2.98%	-2.17%
Revenue Q/Q Growth	3.50%	1.61%	0.44%	3.22%	-0.82%	3.06%	1.81%	2.74%	8.23%	1.74%	3.20%
EBITDA Q/Q Growth	-84.98%	331.19%	13.75%	-5.97%	3.04%	3.51%	-3.77%	5.46%	0.38%	3.69%	7.33%
EBIT Q/Q Growth	-92.52%	457.27%	14.79%	-6.32%	2.93%	3.89%	-4.00%	5.99%	-4.04%	4.38%	8.79%
NOPAT Q/Q Growth	-140.06%	14,527.29%	14.05%	-13.69%	13.09%	3.11%	-4.61%	7.48%	-4.63%	4.96%	7.03%
Net Income Q/Q Growth	-101.30%	645.88%	15.14%	-14.20%	13.48%	1.54%	-3.10%	7.65%	-6.45%	5.47%	8.40%
EPS Q/Q Growth	-112.80%	1,654.17%	16.59%	-15.00%	15.03%	2.14%	-3.30%	7.84%	-14.72%	10.77%	9.00%
Operating Cash Flow Q/Q Growth	7.37%	273.28%	-24.75%	33.86%	-6.78%	14.00%	3.99%	-5.29%	7.12%	6.33%	7.69%
Free Cash Flow Firm Q/Q Growth	74.72%	11.04%	-10.40%	8.15%	-18.19%	18.70%	7.20%	-5.40%	-0.84%	18.52%	11.38%
Invested Capital Q/Q Growth	-127.45%	-16.06%	-0.27%	-12.51%	2.28%	-6.30%	-15.69%	-5.72%	-0.05%	-1.26%	-1.85%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.79%	67.66%	68.68%	72.06%	70.63%	70.50%	71.86%	73.73%	66.43%	66.86%	69.09%
EBITDA Margin	4.89%	39.04%	62.71%	46.02%	48.27%	49.74%	51.79%	53.77%	53.90%	41.19%	47.71%
Operating Margin	2.24%	36.08%	59.02%	42.60%	44.58%	48.16%	48.60%	50.87%	44.22%	32.17%	39.27%
EBIT Margin	2.24%	36.08%	59.51%	43.05%	44.98%	46.69%	49.02%	51.62%	44.84%	32.05%	39.45%
Profit (Net Income) Margin	-0.26%	23.87%	39.36%	27.02%	33.89%	34.38%	34.05%	39.33%	31.50%	23.15%	29.33%
Tax Burden Percent	-24.07%	69.86%	69.89%	66.56%	79.11%	78.60%	78.50%	78.36%	74.90%	78.81%	78.50%
Interest Burden Percent	47.79%	94.68%	94.63%	94.29%	95.24%	93.67%	88.49%	97.22%	93.78%	91.66%	94.70%
Effective Tax Rate	453.70%	30.14%	30.11%	33.44%	20.89%	21.40%	21.50%	21.64%	25.10%	21.19%	21.50%
Return on Invested Capital (ROIC)	-80.42%	101.69%	78.68%	58.87%	64.11%	64.78%	79.21%	102.58%	14.52%	6.72%	9.53%
ROIC Less NNEP Spread (ROIC-NNEP)	-111.24%	-15.13%	71.53%	50.50%	57.11%	47.68%	18.92%	106.24%	8.18%	3.38%	6.91%
Return on Net Nonoperating Assets (RNNOA)	79.68%	-0.73%	72.68%	25.15%	31.82%	25.39%	3.11%	-29.15%	1.03%	0.72%	1.49%
Return on Equity (ROE)	-0.74%	100.96%	151.36%	84.02%	95.93%	90.17%	82.33%	73.42%	15.56%	7.43%	11.02%
Cash Return on Invested Capital (CROIC)	0.00%	-67.12%	80.20%	60.54%	32.33%	68.67%	93.36%	109.18%	-161.02%	9.74%	11.73%
Operating Return on Assets (OROA)	1.76%	25.64%	39.98%	28.85%	29.84%	30.09%	30.55%	31.08%	13.06%	6.55%	9.28%
Return on Assets (ROA)	-0.20%	16.96%	26.44%	18.11%	22.48%	22.16%	21.22%	23.68%	9.17%	4.73%	6.90%
Return on Common Equity (ROCE)	-0.38%	27.41%	43.39%	29.29%	29.00%	19.54%	13.21%	20.99%	13.20%	6.74%	9.82%
Return on Equity Simple (ROE_SIMPLE)	-2.66%	653.61%	342.77%	231.03%	337.74%	480.79%	497.84%	160.58%	9.68%	8.46%	12.57%
Net Operating Profit after Tax (NOPAT)	-400	1,339	2,335	1,719	2,207	2,536	2,839	3,308	3,703	3,168	4,381
NOPAT Margin	-7.91%	25.21%	41.25%	28.36%	35.27%	37.85%	38.15%	39.87%	33.12%	25.35%	30.83%
Net Nonoperating Expense Percent (NNEP)	30.82%	116.82%	7.15%	8.36%	7.00%	17.11%	60.29%	-3.66%	6.34%	3.34%	2.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	7.81%	6.92%	9.81%
Cost of Revenue to Revenue	32.21%	32.34%	31.32%	27.94%	29.37%	29.50%	28.14%	26.27%	33.57%	33.14%	30.91%
SG&A Expenses to Revenue	62.72%	28.83%	25.91%	26.49%	22.75%	20.03%	20.71%	20.84%	30.37%	25.28%	22.28%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.55%	31.58%	9.66%	29.46%	26.05%	22.35%	23.26%	22.85%	22.46%	34.98%	30.12%
Earnings before Interest and Taxes (EBIT)	113	1,917	3,369	2,610	2,815	3,128	3,648	4,283	5,014	4,005	5,605
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	247	2,074	3,550	2,790	3,021	3,332	3,854	4,461	6,027	5,148	6,778
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	46.13	126.30	39.95	57.42	64.66	134.00	150.70	54.71	2.95	4.05	4.66
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	4.46	4.61	4.59	6.71	6.49	9.58	10.31	13.40	9.59	11.08	10.88
Price to Earnings (P/E)	0.00	21.20	12.33	27.21	20.74	30.23	32.79	36.76	33.02	52.73	40.12
Dividend Yield	1.45%	1.46%	1.44%	1.03%	1.24%	0.87%	0.84%	0.67%	1.01%	0.82%	0.73%
Earnings Yield	-0.51%	4.72%	8.11%	3.67%	4.82%	3.31%	3.05%	2.72%	3.03%	1.90%	2.49%
Enterprise Value to Invested Capital (EV/IC)	0.00	9.23	9.60	14.81	11.02	17.60	23.88	35.95	2.47	3.24	3.67
Enterprise Value to Revenue (EV/Rev)	4.29	5.19	4.99	7.08	7.03	10.08	10.69	13.51	10.60	12.06	11.74
Enterprise Value to EBITDA (EV/EBITDA)	87.73	13.31	7.96	15.38	14.55	20.27	20.64	25.13	19.66	29.28	24.61
Enterprise Value to EBIT (EV/EBIT)	191.76	14.39	8.39	16.44	15.62	21.59	21.80	26.17	23.63	37.64	29.76
Enterprise Value to NOPAT (EV/NOPAT)	0.00	20.60	12.10	24.95	19.92	26.64	28.01	33.89	32.00	47.58	38.08
Enterprise Value to Operating Cash Flow (EV/OCF)	17.92	121.56	18.12	21.28	21.30	24.33	22.30	31.16	45.53	40.63	29.32
Enterprise Value to Free Cash Flow (EV/FCFF)	16.59	0.00	11.87	24.26	39.50	25.13	23.77	31.84	0.00	32.81	30.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.59	3.10	2.00	1.69	1.59	1.41	1.23	0.74	0.28	0.30	0.30
Long-Term Debt to Equity	0.59	2.98	2.00	1.50	1.59	1.41	1.23	0.74	0.27	0.30	0.30
Financial Leverage	-0.72	0.05	1.02	0.50	0.56	0.53	0.16	-0.27	0.13	0.21	0.22
Leverage Ratio	3.66	5.95	5.72	4.64	4.27	4.07	3.88	3.10	1.70	1.57	1.60
Compound Leverage Factor	1.75	5.64	5.42	4.38	4.06	3.81	3.43	3.02	1.59	1.44	1.51
Debt to Total Capital	37.08%	75.64%	66.68%	62.76%	61.38%	58.47%	55.08%	42.63%	21.61%	23.12%	23.31%
Short-Term Debt to Total Capital	0.00%	3.00%	0.00%	7.02%	0.00%	0.00%	0.00%	0.00%	0.45%	0.09%	0.01%
Long-Term Debt to Total Capital	37.08%	72.64%	66.68%	55.74%	61.38%	58.47%	55.08%	42.63%	21.16%	23.03%	23.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	40.16%	20.30%	21.16%	24.78%	28.09%	34.43%	38.10%	36.31%	6.62%	7.87%	8.89%
Common Equity to Total Capital	22.76%	4.06%	12.16%	12.47%	10.53%	7.09%	6.82%	21.06%	71.77%	69.01%	67.80%
Debt to EBITDA	3.22	1.74	1.00	1.28	1.21	1.18	1.07	0.92	1.82	2.23	1.68
Net Debt to EBITDA	-6.90	1.02	0.33	0.28	0.56	0.31	-0.01	-0.58	1.31	1.62	1.17
Long-Term Debt to EBITDA	3.22	1.67	1.00	1.14	1.21	1.18	1.07	0.92	1.78	2.22	1.68
Debt to NOPAT	-1.99	2.70	1.53	2.08	1.66	1.56	1.45	1.24	2.96	3.62	2.60
Net Debt to NOPAT	4.27	1.59	0.50	0.45	0.76	0.41	-0.01	-0.78	2.13	2.64	1.81
Long-Term Debt to NOPAT	-1.99	2.59	1.53	1.84	1.66	1.56	1.45	1.24	2.90	3.60	2.60
Altman Z-Score	4.73	4.88	5.83	6.53	6.86	7.68	8.29	10.32	3.76	4.53	5.09
Noncontrolling Interest Sharing Ratio	48.93%	72.85%	71.33%	65.14%	69.76%	78.33%	83.95%	71.41%	15.15%	9.32%	10.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.01	1.13	1.41	1.35	1.36	1.52	1.67	2.31	0.94	0.84	0.85
Quick Ratio	0.88	0.85	1.35	1.28	1.29	1.45	1.59	2.14	0.63	0.68	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,306	-2,007	2,380	1,768	1,113	2,688	3,346	3,521	-41,060	4,594	5,390
Operating Cash Flow to CapEx	13,433.33%	181.60%	0.00%	1,666.12%	1,928.97%	9,253.33%	6,150.00%	18,936.84%	2,924.72%	2,594.41%	4,587.90%
Free Cash Flow to Firm to Interest Expense	22.14	-19.67	13.15	11.87	8.31	13.57	7.97	29.59	-131.60	13.75	18.15
Operating Cash Flow to Interest Expense	20.49	2.23	8.62	13.53	15.40	14.02	8.49	30.24	8.34	11.11	19.15
Operating Cash Flow Less CapEx to Interest Expense	20.34	1.00	16.26	12.72	14.60	13.87	8.35	30.08	8.06	10.68	18.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.79	0.71	0.67	0.67	0.66	0.64	0.62	0.60	0.29	0.20	0.24
Accounts Receivable Turnover	5.37	5.53	5.36	4.97	4.52	4.43	4.70	5.12	5.40	4.70	4.99
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	22.20	22.32	20.93	22.21	22.97	22.71	24.64	31.61	41.57	45.03	54.33
Accounts Payable Turnover	8.11	8.65	9.12	8.96	9.05	9.86	9.90	9.95	11.46	8.22	7.91
Days Sales Outstanding (DSO)	67.96	66.05	68.12	73.48	80.72	82.44	77.74	71.33	67.64	77.69	73.13
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	44.98	42.17	40.04	40.72	40.31	37.04	36.87	36.67	31.85	44.38	46.13
Cash Conversion Cycle (CCC)	22.98	23.88	28.08	32.75	40.41	45.40	40.87	34.67	35.79	33.31	26.99
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-356	2,990	2,945	2,896	3,990	3,838	3,331	3,118	47,881	46,455	45,446
Invested Capital Turnover	10.16	4.03	1.91	2.08	1.82	1.71	2.08	2.57	0.44	0.26	0.31
Increase / (Decrease) in Invested Capital	-1,706	3,346	-45	-49	1,094	-152	-507	-213	44,763	-1,426	-1,009
Enterprise Value (EV)	21,669	27,595	28,260	42,898	43,969	67,544	79,529	112,104	118,501	150,733	166,826
Market Capitalization	22,513	24,502	25,965	40,711	40,607	64,185	76,707	111,167	107,242	138,478	154,539
Book Value per Share	$1.80	$0.72	$2.51	$2.78	$2.50	$1.96	$2.12	$8.43	$111.69	$107.95	$106.86
Tangible Book Value per Share	($7.01)	($15.58)	($14.69)	($14.38)	($17.66)	($18.49)	($19.03)	($11.45)	($50.53)	($56.97)	($59.02)
Total Capital	2,144	4,774	5,345	5,687	5,966	6,752	7,462	9,650	50,700	49,559	48,906
Total Debt	795	3,611	3,564	3,569	3,662	3,948	4,110	4,114	10,956	11,459	11,398
Total Long-Term Debt	795	3,468	3,564	3,170	3,662	3,948	4,110	4,114	10,730	11,412	11,394
Net Debt	-1,705	2,124	1,164	778	1,686	1,034	-21	-2,567	7,903	8,355	7,938
Capital Expenditures (CapEx)	9.00	125	-1,383	121	107	30	58	19	89	143	124
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,458	-956	-1,340	-1,282	-1,019	-1,295	-1,730	-1,521	-1,407	-2,252	-2,615
Debt-free Net Working Capital (DFNWC)	42	531	1,060	1,509	957	1,619	2,401	4,995	-106	-935	-929
Net Working Capital (NWC)	42	388	1,060	1,110	957	1,619	2,401	4,995	-332	-982	-933
Net Nonoperating Expense (NNE)	-387	71	107	81	86	233	305	45	181	275	214
Net Nonoperating Obligations (NNO)	-1,705	1,827	1,164	778	1,686	1,034	-21	-2,418	8,137	8,355	7,938
Total Depreciation and Amortization (D&A)	134	157	181	180	206	204	206	178	1,013	1,143	1,173
Debt-free, Cash-free Net Working Capital to Revenue	-48.66%	-17.99%	-23.67%	-21.14%	-16.28%	-19.33%	-23.25%	-18.33%	-12.58%	-18.02%	-18.41%
Debt-free Net Working Capital to Revenue	0.83%	9.99%	18.72%	24.89%	15.29%	24.17%	32.26%	60.20%	-0.95%	-7.48%	-6.54%
Net Working Capital to Revenue	0.83%	7.30%	18.72%	18.31%	15.29%	24.17%	32.26%	60.20%	-2.97%	-7.86%	-6.57%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.42)	$4.26	$8.02	$5.84	$7.80	$8.65	$9.71	$12.56	$10.25	$8.25	$12.36
Adjusted Weighted Average Basic Shares Outstanding	271.50M	271.60M	262.80M	256.30M	250.90M	245.40M	241M	240.80M	316.90M	318.40M	311.60M
Adjusted Diluted Earnings per Share	($0.42)	$4.21	$7.94	$5.78	$7.73	$8.60	$9.66	$12.51	$10.20	$8.23	$12.35
Adjusted Weighted Average Diluted Shares Outstanding	271.50M	274.60M	265.20M	258.90M	253.20M	246.90M	242.10M	241.80M	318.50M	318.90M	311.90M
Adjusted Basic & Diluted Earnings per Share	($0.42)	$0.00	$0.00	$0.00	$0.00	$8.65	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	273.81M	265.30M	258.40M	253.90M	0.00	243.80M	240.70M	241.10M	322M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	79	1,332	2,335	1,719	2,207	2,497	2,827	3,308	3,703	3,168	4,381
Normalized NOPAT Margin	1.57%	25.06%	41.25%	28.36%	35.27%	37.28%	37.98%	39.87%	33.12%	25.35%	30.83%
Pre Tax Income Margin	1.07%	34.16%	56.32%	40.59%	42.84%	43.74%	43.38%	50.19%	42.05%	29.38%	37.36%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.92	18.79	18.61	17.52	21.01	15.80	8.69	35.99	16.07	11.99	18.87
NOPAT to Interest Expense	-6.77	13.13	12.90	11.54	16.47	12.81	6.76	27.80	11.87	9.49	14.75
EBIT Less CapEx to Interest Expense	1.76	17.57	26.25	16.70	20.21	15.65	8.55	35.83	15.79	11.56	18.45
NOPAT Less CapEx to Interest Expense	-6.93	11.90	20.54	10.73	15.67	12.65	6.62	27.64	11.58	9.06	14.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-3,153.85%	36.83%	22.26%	32.48%	30.98%	30.53%	33.11%	29.73%	36.74%	49.33%	34.10%
Augmented Payout Ratio	-5,938.46%	113.64%	72.67%	93.59%	110.42%	84.37%	79.05%	29.73%	377.57%	163.43%	113.32%

This table displays calculated financial ratios and metrics derived from S&P Global's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	40.71%	32.27%	3.61%	7.79%	7.28%	10.47%	14.45%	15.92%	13.99%	8.19%	5.80%
EBITDA Growth	2.41%	-31.57%	-32.51%	14.66%	18.71%	18.38%	44.86%	26.82%	39.88%	11.06%	7.27%
EBIT Growth	-23.09%	-41.54%	-37.83%	21.24%	23.90%	23.04%	57.81%	32.72%	52.01%	12.91%	8.52%
NOPAT Growth	-23.40%	-28.57%	-43.91%	25.03%	26.18%	19.73%	82.02%	25.65%	39.68%	9.89%	4.77%
Net Income Growth	-32.97%	-33.80%	-45.29%	20.06%	30.36%	24.19%	88.70%	28.62%	50.16%	9.64%	6.91%
EPS Growth	-63.08%	-44.74%	-44.06%	26.63%	77.67%	27.94%	101.88%	33.48%	55.74%	12.03%	8.36%
Operating Cash Flow Growth	18.40%	167.57%	69.38%	24.45%	19.86%	59.60%	102.34%	42.65%	30.43%	0.53%	-7.13%
Free Cash Flow Firm Growth	-4,699.48%	102.40%	103.59%	103.96%	104.86%	186.28%	14.09%	6.53%	-6.06%	-32.97%	17.79%
Invested Capital Growth	1,435.63%	-0.23%	-1.96%	-1.79%	-2.98%	-3.89%	-1.37%	-1.59%	-2.17%	-1.68%	-1.96%
Revenue Q/Q Growth	2.69%	7.56%	-1.87%	-0.55%	2.20%	10.76%	1.66%	0.73%	0.50%	5.12%	-0.58%
EBITDA Q/Q Growth	-17.61%	45.19%	-15.07%	12.85%	-14.70%	44.79%	3.93%	-1.20%	-5.91%	14.96%	0.37%
EBIT Q/Q Growth	-21.01%	61.17%	-18.62%	17.03%	-19.28%	60.05%	4.38%	-1.58%	-7.54%	18.88%	0.32%
NOPAT Q/Q Growth	-18.49%	63.91%	-33.10%	39.89%	-17.75%	55.53%	1.71%	-3.44%	-8.57%	22.37%	-3.02%
Net Income Q/Q Growth	-27.14%	74.09%	-33.14%	41.57%	-20.88%	65.84%	1.59%	-3.50%	-7.64%	21.10%	-0.94%
EPS Q/Q Growth	-44.02%	139.81%	-35.22%	45.63%	-21.46%	72.68%	2.22%	-3.72%	-8.36%	24.21%	-1.13%
Operating Cash Flow Q/Q Growth	36.73%	-46.63%	29.46%	31.73%	31.69%	-28.94%	64.14%	-7.13%	20.42%	-45.23%	51.63%
Free Cash Flow Firm Q/Q Growth	-0.67%	102.38%	49.28%	10.61%	23.73%	41.85%	-40.51%	3.28%	9.11%	-0.01%	4.54%
Invested Capital Q/Q Growth	-0.05%	1.36%	-2.71%	-0.35%	-1.26%	0.35%	-0.17%	-0.57%	-1.85%	0.92%	-0.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.69%	65.57%	66.91%	67.74%	67.26%	67.92%	69.43%	70.01%	69.00%	69.47%	70.20%
EBITDA Margin	33.29%	44.94%	38.89%	44.13%	36.83%	48.15%	49.23%	48.28%	45.20%	49.43%	49.91%
Operating Margin	24.51%	36.20%	29.38%	34.82%	28.27%	39.67%	40.91%	40.11%	36.43%	41.78%	41.30%
EBIT Margin	23.93%	35.85%	29.73%	34.99%	27.63%	39.93%	41.00%	40.06%	36.85%	41.67%	42.05%
Profit (Net Income) Margin	16.81%	27.22%	18.54%	26.39%	20.43%	30.59%	30.57%	29.29%	26.91%	31.00%	30.89%
Tax Burden Percent	79.55%	82.06%	68.94%	81.81%	81.11%	81.16%	78.74%	76.99%	77.11%	78.28%	77.23%
Interest Burden Percent	88.34%	92.50%	90.46%	92.22%	91.16%	94.40%	94.71%	94.97%	94.71%	95.04%	95.12%
Effective Tax Rate	20.45%	17.94%	31.06%	18.19%	18.89%	18.85%	21.26%	23.01%	22.89%	21.72%	22.77%
Return on Invested Capital (ROIC)	8.55%	7.31%	5.12%	7.37%	6.07%	8.68%	9.12%	9.11%	8.69%	10.25%	10.17%
ROIC Less NNEP Spread (ROIC-NNEP)	5.79%	6.20%	4.34%	6.54%	5.12%	8.03%	8.38%	8.39%	8.17%	9.47%	9.67%
Return on Net Nonoperating Assets (RNNOA)	0.73%	1.06%	0.72%	1.28%	1.08%	1.76%	1.69%	1.73%	1.76%	2.06%	1.92%
Return on Equity (ROE)	9.28%	8.37%	5.84%	8.65%	7.16%	10.44%	10.81%	10.84%	10.45%	12.31%	12.09%
Cash Return on Invested Capital (CROIC)	-161.02%	7.09%	7.94%	8.16%	9.74%	11.01%	9.63%	10.37%	11.73%	11.40%	11.84%
Operating Return on Assets (OROA)	6.97%	6.69%	5.74%	7.02%	5.64%	8.36%	8.95%	9.12%	8.67%	10.04%	10.19%
Return on Assets (ROA)	4.90%	5.08%	3.58%	5.30%	4.17%	6.41%	6.67%	6.67%	6.33%	7.47%	7.48%
Return on Common Equity (ROCE)	7.87%	7.66%	5.34%	7.90%	6.49%	9.45%	9.74%	9.72%	9.31%	10.97%	10.73%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.50%	7.35%	7.74%	0.00%	9.03%	10.35%	11.31%	0.00%	12.80%	0.00%
Net Operating Profit after Tax (NOPAT)	573	939	628	879	723	1,124	1,143	1,104	1,009	1,235	1,198
NOPAT Margin	19.49%	29.71%	20.25%	28.49%	22.93%	32.20%	32.21%	30.88%	28.09%	32.70%	31.90%
Net Nonoperating Expense Percent (NNEP)	2.75%	1.11%	0.79%	0.83%	0.95%	0.65%	0.74%	0.71%	0.52%	0.78%	0.50%
Return On Investment Capital (ROIC_SIMPLE)	1.21%	-	-	-	1.58%	-	-	-	2.26%	2.75%	2.67%
Cost of Revenue to Revenue	34.31%	34.43%	33.09%	32.26%	32.74%	32.08%	30.57%	29.99%	31.00%	30.53%	29.80%
SG&A Expenses to Revenue	32.16%	22.31%	24.86%	24.03%	29.89%	20.19%	20.68%	22.60%	25.58%	20.23%	21.38%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	41.52%	29.81%	37.89%	33.17%	39.09%	28.42%	28.88%	30.21%	32.93%	27.99%	29.19%
Earnings before Interest and Taxes (EBIT)	703	1,133	922	1,079	871	1,394	1,455	1,432	1,324	1,574	1,579
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	978	1,420	1,206	1,361	1,161	1,681	1,747	1,726	1,624	1,867	1,874
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.95	3.03	3.59	3.26	4.05	3.92	4.00	4.76	4.66	4.69	4.84
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	9.59	9.18	10.57	9.39	11.08	10.48	10.51	11.75	10.88	10.79	11.00
Price to Earnings (P/E)	33.02	39.09	54.32	46.48	52.73	47.66	42.01	45.54	40.12	39.58	40.31
Dividend Yield	1.01%	1.01%	0.88%	0.98%	0.82%	0.85%	0.81%	0.70%	0.73%	0.73%	0.71%
Earnings Yield	3.03%	2.56%	1.84%	2.15%	1.90%	2.10%	2.38%	2.20%	2.49%	2.53%	2.48%
Enterprise Value to Invested Capital (EV/IC)	2.47	2.51	2.95	2.70	3.24	3.15	3.25	3.76	3.67	3.68	3.81
Enterprise Value to Revenue (EV/Rev)	10.60	10.19	11.55	10.34	12.06	11.44	11.39	12.64	11.74	11.65	11.84
Enterprise Value to EBITDA (EV/EBITDA)	19.66	22.67	29.06	25.57	29.28	27.14	25.42	27.55	24.61	24.25	24.54
Enterprise Value to EBIT (EV/EBIT)	23.63	28.93	38.17	33.09	37.64	34.41	31.51	33.77	29.76	29.19	29.44
Enterprise Value to NOPAT (EV/NOPAT)	32.00	36.53	48.96	42.06	47.58	43.76	39.10	42.51	38.08	37.60	38.27
Enterprise Value to Operating Cash Flow (EV/OCF)	45.53	40.94	42.32	36.39	40.63	36.12	31.17	32.94	29.32	29.66	31.16
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	35.33	36.78	32.75	32.81	28.01	33.49	35.96	30.95	32.02	31.88
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.28	0.29	0.29	0.29	0.30	0.31	0.29	0.30	0.30	0.30	0.30
Long-Term Debt to Equity	0.27	0.27	0.27	0.29	0.30	0.30	0.29	0.30	0.30	0.30	0.30
Financial Leverage	0.13	0.17	0.17	0.20	0.21	0.22	0.20	0.21	0.22	0.22	0.20
Leverage Ratio	1.70	1.54	1.53	1.54	1.57	1.57	1.56	1.56	1.60	1.58	1.58
Compound Leverage Factor	1.50	1.43	1.38	1.42	1.43	1.48	1.48	1.48	1.51	1.51	1.50
Debt to Total Capital	21.61%	22.68%	22.74%	22.70%	23.12%	23.43%	22.63%	22.90%	23.31%	23.19%	23.08%
Short-Term Debt to Total Capital	0.45%	1.82%	1.63%	0.09%	0.09%	0.60%	0.01%	0.01%	0.01%	0.01%	0.01%
Long-Term Debt to Total Capital	21.16%	20.86%	21.11%	22.61%	23.03%	22.83%	22.63%	22.89%	23.30%	23.19%	23.07%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.62%	6.80%	7.12%	7.14%	7.87%	7.85%	8.14%	8.83%	8.89%	8.86%	9.26%
Common Equity to Total Capital	71.77%	70.53%	70.14%	70.16%	69.01%	68.72%	69.22%	68.27%	67.80%	67.94%	67.66%
Debt to EBITDA	1.82	2.17	2.40	2.31	2.23	2.16	1.92	1.81	1.68	1.64	1.61
Net Debt to EBITDA	1.31	1.58	1.70	1.62	1.62	1.55	1.27	1.25	1.17	1.17	1.09
Long-Term Debt to EBITDA	1.78	2.00	2.23	2.30	2.22	2.11	1.92	1.80	1.68	1.64	1.61
Debt to NOPAT	2.96	3.50	4.04	3.80	3.62	3.49	2.95	2.79	2.60	2.54	2.50
Net Debt to NOPAT	2.13	2.55	2.86	2.66	2.64	2.50	1.96	1.93	1.81	1.81	1.69
Long-Term Debt to NOPAT	2.90	3.22	3.75	3.78	3.60	3.40	2.95	2.78	2.60	2.54	2.50
Altman Z-Score	3.53	3.61	4.18	3.90	4.36	4.36	4.57	5.19	4.86	5.06	5.17
Noncontrolling Interest Sharing Ratio	15.15%	8.44%	8.51%	8.61%	9.32%	9.51%	9.87%	10.34%	10.91%	10.89%	11.27%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	0.91	0.78	0.92	0.84	0.92	1.03	0.95	0.85	0.90	0.98
Quick Ratio	0.63	0.61	0.68	0.80	0.68	0.77	0.86	0.79	0.71	0.77	0.81
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-44,190	1,052	1,570	1,737	2,149	3,011	1,791	1,850	2,018	2,018	2,110
Operating Cash Flow to CapEx	3,975.00%	0.00%	2,480.65%	2,813.89%	2,779.17%	3,950.00%	4,862.50%	4,128.57%	5,272.73%	2,216.28%	2,368.85%
Free Cash Flow to Firm to Interest Expense	-559.37	12.37	17.84	20.67	27.90	38.60	23.26	25.69	28.83	25.87	27.40
Operating Cash Flow to Interest Expense	14.09	6.99	8.74	12.06	17.32	12.15	20.21	20.07	24.86	12.22	18.77
Operating Cash Flow Less CapEx to Interest Expense	13.73	7.25	8.39	11.63	16.70	11.85	19.79	19.58	24.39	11.67	17.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.19	0.19	0.20	0.20	0.21	0.22	0.23	0.24	0.24	0.24
Accounts Receivable Turnover	5.40	4.88	5.16	5.16	4.70	4.70	5.05	5.31	4.99	4.78	5.17
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	41.57	38.00	40.88	43.95	45.03	48.59	52.47	54.42	54.33	56.51	56.21
Accounts Payable Turnover	11.46	9.45	9.42	9.93	8.22	9.13	8.77	9.24	7.91	9.02	8.87
Days Sales Outstanding (DSO)	67.64	74.87	70.67	70.72	77.69	77.64	72.22	68.69	73.13	76.30	70.62
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	31.85	38.62	38.76	36.75	44.38	39.97	41.61	39.52	46.13	40.47	41.16
Cash Conversion Cycle (CCC)	35.79	36.24	31.91	33.98	33.31	37.66	30.61	29.18	26.99	35.84	29.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	47,881	48,532	47,216	47,049	46,455	46,645	46,568	46,303	45,446	45,862	45,656
Invested Capital Turnover	0.44	0.25	0.25	0.26	0.26	0.27	0.28	0.29	0.31	0.31	0.32
Increase / (Decrease) in Invested Capital	44,763	-113	-942	-858	-1,426	-1,887	-648	-746	-1,009	-783	-912
Enterprise Value (EV)	118,501	121,782	139,241	126,957	150,733	146,806	151,227	174,006	166,826	168,884	173,986
Market Capitalization	107,242	109,777	127,493	115,327	138,478	134,498	139,553	161,702	154,539	156,393	161,720
Book Value per Share	$111.69	$112.66	$110.56	$111.31	$107.95	$109.46	$111.48	$108.60	$106.86	$108.42	$108.87
Tangible Book Value per Share	($50.53)	($51.89)	($53.84)	($53.43)	($56.97)	($55.93)	($54.95)	($57.02)	($59.02)	($58.14)	($57.91)
Total Capital	50,700	51,435	50,570	50,486	49,559	49,954	50,389	49,793	48,906	49,116	49,349
Total Debt	10,956	11,663	11,501	11,462	11,459	11,705	11,405	11,402	11,398	11,391	11,388
Total Long-Term Debt	10,730	10,727	10,676	11,415	11,412	11,404	11,401	11,398	11,394	11,388	11,385
Net Debt	7,903	8,508	8,147	8,025	8,355	8,386	7,571	7,905	7,938	8,137	7,695
Capital Expenditures (CapEx)	28	-22	31	36	48	24	32	35	33	43	61
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,407	-1,041	-2,047	-2,013	-2,252	-1,692	-1,893	-1,996	-2,615	-2,046	-1,949
Debt-free Net Working Capital (DFNWC)	-106	364	-485	-367	-935	-148	146	-299	-929	-577	-102
Net Working Capital (NWC)	-332	-572	-1,310	-414	-982	-449	142	-303	-933	-580	-105
Net Nonoperating Expense (NNE)	79	79	53	65	79	56	58	57	42	64	38
Net Nonoperating Obligations (NNO)	8,137	8,760	8,147	8,025	8,355	8,396	7,584	7,912	7,938	8,137	7,695
Total Depreciation and Amortization (D&A)	275	287	284	282	290	287	292	294	300	293	295
Debt-free, Cash-free Net Working Capital to Revenue	-12.58%	-8.71%	-16.97%	-16.39%	-18.02%	-13.19%	-14.26%	-14.50%	-18.41%	-14.12%	-13.26%
Debt-free Net Working Capital to Revenue	-0.95%	3.05%	-4.02%	-2.99%	-7.48%	-1.15%	1.10%	-2.17%	-6.54%	-3.98%	-0.69%
Net Working Capital to Revenue	-2.97%	-4.79%	-10.86%	-3.37%	-7.86%	-3.50%	1.07%	-2.20%	-6.57%	-4.00%	-0.71%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.05	$2.47	$1.60	$2.34	$1.84	$3.16	$3.23	$3.12	$2.85	$3.55	$3.50
Adjusted Weighted Average Basic Shares Outstanding	316.90M	321.30M	319.30M	317.50M	318.40M	313.60M	313M	311.20M	311.60M	307.30M	305.90M
Adjusted Diluted Earnings per Share	$1.03	$2.47	$1.60	$2.33	$1.83	$3.16	$3.23	$3.11	$2.85	$3.54	$3.50
Adjusted Weighted Average Diluted Shares Outstanding	318.50M	322.10M	319.80M	318M	318.90M	314M	313.20M	311.50M	311.90M	307.70M	306.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	320.80M	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	573	939	628	879	723	1,124	1,143	1,104	1,009	1,235	1,198
Normalized NOPAT Margin	19.49%	29.71%	20.25%	28.49%	22.93%	32.20%	32.21%	30.88%	28.09%	32.70%	31.90%
Pre Tax Income Margin	21.14%	33.16%	26.89%	32.26%	25.19%	37.70%	38.83%	38.04%	34.90%	39.61%	40.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.90	13.33	10.48	12.85	11.31	17.87	18.90	19.89	18.91	20.18	20.51
NOPAT to Interest Expense	7.25	11.04	7.14	10.46	9.39	14.41	14.85	15.33	14.42	15.84	15.56
EBIT Less CapEx to Interest Expense	8.54	13.59	10.13	12.42	10.69	17.56	18.48	19.40	18.44	19.63	19.71
NOPAT Less CapEx to Interest Expense	6.90	11.30	6.79	10.03	8.76	14.10	14.43	14.85	13.95	15.28	14.76
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	36.74%	46.09%	54.24%	51.88%	49.33%	45.73%	39.16%	36.91%	34.10%	33.98%	33.90%
Augmented Payout Ratio	377.57%	224.52%	246.11%	161.32%	163.43%	152.18%	102.85%	122.79%	113.32%	114.80%	128.31%

Key Financial Trends

S&P Global (NYSE: SPGI) has shown a consistent and strong financial performance over the last several years, with steady growth in revenues, profitability, and solid cash flow generation.

Revenue and Profitability

Operating and total revenues have grown from approximately $2.86 billion in Q3 2022 to $3.76 billion in Q2 2025, reflecting a healthy upward trend in top-line performance.
Net income has increased significantly, from $678 million in Q3 2022 to $1.16 billion in Q2 2025, showcasing effective expense management and higher profitability.
Basic and diluted earnings per share improved notably, rising from $1.84 per share in Q3 2022 to $3.50 per share in Q2 2025, indicating growing earnings power and shareholder value creation.
The company’s gross profit margin has remained robust, with gross profits near $2.63 billion in Q2 2025, supporting operating income of $1.55 billion for the same quarter.

Cash Flow and Capital Allocation

S&P Global consistently generates strong operating cash flow, with net cash from operating activities increasing from $814 million in Q3 2022 to $1.45 billion in Q2 2025.
Free cash flow remains positive despite significant investments, with capital expenditures for property, plant, and equipment maintained at moderate levels around $30-$60 million per quarter.
The firm actively returns capital to shareholders via dividends and share repurchases, with dividend payments rising steadily and share repurchases exceeding $650 million per quarter recently.
The company has a high level of share repurchases, which could increase leverage or reduce liquidity if not balanced with operational cash flows.

Balance Sheet and Financial Strength

Total assets have remained stable and strong at approximately $60 billion, with goodwill and intangible assets representing a significant portion, consistent with its information services and analytics business model.
Total liabilities are steady around $22 billion, while total equity ranges near $33 billion, reflecting a strong capital base supported by retained earnings and shareholders' equity.
Long-term debt has hovered around $11-12 billion during this period, representing a manageable debt level given the company's strong cash flow generation.
Cash and equivalents fluctuate between $1.2 billion and $2 billion, showing adequate liquidity to cover operational and investment needs.

Overall Analysis

S&P Global demonstrates a stable and growing business with increasing revenues and improving profitability. The company is effective in converting earnings to cash flow and uses this to reward shareholders through dividends and buybacks. The consistent operating excellence and financial discipline underpin the firm’s strong balance sheet and liquidity position. Although high share repurchases might raise concerns about leverage, current cash flows appear adequate to sustain these activities.

Retail investors should view S&P Global’s steady income growth, expanding cash generation, and shareholder-friendly capital allocation positively while monitoring debt and repurchase levels for any potential future risks.

08/29/25 03:37 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About S&P Global's Financials

When does S&P Global's financial year end?

According to the most recent income statement we have on file, S&P Global's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has S&P Global's net income changed over the last 10 years?

S&P Global's net income appears to be on an upward trend, with a most recent value of $4.17 billion in 2024, falling from -$13 million in 2014. The previous period was $2.89 billion in 2023. Check out S&P Global's forecast to explore projected trends and price targets.

What is S&P Global's operating income?

S&P Global's total operating income in 2024 was $5.58 billion, based on the following breakdown:

Total Gross Profit: $9.82 billion
Total Operating Expenses: $4.28 billion

How has S&P Global's revenue changed over the last 10 years?

Over the last 10 years, S&P Global's total revenue changed from $5.05 billion in 2014 to $14.21 billion in 2024, a change of 181.3%.

How much debt does S&P Global have?

S&P Global's total liabilities were at $22.71 billion at the end of 2024, a 1.0% increase from 2023, and a 318.8% increase since 2014.

How much cash does S&P Global have?

In the past 10 years, S&P Global's cash and equivalents has ranged from $1.29 billion in 2022 to $6.50 billion in 2021, and is currently $1.67 billion as of their latest financial filing in 2024.

How has S&P Global's book value per share changed over the last 10 years?

Over the last 10 years, S&P Global's book value per share changed from 1.80 in 2014 to 106.86 in 2024, a change of 5,845.3%.

Related Companies

This page (NYSE:SPGI) was last updated on 8/29/2025 by MarketBeat.com Staff

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S&P Global (SPGI) Financials

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