S&P Global (SPGI) Financials

$522.07 -2.21 (-0.42%)

As of 05/20/2025 03:59 PM 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	3,852	2,626	3,248	3,024	2,339	2,123	1,958	1,496	2,106	1,156
Consolidated Net Income / (Loss)	4,167	2,893	3,522	3,263	2,534	2,303	2,121	1,638	2,228	1,268
Net Income / (Loss) Continuing Operations	4,167	2,893	3,522	3,263	2,534	2,303	2,121	1,638	2,228	1,268
Total Pre-Tax Income	5,308	3,671	4,702	4,164	3,228	2,930	2,681	2,461	3,188	1,815
Total Operating Income	5,580	4,020	4,944	4,221	3,617	3,226	2,790	2,583	3,341	1,917
Total Gross Profit	9,817	8,356	7,428	6,117	5,348	4,723	4,420	4,369	3,888	3,595
Total Revenue	14,208	12,497	11,181	8,297	7,442	6,699	6,258	6,063	5,661	5,313
Operating Revenue	14,208	12,497	11,181	8,297	7,442	6,699	6,258	6,063	5,661	5,313
Total Cost of Revenue	4,391	4,141	3,753	2,180	2,094	1,976	1,838	1,694	1,773	1,718
Operating Cost of Revenue	4,391	4,141	3,753	2,180	2,094	1,976	1,838	1,694	1,773	1,718
Total Operating Expenses	4,280	4,372	2,511	1,896	1,731	1,497	1,630	1,786	547	1,678
Selling, General & Admin Expense	3,166	3,159	3,396	1,729	1,541	1,342	1,424	1,606	1,467	1,532
Depreciation Expense	96	101	108	82	83	82	84	82	85	90
Amortization Expense	1,077	1,042	905	96	123	122	122	98	96	67
Other Operating Expenses / (Income)	-59	70	-1,898	-11	-	-	0.00	-	-1,101	-
Total Other Income / (Expense), net	-229	-313	-215	-57	-389	-296	-109	-122	-153	-102
Interest Expense	297	334	312	119	420	198	134	149	181	102
Interest & Investment Income	43	36	27	0.00	0.00	-	-	-	-	-
Other Income / (Expense), net	25	-15	70	62	31	-98	25	27	28	-
Income Tax Expense	1,141	778	1,180	901	694	627	560	823	960	547
Net Income / (Loss) Attributable to Noncontrolling Interest	315	267	274	239	195	180	163	142	122	112
Basic Earnings per Share	$12.36	$8.25	$10.25	$12.56	$9.71	$8.65	$7.80	$5.84	$8.02	$4.26
Weighted Average Basic Shares Outstanding	311.60M	318.40M	316.90M	240.80M	241M	245.40M	250.90M	256.30M	262.80M	271.60M
Diluted Earnings per Share	$12.35	$8.23	$10.20	$12.51	$9.66	$8.60	$7.73	$5.78	$7.94	$4.21
Weighted Average Diluted Shares Outstanding	311.90M	318.90M	318.50M	241.80M	242.10M	246.90M	253.20M	258.90M	265.20M	274.60M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	240.70M	0.00	0.00	0.00	0.00	271.40M
Cash Dividends to Common per Share	$3.64	-	$3.32	$3.08	$2.68	$2.28	$2.00	$1.64	$1.44	$1.32

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	1,090	879	971	1,011	991	578	742	511	795	433	608
Consolidated Net Income / (Loss)	1,171	967	1,047	1,085	1,068	644	814	575	860	494	678
Net Income / (Loss) Continuing Operations	1,171	967	1,047	1,085	1,068	644	814	575	860	494	678
Total Pre-Tax Income	1,496	1,254	1,360	1,378	1,316	794	995	834	1,048	621	823
Total Operating Income	1,578	1,309	1,434	1,452	1,385	891	1,074	911	1,144	720	853
Total Gross Profit	2,624	2,479	2,503	2,464	2,371	2,120	2,089	2,075	2,072	1,930	1,872
Total Revenue	3,777	3,593	3,575	3,549	3,491	3,152	3,084	3,101	3,160	2,938	2,861
Operating Revenue	3,777	3,593	3,575	3,549	3,491	3,152	3,084	3,101	3,160	2,938	2,861
Total Cost of Revenue	1,153	1,114	1,072	1,085	1,120	1,032	995	1,026	1,088	1,008	989
Operating Cost of Revenue	1,153	1,114	1,072	1,085	1,120	1,032	995	1,026	1,088	1,008	989
Total Operating Expenses	1,057	1,183	1,080	1,025	992	1,232	1,023	1,175	942	1,220	1,025
Selling, General & Admin Expense	764	919	808	734	705	942	741	771	705	945	725
Depreciation Expense	25	26	22	25	23	30	22	24	25	15	31
Amortization Expense	268	276	271	266	264	259	260	261	262	260	267
Total Other Income / (Expense), net	-71	-42	-63	-61	-63	-94	-71	-66	-82	-89	-24
Interest Expense	78	70	72	77	78	77	84	88	85	79	67
Interest & Investment Income	11	13	11	13	6.00	3.00	8.00	11	14	7.00	6.00
Other Income / (Expense), net	-4.00	15	-2.00	3.00	9.00	-20	5.00	11	-11	-17	37
Income Tax Expense	325	287	313	293	248	150	181	259	188	127	145
Net Income / (Loss) Attributable to Noncontrolling Interest	81	88	76	74	77	66	72	64	65	61	70
Basic Earnings per Share	$3.55	$2.85	$3.12	$3.23	$3.16	$1.84	$2.34	$1.60	$2.47	$1.05	$1.84
Weighted Average Basic Shares Outstanding	307.30M	311.60M	311.20M	313M	313.60M	318.40M	317.50M	319.30M	321.30M	316.90M	329.60M
Diluted Earnings per Share	$3.54	$2.85	$3.11	$3.23	$3.16	$1.83	$2.33	$1.60	$2.47	$1.03	$1.84
Weighted Average Diluted Shares Outstanding	307.70M	311.90M	311.50M	313.20M	314M	318.90M	318M	319.80M	322.10M	318.50M	330.90M
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	$0.96	-	$0.91	$0.91	$0.91	-	$0.90	$0.90	$0.90	-	$0.85

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-197	-31	-342	495	253	-355	84	157	118	-102	-2,184
Net Cash From Operating Activities	953	1,740	1,445	1,556	948	1,334	1,013	769	594	1,113	814
Net Cash From Continuing Operating Activities	953	1,740	1,445	1,556	948	1,334	1,013	769	594	1,113	814
Net Income / (Loss) Continuing Operations	1,171	967	1,046	1,086	1,068	644	814	575	860	494	678
Consolidated Net Income / (Loss)	1,171	967	1,046	1,086	1,068	644	814	575	860	494	678
Depreciation Expense	25	26	22	25	23	30	22	24	25	15	31
Amortization Expense	268	274	272	267	264	260	260	260	262	260	266
Non-Cash Adjustments To Reconcile Net Income	297	482	-39	87	129	556	89	147	75	151	176
Changes in Operating Assets and Liabilities, net	-808	-9.00	144	91	-536	-156	-172	-237	-628	193	-337
Net Cash From Investing Activities	-79	7.00	57	-299	-20	-45	-49	909	-253	-61	-56
Net Cash From Continuing Investing Activities	-79	7.00	57	-299	-20	-45	-49	909	-253	-61	-56
Purchase of Property, Plant & Equipment	-43	-33	-35	-32	-24	-48	-36	-31	-28	-28	-21
Acquisitions	-13	-41	-3.00	-260	-1.00	-3.00	-7.00	-14	-272	-32	-33
Purchase of Investments	-23	7.00	-3.00	-3.00	5.00	-4.00	-8.00	2.00	-3.00	-	-6.00
Net Cash From Financing Activities	-1,103	-1,718	-1,875	-748	-657	-1,678	-855	-1,517	-230	-1,198	-2,860
Net Cash From Continuing Financing Activities	-1,103	-1,718	-1,875	-748	-657	-1,678	-855	-1,517	-230	-1,198	-2,860
Repayment of Debt	-4.00	-	-	-	-	-	-188	-	-	173	-219
Repurchase of Common Equity	-650	-1,300	-1,501	-	-500	-1,300	-500	-1,001	-500	-1,001	-2,500
Payment of Dividends	-389	-354	-362	-346	-359	-352	-357	-350	-368	-348	-348
Issuance of Debt	0.00	-	-	-250	250	-	192	-158	710	-	219
Other Financing Activities, net	-60	-64	-12	-105	-48	-26	-2.00	-8.00	-72	-22	-12
Effect of Exchange Rate Changes	32	-60	31	-14	-18	34	-25	-4.00	7.00	44	-82

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	60,221	60,589	61,784	15,026	12,537	11,348	9,441	9,425	8,669	8,183
Total Current Assets	5,459	5,143	5,667	8,810	5,988	4,712	3,587	4,324	3,671	3,296
Cash & Equivalents	1,666	1,290	1,286	6,497	4,108	2,866	1,917	2,777	2,392	1,481
Restricted Cash	0.00	1.00	1.00	8.00	14	20	41	2.00	-	-
Short-Term Investments	20	26	14	11	9.00	28	18	12	8.00	6.00
Accounts Receivable	2,867	2,826	2,494	1,650	1,593	1,577	1,449	1,319	1,122	991
Prepaid Expenses	906	1,000	574	323	264	221	162	214	149	206
Plant, Property, & Equipment, net	265	258	297	241	284	320	270	275	271	270
Plant, Property & Equipment, gross	1,088	1,052	1,156	861	871	942	866	829	808	855
Accumulated Depreciation	823	794	859	620	587	622	596	554	537	585
Total Noncurrent Assets	54,497	55,188	55,820	5,975	6,265	6,316	5,584	4,826	4,727	4,617
Long-Term Investments	1,774	1,787	1,752	165	-	-	-	-	-	-
Goodwill	34,917	34,850	34,545	3,506	3,735	3,575	3,535	2,989	2,949	2,882
Intangible Assets	16,556	17,398	18,306	1,285	1,352	1,424	1,524	1,388	1,506	1,522
Employee Benefit Assets	246	238	232	359	297	-	-	-	-	-
Other Noncurrent Operating Assets	1,004	915	985	660	881	1,317	525	449	272	213
Total Liabilities & Shareholders' Equity	60,221	60,589	61,784	15,026	12,537	11,348	9,441	9,425	8,669	8,183
Total Liabilities	22,713	22,489	22,040	9,490	9,185	8,544	7,137	7,307	6,888	7,020
Total Current Liabilities	6,392	6,125	5,999	3,815	3,587	3,093	2,630	3,214	2,611	2,908
Short-Term Debt	4.00	47	226	0.00	-	-	-	399	0.00	143
Accounts Payable	553	557	450	205	233	190	211	195	183	206
Current Deferred Revenue	3,694	3,461	3,126	2,217	2,168	1,928	1,641	1,613	1,509	1,421
Current Deferred & Payable Income Tax Liabilities	199	121	116	90	84	68	73	77	95	56
Current Employee Benefit Liabilities	1,073	906	753	607	551	446	354	472	409	383
Other Current Liabilities	869	1,033	1,094	547	551	461	351	351	359	372
Total Noncurrent Liabilities	16,321	16,364	16,041	5,675	5,598	5,451	4,507	4,093	4,277	4,112
Long-Term Debt	11,394	11,412	10,730	4,114	4,110	3,948	3,662	3,170	3,564	3,468
Noncurrent Deferred & Payable Income Tax Liabilities	3,397	3,690	4,065	147	-	-	-	-	-	-
Noncurrent Employee Benefit Liabilities	180	199	180	262	291	259	229	244	274	276
Other Noncurrent Operating Liabilities	1,350	1,063	1,066	1,152	1,197	1,244	616	679	439	368
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	4,252	3,800	3,267	3,429	2,781	2,268	1,620	1,352	1,080	920
Total Equity & Noncontrolling Interests	33,256	34,300	36,477	2,107	571	536	684	766	701	243
Total Preferred & Common Equity	33,159	34,200	36,388	2,032	509	479	628	709	650	194
Total Common Equity	33,159	34,200	36,388	2,032	509	479	628	709	650	194
Common Stock	44,736	44,646	44,837	1,325	1,240	1,197	1,127	937	914	887
Retained Earnings	20,977	18,728	17,784	15,017	13,367	12,205	11,284	10,023	9,210	7,636
Treasury Stock	-31,671	-	-25,347	-13,469	-13,461	-12,299	-11,041	-9,602	-8,701	-7,729
Accumulated Other Comprehensive Income / (Loss)	-883	-763	-886	-841	-637	-624	-742	-649	-773	-600
Noncontrolling Interest	97	100	89	75	62	57	56	57	51	49

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	59,889	60,221	60,368	60,956	60,477	60,589	60,561	60,695	62,024	61,784	61,813
Total Current Assets	5,340	5,459	5,202	5,642	5,428	5,143	4,804	4,720	5,822	5,667	4,178
Cash & Equivalents	1,469	1,666	1,696	2,038	1,543	1,290	1,645	1,561	1,402	1,286	1,387
Restricted Cash	0.00	0.00	1.00	1.00	1.00	1.00	1.00	1.00	3.00	1.00	2.00
Accounts Receivable	3,081	2,867	2,635	2,709	2,979	2,826	2,547	2,545	2,478	2,494	2,213
Prepaid Expenses	790	906	832	832	845	1,000	611	613	626	574	576
Plant, Property, & Equipment, net	266	265	252	248	247	258	254	258	281	297	305
Total Noncurrent Assets	54,283	54,497	54,914	55,066	54,802	55,188	55,503	55,717	55,921	55,820	57,330
Long-Term Investments	1,785	1,774	1,800	1,795	1,775	1,787	1,791	1,792	1,750	1,752	1,889
Goodwill	34,961	34,917	34,991	34,975	34,748	34,850	34,785	34,827	34,817	34,545	34,499
Intangible Assets	16,306	16,556	16,848	17,099	17,120	17,398	17,635	17,912	18,168	18,306	19,524
Other Noncurrent Operating Assets	1,231	1,004	1,275	1,197	1,159	915	1,292	1,186	1,186	985	1,418
Total Liabilities & Shareholders' Equity	59,889	60,221	60,368	60,956	60,477	60,589	60,561	60,695	62,024	61,784	61,813
Total Liabilities	22,164	22,713	21,977	21,972	22,228	22,489	21,537	21,626	22,252	22,040	21,414
Total Current Liabilities	5,920	6,392	5,505	5,500	5,877	6,125	5,218	6,030	6,394	5,999	5,048
Short-Term Debt	3.00	4.00	4.00	4.00	301	47	47	825	936	226	52
Accounts Payable	525	553	475	477	458	557	458	488	456	450	371
Current Deferred Revenue	3,891	3,694	3,288	3,406	3,535	3,461	3,022	3,148	3,175	3,126	2,870
Current Deferred & Payable Income Tax Liabilities	228	199	188	180	179	121	59	127	219	116	171
Current Employee Benefit Liabilities	426	1,073	823	583	419	906	655	507	385	753	531
Other Current Liabilities	847	869	720	837	975	1,033	977	935	971	1,094	1,053
Total Noncurrent Liabilities	16,244	16,321	16,472	16,472	16,351	16,364	16,319	15,596	15,858	16,041	16,366
Long-Term Debt	11,388	11,394	11,398	11,401	11,404	11,412	11,415	10,676	10,727	10,730	10,734
Noncurrent Deferred & Payable Income Tax Liabilities	3,319	3,397	3,415	3,540	3,631	3,690	3,671	3,693	3,906	4,065	4,336
Noncurrent Employee Benefit Liabilities	182	180	199	196	197	199	183	185	183	180	259
Other Noncurrent Operating Liabilities	1,355	1,350	1,460	1,335	1,119	1,063	1,050	1,042	1,042	1,066	1,037
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	4,252	4,252	4,305	4,014	3,825	3,800	3,510	3,510	3,402	3,267	3,159
Total Equity & Noncontrolling Interests	33,473	33,256	34,086	34,970	34,424	34,300	35,514	35,559	36,370	36,477	37,240
Total Preferred & Common Equity	33,371	33,159	33,992	34,881	34,327	34,200	35,419	35,468	36,275	36,388	37,167
Total Common Equity	33,371	33,159	33,992	34,881	34,327	34,200	35,419	35,468	36,275	36,388	37,167
Common Stock	44,774	44,736	44,688	44,822	44,710	44,646	44,854	44,708	44,744	44,837	44,644
Retained Earnings	21,799	20,977	20,364	19,957	19,433	18,728	18,725	18,279	18,171	17,784	17,735
Accumulated Other Comprehensive Income / (Loss)	-826	-883	-714	-839	-825	-763	-846	-813	-861	-886	-1,038
Other Equity Adjustments	-32,376	-	-30,346	-29,059	-28,991	-28,411	-27,314	-26,706	-25,779	-	-
Noncontrolling Interest	102	97	94	89	97	100	95	91	95	89	73

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.19%	13.99%	15.92%	14.45%	10.47%	7.28%	7.79%	3.61%	32.27%	40.71%	37.09%
EBITDA Growth	11.06%	39.88%	26.82%	44.86%	18.38%	18.71%	14.66%	-32.51%	-31.57%	2.41%	3.49%
EBIT Growth	12.91%	52.01%	32.72%	57.81%	23.04%	23.90%	21.24%	-37.83%	-41.54%	-23.09%	-19.46%
NOPAT Growth	9.89%	39.68%	25.65%	82.02%	19.73%	26.18%	25.03%	-43.91%	-28.57%	-23.40%	-19.06%
Net Income Growth	9.64%	50.16%	28.62%	88.70%	24.19%	30.36%	20.06%	-45.29%	-33.80%	-32.97%	-21.25%
EPS Growth	12.03%	55.74%	33.48%	101.88%	27.94%	77.67%	26.63%	-44.06%	-44.74%	-63.08%	-44.24%
Operating Cash Flow Growth	0.53%	30.43%	42.65%	102.34%	59.60%	19.86%	24.45%	69.38%	167.57%	18.40%	-15.82%
Free Cash Flow Firm Growth	-32.97%	-6.06%	6.53%	14.09%	186.28%	104.86%	103.96%	103.59%	102.40%	-4,699.48%	-3,002.85%
Invested Capital Growth	-1.68%	-2.17%	-1.59%	-1.37%	-3.89%	-2.98%	-1.79%	-1.96%	-0.23%	1,435.63%	1,348.65%
Revenue Q/Q Growth	5.12%	0.50%	0.73%	1.66%	10.76%	2.20%	-0.55%	-1.87%	7.56%	2.69%	-4.41%
EBITDA Q/Q Growth	14.96%	-5.91%	-1.20%	3.93%	44.79%	-14.70%	12.85%	-15.07%	45.19%	-17.61%	-33.58%
EBIT Q/Q Growth	18.88%	-7.54%	-1.58%	4.38%	60.05%	-19.28%	17.03%	-18.62%	61.17%	-21.01%	-39.99%
NOPAT Q/Q Growth	22.37%	-8.57%	-3.44%	1.71%	55.53%	-17.75%	39.89%	-33.10%	63.91%	-18.49%	-37.24%
Net Income Q/Q Growth	21.10%	-7.64%	-3.50%	1.59%	65.84%	-20.88%	41.57%	-33.14%	74.09%	-27.14%	-35.49%
EPS Q/Q Growth	24.21%	-8.36%	-3.72%	2.22%	72.68%	-21.46%	45.63%	-35.22%	139.81%	-44.02%	-35.66%
Operating Cash Flow Q/Q Growth	-45.23%	20.42%	-7.13%	64.14%	-28.94%	31.69%	31.73%	29.46%	-46.63%	36.73%	79.30%
Free Cash Flow Firm Q/Q Growth	-0.01%	9.11%	3.28%	-40.51%	41.85%	23.73%	10.61%	49.28%	102.38%	-0.67%	-0.43%
Invested Capital Q/Q Growth	0.92%	-1.85%	-0.57%	-0.17%	0.35%	-1.26%	-0.35%	-2.71%	1.36%	-0.05%	-0.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	69.47%	69.00%	70.01%	69.43%	67.92%	67.26%	67.74%	66.91%	65.57%	65.69%	65.43%
EBITDA Margin	49.43%	45.20%	48.28%	49.23%	48.15%	36.83%	44.13%	38.89%	44.94%	33.29%	41.49%
Operating Margin	41.78%	36.43%	40.11%	40.91%	39.67%	28.27%	34.82%	29.38%	36.20%	24.51%	29.81%
EBIT Margin	41.67%	36.85%	40.06%	41.00%	39.93%	27.63%	34.99%	29.73%	35.85%	23.93%	31.11%
Profit (Net Income) Margin	31.00%	26.91%	29.29%	30.57%	30.59%	20.43%	26.39%	18.54%	27.22%	16.81%	23.70%
Tax Burden Percent	78.28%	77.11%	76.99%	78.74%	81.16%	81.11%	81.81%	68.94%	82.06%	79.55%	82.38%
Interest Burden Percent	95.04%	94.71%	94.97%	94.71%	94.40%	91.16%	92.22%	90.46%	92.50%	88.34%	92.47%
Effective Tax Rate	21.72%	22.89%	23.01%	21.26%	18.85%	18.89%	18.19%	31.06%	17.94%	20.45%	17.62%
Return on Invested Capital (ROIC)	10.25%	8.69%	9.11%	9.12%	8.68%	6.07%	7.37%	5.12%	7.31%	8.55%	9.91%
ROIC Less NNEP Spread (ROIC-NNEP)	9.47%	8.17%	8.39%	8.38%	8.03%	5.12%	6.54%	4.34%	6.20%	5.79%	9.04%
Return on Net Nonoperating Assets (RNNOA)	2.06%	1.76%	1.73%	1.69%	1.76%	1.08%	1.28%	0.72%	1.06%	0.73%	1.14%
Return on Equity (ROE)	12.31%	10.45%	10.84%	10.81%	10.44%	7.16%	8.65%	5.84%	8.37%	9.28%	11.05%
Cash Return on Invested Capital (CROIC)	11.40%	11.73%	10.37%	9.63%	11.01%	9.74%	8.16%	7.94%	7.09%	-161.02%	-159.01%
Operating Return on Assets (OROA)	10.04%	8.67%	9.12%	8.95%	8.36%	5.64%	7.02%	5.74%	6.69%	6.97%	8.47%
Return on Assets (ROA)	7.47%	6.33%	6.67%	6.67%	6.41%	4.17%	5.30%	3.58%	5.08%	4.90%	6.45%
Return on Common Equity (ROCE)	10.97%	9.31%	9.72%	9.74%	9.45%	6.49%	7.90%	5.34%	7.66%	7.87%	9.47%
Return on Equity Simple (ROE_SIMPLE)	12.80%	0.00%	11.31%	10.35%	9.03%	0.00%	7.74%	7.35%	8.50%	0.00%	10.13%
Net Operating Profit after Tax (NOPAT)	1,235	1,009	1,104	1,143	1,124	723	879	628	939	573	703
NOPAT Margin	32.70%	28.09%	30.88%	32.21%	32.20%	22.93%	28.49%	20.25%	29.71%	19.49%	24.56%
Net Nonoperating Expense Percent (NNEP)	0.78%	0.52%	0.71%	0.74%	0.65%	0.95%	0.83%	0.79%	1.11%	2.75%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	2.75%	2.26%	-	-	-	1.58%	-	-	-	1.21%	-
Cost of Revenue to Revenue	30.53%	31.00%	29.99%	30.57%	32.08%	32.74%	32.26%	33.09%	34.43%	34.31%	34.57%
SG&A Expenses to Revenue	20.23%	25.58%	22.60%	20.68%	20.19%	29.89%	24.03%	24.86%	22.31%	32.16%	25.34%
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	27.99%	32.93%	30.21%	28.88%	28.42%	39.09%	33.17%	37.89%	29.81%	41.52%	35.83%
Earnings before Interest and Taxes (EBIT)	1,574	1,324	1,432	1,455	1,394	871	1,079	922	1,133	703	890
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,867	1,624	1,726	1,747	1,681	1,161	1,361	1,206	1,420	978	1,187
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.69	4.66	4.76	4.00	3.92	4.05	3.26	3.59	3.03	2.95	2.70
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)	10.79	10.88	11.75	10.51	10.48	11.08	9.39	10.57	9.18	9.59	9.70
Price to Earnings (P/E)	39.58	40.12	45.54	42.01	47.66	52.73	46.48	54.32	39.09	33.02	28.72
Dividend Yield	0.73%	0.73%	0.70%	0.81%	0.85%	0.82%	0.98%	0.88%	1.01%	1.01%	1.08%
Earnings Yield	2.53%	2.49%	2.20%	2.38%	2.10%	1.90%	2.15%	1.84%	2.56%	3.03%	3.48%
Enterprise Value to Invested Capital (EV/IC)	3.68	3.67	3.76	3.25	3.15	3.24	2.70	2.95	2.51	2.47	2.32
Enterprise Value to Revenue (EV/Rev)	11.65	11.74	12.64	11.39	11.44	12.06	10.34	11.55	10.19	10.60	10.74
Enterprise Value to EBITDA (EV/EBITDA)	24.25	24.61	27.55	25.42	27.14	29.28	25.57	29.06	22.67	19.66	18.48
Enterprise Value to EBIT (EV/EBIT)	29.19	29.76	33.77	31.51	34.41	37.64	33.09	38.17	28.93	23.63	21.23
Enterprise Value to NOPAT (EV/NOPAT)	37.60	38.08	42.51	39.10	43.76	47.58	42.06	48.96	36.53	32.00	28.57
Enterprise Value to Operating Cash Flow (EV/OCF)	29.66	29.32	32.94	31.17	36.12	40.63	36.39	42.32	40.94	45.53	45.65
Enterprise Value to Free Cash Flow (EV/FCFF)	32.02	30.95	35.96	33.49	28.01	32.81	32.75	36.78	35.33	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.30	0.30	0.30	0.29	0.31	0.30	0.29	0.29	0.29	0.28	0.27
Long-Term Debt to Equity	0.30	0.30	0.30	0.29	0.30	0.30	0.29	0.27	0.27	0.27	0.27
Financial Leverage	0.22	0.22	0.21	0.20	0.22	0.21	0.20	0.17	0.17	0.13	0.13
Leverage Ratio	1.58	1.60	1.56	1.56	1.57	1.57	1.54	1.53	1.54	1.70	1.67
Compound Leverage Factor	1.51	1.51	1.48	1.48	1.48	1.43	1.42	1.38	1.43	1.50	1.54
Debt to Total Capital	23.19%	23.31%	22.90%	22.63%	23.43%	23.12%	22.70%	22.74%	22.68%	21.61%	21.07%
Short-Term Debt to Total Capital	0.01%	0.01%	0.01%	0.01%	0.60%	0.09%	0.09%	1.63%	1.82%	0.45%	0.10%
Long-Term Debt to Total Capital	23.19%	23.30%	22.89%	22.63%	22.83%	23.03%	22.61%	21.11%	20.86%	21.16%	20.97%
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	8.86%	8.89%	8.83%	8.14%	7.85%	7.87%	7.14%	7.12%	6.80%	6.62%	6.31%
Common Equity to Total Capital	67.94%	67.80%	68.27%	69.22%	68.72%	69.01%	70.16%	70.14%	70.53%	71.77%	72.61%
Debt to EBITDA	1.64	1.68	1.81	1.92	2.16	2.23	2.31	2.40	2.17	1.82	1.80
Net Debt to EBITDA	1.17	1.17	1.25	1.27	1.55	1.62	1.62	1.70	1.58	1.31	1.25
Long-Term Debt to EBITDA	1.64	1.68	1.80	1.92	2.11	2.22	2.30	2.23	2.00	1.78	1.79
Debt to NOPAT	2.54	2.60	2.79	2.95	3.49	3.62	3.80	4.04	3.50	2.96	2.78
Net Debt to NOPAT	1.81	1.81	1.93	1.96	2.50	2.64	2.66	2.86	2.55	2.13	1.93
Long-Term Debt to NOPAT	2.54	2.60	2.78	2.95	3.40	3.60	3.78	3.75	3.22	2.90	2.76
Altman Z-Score	5.06	4.86	5.19	4.57	4.36	4.36	3.90	4.18	3.61	3.53	3.41
Noncontrolling Interest Sharing Ratio	10.89%	10.91%	10.34%	9.87%	9.51%	9.32%	8.61%	8.51%	8.44%	15.15%	14.26%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.90	0.85	0.95	1.03	0.92	0.84	0.92	0.78	0.91	0.94	0.83
Quick Ratio	0.77	0.71	0.79	0.86	0.77	0.68	0.80	0.68	0.61	0.63	0.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,018	2,018	1,850	1,791	3,011	2,149	1,737	1,570	1,052	-44,190	-43,897
Operating Cash Flow to CapEx	2,216.28%	5,272.73%	4,128.57%	4,862.50%	3,950.00%	2,779.17%	2,813.89%	2,480.65%	0.00%	3,975.00%	4,788.24%
Free Cash Flow to Firm to Interest Expense	25.87	28.83	25.69	23.26	38.60	27.90	20.67	17.84	12.37	-559.37	-655.18
Operating Cash Flow to Interest Expense	12.22	24.86	20.07	20.21	12.15	17.32	12.06	8.74	6.99	14.09	12.15
Operating Cash Flow Less CapEx to Interest Expense	11.67	24.39	19.58	19.79	11.85	16.70	11.63	8.39	7.25	13.73	11.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.24	0.23	0.22	0.21	0.20	0.20	0.19	0.19	0.29	0.27
Accounts Receivable Turnover	4.78	4.99	5.31	5.05	4.70	4.70	5.16	5.16	4.88	5.40	5.65
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	56.51	54.33	54.42	52.47	48.59	45.03	43.95	40.88	38.00	41.57	36.83
Accounts Payable Turnover	9.02	7.91	9.24	8.77	9.13	8.22	9.93	9.42	9.45	11.46	10.80
Days Sales Outstanding (DSO)	76.30	73.13	68.69	72.22	77.64	77.69	70.72	70.67	74.87	67.64	64.62
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)	40.47	46.13	39.52	41.61	39.97	44.38	36.75	38.76	38.62	31.85	33.79
Cash Conversion Cycle (CCC)	35.84	26.99	29.18	30.61	37.66	33.31	33.98	31.91	36.24	35.79	30.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	45,862	45,446	46,303	46,568	46,645	46,455	47,049	47,216	48,532	47,881	47,907
Invested Capital Turnover	0.31	0.31	0.29	0.28	0.27	0.26	0.26	0.25	0.25	0.44	0.40
Increase / (Decrease) in Invested Capital	-783	-1,009	-746	-648	-1,887	-1,426	-858	-942	-113	44,763	44,600
Enterprise Value (EV)	168,884	166,826	174,006	151,227	146,806	150,733	126,957	139,241	121,782	118,501	110,938
Market Capitalization	156,393	154,539	161,702	139,553	134,498	138,478	115,327	127,493	109,777	107,242	100,198
Book Value per Share	$108.42	$106.86	$108.60	$111.48	$109.46	$107.95	$111.31	$110.56	$112.66	$111.69	$111.45
Tangible Book Value per Share	($58.14)	($59.02)	($57.02)	($54.95)	($55.93)	($56.97)	($53.43)	($53.84)	($51.89)	($50.53)	($50.54)
Total Capital	49,116	48,906	49,793	50,389	49,954	49,559	50,486	50,570	51,435	50,700	51,185
Total Debt	11,391	11,398	11,402	11,405	11,705	11,459	11,462	11,501	11,663	10,956	10,786
Total Long-Term Debt	11,388	11,394	11,398	11,401	11,404	11,412	11,415	10,676	10,727	10,730	10,734
Net Debt	8,137	7,938	7,905	7,571	8,386	8,355	8,025	8,147	8,508	7,903	7,508
Capital Expenditures (CapEx)	43	33	35	32	24	48	36	31	-22	28	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,046	-2,615	-1,996	-1,893	-1,692	-2,252	-2,013	-2,047	-1,041	-1,407	-2,207
Debt-free Net Working Capital (DFNWC)	-577	-929	-299	146	-148	-935	-367	-485	364	-106	-818
Net Working Capital (NWC)	-580	-933	-303	142	-449	-982	-414	-1,310	-572	-332	-870
Net Nonoperating Expense (NNE)	64	42	57	58	56	79	65	53	79	79	25
Net Nonoperating Obligations (NNO)	8,137	7,938	7,912	7,584	8,396	8,355	8,025	8,147	8,760	8,137	7,508
Total Depreciation and Amortization (D&A)	293	300	294	292	287	290	282	284	287	275	297
Debt-free, Cash-free Net Working Capital to Revenue	-14.12%	-18.41%	-14.50%	-14.26%	-13.19%	-18.02%	-16.39%	-16.97%	-8.71%	-12.58%	-21.36%
Debt-free Net Working Capital to Revenue	-3.98%	-6.54%	-2.17%	1.10%	-1.15%	-7.48%	-2.99%	-4.02%	3.05%	-0.95%	-7.92%
Net Working Capital to Revenue	-4.00%	-6.57%	-2.20%	1.07%	-3.50%	-7.86%	-3.37%	-10.86%	-4.79%	-2.97%	-8.42%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.55	$2.85	$3.12	$3.23	$3.16	$1.84	$2.34	$1.60	$2.47	$1.05	$1.84
Adjusted Weighted Average Basic Shares Outstanding	307.30M	311.60M	311.20M	313M	313.60M	318.40M	317.50M	319.30M	321.30M	316.90M	329.60M
Adjusted Diluted Earnings per Share	$3.54	$2.85	$3.11	$3.23	$3.16	$1.83	$2.33	$1.60	$2.47	$1.03	$1.84
Adjusted Weighted Average Diluted Shares Outstanding	307.70M	311.90M	311.50M	313.20M	314M	318.90M	318M	319.80M	322.10M	318.50M	330.90M
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	0.00	0.00	0.00	0.00	0.00	0.00	0.00	320.80M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	1,235	1,009	1,104	1,143	1,124	723	879	628	939	573	703
Normalized NOPAT Margin	32.70%	28.09%	30.88%	32.21%	32.20%	22.93%	28.49%	20.25%	29.71%	19.49%	24.56%
Pre Tax Income Margin	39.61%	34.90%	38.04%	38.83%	37.70%	25.19%	32.26%	26.89%	33.16%	21.14%	28.77%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	20.18	18.91	19.89	18.90	17.87	11.31	12.85	10.48	13.33	8.90	13.28
NOPAT to Interest Expense	15.84	14.42	15.33	14.85	14.41	9.39	10.46	7.14	11.04	7.25	10.49
EBIT Less CapEx to Interest Expense	19.63	18.44	19.40	18.48	17.56	10.69	12.42	10.13	13.59	8.54	13.03
NOPAT Less CapEx to Interest Expense	15.28	13.95	14.85	14.43	14.10	8.76	10.03	6.79	11.30	6.90	10.23
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	33.98%	34.10%	36.91%	39.16%	45.73%	49.33%	51.88%	54.24%	46.09%	36.74%	31.55%
Augmented Payout Ratio	114.80%	113.32%	122.79%	102.85%	152.18%	163.43%	161.32%	246.11%	224.52%	377.57%	323.80%

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 9 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, rising from $1.27 billion in 2015. The previous period was $2.89 billion in 2023. See where experts think S&P Global is headed by visiting S&P Global's forecast page.

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 revenue changed over the last 9 years?

Over the last 9 years, S&P Global's total revenue changed from $5.31 billion in 2015 to $14.21 billion in 2024, a change of 167.4%.

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 223.5% increase since 2015.

How much cash does S&P Global have?

In the past 9 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 9 years?

Over the last 9 years, S&P Global's book value per share changed from 0.72 in 2015 to 106.86 in 2024, a change of 14,789.4%.

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This page (NYSE:SPGI) was last updated on 5/21/2025 by MarketBeat.com Staff

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S&P Global (SPGI) Financials

Frequently Asked Questions About S&P Global's Financials

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