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S&P Global (SPGI) Financials

S&P Global logo
$412.24 -2.77 (-0.67%)
Closing price 07/31/2026 03:59 PM Eastern
Extended Trading
$414.82 +2.58 (+0.63%)
As of 07/31/2026 07:58 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for S&P Global

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 1,156 2,106 1,496 1,958 2,123 2,339 3,024 3,248 2,626 3,852 4,471
Consolidated Net Income / (Loss)		 1,268 2,228 1,638 2,121 2,303 2,534 3,263 3,522 2,893 4,167 4,820
Net Income / (Loss) Continuing Operations		 1,268 2,228 1,638 2,121 2,303 2,534 3,263 3,522 2,893 4,167 4,820
Total Pre-Tax Income 		1,815 3,188 2,461 2,681 2,930 3,228 4,164 4,702 3,671 5,308 6,227
Total Operating Income		 1,917 3,341 2,583 2,790 3,226 3,617 4,221 4,944 4,020 5,580 6,478
Total Gross Profit		 3,595 3,888 4,369 4,420 4,723 5,348 6,117 7,428 8,356 9,847 10,773
Total Revenue		 5,313 5,661 6,063 6,258 6,699 7,442 8,297 11,181 12,497 14,208 15,336
Operating Revenue		 5,313 5,661 6,063 6,258 6,699 7,442 8,297 11,181 12,497 14,208 15,336
Total Cost of Revenue		 1,718 1,773 1,694 1,838 1,976 2,094 2,180 3,753 4,141 4,361 4,563
Operating Cost of Revenue		 1,718 1,773 1,694 1,838 1,976 2,094 2,180 3,753 4,141 4,361 4,563
Total Operating Expenses		 1,678 547 1,786 1,630 1,497 1,731 1,896 2,511 4,372 4,310 4,323
Selling, General & Admin Expense		 1,532 1,467 1,606 1,424 1,342 1,541 1,729 3,396 3,159 3,196 3,417
Depreciation Expense		 90 85 82 84 82 83 82 108 101 96 110
Amortization Expense		 67 96 98 122 122 123 96 905 1,042 1,077 1,069
Other Operating Expenses / (Income)		 - -1,101 - 0.00 - - -11 -1,898 70 -59 -273
Total Other Income / (Expense), net		 -102 -153 -122 -109 -296 -389 -57 -215 -313 -229 -223
Interest Expense		 102 181 149 134 198 420 119 312 334 297 287
Interest & Investment Income		 - - - - - 0.00 0.00 27 36 43 28
Other Income / (Expense), net		 - 28 27 25 -98 31 62 70 -15 25 36
Income Tax Expense		 547 960 823 560 627 694 901 1,180 778 1,141 1,407
Net Income / (Loss) Attributable to Noncontrolling Interest		 112 122 142 163 180 195 239 274 267 315 349
Basic Earnings per Share		 $4.26 $8.02 $5.84 $7.80 $8.65 $9.71 $12.56 $10.25 $8.25 $12.36 $14.67
Weighted Average Basic Shares Outstanding		 271.60M 262.80M 256.30M 250.90M 245.40M 241M 240.80M 316.90M 318.40M 311.60M 304.80M
Diluted Earnings per Share		 $4.21 $7.94 $5.78 $7.73 $8.60 $9.66 $12.51 $10.20 $8.23 $12.35 $14.66
Weighted Average Diluted Shares Outstanding		 274.60M 265.20M 258.90M 253.20M 246.90M 242.10M 241.80M 318.50M 318.90M 311.90M 305.10M
Weighted Average Basic & Diluted Shares Outstanding		 271.40M 0.00 0.00 0.00 0.00 240.70M 0.00 0.00 0.00 0.00 0.00
Cash Dividends to Common per Share		 $1.32 $1.44 $1.64 $2.00 $2.28 $2.68 $3.08 $3.32 $3.60 $3.64 $3.84

Quarterly Income Statements for S&P Global

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 578 991 1,011 971 879 1,090 1,072 1,176 1,133 1,395 1,217
Consolidated Net Income / (Loss)		 644 1,068 1,085 1,047 967 1,171 1,160 1,265 1,224 1,504 1,323
Net Income / (Loss) Continuing Operations		 644 1,068 1,085 1,047 967 1,171 1,160 1,265 1,224 1,504 1,323
Total Pre-Tax Income 		794 1,316 1,378 1,360 1,254 1,496 1,502 1,598 1,631 1,908 1,729
Total Operating Income		 891 1,385 1,452 1,434 1,309 1,578 1,551 1,675 1,674 2,002 1,812
Total Gross Profit		 2,120 2,380 2,471 2,510 2,479 2,624 2,636 2,767 2,746 2,936 2,981
Total Revenue		 3,152 3,491 3,549 3,575 3,593 3,777 3,755 3,888 3,916 4,171 4,146
Operating Revenue		 3,152 3,491 3,549 3,575 3,593 3,777 3,755 3,888 3,916 4,171 4,146
Total Cost of Revenue		 1,032 1,111 1,078 1,065 1,114 1,153 1,119 1,121 1,170 1,235 1,165
Operating Cost of Revenue		 1,032 1,111 1,078 1,065 1,114 1,153 1,119 1,121 1,170 1,235 1,165
Total Operating Expenses		 1,232 1,001 1,032 1,087 1,183 1,057 1,096 1,099 1,071 934 1,169
Selling, General & Admin Expense		 942 714 741 815 919 764 803 805 1,045 802 873
Depreciation Expense		 30 23 25 22 26 25 26 28 31 31 32
Amortization Expense		 259 264 266 271 276 268 270 266 265 276 275
Other Operating Expenses / (Income)		 1.00 - 0.00 -21 -38 0.00 -3.00 0.00 - -175 -11
Total Other Income / (Expense), net		 -94 -63 -61 -63 -42 -71 -38 -70 -44 -94 -83
Interest Expense		 77 78 77 72 70 78 77 79 53 96 87
Interest & Investment Income		 3.00 6.00 13 11 13 11 11 7.00 -1.00 0.00 0.00
Other Income / (Expense), net		 -20 9.00 3.00 -2.00 15 -4.00 28 2.00 10 2.00 4.00
Income Tax Expense		 150 248 293 313 287 325 342 333 407 404 406
Net Income / (Loss) Attributable to Noncontrolling Interest		 66 77 74 76 88 81 88 89 91 109 106
Basic Earnings per Share		 $1.84 $3.16 $3.23 $3.12 $2.85 $3.55 $3.50 $3.86 $3.76 $4.69 $4.12
Weighted Average Basic Shares Outstanding		 318.40M 313.60M 313M 311.20M 311.60M 307.30M 305.90M 304.30M 304.80M 297.30M 295.40M
Diluted Earnings per Share		 $1.83 $3.16 $3.23 $3.11 $2.85 $3.54 $3.50 $3.86 $3.76 $4.69 $4.12
Weighted Average Diluted Shares Outstanding		 318.90M 314M 313.20M 311.50M 311.90M 307.70M 306.10M 304.50M 305.10M 297.60M 295.50M
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

Annual Cash Flow Statements for S&P Global

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 -857 911 300 -821 928 1,236 2,383 -5,218 4.00 375 79
Net Cash From Operating Activities		 227 1,560 2,016 2,064 2,776 3,567 3,598 2,603 3,710 5,689 5,651
Net Cash From Continuing Operating Activities		 356 1,560 2,020 2,064 2,776 3,567 3,598 2,603 3,710 5,689 5,651
Net Income / (Loss) Continuing Operations		 1,268 2,228 1,638 2,121 2,303 2,534 3,263 3,522 2,893 4,167 4,820
Consolidated Net Income / (Loss)		 1,268 2,228 1,638 2,121 2,303 2,534 3,263 3,522 2,893 4,167 4,820
Depreciation Expense		 90 85 82 84 82 83 82 108 101 96 110
Amortization Expense		 67 96 98 122 122 123 96 905 1,042 1,077 1,069
Non-Cash Adjustments To Reconcile Net Income		 132 -986 211 60 481 580 412 -1,304 867 659 653
Changes in Operating Assets and Liabilities, net		 -1,201 137 -9.00 -323 -212 247 -255 -628 -1,193 -310 -1,001
Net Cash From Investing Activities		 -2,525 1,171 -209 -513 -131 -240 -120 3,628 562 -255 -704
Net Cash From Continuing Investing Activities		 -2,525 1,171 -209 -513 -131 -240 -120 3,628 562 -255 -704
Purchase of Property, Plant & Equipment		 -139 -115 -123 -113 -115 -76 -35 -89 -143 -124 -195
Acquisitions		 -2,396 -177 -83 -401 -91 -201 -99 210 -296 -305 -2,023
Purchase of Investments		 -4.00 -1.00 -5.00 -5.00 -10 19 -2.00 -2.00 -13 6.00 -35
Divestitures		 - - - - - - - 3,509 1,014 168 1,549
Net Cash From Financing Activities		 1,441 -1,662 -1,507 -2,288 -1,751 -2,166 -1,013 -11,326 -4,280 -4,998 -4,930
Net Cash From Continuing Financing Activities		 1,349 -1,662 -1,507 -2,288 -1,751 -2,166 -1,013 -11,326 -4,280 -4,998 -4,930
Repayment of Debt		 143 -564 0.00 -403 -868 -1,394 0.00 -3,730 -188 -47 711
Repurchase of Common Equity		 -974 -1,123 -1,001 -1,685 -1,240 -1,164 0.00 -12,004 -3,301 -3,301 -5,001
Payment of Dividends		 -467 -496 -532 -657 -703 -839 -970 -1,294 -1,427 -1,421 -1,491
Issuance of Debt		 2,674 493 0.00 489 1,086 1,276 0.00 5,395 744 0.00 993
Other Financing Activities, net		 65 28 26 -32 -26 -45 -43 -103 -108 -229 -142
Effect of Exchange Rate Changes		 - -158 - -84 34 75 -82 -123 12 -61 62
Cash Interest Paid		 65 150 139 151 162 159 130 240 369 391 390
Cash Income Taxes Paid		 260 683 709 558 659 683 883 1,555 1,279 1,159 1,502

Quarterly Cash Flow Statements for S&P Global

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 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -355 253 495 -342 -31 -197 378 -175 73 65 2,331
Net Cash From Operating Activities		 1,334 948 1,556 1,445 1,740 953 1,445 1,505 1,748 1,037 1,439
Net Cash From Continuing Operating Activities		 1,334 948 1,556 1,445 1,740 953 1,445 1,505 1,748 1,037 1,439
Net Income / (Loss) Continuing Operations		 644 1,068 1,086 1,046 967 1,171 1,160 1,265 1,224 1,504 1,324
Consolidated Net Income / (Loss)		 644 1,068 1,086 1,046 967 1,171 1,160 1,265 1,224 1,504 1,324
Depreciation Expense		 30 23 25 22 26 25 26 28 31 31 33
Amortization Expense		 260 264 267 272 274 268 269 266 266 276 275
Non-Cash Adjustments To Reconcile Net Income		 556 213 87 -39 482 297 59 40 257 -115 128
Changes in Operating Assets and Liabilities, net		 -156 -620 91 144 -9.00 -808 -69 -94 -30 -659 -321
Net Cash From Investing Activities		 -45 -20 -299 57 7.00 -79 -52 -101 -472 291 -39
Net Cash From Continuing Investing Activities		 -45 -20 -299 57 7.00 -79 -52 -101 -472 291 -39
Purchase of Property, Plant & Equipment		 -48 -24 -32 -35 -33 -43 -61 -45 -46 -27 -38
Acquisitions		 -3.00 -1.00 -260 -3.00 -41 -13 -12 -25 -1,973 -12 -14
Purchase of Investments		 -4.00 5.00 -3.00 -3.00 7.00 -23 6.00 -35 17 -15 -3.00
Divestitures		 10 - - 98 74 0.00 - 4.00 1,530 345 16
Net Cash From Financing Activities		 -1,678 -657 -748 -1,875 -1,718 -1,103 -1,059 -1,566 -1,202 -1,237 945
Net Cash From Continuing Financing Activities		 -1,678 -657 -748 -1,875 -1,718 -1,103 -1,059 -1,566 -1,202 -1,237 945
Repurchase of Common Equity		 -1,300 -500 - -1,501 -1,300 -650 -651 -1,200 -2,500 -1,000 -500
Payment of Dividends		 -352 -359 -346 -362 -354 -389 -368 -357 -377 -379 -358
Issuance of Debt		 - 250 -250 - - 0.00 - - - 236 1,860
Other Financing Activities, net		 -26 -48 -105 -12 -64 -60 -40 -9.00 -33 -91 -57
Effect of Exchange Rate Changes		 34 -18 -14 31 -60 32 44 -13 -1.00 -26 -14

Annual Balance Sheets for S&P Global

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 8,183 8,669 9,425 9,441 11,348 12,537 15,026 61,784 60,589 60,221 61,200
Total Current Assets		 3,296 3,671 4,324 3,587 4,712 5,988 8,810 5,667 5,143 5,459 6,296
Cash & Equivalents		 1,481 2,392 2,777 1,917 2,866 4,108 6,497 1,286 1,290 1,666 1,745
Restricted Cash		 - - 2.00 41 20 14 8.00 1.00 1.00 0.00 0.00
Accounts Receivable		 991 1,122 1,319 1,449 1,577 1,593 1,650 2,494 2,826 2,867 3,441
Prepaid Expenses		 206 149 214 162 221 264 323 574 1,000 906 914
Other Current Nonoperating Assets		 503 - - - - - - - - 0.00 196
Plant, Property, & Equipment, net		 270 271 275 270 320 284 241 297 258 265 278
Total Noncurrent Assets		 4,617 4,727 4,826 5,584 6,316 6,265 5,975 55,820 55,188 54,497 54,626
Long-Term Investments		 - - - - - - 165 1,752 1,787 1,774 603
Goodwill		 2,882 2,949 2,989 3,535 3,575 3,735 3,506 34,545 34,850 34,917 36,475
Intangible Assets		 1,522 1,506 1,388 1,524 1,424 1,352 1,285 18,306 17,398 16,556 16,271
Other Noncurrent Operating Assets		 213 272 449 525 1,317 881 660 985 915 1,004 1,277
Total Liabilities & Shareholders' Equity		 8,183 8,669 9,425 9,441 11,348 12,537 15,026 61,784 60,589 60,221 61,200
Total Liabilities		 7,020 6,888 7,307 7,137 8,544 9,185 9,490 22,040 22,489 22,713 25,048
Total Current Liabilities		 2,908 2,611 3,214 2,630 3,093 3,587 3,815 5,999 6,125 6,392 7,637
Short-Term Debt		 143 0.00 399 - - - 0.00 226 47 4.00 718
Accounts Payable		 206 183 195 211 190 233 205 450 557 553 610
Current Deferred Revenue		 1,421 1,509 1,613 1,641 1,928 2,168 2,217 3,126 3,461 3,694 4,088
Current Deferred & Payable Income Tax Liabilities		 56 95 77 73 68 84 90 116 121 199 180
Current Employee Benefit Liabilities		 383 409 472 354 446 551 607 753 906 1,073 988
Other Current Liabilities		 372 359 351 351 461 551 547 1,094 1,033 869 1,010
Other Current Nonoperating Liabilities		 206 - - - - - 149 234 - 0.00 43
Total Noncurrent Liabilities		 4,112 4,277 4,093 4,507 5,451 5,598 5,675 16,041 16,364 16,321 17,411
Long-Term Debt		 3,468 3,564 3,170 3,662 3,948 4,110 4,114 10,730 11,412 11,394 12,370
Noncurrent Deferred & Payable Income Tax Liabilities		 - - - - - - 147 4,065 3,690 3,397 3,262
Noncurrent Employee Benefit Liabilities		 276 274 244 229 259 291 262 180 199 180 178
Other Noncurrent Operating Liabilities		 368 439 679 616 1,244 1,197 1,152 1,066 1,063 1,350 1,601
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		 920 1,080 1,352 1,620 2,268 2,781 3,429 3,267 3,800 4,252 4,917
Total Equity & Noncontrolling Interests		 243 701 766 684 536 571 2,107 36,477 34,300 33,256 31,235
Total Preferred & Common Equity		 194 650 709 628 479 509 2,032 36,388 34,200 33,159 31,127
Total Common Equity		 194 650 709 628 479 509 2,032 36,388 34,200 33,159 31,127
Common Stock		 887 914 937 1,127 1,197 1,240 1,325 44,837 44,646 44,736 44,532
Retained Earnings		 7,636 9,210 10,023 11,284 12,205 13,367 15,017 17,784 18,728 20,977 23,666
Accumulated Other Comprehensive Income / (Loss)		 -600 -773 -649 -742 -624 -637 -841 -886 -763 -883 -697
Other Equity Adjustments		 - - - - - - - - -28,411 - -36,374
Noncontrolling Interest		 49 51 57 56 57 62 75 89 100 97 108

Quarterly Balance Sheets for S&P Global

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 60,561 60,589 60,477 60,956 60,368 60,221 59,889 60,395 59,749 60,792 62,906
Total Current Assets		 4,804 5,143 5,428 5,642 5,202 5,459 5,340 5,877 5,654 6,320 8,709
Cash & Equivalents		 1,645 1,290 1,543 2,038 1,696 1,666 1,469 1,847 1,672 1,810 4,134
Restricted Cash		 1.00 1.00 1.00 1.00 1.00 0.00 0.00 0.00 0.00 0.00 7.00
Accounts Receivable		 2,547 2,826 2,979 2,709 2,635 2,867 3,081 2,979 2,856 3,493 3,438
Prepaid Expenses		 611 1,000 845 832 832 906 790 1,051 926 889 1,010
Other Current Nonoperating Assets		 - - - - - - - - 200 128 120
Plant, Property, & Equipment, net		 254 258 247 248 252 265 266 275 270 261 254
Total Noncurrent Assets		 55,503 55,188 54,802 55,066 54,914 54,497 54,283 54,243 53,825 54,211 53,943
Long-Term Investments		 1,791 1,787 1,775 1,795 1,800 1,774 1,785 1,846 1,874 605 613
Goodwill		 34,785 34,850 34,748 34,975 34,991 34,917 34,961 35,072 34,921 36,357 36,348
Intangible Assets		 17,635 17,398 17,120 17,099 16,848 16,556 16,306 16,078 15,809 15,977 15,695
Other Noncurrent Operating Assets		 1,292 915 1,159 1,197 1,275 1,004 1,231 1,247 1,221 1,272 1,287
Total Liabilities & Shareholders' Equity		 60,561 60,589 60,477 60,956 60,368 60,221 59,889 60,395 59,749 60,792 62,906
Total Liabilities		 21,537 22,489 22,228 21,972 21,977 22,713 22,164 22,434 22,051 24,587 26,266
Total Current Liabilities		 5,218 6,125 5,877 5,500 5,505 6,392 5,920 5,982 5,803 9,335 9,125
Short-Term Debt		 47 47 301 4.00 4.00 4.00 3.00 3.00 3.00 2,697 2,572
Accounts Payable		 458 557 458 477 475 553 525 532 418 510 611
Current Deferred Revenue		 3,022 3,461 3,535 3,406 3,288 3,694 3,891 3,871 3,627 3,980 3,929
Current Deferred & Payable Income Tax Liabilities		 59 121 179 180 188 199 228 198 197 482 238
Current Employee Benefit Liabilities		 655 906 419 583 823 1,073 426 582 714 439 581
Other Current Liabilities		 977 1,033 975 837 720 869 847 796 799 1,200 1,166
Other Current Nonoperating Liabilities		 0.00 - 10 13 7.00 - - - 45 27 28
Total Noncurrent Liabilities		 16,319 16,364 16,351 16,472 16,472 16,321 16,244 16,452 16,248 15,252 17,141
Long-Term Debt		 11,415 11,412 11,404 11,401 11,398 11,394 11,388 11,385 11,382 10,621 12,598
Noncurrent Deferred & Payable Income Tax Liabilities		 3,671 3,690 3,631 3,540 3,415 3,397 3,319 3,175 3,031 3,226 3,150
Noncurrent Employee Benefit Liabilities		 183 199 197 196 199 180 182 188 187 176 177
Other Noncurrent Operating Liabilities		 1,050 1,063 1,119 1,335 1,460 1,350 1,355 1,704 1,648 1,229 1,216
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		 3,510 3,800 3,825 4,014 4,305 4,252 4,252 4,465 4,460 4,917 5,024
Total Equity & Noncontrolling Interests		 35,514 34,300 34,424 34,970 34,086 33,256 33,473 33,496 33,238 31,288 31,616
Total Preferred & Common Equity		 35,419 34,200 34,327 34,881 33,992 33,159 33,371 33,390 33,133 31,173 31,501
Total Common Equity		 35,419 34,200 34,327 34,881 33,992 33,159 33,371 33,390 33,133 31,173 31,501
Common Stock		 44,854 44,646 44,710 44,822 44,688 44,736 44,774 44,807 44,767 44,922 44,962
Retained Earnings		 18,725 18,728 19,433 19,957 20,364 20,977 21,799 22,402 23,288 24,804 25,618
Accumulated Other Comprehensive Income / (Loss)		 -846 -763 -825 -839 -714 -883 -826 -795 -798 -736 -772
Other Equity Adjustments		 -27,314 -28,411 -28,991 -29,059 -30,346 - -32,376 -33,024 -34,124 -37,817 -38,307
Noncontrolling Interest		 95 100 97 89 94 97 102 106 105 115 115

Annual Metrics And Ratios for S&P Global

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 5.19% 6.55% 7.10% 3.22% 7.05% 11.09% 11.49% 34.76% 11.77% 13.69% 7.94%
EBITDA Growth		 739.68% 71.17% -21.41% 8.28% 10.29% 15.67% 15.75% 35.10% -14.58% 31.66% 13.50%
EBIT Growth		 1,596.46% 75.74% -22.53% 7.85% 11.12% 16.62% 17.41% 17.07% -20.12% 39.95% 16.22%
NOPAT Growth		 435.08% 74.34% -26.37% 28.39% 14.88% 11.98% 16.49% 11.96% -14.45% 38.27% 14.47%
Net Income Growth		 9,853.85% 75.71% -26.48% 29.49% 8.58% 10.03% 28.77% 7.94% -17.86% 44.04% 15.67%
EPS Growth		 1,102.38% 88.60% -27.20% 33.74% 11.25% 12.33% 29.50% -18.47% -19.31% 50.06% 18.70%
Operating Cash Flow Growth		 -81.22% 587.22% 29.23% 2.38% 34.50% 28.49% 0.87% -27.65% 42.53% 53.34% -0.67%
Free Cash Flow Firm Growth		 -253.62% 218.60% -25.70% -37.04% 141.43% 24.51% 5.21% -1,266.25% 111.19% 17.32% -29.91%
Invested Capital Growth		 939.89% -1.51% -1.66% 37.78% -3.81% -13.21% -6.39% 1,435.63% -2.98% -2.17% 2.72%
Revenue Q/Q Growth		 1.61% 0.44% 3.22% -0.82% 3.06% 1.81% 2.74% 8.23% 1.74% 3.20% 2.15%
EBITDA Q/Q Growth		 331.19% 13.75% -5.97% 3.04% 3.51% -3.77% 5.46% 0.38% 3.69% 7.33% 4.87%
EBIT Q/Q Growth		 457.27% 14.79% -6.32% 2.93% 3.89% -4.00% 5.99% -4.04% 4.38% 8.79% 5.85%
NOPAT Q/Q Growth		 14,527.29% 14.05% -13.69% 13.09% 3.11% -4.61% 7.48% -4.63% 4.96% 7.03% 5.16%
Net Income Q/Q Growth		 645.88% 15.14% -14.20% 13.48% 1.54% -3.10% 7.65% -6.45% 5.47% 8.40% 5.63%
EPS Q/Q Growth		 1,654.17% 16.59% -15.00% 15.03% 2.14% -3.30% 7.84% -14.72% 10.77% 9.00% 6.62%
Operating Cash Flow Q/Q Growth		 273.28% -24.75% 33.86% -6.78% 14.00% 3.99% -5.29% 7.12% 6.33% 7.69% 0.14%
Free Cash Flow Firm Q/Q Growth		 11.04% -10.40% 8.15% -18.19% 18.70% 7.20% -5.40% -0.84% 18.52% 11.38% -33.61%
Invested Capital Q/Q Growth		 -16.06% -0.27% -12.51% 2.28% -6.30% -15.69% -5.72% -0.05% -1.26% -1.85% 2.87%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 67.66% 68.68% 72.06% 70.63% 70.50% 71.86% 73.73% 66.43% 66.86% 69.09% 70.25%
EBITDA Margin		 39.04% 62.71% 46.02% 48.27% 49.74% 51.79% 53.77% 53.90% 41.19% 47.71% 50.16%
Operating Margin		 36.08% 59.02% 42.60% 44.58% 48.16% 48.60% 50.87% 44.22% 32.17% 39.27% 42.24%
EBIT Margin		 36.08% 59.51% 43.05% 44.98% 46.69% 49.02% 51.62% 44.84% 32.05% 39.45% 42.48%
Profit (Net Income) Margin		 23.87% 39.36% 27.02% 33.89% 34.38% 34.05% 39.33% 31.50% 23.15% 29.33% 31.43%
Tax Burden Percent		 69.86% 69.89% 66.56% 79.11% 78.60% 78.50% 78.36% 74.90% 78.81% 78.50% 77.40%
Interest Burden Percent		 94.68% 94.63% 94.29% 95.24% 93.67% 88.49% 97.22% 93.78% 91.66% 94.70% 95.59%
Effective Tax Rate		 30.14% 30.11% 33.44% 20.89% 21.40% 21.50% 21.64% 25.10% 21.19% 21.50% 22.60%
Return on Invested Capital (ROIC)		 101.69% 78.68% 58.87% 64.11% 64.78% 79.21% 102.58% 14.52% 6.72% 9.53% 10.89%
ROIC Less NNEP Spread (ROIC-NNEP)		 -15.13% 71.53% 50.50% 57.11% 47.68% 18.92% 106.24% 8.18% 3.38% 6.91% 8.78%
Return on Net Nonoperating Assets (RNNOA)		 -0.73% 72.68% 25.15% 31.82% 25.39% 3.11% -29.15% 1.03% 0.72% 1.49% 2.20%
Return on Equity (ROE)		 100.96% 151.36% 84.02% 95.93% 90.17% 82.33% 73.42% 15.56% 7.43% 11.02% 13.09%
Cash Return on Invested Capital (CROIC)		 -67.12% 80.20% 60.54% 32.33% 68.67% 93.36% 109.18% -161.02% 9.74% 11.73% 8.20%
Operating Return on Assets (OROA)		 25.64% 39.98% 28.85% 29.84% 30.09% 30.55% 31.08% 13.06% 6.55% 9.28% 10.73%
Return on Assets (ROA)		 16.96% 26.44% 18.11% 22.48% 22.16% 21.22% 23.68% 9.17% 4.73% 6.90% 7.94%
Return on Common Equity (ROCE)		 27.41% 43.39% 29.29% 29.00% 19.54% 13.21% 20.99% 13.20% 6.74% 9.82% 11.42%
Return on Equity Simple (ROE_SIMPLE)		 653.61% 342.77% 231.03% 337.74% 480.79% 497.84% 160.58% 9.68% 8.46% 12.57% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,339 2,335 1,719 2,207 2,536 2,839 3,308 3,703 3,168 4,381 5,014
NOPAT Margin		 25.21% 41.25% 28.36% 35.27% 37.85% 38.15% 39.87% 33.12% 25.35% 30.83% 32.70%
Net Nonoperating Expense Percent (NNEP)		 116.82% 7.15% 8.36% 7.00% 17.11% 60.29% -3.66% 6.34% 3.34% 2.62% 2.10%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 7.81% 6.92% 9.81% 11.31%
Cost of Revenue to Revenue		 32.34% 31.32% 27.94% 29.37% 29.50% 28.14% 26.27% 33.57% 33.14% 30.91% 29.75%
SG&A Expenses to Revenue		 28.83% 25.91% 26.49% 22.75% 20.03% 20.71% 20.84% 30.37% 25.28% 22.28% 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		 31.58% 9.66% 29.46% 26.05% 22.35% 23.26% 22.85% 22.46% 34.98% 30.12% 28.19%
Earnings before Interest and Taxes (EBIT)		 1,917 3,369 2,610 2,815 3,128 3,648 4,283 5,014 4,005 5,605 6,514
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,074 3,550 2,790 3,021 3,332 3,854 4,461 6,027 5,148 6,778 7,693
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 126.30 39.95 57.42 64.66 134.00 150.70 54.71 2.95 4.05 4.66 5.08
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)		 4.61 4.59 6.71 6.49 9.58 10.31 13.40 9.59 11.08 10.88 10.32
Price to Earnings (P/E)		 21.20 12.33 27.21 20.74 30.23 32.79 36.76 33.02 52.73 40.12 35.39
Dividend Yield		 1.46% 1.44% 1.03% 1.24% 0.87% 0.84% 0.67% 1.01% 0.82% 0.73% 0.73%
Earnings Yield		 4.72% 8.11% 3.67% 4.82% 3.31% 3.05% 2.72% 3.03% 1.90% 2.49% 2.83%
Enterprise Value to Invested Capital (EV/IC)		 9.23 9.60 14.81 11.02 17.60 23.88 35.95 2.47 3.24 3.67 3.73
Enterprise Value to Revenue (EV/Rev)		 5.19 4.99 7.08 7.03 10.08 10.69 13.51 10.60 12.06 11.74 11.34
Enterprise Value to EBITDA (EV/EBITDA)		 13.31 7.96 15.38 14.55 20.27 20.64 25.13 19.66 29.28 24.61 22.61
Enterprise Value to EBIT (EV/EBIT)		 14.39 8.39 16.44 15.62 21.59 21.80 26.17 23.63 37.64 29.76 26.70
Enterprise Value to NOPAT (EV/NOPAT)		 20.60 12.10 24.95 19.92 26.64 28.01 33.89 32.00 47.58 38.08 34.69
Enterprise Value to Operating Cash Flow (EV/OCF)		 121.56 18.12 21.28 21.30 24.33 22.30 31.16 45.53 40.63 29.32 30.78
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 11.87 24.26 39.50 25.13 23.77 31.84 0.00 32.81 30.95 46.05
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.10 2.00 1.69 1.59 1.41 1.23 0.74 0.28 0.30 0.30 0.36
Long-Term Debt to Equity		 2.98 2.00 1.50 1.59 1.41 1.23 0.74 0.27 0.30 0.30 0.34
Financial Leverage		 0.05 1.02 0.50 0.56 0.53 0.16 -0.27 0.13 0.21 0.22 0.25
Leverage Ratio		 5.95 5.72 4.64 4.27 4.07 3.88 3.10 1.70 1.57 1.60 1.65
Compound Leverage Factor		 5.64 5.42 4.38 4.06 3.81 3.43 3.02 1.59 1.44 1.51 1.58
Debt to Total Capital		 75.64% 66.68% 62.76% 61.38% 58.47% 55.08% 42.63% 21.61% 23.12% 23.31% 26.58%
Short-Term Debt to Total Capital		 3.00% 0.00% 7.02% 0.00% 0.00% 0.00% 0.00% 0.45% 0.09% 0.01% 1.46%
Long-Term Debt to Total Capital		 72.64% 66.68% 55.74% 61.38% 58.47% 55.08% 42.63% 21.16% 23.03% 23.30% 25.12%
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		 20.30% 21.16% 24.78% 28.09% 34.43% 38.10% 36.31% 6.62% 7.87% 8.89% 10.21%
Common Equity to Total Capital		 4.06% 12.16% 12.47% 10.53% 7.09% 6.82% 21.06% 71.77% 69.01% 67.80% 63.21%
Debt to EBITDA		 1.74 1.00 1.28 1.21 1.18 1.07 0.92 1.82 2.23 1.68 1.70
Net Debt to EBITDA		 1.02 0.33 0.28 0.56 0.31 -0.01 -0.58 1.31 1.62 1.17 1.39
Long-Term Debt to EBITDA		 1.67 1.00 1.14 1.21 1.18 1.07 0.92 1.78 2.22 1.68 1.61
Debt to NOPAT		 2.70 1.53 2.08 1.66 1.56 1.45 1.24 2.96 3.62 2.60 2.61
Net Debt to NOPAT		 1.59 0.50 0.45 0.76 0.41 -0.01 -0.78 2.13 2.64 1.81 2.13
Long-Term Debt to NOPAT		 2.59 1.53 1.84 1.66 1.56 1.45 1.24 2.90 3.60 2.60 2.47
Altman Z-Score		 4.88 5.83 6.53 6.86 7.68 8.29 10.32 3.76 4.53 5.09 4.91
Noncontrolling Interest Sharing Ratio		 72.85% 71.33% 65.14% 69.76% 78.33% 83.95% 71.41% 15.15% 9.32% 10.91% 12.73%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.13 1.41 1.35 1.36 1.52 1.67 2.31 0.94 0.84 0.85 0.82
Quick Ratio		 0.85 1.35 1.28 1.29 1.45 1.59 2.14 0.63 0.68 0.71 0.69
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2,007 2,380 1,768 1,113 2,688 3,346 3,521 -41,060 4,594 5,390 3,777
Operating Cash Flow to CapEx		 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% 2,897.95%
Free Cash Flow to Firm to Interest Expense		 -19.67 13.15 11.87 8.31 13.57 7.97 29.59 -131.60 13.75 18.15 13.16
Operating Cash Flow to Interest Expense		 2.23 8.62 13.53 15.40 14.02 8.49 30.24 8.34 11.11 19.15 19.69
Operating Cash Flow Less CapEx to Interest Expense		 1.00 16.26 12.72 14.60 13.87 8.35 30.08 8.06 10.68 18.74 19.01
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.71 0.67 0.67 0.66 0.64 0.62 0.60 0.29 0.20 0.24 0.25
Accounts Receivable Turnover		 5.53 5.36 4.97 4.52 4.43 4.70 5.12 5.40 4.70 4.99 4.86
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		 22.32 20.93 22.21 22.97 22.71 24.64 31.61 41.57 45.03 54.33 56.49
Accounts Payable Turnover		 8.65 9.12 8.96 9.05 9.86 9.90 9.95 11.46 8.22 7.91 7.85
Days Sales Outstanding (DSO)		 66.05 68.12 73.48 80.72 82.44 77.74 71.33 67.64 77.69 73.13 75.07
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)		 42.17 40.04 40.72 40.31 37.04 36.87 36.67 31.85 44.38 46.13 46.51
Cash Conversion Cycle (CCC)		 23.88 28.08 32.75 40.41 45.40 40.87 34.67 35.79 33.31 26.99 28.55
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,990 2,945 2,896 3,990 3,838 3,331 3,118 47,881 46,455 45,446 46,683
Invested Capital Turnover		 4.03 1.91 2.08 1.82 1.71 2.08 2.57 0.44 0.26 0.31 0.33
Increase / (Decrease) in Invested Capital		 3,346 -45 -49 1,094 -152 -507 -213 44,763 -1,426 -1,009 1,237
Enterprise Value (EV)		 27,595 28,260 42,898 43,969 67,544 79,529 112,104 118,501 150,733 166,826 173,949
Market Capitalization		 24,502 25,965 40,711 40,607 64,185 76,707 111,167 107,242 138,478 154,539 158,240
Book Value per Share		 $0.72 $2.51 $2.78 $2.50 $1.96 $2.12 $8.43 $111.69 $107.95 $106.86 $102.80
Tangible Book Value per Share		 ($15.58) ($14.69) ($14.38) ($17.66) ($18.49) ($19.03) ($11.45) ($50.53) ($56.97) ($59.02) ($71.40)
Total Capital		 4,774 5,345 5,687 5,966 6,752 7,462 9,650 50,700 49,559 48,906 49,240
Total Debt		 3,611 3,564 3,569 3,662 3,948 4,110 4,114 10,956 11,459 11,398 13,088
Total Long-Term Debt		 3,468 3,564 3,170 3,662 3,948 4,110 4,114 10,730 11,412 11,394 12,370
Net Debt		 2,124 1,164 778 1,686 1,034 -21 -2,567 7,903 8,355 7,938 10,684
Capital Expenditures (CapEx)		 125 -1,383 121 107 30 58 19 89 143 124 195
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -956 -1,340 -1,282 -1,019 -1,295 -1,730 -1,521 -1,407 -2,252 -2,615 -2,424
Debt-free Net Working Capital (DFNWC)		 531 1,060 1,509 957 1,619 2,401 4,995 -106 -935 -929 -623
Net Working Capital (NWC)		 388 1,060 1,110 957 1,619 2,401 4,995 -332 -982 -933 -1,341
Net Nonoperating Expense (NNE)		 71 107 81 86 233 305 45 181 275 214 194
Net Nonoperating Obligations (NNO)		 1,827 1,164 778 1,686 1,034 -21 -2,418 8,137 8,355 7,938 10,531
Total Depreciation and Amortization (D&A)		 157 181 180 206 204 206 178 1,013 1,143 1,173 1,179
Debt-free, Cash-free Net Working Capital to Revenue		 -17.99% -23.67% -21.14% -16.28% -19.33% -23.25% -18.33% -12.58% -18.02% -18.41% -15.81%
Debt-free Net Working Capital to Revenue		 9.99% 18.72% 24.89% 15.29% 24.17% 32.26% 60.20% -0.95% -7.48% -6.54% -4.06%
Net Working Capital to Revenue		 7.30% 18.72% 18.31% 15.29% 24.17% 32.26% 60.20% -2.97% -7.86% -6.57% -8.74%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $4.26 $8.02 $5.84 $7.80 $8.65 $9.71 $12.56 $10.25 $8.25 $12.36 $14.67
Adjusted Weighted Average Basic Shares Outstanding		 271.60M 262.80M 256.30M 250.90M 245.40M 241M 240.80M 316.90M 318.40M 311.60M 304.80M
Adjusted Diluted Earnings per Share		 $4.21 $7.94 $5.78 $7.73 $8.60 $9.66 $12.51 $10.20 $8.23 $12.35 $14.66
Adjusted Weighted Average Diluted Shares Outstanding		 274.60M 265.20M 258.90M 253.20M 246.90M 242.10M 241.80M 318.50M 318.90M 311.90M 305.10M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $8.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 265.30M 258.40M 253.90M 0.00 243.80M 240.70M 241.10M 322M 0.00 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 1,332 2,335 1,719 2,207 2,497 2,827 3,308 3,703 3,168 4,381 5,014
Normalized NOPAT Margin		 25.06% 41.25% 28.36% 35.27% 37.28% 37.98% 39.87% 33.12% 25.35% 30.83% 32.70%
Pre Tax Income Margin		 34.16% 56.32% 40.59% 42.84% 43.74% 43.38% 50.19% 42.05% 29.38% 37.36% 40.60%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 18.79 18.61 17.52 21.01 15.80 8.69 35.99 16.07 11.99 18.87 22.70
NOPAT to Interest Expense		 13.13 12.90 11.54 16.47 12.81 6.76 27.80 11.87 9.49 14.75 17.47
EBIT Less CapEx to Interest Expense		 17.57 26.25 16.70 20.21 15.65 8.55 35.83 15.79 11.56 18.45 22.02
NOPAT Less CapEx to Interest Expense		 11.90 20.54 10.73 15.67 12.65 6.62 27.64 11.58 9.06 14.33 16.79
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 36.83% 22.26% 32.48% 30.98% 30.53% 33.11% 29.73% 36.74% 49.33% 34.10% 30.93%
Augmented Payout Ratio		 113.64% 72.67% 93.59% 110.42% 84.37% 79.05% 29.73% 377.57% 163.43% 113.32% 134.69%

Quarterly Metrics And Ratios for S&P Global

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 298,800,000.00 296,000,000.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 298,800,000.00 296,000,000.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 4.67 4.11
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.28% 10.47% 14.45% 15.92% 13.99% 8.19% 5.80% 8.76% 8.99% 10.43% 10.41%
EBITDA Growth		 18.71% 18.38% 44.86% 26.82% 39.88% 11.06% 7.27% 14.19% 21.98% 23.78% 13.34%
EBIT Growth		 23.90% 23.04% 57.81% 32.72% 52.01% 12.91% 8.52% 17.11% 27.19% 27.32% 15.01%
NOPAT Growth		 26.18% 19.73% 82.02% 25.65% 39.68% 9.89% 4.77% 20.11% 24.46% 27.76% 15.75%
Net Income Growth		 30.36% 24.19% 88.70% 28.62% 50.16% 9.64% 6.91% 20.82% 26.58% 28.44% 14.05%
EPS Growth		 77.67% 27.94% 101.88% 33.48% 55.74% 12.03% 8.36% 24.12% 31.93% 32.49% 17.71%
Operating Cash Flow Growth		 19.86% 59.60% 102.34% 42.65% 30.43% 0.53% -7.13% 4.15% 0.46% 8.81% -0.42%
Free Cash Flow Firm Growth		 104.86% 186.28% 14.09% 6.53% -6.06% -32.97% 17.79% 21.46% -99.05% -78.54% -96.28%
Invested Capital Growth		 -2.98% -3.89% -1.37% -1.59% -2.17% -1.68% -1.96% -1.99% 2.72% 2.50% 2.86%
Revenue Q/Q Growth		 2.20% 10.76% 1.66% 0.73% 0.50% 5.12% -0.58% 3.54% 0.72% 6.51% -0.60%
EBITDA Q/Q Growth		 -14.70% 44.79% 3.93% -1.20% -5.91% 14.96% 0.37% 5.18% 0.51% 16.66% -8.09%
EBIT Q/Q Growth		 -19.28% 60.05% 4.38% -1.58% -7.54% 18.88% 0.32% 6.21% 0.42% 19.00% -9.38%
NOPAT Q/Q Growth		 -17.75% 55.53% 1.71% -3.44% -8.57% 22.37% -3.02% 10.70% -5.26% 25.62% -12.14%
Net Income Q/Q Growth		 -20.88% 65.84% 1.59% -3.50% -7.64% 21.10% -0.94% 9.05% -3.24% 22.88% -12.03%
EPS Q/Q Growth		 -21.46% 72.68% 2.22% -3.72% -8.36% 24.21% -1.13% 10.29% -2.59% 24.73% -12.15%
Operating Cash Flow Q/Q Growth		 31.69% -28.94% 64.14% -7.13% 20.42% -45.23% 51.63% 4.15% 16.15% -40.68% 38.77%
Free Cash Flow Firm Q/Q Growth		 23.73% 41.85% -40.51% 3.28% 9.11% -0.01% 4.54% 6.50% -99.14% 2,147.54% -81.87%
Invested Capital Q/Q Growth		 -1.26% 0.35% -0.17% -0.57% -1.85% 0.92% -0.45% -0.60% 2.87% 0.69% -0.09%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 67.26% 67.92% 69.43% 70.01% 69.00% 69.47% 70.20% 71.17% 70.12% 70.39% 71.90%
EBITDA Margin		 36.83% 48.15% 49.23% 48.28% 45.20% 49.43% 49.91% 50.69% 50.59% 55.41% 51.23%
Operating Margin		 28.27% 39.67% 40.91% 40.11% 36.43% 41.78% 41.30% 43.08% 42.75% 48.00% 43.70%
EBIT Margin		 27.63% 39.93% 41.00% 40.06% 36.85% 41.67% 42.05% 43.13% 43.00% 48.05% 43.80%
Profit (Net Income) Margin		 20.43% 30.59% 30.57% 29.29% 26.91% 31.00% 30.89% 32.54% 31.26% 36.06% 31.91%
Tax Burden Percent		 81.11% 81.16% 78.74% 76.99% 77.11% 78.28% 77.23% 79.16% 75.05% 78.83% 76.52%
Interest Burden Percent		 91.16% 94.40% 94.71% 94.97% 94.71% 95.04% 95.12% 95.29% 96.85% 95.21% 95.21%
Effective Tax Rate		 18.89% 18.85% 21.26% 23.01% 22.89% 21.72% 22.77% 20.84% 24.95% 21.17% 23.48%
Return on Invested Capital (ROIC)		 6.07% 8.68% 9.12% 9.11% 8.69% 10.25% 10.17% 11.17% 10.68% 12.82% 11.64%
ROIC Less NNEP Spread (ROIC-NNEP)		 5.12% 8.03% 8.38% 8.39% 8.17% 9.47% 9.67% 10.39% 10.33% 12.03% 10.94%
Return on Net Nonoperating Assets (RNNOA)		 1.08% 1.76% 1.69% 1.73% 1.76% 2.06% 1.92% 2.13% 2.59% 3.08% 2.64%
Return on Equity (ROE)		 7.16% 10.44% 10.81% 10.84% 10.45% 12.31% 12.09% 13.30% 13.27% 15.90% 14.28%
Cash Return on Invested Capital (CROIC)		 9.74% 11.01% 9.63% 10.37% 11.73% 11.40% 11.84% 12.41% 8.20% 9.07% 9.15%
Operating Return on Assets (OROA)		 5.64% 8.36% 8.95% 9.12% 8.67% 10.04% 10.19% 10.78% 10.86% 12.53% 11.45%
Return on Assets (ROA)		 4.17% 6.41% 6.67% 6.67% 6.33% 7.47% 7.48% 8.13% 7.90% 9.40% 8.34%
Return on Common Equity (ROCE)		 6.49% 9.45% 9.74% 9.72% 9.31% 10.97% 10.73% 11.73% 11.58% 13.88% 12.42%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 9.03% 10.35% 11.31% 0.00% 12.80% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 723 1,124 1,143 1,104 1,009 1,235 1,198 1,326 1,256 1,578 1,387
NOPAT Margin		 22.93% 32.20% 32.21% 30.88% 28.09% 32.70% 31.90% 34.10% 32.08% 37.84% 33.44%
Net Nonoperating Expense Percent (NNEP)		 0.95% 0.65% 0.74% 0.71% 0.52% 0.78% 0.50% 0.78% 0.35% 0.78% 0.70%
Return On Investment Capital (ROIC_SIMPLE)		 1.58% - - - 2.26% 2.75% 2.67% 2.97% 2.83% 3.54% 2.96%
Cost of Revenue to Revenue		 32.74% 32.08% 30.57% 29.99% 31.00% 30.53% 29.80% 28.83% 29.88% 29.61% 28.10%
SG&A Expenses to Revenue		 29.89% 20.19% 20.68% 22.60% 25.58% 20.23% 21.38% 20.70% 26.69% 19.23% 21.06%
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		 39.09% 28.42% 28.88% 30.21% 32.93% 27.99% 29.19% 28.27% 27.35% 22.39% 28.20%
Earnings before Interest and Taxes (EBIT)		 871 1,394 1,455 1,432 1,324 1,574 1,579 1,677 1,684 2,004 1,816
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 1,161 1,681 1,747 1,726 1,624 1,867 1,874 1,971 1,981 2,311 2,124
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.05 3.92 4.00 4.76 4.66 4.69 4.84 4.48 5.08 4.08 3.64
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)		 11.08 10.48 10.51 11.75 10.88 10.79 11.00 9.90 10.32 8.08 7.11
Price to Earnings (P/E)		 52.73 47.66 42.01 45.54 40.12 39.58 40.31 35.24 35.39 26.61 23.28
Dividend Yield		 0.82% 0.85% 0.81% 0.70% 0.73% 0.73% 0.71% 0.78% 0.73% 0.91% 1.00%
Earnings Yield		 1.90% 2.10% 2.38% 2.20% 2.49% 2.53% 2.48% 2.84% 2.83% 3.76% 4.30%
Enterprise Value to Invested Capital (EV/IC)		 3.24 3.15 3.25 3.76 3.67 3.68 3.81 3.55 3.73 3.04 2.77
Enterprise Value to Revenue (EV/Rev)		 12.06 11.44 11.39 12.64 11.74 11.65 11.84 10.72 11.34 9.09 8.07
Enterprise Value to EBITDA (EV/EBITDA)		 29.28 27.14 25.42 27.55 24.61 24.25 24.54 21.95 22.61 17.58 15.51
Enterprise Value to EBIT (EV/EBIT)		 37.64 34.41 31.51 33.77 29.76 29.19 29.44 26.16 26.70 20.60 18.12
Enterprise Value to NOPAT (EV/NOPAT)		 47.58 43.76 39.10 42.51 38.08 37.60 38.27 33.77 34.69 26.70 23.46
Enterprise Value to Operating Cash Flow (EV/OCF)		 40.63 36.12 31.17 32.94 29.32 29.66 31.16 28.53 30.78 24.94 22.71
Enterprise Value to Free Cash Flow (EV/FCFF)		 32.81 28.01 33.49 35.96 30.95 32.02 31.88 28.30 46.05 33.96 30.70
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.30 0.31 0.29 0.30 0.30 0.30 0.30 0.30 0.36 0.37 0.41
Long-Term Debt to Equity		 0.30 0.30 0.29 0.30 0.30 0.30 0.30 0.30 0.34 0.29 0.34
Financial Leverage		 0.21 0.22 0.20 0.21 0.22 0.22 0.20 0.21 0.25 0.26 0.24
Leverage Ratio		 1.57 1.57 1.56 1.56 1.60 1.58 1.58 1.58 1.65 1.63 1.65
Compound Leverage Factor		 1.43 1.48 1.48 1.48 1.51 1.51 1.50 1.50 1.60 1.55 1.57
Debt to Total Capital		 23.12% 23.43% 22.63% 22.90% 23.31% 23.19% 23.08% 23.20% 26.58% 26.89% 29.28%
Short-Term Debt to Total Capital		 0.09% 0.60% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 1.46% 5.45% 4.96%
Long-Term Debt to Total Capital		 23.03% 22.83% 22.63% 22.89% 23.30% 23.19% 23.07% 23.19% 25.12% 21.45% 24.32%
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		 7.87% 7.85% 8.14% 8.83% 8.89% 8.86% 9.26% 9.30% 10.21% 10.16% 9.92%
Common Equity to Total Capital		 69.01% 68.72% 69.22% 68.27% 67.80% 67.94% 67.66% 67.50% 63.21% 62.95% 60.80%
Debt to EBITDA		 2.23 2.16 1.92 1.81 1.68 1.64 1.61 1.55 1.70 1.64 1.81
Net Debt to EBITDA		 1.62 1.55 1.27 1.25 1.17 1.17 1.09 1.07 1.39 1.34 1.24
Long-Term Debt to EBITDA		 2.22 2.11 1.92 1.80 1.68 1.64 1.61 1.55 1.61 1.31 1.50
Debt to NOPAT		 3.62 3.49 2.95 2.79 2.60 2.54 2.50 2.39 2.61 2.49 2.74
Net Debt to NOPAT		 2.64 2.50 1.96 1.93 1.81 1.81 1.69 1.64 2.13 2.04 1.88
Long-Term Debt to NOPAT		 3.60 3.40 2.95 2.78 2.60 2.54 2.50 2.39 2.47 1.98 2.27
Altman Z-Score		 4.36 4.36 4.57 5.19 4.86 5.06 5.17 4.93 4.65 3.98 3.53
Noncontrolling Interest Sharing Ratio		 9.32% 9.51% 9.87% 10.34% 10.91% 10.89% 11.27% 11.78% 12.73% 12.70% 13.02%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.84 0.92 1.03 0.95 0.85 0.90 0.98 0.97 0.82 0.68 0.95
Quick Ratio		 0.68 0.77 0.86 0.79 0.71 0.77 0.81 0.78 0.69 0.57 0.83
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,149 3,011 1,791 1,850 2,018 2,018 2,110 2,247 19 433 79
Operating Cash Flow to CapEx		 2,779.17% 3,950.00% 4,862.50% 4,128.57% 5,272.73% 2,216.28% 2,368.85% 3,344.44% 3,800.00% 3,840.74% 3,786.84%
Free Cash Flow to Firm to Interest Expense		 27.90 38.60 23.26 25.69 28.83 25.87 27.40 28.44 0.36 4.51 0.90
Operating Cash Flow to Interest Expense		 17.32 12.15 20.21 20.07 24.86 12.22 18.77 19.05 32.98 10.80 16.54
Operating Cash Flow Less CapEx to Interest Expense		 16.70 11.85 19.79 19.58 24.39 11.67 17.97 18.48 32.11 10.52 16.10
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.20 0.21 0.22 0.23 0.24 0.24 0.24 0.25 0.25 0.26 0.26
Accounts Receivable Turnover		 4.70 4.70 5.05 5.31 4.99 4.78 5.17 5.47 4.86 4.79 5.02
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		 45.03 48.59 52.47 54.42 54.33 56.51 56.21 57.52 56.49 59.70 60.95
Accounts Payable Turnover		 8.22 9.13 8.77 9.24 7.91 9.02 8.87 10.15 7.85 8.98 8.21
Days Sales Outstanding (DSO)		 77.69 77.64 72.22 68.69 73.13 76.30 70.62 66.75 75.07 76.27 72.64
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)		 44.38 39.97 41.61 39.52 46.13 40.47 41.16 35.98 46.51 40.66 44.47
Cash Conversion Cycle (CCC)		 33.31 37.66 30.61 29.18 26.99 35.84 29.46 30.77 28.55 35.61 28.18
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 46,455 46,645 46,568 46,303 45,446 45,862 45,656 45,382 46,683 47,007 46,964
Invested Capital Turnover		 0.26 0.27 0.28 0.29 0.31 0.31 0.32 0.33 0.33 0.34 0.35
Increase / (Decrease) in Invested Capital		 -1,426 -1,887 -648 -746 -1,009 -783 -912 -921 1,237 1,145 1,308
Enterprise Value (EV)		 150,733 146,806 151,227 174,006 166,826 168,884 173,986 160,997 173,949 143,027 130,095
Market Capitalization		 138,478 134,498 139,553 161,702 154,539 156,393 161,720 148,593 158,240 127,092 114,540
Book Value per Share		 $107.95 $109.46 $111.48 $108.60 $106.86 $108.42 $108.87 $108.53 $102.80 $104.33 $106.42
Tangible Book Value per Share		 ($56.97) ($55.93) ($54.95) ($57.02) ($59.02) ($58.14) ($57.91) ($57.64) ($71.40) ($70.82) ($69.40)
Total Capital		 49,559 49,954 50,389 49,793 48,906 49,116 49,349 49,083 49,240 49,523 51,810
Total Debt		 11,459 11,705 11,405 11,402 11,398 11,391 11,388 11,385 13,088 13,318 15,170
Total Long-Term Debt		 11,412 11,404 11,401 11,398 11,394 11,388 11,385 11,382 12,370 10,621 12,598
Net Debt		 8,355 8,386 7,571 7,905 7,938 8,137 7,695 7,839 10,684 10,903 10,416
Capital Expenditures (CapEx)		 48 24 32 35 33 43 61 45 46 27 38
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2,252 -1,692 -1,893 -1,996 -2,615 -2,046 -1,949 -1,818 -2,424 -2,128 -1,985
Debt-free Net Working Capital (DFNWC)		 -935 -148 146 -299 -929 -577 -102 -146 -623 -318 2,156
Net Working Capital (NWC)		 -982 -449 142 -303 -933 -580 -105 -149 -1,341 -3,015 -416
Net Nonoperating Expense (NNE)		 79 56 58 57 42 64 38 61 32 74 64
Net Nonoperating Obligations (NNO)		 8,355 8,396 7,584 7,912 7,938 8,137 7,695 7,684 10,531 10,802 10,324
Total Depreciation and Amortization (D&A)		 290 287 292 294 300 293 295 294 297 307 308
Debt-free, Cash-free Net Working Capital to Revenue		 -18.02% -13.19% -14.26% -14.50% -18.41% -14.12% -13.26% -12.11% -15.81% -13.53% -12.31%
Debt-free Net Working Capital to Revenue		 -7.48% -1.15% 1.10% -2.17% -6.54% -3.98% -0.69% -0.97% -4.06% -2.02% 13.37%
Net Working Capital to Revenue		 -7.86% -3.50% 1.07% -2.20% -6.57% -4.00% -0.71% -0.99% -8.74% -19.17% -2.58%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.84 $3.16 $3.23 $3.12 $2.85 $3.55 $3.50 $3.86 $3.76 $4.69 $4.12
Adjusted Weighted Average Basic Shares Outstanding		 318.40M 313.60M 313M 311.20M 311.60M 307.30M 305.90M 304.30M 304.80M 297.30M 295.40M
Adjusted Diluted Earnings per Share		 $1.83 $3.16 $3.23 $3.11 $2.85 $3.54 $3.50 $3.86 $3.76 $4.69 $4.12
Adjusted Weighted Average Diluted Shares Outstanding		 318.90M 314M 313.20M 311.50M 311.90M 307.70M 306.10M 304.50M 305.10M 297.60M 295.50M
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 0.00 0.00 0.00
Normalized Net Operating Profit after Tax (NOPAT)		 723 1,124 1,143 1,104 1,009 1,235 1,198 1,326 1,256 1,578 1,387
Normalized NOPAT Margin		 22.93% 32.20% 32.21% 30.88% 28.09% 32.70% 31.90% 34.10% 32.08% 37.84% 33.44%
Pre Tax Income Margin		 25.19% 37.70% 38.83% 38.04% 34.90% 39.61% 40.00% 41.10% 41.65% 45.74% 41.70%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 11.31 17.87 18.90 19.89 18.91 20.18 20.51 21.23 31.77 20.88 20.87
NOPAT to Interest Expense		 9.39 14.41 14.85 15.33 14.42 15.84 15.56 16.78 23.70 16.44 15.94
EBIT Less CapEx to Interest Expense		 10.69 17.56 18.48 19.40 18.44 19.63 19.71 20.66 30.91 20.59 20.44
NOPAT Less CapEx to Interest Expense		 8.76 14.10 14.43 14.85 13.95 15.28 14.76 16.21 22.84 16.16 15.50
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 49.33% 45.73% 39.16% 36.91% 34.10% 33.98% 33.90% 32.17% 30.93% 28.74% 27.67%
Augmented Payout Ratio		 163.43% 152.18% 102.85% 122.79% 113.32% 114.80% 128.31% 115.47% 134.69% 132.58% 125.49%

Financials Breakdown Chart

Key Financial Trends

S&P Global’s latest quarter shows a business that is still growing profitably, but the pace has cooled and cash generation was temporarily weaker. In Q1 2026, revenue rose to $4.17 billion from $3.92 billion in Q4 2025 and $3.78 billion in Q1 2025, while diluted EPS held steady at $4.69 versus $3.76 a year earlier. However, operating cash flow dropped sharply to $1.04 billion from $1.75 billion in the prior quarter, and the company continued to return a lot of cash to shareholders through buybacks and dividends.

Over the last four years, the big picture is still positive: SPGI has steadily grown revenue, maintained very high profitability, and generated strong operating cash flow. At the same time, the balance sheet remains leveraged, with meaningful long-term debt and large intangible/goodwill balances tied to past acquisitions.

  • Revenue continues to trend higher on a multi-year basis, reaching $4.17 billion in Q1 2026 versus $3.49 billion in Q1 2024.
  • Operating income remained strong at $2.00 billion in Q1 2026, showing the business still converts a large share of revenue into profit.
  • Net income attributable to common shareholders was $1.40 billion in Q1 2026, up from $1.09 billion in Q1 2025.
  • Operating cash flow remained robust at $1.04 billion in Q1 2026, supporting dividends, buybacks, and debt service.
  • The company has consistently produced strong quarterly free-cash-flow-like results, with operating cash flow generally well above capital spending.
  • Total common equity rose to $31.17 billion in Q1 2026 from $33.37 billion in Q1 2025, reflecting ongoing capital returns and retained earnings growth.
  • Gross margin remains very high, with Q1 2026 gross profit of $2.94 billion on $4.17 billion of revenue.
  • The company continues to spend heavily on amortization, which reflects the size of its acquired intangible assets.
  • Cash and equivalents were $1.81 billion at the end of Q1 2026, a solid liquidity cushion but not unusually large relative to the business size.
  • Redeemable noncontrolling interest remains significant at $4.92 billion, which is worth watching as part of the company’s capital structure.
  • Operating cash flow fell sharply quarter over quarter, from $1.75 billion in Q4 2025 to $1.04 billion in Q1 2026.
  • Q1 2026 financing cash outflow was large at $1.24 billion, driven mainly by $1.0 billion of share repurchases and $379 million of dividends.
  • Long-term debt was $10.62 billion in Q1 2026, and total liabilities were $24.59 billion, so leverage is still meaningful.
  • Goodwill and intangible assets together totaled more than $52 billion in Q1 2026, making the balance sheet heavily dependent on acquisition-related assets.
  • Revenue growth was positive but not explosive, which suggests the company is relying more on pricing, mix, and disciplined cost control than on rapid expansion.

Bottom line: SPGI still looks like a high-quality cash-generating business with durable profitability, but investors should keep an eye on slower cash flow in the latest quarter, ongoing buybacks/dividends, and the company’s debt and acquisition-heavy balance sheet.

08/02/26 11:10 PM ETAI Generated. May Contain Errors.

S&P Global Financials - Frequently Asked Questions

According to the most recent income statement we have on file, S&P Global's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

S&P Global's net income appears to be on an upward trend, with a most recent value of $4.82 billion in 2025, rising from $1.27 billion in 2015. The previous period was $4.17 billion in 2024. See where experts think S&P Global is headed by visiting S&P Global's forecast page.

S&P Global's total operating income in 2025 was $6.48 billion, based on the following breakdown:
  • Total Gross Profit: $10.77 billion
  • Total Operating Expenses: $4.32 billion

Over the last 10 years, S&P Global's total revenue changed from $5.31 billion in 2015 to $15.34 billion in 2025, a change of 188.7%.

S&P Global's total liabilities were at $25.05 billion at the end of 2025, a 10.3% increase from 2024, and a 256.8% increase since 2015.

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 $1.75 billion as of their latest financial filing in 2025.

Over the last 10 years, S&P Global's book value per share changed from 0.72 in 2015 to 102.80 in 2025, a change of 14,223.1%.


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Financial statements for NYSE:SPGI last updated on 7/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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