S&P Global (SPGI) Financials

$407.16 -17.01 (-4.01%)

Closing price 05/13/2026 03:59 PM Eastern

Extended Trading

$409.70 +2.54 (+0.62%)

As of 04:23 AM Eastern

Annual Income Statements for S&P Global

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

Metric	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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	742	578	991	1,011	971	879	1,090	1,072	1,176	1,133	1,395
Consolidated Net Income / (Loss)	814	644	1,068	1,085	1,047	967	1,171	1,160	1,265	1,224	1,504
Net Income / (Loss) Continuing Operations	814	644	1,068	1,085	1,047	967	1,171	1,160	1,265	1,224	1,504
Total Pre-Tax Income	995	794	1,316	1,378	1,360	1,254	1,496	1,502	1,598	1,631	1,908
Total Operating Income	1,074	891	1,385	1,452	1,434	1,309	1,578	1,551	1,675	1,674	2,002
Total Gross Profit	2,089	2,120	2,380	2,471	2,510	2,479	2,624	2,636	2,767	2,746	2,936
Total Revenue	3,084	3,152	3,491	3,549	3,575	3,593	3,777	3,755	3,888	3,916	4,171
Operating Revenue	3,084	3,152	3,491	3,549	3,575	3,593	3,777	3,755	3,888	3,916	4,171
Total Cost of Revenue	995	1,032	1,111	1,078	1,065	1,114	1,153	1,119	1,121	1,170	1,235
Operating Cost of Revenue	995	1,032	1,111	1,078	1,065	1,114	1,153	1,119	1,121	1,170	1,235
Total Operating Expenses	1,023	1,232	1,001	1,032	1,087	1,183	1,057	1,096	1,099	1,071	934
Selling, General & Admin Expense	741	942	714	741	815	919	764	803	805	1,045	802
Depreciation Expense	22	30	23	25	22	26	25	26	28	31	31
Amortization Expense	260	259	264	266	271	276	268	270	266	265	276
Other Operating Expenses / (Income)	0.00	1.00	-	0.00	-21	-38	0.00	-3.00	0.00	-	-175
Total Other Income / (Expense), net	-71	-94	-63	-61	-63	-42	-71	-38	-70	-44	-94
Interest Expense	84	77	78	77	72	70	78	77	79	53	96
Interest & Investment Income	8.00	3.00	6.00	13	11	13	11	11	7.00	-1.00	0.00
Other Income / (Expense), net	5.00	-20	9.00	3.00	-2.00	15	-4.00	28	2.00	10	2.00
Income Tax Expense	181	150	248	293	313	287	325	342	333	407	404
Net Income / (Loss) Attributable to Noncontrolling Interest	72	66	77	74	76	88	81	88	89	91	109
Basic Earnings per Share	$2.34	$1.84	$3.16	$3.23	$3.12	$2.85	$3.55	$3.50	$3.86	$3.76	$4.69
Weighted Average Basic Shares Outstanding	317.50M	318.40M	313.60M	313M	311.20M	311.60M	307.30M	305.90M	304.30M	304.80M	297.30M
Diluted Earnings per Share	$2.33	$1.83	$3.16	$3.23	$3.11	$2.85	$3.54	$3.50	$3.86	$3.76	$4.69
Weighted Average Diluted Shares Outstanding	318M	318.90M	314M	313.20M	311.50M	311.90M	307.70M	306.10M	304.50M	305.10M	297.60M
Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Dividends to Common per Share	$0.90	-	$0.91	$0.91	-	-	$0.96	$0.96	-	-	$0.97

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

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	84	-355	253	495	-342	-31	-197	378	-175	73	65
Net Cash From Operating Activities	1,013	1,334	948	1,556	1,445	1,740	953	1,445	1,505	1,748	1,037
Net Cash From Continuing Operating Activities	1,013	1,334	948	1,556	1,445	1,740	953	1,445	1,505	1,748	1,037
Net Income / (Loss) Continuing Operations	814	644	1,068	1,086	1,046	967	1,171	1,160	1,265	1,224	1,504
Consolidated Net Income / (Loss)	814	644	1,068	1,086	1,046	967	1,171	1,160	1,265	1,224	1,504
Depreciation Expense	22	30	23	25	22	26	25	26	28	31	31
Amortization Expense	260	260	264	267	272	274	268	269	266	266	276
Non-Cash Adjustments To Reconcile Net Income	89	556	213	87	-39	482	297	59	40	257	-115
Changes in Operating Assets and Liabilities, net	-172	-156	-620	91	144	-9.00	-808	-69	-94	-30	-659
Net Cash From Investing Activities	-49	-45	-20	-299	57	7.00	-79	-52	-101	-472	291
Net Cash From Continuing Investing Activities	-49	-45	-20	-299	57	7.00	-79	-52	-101	-472	291
Purchase of Property, Plant & Equipment	-36	-48	-24	-32	-35	-33	-43	-61	-45	-46	-27
Acquisitions	-7.00	-3.00	-1.00	-260	-3.00	-41	-13	-12	-25	-1,973	-12
Purchase of Investments	-8.00	-4.00	5.00	-3.00	-3.00	7.00	-23	6.00	-35	17	-15
Divestitures	2.00	10	-	-	98	74	0.00	-	4.00	1,530	345
Net Cash From Financing Activities	-855	-1,678	-657	-748	-1,875	-1,718	-1,103	-1,059	-1,566	-1,202	-1,237
Net Cash From Continuing Financing Activities	-855	-1,678	-657	-748	-1,875	-1,718	-1,103	-1,059	-1,566	-1,202	-1,237
Repayment of Debt	-188	-	0.00	-	-	-	-4.00	-	-	715	-3.00
Repurchase of Common Equity	-500	-1,300	-500	-	-1,501	-1,300	-650	-651	-1,200	-2,500	-1,000
Payment of Dividends	-357	-352	-359	-346	-362	-354	-389	-368	-357	-377	-379
Issuance of Debt	192	-	250	-250	-	-	0.00	-	-	-	236
Other Financing Activities, net	-2.00	-26	-48	-105	-12	-64	-60	-40	-9.00	-33	-91
Effect of Exchange Rate Changes	-25	34	-18	-14	31	-60	32	44	-13	-1.00	-26

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

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	60,695	60,561	60,589	60,477	60,956	60,368	60,221	59,889	60,395	59,749	60,792
Total Current Assets	4,720	4,804	5,143	5,428	5,642	5,202	5,459	5,340	5,877	5,654	6,320
Cash & Equivalents	1,561	1,645	1,290	1,543	2,038	1,696	1,666	1,469	1,847	1,672	1,810
Restricted Cash	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.00
Accounts Receivable	2,545	2,547	2,826	2,979	2,709	2,635	2,867	3,081	2,979	2,856	3,493
Prepaid Expenses	613	611	1,000	845	832	832	906	790	1,051	926	889
Other Current Nonoperating Assets	-	-	-	-	-	-	-	-	-	200	128
Plant, Property, & Equipment, net	258	254	258	247	248	252	265	266	275	270	261
Total Noncurrent Assets	55,717	55,503	55,188	54,802	55,066	54,914	54,497	54,283	54,243	53,825	54,211
Long-Term Investments	1,792	1,791	1,787	1,775	1,795	1,800	1,774	1,785	1,846	1,874	605
Goodwill	34,827	34,785	34,850	34,748	34,975	34,991	34,917	34,961	35,072	34,921	36,357
Intangible Assets	17,912	17,635	17,398	17,120	17,099	16,848	16,556	16,306	16,078	15,809	15,977
Other Noncurrent Operating Assets	1,186	1,292	915	1,159	1,197	1,275	1,004	1,231	1,247	1,221	1,272
Total Liabilities & Shareholders' Equity	60,695	60,561	60,589	60,477	60,956	60,368	60,221	59,889	60,395	59,749	60,792
Total Liabilities	21,626	21,537	22,489	22,228	21,972	21,977	22,713	22,164	22,434	22,051	24,587
Total Current Liabilities	6,030	5,218	6,125	5,877	5,500	5,505	6,392	5,920	5,982	5,803	9,335
Short-Term Debt	825	47	47	301	4.00	4.00	4.00	3.00	3.00	3.00	2,697
Accounts Payable	488	458	557	458	477	475	553	525	532	418	510
Current Deferred Revenue	3,148	3,022	3,461	3,535	3,406	3,288	3,694	3,891	3,871	3,627	3,980
Current Deferred & Payable Income Tax Liabilities	127	59	121	179	180	188	199	228	198	197	482
Current Employee Benefit Liabilities	507	655	906	419	583	823	1,073	426	582	714	439
Other Current Liabilities	935	977	1,033	975	837	720	869	847	796	799	1,200
Other Current Nonoperating Liabilities	0.00	0.00	-	10	13	7.00	-	-	-	45	27
Total Noncurrent Liabilities	15,596	16,319	16,364	16,351	16,472	16,472	16,321	16,244	16,452	16,248	15,252
Long-Term Debt	10,676	11,415	11,412	11,404	11,401	11,398	11,394	11,388	11,385	11,382	10,621
Noncurrent Deferred & Payable Income Tax Liabilities	3,693	3,671	3,690	3,631	3,540	3,415	3,397	3,319	3,175	3,031	3,226
Noncurrent Employee Benefit Liabilities	185	183	199	197	196	199	180	182	188	187	176
Other Noncurrent Operating Liabilities	1,042	1,050	1,063	1,119	1,335	1,460	1,350	1,355	1,704	1,648	1,229
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	3,510	3,800	3,825	4,014	4,305	4,252	4,252	4,465	4,460	4,917
Total Equity & Noncontrolling Interests	35,559	35,514	34,300	34,424	34,970	34,086	33,256	33,473	33,496	33,238	31,288
Total Preferred & Common Equity	35,468	35,419	34,200	34,327	34,881	33,992	33,159	33,371	33,390	33,133	31,173
Total Common Equity	35,468	35,419	34,200	34,327	34,881	33,992	33,159	33,371	33,390	33,133	31,173
Common Stock	44,708	44,854	44,646	44,710	44,822	44,688	44,736	44,774	44,807	44,767	44,922
Retained Earnings	18,279	18,725	18,728	19,433	19,957	20,364	20,977	21,799	22,402	23,288	24,804
Accumulated Other Comprehensive Income / (Loss)	-813	-846	-763	-825	-839	-714	-883	-826	-795	-798	-736
Other Equity Adjustments	-26,706	-27,314	-28,411	-28,991	-29,059	-30,346	-	-32,376	-33,024	-34,124	-37,817
Noncontrolling Interest	91	95	100	97	89	94	97	102	106	105	115

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%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 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	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	298,800,000.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	298,800,000.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	4.67
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.79%	7.28%	10.47%	14.45%	15.92%	13.99%	8.19%	5.80%	8.76%	8.99%	10.43%
EBITDA Growth	14.66%	18.71%	18.38%	44.86%	26.82%	39.88%	11.06%	7.27%	14.19%	21.98%	23.78%
EBIT Growth	21.24%	23.90%	23.04%	57.81%	32.72%	52.01%	12.91%	8.52%	17.11%	27.19%	27.32%
NOPAT Growth	25.03%	26.18%	19.73%	82.02%	25.65%	39.68%	9.89%	4.77%	20.11%	24.46%	27.76%
Net Income Growth	20.06%	30.36%	24.19%	88.70%	28.62%	50.16%	9.64%	6.91%	20.82%	26.58%	28.44%
EPS Growth	26.63%	77.67%	27.94%	101.88%	33.48%	55.74%	12.03%	8.36%	24.12%	31.93%	32.49%
Operating Cash Flow Growth	24.45%	19.86%	59.60%	102.34%	42.65%	30.43%	0.53%	-7.13%	4.15%	0.46%	8.81%
Free Cash Flow Firm Growth	103.96%	104.86%	186.28%	14.09%	6.53%	-6.06%	-32.97%	17.79%	21.46%	-99.05%	-78.54%
Invested Capital Growth	-1.79%	-2.98%	-3.89%	-1.37%	-1.59%	-2.17%	-1.68%	-1.96%	-1.99%	2.72%	2.50%
Revenue Q/Q Growth	-0.55%	2.20%	10.76%	1.66%	0.73%	0.50%	5.12%	-0.58%	3.54%	0.72%	6.51%
EBITDA Q/Q Growth	12.85%	-14.70%	44.79%	3.93%	-1.20%	-5.91%	14.96%	0.37%	5.18%	0.51%	16.66%
EBIT Q/Q Growth	17.03%	-19.28%	60.05%	4.38%	-1.58%	-7.54%	18.88%	0.32%	6.21%	0.42%	19.00%
NOPAT Q/Q Growth	39.89%	-17.75%	55.53%	1.71%	-3.44%	-8.57%	22.37%	-3.02%	10.70%	-5.26%	25.62%
Net Income Q/Q Growth	41.57%	-20.88%	65.84%	1.59%	-3.50%	-7.64%	21.10%	-0.94%	9.05%	-3.24%	22.88%
EPS Q/Q Growth	45.63%	-21.46%	72.68%	2.22%	-3.72%	-8.36%	24.21%	-1.13%	10.29%	-2.59%	24.73%
Operating Cash Flow Q/Q Growth	31.73%	31.69%	-28.94%	64.14%	-7.13%	20.42%	-45.23%	51.63%	4.15%	16.15%	-40.68%
Free Cash Flow Firm Q/Q Growth	10.61%	23.73%	41.85%	-40.51%	3.28%	9.11%	-0.01%	4.54%	6.50%	-99.14%	2,147.54%
Invested Capital Q/Q Growth	-0.35%	-1.26%	0.35%	-0.17%	-0.57%	-1.85%	0.92%	-0.45%	-0.60%	2.87%	0.69%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.74%	67.26%	67.92%	69.43%	70.01%	69.00%	69.47%	70.20%	71.17%	70.12%	70.39%
EBITDA Margin	44.13%	36.83%	48.15%	49.23%	48.28%	45.20%	49.43%	49.91%	50.69%	50.59%	55.41%
Operating Margin	34.82%	28.27%	39.67%	40.91%	40.11%	36.43%	41.78%	41.30%	43.08%	42.75%	48.00%
EBIT Margin	34.99%	27.63%	39.93%	41.00%	40.06%	36.85%	41.67%	42.05%	43.13%	43.00%	48.05%
Profit (Net Income) Margin	26.39%	20.43%	30.59%	30.57%	29.29%	26.91%	31.00%	30.89%	32.54%	31.26%	36.06%
Tax Burden Percent	81.81%	81.11%	81.16%	78.74%	76.99%	77.11%	78.28%	77.23%	79.16%	75.05%	78.83%
Interest Burden Percent	92.22%	91.16%	94.40%	94.71%	94.97%	94.71%	95.04%	95.12%	95.29%	96.85%	95.21%
Effective Tax Rate	18.19%	18.89%	18.85%	21.26%	23.01%	22.89%	21.72%	22.77%	20.84%	24.95%	21.17%
Return on Invested Capital (ROIC)	7.37%	6.07%	8.68%	9.12%	9.11%	8.69%	10.25%	10.17%	11.17%	10.68%	12.82%
ROIC Less NNEP Spread (ROIC-NNEP)	6.54%	5.12%	8.03%	8.38%	8.39%	8.17%	9.47%	9.67%	10.39%	10.33%	12.03%
Return on Net Nonoperating Assets (RNNOA)	1.28%	1.08%	1.76%	1.69%	1.73%	1.76%	2.06%	1.92%	2.13%	2.59%	3.08%
Return on Equity (ROE)	8.65%	7.16%	10.44%	10.81%	10.84%	10.45%	12.31%	12.09%	13.30%	13.27%	15.90%
Cash Return on Invested Capital (CROIC)	8.16%	9.74%	11.01%	9.63%	10.37%	11.73%	11.40%	11.84%	12.41%	8.20%	9.07%
Operating Return on Assets (OROA)	7.02%	5.64%	8.36%	8.95%	9.12%	8.67%	10.04%	10.19%	10.78%	10.86%	12.53%
Return on Assets (ROA)	5.30%	4.17%	6.41%	6.67%	6.67%	6.33%	7.47%	7.48%	8.13%	7.90%	9.40%
Return on Common Equity (ROCE)	7.90%	6.49%	9.45%	9.74%	9.72%	9.31%	10.97%	10.73%	11.73%	11.58%	13.88%
Return on Equity Simple (ROE_SIMPLE)	7.74%	0.00%	9.03%	10.35%	11.31%	0.00%	12.80%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	879	723	1,124	1,143	1,104	1,009	1,235	1,198	1,326	1,256	1,578
NOPAT Margin	28.49%	22.93%	32.20%	32.21%	30.88%	28.09%	32.70%	31.90%	34.10%	32.08%	37.84%
Net Nonoperating Expense Percent (NNEP)	0.83%	0.95%	0.65%	0.74%	0.71%	0.52%	0.78%	0.50%	0.78%	0.35%	0.78%
Return On Investment Capital (ROIC_SIMPLE)	-	1.58%	-	-	-	2.26%	2.75%	2.67%	2.97%	2.83%	3.54%
Cost of Revenue to Revenue	32.26%	32.74%	32.08%	30.57%	29.99%	31.00%	30.53%	29.80%	28.83%	29.88%	29.61%
SG&A Expenses to Revenue	24.03%	29.89%	20.19%	20.68%	22.60%	25.58%	20.23%	21.38%	20.70%	26.69%	19.23%
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	33.17%	39.09%	28.42%	28.88%	30.21%	32.93%	27.99%	29.19%	28.27%	27.35%	22.39%
Earnings before Interest and Taxes (EBIT)	1,079	871	1,394	1,455	1,432	1,324	1,574	1,579	1,677	1,684	2,004
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,361	1,161	1,681	1,747	1,726	1,624	1,867	1,874	1,971	1,981	2,311
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.26	4.05	3.92	4.00	4.76	4.66	4.69	4.84	4.48	5.08	4.08
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)	9.39	11.08	10.48	10.51	11.75	10.88	10.79	11.00	9.90	10.32	8.08
Price to Earnings (P/E)	46.48	52.73	47.66	42.01	45.54	40.12	39.58	40.31	35.24	35.39	26.61
Dividend Yield	0.98%	0.82%	0.85%	0.81%	0.70%	0.73%	0.73%	0.71%	0.78%	0.73%	0.91%
Earnings Yield	2.15%	1.90%	2.10%	2.38%	2.20%	2.49%	2.53%	2.48%	2.84%	2.83%	3.76%
Enterprise Value to Invested Capital (EV/IC)	2.70	3.24	3.15	3.25	3.76	3.67	3.68	3.81	3.55	3.73	3.04
Enterprise Value to Revenue (EV/Rev)	10.34	12.06	11.44	11.39	12.64	11.74	11.65	11.84	10.72	11.34	9.09
Enterprise Value to EBITDA (EV/EBITDA)	25.57	29.28	27.14	25.42	27.55	24.61	24.25	24.54	21.95	22.61	17.58
Enterprise Value to EBIT (EV/EBIT)	33.09	37.64	34.41	31.51	33.77	29.76	29.19	29.44	26.16	26.70	20.60
Enterprise Value to NOPAT (EV/NOPAT)	42.06	47.58	43.76	39.10	42.51	38.08	37.60	38.27	33.77	34.69	26.70
Enterprise Value to Operating Cash Flow (EV/OCF)	36.39	40.63	36.12	31.17	32.94	29.32	29.66	31.16	28.53	30.78	24.94
Enterprise Value to Free Cash Flow (EV/FCFF)	32.75	32.81	28.01	33.49	35.96	30.95	32.02	31.88	28.30	46.05	33.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.30	0.31	0.29	0.30	0.30	0.30	0.30	0.30	0.36	0.37
Long-Term Debt to Equity	0.29	0.30	0.30	0.29	0.30	0.30	0.30	0.30	0.30	0.34	0.29
Financial Leverage	0.20	0.21	0.22	0.20	0.21	0.22	0.22	0.20	0.21	0.25	0.26
Leverage Ratio	1.54	1.57	1.57	1.56	1.56	1.60	1.58	1.58	1.58	1.65	1.63
Compound Leverage Factor	1.42	1.43	1.48	1.48	1.48	1.51	1.51	1.50	1.50	1.60	1.55
Debt to Total Capital	22.70%	23.12%	23.43%	22.63%	22.90%	23.31%	23.19%	23.08%	23.20%	26.58%	26.89%
Short-Term Debt to Total Capital	0.09%	0.09%	0.60%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	1.46%	5.45%
Long-Term Debt to Total Capital	22.61%	23.03%	22.83%	22.63%	22.89%	23.30%	23.19%	23.07%	23.19%	25.12%	21.45%
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	7.14%	7.87%	7.85%	8.14%	8.83%	8.89%	8.86%	9.26%	9.30%	10.21%	10.16%
Common Equity to Total Capital	70.16%	69.01%	68.72%	69.22%	68.27%	67.80%	67.94%	67.66%	67.50%	63.21%	62.95%
Debt to EBITDA	2.31	2.23	2.16	1.92	1.81	1.68	1.64	1.61	1.55	1.70	1.64
Net Debt to EBITDA	1.62	1.62	1.55	1.27	1.25	1.17	1.17	1.09	1.07	1.39	1.34
Long-Term Debt to EBITDA	2.30	2.22	2.11	1.92	1.80	1.68	1.64	1.61	1.55	1.61	1.31
Debt to NOPAT	3.80	3.62	3.49	2.95	2.79	2.60	2.54	2.50	2.39	2.61	2.49
Net Debt to NOPAT	2.66	2.64	2.50	1.96	1.93	1.81	1.81	1.69	1.64	2.13	2.04
Long-Term Debt to NOPAT	3.78	3.60	3.40	2.95	2.78	2.60	2.54	2.50	2.39	2.47	1.98
Altman Z-Score	3.90	4.36	4.36	4.57	5.19	4.86	5.06	5.17	4.93	4.65	3.98
Noncontrolling Interest Sharing Ratio	8.61%	9.32%	9.51%	9.87%	10.34%	10.91%	10.89%	11.27%	11.78%	12.73%	12.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.92	0.84	0.92	1.03	0.95	0.85	0.90	0.98	0.97	0.82	0.68
Quick Ratio	0.80	0.68	0.77	0.86	0.79	0.71	0.77	0.81	0.78	0.69	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,737	2,149	3,011	1,791	1,850	2,018	2,018	2,110	2,247	19	433
Operating Cash Flow to CapEx	2,813.89%	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%
Free Cash Flow to Firm to Interest Expense	20.67	27.90	38.60	23.26	25.69	28.83	25.87	27.40	28.44	0.36	4.51
Operating Cash Flow to Interest Expense	12.06	17.32	12.15	20.21	20.07	24.86	12.22	18.77	19.05	32.98	10.80
Operating Cash Flow Less CapEx to Interest Expense	11.63	16.70	11.85	19.79	19.58	24.39	11.67	17.97	18.48	32.11	10.52
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.20	0.20	0.21	0.22	0.23	0.24	0.24	0.24	0.25	0.25	0.26
Accounts Receivable Turnover	5.16	4.70	4.70	5.05	5.31	4.99	4.78	5.17	5.47	4.86	4.79
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	43.95	45.03	48.59	52.47	54.42	54.33	56.51	56.21	57.52	56.49	59.70
Accounts Payable Turnover	9.93	8.22	9.13	8.77	9.24	7.91	9.02	8.87	10.15	7.85	8.98
Days Sales Outstanding (DSO)	70.72	77.69	77.64	72.22	68.69	73.13	76.30	70.62	66.75	75.07	76.27
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)	36.75	44.38	39.97	41.61	39.52	46.13	40.47	41.16	35.98	46.51	40.66
Cash Conversion Cycle (CCC)	33.98	33.31	37.66	30.61	29.18	26.99	35.84	29.46	30.77	28.55	35.61
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	47,049	46,455	46,645	46,568	46,303	45,446	45,862	45,656	45,382	46,683	47,007
Invested Capital Turnover	0.26	0.26	0.27	0.28	0.29	0.31	0.31	0.32	0.33	0.33	0.34
Increase / (Decrease) in Invested Capital	-858	-1,426	-1,887	-648	-746	-1,009	-783	-912	-921	1,237	1,145
Enterprise Value (EV)	126,957	150,733	146,806	151,227	174,006	166,826	168,884	173,986	160,997	173,949	143,027
Market Capitalization	115,327	138,478	134,498	139,553	161,702	154,539	156,393	161,720	148,593	158,240	127,092
Book Value per Share	$111.31	$107.95	$109.46	$111.48	$108.60	$106.86	$108.42	$108.87	$108.53	$102.80	$104.33
Tangible Book Value per Share	($53.43)	($56.97)	($55.93)	($54.95)	($57.02)	($59.02)	($58.14)	($57.91)	($57.64)	($71.40)	($70.82)
Total Capital	50,486	49,559	49,954	50,389	49,793	48,906	49,116	49,349	49,083	49,240	49,523
Total Debt	11,462	11,459	11,705	11,405	11,402	11,398	11,391	11,388	11,385	13,088	13,318
Total Long-Term Debt	11,415	11,412	11,404	11,401	11,398	11,394	11,388	11,385	11,382	12,370	10,621
Net Debt	8,025	8,355	8,386	7,571	7,905	7,938	8,137	7,695	7,839	10,684	10,903
Capital Expenditures (CapEx)	36	48	24	32	35	33	43	61	45	46	27
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,013	-2,252	-1,692	-1,893	-1,996	-2,615	-2,046	-1,949	-1,818	-2,424	-2,128
Debt-free Net Working Capital (DFNWC)	-367	-935	-148	146	-299	-929	-577	-102	-146	-623	-318
Net Working Capital (NWC)	-414	-982	-449	142	-303	-933	-580	-105	-149	-1,341	-3,015
Net Nonoperating Expense (NNE)	65	79	56	58	57	42	64	38	61	32	74
Net Nonoperating Obligations (NNO)	8,025	8,355	8,396	7,584	7,912	7,938	8,137	7,695	7,684	10,531	10,802
Total Depreciation and Amortization (D&A)	282	290	287	292	294	300	293	295	294	297	307
Debt-free, Cash-free Net Working Capital to Revenue	-16.39%	-18.02%	-13.19%	-14.26%	-14.50%	-18.41%	-14.12%	-13.26%	-12.11%	-15.81%	-13.53%
Debt-free Net Working Capital to Revenue	-2.99%	-7.48%	-1.15%	1.10%	-2.17%	-6.54%	-3.98%	-0.69%	-0.97%	-4.06%	-2.02%
Net Working Capital to Revenue	-3.37%	-7.86%	-3.50%	1.07%	-2.20%	-6.57%	-4.00%	-0.71%	-0.99%	-8.74%	-19.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.34	$1.84	$3.16	$3.23	$3.12	$2.85	$3.55	$3.50	$3.86	$3.76	$4.69
Adjusted Weighted Average Basic Shares Outstanding	317.50M	318.40M	313.60M	313M	311.20M	311.60M	307.30M	305.90M	304.30M	304.80M	297.30M
Adjusted Diluted Earnings per Share	$2.33	$1.83	$3.16	$3.23	$3.11	$2.85	$3.54	$3.50	$3.86	$3.76	$4.69
Adjusted Weighted Average Diluted Shares Outstanding	318M	318.90M	314M	313.20M	311.50M	311.90M	307.70M	306.10M	304.50M	305.10M	297.60M
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)	879	723	1,124	1,143	1,104	1,009	1,235	1,198	1,326	1,256	1,578
Normalized NOPAT Margin	28.49%	22.93%	32.20%	32.21%	30.88%	28.09%	32.70%	31.90%	34.10%	32.08%	37.84%
Pre Tax Income Margin	32.26%	25.19%	37.70%	38.83%	38.04%	34.90%	39.61%	40.00%	41.10%	41.65%	45.74%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	12.85	11.31	17.87	18.90	19.89	18.91	20.18	20.51	21.23	31.77	20.88
NOPAT to Interest Expense	10.46	9.39	14.41	14.85	15.33	14.42	15.84	15.56	16.78	23.70	16.44
EBIT Less CapEx to Interest Expense	12.42	10.69	17.56	18.48	19.40	18.44	19.63	19.71	20.66	30.91	20.59
NOPAT Less CapEx to Interest Expense	10.03	8.76	14.10	14.43	14.85	13.95	15.28	14.76	16.21	22.84	16.16
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	51.88%	49.33%	45.73%	39.16%	36.91%	34.10%	33.98%	33.90%	32.17%	30.93%	28.74%
Augmented Payout Ratio	161.32%	163.43%	152.18%	102.85%	122.79%	113.32%	114.80%	128.31%	115.47%	134.69%	132.58%

Financials Breakdown Chart

Key Financial Trends

Here are the top four-year trends for SPGI (SPGI) based on quarterly income statements, cash flow statements, and balance sheets through 2022–2025. The highlights focus on the most relevant signals for retail investors: growth in revenue and profitability, cash generation, leverage, and capital returns.

Revenue and gross margin expansion: Operating revenue rose from about $2.94B (Q4 2022) to about $3.92B (Q4 2025), with gross margin improving from the mid-60s% to around 70% by late 2025.
Operating income growth: Total operating income climbed from roughly $0.85B (Q4 2022) to about $1.67B (Q4 2025), indicating a healthier core profitability trend.
Net income to common shareholders rising: Net income to common shareholders increased from about $0.49B (Q4 2022) to about $1.13B (Q4 2025), reflecting stronger earnings delivered to equity holders.
Robust cash flow from operations: Net cash from continuing operating activities grew over 2022–2025, reaching approximately $1.75B in Q4 2025, underscoring solid cash generation.
Capital returns steady: Dividends per share stayed around $0.96 in 2025 quarters, signaling ongoing shareholder distributions alongside other capital returns.
Balance sheet position: Total assets hovered near $60B in 2025, with total equity around $34B–$35B and long-term debt in the $11B range, indicating a solid, well-capitalized balance sheet.
Liquidity levels: Cash and equivalents generally ranged around $1.6–$1.9B in 2025, providing a reasonable liquidity cushion for operating needs and optionalities.
Financing activity and share repurchases: Notable cash outflows tied to repurchases of common equity and other financing activities in several quarters, which weighed on net cash from financing activities.
Investing activity mix: Investing cash flows show a mix of acquisitions, investments, and divestitures across periods, resulting in net cash outflows in some quarters but occasional inflows from divestitures (e.g., sizable divestitures in certain quarters).
Cash balance volatility across quarters: Period-to-period changes in net change in cash reflect financing and investing activity swings, with some quarters printing modest cash outflows despite a stronger operating cash flow in later quarters.

05/14/26 01:32 AM 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 financial year ends in December. Their financial 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. Find out what analysts predict for S&P Global in the coming months.

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%.

Related Companies

Financial statements for NYSE:SPGI last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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S&P Global (SPGI) Financials

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S&P Global (SPGI) Financials

Annual Income Statements for S&P Global

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

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

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