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S&P Global

SPGI NYSE Financial Exchanges & Data Financials FY2016–FY2025

S&P Global's revenue rose 7.9% to $15.3 billion in fiscal 2025. Its operating margin was 42.2%, up from 39.3% a year earlier. Free cash flow was $5.5 billion, down 2.0%. It paid out $6.2 billion in dividends and buybacks, 113% of free cash flow. The diluted share count fell 2.2%.

Last close · Oct 23, 2026

$450.31

0.6%
Value it Compare
Revenue Total sales reported in the income statement.
$15.3B
7.9% vs prior year
Operating margin Operating income as a share of revenue.
42.2%
3.0 pts
Net income Profit after all expenses, interest and tax.
$4.5B
16.1%
Free cash flow Cash from operations minus capital spending.
$5.5B
2.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.7%
1.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$134.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.5x
On $15.81 EPS (TTM)

What S&P Global does

S&P Global sells data, benchmarks, analytics and software to people in finance, energy and commodities, and the car industry. Customers include asset managers, banks, insurers, exchanges, energy traders and automakers. Most products are sold by subscription.

It runs five businesses. Market Intelligence sells data, analytics and workflow software to finance professionals. Ratings issues credit ratings, which are opinions on whether a borrower can repay its debts, and earns fees from new debt issues and from ongoing monitoring. Energy sells price data and benchmarks for oil, gas, metals and other commodities. Mobility sells data and software to automakers, dealers and lenders. Indices (S&P Dow Jones Indices) maintains stock and bond indexes and earns fees tied to funds that track them and to trading in derivatives based on them.

At the end of 2025 S&P Global had about 44,500 permanent employees, most of them in Asia. In April 2025 its board decided to spin off Mobility as a separate public company, a deal it expected to finish in mid-2026.

Legal name
S&P Global Inc.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 11, 2026
Accession · CIK
0000064040-26-000013
0000064040

Revenue and margins

S&P Global had $15.3B of revenue in fiscal 2025, up 7.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 7.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $5.5B in fiscal 2025, 35.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

S&P Global returned $6.2B to shareholders in fiscal 2025, 113% of free cash flow. The diluted share count fell 2.2%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value S&P Global yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$11.3B and divides by 305.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.5x · peers 28.0x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably S&P Global can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $6.5B$1.3B$1.3B$1.7B$1.8B
Debt incl. finance leases $4.1B$11.0B$11.5B$11.4B$13.1B
Net debt / EBITDA −0.5x1.6x2.0x1.4x1.5x
Debt / equity 2.0x0.3x0.3x0.3x0.4x
Interest coverage 35.5x16.3x12.0x18.8x22.6x
Current ratio 2.3x0.9x0.8x0.9x0.8x
Quick ratio 2.3x0.9x0.8x0.9x0.8x
Total assets $15.0B$61.8B$60.6B$60.2B$61.2B
Total liabilities $9.5B$22.0B$22.5B$22.7B$25.0B
Shareholders' equity $2.0B$36.4B$34.2B$33.2B$31.1B
Net debt (− = net cash) −$2.4B$9.7B$10.1B$9.7B$11.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$3.6M

5 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 1, 2026 Catherine R ClayCEO, S&P Dow Jones Indices Bought 2,500 $431.39 $1.1M Form 4
Apr 30, 2026 Robert Edward Moritz Jr.Director Bought 1,152 $434.03 $0.5M Form 4
Apr 29, 2026 Martina CheungCEO & President, Director Bought 2,322 $429.93 $1.0M Form 4
Feb 11, 2026 Hubert JolyDirector Bought 2,500 $398.98 $1.0M Form 4
Dec 10, 2025 William W EagerPresident, S&P Global Mobility Bought 12 $493.40 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 98 / 97 / 9
Accruals ratio −1.8%−3.0%−1.9%
Altman Z'' 2.953.193.14

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
S&P Global SPGI $134.0B 7.9% 42.2% 35.6% 11.7% 28.5x 7
Intercontinental Exchange ICE $92.1B 7.5% 39.0% 33.9% 7.7% 23.0x 8 Compare →
Nasdaq NDAQ $57.8B 11.7% 28.2% 24.1% 9.5% 28.0x 9 Compare →
Moody's MCO $83.8B 8.9% 43.4% 33.4% 31.1% 29.5x 9 Compare →
Coinbase COIN $43.3B 9.4% 20.0% 31.9% 14.5% — 4 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.7B $6.1B $6.3B $6.7B $7.4B $8.3B $11.2B $12.5B $14.2B $15.3B
Gross profit $3.9B $4.4B $4.4B $4.7B $5.3B $6.1B $7.4B $8.4B $9.8B $10.8B
Operating income $3.3B $2.6B $2.8B $3.2B $3.6B $4.2B $4.9B $4.0B $5.6B $6.5B
Interest expense $181M $149M $134M $141M $141M $119M $304M $334M $297M $287M
Pretax income $3.2B $2.5B $2.7B $2.9B $3.2B $4.2B $4.7B $3.7B $5.3B $6.2B
Income tax $960M $823M $560M $627M $694M $901M $1.2B $778M $1.1B $1.4B
Net income $2.1B $1.5B $2.0B $2.1B $2.3B $3.0B $3.2B $2.6B $3.9B $4.5B
Diluted EPS $7.94 $5.78 $7.73 $8.60 $9.66 $12.51 $10.20 $8.23 $12.35 $14.66
Diluted shares 0.27B 0.26B 0.25B 0.25B 0.24B 0.24B 0.32B 0.32B 0.31B 0.31B
Cash flow
Cash from operations $1.6B $2.0B $2.1B $2.8B $3.6B $3.6B $2.6B $3.7B $5.7B $5.7B
Capital expenditure $115M $123M $113M $115M $76.0M $35.0M $89.0M $143M $124M $195M
Free cash flow $1.4B $1.9B $2.0B $2.7B $3.5B $3.6B $2.5B $3.6B $5.6B $5.5B
Depreciation and amortization $181M $180M $206M $204M $206M $178M $1.0B $1.1B $1.2B $1.2B
Stock-based compensation $76.0M $99.0M $94.0M $78.0M $90.0M $122M $214M $171M $247M $236M
Acquisitions $177M $83.0M $0.0M $91.0M $201M $99.0M $210M $296M $305M $2.0B
Share buybacks $1.1B $1.0B $1.7B $1.2B $1.2B $0.0M $12.0B $3.3B $3.3B $5.0B
Dividends paid $380M $421M $503M $560M $645M $743M $1.0B $1.1B $1.1B $1.2B
Dividends and buybacks $1.5B $1.4B $2.2B $1.8B $1.8B $743M $13.0B $4.4B $4.4B $6.2B
Balance sheet
Cash and short-term investments $2.4B $2.8B $1.9B $2.9B $4.1B $6.5B $1.3B $1.3B $1.7B $1.8B
Total debt $3.6B $3.2B $3.7B $3.9B $4.1B $4.1B $11.0B $11.5B $11.4B $13.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $3.7B $4.3B $3.6B $4.7B $6.0B $8.8B $5.7B $5.1B $5.5B $6.3B
Current liabilities $2.6B $3.2B $2.6B $3.1B $3.6B $3.8B $6.0B $6.1B $6.4B $7.6B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $271M $275M $270M $320M $284M $241M $297M $258M $265M $278M
Total assets $8.7B $9.4B $9.4B $11.3B $12.5B $15.0B $61.8B $60.6B $60.2B $61.2B
Total liabilities $6.9B $7.3B $7.1B $8.5B $9.2B $9.5B $22.0B $22.5B $22.7B $25.0B
Shareholders' equity $650M $709M $628M $479M $509M $2.0B $36.4B $34.2B $33.2B $31.1B
Margins
Gross margin 68.7% 72.1% 70.6% 70.5% 71.9% 73.7% 66.4% 66.9% 69.3% 70.3%
Operating margin 59.0% 42.6% 44.6% 48.2% 48.6% 50.9% 44.2% 32.2% 39.3% 42.2%
EBITDA margin 62.2% 45.6% 47.9% 51.2% 51.4% 53.0% 53.3% 41.3% 47.5% 49.9%
Net margin 37.2% 24.7% 31.3% 31.7% 31.4% 36.5% 29.1% 21.0% 27.1% 29.2%
FCF margin 25.5% 31.2% 31.2% 39.7% 46.9% 42.9% 22.5% 28.5% 39.2% 35.6%
Returns
Return on capital 114.2% 114.2% 124.1% 126.8% — — 16.2% 7.0% 10.0% 11.7%
Return on capital employed 59.0% 42.1% 42.9% 42.8% 42.1% 41.9% 14.8% 7.3% 10.3% 12.1%
Return on equity 499.1% 220.2% 292.9% 383.6% — 238.0% 16.9% 7.4% 11.4% 13.9%
Return on assets 25.0% 16.5% 20.8% 20.4% 19.6% 21.9% 8.5% 4.3% 6.4% 7.4%
Growth
Revenue growth 6.6% 7.1% 3.2% 7.1% 11.1% 11.5% 34.8% 11.8% 13.7% 7.9%
Net income growth 82.2% −29.0% 30.9% 8.4% 10.2% 29.3% 7.4% −19.2% 46.7% 16.1%
EPS growth 88.6% −27.2% 33.7% 11.3% 12.3% 29.5% −18.5% −19.3% 50.1% 18.7%
FCF growth 565.9% 31.0% 3.1% 36.4% 31.2% 2.1% −29.4% 41.9% 56.0% −2.0%
Share count change −3.4% −2.4% −2.2% −2.5% −1.9% −0.1% 31.7% 0.1% −2.2% −2.2%
Financial health
Net debt / EBITDA 0.3x 0.1x 0.6x 0.3x 0.0x −0.5x 1.6x 2.0x 1.4x 1.5x
Debt / equity 5.5x 4.5x 5.8x — — 2.0x 0.3x 0.3x 0.3x 0.4x
Interest coverage 18.5x 17.3x 20.8x 22.9x 25.7x 35.5x 16.3x 12.0x 18.8x 22.6x
Current ratio 1.4x 1.4x 1.4x 1.5x 1.7x 2.3x 0.9x 0.8x 0.9x 0.8x
Quick ratio 1.4x 1.4x 1.4x 1.5x 1.7x 2.3x 0.9x 0.8x 0.9x 0.8x
Capital allocation
Capex / revenue 2.0% 2.0% 1.8% 1.7% 1.0% 0.4% 0.8% 1.1% 0.9% 1.3%
Stock comp / revenue 1.3% 1.6% 1.5% 1.2% 1.2% 1.5% 1.9% 1.4% 1.7% 1.5%
Payouts / FCF 104.0% 75.1% 110.9% 67.6% 51.8% 20.9% 518.2% 124.7% 79.7% 113.1%
Quality scores
Piotroski F-score 7.0 7.0 6.0 8.0 7.0 9.0 4.0 5.0 8.0 7.0
Altman Z'' 7.0 6.2 6.7 6.4 6.7 7.6 3.2 3.0 3.2 3.1
Accruals ratio 6.5% −5.8% −1.1% −6.3% −10.3% −4.2% 1.7% −1.8% −3.0% −1.9%

Source: SEC EDGAR XBRL filings (CIK 0000064040). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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