S&P Global Financials
This page shows S&P Global (SPGI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
S&P Global has an operating margin of 42.2%, meaning the company retains $42 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 39.3% the prior year.
S&P Global's revenue grew 7.9% year-over-year to $15.3B, a solid pace of expansion. This earns a growth score of 51/100.
S&P Global carries a low D/E ratio of 0.40, meaning only $0.40 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 96/100, indicating a strong balance sheet with room for future borrowing.
S&P Global's current ratio of 0.82 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 13/100, which could limit financial flexibility.
S&P Global converts 35.6% of revenue into free cash flow ($5.5B). This strong cash generation earns a score of 100/100.
S&P Global's ROE of 14.4% shows moderate profitability relative to equity, earning a score of 57/100. This is up from 11.6% the prior year.
S&P Global scores 4.10, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($124.5B) relative to total liabilities ($25.0B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
S&P Global passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, S&P Global generates $1.26 in operating cash flow ($5.7B OCF vs $4.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
S&P Global earns $22.6 in operating income for every $1 of interest expense ($6.5B vs $287.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
Key Financial Metrics
S&P Global generated $15.3B in revenue in fiscal year 2025. This represents an increase of 7.9% from the prior year.
S&P Global's EBITDA was $7.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.4% from the prior year.
S&P Global generated $5.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 2.0% from the prior year.
S&P Global reported $4.5B in net income in fiscal year 2025. This represents an increase of 16.1% from the prior year.
S&P Global earned $14.66 per diluted share (EPS) in fiscal year 2025. This represents an increase of 18.7% from the prior year.
S&P Global held $1.7B in cash against $12.4B in long-term debt as of fiscal year 2025.
S&P Global paid $3.84 per share in dividends in fiscal year 2025. This represents an increase of 5.5% from the prior year.
S&P Global had 299M shares outstanding in fiscal year 2025. This represents a decrease of 2.9% from the prior year.
S&P Global's gross margin was 70.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.
S&P Global's operating margin was 42.2% in fiscal year 2025, reflecting core business profitability. This is up 3.0 percentage points from the prior year.
S&P Global's net profit margin was 29.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 2.0 percentage points from the prior year.
S&P Global's ROE was 14.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.7 percentage points from the prior year.
S&P Global spent $5.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 51.5% from the prior year.
S&P Global invested $195.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 57.3% from the prior year.
SPGI Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $3.9B+0.7% | $3.9B+3.5% | $3.8B-0.6% | $3.8B+5.1% | $3.6B+14.0% | $3.2B+1.6% | $3.1B-1.9% | $3.2B |
| Cost of Revenue | $1.2B+4.4% | $1.1B+0.2% | $1.1B-2.9% | $1.2B+4.2% | $1.1B+7.3% | $1.0B+0.6% | $1.0B-5.7% | $1.1B |
| Gross Profit | $2.7B-0.8% | $2.8B+5.0% | $2.6B+0.5% | $2.6B+5.6% | $2.5B+17.3% | $2.1B+2.2% | $2.1B+0.1% | $2.1B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $1.0B+29.8% | $805.0M+0.2% | $803.0M+5.1% | $764.0M-17.5% | $926.0M-1.7% | $942.0M+22.2% | $771.0M+9.4% | $705.0M |
| Operating Income | $1.7B-0.1% | $1.7B+8.0% | $1.6B-1.7% | $1.6B+20.6% | $1.3B+46.9% | $891.0M-2.2% | $911.0M-20.4% | $1.1B |
| Interest Expense | $53.0M-32.9% | $79.0M+2.6% | $77.0M-1.3% | $78.0M+11.4% | $70.0M-9.1% | $77.0M-12.5% | $88.0M+3.5% | $85.0M |
| Income Tax | $407.0M+22.2% | $333.0M-2.6% | $342.0M+5.2% | $325.0M+13.2% | $287.0M+91.3% | $150.0M-42.1% | $259.0M+37.8% | $188.0M |
| Net Income | $1.1B-3.7% | $1.2B+9.7% | $1.1B-1.7% | $1.1B+24.0% | $879.0M+52.1% | $578.0M+13.1% | $511.0M-35.7% | $795.0M |
| EPS (Diluted) | $3.76-2.6% | $3.86+10.3% | $3.50-1.1% | $3.54+24.2% | $2.85+55.7% | $1.83+14.4% | $1.60-35.2% | $2.47 |
SPGI Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $61.2B+2.4% | $59.7B-1.1% | $60.4B+0.8% | $59.9B-0.6% | $60.2B-0.6% | $60.6B-0.2% | $60.7B-2.1% | $62.0B |
| Current Assets | $6.3B+11.4% | $5.7B-3.8% | $5.9B+10.1% | $5.3B-2.2% | $5.5B+6.1% | $5.1B+9.0% | $4.7B-18.9% | $5.8B |
| Cash & Equivalents | $1.7B+4.4% | $1.7B-9.5% | $1.8B+25.7% | $1.5B-11.8% | $1.7B+29.1% | $1.3B-17.4% | $1.6B+11.3% | $1.4B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $3.4B+20.5% | $2.9B-4.1% | $3.0B-3.3% | $3.1B+7.5% | $2.9B+1.5% | $2.8B+11.0% | $2.5B+2.7% | $2.5B |
| Goodwill | $36.5B+4.5% | $34.9B-0.4% | $35.1B+0.3% | $35.0B+0.1% | $34.9B+0.2% | $34.9B+0.1% | $34.8B0.0% | $34.8B |
| Total Liabilities | $25.0B+13.6% | $22.1B-1.7% | $22.4B+1.2% | $22.2B-2.4% | $22.7B+1.0% | $22.5B+4.0% | $21.6B-2.8% | $22.3B |
| Current Liabilities | $7.6B+31.6% | $5.8B-3.0% | $6.0B+1.0% | $5.9B-7.4% | $6.4B+4.4% | $6.1B+1.6% | $6.0B-5.7% | $6.4B |
| Long-Term Debt | $12.4B+8.7% | $11.4B0.0% | $11.4B0.0% | $11.4B-0.1% | $11.4B-0.2% | $11.4B+6.9% | $10.7B-0.5% | $10.7B |
| Total Equity | $31.1B-6.1% | $33.1B-0.8% | $33.4B+0.1% | $33.4B+0.6% | $33.2B-3.0% | $34.2B-3.6% | $35.5B-2.2% | $36.3B |
| Retained Earnings | $23.7B+1.6% | $23.3B+4.0% | $22.4B+2.8% | $21.8B+3.9% | $21.0B+12.0% | $18.7B+2.5% | $18.3B+0.6% | $18.2B |
SPGI Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.7B+16.1% | $1.5B+4.2% | $1.4B+51.6% | $953.0M-45.2% | $1.7B+30.4% | $1.3B+73.5% | $769.0M+29.5% | $594.0M |
| Capital Expenditures | $46.0M+2.2% | $45.0M-26.2% | $61.0M+41.9% | $43.0M+30.3% | $33.0M-31.3% | $48.0M+54.8% | $31.0M+10.7% | $28.0M |
| Free Cash Flow | $1.7B+16.6% | $1.5B+5.5% | $1.4B+52.1% | $910.0M-46.7% | $1.7B+32.7% | $1.3B+74.3% | $738.0M+30.4% | $566.0M |
| Investing Cash Flow | -$472.0M-367.3% | -$101.0M-94.2% | -$52.0M+34.2% | -$79.0M-1228.6% | $7.0M+115.6% | -$45.0M-105.0% | $909.0M+459.3% | -$253.0M |
| Financing Cash Flow | -$1.2B+23.2% | -$1.6B-47.9% | -$1.1B+4.0% | -$1.1B+35.8% | -$1.7B-2.4% | -$1.7B-10.6% | -$1.5B-559.6% | -$230.0M |
| Dividends Paid | $290.0M-0.3% | $291.0M-1.0% | $294.0M-0.3% | $295.0M+5.4% | $280.0M-1.1% | $283.0M-1.7% | $288.0M-0.7% | $290.0M |
| Share Buybacks | $2.5B+108.3% | $1.2B+84.3% | $651.0M+0.2% | $650.0M-50.0% | $1.3B0.0% | $1.3B+29.9% | $1.0B+100.2% | $500.0M |
SPGI Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.1%-1.0pp | 71.2%+1.0pp | 70.2%+0.7pp | 69.5%+0.3pp | 69.2%+1.9pp | 67.3%+0.3pp | 66.9%+1.3pp | 65.6% |
| Operating Margin | 42.8%-0.3pp | 43.1%+1.8pp | 41.3%-0.5pp | 41.8%+5.3pp | 36.4%+8.2pp | 28.3%-1.1pp | 29.4%-6.8pp | 36.2% |
| Net Margin | 28.9%-1.3pp | 30.3%+1.7pp | 28.5%-0.3pp | 28.9%+4.4pp | 24.5%+6.1pp | 18.3%+1.9pp | 16.5%-8.7pp | 25.2% |
| Return on Equity | 3.6%+0.1pp | 3.5%+0.3pp | 3.2%-0.1pp | 3.3%+0.6pp | 2.6%+1.0pp | 1.7%+0.2pp | 1.4%-0.8pp | 2.2% |
| Return on Assets | 1.8%-0.1pp | 2.0%+0.2pp | 1.8%-0.1pp | 1.8%+0.4pp | 1.5%+0.5pp | 0.9%+0.1pp | 0.8%-0.4pp | 1.3% |
| Current Ratio | 0.82-0.1 | 0.970.0 | 0.98+0.1 | 0.90+0.0 | 0.85+0.0 | 0.84+0.1 | 0.78-0.1 | 0.91 |
| Debt-to-Equity | 0.40+0.1 | 0.340.0 | 0.340.0 | 0.340.0 | 0.340.0 | 0.33+0.0 | 0.300.0 | 0.30 |
| FCF Margin | 43.5%+5.9pp | 37.5%+0.7pp | 36.9%+12.8pp | 24.1%-23.4pp | 47.5%+6.7pp | 40.8%+17.0pp | 23.8%+5.9pp | 17.9% |
Note: The current ratio is below 1.0 (0.82), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is S&P Global's annual revenue?
S&P Global (SPGI) reported $15.3B in total revenue for fiscal year 2025. This represents a 7.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is S&P Global's revenue growing?
S&P Global (SPGI) revenue grew by 7.9% year-over-year, from $14.2B to $15.3B in fiscal year 2025.
Is S&P Global profitable?
Yes, S&P Global (SPGI) reported a net income of $4.5B in fiscal year 2025, with a net profit margin of 29.1%.
What is S&P Global's earnings per share (EPS)?
S&P Global (SPGI) reported diluted earnings per share of $14.66 for fiscal year 2025. This represents a 18.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is S&P Global's EBITDA?
S&P Global (SPGI) had EBITDA of $7.7B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does S&P Global have?
As of fiscal year 2025, S&P Global (SPGI) had $1.7B in cash and equivalents against $12.4B in long-term debt.
What is S&P Global's gross margin?
S&P Global (SPGI) had a gross margin of 70.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is S&P Global's operating margin?
S&P Global (SPGI) had an operating margin of 42.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is S&P Global's net profit margin?
S&P Global (SPGI) had a net profit margin of 29.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does S&P Global pay dividends?
Yes, S&P Global (SPGI) paid $3.84 per share in dividends during fiscal year 2025.
What is S&P Global's return on equity (ROE)?
S&P Global (SPGI) has a return on equity of 14.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is S&P Global's free cash flow?
S&P Global (SPGI) generated $5.5B in free cash flow during fiscal year 2025. This represents a -2.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is S&P Global's operating cash flow?
S&P Global (SPGI) generated $5.7B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are S&P Global's total assets?
S&P Global (SPGI) had $61.2B in total assets as of fiscal year 2025, including both current and long-term assets.
What are S&P Global's capital expenditures?
S&P Global (SPGI) invested $195.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
Does S&P Global buy back shares?
Yes, S&P Global (SPGI) spent $5.0B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does S&P Global have outstanding?
S&P Global (SPGI) had 299M shares outstanding as of fiscal year 2025.
What is S&P Global's current ratio?
S&P Global (SPGI) had a current ratio of 0.82 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is S&P Global's debt-to-equity ratio?
S&P Global (SPGI) had a debt-to-equity ratio of 0.40 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is S&P Global's return on assets (ROA)?
S&P Global (SPGI) had a return on assets of 7.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is S&P Global's Altman Z-Score?
S&P Global (SPGI) has an Altman Z-Score of 4.10, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is S&P Global's Piotroski F-Score?
S&P Global (SPGI) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are S&P Global's earnings high quality?
S&P Global (SPGI) has an earnings quality ratio of 1.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can S&P Global cover its interest payments?
S&P Global (SPGI) has an interest coverage ratio of 22.6x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is S&P Global?
S&P Global (SPGI) scores 70 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.