S&P Global
SPGI · NYSEServices-Consumer Credit Reporting, Collection Agencies · Fiscal year ends Dec 31
S&P Global reported revenue of $15.3B in the fiscal year ended Dec 2025, up 7.9% from the year before. Operating income was $6.5B, an operating margin of 42.2%, and net income was $4.5B. Operating cash flow of $5.7B less capital expenditure of $195M left free cash flow of $5.5B. Net debt was $11.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $8.3B | $11.2B | $12.5B | $14.2B | $15.3B |
| Cost of revenue | $2.2B | $3.8B | $4.1B | $4.4B | $4.6B |
| Gross profit | $6.1B | $7.4B | $8.4B | $9.8B | $10.8B |
| Selling, general & admin | $1.7B | $3.4B | $3.2B | $3.2B | $3.4B |
| Operating income | $4.2B | $4.9B | $4B | $5.6B | $6.5B |
| Interest expense | $119M | $304M | $334M | $297M | $287M |
| Pre-tax income | $4.2B | $4.7B | $3.7B | $5.3B | $6.2B |
| Income tax | $901M | $1.2B | $778M | $1.1B | $1.4B |
| Net income | $3B | $3.2B | $2.6B | $3.9B | $4.5B |
| Diluted EPS | 12.51 | 10.20 | 8.23 | 12.35 | 14.66 |
| Diluted shares | 242M | 319M | 319M | 312M | 305M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $6.5B | $1.3B | $1.3B | $1.7B | $1.7B |
| Receivables | $1.7B | $2.5B | $2.8B | $2.9B | $3.4B |
| Current assets | $8.8B | $5.7B | $5.1B | $5.5B | $6.3B |
| Net PP&E | $241M | $297M | $258M | $265M | $278M |
| Goodwill | $3.5B | $34.5B | $34.9B | $34.9B | $36.5B |
| Total assets | $15B | $61.8B | $60.6B | $60.2B | $61.2B |
| Payables | $205M | $450M | $557M | $553M | $610M |
| Deferred revenue | $2.2B | $3.1B | $3.5B | $3.7B | $4.1B |
| Current liabilities | $3.8B | $6B | $6.1B | $6.4B | $7.6B |
| Short-term debt | $0 | $226M | $47M | $4M | $718M |
| Long-term debt | $4.1B | $10.7B | $11.4B | $11.4B | $12.4B |
| Total liabilities | $9.5B | $22B | $22.5B | $22.7B | $25B |
| Shareholders' equity | $2B | $36.4B | $34.2B | $33.2B | $31.1B |
| Backlog (remaining obligations) | $2.7B | $4.2B | $4.5B | – | $5.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.6B | $2.6B | $3.7B | $5.7B | $5.7B |
| Capital expenditure | $35M | $89M | $143M | $124M | $195M |
| Free cash flow | $3.6B | $2.5B | $3.6B | $5.6B | $5.5B |
| Depreciation & amortisation | $178M | $1B | $1.1B | $1.2B | $1.2B |
| Stock-based compensation | $122M | $214M | $171M | $247M | $236M |
| Acquisitions | $99M | −$210M | $296M | $305M | $2B |
| Share buybacks | $0 | $12B | $3.3B | $3.3B | $5B |
| Dividends paid | $743M | $1B | $1.1B | $1.1B | $1.2B |
| Dividend per share | 3.08 | 3.32 | 3.60 | 3.64 | 3.84 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 34.8% | 11.8% | 13.7% | 7.9% |
| Operating income growth (YoY) | – | 17.1% | −18.7% | 38.8% | 16.1% |
| EPS growth (YoY) | – | −18.5% | −19.3% | 50.1% | 18.7% |
| Gross margin | 73.7% | 66.4% | 66.9% | 69.3% | 70.2% |
| Operating margin | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% |
| Net margin | 36.4% | 29.0% | 21.0% | 27.1% | 29.2% |
| Return on equityBlank when equity is negative | 148.8% | 8.9% | 7.7% | 11.6% | 14.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 37.7% | 8.9% | 7.4% | 10.4% | 12.1% |
| Free cash flow margin | 42.9% | 22.5% | 28.5% | 39.2% | 35.6% |
| Cash conversion (CFO ÷ net income) | 1.19x | 0.80x | 1.41x | 1.48x | 1.26x |
| Receivable days | 73 | 81 | 83 | 74 | 82 |
| Payable days | 34 | 44 | 49 | 46 | 49 |
| Interest cover | 35.5x | 16.3x | 12.0x | 18.8x | 22.6x |
| Debt ÷ equity | 2.02x | 0.30x | 0.34x | 0.34x | 0.42x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$2.4B | $9.7B | $10.2B | $9.7B | $11.3B |
| Current ratio | 2.31x | 0.94x | 0.84x | 0.85x | 0.82x |
Recent filings
More in Services-Consumer Credit Reporting, Collection Agencies
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.