S&P Global Inc.

SPGI · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$158,240	$154,539	$139,557	$109,123	$113,735	$79,224	$65,805	$40,956	$40,825	$25,917	–	–	–	–	–	–	–	–	–	–	–	–	–	$11,659	$11,790	$11,380	$12,097	$10,024	$7,317	$4,612	$4,345	$3,310	$3,211	$2,925	$2,793	$2,551	$2,748	$3,007	$2,424	$2,768	$2,423
Enterprise value	$170,747	$164,883	$150,341	$119,563	$112,004	$79,923	$67,648	$42,739	$41,662	$27,132	–	–	–	–	–	–	–	–	–	–	–	–	–	$12,179	$12,793	$12,422	$12,627	$10,541	$7,997	$5,190	$4,964	$4,065	$4,091	$3,395	$3,344	$3,152	$3,216	$3,129	$2,559	$2,771	$2,291
P/E (TTM) at period end	35.39×	40.12×	53.14×	33.60×	37.61×	33.87×	31.00×	20.92×	27.29×	12.31×	–	–	–	–	–	–	–	–	–	–	–	–	–	20.21×	31.27×	28.18×	28.41×	30.08×	25.17×	9.30×	19.13×	16.30×	281.67×	102.27×	18.87×	14.79×	69.05×	16.21×	14.71×	17.97×	16.44×
P/S (TTM) at period end	10.32×	10.88×	11.17×	9.76×	13.71×	10.65×	9.82×	6.54×	6.73×	4.58×	–	–	–	–	–	–	–	–	–	–	–	–	–	2.44×	2.54×	2.66×	3.03×	2.69×	2.07×	1.50×	1.48×	1.20×	1.46×	1.43×	1.44×	1.32×	1.54×	1.65×	1.38×	1.76×	1.62×
P/B at period end	5.08×	4.66×	4.08×	3.00×	55.97×	155.65×	137.38×	65.22×	57.58×	39.87×	–	–	–	–	–	–	–	–	–	–	–	–	–	5.38×	6.36×	6.46×	7.15×	6.46×	5.10×	3.39×	4.20×	3.63×	3.90×	3.22×	2.80×	2.67×	3.12×	3.26×	2.94×	3.21×	3.12×
EV / EBITDA (TTM)	25.92×	29.05×	36.48×	23.67×	26.03×	21.60×	20.45×	14.87×	15.63×	7.92×	–	–	–	–	–	–	–	–	–	–	–	–	–	9.17×	11.72×	10.50×	12.83×	12.45×	10.27×	7.84×	7.83×	6.71×	9.46×	9.47×	9.79×	8.04×	26.32×	–	–	–	–
EV / Sales (TTM)	11.13×	11.60×	12.03×	10.69×	13.50×	10.74×	10.10×	6.83×	6.87×	4.79×	–	–	–	–	–	–	–	–	–	–	–	–	–	2.54×	2.75×	2.90×	3.16×	2.83×	2.26×	1.69×	1.69×	1.47×	1.86×	1.66×	1.72×	1.63×	1.80×	1.72×	1.46×	1.76×	1.54×
Returns
Return on equity	14.4%	11.6%	7.7%	8.9%	148.8%	459.5%	443.2%	311.8%	211.0%	324.0%	595.9%	(23.6%)	105.8%	57.0%	60.4%	37.4%	39.6%	62.3%	63.1%	32.9%	27.1%	25.3%	26.9%	26.6%	20.3%	22.9%	25.2%	21.5%	20.3%	36.4%	21.9%	22.2%	1.4%	3.1%	14.8%	18.1%	4.5%	20.1%	20.0%	17.9%	19.0%
Return on invested capital	11.5%	10.1%	7.0%	7.9%	1060.1%	233.3%	107.9%	90.9%	110.3%	124.7%	56.4%	–	152.0%	56.4%	34.6%	31.4%	39.9%	40.4%	42.5%	37.4%	35.8%	32.9%	36.7%	21.9%	14.4%	18.0%	18.6%	16.2%	14.1%	13.3%	14.3%	13.2%	3.0%	11.8%	10.0%	11.9%	1.8%	12.8%	15.4%	16.8%	21.1%
Dividend yield	0.7%	0.7%	0.8%	0.9%	0.7%	0.8%	0.9%	1.2%	1.0%	1.5%	–	–	–	–	–	–	–	–	–	–	–	–	–	1.7%	1.6%	1.6%	1.4%	1.5%	2.0%	2.8%	2.8%	3.5%	3.5%	3.7%	3.8%	4.1%	3.6%	–	–	–	–
Financial health
Current ratio	0.82×	0.85×	0.84×	0.94×	2.31×	1.67×	1.52×	1.36×	1.35×	1.41×	1.13×	1.01×	1.24×	1.06×	1.28×	1.26×	1.20×	0.91×	0.88×	0.91×	1.16×	1.24×	1.13×	0.94×	0.97×	1.01×	1.02×	1.11×	1.21×	1.11×	1.18×	1.12×	1.06×	1.08×	1.15×	1.14×	1.06×	1.22×	1.17×	1.49×	1.66×
Debt / equity	0.42×	0.34×	0.34×	0.30×	2.02×	8.07×	8.24×	5.83×	5.03×	5.48×	18.61×	1.63×	0.61×	1.64×	0.79×	0.54×	0.65×	0.99×	0.75×	0.00×	0.00×	0.00×	0.01×	0.27×	0.57×	0.59×	0.32×	0.34×	0.48×	0.43×	0.61×	0.84×	1.13×	0.53×	0.57×	0.65×	0.57×	0.16×	0.22×	0.06×	0.01×
Effective tax rate	22.6%	21.5%	21.2%	25.1%	21.6%	21.5%	21.4%	20.9%	33.4%	30.1%	30.1%	453.7%	32.7%	35.6%	37.4%	36.5%	36.3%	36.9%	37.2%	37.2%	37.9%	35.3%	39.1%	36.0%	38.8%	38.5%	39.0%	38.7%	38.3%	39.2%	41.2%	41.2%	82.8%	42.7%	42.7%	43.0%	54.0%	51.1%	44.9%	47.9%	48.2%
Share count
Diluted shares outstanding	305	312	319	318	242	242	247	253	259	265	275	272	280	285	304	312	313	319	345	367	382	386	384	390	393	392	397	398	398	400	399	396	380	381	389	388	379	386	402	405	404

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$16,121	$15,336	$14,208	$12,497	$11,181	$8,297	$7,442	$6,699	$6,258	$6,063	$5,661	$5,313	$5,051	$4,702	$4,270	$3,954	$3,639	$5,870	$6,355	$6,772	$6,255	$6,004	$5,251	$4,828	$4,788	$4,646	$4,281	$3,992	$3,729	$3,534	$3,075	$2,935	$2,761	$2,196	$2,050	$1,943	$1,939	$1,789	$1,818	$1,751	$1,577	$1,491
Cost of revenue	($4,691)	($4,563)	($4,361)	($4,141)	($3,753)	($2,180)	($2,094)	($1,976)	($1,838)	($1,694)	($1,773)	($1,718)	($1,651)	($1,564)	($1,433)	($1,387)	($1,206)	($2,339)	($2,518)	($2,528)	($2,387)	($2,316)	($2,047)	–	–	–	($1,828)	($1,738)	($1,662)	($1,639)	($1,445)	($1,340)	($1,286)	($989)	($965)	($906)	($874)	($825)	($841)	($796)	($700)	($678)
Gross profit	$11,430	$10,773	$9,847	$8,356	$7,428	$6,117	$5,348	$4,723	$4,420	$4,369	$3,888	$3,595	$3,400	$3,138	$2,837	$2,567	$2,433	$3,531	$3,837	$4,245	$3,868	$3,687	$3,204	–	–	–	$2,453	$2,254	$2,063	$1,895	$1,630	$1,595	$1,475	$1,206	$1,086	$1,037	$1,065	$964	$977	$955	$877	$813
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($3,525)	($3,417)	($3,196)	($3,159)	($3,396)	($1,729)	($1,541)	($1,342)	($1,424)	($1,606)	($1,467)	($1,532)	($3,144)	($1,631)	($1,578)	($1,377)	($1,318)	($2,113)	($2,284)	($2,424)	($2,288)	($2,172)	($1,905)	($1,767)	($1,649)	($1,634)	($1,533)	($1,270)	($1,217)	($1,116)	($968)	($961)	($869)	($774)	($727)	($695)	($673)	($842)	($637)	($621)	($547)	($508)
Total operating expenses	($4,267)	($4,295)	($4,267)	($4,336)	($2,484)	($1,896)	($1,731)	($1,497)	($1,630)	($1,786)	($547)	($1,678)	($3,287)	($1,780)	($1,667)	($1,490)	($1,407)	($2,272)	($2,462)	($2,568)	($2,449)	($2,322)	($2,029)	–	–	–	($1,633)	($1,578)	($1,516)	($1,410)	($1,207)	($1,192)	($1,099)	($914)	($802)	($767)	($740)	($911)	($703)	($687)	($598)	($551)
Total costs and expenses	($8,958)	($8,858)	($8,628)	($8,477)	($6,237)	($4,076)	($3,825)	($3,473)	($3,468)	($3,480)	($2,320)	($3,396)	($4,938)	($3,344)	($3,100)	($2,877)	($2,613)	($4,611)	($4,980)	($5,095)	($4,837)	($4,638)	($4,076)	($3,690)	($3,868)	($3,974)	($3,461)	($3,316)	($3,182)	($3,049)	($2,652)	($2,533)	($2,385)	($1,903)	($1,766)	($1,673)	($1,614)	($1,736)	($1,544)	($1,483)	($1,298)	($1,229)
Operating income	$7,163	$6,478	$5,580	$4,020	$4,944	$4,221	$3,617	$3,226	$2,790	$2,583	$3,341	$1,917	$113	$1,358	$1,170	$1,077	$1,026	$1,259	$1,375	$1,677	$1,418	$1,365	$1,175	$1,137	$920	$671	$820	$676	$547	$485	$423	$403	$376	$293	$284	$270	$325	$53	$274	$268	$279	$262
Earnings
EBITDA	$7,285	$6,588	$5,676	$4,121	$5,052	$4,303	$3,700	$3,308	$2,874	$2,665	$3,426	$2,007	$199	$1,444	$1,263	$1,170	$1,113	$1,365	$1,853	$1,789	$1,808	$1,750	$1,567	$1,541	$1,329	$1,092	$1,183	$984	$847	$778	$662	$634	$606	$432	$358	$342	$392	$122	–	–	–	–
Interest income	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($316)	($287)	($297)	($334)	($304)	($119)	($141)	($141)	($134)	($149)	($181)	($102)	($59)	($59)	($81)	($77)	($83)	($77)	($76)	($41)	($14)	($4)	($6)	–	($3)	($9)	($12)	–	–	–	–	–	($9)	($417)	($121)	–	–	–	–	–	–	–
Pre-tax income	$6,866	$6,227	$5,308	$3,671	$4,702	$4,164	$3,228	$2,930	$2,681	$2,461	$3,188	$1,815	$54	$1,299	$1,089	$1,000	$943	$1,182	$1,299	$1,636	$1,405	$1,360	$1,169	$1,130	$905	$615	$767	$698	$560	$471	$815	$386	$345	$66	$267	$258	$303	$87	$380	$299	$296	$284
Income tax expense	($1,550)	($1,407)	($1,141)	($778)	($1,180)	($901)	($694)	($627)	($560)	($823)	($960)	($547)	($245)	($425)	($388)	($374)	($344)	($429)	($480)	($609)	($523)	($516)	($412)	($442)	($325)	($238)	($295)	($272)	($217)	($181)	($319)	($159)	($142)	($55)	($114)	($110)	($130)	($47)	($194)	($134)	($142)	($137)
Net income	$4,922	$4,471	$3,852	$2,626	$3,248	$3,024	$2,339	$2,123	$1,958	$1,496	$2,106	$1,156	($115)	$1,376	$437	$911	$828	$731	$799	$1,014	$882	$844	$756	$688	$577	$377	$404	$426	$333	$291	$496	$227	$203	$11	$29	$148	$172	$40	$186	$165	$154	$147
Per share
Diluted EPS (GAAP)	$16.42	$14.66	$12.35	$8.23	$10.20	$12.51	$9.66	$8.60	$7.73	$5.78	$7.94	$4.21	($0.42)	$4.91	$1.53	$3.00	$2.65	$2.33	$2.51	$2.94	$2.40	$2.21	$1.96	$1.79	$1.48	$0.96	$1.03	$1.07	$0.83	$0.73	$1.24	$0.57	$0.51	$0.03	$0.075	$0.38	$0.45	$0.11	$0.48	$0.41	$0.38	$0.37
Basic EPS (GAAP)	$16.43	$14.67	$12.36	$8.25	$10.25	$12.56	$9.71	$8.65	$7.80	$5.84	$8.02	$4.26	($0.42)	$5.01	$1.57	$3.05	$2.68	$2.34	$2.53	$3.01	$2.47	$2.25	$1.99	$1.81	$1.50	$0.98	$1.04	$1.09	$0.84	$0.74	$1.24	$0.57	$0.51	$0.03	$0.075	$0.38	$0.45	$0.11	$0.48	$0.41	$0.38	$0.37
Basic shares outstanding	300	305	312	318	317	241	241	245	251	256	263	272	272	274	279	298	309	312	316	336	356	375	380	380	386	387	388	393	394	396	400	399	396	380	381	389	388	379	386	402	405	404
Margins
Gross margin	70.9%	70.2%	69.3%	66.9%	66.4%	73.7%	71.9%	70.5%	70.6%	72.1%	68.7%	67.7%	67.3%	66.7%	66.4%	64.9%	66.9%	60.2%	60.4%	62.7%	61.8%	61.4%	61.0%	–	–	–	57.3%	56.5%	55.3%	53.6%	53.0%	54.3%	53.4%	55.0%	52.9%	53.4%	54.9%	53.9%	53.8%	54.5%	55.6%	54.5%
Operating margin	44.4%	42.2%	39.3%	32.2%	44.2%	50.9%	48.6%	48.2%	44.6%	42.6%	59.0%	36.1%	2.2%	28.9%	27.4%	27.2%	28.2%	21.4%	21.6%	24.8%	22.7%	22.7%	22.4%	23.6%	19.2%	14.4%	19.2%	16.9%	14.7%	13.7%	13.8%	13.7%	13.6%	13.3%	13.9%	13.9%	16.8%	3.0%	15.1%	15.3%	17.7%	17.6%
Net margin	30.5%	29.2%	27.1%	21.0%	29.0%	36.4%	31.4%	31.7%	31.3%	24.7%	37.2%	21.8%	(2.3%)	29.3%	10.2%	23.0%	22.8%	12.5%	12.6%	15.0%	14.1%	14.1%	14.4%	14.2%	12.0%	8.1%	9.4%	10.7%	8.9%	8.2%	16.1%	7.7%	7.4%	0.5%	1.4%	7.6%	8.9%	2.2%	10.2%	9.4%	9.8%	9.9%

Analyst consensus

Buy28 analysts

Bearish · 0 · Hold · 4 · Bullish · 24

Earnings history

	EPS	Estimate
Q3 2024	$3.89	$3.64	Beat
Q4 2024	$3.77	$3.47	Beat
Q1 2025	$4.37	$4.20	Beat
Q2 2025	$4.43	$4.21	Beat
Q3 2025	$4.73	$4.42	Beat
Q4 2025	$4.30	$4.33	Miss
Q1 2026	$4.70	$4.58	Beat
Q2 2026	$4.83	$4.81	Beat

Peers

Company overview

IPO dateFeb 21, 1973

CEOMartina L. Cheung

Employees44,500

SectorFinancial Services

IndustryFinancial - Data & Stock Exchanges

CountryUS

ExchangeNew York Stock Exchange

Websitewww.spglobal.com

S&P Global Inc., together with its subsidiaries, provides benchmarks, data, analytics, and workflow solutions in the global capital, energy and commodity, and automotive markets. It operates through five segments: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Energy, S&P Global Mobility, and S&P Dow Jones Indices. The S&P Global Market Intelligence segment provides multi-asset-class data and analytics integrated with purpose-built workflow solutions. This segment offers Data, Analytics & Insights, a desktop product suite that provides data, analytics, and third-party research for global finance and corporate professionals; research, reference data, market data, derived analytics, and valuation services; enterprise solutions, such as software and workflow solutions; and credit and risk solutions for selling Ratings' credit ratings and related data and research, analytics, and financial risk solutions. The S&P Global Ratings segment operates as an independent provider of credit ratings, research, and analytics offering investors information and independent benchmarks for their investment and financial decisions as well as access to the capital markets. The S&P Global Energy segment provides information and benchmark prices for the energy and commodity markets. The S&P Global Mobility segment offers solutions for the full automotive value chain, including vehicle manufacturers, automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies. The S&P Dow Jones Indices segment operates as an index provider that maintains various valuation and index benchmarks for investment advisors, wealth managers, and institutional investors. It has operations in the United States, European region, Asia, and internationally. S&P Global Inc. was founded in 1860 and is headquartered in New York, New York.

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