Overview
S&P Global Inc.
Latest 10-K: FY2025, filed Feb 11, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $15.34B
- 7.9%YoYup from FY2024
- TotalRevenue
- Gross profit
- $10.77B
- 9.4%YoYup from FY2024
- GrossProfit
- Operating income
- $6.48B
- 16.1%YoYup from FY2024
- OperatingIncome
- Net income
- $4.47B
- 16.1%YoYup from FY2024
- NetIncome
- Diluted EPS
- $14.66
- 18.7%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 305.1M
- 2.2%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- S&P Global Inc. reported revenue of $15.34B for fiscal 2025, up 7.9% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 4 of the last 5 fiscal years.
Profitability
- Operating margin was 42.2% and net margin was 29.2%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $14.66, up 18.7% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Nov 1, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $15.34B7.9%up Benchmark median 6.4% | $14.21B13.7%up Benchmark median 4.5% | $12.50B11.8%up Benchmark median 4.8% | $11.18B34.8%up Benchmark median 10.3% | $8.30B11.5%up Benchmark median 13.8% | 16.6% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $10.77B9.4%up Benchmark median 6.8% | $9.85B17.8%up Benchmark median 5.5% | $8.36B12.5%up Benchmark median 5.2% | $7.43B21.4%up Benchmark median 8.3% | $6.12B14.4%up Benchmark median 15.7% | 15.2% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $6.48B16.1%up Benchmark median 7.3% | $5.58B38.8%up Benchmark median 7.4% | $4.02B18.7%down Benchmark median 4.9% | $4.94B17.1%up Benchmark median 7.5% | $4.22B16.7%up Benchmark median 23.5% | 11.3% Benchmark median 7.2% |
| Net Income | $4.47B16.1%up Benchmark median 4.8% | $3.85B46.7%up Benchmark median 5.7% | $2.63B19.2%down Benchmark median 1.9% | $3.25B7.4%up Benchmark median 1.3% | $3.02B29.3%up Benchmark median 33.9% | 10.3% Benchmark median 4.1% |
| EPS (Diluted) | $14.6618.7%up Benchmark median 6.2% | $12.3550.1%up Benchmark median 7.9% | $8.2319.3%down Benchmark median 1.9% | $10.2018.5%down Benchmark median 1.5% | $12.5129.5%up Benchmark median 34.8% | 4.0% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $61.20B1.6%up Benchmark median 5.6% | $60.22B0.6%down Benchmark median 3.4% | $60.59B1.9%down Benchmark median 4.1% | $61.78B311.2%up Benchmark median 2.2% | $15.03B19.9%up Benchmark median 6.7% | 42.1% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $25.05B10.3%up Benchmark median 6.4% | $22.71B1.0%up Benchmark median 1.9% | $22.49B2.0%up Benchmark median 2.9% | $22.04B132.2%up Benchmark median 2.0% | $9.49B3.3%up Benchmark median 5.2% | 27.5% Benchmark median 4.4% |
| Stockholders' Equity | $31.23B6.1%down Benchmark median 6.8% | $33.26B3.0%down Benchmark median 5.4% | $34.30B6.0%down Benchmark median 7.3% | $36.48B1631.2%up Benchmark median 2.5% | $2.11B269.0%up Benchmark median 9.0% | 96.2% Benchmark median 6.1% |
| Cash & Equivalents | $1.75B4.7%up Benchmark median 5.2% | $1.67B29.1%up Benchmark median 1.9% | $1.29B0.3%up Benchmark median 6.7% | $1.29B80.2%down Benchmark median -8.6% | $6.50B58.2%up Benchmark median -2.9% | -28.0% Benchmark median 2.0% |
| Total Debt | $13.09B†14.8%up Benchmark median 2.1% | $11.40B†0.5%down Benchmark median 0.2% | $11.46B†4.6%up Benchmark median 0.3% | $10.96B†166.3%up Benchmark median 0.1% | $4.11B†0.1%up Benchmark median -0.1% | 33.6% Benchmark median 4.3% |
† Sum of short-term and long-term debt; the company files no total-debt line.
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.65B0.7%down Benchmark median 6.3% | $5.69B53.3%up Benchmark median 4.8% | $3.71B42.5%up Benchmark median 9.9% | $2.60B27.7%down Benchmark median -0.7% | $3.60B0.9%up Benchmark median 10.7% | 11.9% Benchmark median 7.0% |
| Capital Expenditures | $195.00M57.3%up Benchmark median 5.4% | $124.00M13.3%down Benchmark median 2.8% | $143.00M60.7%up Benchmark median 11.3% | $89.00M154.3%up Benchmark median 14.0% | $35.00M53.9%down Benchmark median 8.1% | 53.6% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $5.46B2.0%down Benchmark median 7.3% | $5.57B56.0%up Benchmark median 6.1% | $3.57B41.9%up Benchmark median 8.8% | $2.51B29.4%down Benchmark median -11.3% | $3.56B2.1%up Benchmark median 10.2% | 11.2% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
2.8%
Wall Street
on net earnings
FY2024 2.5%
3.4%
Value investor
on free cash flow
FY2024 3.6%
Gap +0.6 pts: Value-investor figure 0.6 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 35.6×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
4.5%
Wall Street
on EBITDA
FY2024 4.1%
3.8%
Value investor
on EBIT
FY2024 3.4%
Gap −0.7 pts: Value-investor figure 0.7 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 22.3×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
19.6%
Wall Street
on book equity
FY2024 21.4%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 5.1×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
13.9%
Wall Street
ROE: net income ÷ equity
FY2024 11.4%
9.6%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 8.5%
Gap −4.3 pts: Value-investor figure 4.3 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
49.9%
Wall Street
EBITDA margin
FY2024 47.5%
35.6%
Value investor
Free-cash-flow margin
FY2024 39.2%
Gap −14.3 pts: Value-investor figure 14.3 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.82×
Wall Street
Current ratio
FY2024 0.85×
0.82×
Value investor
Quick ratio, inventory excluded
FY2024 0.85×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.59×
Wall Street
EBITDA ÷ total debt
FY2024 0.59×
0.42×
Value investor
FCF ÷ total debt
FY2024 0.49×
Gap −0.17×: Value-investor figure 0.17 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 1.47×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
26.7×
Wall Street
EBITDA ÷ interest
FY2024 22.7×
22.6×
Value investor
EBIT ÷ interest
FY2024 18.8×
Gap −4.1×: Value-investor figure 4.1 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on SPGI yet.
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Cite this page
Data as of Nov 1, 2026. Canonical address: https://valuein.biz/data/SPGI
Valuein. (2026, November 1). S&P Global Inc. (SPGI) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/SPGI
@misc{valuein_spgi_2026,
author = {{Valuein}},
title = {S\&P Global Inc. (SPGI) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/SPGI}},
note = {Data as of 2026-11-01; source: SEC EDGAR filings}
}10-K filed Feb 11, 2026 · accession 0000064040-26-000013
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