Detailed financial statements for S&P Global Inc. (SPGI): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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.
Analysis Summary
S&P Global Inc. reported revenue of $15.34B in the most recent fiscal year, growing at a 5-year CAGR of 15.6%. Net income reached $4.47B, with a 13.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 70.9%, operating margin 46.3%, net margin 30.5%. Free cash flow grew at 9.3% CAGR over 5 years.
At the current price of $404.11, SPGI trades at a P/E of 24.25 and an ROE of 14.31%. Market capitalisation stands at $119.1B, placing it among large-cap names.
Balance sheet quality for SPGI: current ratio of 0.8, net debt of $12.40B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $5.46B represents 122% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.66B | $6.06B | $6.26B | $6.70B | $7.44B | $8.30B | $11.18B | $12.50B | $14.21B | $15.34B |
| Cost of Revenue | $1.77B | $1.69B | $1.84B | $1.98B | $2.09B | $2.18B | $3.75B | $4.14B | $4.39B | $4.56B |
| Gross Profit | $3.89B | $4.37B | $4.42B | $4.72B | $5.35B | $6.12B | $7.43B | $8.36B | $9.82B | $10.77B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.47B | $1.61B | $1.42B | $1.34B | $1.54B | $1.73B | $3.40B | $3.16B | $3.17B | $3.42B |
| Operating Expenses | $547.0M | $1.79B | $1.63B | $1.50B | $1.73B | $1.90B | $2.48B | $4.34B | $4.24B | $4.29B |
| Operating Income | $3.34B | $2.58B | $2.79B | $3.23B | $3.62B | $4.22B | $4.94B | $4.02B | $5.58B | $6.48B |
| EBITDA | $3.55B | $2.79B | $3.02B | $3.27B | $3.58B | $4.46B | $6.02B | $5.15B | $6.78B | $7.69B |
| Interest Expense | $181.0M | $149.0M | $134.0M | $141.0M | $141.0M | $119.0M | $304.0M | $334.0M | $297.0M | $287.0M |
| Pre-tax Income | $3.19B | $2.46B | $2.68B | $2.93B | $3.23B | $4.16B | $4.70B | $3.67B | $5.31B | $6.23B |
| Income Tax | $960.0M | $823.0M | $560.0M | $627.0M | $694.0M | $901.0M | $1.18B | $778.0M | $1.14B | $1.41B |
| Net Income | $2.11B | $1.50B | $1.96B | $2.12B | $2.34B | $3.02B | $3.25B | $2.63B | $3.85B | $4.47B |
| EPS | $8.02 | $5.84 | $7.80 | $8.65 | $9.71 | $12.56 | $10.25 | $8.25 | $12.36 | $14.67 |
| EPS (Diluted) | $7.94 | $5.78 | $7.73 | $8.60 | $9.66 | $12.51 | $10.20 | $8.23 | $12.35 | $14.66 |
| Shares Outstanding (Diluted) | $265.2M | $258.9M | $253.2M | $246.9M | $242.1M | $241.8M | $318.5M | $318.9M | $311.9M | $305.1M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $3.89B | $3.92B | $4.17B | $4.15B |
| Gross Profit | $2.77B | $2.75B | $2.94B | $2.98B |
| Operating Income | $1.68B | $1.67B | $2.00B | $2.11B |
| EBITDA | $1.97B | $1.98B | $2.15B | $2.12B |
| Net Income | $1.18B | $1.13B | $1.40B | $1.22B |
| EPS | $3.86 | $3.76 | $4.69 | $4.12 |
| EPS (Diluted) | $3.86 | $3.75 | $4.69 | $4.12 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.39B | $2.78B | $1.92B | $2.87B | $4.11B | $6.50B | $1.29B | $1.29B | $1.67B | $1.75B |
| Short-term Investments | $8.0M | $12.0M | $18.0M | $28.0M | $9.0M | $11.0M | $14.0M | $26.0M | $20.0M | $56.0M |
| Receivables | $1.12B | $1.32B | $1.45B | $1.58B | $1.59B | $1.65B | $2.49B | $2.83B | $2.87B | $3.44B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $3.67B | $4.32B | $3.60B | $4.71B | $5.99B | $8.81B | $5.67B | $5.14B | $5.46B | $6.30B |
| Property, Plant & Equipment | $271.0M | $275.0M | $270.0M | $996.0M | $778.0M | $667.0M | $720.0M | $637.0M | $678.0M | $691.0M |
| Goodwill | $2.95B | $2.99B | $3.54B | $3.58B | $3.73B | $3.51B | $34.55B | $34.85B | $34.92B | $36.48B |
| Intangible Assets | $1.51B | $1.39B | $1.52B | $1.42B | $1.35B | $1.28B | $18.31B | $17.40B | $16.56B | $16.27B |
| Total Assets | $8.67B | $9.43B | $9.46B | $11.35B | $12.54B | $15.03B | $61.78B | $60.59B | $60.22B | $61.20B |
| Accounts Payable | $183.0M | $195.0M | $211.0M | $190.0M | $233.0M | $205.0M | $450.0M | $557.0M | $553.0M | $610.0M |
| Short-term Debt | 0 | $399.0M | 0 | 0 | 0 | 0 | $226.0M | $47.0M | $4.0M | $842.0M |
| Total Current Liabilities | $2.61B | $3.21B | $2.63B | $3.09B | $3.59B | $3.81B | $6.00B | $6.12B | $6.39B | $7.64B |
| Long-term Debt | $3.56B | $3.17B | $3.66B | $3.95B | $4.11B | $4.11B | $10.73B | $11.41B | $11.39B | $12.86B |
| Total Liabilities | $6.89B | $7.31B | $7.15B | $8.54B | $9.19B | $9.49B | $22.04B | $22.49B | $22.71B | $25.05B |
| Retained Earnings | $9.21B | $10.03B | $11.28B | $12.21B | $13.37B | $15.02B | $17.78B | $18.73B | $20.98B | $23.67B |
| Total Equity | $701.0M | $768.0M | $628.0M | $479.0M | $509.0M | $2.03B | $36.48B | $34.20B | $33.16B | $31.23B |
| Total Debt | $3.56B | $3.57B | $3.66B | $4.68B | $4.75B | $4.70B | $11.65B | $12.00B | $11.93B | $14.20B |
| Net Debt | $1.16B | $780.0M | $1.73B | $1.79B | $637.0M | -$1.81B | $10.35B | $10.68B | $10.25B | $12.40B |
| Working Capital | $1.06B | $1.11B | $975.0M | $1.62B | $2.40B | $5.00B | -$332.0M | -$982.0M | -$933.0M | -$1.34B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.67B | $1.75B | $1.81B | $4.14B |
| Total Assets | $59.75B | $61.20B | $60.79B | $62.91B |
| Total Liabilities | $22.05B | $25.05B | $24.59B | $26.27B |
| Total Equity | $33.24B | $31.23B | $31.17B | $31.62B |
| Total Debt | $11.87B | $14.20B | $13.90B | $15.75B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $2.23B | $1.64B | $2.12B | $2.30B | $2.53B | $3.26B | $3.52B | $2.89B | $3.85B | $4.82B |
| Depreciation & Amortization | $181.0M | $180.0M | $206.0M | $204.0M | $206.0M | $178.0M | $1.01B | $1.14B | $1.17B | $1.18B |
| Stock-based Compensation | $76.0M | $99.0M | $94.0M | $78.0M | $90.0M | $122.0M | $214.0M | $171.0M | $247.0M | $236.0M |
| Change in Working Capital | -$92.0M | -$68.0M | -$512.0M | -$1.0M | $247.0M | -$70.0M | -$74.0M | -$460.0M | $235.0M | -$432.0M |
| Operating Cash Flow | $1.46B | $2.02B | $2.06B | $2.78B | $3.57B | $3.60B | $2.60B | $3.71B | $5.69B | $5.65B |
| Capital Expenditure | -$115.0M | -$123.0M | -$113.0M | -$115.0M | -$76.0M | -$35.0M | -$89.0M | -$143.0M | -$124.0M | -$195.0M |
| Acquisitions | $1.32B | -$83.0M | -$401.0M | -$6.0M | -$183.0M | -$83.0M | $3.72B | $718.0M | -$137.0M | -$2.02B |
| Stock Repurchased | -$1.12B | -$1.00B | -$1.66B | -$1.31B | -$1.16B | 0 | -$12.00B | -$3.30B | -$3.30B | -$5.00B |
| Dividends Paid | -$380.0M | -$421.0M | -$503.0M | -$560.0M | -$645.0M | -$743.0M | -$1.02B | -$1.15B | -$1.13B | -$1.17B |
| Free Cash Flow | $1.35B | $1.89B | $1.95B | $2.66B | $3.49B | $3.56B | $2.51B | $3.57B | $5.57B | $5.46B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.50B | $1.75B | $1.04B | $1.44B |
| Capital Expenditure | -$45.0M | -$46.0M | -$27.0M | -$38.0M |
| Free Cash Flow | $1.46B | $1.70B | $1.01B | $1.40B |
| Dividends Paid | -$291.0M | -$290.0M | -$288.0M | -$287.0M |
| Stock-based Compensation | $75.0M | $69.0M | $39.0M | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +7.1% | +3.2% | +7.0% | +11.1% | +11.5% | +34.8% | +11.8% | +13.7% | +7.9% | |
| Net Income Growth (YoY) | -29.0% | +30.9% | +8.4% | +10.2% | +29.3% | +7.4% | -19.2% | +46.7% | +16.1% | |
| EPS Growth (YoY) | -27.2% | +33.6% | +10.9% | +12.3% | +29.4% | -18.4% | -19.5% | +49.8% | +18.7% | |
| Shares Change (YoY) | -2.4% | -2.2% | -2.5% | -1.9% | -0.1% | +31.7% | +0.1% | -2.2% | -2.2% | |
| FCF Growth (YoY) | +40.3% | +3.1% | +36.4% | +31.2% | +2.1% | -29.4% | +41.9% | +56.0% | -2.0% | |
| Gross Margin | 68.7% | 72.1% | 70.6% | 70.5% | 71.9% | 73.7% | 66.4% | 66.9% | 69.1% | 70.2% |
| Operating Margin | 59.0% | 42.6% | 44.6% | 48.2% | 48.6% | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% |
| EBITDA Margin | 62.7% | 46.0% | 48.3% | 48.9% | 48.0% | 53.8% | 53.8% | 41.2% | 47.7% | 50.2% |
| Net Margin | 37.2% | 24.7% | 31.3% | 31.7% | 31.4% | 36.4% | 29.0% | 21.0% | 27.1% | 29.2% |
| FCF Margin | 23.8% | 31.2% | 31.2% | 39.7% | 46.9% | 42.9% | 22.5% | 28.5% | 39.2% | 35.6% |
| Effective Tax Rate | 30.1% | 33.4% | 20.9% | 21.4% | 21.5% | 21.6% | 25.1% | 21.2% | 21.5% | 22.6% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $5.09 | $7.31 | $7.71 | $10.78 | $14.42 | $14.74 | $7.89 | $11.19 | $17.84 | $17.88 |
| Dividends Per Share | $1.43 | $1.63 | $1.99 | $2.27 | $2.66 | $3.07 | $3.22 | $3.60 | $3.64 | $3.83 |
| Shares Outstanding (Basic) | $262.8M | $256.3M | $250.9M | $245.4M | $241.0M | $240.8M | $316.9M | $318.4M | $311.6M | $304.8M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 14.31% |
| Return on Invested Capital | 9.22% |
| Return on Assets | 7.31% |
| Gross Margin | 70.90% |
| Operating Margin | 46.27% |
| Net Margin | 30.53% |
Financial Health
| Debt / Equity | 0.50 |
| Current Ratio | 0.95 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 4.93 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 13.41 | 29.01 | 21.79 | 31.57 | 33.85 | 37.57 | 32.68 | 53.40 | 40.29 | 35.62 |
| P/B | 40.32 | 56.53 | 67.89 | 139.89 | 155.65 | 55.93 | 2.91 | 4.10 | 4.68 | 5.10 |
| P/S | 4.99 | 7.16 | 6.81 | 10.00 | 10.65 | 13.70 | 9.49 | 11.22 | 10.92 | 10.39 |
| Gross Margin | 68.7% | 72.1% | 70.6% | 70.5% | 71.9% | 73.7% | 66.4% | 66.9% | 69.1% | 70.2% |
| Operating Margin | 59.0% | 42.6% | 44.6% | 48.2% | 48.6% | 50.9% | 44.2% | 32.2% | 39.3% | 42.2% |
| Net Margin | 37.2% | 24.7% | 31.3% | 31.7% | 31.4% | 36.4% | 29.0% | 21.0% | 27.1% | 29.2% |
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