S&P Global (SPGI) financial statements
S&P Global reported revenue of $15.3B in fiscal 2025, up 11.7% a year over 9 years.
Net income was $4.5B and the operating margin 42.2%, against 59.0% in 2016.
Free cash flow was $5.5B, and the company returned $1.2B in dividends and $5.0B in net buybacks.
The diluted share count rose 15% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from S&P Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.7B | $6.1B | $6.3B | $6.7B | $7.4B | $8.3B | $11.2B | $12.5B | $14.2B | $15.3B |
| Cost of revenue | $1.8B | $1.7B | $1.8B | $2.0B | $2.1B | $2.2B | $3.8B | $4.1B | $4.4B | $4.6B |
| Gross profit | $3.9B | $4.4B | $4.4B | $4.7B | $5.3B | $6.1B | $7.4B | $8.4B | $9.8B | $10.8B |
| Selling, general and admin | $1.5B | $1.6B | $1.4B | $1.3B | $1.5B | $1.7B | $3.4B | $3.2B | $3.2B | $3.4B |
| Operating income | $3.3B | $2.6B | $2.8B | $3.2B | $3.6B | $4.2B | $4.9B | $4.0B | $5.6B | $6.5B |
| Interest expense | $181M | $149M | $134M | $141M | $141M | $119M | $304M | $334M | $297M | $287M |
| Pre-tax income | $3.2B | $2.5B | $2.7B | $2.9B | $3.2B | $4.2B | $4.7B | $3.7B | $5.3B | $6.2B |
| Income tax | $960M | $823M | $560M | $627M | $694M | $901M | $1.2B | $778M | $1.1B | $1.4B |
| Net income | $2.1B | $1.5B | $2.0B | $2.1B | $2.3B | $3.0B | $3.2B | $2.6B | $3.9B | $4.5B |
| EPS (diluted) | $7.94 | $5.78 | $7.73 | $8.60 | $9.66 | $12.51 | $10.20 | $8.23 | $12.35 | $14.66 |
| Diluted shares | 265M | 259M | 253M | 247M | 242M | 242M | 318M | 319M | 312M | 305M |
| Gross margin | 68.7% | 72.1% | 70.6% | 70.5% | 71.9% | 73.7% | 66.4% | 66.9% | 69.3% | 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% |
Balance sheet
Fiscal years, from S&P Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.4B | $2.8B | $1.9B | $2.9B | $4.1B | $6.5B | $1.3B | $1.3B | $1.7B | $1.8B |
| Receivables | $1.1B | $1.3B | $1.4B | $1.6B | $1.6B | $1.6B | $2.5B | $2.8B | $2.9B | $3.4B |
| Total current assets | $3.7B | $4.3B | $3.6B | $4.7B | $6.0B | $8.8B | $5.7B | $5.1B | $5.5B | $6.3B |
| Property, plant and equipment | $271M | $275M | $270M | $320M | $284M | $241M | $297M | $258M | $265M | $278M |
| Goodwill | $2.9B | $3.0B | $3.5B | $3.6B | $3.7B | $3.5B | $34.5B | $34.9B | $34.9B | $36.5B |
| Total assets | $8.7B | $9.4B | $9.4B | $11.3B | $12.5B | $15.0B | $61.8B | $60.6B | $60.2B | $61.2B |
| Total current liabilities | $2.6B | $3.2B | $2.6B | $3.1B | $3.6B | $3.8B | $6.0B | $6.1B | $6.4B | $7.6B |
| Long-term debt | $3.6B | $3.2B | $3.7B | $3.9B | $4.1B | $4.1B | $10.7B | $11.4B | $11.4B | $12.4B |
| Total liabilities | $6.9B | $7.3B | $7.1B | $8.5B | $9.2B | $9.5B | $22.0B | $22.5B | $22.7B | $25.0B |
| Shareholders' equity | $650M | $709M | $628M | $479M | $509M | $2.0B | $36.4B | $34.2B | $33.2B | $31.1B |
| Net debt | $1.2B | $792M | $1.7B | $1.1B | $2M | -$2.4B | $9.7B | $10.2B | $9.7B | $11.3B |
Cash flow
Fiscal years, from S&P Global's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.6B | $2.0B | $2.1B | $2.8B | $3.6B | $3.6B | $2.6B | $3.7B | $5.7B | $5.7B |
| Capital spending | $115M | $123M | $113M | $115M | $76M | $35M | $89M | $143M | $124M | $195M |
| Free cash flow | $1.4B | $1.9B | $2.0B | $2.7B | $3.5B | $3.6B | $2.5B | $3.6B | $5.6B | $5.5B |
| Stock-based compensation | $76M | $99M | $94M | $78M | $90M | $122M | $214M | $171M | $247M | $236M |
| Dividends paid | $380M | $421M | $503M | $560M | $645M | $743M | $1.0B | $1.1B | $1.1B | $1.2B |
| Share buybacks (net) | -$1.1B | -$1.0B | -$1.7B | -$1.2B | -$1.2B | $0 | -$12.0B | -$3.3B | -$3.3B | -$5.0B |
| Net borrowing | -$143M | $0 | $0 | — | — | — | -$142M | -$188M | $0 | $715M |
| Free cash flow margin | 25.5% | 31.2% | 31.2% | 39.7% | 46.9% | 42.9% | 22.5% | 28.5% | 39.2% | 35.6% |
| Dividends per share | $1.43 | $1.63 | $1.99 | $2.27 | $2.66 | $3.07 | $3.22 | $3.60 | $3.64 | $3.83 |
Questions
What was S&P Global's revenue in 2025?
$15.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does S&P Global generate?
$5.5B in fiscal 2025 (operating cash flow minus capital spending).
From S&P Global's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.