S&P Global

SPGI · NYSE · Financials · Financials, fiscal 2016 to 2025

SPGI · Last close · October 26, 2026

$450.65

S&P Global's revenue rose 7.9% to $15.3 billion in fiscal 2025. Its operating margin was 42.2%, up from 39.3% a year earlier. Free cash flow was $5.5 billion, down 2.0%. It paid out $6.2 billion in dividends and buybacks, 113% of free cash flow. The diluted share count fell 2.2%.

S&P Global Inc. Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0000064040-26-000013 Updated October 9, 2026

Revenue

$15.3B

7.9%

Operating margin

42.2%

3.0 pts

Net income

$4.5B

16.1%

Free cash flow

$5.5B

2.0%

Return on capital

11.7%

1.7 pts

Market cap

$134.1B

Oct 26 close

P/E

28.5x

On $15.81 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What S&P Global does

S&P Global sells data, benchmarks, analytics and software to people in finance, energy and commodities, and the car industry. Customers include asset managers, banks, insurers, exchanges, energy traders and automakers. Most products are sold by subscription.

It runs five businesses. Market Intelligence sells data, analytics and workflow software to finance professionals. Ratings issues credit ratings, which are opinions on whether a borrower can repay its debts, and earns fees from new debt issues and from ongoing monitoring. Energy sells price data and benchmarks for oil, gas, metals and other commodities. Mobility sells data and software to automakers, dealers and lenders. Indices (S&P Dow Jones Indices) maintains stock and bond indexes and earns fees tied to funds that track them and to trading in derivatives based on them.

At the end of 2025 S&P Global had about 44,500 permanent employees, most of them in Asia. In April 2025 its board decided to spin off Mobility as a separate public company, a deal it expected to finish in mid-2026.

Its biggest risks, as it describes them

Competitors with new or better products, and free or low-cost sources of information that reduce demand.
Growing regulation of its credit ratings business in the U.S., Europe and elsewhere.
The planned separation of its Mobility business may not finish on time, or at all, or bring the intended benefits.
Legal and regulatory proceedings, and liability for or reputational harm from its ratings and products.
New risks from artificial intelligence and from its heavy reliance on networks and the Internet.

From S&P Global's annual report on Form 10-K, filed February 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 7.1% a year and net income 8.7% a year, as new shares raised the share count by 15% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value S&P Global yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from S&P Global's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from S&P Global's fiscal 2025 free cash flow of $5.5B, net cash of −$11.3B at December 31, 2025 and 305 million diluted shares, from its filings. The scenarios are fitted to S&P Global: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 11.1% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Financial Exchanges & Data); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to S&P Global's own revenue growth, as above. Cautious: growth of 5.5% then 4% a year, 2% after year 10, a 10% discount rate. Base: growth of 11% then 7% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 16.5% then 10% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $450.65
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from S&P Global's earnings per share of $15.81 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 28.5×, the middle of S&P Global's own P/E today, its peers' median and its sector's median (S&P Global's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Intercontinental Exchange, Nasdaq, Moody's.

Earnings growth in the years ahead (% a year) Starts at S&P Global's revenue growth over the last 3 years, 11.1% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $450.65
Value at this multiple, against the last close: —
S&P Global's P/E at the last close: 28.5×

Company	Last close	Earnings per share	P/E today
Moody'sMCO	$484.45	$16.41	29.5×
NasdaqNDAQ	$104.72	$3.66	28.6×
S&P GlobalSPGI	$450.65	$15.81	28.5×
Intercontinental ExchangeICE	$160.05	$7.08	22.6×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	6,508	1,300	1,316	1,686	1,801
Debt incl. finance leases	4,114	10,956	11,459	11,398	13,088
Net debt (negative means net cash)	−2,394	9,656	10,143	9,712	11,287
Net debt to EBITDA	−0.5x	1.6x	2.0x	1.4x	1.5x
Debt to equity	2.0x	0.3x	0.3x	0.3x	0.4x
Interest coverage	35.5x	16.3x	12.0x	18.8x	22.6x
Current ratio	2.3x	0.9x	0.8x	0.8x	0.8x
Quick ratio	2.3x	0.9x	0.8x	0.8x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 5 insiders bought $3.6 million of S&P Global shares on the open market, and none sold any.

Date	Insider	Trade	Shares	Price	Value	Filing
May 1, 2026	Catherine R ClayCEO, S&P Dow Jones Indices	Bought	2,500	$431.39	$1.1 million	Form 4
Apr 30, 2026	Robert Edward Moritz Jr.Director	Bought	1,152	$434.03	$500,003	Form 4
Apr 29, 2026	Martina CheungCEO & President, Director	Bought	2,322	$429.93	$998,297	Form 4
Feb 11, 2026	Hubert JolyDirector	Bought	2,500	$398.98	$997,459	Form 4
Dec 10, 2025	William W EagerPresident, S&P Global Mobility	Bought	12	$493.40	$5,965	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Fail	Fail
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	Fail	Pass	Pass
F-score	5 of 9	8 of 9	7 of 9
Accruals ratio	−1.8%	−3.0%	−1.9%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put S&P Global side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
S&P Global	FY25	7.9%	42.2%	35.6%	11.7%	1.5x	7
Intercontinental Exchange	FY25	7.5%	39.0%	33.9%	7.7%	3.1x	8	Compare
Nasdaq	FY25	11.7%	28.2%	24.1%	9.5%	3.4x	9	Compare
Moody's	FY25	8.9%	43.4%	33.4%	31.1%	1.2x	9	Compare
Coinbase	FY25	9.4%	20.0%	31.9%	14.5%	−2.4x	4	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	5,661	6,063	6,258	6,699	7,442	8,297	11,181	12,497	14,208	15,336
Revenue growth	6.5%	7.1%	3.2%	7.0%	11.1%	11.5%	34.8%	11.8%	13.7%	7.9%
Gross profit	3,888	4,369	4,420	4,723	5,348	6,117	7,428	8,356	9,847	10,773
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	3,341	2,583	2,790	3,226	3,617	4,221	4,944	4,020	5,580	6,478
Net income	2,106	1,496	1,958	2,123	2,339	3,024	3,248	2,626	3,852	4,471
Diluted EPS (US$)	7.94	5.78	7.73	8.60	9.66	12.51	10.20	8.23	12.35	14.66
Diluted shares (millions)	265	259	253	247	242	242	318	319	312	305
Cash flow
Cash from operations	1,560	2,016	2,064	2,776	3,567	3,598	2,603	3,710	5,689	5,651
Capital expenditure	115	123	113	115	76	35	89	143	124	195
Free cash flow	1,445	1,893	1,951	2,661	3,491	3,563	2,514	3,567	5,565	5,456
Dividends paid	380	421	503	560	645	743	1,024	1,147	1,134	1,170
Share buybacks	1,123	1,001	1,660	1,240	1,164	0	12,004	3,301	3,301	5,001
Acquisitions	177	83	0	91	201	99	210	296	305	2,023
Stock-based compensation	76	99	94	78	90	122	214	171	247	236
Balance sheet at fiscal year end
Cash and short-term investments	2,400	2,789	1,935	2,894	4,117	6,508	1,300	1,316	1,686	1,801
Debt incl. finance leases	3,564	3,170	3,662	3,948	4,110	4,114	10,956	11,459	11,398	13,088
Total assets	8,669	9,425	9,441	11,348	12,537	15,026	61,784	60,589	60,221	61,200
Total liabilities	6,888	7,307	7,137	8,544	9,185	9,490	22,040	22,489	22,713	25,048
Shareholders' equity	650	709	628	479	509	2,032	36,388	34,200	33,159	31,127
Margins and ratios
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%	36.5%	29.1%	21.0%	27.1%	29.1%
Free cash flow margin	25.5%	31.2%	31.2%	39.7%	46.9%	42.9%	22.5%	28.5%	39.2%	35.6%
Return on capital	114.2%	114.2%	124.1%	126.8%	—	—	16.2%	7.0%	10.0%	11.7%
Return on equity	499.1%	220.2%	292.9%	383.6%	—	238.0%	16.9%	7.4%	11.4%	13.9%
Return on assets	25.0%	16.5%	20.8%	20.4%	19.6%	21.9%	8.5%	4.3%	6.4%	7.4%
Net debt to EBITDA	0.3x	0.1x	0.6x	0.3x	−0.0x	−0.5x	1.6x	2.0x	1.4x	1.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: S&P Global's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with S&P Global.