S&P Global Inc.

Listed Company

SPGICIK 0000064040NYSELarge AcceleratedServices-Consumer Credit Reporting, Collection AgenciesNew YorkFY ends Dec 31

Period

FY 2025

Revenue

$15.34B

Net Income

$4.47B

Total Assets

$61.20B

Equity

$31.13B

Shares Out

296.00M

Op. Cash Flow

$5.65B

Business

S&P Global Inc. is a provider of credit ratings, benchmarks, analytics and workflow solutions for the global capital, commodity and automotive markets. It offers credit ratings and research, multi-asset data and analytics, commodity price assessments and market intelligence, automotive insights and vehicle data, and a broad suite of indices, software and advisory services. The company operates through five businesses: S&P Global Market Intelligence, S&P Global Ratings, S&P Global Commodity Insights, S&P Global Mobility, and S&P Dow Jones Indices. It serves global customers across capital, commodity and automotive markets through proprietary and third‑party distribution channels.

Summary from filing dated 2025-02-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	15,336	14,208	12,497	11,181	8,297
Operating-related expenses	4,563	4,361	4,141	3,753	2,180
Selling and general expenses	3,417	3,196	3,159	3,396	1,729
Depreciation	110	96	101	108	82
Amortization of intangibles	1,069	1,077	1,042	905	96
Total expenses	9,159	8,730	8,443	8,162	4,087
(Gain) loss on dispositions, net	−273	−59	70	−1,898	−11
Equity in income on unconsolidated subsidiaries	−28	−43	−36	−27	0
Operating profit	6,478	5,580	4,020	4,944	4,221
Other (income) expense, net	−36	−25	15	−70	−62
Interest expense, net	287	297	334	304	—
Income before taxes on income	6,227	5,308	3,671	4,702	4,164
Provision for taxes on income	1,407	1,141	778	1,180	901
Net income	4,820	4,167	2,893	3,522	3,263
Less: net income attributable to noncontrolling interests	−349	−315	−267	−274	−239
Net income attributable to S&P Global Inc.	4,471	3,852	2,626	3,248	3,024
Basic (in USD per share)	14.67	12.36	8.25	10.25	12.56
Diluted (in USD per share)	14.66	12.35	8.23	10.2	12.51
Basic (in shares)	305	312	318	317	241
Diluted (in shares)	305	312	319	319	242

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	1,700	1,700	1,300	1,300	6,500
Restricted cash	0	0	1	1	8
Short-term investments	56	20	26	14	11
Accounts receivable, net of allowance for doubtful accounts: 2025- $50 ; 2024 - $44	3,441	2,867	2,826	2,494	1,650
Prepaid and other current assets	858	906	1,000	574	323
Assets held for sale	196	0	—	—	—
Total current assets	6,296	5,459	5,143	5,667	8,810
Buildings and leasehold improvements	444	433	424	468	346
Equipment and furniture	695	655	628	688	515
Total property and equipment	1,139	1,088	1,052	1,156	861
Less: accumulated depreciation	−861	−823	−794	−859	−620
Property and equipment, net	278	265	258	297	241
Right of use assets	413	413	379	423	426
Goodwill	36,475	34,917	34,850	34,545	3,506
Other intangible assets, net	16,271	16,556	17,398	18,306	1,285
Equity investments in unconsolidated subsidiaries	603	1,774	1,787	1,752	165
Asset for pension benefits	254	246	238	232	359
Other non-current assets	610	591	536	562	234
Total Assets	61,200	60,221	60,589	61,784	15,026
Accounts payable	610	553	557	450	205
Accrued compensation and contributions to retirement plans	988	1,073	906	753	607
Short-term debt	718	4	47	226	0
Income taxes currently payable	180	199	121	116	90
Unearned revenue	4,088	3,694	3,461	3,126	2,217
Other current liabilities	1,010	869	1,033	1,094	547
Liabilities held for sale	43	0	0	234	149
Total current liabilities	7,637	6,392	6,125	5,999	3,815
Long-term debt	12,370	11,394	11,412	10,730	4,114
Lease liabilities non-current	494	535	541	577	492
Pension and other postretirement benefits	178	180	199	180	262
Deferred tax liability non-current	3,262	3,397	3,690	4,065	147
Other non-current liabilities	1,107	815	522	489	660
Total liabilities	25,048	22,713	22,489	22,040	9,490
Redeemable noncontrolling interests	4,917	4,252	3,800	3,267	3,429
Commitments and contingencies (Note 13)	—	—	—	—	—
Common stock, $1 par value: authorized - 600 million shares; issued: 415 million shares in 2025 and 2024	415	415	415	415	294
Additional paid-in capital	44,117	44,321	44,231	44,422	1,031
Retained income	23,666	20,977	18,728	17,784	15,017
Accumulated other comprehensive loss	−697	−883	−763	−886	−841
Less: common stock in treasury - at cost: 2025 - 109 million shares; 2024 - 100 million shares	−36,374	−31,671	−28,411	−25,347	−13,469
Total equity controlling interests	31,127	33,159	34,200	36,388	2,032
Total equity noncontrolling interests	108	97	100	89	75
Total equity	31,235	33,256	34,300	36,477	2,107
Total liabilities and equity	61,200	60,221	60,589	61,784	15,026

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Provision for losses on accounts receivable	39	43	28	24	14
Deferred income taxes	−242	−323	−381	−353	13
Stock-based compensation	236	247	171	214	122
Restructuring, lease impairment charges and other	324	206	246	319	89
Accounts receivable	−600	−79	−291	36	−144
Prepaid and other current assets	32	−79	−310	−123	−86
Accounts payable and accrued expenses	−55	245	328	43	38
Unearned revenue	327	222	352	37	198
Other current liabilities	−81	−418	−277	−166	−45
Net change in prepaid/accrued income taxes	100	192	−175	−135	−36
Net change in other assets and liabilities	−155	152	−87	70	5
Cash provided by operating activities	5,651	5,689	3,710	2,603	3,598
Capital expenditures	−195	−124	−143	−89	−35
Acquisitions, net of cash acquired	−2,023	−305	−296	210	−99
Proceeds from dispositions	1,549	168	1,014	3,509	—
Changes in short-term investments	−35	6	−13	−2	−2
Cash (used for) provided by investing activities	−704	−255	562	3,628	−120
Additions to / (payments on) short-term debt, net	715	0	−188	—	—
Proceeds from issuance of senior notes, net	993	0	744	5,395	0
Payments on senior notes	−4	−47	0	−3,698	0
Dividends paid to shareholders	−1,170	−1,134	−1,147	−1,024	−743
Distributions to noncontrolling interest holders	−321	−287	−280	−270	−227
Repurchase of treasury shares	−5,001	−3,301	−3,301	−12,004	0
Contingent consideration payments	−10	−107	−9	0	0
Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other	−132	−122	−99	—	—
Cash used for financing activities	−4,930	−4,998	−4,280	−11,326	−1,013
Effect of exchange rate changes on cash	62	−61	12	−123	−82
Net change in cash, cash equivalents, and restricted cash	79	375	4	−5,218	2,383
Interest	390	391	369	240	130
Income taxes	1,502	1,159	1,279	1,555	883

Filings

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