S&P Global Inc.SPGI

S&P Global Inc. Earnings Per Share Disclosure

10-KFiled Feb 11, 20262 min read
Earnings per Share
Basic earnings per common share (“EPS”) is computed by dividing net income attributable to the common shareholders of the Company by the weighted-average number of common shares outstanding. Diluted EPS is computed in the same manner as basic EPS, except the number of shares is increased to include additional common shares that would have been outstanding if potential common shares with a dilutive effect had been issued. Potential common shares consist primarily of restricted performance shares and stock options calculated using the treasury stock method.

The calculation for basic and diluted EPS is as follows:
(in millions, except per share data)Year Ended December 31,
 202520242023
Amount attributable to S&P Global Inc. common shareholders:
Net income$4,471 $3,852 $2,626 
Basic weighted-average number of common shares outstanding304.8 311.6 318.4 
Effect of dilutive securities0.3 0.3 0.5 
Diluted weighted-average number of common shares outstanding305.1 311.9 318.9 
Earnings per share attributable to S&P Global Inc. common shareholders:
Net income:
Basic$14.67 $12.36 $8.25 
Diluted$14.66 $12.35 $8.23 

We have certain stock options and restricted performance shares that are potentially excluded from the computation of diluted EPS. The effect of the potential exercise of stock options is excluded when the average market price of our common stock is lower than the exercise price of the related option during the period or when a net loss exists because the effect would have been antidilutive. Additionally, restricted performance shares are excluded because the necessary vesting conditions had not been met or when a net loss exists. Restricted performance shares outstanding of 0.4 million, 0.5 million and 0.7 million as of December 31, 2025, 2024 and 2023, respectively, were excluded. As of December 31, 2025, 2024 and 2023, there were no stock options excluded.

Historical Timeline

Fiscal YearFiled
2025Feb 11, 2026Showing above
2024Feb 11, 2025
2023Feb 9, 2024
2022Feb 10, 2023
2021Feb 8, 2022
2020Feb 9, 2021
2019Feb 10, 2020
2018Feb 13, 2019
2017Feb 9, 2018

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.

Other Available Disclosures

Income TaxesRevenueGoodwill & IntangiblesSegmentsDebtCommitmentsStock CompensationNew StandardsPay vs Performance