S&P Global Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data S&P Global Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Revenue	5,661	6,063	6,258	6,699	7,442	8,297	11,181	12,497	14,208	15,336
Cost of revenue	1,773	1,694	1,838	1,976	2,094	2,180	3,753	4,141	4,361	4,563
Gross profit	3,888	4,369	4,420	4,723	5,348	6,117	7,428	8,356	9,847	10,773
Selling, general and administrative	1,467	1,606	1,424	1,342	1,541	1,729	3,396	3,159	3,196	3,417
Operating expenses	3,421	3,480	3,468	3,522
Operating income	3,341	2,583	2,790	3,226	3,617	4,221	4,944	4,020	5,580	6,478
Interest expense	181	149	134	141	141	119	304	334	297	287
Other non-operating income	28	27	25	-98	31	62	70	-15	25	36
Pre-tax income	3,188	2,461	2,681	2,930	3,228	4,164	4,702	3,671	5,308	6,227
Income tax	960	823	560	627	694	901	1,180	778	1,141	1,407
Income from continuing operations	2,106
Net income	2,106	1,496	1,958	2,123	2,339	3,024	3,248	2,626	3,852	4,471
EBITDA	3,522	2,763	2,996	3,430	3,823	4,399	5,957	5,163	6,753	7,657
EPS, basic	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, basic (weighted)	263	256	251	245	241	241	317	318	312	305
Shares, diluted (weighted)	265	259	253	247	242	242	319	319	312	305
Dividend per share	1.44	1.64	2.00	2.28	2.68	3.08	3.32	3.60	3.64	3.84

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Cash and equivalents	2,392	2,777	1,917	2,866	4,108	6,497	1,286	1,290	1,666	1,745
Short-term investments	8	12	18	28	9	11	14	26	20	56
Receivables	1,122	1,319	1,449	1,577	1,593	1,650	2,494	2,826	2,867	3,441
Other current assets	149	226	162	221	264	323	574	1,026	906	914
Total current assets	3,671	4,324	3,587	4,712	5,988	8,810	5,667	5,143	5,459	6,296
Property, plant and equipment	271	275	270	320	284	241	297	258	265	278
Lease right-of-use assets			0	676	494	426	423	379	413	413
Goodwill	2,949	2,989	3,535	3,575	3,735	3,506	34,545	34,850	34,917	36,475
Intangible assets	1,506	1,388	1,524	1,424	1,352	1,285	18,306	17,398	16,556	16,271
Other non-current assets	272	449	525	641	387	234	562	774	591	864
Total assets	8,669	9,425	9,441	11,348	12,537	15,026	61,784	60,589	60,221	61,200
Accounts payable	183	195	211	190	233	205	450	557	553	610
Accrued liabilities	409	472	354	446	551	607	753	906	1,073	988
Deferred revenue	1,509	1,613	1,641	1,928	2,168	2,217	3,126	3,461	3,694	4,088
Short-term debt	0	399	0			0	226	47	4	718
Total current liabilities	2,611	3,214	2,630	3,093	3,587	3,815	5,999	6,125	6,392	7,637
Long-term debt	3,564	3,170	3,662	3,948	4,110	4,114	10,730	11,412	11,394	12,370
Lease liabilities			0	620	544	492	577	541	535	494
Other non-current liabilities	439	679	616	624	653	660	489	522	815	1,107
Total liabilities	6,888	7,307	7,137	8,544	9,185	9,490	22,040	22,489	22,713	25,048
Total debt	3,564	3,170	3,662	3,948	4,110	4,114	10,956	11,459	11,398	13,088
Paid-in capital	502	525	833	903	946	1,031	44,422	44,231	44,321	44,117
Retained earnings	9,210	10,023	11,284	12,205	13,367	15,017	17,784	18,728	20,977	23,666
Treasury stock	-8,701	-9,602	-11,041	-12,299	-13,461	-13,469	-25,347	-28,411	-31,671	-36,374
Other comprehensive income	-773	-649	-742	-624	-637	-841	-886	-763	-883	-697
Shareholders' equity	650	709	628	479	509	2,032	36,388	34,200	33,159	31,127
Minority interests	51	57	56	57	62	75	89	100	97	108
Total equity	701	766	684	536	571	2,107	36,477	34,300	33,256	31,235
Total liabilities and equity	8,669	9,425	9,441	11,348	12,537	15,026	61,784	60,589	60,221	61,200
Shares outstanding	258	254	248	244	241	241	322	314	308	299

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2025	FY2025
Net income	2,228	1,638	2,121	2,303	2,534	3,263	3,522	2,893	4,167	4,820
Depreciation and amortization	181	180	206	204	206	178	1,013	1,143	1,173	1,179
Stock-based compensation	76	99	94	78	90	122	214	171	247	236
Deferred income tax	79	0	81	46	-31	13	-353	-381	-323	-242
Change in receivables	-177	-196	-164	-135	18	-144	36	-291	-79	-600
Change in payables	19	75	-106	73	132	38	43	328	245	-55
Cash from operations	1,560	2,016	2,064	2,776	3,567	3,598	2,603	3,710	5,689	5,651
Capital expenditures	-115	-123	-113	-115	-76	-35	-89	-143	-124	-195
Acquisitions	-177	-83		-91	-201	-99	210	-296	-305	-2,023
Cash from investing	1,171	-209	-513	-131	-240	-120	3,628	562	-255	-704
Debt issued	493	0	489	1,086	1,276	0	5,395	744	0	993
Debt repaid	-421	0	-403	-868	-1,394	0	-142	0	-47	-4
Stock issued	88	75	34	40	16	13	7	13	4	0
Share buybacks	-1,123	-1,001	-1,660	-1,240	-1,164	0	-12,004	-3,301	-3,301	-5,001
Dividends paid	-380	-421	-503	-560	-645	-743	-1,024	-1,147	-1,134	-1,170
Cash from financing	-1,662	-1,507	-2,288	-1,751	-2,166	-1,013	-11,326	-4,280	-4,998	-4,930
Exchange rate effect	-158	87	-84	34	75	-82	-123	12	-61	62
Net change in cash	911	387	-821	928	1,236	2,383	-5,218	4	375	79
Free cash flow	1,445	1,893	1,951	2,661	3,491	3,563	2,514	3,567	5,565	5,456
Interest paid	150	139	151	162	159	130	240	369	391	390
Income taxes paid	683	709	558	659	683	883	1,555	1,279	1,159	1,502

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $403.30 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	70.5%	Gross profit / revenue.
Operating margin	43.9%	Operating income / revenue.
EBITDA margin	44.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	42.2%	Pre-tax income / revenue.
Net margin	30.4%	Net income / revenue.
FCF margin	35.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.5%	Cash from operations / revenue.
Effective tax rate	22.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	7.9%	Net income / average total assets.
Return on invested capital (ROIC)	12.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	22.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	7.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	15.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	9.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	15.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	13.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	14.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	16.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	11.2%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	12.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	8.7%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-0.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-2.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	9.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	7.5%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-6.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-5.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	127.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	37.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.68x	Current assets / current liabilities.
Quick ratio	0.57x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.19x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.43x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	21.9%	Total debt / total assets.
Liabilities / assets	40.4%	Total liabilities / total assets.
Net debt	$11.51B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.64x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	22.6x	Operating income / interest expense.
Working capital	-$3.02B	Current assets - current liabilities.
Goodwill and intangibles / assets	86.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$21.16B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	60.3x	Revenue / average property, plant and equipment.
Receivables turnover	4.50x	Revenue / average receivables.
Days sales outstanding	81 days	365 x average receivables / revenue.
Days payables	40 days	365 x average accounts payable / cost of revenue.
FCF conversion	116.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$16.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$52.86	Revenue / diluted weighted shares.
FCF per share	$18.67	Free cash flow / diluted weighted shares.
Operating cash flow per share	$19.27	Cash from operations / diluted weighted shares.
Book value per share	$105.31	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$71.49	Tangible book value / shares outstanding.
Cash per share	$6.11	(Cash + short-term investments) / shares outstanding.
Payout ratio	24.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	20.9%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	96.3%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$118.89B	Share price x shares outstanding.
Enterprise value	$130.40B	Market cap + total debt - cash - short-term investments.
P/E	24.9x	Market cap / net income. Only when net income is positive.
P/S	7.56x	Market cap / revenue.
P/B	3.81x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	21.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.7x	Market cap / cash from operations, when positive.
EV/Sales	8.29x	Enterprise value / revenue.
EV/EBIT	18.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	23.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	4.7%	Free cash flow / market cap.
Earnings yield	4.0%	Net income / market cap (the inverse of P/E).
Dividend yield	1.0%	Dividends paid over the period / market cap.
Shareholder yield	5.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.94x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was S&P Global Inc.'s revenue in fiscal 2025?

S&P Global Inc. reported revenue of $15.34B for fiscal 2025, 7.9% higher than the year before.

Was S&P Global Inc. profitable in fiscal 2025?

Yes. Net income was $4.47B, a net margin of 29.2%.

How much free cash flow did S&P Global Inc. generate in fiscal 2025?

Cash from operations of $5.65B minus capital expenditures of $195.0M left free cash flow of $5.46B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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