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SPGI

S&P Global Inc.

SPGI

S&P Global Inc. • NYSE
$498.83 ▲ 0.65% (+3.22)
Market Cap $151.05 B
52w High $579.05
52w Low $427.14
Dividend Yield 3.84%
P/E 36.23
Volume 749.48K
Outstanding Shares 302.80M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.888B ▲ $1.092B ▲ $1.087B ▲ 27.958% ▼ $3.86 ▲ $1.969B ▲
Q2-2025 $3.755B ▼ $1.085B ▲ $1.072B ▼ 28.549% ▼ $3.5 ▼ $1.875B ▲
Q1-2025 $3.777B ▲ $1.046B ▼ $1.09B ▲ 28.859% ▲ $3.55 ▲ $1.867B ▲
Q4-2024 $3.592B ▲ $1.169B ▲ $880M ▼ 24.499% ▼ $2.85 ▼ $1.624B ▼
Q3-2024 $3.575B $1.069B $971M 27.161% $3.12 $1.726B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.672B ▼ $59.749B ▼ $22.051B ▼ $33.238B ▼
Q2-2025 $1.847B ▲ $60.395B ▲ $22.434B ▲ $33.496B ▲
Q1-2025 $1.469B ▼ $59.889B ▼ $22.164B ▼ $33.371B ▲
Q4-2024 $1.686B ▼ $60.221B ▼ $22.713B ▲ $33.159B ▼
Q3-2024 $1.696B $60.368B $21.977B $33.992B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.087B ▼ $1.505B ▲ $-101M ▼ $-1.566B ▼ $-175M ▼ $1.46B ▲
Q2-2025 $1.16B ▼ $1.445B ▲ $-52M ▲ $-1.059B ▲ $378M ▲ $1.384B ▲
Q1-2025 $1.171B ▲ $953M ▼ $-79M ▼ $-1.103B ▲ $-197M ▼ $910M ▼
Q4-2024 $967M ▼ $1.74B ▲ $7M ▼ $-1.718B ▲ $-31M ▲ $1.707B ▲
Q3-2024 $1.046B $1.445B $57M $-1.875B $-342M $1.41B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
AssetLinked Fees
AssetLinked Fees
 $540.00M ▲$0 ▼$0 ▲$300.00M ▲
NonTransaction
NonTransaction
 $2.40Bn ▲$0 ▼$0 ▲$1.33Bn ▲
Subscription
Subscription
 $3.66Bn ▲$0 ▼$0 ▲$1.99Bn ▲
Commodity Insights
Commodity Insights
 $0 ▲$610.00M ▲$560.00M ▼$0 ▼
Indices Segment
Indices Segment
 $0 ▲$440.00M ▲$440.00M ▲$0 ▼
Market Intelligence Segment
Market Intelligence Segment
 $0 ▲$1.20Bn ▲$1.21Bn ▲$0 ▼
Mobility
Mobility
 $0 ▲$420.00M ▲$440.00M ▲$0 ▼
Ratings Segment
Ratings Segment
 $0 ▲$1.11Bn ▲$1.10Bn ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed strongly over the past several years, boosted by the IHS Markit combination and continued growth in data, indices, and ratings. The business earns very high margins for a financial services company, reflecting the power of its data and analytics model rather than a capital-intensive structure. Profitability has been consistently strong, though earnings have been a bit bumpy around the merger period and changing credit markets. Even so, underlying trends point to a business that scales well: once the data and platforms are built, additional revenue tends to drop through to profit. Earnings per share have recovered after a softer year and now sit comfortably above pre‑merger levels, suggesting that integration and cost synergies are increasingly visible in the income statement. The main swing factor remains market activity, especially debt issuance and financial transactions, which can make earnings more cyclical than the recurring nature of many subscriptions might suggest.

Balance Sheet

Balance Sheet The balance sheet transformed with the IHS Markit deal, becoming much larger and more dominated by intangible assets such as data, software, and customer relationships. Equity has increased significantly, giving the company a solid capital base relative to its earlier, much smaller footprint. Debt is meaningful but not extreme for a business with recurring revenue and solid profitability. Leverage looks manageable, especially given the company’s strong cash generation, though it does create some exposure to interest rates and credit conditions. Cash on hand is modest relative to total assets, but this is typical for a mature, highly cash‑generative, asset‑light information provider. Overall, the balance sheet looks sound but clearly geared around intangible value and scale rather than physical assets, which makes ongoing reputation, data quality, and regulatory standing especially critical to preserving that value.

Cash Flow

Cash Flow Cash generation is a major strength. Operating cash flow has grown noticeably over the past few years and generally tracks reported profits well, suggesting earnings quality is solid rather than purely accounting-driven. Free cash flow is strong and consistently close to operating cash flow because capital spending needs are low. The business does not require heavy investment in physical infrastructure; most spending is on people, technology, and data, which runs through the income statement instead of large capital projects. This healthy and predictable cash profile has historically given S&P Global a lot of flexibility to fund acquisitions, service debt, and return cash to shareholders, even when capital markets are going through slow periods.

Competitive Edge

Competitive Edge S&P Global sits in a very strong competitive position at the heart of global finance. Its credit ratings, benchmarks (like the S&P 500), and data platforms are deeply embedded in how markets operate. Once clients build processes and compliance frameworks around these tools, switching to another provider becomes very costly and disruptive. The company benefits from powerful network effects: the more investors and issuers rely on S&P ratings and indices, the more those products become standard references for everyone else. In ratings, regulatory recognition and long-standing trust create a high barrier for new entrants. In data and analytics, S&P’s breadth and depth of coverage—spanning public and private markets, ESG, and supply chains—stack up well against rivals such as Moody’s, Bloomberg, and Refinitiv. Risks to this position include regulatory scrutiny of ratings, competition from other data platforms, and the possibility that new AI-native players try to undercut established providers. But the combination of brand, embedded workflows, proprietary data, and regulation-supported roles gives S&P Global a wide and durable moat at present.

Innovation and R&D

Innovation and R&D S&P Global is leaning heavily into AI and ESG to strengthen and extend its moat. The Kensho acquisition has become an internal AI lab, pushing tools that make S&P’s data easier to query, integrate, and analyze using large language models. Features like AI-enhanced search, natural-language interfaces on Capital IQ Pro, and automated transcription and summarization help customers get more value from the data with less manual work. On the ESG side, the Sustainable1 business positions S&P Global as a central provider of sustainability scores, climate data, and regulatory reporting tools. This addresses a fast-growing need among asset managers, companies, and regulators for reliable ESG information, and differentiates S&P from more narrowly focused ESG boutiques. The company is also exploring emerging themes such as private market data, tokenization, and agentic AI that could automate more complex analysis. The opportunity is to deepen integration into client workflows; the risk is that AI also lowers barriers for competitors and shifts how customers value proprietary vs. commoditized data. Execution on AI strategy and continued ESG integration will be important to watch.

Summary

S&P Global combines a high-margin, scalable business model with strong cash generation and a balance sheet built around intangible assets and intellectual property. Revenues and profits have grown substantially over the past several years, with some short-term noise around the IHS Markit merger and market cycles, but the longer-term direction has been positive. Its competitive moat is wide: trusted ratings, widely used indices, deeply embedded data platforms, and regulatory recognition all work together to make the company a core part of global financial infrastructure. At the same time, it is not standing still—significant investments in AI and ESG are designed to keep its offerings at the center of client workflows and open up new growth avenues. Key uncertainties revolve around capital markets activity, regulatory pressure on ratings and ESG, and how the AI landscape evolves—both as an enabler and as a potential disruptor. Overall, S&P Global looks like a mature but still innovating data and analytics franchise with durable strengths, supported by strong profitability and cash flow, but exposed to shifts in financial market conditions and regulation.

NEWS

November 25, 2025 · 1:25 PM UTC

S&P Global Completes $1.8 Billion Acquisition of With Intelligence, Strengthening its Position as a Leader in Private Markets Data & Analytics

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November 25, 2025 · 11:09 AM UTC

S&P COTALITY CASE-SHILLER INDEX REPORTS ANNUAL GAIN IN SEPTEMBER 2025

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November 20, 2025 · 4:01 PM UTC

S&P Global Launches WSO Compliance Insights to Streamline Credit Risk Management

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November 18, 2025 · 9:01 AM UTC

CARFAX: Nearly Half of Drivers in the U.S. Behind on Major Services

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November 18, 2025 · 8:00 AM UTC

S&P Global Accelerates Private Markets Data Access with No-Code iLEVEL Snowflake Integration

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