S&P Global IncS&P Global Inc
S&P Global Inc

S&P Global Inc

SPGI
Financials·Financial Services

S&P Global, Inc. engages in the provision of transparent and independent ratings, benchmarks, analytics, and data to the capital and commodity markets worldwide. It operates through the following segments: Market Intelligence, Ratings, Mobility, Indices, and Engineering Solutions. The Market Intelligence segment provides multi-asset-class data and analytics integrated with purpose-built workflow solutions. The Ratings segment is involved in credit ratings, research, and analytics, offering investors and other market participants information, ratings, and benchmarks. The Mobility segment offers solutions serving the full automotive value chain including vehicle manufacturers, automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies. The Engineering Solutions segment engages in advanced knowledge discovery technologies, research tools, and software-based engineering decision engines to advance innovation, maximize productivity, improve quality, and reduce risk. The company was founded by James H. McGraw and John A. Hill in 1917 and is headquartered in New York, NY.

New York; U.S.A
Market cap
$118.7BNo data
Revenue
$15.3B+7.9% YoY
Net income
$4.5B+16.1% YoY
Free cash flow
$5.5B−2.0% YoY

Market

Listed stock
Tokenized stocks
SPGIPriceNYSE
Loading…Loading…1Y

Financial performance

Revenue
$15.3B+7.9% YoY
Operating income
$6.5B+16.1% YoY
Net income
$4.5B+16.1% YoY
Free cash flow
$5.5B−2.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $8.3B, 2022 $11.2B, 2023 $12.5B, 2024 $14.2B, 2025 $15.3B. Operating income: 2021 $4.2B, 2022 $4.9B, 2023 $4B, 2024 $5.6B, 2025 $6.5B. Net income: 2021 $3B, 2022 $3.2B, 2023 $2.6B, 2024 $3.9B, 2025 $4.5B. Free cash flow: 2021 $3.6B, 2022 $2.5B, 2023 $3.6B, 2024 $5.6B, 2025 $5.5B. Reference line: Reference at $0.

Growth & profitability

Revenue growth
7.9%−575 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $4.2B, 2022-12-31 $4.9B, 2023-12-31 $4B, 2024-12-31 $5.6B, 2025-12-31 $6.5B. Net income: 2021-12-31 $3B, 2022-12-31 $3.2B, 2023-12-31 $2.6B, 2024-12-31 $3.9B, 2025-12-31 $4.5B. Free cash flow: 2021-12-31 $3.6B, 2022-12-31 $2.5B, 2023-12-31 $3.6B, 2024-12-31 $5.6B, 2025-12-31 $5.5B

Growth heatmap

2022202320242025CAGR
Revenue
+34.8%
+11.8%
+13.7%
+7.9%
+16.6%
Gross profit
+21.5%
+12.7%
+17.5%
+9.7%
+15.3%
Operating income
+17.1%
-18.7%
+38.8%
+16.1%
+11.3%
Free cash flow
-29.4%
+41.9%
+56.0%
-2.0%
+11.2%

Earnings quality

Operating cash flow
$5.7B−0.7% YoY
Net income
$4.5B+16.1% YoY
Free cash flow
$5.5B−2.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 126%, 2024-12-31 148%, 2023-12-31 141%, 2022-12-31 80%, 2021-12-31 119%. Free cash flow: 2025-12-31 122%, 2024-12-31 144%, 2023-12-31 136%, 2022-12-31 77%, 2021-12-31 118%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data