S&P Global (SPGI) FY2018 results: revenue $6.3 billion, up 3.2% on the year
S&P Global Inc. (SPGI) reported revenue of $6.3 billion for fiscal 2018, the year ended 31 December 2018, up 3.2% on the year before. Net income was $2.0 billion, up 30.9%, and diluted earnings per share $7.73. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$6.3 billion
+3.2% on the year
FY2011FY2018
Operating margin
44.6%
42.6% a year earlier
FY2011FY2018
Net income
$2.0 billion
+30.9% on the year
FY2011FY2018
Diluted EPS
$7.73
+33.7% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
6,258
6,063
5,661
+3.2%
Cost of revenue
1,838
1,694
1,773
+8.5%
Gross profit
4,420
4,369
3,888
+1.2%
Gross margin
70.6%
72.1%
68.7%
Selling, general and administrative
1,424
1,606
1,467
-11.3%
Operating income
2,790
2,583
3,341
+8.0%
Operating margin
44.6%
42.6%
59.0%
Interest expense
134
149
181
-10.1%
Pre-tax income
2,681
2,461
3,188
+8.9%
Income tax
560
823
960
-32.0%
Effective tax rate
20.9%
33.4%
30.1%
Net income
1,958
1,496
2,106
+30.9%
Net margin
31.3%
24.7%
37.2%
Diluted EPS
$7.73
$5.78
$7.94
+33.7%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,064
2,016
1,560
+2.4%
Capital expenditure
113
123
115
-8.1%
Free cash flow
1,951
1,893
1,445
+3.1%
Free cash flow margin
31.2%
31.2%
25.5%
Cash from investing
-513
-209
1,171
Cash from financing
-2,288
-1,507
-1,662
Depreciation and amortisation
206
180
181
+14.4%
Share-based compensation
94.0
99.0
76.0
-5.1%
Buybacks
1,660
1,001
1,123
+65.8%
Dividends paid
503
421
380
+19.5%
Dividend per share
$2.00
$1.64
$1.44
+22.0%
Diluted shares, weighted
253m
259m
265m
-2.2%
Shares outstanding at period end
248m
254m
258m
-2.1%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
628
709
650
-11.4%
Non-controlling interest
56.0
57.0
51.0
-1.8%
Redeemable equity
1,620
1,350
1,080
+20.0%
Debt
3,662
3,569
3,564
+2.6%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
3,492
3,740
3,324
-6.6%
Total liabilities and equity
9,458
9,425
8,669
+0.4%
Fixed assets
270
275
271
-1.8%
Goodwill
3,535
2,989
2,949
+18.3%
Intangible assets
1,524
1,388
1,506
+9.8%
Investments
18.0
12.0
8.0
+50.0%
Cash and equivalents
1,917
2,779
2,392
-31.0%
Receivables
1,449
1,319
1,122
+9.9%
Other assets
745
663
421
+12.4%
Total assets
9,458
9,425
8,669
+0.4%
10-K for the year ended 31 December 2018, filed 13 February 2019: the filing.