S&P Global (SPGI) FY2019 results: revenue $6.7 billion, up 7.0% on the year
S&P Global Inc. (SPGI) reported revenue of $6.7 billion for fiscal 2019, the year ended 31 December 2019, up 7.0% on the year before. Net income was $2.1 billion, up 8.4%, and diluted earnings per share $8.60. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2020.
Revenue
$6.7 billion
+7.0% on the year
FY2012FY2019
Operating margin
48.2%
44.6% a year earlier
FY2012FY2019
Net income
$2.1 billion
+8.4% on the year
FY2012FY2019
Diluted EPS
$8.60
+11.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
6,699
6,258
6,063
+7.0%
Cost of revenue
1,976
1,838
1,694
+7.5%
Gross profit
4,723
4,420
4,369
+6.9%
Gross margin
70.5%
70.6%
72.1%
Selling, general and administrative
1,342
1,424
1,606
-5.8%
Operating income
3,226
2,790
2,583
+15.6%
Operating margin
48.2%
44.6%
42.6%
Interest expense
141
134
149
+5.2%
Pre-tax income
2,930
2,681
2,461
+9.3%
Income tax
627
560
823
+12.0%
Effective tax rate
21.4%
20.9%
33.4%
Net income
2,123
1,958
1,496
+8.4%
Net margin
31.7%
31.3%
24.7%
Diluted EPS
$8.60
$7.73
$5.78
+11.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,776
2,064
2,016
+34.5%
Capital expenditure
115
113
123
+1.8%
Free cash flow
2,661
1,951
1,893
+36.4%
Free cash flow margin
39.7%
31.2%
31.2%
Cash from investing
-131
-513
-209
Cash from financing
-1,751
-2,288
-1,507
Depreciation and amortisation
204
206
180
-1.0%
Share-based compensation
78.0
94.0
99.0
-17.0%
Buybacks
1,240
1,660
1,001
-25.3%
Dividends paid
560
503
421
+11.3%
Dividend per share
$2.28
$2.00
$1.64
+14.0%
Diluted shares, weighted
247m
253m
259m
-2.5%
Shares outstanding at period end
244m
248m
254m
-1.8%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
479
628
709
-23.7%
Non-controlling interest
57.0
56.0
57.0
+1.8%
Redeemable equity
2,268
1,620
1,350
+40.0%
Debt
3,948
3,662
3,569
+7.8%
Operating lease liabilities
620
0.0
n/a
Other liabilities
3,976
3,492
3,740
+13.9%
Total liabilities and equity
11,348
9,458
9,425
+20.0%
Fixed assets
320
270
275
+18.5%
Goodwill
3,575
3,535
2,989
+1.1%
Intangible assets
1,424
1,524
1,388
-6.6%
Investments
28.0
18.0
12.0
+55.6%
Cash and equivalents
2,866
1,917
2,779
+49.5%
Receivables
1,577
1,449
1,319
+8.8%
Other assets
1,558
745
663
+109.1%
Total assets
11,348
9,458
9,425
+20.0%
10-K for the year ended 31 December 2019, filed 10 February 2020: the filing.