S&P Global (SPGI) FY2020 results: revenue $7.4 billion, up 11.1% on the year
S&P Global Inc. (SPGI) reported revenue of $7.4 billion for fiscal 2020, the year ended 31 December 2020, up 11.1% on the year before. Net income was $2.3 billion, up 10.2%, and diluted earnings per share $9.66. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2021.
Revenue
$7.4 billion
+11.1% on the year
FY2013FY2020
Operating margin
48.6%
48.2% a year earlier
FY2013FY2020
Net income
$2.3 billion
+10.2% on the year
FY2013FY2020
Diluted EPS
$9.66
+12.3% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
7,442
6,699
6,258
+11.1%
Cost of revenue
2,092
1,976
1,838
+5.9%
Gross profit
5,350
4,723
4,420
+13.3%
Gross margin
71.9%
70.5%
70.6%
Selling, general and administrative
1,543
1,342
1,424
+15.0%
Operating income
3,617
3,226
2,790
+12.1%
Operating margin
48.6%
48.2%
44.6%
Interest expense
141
141
134
0.0%
Pre-tax income
3,228
2,930
2,681
+10.2%
Income tax
694
627
560
+10.7%
Effective tax rate
21.5%
21.4%
20.9%
Net income
2,339
2,123
1,958
+10.2%
Net margin
31.4%
31.7%
31.3%
Diluted EPS
$9.66
$8.60
$7.73
+12.3%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
3,567
2,776
2,064
+28.5%
Capital expenditure
76.0
115
113
-33.9%
Free cash flow
3,491
2,661
1,951
+31.2%
Free cash flow margin
46.9%
39.7%
31.2%
Cash from investing
-240
-131
-513
Cash from financing
-2,166
-1,751
-2,288
Depreciation and amortisation
206
204
206
+1.0%
Share-based compensation
90.0
78.0
94.0
+15.4%
Buybacks
1,164
1,240
1,660
-6.1%
Dividends paid
645
560
503
+15.2%
Dividend per share
$2.68
$2.28
$2.00
+17.5%
Diluted shares, weighted
242m
247m
253m
-1.9%
Shares outstanding at period end
241m
244m
248m
-1.4%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
509
479
628
+6.3%
Non-controlling interest
62.0
57.0
56.0
+8.8%
Redeemable equity
2,781
2,268
1,620
+22.6%
Debt
4,110
3,948
3,662
+4.1%
Operating lease liabilities
544
620
0.0
-12.3%
Other liabilities
4,531
3,976
3,492
+14.0%
Total liabilities and equity
12,537
11,348
9,458
+10.5%
Fixed assets
284
320
270
-11.2%
Goodwill
3,735
3,575
3,535
+4.5%
Intangible assets
1,352
1,424
1,524
-5.1%
Investments
9.0
28.0
18.0
-67.9%
Cash and equivalents
4,108
2,866
1,917
+43.3%
Receivables
1,593
1,577
1,449
+1.0%
Other assets
1,456
1,558
745
-6.5%
Total assets
12,537
11,348
9,458
+10.5%
10-K for the year ended 31 December 2020, filed 9 February 2021: the filing.