S&P Global (SPGI) Q4 FY2021 earnings: revenue $2.1 billion, up 11.8% on the year

S&P Global Inc. (SPGI) reported revenue of $2.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 11.8% on the same quarter a year earlier. Net income was $674 million, up 48.5% on the year, and diluted earnings per share $2.79. The figures are the company's own, from the 10-K it filed with the SEC on 8 February 2022.

Revenue

$2.1 billion

+11.8% on the year · +0.0% on the quarter

Q1 FY2020Q4 FY2021

Operating margin

43.2%

35.1% a year earlier

Q1 FY2020Q4 FY2021

Net income

$674 million

+48.5% on the year · -15.4% on the quarter

Q1 FY2020Q4 FY2021

Diluted EPS

$2.79

+48.4% on the year · -15.5% on the quarter

Q1 FY2020Q4 FY2021

this quarterthe same quarter a year earlierHover a bar for its figure.

Income statement (profit and loss)

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Revenue	2,088	2,087	1,867	+0.0%	+11.8%
Cost of revenue	592	n/a	n/a
Gross profit	1,496	n/a	n/a
Gross margin	71.6%	n/a	n/a
Selling, general and administrative	557	n/a	n/a
Operating income	903	1,083	656	-16.6%	+37.7%
Operating margin	43.2%	51.9%	35.1%
Pre-tax income	890	n/a	n/a
Income tax	153	n/a	n/a
Effective tax rate	17.2%	n/a	n/a
Net income	674	797	454	-15.4%	+48.5%
Net margin	32.3%	n/a	n/a
Diluted EPS	$2.79	$3.30	$1.88	-15.5%	+48.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Operating cash flow	940	n/a	n/a
Capital expenditure	2.0	n/a	n/a
Free cash flow	938	n/a	n/a
Free cash flow margin	44.9%	n/a	n/a
Cash from investing	-78.0	n/a	n/a
Cash from financing	-241	n/a	n/a
Depreciation and amortisation	42.0	41.0	54.0	+2.4%	-22.2%
Share-based compensation	32.0	n/a	n/a
Buybacks	0.0	n/a	n/a
Dividends paid	186	n/a	n/a
Diluted shares, weighted	242m	242m	n/a	+0.0%
Shares outstanding at period end	241m	241m	241m	0.0%	+0.2%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2021	Q3 FY2021	Q4 FY2020	On the quarter	On the year
Shareholders' equity	2,032	1,845	509	+10.1%	+299.2%
Non-controlling interest	75.0	n/a	n/a
Redeemable equity	3,429	n/a	n/a
Debt	4,114	4,113	4,110	+0.0%	+0.1%
Operating lease liabilities	492	n/a	n/a
Other liabilities	4,884	n/a	n/a
Total liabilities and equity	15,026	n/a	n/a
Fixed assets	241	n/a	n/a
Goodwill	3,506	n/a	n/a
Intangible assets	1,285	n/a	n/a
Investments	11.0	n/a	n/a
Cash and equivalents	6,497	5,899	4,108	+10.1%	+58.2%
Receivables	1,650	n/a	n/a
Other assets	1,836	n/a	n/a
Total assets	15,026	n/a	n/a

Questions

What was S&P Global's revenue in Q4 FY2021?

S&P Global (SPGI) reported revenue of $2.1 billion for Q4 FY2021, the quarter ended 31 December 2021, up 11.8% on the same quarter a year earlier.

How much did S&P Global earn in Q4 FY2021?

Net income for Q4 FY2021 was $674 million, up 48.5% on the year, and diluted earnings per share $2.79.

When did S&P Global report Q4 FY2021 results?

S&P Global filed its 10-K for the year that ended with the quarter on 8 February 2022; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022 †	Q3 FY2022 †	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025 †	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	2,088	2,389	2,993	2,861	2,938	3,160	3,101	3,084	3,152	3,491	3,549	3,575	3,593	3,777	3,755	3,888	3,916	4,171	4,146	3,678
Cost of revenue	592	749	1,007	989	1,012	1,088	1,026	995	1,032	1,111	1,078	1,065	1,084	1,153	1,119	1,121	1,170	1,235	1,165	1,034
Gross profit	1,496	1,640	1,986	1,872	1,926	2,072	2,075	2,089	2,120	2,380	2,471	2,510	2,509	2,624	2,636	2,767	2,746	2,936	2,981	2,644
Gross margin	72%	69%	66%	65%	66%	66%	67%	68%	67%	68%	70%	70%	70%	69%	70%	71%	70%	70%	72%	72%
SG&A	557	958	768	725	941	705	771	741	942	714	741	815	949	764	803	805	1,045	802	873	660
Operating income	903	1,892	1,482	853	717	1,144	911	1,074	891	1,385	1,452	1,434	1,309	1,578	1,551	1,556	1,674	2,002	1,812	1,956
Operating margin	43%	79%	50%	30%	24%	36%	29%	35%	28%	40%	41%	40%	36%	42%	41%	40%	43%	48%	44%	53%
Interest expense	n/a	57.0	90.0	71.0	86.0	85.0	88.0	84.0	77.0	78.0	77.0	72.0	70.0	78.0	77.0	79.0	53.0	96.0	87.0	87.0
Pre-tax income	890	1,867	1,391	823	621	1,048	834	995	794	1,316	1,378	1,360	1,254	1,496	1,502	1,479	1,631	1,908	1,729	1,873
Tax rate	17%	30%	24%	18%	20%	18%	31%	18%	19%	19%	21%	23%	23%	22%	23%	21%	25%	21%	23%	25%
Net income	674	1,235	972	608	433	795	511	742	578	991	1,011	971	879	1,090	1,072	1,176	1,133	1,395	1,217	1,240
Net margin	32%	52%	32%	21%	15%	25%	16%	24%	18%	28%	28%	27%	24%	29%	29%	30%	29%	33%	29%	34%
Diluted EPS	$2.79	$4.47	$2.86	$1.84	$1.33	$2.47	$1.60	$2.33	$1.83	$3.16	$3.23	$3.11	$2.85	$3.54	$3.50	$3.86	$3.75	$4.69	$4.12	$4.25
Operating cash flow	940	222	454	814	1,113	594	769	1,013	1,334	948	1,556	1,445	1,740	953	1,445	1,505	1,748	1,037	1,439	n/a
Capital expenditure	2.0	16.0	24.0	21.0	28.0	28.0	31.0	36.0	48.0	24.0	32.0	35.0	33.0	43.0	61.0	45.0	46.0	27.0	38.0	28.0
Free cash flow	938	206	430	793	1,085	566	738	977	1,286	924	1,524	1,410	1,707	910	1,384	1,460	1,702	1,010	1,401	n/a
Buybacks	0.0	7,003	1,500	2,500	1,001	500	1,001	500	1,300	500	0.0	1,501	1,300	650	651	1,200	2,500	1,000	500	2,600
Dividends paid	186	186	286	277	275	290	288	286	283	286	286	282	280	295	294	291	290	288	287	281
Shares outstanding	241m	340m	336m	326m	322m	321m	318m	317m	314m	313m	313m	310m	308m	307m	305m	303m	299m	296m	295m	290m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2021, filed 8 February 2022: the filing.