S&P Global Inc. Q4 FY2023 results: revenue $3.2 billion, up 7.3% on the year

S&P Global Inc. (SPGI) reported revenue of $3.2 billion for Q4 FY2023, the quarter ended 31 December 2023, up 7.3% on the same quarter a year earlier. Net income was $578 million, up 33.5% on the year, and diluted earnings per share $1.83. The figures are the company's own, from the 10-K it filed with the SEC on 9 February 2024.

Revenue$3.2 billionup 7.3%

Net income$578 millionup 33.5%

Diluted EPS$1.83

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,152	3,084	n/a	n/a
Cost of revenue	1,032	995	n/a	n/a
Gross profit	2,120	2,089	n/a	n/a
Gross margin	67.3%	67.7%	n/a
Selling, general and administrative	942	741	n/a	n/a
Operating income	891	1,074	n/a	n/a
Operating margin	28.3%	34.8%	n/a
Interest expense	77.0	84.0	n/a	n/a
Pre-tax income	794	995	n/a	n/a
Income tax	150	181	n/a	n/a
Effective tax rate	18.9%	18.2%	n/a
Net income	578	742	n/a	n/a
Net margin	18.3%	24.1%	n/a
Diluted EPS	$1.83	$2.33	n/a	n/a

$ 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,334	1,013	n/a	n/a
Capital expenditure	48.0	36.0	n/a	n/a
Free cash flow	1,286	977	n/a	n/a
Free cash flow margin	40.8%	31.7%	n/a
Depreciation and amortisation	289	282	n/a	n/a
Share-based compensation	28.0	46.0	n/a	n/a
Buybacks	1,300	500	n/a	n/a
Dividends paid	283	286	n/a	n/a
Dividend per share	$0.90	$0.90	n/a	n/a
Diluted shares, weighted	319m	318m	n/a	n/a
Shares outstanding at period end	314m	317m	n/a	n/a

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

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	60,589	60,561	n/a	n/a
Cash and equivalents	1,290	1,645	n/a	n/a
Receivables	2,826	2,547	n/a	n/a
Goodwill	34,850	34,785	n/a	n/a
Long-term debt	11,459	11,462	n/a	n/a
Operating lease liabilities	541	543	n/a	n/a
Shareholders' equity	34,200	35,419	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026
Revenue	3,101	3,084	3,152	3,491	3,549	3,575	3,593	3,777	3,755	3,888	3,916	4,171
Cost of revenue	1,026	995	1,032	1,120	1,085	1,072	1,084	1,153	1,119	1,121	1,170	1,235
Gross profit	2,075	2,089	2,120	2,371	2,464	2,503	2,509	2,624	2,636	2,767	2,746	2,936
Gross margin	67%	68%	67%	68%	69%	70%	70%	69%	70%	71%	70%	70%
SG&A	771	741	942	705	734	808	949	764	803	805	1,045	802
Operating income	911	1,074	891	1,385	1,452	1,434	1,309	1,578	1,551	1,675	1,674	2,002
Operating margin	29%	35%	28%	40%	41%	40%	36%	42%	41%	43%	43%	48%
Interest expense	88.0	84.0	77.0	78.0	77.0	72.0	70.0	78.0	77.0	79.0	53.0	96.0
Pre-tax income	834	995	794	1,316	1,378	1,360	1,254	1,496	1,502	1,598	1,631	1,908
Tax rate	31%	18%	19%	19%	21%	23%	23%	22%	23%	21%	25%	21%
Net income	511	742	578	991	1,011	971	879	1,090	1,072	1,176	1,133	1,395
Net margin	16%	24%	18%	28%	28%	27%	24%	29%	29%	30%	29%	33%
Diluted EPS	$1.60	$2.33	$1.83	$3.16	$3.23	$3.11	$2.85	$3.54	$3.50	$3.86	$3.76	$4.69
Operating cash flow	769	1,013	1,334	948	1,556	1,445	1,740	953	1,445	1,505	1,748	1,037
Capital expenditure	31.0	36.0	48.0	24.0	32.0	35.0	33.0	43.0	61.0	45.0	46.0	27.0
Free cash flow	738	977	1,286	924	1,524	1,410	1,707	910	1,384	1,460	1,702	1,010
Buybacks	1,001	500	1,300	500	0.0	1,501	1,300	650	651	1,200	2,500	1,000
Dividends paid	288	286	283	286	286	282	280	295	294	291	290	288
Shares outstanding	318m	317m	314m	313m	313m	310m	308m	307m	305m	303m	299m	296m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

* 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. 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.

Source

10-K for the period ended 31 December 2023, filed 9 February 2024, accession 0000064040-24-000071: the filing on EDGAR. All of S&P Global Inc.'s filings: EDGAR company page.

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