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S&P Global (SPGI) FY2025 results: revenue $15.3 billion, up 7.9% on the year

S&P Global Inc. (SPGI) reported revenue of $15.3 billion for fiscal 2025, the year ended 31 December 2025, up 7.9% on the year before. Net income was $4.5 billion, up 16.1%, and diluted earnings per share $14.66. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue
$15.3 billion
+7.9% on the year
FY2018FY2025
Operating margin
42.2%
39.3% a year earlier
FY2018FY2025
Net income
$4.5 billion
+16.1% on the year
FY2018FY2025
Diluted EPS
$14.66
+18.7% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 9 new, 2 kept.

  • Fourth quarter revenue rose 9%: Revenue reached $3.916 billion. Subscription products rose 8%, and all divisions grew in the quarter.
  • Quarterly GAAP diluted EPS up 32%: GAAP diluted EPS was $3.75, helped by a 29% rise in net income and a 2% fall in diluted shares. Adjusted diluted EPS was $4.30, up 14%.
  • Ratings grew on transaction revenue: Ratings revenue rose 12%, and transaction revenue grew on higher Billed Issuance. Ratings operating profit rose 15% to $723 million.
  • Market Intelligence slowed in volume products: Market Intelligence revenue rose 7% on subscription growth. Volume-driven products grew more slowly, and non-subscription revenue fell year over year.
  • Adjusted operating margin up 60 basis points: Adjusted operating margin rose 60 basis points to 47.3%, mainly on Ratings and Indices profit growth.
Read the Q4 FY2025 earnings call summary

From this 10-K

S&P Global sells benchmarks, data, analytics and workflow software into three markets: capital markets, energy and commodities, and automotive. Its customers run from asset managers, investment and commercial banks, insurers, exchanges, trading firms and debt issuers to energy and commodity producers, consumers, traders and intermediaries, and on to carmakers, suppliers, dealerships and service shops. It was incorporated in New York in December 1925. There are five businesses: Market Intelligence, Ratings, Energy, Mobility and S&P Dow Jones Indices.

S&P Global Inc., the 10-K for 2025

S&P Global sells benchmarks, data, analytics and workflow software into three markets: capital markets, energy and commodities, and automotive. Its customers run from asset managers, investment and commercial banks, insurers, exchanges, trading firms and debt issuers to energy and commodity producers, consumers, traders and intermediaries, and on to carmakers, suppliers, dealerships and service shops. It was incorporated in New York in December 1925. There are five businesses: Market Intelligence, Ratings, Energy, Mobility and S&P Dow Jones Indices.

Market Intelligence

Multi-asset-class data and analytics wrapped in workflow tools, used to track performance, find investment ideas, read industry and competitor dynamics, value assets and manage credit risk. It has three lines. Data, Analytics and Insights is the desktop suite, including the Capital IQ platforms, with research, reference and market data, derived analytics and valuation services across public and private markets, delivered by feed or interface, plus issuer services, maritime and trade products, financial institutions data, telecoms, technology and media coverage, energy transition and supply chain analytics. Enterprise Solutions is the software side, including Wall Street Office, Enterprise Data Manager, Information Mosaic and iLevel, and the Global Markets Group's bookbuilding platforms for municipal bonds, equities and fixed income. Credit and Risk Solutions is the commercial arm that sells the Ratings business's credit ratings, data and research, including the RatingsXpress, RatingsDirect and Credit Analytics subscriptions.

Ratings

The credit rating business, with offices in over 25 countries and, by its own account, a role in the world's financial infrastructure for over 150 years. It serves investors, corporations, governments, municipalities, commercial and investment banks, insurers, asset managers and other debt issuers. Its money splits in two: transaction fees, earned on rating new issues of corporate, government and structured finance debt and on bank loan ratings; and non-transaction fees, earned on surveillance of existing ratings, annual fees under customer relationship pricing programmes, entity credit ratings, and the global research and analytics of Crisil.

Energy

Independent information and benchmark prices for energy and commodity markets, covering energy, chemicals, shipping, metals, carbon and agriculture: price assessments, analytics, industry insight and software and services. The four business lines are price assessments, energy and resources data and insights, upstream data and insights, and advisory and transactional services. It licenses its market data to commodity exchanges for Platts-based contracts and earns usage-based royalties on the trading volumes, and it runs the CERAWeek conference.

Mobility

Serving the whole automotive chain, from manufacturers and suppliers to retailers, consumers and finance and insurance companies, across new and used cars. The Dealer line predicts future buyers, targets marketing and supplies vehicle history data for people shopping, buying, servicing and selling used cars. The Manufacturing line sells forecasts and advisory work from product planning through marketing, sales and the aftermarket, including forecasts of vehicle sales, production, technology and components. The Financial line sells reports and data feeds to lenders and insurers. Most of it is subscription; the rest is transactional data sales tied to things like manufacturer marketing spend or safety recall activity, plus consulting.

S&P Dow Jones Indices

The index business, maintaining valuation and index benchmarks for investment advisers, wealth managers and institutional investors. It earns asset-linked fees when money goes into funds tracking its indices, notably exchange traded funds and mutual funds; usage-based royalties on the trading volumes of exchange-listed derivatives on its indices; fixed or variable licensing fees for over-the-counter derivatives and retail structured products; and subscription fees for data and customised indices used in fund management, portfolio analytics and research.

Two portfolio changes

On 29 April 2025 the company announced that its board had decided to pursue a full separation of the Mobility segment into a new publicly traded company, to be done by spinning shares off to S&P Global shareholders. The company says it expects the spin-off to be tax-free for United States federal income tax purposes and to complete in mid-2026, subject to legal and regulatory requirements and approvals. Separately, the sale of S&P Global Engineering Solutions, which supplied engineering standards and technical knowledge, completed on 2 May 2023.

People

There were approximately 44,500 permanent employees at the end of 2025: around 26,200 in Asia, 11,050 in the United States and Canada, 6,200 in Europe, the Middle East and Africa, and 1,050 in Latin America.

From S&P Global's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue15,33614,20812,497+7.9%
Cost of revenue4,5634,3614,141+4.6%
Gross profit10,7739,8478,356+9.4%
Gross margin70.2%69.3%66.9%
Selling, general and administrative3,4173,1963,159+6.9%
Operating income6,4785,5804,020+16.1%
Operating margin42.2%39.3%32.2%
Interest expense287297334-3.4%
Pre-tax income6,2275,3083,671+17.3%
Income tax1,4071,141778+23.3%
Effective tax rate22.6%21.5%21.2%
Net income4,4713,8522,626+16.1%
Net margin29.2%27.1%21.0%
Diluted EPS$14.66$12.35$8.23+18.7%
$ 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,6515,6893,710-0.7%
Capital expenditure195124143+57.3%
Free cash flow5,4565,5653,567-2.0%
Free cash flow margin35.6%39.2%28.5%
Cash from investing-704-255562
Cash from financing-4,930-4,998-4,280
Depreciation and amortisation1,1791,1731,143+0.5%
Share-based compensation236247171-4.5%
Buybacks5,0013,3013,301+51.5%
Dividends paid1,1701,1341,147+3.2%
Dividend per share$3.84$3.64$3.60+5.5%
Diluted shares, weighted305m312m319m-2.2%
Shares outstanding at period end299m308m314m-2.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity31,12733,15934,200-6.1%
Non-controlling interest10897.0100+11.3%
Redeemable equity4,9174,2523,800+15.6%
Debt13,08811,39811,459+14.8%
Operating lease liabilities494535541-7.7%
Other liabilities11,46610,78010,489+6.4%
Total liabilities and equity61,20060,22160,589+1.6%
Fixed assets278265258+4.9%
Goodwill36,47534,91734,850+4.5%
Intangible assets16,27116,55617,398-1.7%
Investments56.020.026.0+180.0%
Cash and equivalents1,7451,6661,290+4.7%
Receivables3,4412,8672,826+20.0%
Other assets2,9343,9303,941-25.3%
Total assets61,20060,22160,589+1.6%

10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.