SPGI S&P Global Inc.

Overview and Growth

S&P Global Inc. generated $15.34B of revenue in fiscal 2025, with net income of $4.47B and an operating cash inflow of $5.65B. At $15.34B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Revenue was 7.9% above fiscal 2024 revenue of $14.21B, marking a year-over-year increase. On a per-share basis, diluted EPS was $14.66, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 18.7% from $12.35 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis.

Profitability

After reported cost of revenue, the company retained $10.77B as gross profit before recognizing operating expenses and other items. Gross profit represented 70.2% of revenue, showing how much of the top line remained after direct costs. Operating income was $6.48B, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 42.2%, showing the portion of revenue preserved after the full set of operating costs. The bottom-line result was net income of $4.47B, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 29.2% of revenue, connecting the absolute net income figure with the company’s top-line scale. The earnings statement records $6.23B of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 40.6% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $1.41B of income tax for the period, completing the transition from pretax income to net income. Relative to pretax income, the tax provision measured 22.6%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

Total assets were $61.20B, supported by $25.05B of liabilities and $31.23B of shareholder equity. Current assets were $6.30B against $7.64B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. Current assets covered only 0.82x of current liabilities, so current liabilities exceeded current assets at period end. The company held $1.75B in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 22.8% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Total debt was $13.09B, establishing the amount of borrowing carried within the company’s capital structure. The debt-to-equity relationship was 0.42x, showing how much debt the company carried for each unit of book equity. Relative to total assets, debt measured 21.4%, showing how much of the asset base was matched by borrowing. Liabilities represented 40.9% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 2.9%, a balance-sheet composition measure rather than a liquidity forecast.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $5.65B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.26x, showing the relationship between accrual earnings and operating cash. The cash-flow statement records $195.00M of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 3.5% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $5.46B, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 35.6% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 8.9%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.