# S&P Global Inc. (SPGI)

Informational only - not investment advice.

CIK: 0000064040
SIC: 7320 Services-Consumer Credit Reporting, Collection Agencies
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7320 Services-Consumer Credit Reporting, Collection Agencies](/industry/7320/)
Latest 10-K filed: 2026-02-11
SEC page: https://www.sec.gov/edgar/browse/?CIK=64040
Filing source: https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-11 · accession 0000064040-26-000013 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000064040.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 15,336,000,000 USD | 2025 | verified |
| Net income | 4,471,000,000 USD | 2025 | verified |
| Assets | 61,200,000,000 USD | 2025 | verified |
| Free cash flow | 5,456,000,000 USD | 2025 | computed |
| Net margin | 29.15% | 2025 | computed |
| Operating margin | 42.24% | 2025 | computed |
| Revenue YoY | +7.94% | 2025 | computed |
| ROE | 14.36% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | SPGI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 29.2% | 4.2% | 92 | 310 |
| Operating margin | 42.2% | 6.3% | 96 | 301 |
| Revenue growth | 7.9% | 9.2% | 44 | 315 |
| FCF margin | 35.6% | 14.9% | 93 | 307 |
| ROE | 14.4% | 6.6% | 68 | 287 |
| ROA | 7.3% | 2.6% | 72 | 318 |
| Liabilities / equity | 0.80 | 1.27 | 34 | 290 |
| Current ratio | 0.82 | 1.50 | 10 | 313 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 73 Business Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 15336000000 | USD | 2025 | 2026-02-11 |
| Net income | 4471000000 | USD | 2025 | 2026-02-11 |
| Assets | 61200000000 | USD | 2025 | 2026-02-11 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-11. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000064040.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 5,661,000,000 | 6,063,000,000 | 6,258,000,000 | 6,699,000,000 | 7,442,000,000 | 8,297,000,000 | 11,181,000,000 | 12,497,000,000 | 14,208,000,000 | 15,336,000,000 |
| Net income | 2,106,000,000 | 1,496,000,000 | 1,958,000,000 | 2,123,000,000 | 2,339,000,000 | 3,024,000,000 | 3,248,000,000 | 2,626,000,000 | 3,852,000,000 | 4,471,000,000 |
| Operating income | 3,341,000,000 | 2,583,000,000 | 2,790,000,000 | 3,226,000,000 | 3,617,000,000 | 4,221,000,000 | 4,944,000,000 | 4,020,000,000 | 5,580,000,000 | 6,478,000,000 |
| Diluted EPS | 7.94 | 5.78 | 7.73 | 8.60 | 9.66 | 12.51 | 10.20 | 8.23 | 12.35 | 14.66 |
| Operating cash flow | 1,560,000,000 | 2,016,000,000 | 2,064,000,000 | 2,776,000,000 | 3,567,000,000 | 3,598,000,000 | 2,603,000,000 | 3,710,000,000 | 5,689,000,000 | 5,651,000,000 |
| Capital expenditures | 115,000,000 | 123,000,000 | 113,000,000 | 115,000,000 | 76,000,000 | 35,000,000 | 89,000,000 | 143,000,000 | 124,000,000 | 195,000,000 |
| Dividends paid | 380,000,000 | 421,000,000 | 503,000,000 | 560,000,000 | 645,000,000 | 743,000,000 | 1,024,000,000 | 1,147,000,000 | 1,134,000,000 | 1,170,000,000 |
| Share buybacks | 1,123,000,000 | 1,001,000,000 | 1,660,000,000 | 1,240,000,000 | 1,164,000,000 | 0.00 | 12,004,000,000 | 3,301,000,000 | 3,301,000,000 | 5,001,000,000 |
| Assets | 8,669,000,000 | 9,425,000,000 | 9,441,000,000 | 11,348,000,000 | 12,537,000,000 | 15,026,000,000 | 61,784,000,000 | 60,589,000,000 | 60,221,000,000 | 61,200,000,000 |
| Liabilities | 6,888,000,000 | 7,307,000,000 | 7,137,000,000 | 8,544,000,000 | 9,185,000,000 | 9,490,000,000 | 22,040,000,000 | 22,489,000,000 | 22,713,000,000 | 25,048,000,000 |
| Stockholders' equity | 650,000,000 | 709,000,000 | 628,000,000 | 479,000,000 | 509,000,000 | 2,032,000,000 | 36,388,000,000 | 34,200,000,000 | 33,159,000,000 | 31,127,000,000 |
| Cash and cash equivalents | 2,392,000,000 | 2,777,000,000 | 1,917,000,000 | 2,866,000,000 | 4,108,000,000 | 6,497,000,000 | 1,286,000,000 | 1,290,000,000 | 1,666,000,000 | 1,745,000,000 |
| Free cash flow | 1,445,000,000 | 1,893,000,000 | 1,951,000,000 | 2,661,000,000 | 3,491,000,000 | 3,563,000,000 | 2,514,000,000 | 3,567,000,000 | 5,565,000,000 | 5,456,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 37.20% | 24.67% | 31.29% | 31.69% | 31.43% | 36.45% | 29.05% | 21.01% | 27.11% | 29.15% |
| Operating margin | 59.02% | 42.60% | 44.58% | 48.16% | 48.60% | 50.87% | 44.22% | 32.17% | 39.27% | 42.24% |
| Return on equity | 324.00% | 211.00% | 311.78% | 443.22% | 459.53% | 148.82% | 8.93% | 7.68% | 11.62% | 14.36% |
| Return on assets | 24.29% | 15.87% | 20.74% | 18.71% | 18.66% | 20.13% | 5.26% | 4.33% | 6.40% | 7.31% |
| Liabilities / equity | 10.60 | 10.31 | 11.36 | 17.84 | 18.05 | 4.67 | 0.61 | 0.66 | 0.68 | 0.80 |
| Current ratio | 1.41 | 1.35 | 1.36 | 1.52 | 1.67 | 2.31 | 0.94 | 0.84 | 0.85 | 0.82 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/SPGI/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-28. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000064040.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q2 | 2022-06-30 |  |  | 2.86 | reported discrete quarter |
| 2022-Q3 | 2022-09-30 |  |  | 1.84 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 | 3,160,000,000 | 795,000,000 | 2.47 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 3,101,000,000 | 511,000,000 | 1.60 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 3,084,000,000 | 742,000,000 | 2.33 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 3,152,000,000 | 579,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 3,491,000,000 | 991,000,000 | 3.16 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 3,549,000,000 | 1,011,000,000 | 3.23 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 3,575,000,000 | 971,000,000 | 3.11 | reported discrete quarter |
| 2025-Q1 | 2025-03-31 | 3,777,000,000 | 1,090,000,000 | 3.54 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 3,755,000,000 | 1,072,000,000 | 3.50 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 3,888,000,000 | 1,176,000,000 | 3.86 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 3,916,000,000 | 1,134,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 4,171,000,000 | 1,395,000,000 | 4.69 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from SPGI's latest 10-K: [/company/SPGI/business/](/company/SPGI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from SPGI's latest 10-K: [/company/SPGI/risk-factors/](/company/SPGI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/64040/000006404026000045/spgi-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-28
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Unaudited)

The following Management’s Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the three and six months ended June 30, 2026. The MD&A should be read in conjunction with the consolidated financial statements, accompanying notes and MD&A included in our Form 10-K for the year ended December 31, 2025 (our “Form 10-K”), which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The MD&A includes the following sections:

•Overview

•Results of Operations — Comparing the Three and Six Months Ended June 30, 2026 and 2025

•Liquidity and Capital Resources

•Reconciliation of Non-GAAP Financial Information

•Critical Accounting Estimates

•Recently Issued or Adopted Accounting Standards

•Forward-Looking Statements

32

OVERVIEW

We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers and the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture. We serve our global customers through a broad range of products and services available through both third-party and proprietary distribution channels.

On July 1, 2026, the previously announced separation (the “Separation”) of Mobility Global Inc. (“Mobility Global”) from S&P Global became effective. The separation of Mobility Global, which comprises the business of S&P Global and its subsidiaries which previously operated under the S&P Global Mobility (“Mobility”) segment, was achieved through S&P Global’s distribution (the “Distribution”) of 100% of the shares of Mobility Global common stock to holders of S&P Global common stock effective as of 12:01 a.m. New York City time on July 1, 2026, with holders of S&P Global common stock receiving one share of Mobility Global common stock for every share of S&P Global common stock held at the close of business on June 15, 2026 (the “Record Date”). Following the Distribution, Mobility Global became an independent, publicly-traded company with its common stock listed under the symbol “MBGL” on the New York Stock Exchange.

Effective July 1, 2026, our operations consist of four reportable segments: S&P Global Ratings (“Ratings”), S&P Dow Jones Indices (“Indices”), S&P Global Energy (“Energy”) and S&P Global Market Intelligence (“Market Intelligence”).

•Ratings is an independent provider of credit ratings, research, and analytics.

•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

•Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets.

•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

The results of Mobility are included through June 30, 2026. Beginning with the third quarter of 2026, the historical financial results of Mobility through June 30, 2026 will be reflected in our consolidated financial statements as discontinued operations in accordance with U.S. GAAP for all periods. Costs that were historically allocated to Mobility that do not meet the requirements to be presented in discontinued operations will be reallocated to continuing operations. Additionally, beginning with the third quarter of 2026, results will reflect product transfers of 451 Research and Maritime & Trade from Market Intelligence to Energy which include the transfer of both revenue and expenses and a small portion of expenses associated with the transfer of Credit Analytics products from Market Intelligence to Ratings.

Key results for the periods ended June 30 are as follows:

[[GREPCENT_TABLE]]
[["(in millions, except per share amounts)","Three Months","","Six Months"],["","2026","","2025","","% Change 1","","2026","","2025","","% Change 1"],["Revenue","$","4,146","","","$","3,755","","","10%","","$","8,318","","","$","7,532","","","10%"],["Operating profit 2","$","1,812","","","$","1,551","","","17%","","$","3,814","","","$","3,129","","","22%"],["Operating margin %","44","%","","41","%","","","","46","%","","42","%"],["Diluted earnings per share from net income","$","4.12","","","$","3.50","","","18%","","$","8.81","","","$","7.04","","","25%"]]
[[/GREPCENT_TABLE]]

1     % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

2 Operating profit for the three and six months ended June 30, 2026 includes disposition-related costs of $79 million and $118 million, respectively, employee severance charges of $44 million, gain on dispositions of $11 million and $186 million, respectively, acquisition-related costs of $6 million and $16 million, respectively, asset impairment of $4 million, a statutorily required labor law accrual adjustment of $2 million and employee-related costs of $1 million and $3 million, respectively. Operating profit for the six months ended June 30, 2026 includes lease impairments of $5 million. Operating profit for the three and six months ended June 30, 2025 includes legal costs of $29 million, employee severance charges of $49 million and $82 million, respectively, disposition-related costs of $11 million and $13 million, respectively, Executive Leadership Team transition costs of $5 million and $17 million, acquisition-related costs of $5 million and $13 million, respectively, lease-related costs of $2 million and $7 million, respectively, a gain on disposition of $3 million and asset write-offs of $1 million. Operating profit also includes amortization of intangibles from acquisitions of $275 million and $283 million for the three months ended June 30, 2026 and 2025, respectively, and $551 million and $564 million for the six months ended June 30, 2026 and 2025, respectively.

33

Three Months

Revenue increased 10% driven by increases at all of our reportable segments. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher Ratings Evaluation Service (“RES”) activity and an increase in revenue at our Crisil subsidiary. Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth at Market Intelligence. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. The increase at Mobility was primarily due to continued new business growth within the Dealer business and the favorable impact of improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 17%. Excluding the impact of higher disposition-related costs in 2026 of 8 percentage points, partially offset by higher legal costs in 2025 of 3 percentage points, higher gain on dispositions in 2026 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, operating profit increased 14%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had a favorable impact of 1 percentage point.

Six Months

Revenue increased 10% driven by increases at all of our reportable segments. The increase at Ratings was driven by both transaction and non-transaction revenue. Transaction revenue increased due to higher corporate bond ratings revenue primarily driven by strong investment grade issuance. Non-transaction revenue increased primarily due to an increase in surveillance revenue, higher RES activity and an increase in revenue at our Crisil subsidiary. Excluding the impact of recent acquisitions and a disposition, the increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics and Insights, growth for Lending Solutions in Enterprise Solutions, and growth in RatingsXpress®. An increase in recurring variable revenue due to increased volumes also contributed to revenue growth at Market Intelligence. The increase at Indices was primarily due to an increase in asset linked fees revenue driven by higher levels of assets under management for ETFs and mutual funds, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts. The increase at Mobility was primarily due to continued new business growth within the Dealer business, solid underwriting volumes within the Financial business and the favorable impact of improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 22%. Excluding the impact of a gain on dispositions in 2026 of 9 percentage points, higher employee severance charges in 2025 of 2 percentage points, higher legal costs in 2025 of 1 percentage point, Executive Leadership Team transition costs in 2025 of 1 percentage point and higher amortization of intangibles from acquisitions in 2025 of 1 percentage point, partially offset by higher disposition related costs in 2026 of 5 percentage points, operating profit increased 13%. The increase was primarily due to revenue growth, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had a favorable impact of 2 percentage points.

Our Strategy

We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital and energy and commodity markets. Our mission is Advancing Essential Intelligence.

Our industry-leading benchmarks, differentiated data, and solutions provide a unique value proposition that provide customers with the ability to make more confident decisions and stay a step ahead. Our strategy focuses on three key objectives: to Advance market leadership, Expand high-growth adjacencies, and Amplify enterprise capabilities and integration of AI. In 2026, we are focused on delivering on these key strategic priorities.

34

Advance Market Leadership

•Delivering market-leading value proposition through best-in-class products, including world-class benchmarks and highly differentiated data, that are transforming the user experience, accelerating innovation, and optimizing go-to-market to enhance client retention and growth; and

•Expanding trusted, enduring client relati

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/64040/000006404026000013/spgi-20251231.htm
Complete FY 2025 MD&A: /company/SPGI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-11
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis (“MD&A”) provides a narrative of the results of operations and financial condition of S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” “we,” “us” or “our”) for the years ended December 31, 2025 and 2024, respectively. The MD&A provides information on factors that we believe are important in understanding our results of operations and comparability and certain other factors that may affect our future results. The MD&A should be read in conjunction with the consolidated financial statements and accompanying notes included in this Annual Report on Form 10-K for the year ended December 31, 2025, which have been prepared in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”).

The MD&A includes the following sections:

•Overview

•Results of Operations

•Liquidity and Capital Resources

•Reconciliation of Non-GAAP Financial Information

•Critical Accounting Estimates

•Recently Issued or Adopted Accounting Standards

Certain of the statements below are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, any projections of future results of operations and cash flows are subject to substantial uncertainty. See Forward-Looking Statements on page 4 of this report.

OVERVIEW

We are a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets. The capital markets include asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms and issuers; the energy and commodity markets include producers, consumers, traders and intermediaries within energy, chemicals, shipping, metals, carbon and agriculture; and the automotive markets include manufacturers, suppliers, dealerships, service shops and customers.

Our operations consist of five businesses: S&P Global Market Intelligence (“Market Intelligence”), S&P Global Ratings (“Ratings”), S&P Global Energy (“Energy”), S&P Global Mobility (“Mobility”) and S&P Dow Jones Indices (“Indices”).

•Market Intelligence is a global provider of multi-asset-class data and analytics integrated with purpose-built workflow solutions.

•Ratings is an independent provider of credit ratings, research and analytics.

•Energy is a leading independent provider of information and benchmark prices for the energy and commodity markets.

•Mobility is a leading provider of solutions serving the full automotive value chain including vehicle manufacturers (Original Equipment Manufacturers or OEMs), automotive suppliers, mobility service providers, retailers, consumers, and finance and insurance companies.

•Indices is a global index provider maintaining a wide variety of valuation and index benchmarks for investment advisors, wealth managers and institutional investors.

On April 29, 2025, we announced that our Board of Directors decided to pursue a full separation of our Mobility segment, creating a new publicly traded company. The transaction, which would be implemented through the spin-off of shares of the new company to S&P Global shareholders, is expected to be tax-free for U.S. federal income tax purposes for S&P Global shareholders and is expected to be completed mid-2026, subject to the satisfaction of customary legal and regulatory requirements and approvals.

As of May 2, 2023, we completed the sale of S&P Global Engineering Solutions (“Engineering Solutions”), a provider of engineering standards and related technical knowledge, and the results are included through that date. See Note 2 — Acquisitions and Divestitures to the consolidated financial statements under Item 8, Consolidated Financial Statements and Supplementary Data, in this Annual Report on Form 10-K for further discussion.

36

Table of Contents

Shareholder Return

During the three years ended December 31, 2025, we have returned approximately $15.1 billion to our shareholders through a combination of share repurchases and our quarterly dividends: we completed share repurchases of approximately $11.6 billion and distributed regular quarterly dividends totaling approximately $3.5 billion. Also, on January 14, 2026, the Board of Directors approved a quarterly common stock dividend of $0.97 per share.

Key Results

[[GREPCENT_TABLE]]
[["(in millions)","Year ended December 31,","","% Change 1"],["","2025","","2024","","2023","","\u201925 vs \u201924","","\u201924 vs \u201923"],["Revenue","$","15,336","","","$","14,208","","","$","12,497","","","8%","","14%"],["Operating profit 2","$","6,478","","","$","5,580","","","$","4,020","","","16%","","39%"],["% Operating margin","42","%","","39","%","","32","%"],["Diluted earnings per share from net income","$","14.66","","","$","12.35","","","$","8.23","","","19%","","50%"]]
[[/GREPCENT_TABLE]]

 1    % changes in the tables throughout the MD&A are calculated off of the actual number, not the rounded number presented.

 2    Operating profit for the year ended December 31, 2025 includes gain on dispositions of $273 million, employee severance charges of $157 million, disposition-related costs of $92 million, acquisition-related costs of $48 million, legal costs of $48 million, Executive Leadership Team transition costs, net of $42 million, lease impairments of $21 million, a statutorily required labor law accrual adjustment of $9 million, legal settlement recovery of $3 million and an asset write-off of $1 million. Operating profit for the year ended December 31, 2024 includes employee severance charges of $127 million, IHS Markit merger costs of $133 million, gain on dispositions of $59 million, legal costs of $20 million, disposition-related costs of $9 million, Executive Leadership Team transition costs of $8 million, a statutorily required bonus accrual adjustment of $7 million, lease impairments of $2 million and a net acquisition-related benefit of $1 million. Operating profit for the year ended December 31, 2023 includes IHS Markit merger costs of $236 million, employee severance charges of $184 million, acquisition-related costs of $77 million, loss on dispositions of $70 million, disposition-related costs of $24 million, lease impairments of $14 million, asset impairments of $9 million and an asset write-off of $1 million. Operating profit also includes amortization of intangibles from acquisitions of $1.1 billion for the years ended December 31, 2025, 2024 and 2023.

2025

Revenue increased 8% driven by increases at all of our reportable segments. The increase at Ratings was driven by growth in both non-transaction and transaction revenue. Non-transaction revenue increased primarily due to an increase in surveillance revenue and an increase in revenue at our Crisil subsidiary. Transaction revenue increased due to higher corporate bond ratings revenue, partially offset by lower bank loan ratings revenue. An increase in structured finance revenue driven by increased collateralized loan obligations (“CLOs”) issuance also contributed to transaction revenue growth. The increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics & Insights which was favorably impacted by the acquisition of Visible Alpha in May of 2024 and With Intelligence in November of 2025, growth for work flow solutions in Enterprise Solutions and growth in RatingsXpress® and RatingsDirect®, partially offset by the unfavorable impact of the sale of Fincentric in August of 2024. The increase at Indices was primarily due to higher asset-linked fees revenue, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Energy was primarily due to continued demand for market data and market insights products driven by expanded product offerings to our existing customers under enterprise use contracts, an increase in sales usage-based royalties revenue and an increase in conference revenue driven by increased attendance at CERAWeek in 2025. The increase at Mobility was primarily due to growth within the Dealer and Financial businesses driven by continued new business growth within the Dealer business, strong underwriting volumes and market share growth within the Financial business and the favorable impact of improved contract terms. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 16%. Excluding the impact of a higher gain on dispositions in 2025 of 8 percentage points, higher IHS Markit merger costs in 2024 of 5 percentage points and higher amortization of intangibles from acquisitions in 2024 of 1 percentage point, partially offset by higher disposition-related costs in 2025 of 3 percentage points, acquisition-related costs in 2025 compared to a net acquisition-related benefit in 2024 of 2 percentage points, higher employee severance charges in 2025 of 1 percentage point, and higher lease impairments in 2025 of 1 percentage point, higher Executive Leadership Team costs in 2025 of 1 percentage point and higher legal costs in 2025 of 1 percentage point, operating profit increased 11%. The increase was primarily due to revenue growth and decreased incentives, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and investments in strategic initiatives. Foreign exchange rates had a favorable impact of less than 1 percentage point.

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2024

Revenue increased 14% driven by increases at all of our reportable segments, partially offset by a decrease at Engineering Solutions due to its sale on May 2, 2023. The increase at Ratings was driven by growth in both transaction and non-transaction revenue. Transaction revenue increased primarily due to growth in corporate bond ratings revenue and bank loan ratings revenue driven by increased issuance volumes due to higher refinancing activity. Non-transaction revenue increased due to an increase in surveillance revenue and an increase in new entity credit ratings revenue. The increase at Market Intelligence was primarily due to subscription revenue growth in Data, Analytics & Insights, growth for work flow solutions at Enterprise Solutions and growth in RatingsXpress®, RatingsDirect® and Credit Analytics. Revenue growth at Energy was primarily due to continued demand for market data and market insights products. The increase at Indices was primarily due to higher asset-linked fees revenue, higher over-the-counter derivatives revenue, higher exchange-traded derivative revenue and higher data subscription revenue. The increase at Mobility was primarily due to new business growth within the Dealer business and strong underwriting volumes within the Financial business. Revenue at Market Intelligence was favorably impacted by the acquisition of Visible Alpha in May of 2024 and unfavorably impacted by the divestitures of Fincentric and the PrimeOne business in August of 2024 and November of 2024, respectively. Revenue at Energy was favorably impacted by the acquisition of World Hydrogen Leaders in May of 2024. Revenue at Mobility was favorably impacted by the acquisition of Market Scan in February of 2023. Foreign exchange rates had a favorable impact of less than 1 percentage point.

Operating profit increased 39%. Excluding the impact of a gain on dispositions in 2024 compared to a loss on dispositions, net in 2023 of 7 percentage points, higher IHS Markit merger costs in 2023 of 5 percentage points, a net acquisition-related benefit in 2024 compared to acquisition-related costs in 2023 of 4 percentage points, higher employee severance charges in 2023 of 3 percentage points, higher disposition-related costs in 2023 of 1 percentage point and higher lease impairments in 2023 of 1 percentage point, partially offset by higher

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/SPGI/mda/fy2025/
All MD&A years: /company/SPGI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/SPGI/mda/fy2024/): filed 2025-02-11; accession 0000064040-25-000052 (https://www.sec.gov/Archives/edgar/data/64040/000006404025000052/spgi-20241231.htm)
- [FY 2023 MD&A](/company/SPGI/mda/fy2023/): filed 2024-02-09; accession 0000064040-24-000071 (https://www.sec.gov/Archives/edgar/data/64040/000006404024000071/spgi-20231231.htm)
- [FY 2022 MD&A](/company/SPGI/mda/fy2022/): filed 2023-02-10; accession 0000064040-23-000058 (https://www.sec.gov/Archives/edgar/data/64040/000006404023000058/spgi-20221231.htm)
- [FY 2021 MD&A](/company/SPGI/mda/fy2021/): filed 2022-02-08; accession 0000064040-22-000055 (https://www.sec.gov/Archives/edgar/data/64040/000006404022000055/spgi-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7320 Services-Consumer Credit Reporting, Collection Agencies) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/SPGI.md · JSON record: /company/SPGI.json · verified financials: /company/SPGI/financials.json / /company/SPGI/financials.csv · machine TOC for the whole site: /llms.txt