SPGI Financials S&P Global

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 46 d ago Overview →

Growth & profitability

Revenue has grown 15.6% per year over the past 5 years.
Net income has grown slower than revenue (13.8% vs 15.6% per year).
Operating margin has contracted, at 42.2% in the latest year.
Free cash flow has grown 9.3% per year over the past 5 years.

Financial health

Total debt ($13.1B) exceeds cash ($1.7B); net debt is $11.3B.
Total debt has grown faster than revenue (26.1% vs 15.6% per year).
Operating income covered interest expense 23× in the latest year.
Total debt is 1.7× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 26.2% of earnings and 21.4% of free cash flow.
The dividend has grown 12.6% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$15.3B	$4.5B	70.2%	42.2%	14.4%	7.3%	$5.5B	$13.1B	$1.7B
2024	$14.2B	$3.9B	69.3%	39.3%	11.6%	6.4%	$5.6B	$11.4B	$1.7B
2023	$12.5B	$2.6B	66.9%	32.2%	7.7%	4.3%	$3.6B	$11.5B	$1.3B
2022	$11.2B	$3.2B	66.4%	44.2%	8.9%	5.3%	$2.5B	$11.0B	$1.3B
2021	$8.3B	$3.0B	73.7%	50.9%	148.8%	20.1%	$3.6B	$4.1B	$6.5B
2020	$7.4B	$2.3B	71.9%	48.6%	459.5%	18.7%	$3.5B	$4.1B	$4.1B
2019	$6.7B	$2.1B	70.5%	48.2%	443.2%	18.7%	$2.7B	$3.9B	$2.9B
2018	$6.3B	$2.0B	70.6%	44.6%	311.8%	20.7%	$2.0B	$3.7B	$1.9B
2017	$6.1B	$1.5B	72.1%	42.6%	211.0%	15.9%	$1.9B	$3.6B	$2.8B
2016	$5.7B	$2.1B	68.7%	59.0%	324.0%	24.3%	$1.4B	$3.6B	$2.4B
2015	—	$1.2B	—	—	595.9%	14.1%	$217M	$3.6B	$1.5B
2014	—	-$115M	—	—	-23.6%	-1.7%	$1.1B	$799M	$2.5B
2013	—	$1.4B	—	—	105.8%	22.7%	$665M	$799M	$1.5B
2012	—	$437M	—	—	57.0%	6.2%	$634M	$1.3B	$760M
2011	—	$911M	—	—	60.4%	13.8%	$832M	$1.2B	$835M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Mar '26	$4.2B	$1.4B	70.4%	48.0%	4.5%	2.3%	$1.0B	$13.3B	$1.8B
Dec '25	$3.9B	$1.1B	70.1%	42.7%	3.6%	1.9%	$1.7B	$13.1B	$1.7B
Sep '25	$3.9B	$1.2B	71.2%	43.1%	3.5%	2.0%	$1.5B	$11.4B	$1.7B
Jun '25	$3.8B	$1.1B	70.2%	41.3%	3.2%	1.8%	$1.4B	$11.4B	$1.8B
Mar '25	$3.8B	$1.1B	69.5%	41.8%	3.3%	1.8%	$910M	$11.4B	$1.5B
Dec '24	$3.6B	$880M	69.2%	36.4%	2.7%	1.5%	$1.7B	$11.4B	$1.7B
Sep '24	$3.6B	$971M	70.2%	40.1%	2.9%	1.6%	$1.4B	$11.4B	$1.7B
Jun '24	$3.5B	$1.0B	69.6%	40.9%	2.9%	1.7%	$1.5B	$11.4B	$2.0B
Mar '24	$3.5B	$991M	68.2%	39.7%	2.9%	1.6%	$924M	$11.7B	$1.5B
Dec '23	$3.2B	$579M	67.3%	28.2%	1.7%	1.0%	$1.3B	$11.5B	$1.3B
Sep '23	$3.1B	$742M	67.7%	34.8%	2.1%	1.2%	$977M	$11.5B	$1.6B
Jun '23	$3.1B	$511M	66.9%	29.4%	1.4%	0.8%	$738M	$11.5B	$1.6B
Mar '23	$3.2B	$795M	65.6%	36.2%	2.2%	1.3%	$566M	$11.7B	$1.4B
Dec '22	$2.9B	$433M	65.7%	24.4%	1.2%	0.7%	$1.1B	$11.0B	$1.3B
Sep '22	$2.9B	$608M	65.4%	29.8%	1.6%	1.0%	$793M	$10.8B	$1.4B
Jun '22	$3.0B	$972M	66.4%	49.5%	2.5%	1.5%	$430M	$10.8B	$3.6B
Mar '22	$2.4B	$1.2B	68.6%	79.2%	3.1%	1.9%	$206M	$11.4B	$4.4B
Dec '21	$2.1B	$675M	71.4%	43.3%	33.2%	4.5%	$938M	$4.1B	$6.5B
Sep '21	$2.1B	$797M	74.0%	51.9%	43.2%	5.6%	$959M	$4.1B	$5.9B
Jun '21	$2.1B	$798M	74.7%	54.8%	63.1%	6.0%	$916M	$4.1B	$5.2B

Valuation over time

How the market has priced SPGI against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 31.4× (Mar '23) to 29.8× (Sep '26).
The price-to-sales ratio has fallen from 9.1× (Mar '23) to 8.7× (Sep '26).
The dividend yield has fallen from 1.0% (Mar '23) to 0.9% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is SPGI growing its revenue and profit?

Over the past 5 years, S&P Global's revenue has grown 15.6% per year, and net income grown 13.8% per year. These are computed facts, not advice.

How much debt does SPGI have?

As of FY2025, S&P Global reported $13.1B of total debt against $1.7B of cash; operating income covered interest expense 23×.

What is SPGI's profit margin?

In FY2025, gross margin was 70.2%, operating margin 42.2%, and net margin 29.2%.

What is SPGI's P/E ratio?

As of Sep '26, S&P Global traded at a price-to-earnings ratio of about 29.8× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.