S&P Global Inc. (SPGI) financial statements: income statement, balance sheet and cash flow

S&P Global Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), S&P Global Inc. reported revenue of $15.3B (+7.9% year on year) and net income of $4.8B (+15.7% year on year).

Income statement

S&P Global Inc. income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Revenue	$15.3B	$14.2B	$12.5B	$11.2B
Operating-related expenses	$4.6B	$4.4B	$4.1B	$3.8B
Selling and general expenses	$3.4B	$3.2B	$3.2B	$3.4B
Depreciation	$110.0M	$96.0M	$101.0M	$108.0M
Amortization of intangibles	$1.1B	$1.1B	$1.0B	$905.0M
Total expenses	$9.2B	$8.7B	$8.4B	$8.2B
(Gain) loss on dispositions, net	($273.0M)	($59.0M)	$70.0M	($1.9B)
Equity in income on unconsolidated subsidiaries	($28.0M)	($43.0M)	($36.0M)	($27.0M)
Operating profit	$6.5B	$5.6B	$4.0B	$4.9B
Other (income) expense, net	($36.0M)	($25.0M)	$15.0M	($70.0M)
Interest expense, net	$287.0M	$297.0M	$334.0M	$304.0M
Income before taxes on income	$6.2B	$5.3B	$3.7B	$4.7B
Provision for taxes on income	$1.4B	$1.1B	$778.0M	$1.2B
Net income	$4.8B	$4.2B	$2.9B	$3.5B
Less: net income attributable to noncontrolling interests	($349.0M)	($315.0M)	($267.0M)	($274.0M)
Net income attributable to S&P Global Inc.	$4.5B	$3.9B	$2.6B	$3.2B
Basic (in USD per share)	$14.67	$12.36	$8.25	$10.25
Diluted (in USD per share)	$14.66	$12.35	$8.23	$10.20
Basic (in shares)	304.8M	311.6M	318.4M	316.9M
Diluted (in shares)	305.1M	311.9M	318.9M	318.5M
Actual shares outstanding at year end (in shares)	298.8M	307.8M	314.1M	321.9M

S&P Global Inc. income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Revenue	$4.1B	$4.2B	$3.9B	$3.8B
Operating-related expenses	$1.2B	$1.2B	$1.1B	$1.1B
Selling and general expenses	$873.0M	$802.0M	$805.0M	$803.0M
Depreciation	$32.0M	$31.0M	$28.0M	$26.0M
Amortization of intangibles	$275.0M	$276.0M	$266.0M	$270.0M
Total expenses	$2.3B	$2.3B	$2.2B	$2.2B
Gain on dispositions	($11.0M)	($175.0M)	$0	($3.0M)
Equity in income on unconsolidated subsidiaries	$0	$0	($7.0M)	($11.0M)
Operating profit	$1.8B	$2.0B	$1.7B	$1.6B
Other income, net	($4.0M)	($2.0M)	($2.0M)	($28.0M)
Interest expense, net	$87.0M	$96.0M	$79.0M	$77.0M
Income before taxes on income	$1.7B	$1.9B	$1.6B	$1.5B
Provision for taxes on income	$406.0M	$404.0M	$333.0M	$342.0M
Net income	$1.3B	$1.5B	$1.3B	$1.2B
Less: net income attributable to noncontrolling interests	($106.0M)	($109.0M)	($89.0M)	($88.0M)
Net income attributable to S&P Global Inc.	$1.2B	$1.4B	$1.2B	$1.1B
Basic (USD per share)	$4.12	$4.69	$3.86	$3.50
Diluted (USD per share)	$4.12	$4.69	$3.86	$3.50
Basic (shares)	295.4M	297.3M	304.3M	305.9M
Diluted (shares)	295.5M	297.6M	304.5M	306.1M
Actual shares outstanding at period end (shares)	294.8M	296.0M	303.4M	305.3M

Balance sheet

S&P Global Inc. balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.7B	$1.7B	$1.3B	$1.3B
Restricted cash	$0	$0	$1.0M	$1.0M
Short-term investments	$56.0M	$20.0M	$26.0M	$14.0M
Accounts receivable, net of allowance for doubtful accounts: 2025- $50 ; 2024 - $44	$3.4B	$2.9B	$2.8B	$2.5B
Prepaid and other current assets	$858.0M	$906.0M	$1.0B	$574.0M
Assets held for sale	$196.0M	—	—	—
Total current assets	$6.3B	$5.5B	$5.1B	$5.7B
Buildings and leasehold improvements	$444.0M	$433.0M	$424.0M	$468.0M
Equipment and furniture	$695.0M	$655.0M	$628.0M	$688.0M
Total property and equipment	$1.1B	$1.1B	$1.1B	$1.2B
Less: accumulated depreciation	($861.0M)	($823.0M)	($794.0M)	($859.0M)
Property and equipment, net	$278.0M	$265.0M	$258.0M	$297.0M
Right of use assets	$413.0M	$413.0M	$379.0M	$423.0M
Goodwill	$36.5B	$34.9B	$34.9B	$34.5B
Other intangible assets, net	$16.3B	$16.6B	$17.4B	$18.3B
Equity investments in unconsolidated subsidiaries	$603.0M	$1.8B	$1.8B	$1.8B
Asset for pension benefits	$254.0M	$246.0M	$238.0M	$232.0M
Other non-current assets	$610.0M	$591.0M	$536.0M	$562.0M
Total Assets	$61.2B	$60.2B	$60.6B	$61.8B
Accounts payable	$610.0M	$553.0M	$557.0M	$450.0M
Accrued compensation and contributions to retirement plans	$988.0M	$1.1B	$906.0M	$753.0M
Short-term debt	$718.0M	$4.0M	$47.0M	$226.0M
Income taxes currently payable	$180.0M	$199.0M	$121.0M	$116.0M
Unearned revenue	$4.1B	$3.7B	$3.5B	$3.1B
Other current liabilities	$1.0B	$869.0M	$1.0B	$1.1B
Liabilities held for sale	$43.0M	—	$0	$234.0M
Total current liabilities	$7.6B	$6.4B	$6.1B	$6.0B
Long-term debt	$12.4B	$11.4B	$11.4B	$10.7B
Lease liabilities – non-current	$494.0M	$535.0M	$541.0M	$577.0M
Pension and other postretirement benefits	$178.0M	$180.0M	$199.0M	$180.0M
Deferred tax liability – non-current	$3.3B	$3.4B	$3.7B	$4.1B
Other non-current liabilities	$1.1B	$815.0M	$522.0M	$489.0M
Total liabilities	$25.0B	$22.7B	$22.5B	$22.0B
Redeemable noncontrolling interests	$4.9B	$4.3B	$3.8B	$3.3B
Common stock, $1 par value: authorized - 600 million shares; issued: 415 million shares in 2025 and 2024	415.0M	415.0M	415.0M	415.0M
Additional paid-in capital	$44.1B	$44.3B	$44.2B	$44.4B
Retained income	$23.7B	$21.0B	$18.7B	$17.8B
Accumulated other comprehensive loss	($697.0M)	($883.0M)	($763.0M)	($886.0M)
Less: common stock in treasury - at cost: 2025 - 109 million shares; 2024 - 100 million shares	-36.4B	-31.7B	-28.4B	-25.3B
Total equity – controlling interests	$31.1B	$33.2B	$34.2B	$36.4B
Total equity – noncontrolling interests	$108.0M	$97.0M	$100.0M	$89.0M
Total equity	$31.2B	$33.3B	$34.3B	$36.5B
Total liabilities and equity	$61.2B	$60.2B	$60.6B	$61.8B

S&P Global Inc. balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$4.1B	$1.8B	$1.7B	$1.8B
Restricted cash	$7.0M	$0	$0	$0
Accounts receivable, net of allowance for doubtful accounts: 2026 - $55; 2025 - $50	$3.4B	$3.5B	$2.9B	$3.0B
Prepaid and other current assets	$1.0B	$889.0M	$926.0M	$1.1B
Assets held for sale	$120.0M	$128.0M	$200.0M	—
Total current assets	$8.7B	$6.3B	$5.7B	$5.9B
Property and equipment, net of accumulated depreciation: 2026 - $852; 2025 - $861	$254.0M	$261.0M	$270.0M	$275.0M
Right of use assets	$392.0M	$388.0M	$384.0M	$405.0M
Goodwill	$36.3B	$36.4B	$34.9B	$35.1B
Other intangible assets, net	$15.7B	$16.0B	$15.8B	$16.1B
Equity investments in unconsolidated subsidiaries	$613.0M	$605.0M	$1.9B	$1.8B
Other non-current assets	$895.0M	$884.0M	$837.0M	$842.0M
Total assets	$62.9B	$60.8B	$59.7B	$60.4B
Accounts payable	$611.0M	$510.0M	$418.0M	$532.0M
Accrued compensation and contributions to retirement plans	$581.0M	$439.0M	$714.0M	$582.0M
Short-term debt	$2.6B	$2.7B	$3.0M	$3.0M
Income taxes currently payable	$238.0M	$482.0M	$197.0M	$198.0M
Unearned revenue	$3.9B	$4.0B	$3.6B	$3.9B
Other current liabilities	$1.2B	$1.2B	$799.0M	$796.0M
Liabilities held for sale	$28.0M	$27.0M	$45.0M	—
Total current liabilities	$9.1B	$9.3B	$5.8B	$6.0B
Long-term debt	$12.6B	$10.6B	$11.4B	$11.4B
Lease liabilities — non-current	$452.0M	$458.0M	$481.0M	$512.0M
Pension and other postretirement benefits	$177.0M	$176.0M	$187.0M	$188.0M
Deferred tax liability — non-current	$3.1B	$3.2B	$3.0B	$3.2B
Other non-current liabilities	$764.0M	$771.0M	$1.2B	$1.2B
Total liabilities	$26.3B	$24.6B	$22.1B	$22.4B
Redeemable noncontrolling interests (Note 8)	$5.0B	$4.9B	$4.5B	$4.5B
Common stock, $1 par value: authorized - 600 million shares; issued - 2026 and 2025 415 million shares	415.0M	415.0M	415.0M	415.0M
Additional paid-in capital	$44.5B	$44.5B	$44.4B	$44.4B
Retained income	$25.6B	$24.8B	$23.3B	$22.4B
Accumulated other comprehensive loss	($772.0M)	($736.0M)	($798.0M)	($795.0M)
Less: common stock in treasury	($38.3B)	($37.8B)	($34.1B)	($33.0B)
Total equity — controlling interests	$31.5B	$31.2B	$33.1B	$33.4B
Total equity — noncontrolling interests	$115.0M	$115.0M	$105.0M	$106.0M
Total equity	$31.6B	$31.3B	$33.2B	$33.5B
Total liabilities and equity	$62.9B	$60.8B	$59.7B	$60.4B

Cash flow statement

S&P Global Inc. cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net income	$4.8B	$4.2B	$2.9B	$3.5B
Depreciation	$110.0M	$96.0M	$101.0M	$108.0M
Amortization of intangibles	$1.1B	$1.1B	$1.0B	$905.0M
Provision for losses on accounts receivable	$39.0M	$43.0M	$28.0M	$24.0M
Deferred income taxes	($242.0M)	($323.0M)	($381.0M)	($353.0M)
Stock-based compensation	$236.0M	$247.0M	$171.0M	$214.0M
(Gain) loss on dispositions, net	($273.0M)	($59.0M)	$70.0M	($1.9B)
Restructuring, lease impairment charges and other	$324.0M	$206.0M	$246.0M	—
Accounts receivable	($600.0M)	($79.0M)	($291.0M)	$36.0M
Prepaid and other current assets	$32.0M	($79.0M)	($310.0M)	($123.0M)
Accounts payable and accrued expenses	($55.0M)	$245.0M	$328.0M	$43.0M
Unearned revenue	$327.0M	$222.0M	$352.0M	$37.0M
Other current liabilities	($81.0M)	($418.0M)	($277.0M)	($2.0M)
Net change in prepaid/accrued income taxes	$100.0M	$192.0M	($175.0M)	($135.0M)
Net change in other assets and liabilities	($155.0M)	$152.0M	($87.0M)	$70.0M
Cash provided by operating activities	$5.7B	$5.7B	$3.7B	$2.6B
Capital expenditures	($195.0M)	($124.0M)	($143.0M)	($89.0M)
Acquisitions, net of cash acquired	($2.0B)	($305.0M)	($296.0M)	$210.0M
Proceeds from dispositions	$1.5B	$168.0M	$1.0B	$3.5B
Changes in short-term investments	($35.0M)	$6.0M	($13.0M)	($2.0M)
Cash (used for) provided by investing activities	($704.0M)	($255.0M)	$562.0M	$3.6B
Additions to / (payments on) short-term debt, net	$715.0M	—	—	—
Proceeds from issuance of senior notes, net	$993.0M	$0	$744.0M	$5.4B
Payments on senior notes	($4.0M)	($47.0M)	$0	($3.7B)
Dividends paid to shareholders	($1.2B)	($1.1B)	($1.1B)	($1.0B)
Distributions to noncontrolling interest holders	($321.0M)	($287.0M)	($280.0M)	($270.0M)
Repurchase of treasury shares	-5.0B	-3.3B	-3.3B	-12.0B
Contingent consideration payments	($10.0M)	($107.0M)	($9.0M)	—
Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other	($132.0M)	—	—	—
Cash used for financing activities	($4.9B)	($5.0B)	($4.3B)	($11.3B)
Effect of exchange rate changes on cash	$62.0M	($61.0M)	$12.0M	($123.0M)
Net change in cash, cash equivalents, and restricted cash	$79.0M	$375.0M	$4.0M	($5.2B)
Cash, cash equivalents, and restricted cash at beginning of year	$1.7B	$1.3B	$1.3B	$6.5B
Cash, cash equivalents, and restricted cash at end of year	$1.7B	$1.7B	$1.3B	$1.3B
Interest	$390.0M	$391.0M	$369.0M	$240.0M
Income taxes	$1.5B	$1.2B	$1.3B	$1.6B

S&P Global Inc. cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net income	$2.8B	$1.5B	$3.6B	$2.3B
Depreciation	$64.0M	$31.0M	$79.0M	$51.0M
Amortization of intangibles	$551.0M	$276.0M	$803.0M	$537.0M
Provision for losses on accounts receivable	$27.0M	$15.0M	$28.0M	$17.0M
Deferred income taxes	($114.0M)	($50.0M)	($287.0M)	($138.0M)
Stock-based compensation	$95.0M	$39.0M	$167.0M	$92.0M
Gain on dispositions	($186.0M)	($175.0M)	($3.0M)	($3.0M)
Other	$77.0M	$6.0M	$204.0M	$250.0M
Accounts receivable	($92.0M)	($131.0M)	($31.0M)	($101.0M)
Prepaid and other current assets	($55.0M)	$1.0M	$72.0M	($20.0M)
Accounts payable and accrued expenses	($403.0M)	($646.0M)	($493.0M)	($524.0M)
Unearned revenue	($119.0M)	($76.0M)	($68.0M)	$137.0M
Other current liabilities	($123.0M)	($29.0M)	($176.0M)	($140.0M)
Net change in prepaid/accrued income taxes	$8.0M	$314.0M	$86.0M	$2.0M
Net change in other assets and liabilities	($82.0M)	($42.0M)	($74.0M)	($93.0M)
Cash provided by operating activities	$2.5B	$1.0B	$3.9B	$2.4B
Capital expenditures	($65.0M)	($27.0M)	($149.0M)	($104.0M)
Acquisitions, net of cash acquired	($26.0M)	($12.0M)	($50.0M)	($25.0M)
Proceeds from dispositions, net	$361.0M	$345.0M	$19.0M	$15.0M
Changes in short-term investments	($18.0M)	($15.0M)	($52.0M)	($17.0M)
Cash provided by (used for) investing activities	$252.0M	$291.0M	($232.0M)	($131.0M)
Additions to short-term debt, net	$110.0M	$236.0M	—	—
Proceeds from issuance of senior notes, net	$2.0B	—	—	—
Payments on senior notes	($3.0M)	($3.0M)	($4.0M)	($4.0M)
Dividends paid to shareholders	($575.0M)	($288.0M)	($880.0M)	($589.0M)
Distributions to noncontrolling interest holders	($162.0M)	($91.0M)	($234.0M)	($168.0M)
Repurchase of treasury shares	-1.5B	-1.0B	-2.5B	-1.3B
Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other	($148.0M)	($91.0M)	($101.0M)	($94.0M)
Cash used for financing activities	($292.0M)	($1.2B)	($3.7B)	($2.2B)
Effect of exchange rate changes on cash	($40.0M)	($26.0M)	$63.0M	$76.0M
Net change in cash, cash equivalents, and restricted cash	$2.4B	$65.0M	$6.0M	$181.0M
Cash, cash equivalents, and restricted cash at beginning of period	$1.7B	$1.7B	$1.7B	$1.7B
Cash, cash equivalents, and restricted cash at end of period	$4.1B	$1.8B	$1.7B	$1.8B

S&P Global Inc. score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.