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S&P Global

SPGI Clue Score75
United States Fiscal year ends December CIK 0000064040
$407.82 +1.26% Close, 9 Oct 2026
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Price $407.82 −4.82% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue5.66Operating income3.34Net income2.11EPS, diluted7.94Fiscal year 2017Revenue6.06 +7.1%Operating income2.58Net income1.50 −29.0%EPS, diluted5.78 −27.2%Fiscal year 2018Revenue6.26 +3.2%Operating income2.79Net income1.96 +30.9%EPS, diluted7.73 +33.7%Fiscal year 2019Revenue6.70 +7.0%Operating income3.23Net income2.12 +8.4%EPS, diluted8.60 +11.3%Fiscal year 2020Revenue7.44 +11.1%Operating income3.62Net income2.34 +10.2%EPS, diluted9.66 +12.3%Fiscal year 2021Revenue8.30 +11.5%Operating income4.22Net income3.02 +29.3%EPS, diluted12.51 +29.5%Fiscal year 2022Revenue11.18 +34.8%Operating income4.94Net income3.25 +7.4%EPS, diluted10.20 −18.5%Fiscal year 2023Revenue12.50 +11.8%Operating income4.02Net income2.63 −19.2%EPS, diluted8.23 −19.3%Fiscal year 2024Revenue14.21 +13.7%Operating income5.58Net income3.85 +46.7%EPS, diluted12.35 +50.1%Fiscal year 2025Revenue15.34 +7.9%Operating income6.48Net income4.47 +16.1%EPS, diluted14.66 +18.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 5.66 6.06 6.26 6.70 7.44 8.30 11.18 12.50 14.21 15.34
Growth +7.1% +3.2% +7.0% +11.1% +11.5% +34.8% +11.8% +13.7% +7.9%
Operating income 3.34 2.58 2.79 3.23 3.62 4.22 4.94 4.02 5.58 6.48
Net income 2.11 1.50 1.96 2.12 2.34 3.02 3.25 2.63 3.85 4.47
Growth −29.0% +30.9% +8.4% +10.2% +29.3% +7.4% −19.2% +46.7% +16.1%
EPS, diluted 7.94 5.78 7.73 8.60 9.66 12.51 10.20 8.23 12.35 14.66
Growth −27.2% +33.7% +11.3% +12.3% +29.5% −18.5% −19.3% +50.1% +18.7%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin59.0%Net margin37.2%Free cash flow margin25.5%Fiscal year 2017Operating margin42.6%Net margin24.7%Free cash flow margin31.2%Fiscal year 2018Operating margin44.6%Net margin31.3%Free cash flow margin31.2%Fiscal year 2019Operating margin48.2%Net margin31.7%Free cash flow margin39.7%Fiscal year 2020Operating margin48.6%Net margin31.4%Free cash flow margin46.9%Fiscal year 2021Operating margin50.9%Net margin36.4%Free cash flow margin42.9%Fiscal year 2022Operating margin44.2%Net margin29.0%Free cash flow margin22.5%Fiscal year 2023Operating margin32.2%Net margin21.0%Free cash flow margin28.5%Fiscal year 2024Operating margin39.3%Net margin27.1%Free cash flow margin39.2%Fiscal year 2025Operating margin42.2%Net margin29.2%Free cash flow margin35.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 59.0% 42.6% 44.6% 48.2% 48.6% 50.9% 44.2% 32.2% 39.3% 42.2%
Net margin 37.2% 24.7% 31.3% 31.7% 31.4% 36.4% 29.0% 21.0% 27.1% 29.2%
Free cash flow margin 25.5% 31.2% 31.2% 39.7% 46.9% 42.9% 22.5% 28.5% 39.2% 35.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow1.56Capital expenditure−0.12Free cash flow1.45Buybacks−1.12Dividends paid−0.38Fiscal year 2017Operating cash flow2.02Capital expenditure−0.12Free cash flow1.89 +31.0%Buybacks−1.00Dividends paid−0.42Fiscal year 2018Operating cash flow2.06Capital expenditure−0.11Free cash flow1.95 +3.1%Buybacks−1.66Dividends paid−0.50Fiscal year 2019Operating cash flow2.78Capital expenditure−0.12Free cash flow2.66 +36.4%Buybacks−1.24Dividends paid−0.56Fiscal year 2020Operating cash flow3.57Capital expenditure−0.08Free cash flow3.49 +31.2%Buybacks−1.16Dividends paid−0.65Fiscal year 2021Operating cash flow3.60Capital expenditure−0.04Free cash flow3.56 +2.1%Buybacks0.00Dividends paid−0.74Fiscal year 2022Operating cash flow2.60Capital expenditure−0.09Free cash flow2.51 −29.4%Buybacks−12.00Dividends paid−1.02Fiscal year 2023Operating cash flow3.71Capital expenditure−0.14Free cash flow3.57 +41.9%Buybacks−3.30Dividends paid−1.15Fiscal year 2024Operating cash flow5.69Capital expenditure−0.12Free cash flow5.57 +56.0%Buybacks−3.30Dividends paid−1.13Fiscal year 2025Operating cash flow5.65Capital expenditure−0.20Free cash flow5.46 −2.0%Buybacks−5.00Dividends paid−1.17
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 1.56 2.02 2.06 2.78 3.57 3.60 2.60 3.71 5.69 5.65
Capital expenditure −0.12 −0.12 −0.11 −0.12 −0.08 −0.04 −0.09 −0.14 −0.12 −0.20
Free cash flow 1.45 1.89 1.95 2.66 3.49 3.56 2.51 3.57 5.57 5.46
Growth +31.0% +3.1% +36.4% +31.2% +2.1% −29.4% +41.9% +56.0% −2.0%
Buybacks −1.12 −1.00 −1.66 −1.24 −1.16 0.00 −12.00 −3.30 −3.30 −5.00
Dividends paid −0.38 −0.42 −0.50 −0.56 −0.65 −0.74 −1.02 −1.15 −1.13 −1.17

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash2.39Total debt3.56Net cash (debt)−1.17Shareholders’ equity0.65Debt to equity5.48Fiscal year 2017Cash2.78Total debt3.17Net cash (debt)−0.39Shareholders’ equity0.71Debt to equity4.47Fiscal year 2018Cash1.92Total debt3.66Net cash (debt)−1.75Shareholders’ equity0.63Debt to equity5.83Fiscal year 2019Cash2.87Total debt3.95Net cash (debt)−1.08Shareholders’ equity0.48Debt to equity8.24Fiscal year 2020Cash4.11Total debt4.11Net cash (debt)−0.00Shareholders’ equity0.51Debt to equity8.07Fiscal year 2021Cash6.50Total debt4.11Net cash (debt)2.38Shareholders’ equity2.03Debt to equity2.02Fiscal year 2022Cash1.29Total debt10.73Net cash (debt)−9.44Shareholders’ equity36.39Debt to equity0.29Fiscal year 2023Cash1.29Total debt11.41Net cash (debt)−10.12Shareholders’ equity34.20Debt to equity0.33Fiscal year 2024Cash1.67Total debt11.39Net cash (debt)−9.73Shareholders’ equity33.16Debt to equity0.34Fiscal year 2025Cash1.75Total debt12.37Net cash (debt)−10.63Shareholders’ equity31.13Debt to equity0.40
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 2.39 2.78 1.92 2.87 4.11 6.50 1.29 1.29 1.67 1.75
Total debt 3.56 3.17 3.66 3.95 4.11 4.11 10.73 11.41 11.39 12.37
Net cash (debt) −1.17 −0.39 −1.75 −1.08 −0.00 2.38 −9.44 −10.12 −9.73 −10.63
Shareholders’ equity 0.65 0.71 0.63 0.48 0.51 2.03 36.39 34.20 33.16 31.13
Debt to equity 5.48 4.47 5.83 8.24 8.07 2.02 0.29 0.33 0.34 0.40

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
5.66 6.06 6.26 6.70 7.44 8.30 11.18 12.50 14.21 15.34
Growth +7.1% +3.2% +7.0% +11.1% +11.5% +34.8% +11.8% +13.7% +7.9%
1.77 1.69 1.84 1.98 2.09 2.18 3.75 4.14 4.36 4.56
1.47 1.61 1.42 1.34 1.54 1.73 3.40 3.16 3.20 3.42
3.34 2.58 2.79 3.23 3.62 4.22 4.94 4.02 5.58 6.48
Growth −22.7% +8.0% +15.6% +12.1% +16.7% +17.1% −18.7% +38.8% +16.1%
3.19 2.46 2.68 2.93 3.23 4.16 4.70 3.67 5.31 6.23
0.96 0.82 0.56 0.63 0.69 0.90 1.18 0.78 1.14 1.41
2.11 1.50 1.96 2.12 2.34 3.02 3.25 2.63 3.85 4.47
Growth −29.0% +30.9% +8.4% +10.2% +29.3% +7.4% −19.2% +46.7% +16.1%
Per share
8.02 5.84 7.80 8.65 9.71 12.56 10.25 8.25 12.36 14.67
7.94 5.78 7.73 8.60 9.66 12.51 10.20 8.23 12.35 14.66
Growth −27.2% +33.7% +11.3% +12.3% +29.5% −18.5% −19.3% +50.1% +18.7%
262.8 256.3 250.9 245.4 241.0 240.8 316.9 318.4 311.6 304.8
265.2 258.9 253.2 246.9 242.1 241.8 318.5 318.9 311.9 305.1
Growth −2.4% −2.2% −2.5% −1.9% −0.1% +31.7% +0.1% −2.2% −2.2%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 15.6% a year over five years, and earnings per share grew 8.7% a year.
  • The diluted share count rose 26.0% in five years, which is dilution.
  • Operating margin is down 6.4 points on five years ago, at 42.2%.
  • Profitable in every one of the 10 years on file.