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S&P Global (SPGI) stock

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NYSE: SPGI NYSE Financial Exchanges & Data Next results ~February 9, 2027

S&P Global is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: data-quality checks not passed.

Price vs value

Under review: data-quality checks not passed. We'll show the comparison once resolved.

S&P Global valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter S&P Global files

10-Q filed October 28: S&P Global

Revenue for the twelve months to September 2026 reached $17.2bn, up 18.2% on a year earlier and ahead of the 15.5% growth seen a quarter earlier. Operating margin widened to 45.1% from 41.1%, though free-cash-flow margin slipped to 30.5% from 37.6%. A diluted share count down 3.3% on a year earlier lifts the value of each remaining share. We keep the rating at Hold. At that price, the market is pricing in roughly 9.8% a year of cash-flow growth over five years, below the 15.7% a year revenue growth the company has delivered.

Our model value for S&P Global is under review, so past values are not shown until it is resolved.

Source: 10-Q filed October 28, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where S&P Global stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $16.1bn, up 9.7% on a year earlier, faster than 8.5% a quarter earlier. Free-cash-flow margin fell to 34.6% from 36.8% a year earlier. Operating margin widened to 44.4% from 39.9%. The diluted share count is down 2.8% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 7 financial-health checks. At that price, our model says the market is pricing in about 9.2% a year of cash-flow growth for five years, slower than the 14.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 9, 2027 (estimated)

S&P Global's trailing-twelve-month revenue grew 18.2% year on year, with a free-cash-flow margin of 30.5%.

Our discounted-cash-flow model values the business at ~$520 per share in the base case (~$380–$710 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 4.1% while net income grew 18.2%: a 22pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 18.2% over the last 12 months.
  • High operating margin. 45.1% of revenue is left as operating profit.
  • Margins widening. Operating margin is up 4.0 points on a year ago.
  • Strong cash generation. 30.5% of revenue turned into free cash flow.
  • Shrinking share count. Diluted shares fell 3.3% in a year, so each share owns more of the business.

Things to watch

  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed October 28, 2026
Earnings per share
$4.58 against an average estimate of $4.42: beat by 3.7%
Revenue
$3.68bn, up 6.8% on a year earlier
Share reaction
-0.3% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
revenue growth growth 5.9% to 7.9% (Full-Year 2026 Outlook); revenue growth growth 5.9% to 7.9% (Full-Year 2026 Outlook)
Next report
October 27, 2026; average EPS estimate $4.06

S&P Global's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.8%
  • 1 week+5.4%
  • 1 month+23.0%
  • This year-3.2%
  • 1 year+4.0%
  • 5 years+15.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$17.2B
Operating margin
45.1%
Net margin
29.0%
EPS (TTM, diluted)
$16.80

Growth

Revenue growth
+18.2%
Change in growth rate
+2.7 pts
Share count change
−3.3%

Cash

Free cash flow (TTM)
$5.3B
FCF margin
30.5%
Stock pay % of revenue
1.0%

Earnings

Last results
October 27, 2026
Next results (est.)
February 9, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Our research
  2. Results
  3. Announcement
  4. Deal
  5. Our research
  6. Announcement
  7. Dividend
  8. Deal
  9. Deal
  10. Announcement
  11. Results
  12. Guidance
  13. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

S&P Global valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: data-quality checks not passed.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value S&P Global as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9%: the 10-year Treasury yield (4.9%) plus a beta of 0.9 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. — Does not apply: This model is withheld pending its input or assumption review.
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$290 ~$230–$460 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$110 ~$78–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$120 ~$100–$140 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$6.8 ~$73–$300 Left out: out of range vs price (0.01x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$140 ~$110–$170 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare S&P Global with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$84.24$93.13$148.38$150.41$244.07$296.29$428.69$307.01$407.69$464.50$491.01$475.17
Market value$23.1bn$24.7bn$38.4bn$38.1bn$60.3bn$71.7bn$103.7bn$97.8bn$130.0bn$144.9bn$149.8bn$141.0bn
+ Net debt (− = net cash)$2.1bn$1.2bn$792m$1.7bn$1.1bn$2m−$2.4bn$9.7bn$10.2bn$9.7bn$11.4bn$10.6bn
Enterprise value$25.3bn$25.9bn$39.2bn$39.8bn$61.3bn$71.7bn$101.3bn$107.5bn$140.2bn$154.6bn$161.2bn$151.6bn
Multiples
Price / sales 4.4x4.4x6.3x6.1x9.0x9.6x12.5x8.7x10.4x10.2x9.8x8.2x
Price / earnings 20.0x11.7x25.7x19.5x28.4x30.7x34.3x30.1x49.5x37.6x33.5x28.3x
Price / free cash flow 106.6x17.1x20.3x19.5x22.6x20.5x29.1x38.9x36.4x26.0x27.5x26.8x
EV / EBITDA 12.2x7.3x14.2x13.3x17.9x18.8x23.0x18.0x27.2x22.9x21.1x16.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

84 /100

Strong moat

How hard S&P Global's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 22.4% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 70.5%, moving by 2.1 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 46.5%; its worst year was 31.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 34.4% of revenue.

  • Discipline 10 / 20

    The diluted share count rose 22.8% over five years; stock-based pay has been a median 1.4% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (90 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.92 +1% $14.8bn −4%
Next $20.22 +13% $15.6bn +6%

Next year's EPS estimate has moved +0.1% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 2 analysts raised S&P Global's forecast and 2 cut it.

Consensus EPS forecast S&P Global, last 90 days
$17.00 $18.00 $19.00 $20.00 $21.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.88 Current fiscal year, 60 days ago: $17.88 Current fiscal year, 30 days ago: $17.87 Current fiscal year, 7 days ago: $17.86 Current fiscal year, Now: $17.92 $17.92 Next fiscal year, 90 days ago: $20.20 Next fiscal year, 60 days ago: $20.24 Next fiscal year, 30 days ago: $20.22 Next fiscal year, 7 days ago: $20.17 Next fiscal year, Now: $20.22 $20.22

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.88$20.20
60 days ago $17.88$20.24
30 days ago $17.87$20.22
7 days ago $17.86$20.17
Now $17.92$20.22

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.42 $4.58 +3.7%
Jun 2026 $5.02 $4.87 −2.9%
Mar 2026 $4.82 $4.97 +3.2%
Dec 2025 $4.34 $4.30 −0.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • Revenue growth Full-Year 2026 Outlook 5.9% growth to 7.9% growth GAAP New
    “Revenue growth 5.9% to 7.9% 5.9% to 7.9%” source
  • Revenue growth Full-Year 2026 Outlook 5.9% growth to 7.9% growth Non-GAAP
    “Revenue growth 5.9% to 7.9% 5.9% to 7.9%” source
  • Organic, Constant Currency Revenue growth Full-Year 2026 Outlook 6% growth to 8% growth Non-GAAP
    “Organic, Constant Currency Revenue growth -- 6.0% to 8.0%” source
  • Diluted EPS Full-Year 2026 Outlook $16.35 to $16.60 GAAP New
    “Diluted EPS $16.35 to $16.60 $17.50 to $17.75” source
  • Diluted EPS Full-Year 2026 Outlook $17.50 to $17.75 Non-GAAP
    “Diluted EPS $16.35 to $16.60 $17.50 to $17.75” source
  • Operating Profit Margin expansion Full-Year 2026 Outlook 335 to 360 GAAP New
    “Operating Profit Margin expansion 335 to 360 bps 35 to 60 bps” source
Show 12 more items
  • Operating Profit Margin expansion Full-Year 2026 Outlook 35 to 60 Non-GAAP
    “Operating Profit Margin expansion 335 to 360 bps 35 to 60 bps” source
  • Operating Profit Margin expansion, excluding OSTTRA Full-Year 2026 Outlook 75 to 100 Non-GAAP
    “Operating Profit Margin expansion, excluding OSTTRA -- 75 to 100 bps” source
  • Corporate Unallocated Expense Full-Year 2026 Outlook $205m to $215m GAAP New
    “Corporate Unallocated Expense $205 to $215 million $185 to $195 million” source
  • Corporate Unallocated Expense Full-Year 2026 Outlook $185m to $195m Non-GAAP
    “Corporate Unallocated Expense $205 to $215 million $185 to $195 million” source
  • Deal-related Amortization Full-Year 2026 Outlook about $785m GAAP New
    “Deal-related Amortization ~$785 million ~$785 million” source
  • Deal-related Amortization Full-Year 2026 Outlook about $785m Non-GAAP
    “Deal-related Amortization ~$785 million ~$785 million” source
  • Interest Expense, net Full-Year 2026 Outlook $365m to $385m GAAP New
    “Interest Expense, net $365 to $385 million $390 to $410 million” source
  • Interest Expense, net Full-Year 2026 Outlook $390m to $410m Non-GAAP
    “Interest Expense, net $365 to $385 million $390 to $410 million” source
  • Tax Rate Full-Year 2026 Outlook 22% to 23% GAAP New
    “Tax Rate 22% to 23% 22% to 23%” source
  • Tax Rate Full-Year 2026 Outlook 22% to 23% Non-GAAP
    “Tax Rate 22% to 23% 22% to 23%” source
  • Capital Expenditures Full-Year 2026 Outlook $190m to $210m GAAP New
    “Capital Expenditures $190 to $210 million $190 to $210 million” source
  • Capital Expenditures Full-Year 2026 Outlook $190m to $210m Non-GAAP
    “Capital Expenditures $190 to $210 million $190 to $210 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

23 analysts, Oct 2026
Buy2296%
Hold14%
Sell00%

Monthly trend

  1. Oct 202661623
  2. Sep 202661724
  3. Aug 202661724
  4. Jul 202661724

Counts of recommendations published by analysts covering S&P Global, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.6%
of tradable shares
Days to cover
2.48
at average volume
Short interest, 1 month
−32%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.1%
of shares
Employees
44,500
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +4.0%

$456.87 on October 31, 2025 to $475.17

ThenNowEffect
Revenue (last 12 months) $14.7bn $17.0bn +15.5%
Net margin 27.3% 29.0% +6.2%
P/E multiple 35.1x 29.0x −17.6%
Share count 309m 300m +2.9%

Biggest factor: p/e multiple.

Last 3 years +34.4%

$353.60 on November 3, 2023 to $475.17

ThenNowEffect
Revenue (last 12 months) $12.1bn $17.0bn +40.8%
Net margin 19.5% 29.0% +48.9%
P/E multiple 49.0x 29.0x −40.9%
Share count 325m 300m +8.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SPGI+45%−28%+33%+14%+6%−3%
Industry peers (median)+40%−24%+31%+18%−3%+12%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SPGI67%33%58%58%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SPGI−8%−39%−20%−11%−19%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 40% from December 15, 2021 to October 14, 2022. Getting back needed a 66% gain, reached on July 11, 2024, 636 days after the low.

Price behaviour

52-week range
$367.15 – $513.34
From 52-week high
−7.4%
vs 50-day average
+12.5%
vs 200-day average
+14.3%
Volatility (1 year)
31%
Beta vs S&P 500
0.32

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±3.5%
After a week
5 up, 6 down
typical move ±4.6%
After a month
6 up, 5 down
typical move ±4.6%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −0.3% +0.9% — —
July 28, 2026 −4.6% −1.3% −6.2% −0.5%
April 28, 2026 −0.9% −0.5% −3.1% −4.5%
February 10, 2026 −12.0% −0.3% −5.6% −5.3%
October 30, 2025 +3.0% −0.8% +3.6% +4.9%
July 31, 2025 +3.1% −2.0% +5.6% +3.8%
April 29, 2025 +4.3% +0.7% +4.7% +7.4%
February 11, 2025 +3.1% −0.2% +5.3% −6.7%
October 24, 2024 −4.0% +0.2% −6.0% +0.7%
July 30, 2024 −1.0% +1.1% −2.1% +3.3%
April 25, 2024 +0.6% +0.6% +0.9% +6.0%
February 8, 2024 −4.7% +0.6% −7.7% −7.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Revenue (TTM) S&P Global
$12B $14B $16B $18B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $12.5B Revenue (TTM), FY24 Q1: $12.8B Revenue (TTM), FY24 Q2: $13.3B Revenue (TTM), FY24 Q3: $13.8B Revenue (TTM), FY24 Q4: $14.2B Revenue (TTM), FY25 Q1: $14.5B Revenue (TTM), FY25 Q2: $14.7B Revenue (TTM), FY25 Q3: $14.6B Revenue (TTM), FY25 Q4: $16.2B Revenue (TTM), FY26 Q1: $16.6B Revenue (TTM), FY26 Q2: $17B Revenue (TTM), FY26 Q3: $17.2B $17.2B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $12.5B
FY24 Q1 $12.8B
FY24 Q2 $13.3B
FY24 Q3 $13.8B
FY24 Q4 $14.2B
FY25 Q1 $14.5B
FY25 Q2 $14.7B
FY25 Q3 $14.6B
FY25 Q4 $16.2B
FY26 Q1 $16.6B
FY26 Q2 $17B
FY26 Q3 $17.2B
Revenue growth, TTM YoY S&P Global
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.8% Revenue growth, TTM YoY, FY24 Q1: 7.3% Revenue growth, TTM YoY, FY24 Q2: 10.1% Revenue growth, TTM YoY, FY24 Q3: 12.1% Revenue growth, TTM YoY, FY24 Q4: 13.7% Revenue growth, TTM YoY, FY25 Q1: 13.0% Revenue growth, TTM YoY, FY25 Q2: 10.7% Revenue growth, TTM YoY, FY25 Q3: 5.8% Revenue growth, TTM YoY, FY25 Q4: 14.0% Revenue growth, TTM YoY, FY26 Q1: 14.5% Revenue growth, TTM YoY, FY26 Q2: 15.5% Revenue growth, TTM YoY, FY26 Q3: 18.2% 18.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.8%
FY24 Q1 7.3%
FY24 Q2 10.1%
FY24 Q3 12.1%
FY24 Q4 13.7%
FY25 Q1 13.0%
FY25 Q2 10.7%
FY25 Q3 5.8%
FY25 Q4 14.0%
FY26 Q1 14.5%
FY26 Q2 15.5%
FY26 Q3 18.2%
Operating margin (TTM) S&P Global
30% 35% 40% 45% 50% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 32.2% Operating margin (TTM), FY24 Q1: 33.2% Operating margin (TTM), FY24 Q2: 36.2% Operating margin (TTM), FY24 Q3: 37.5% Operating margin (TTM), FY24 Q4: 39.3% Operating margin (TTM), FY25 Q1: 39.8% Operating margin (TTM), FY25 Q2: 39.9% Operating margin (TTM), FY25 Q3: 41.1% Operating margin (TTM), FY25 Q4: 41.3% Operating margin (TTM), FY26 Q1: 42.9% Operating margin (TTM), FY26 Q2: 43.4% Operating margin (TTM), FY26 Q3: 45.1% 45.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 32.2%
FY24 Q1 33.2%
FY24 Q2 36.2%
FY24 Q3 37.5%
FY24 Q4 39.3%
FY25 Q1 39.8%
FY25 Q2 39.9%
FY25 Q3 41.1%
FY25 Q4 41.3%
FY26 Q1 42.9%
FY26 Q2 43.4%
FY26 Q3 45.1%
FCF margin (TTM) S&P Global
25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 28.5% FCF margin (TTM), FY24 Q1: 30.6% FCF margin (TTM), FY24 Q2: 35.5% FCF margin (TTM), FY24 Q3: 37.4% FCF margin (TTM), FY24 Q4: 39.2% FCF margin (TTM), FY25 Q1: 38.3% FCF margin (TTM), FY25 Q2: 36.8% FCF margin (TTM), FY25 Q3: 37.6% FCF margin (TTM), FY25 Q4: 33.7% FCF margin (TTM), FY26 Q1: 33.5% FCF margin (TTM), FY26 Q2: 32.8% FCF margin (TTM), FY26 Q3: 30.5% 30.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 28.5%
FY24 Q1 30.6%
FY24 Q2 35.5%
FY24 Q3 37.4%
FY24 Q4 39.2%
FY25 Q1 38.3%
FY25 Q2 36.8%
FY25 Q3 37.6%
FY25 Q4 33.7%
FY26 Q1 33.5%
FY26 Q2 32.8%
FY26 Q3 30.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar S&P Global took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $15.3B
  2. Cost of revenue $4.6B · 29.8%
  3. Gross profit $10.8B · 70.2%
  4. Selling, general and admin $3.4B · 22.3%
  5. Other operating costs $878M · 5.7%
  6. Operating income $6.5B · 42.2%
  7. Income tax $1.4B · 9.2%
  8. Interest and other $600M · 3.9%
  9. Net income $4.5B · 29.2%

Shares of revenue. Source: S&P Global's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5.9 3.6 4.0 4.3 4.7 5.1 5.3 5.7 6.1 6.3 6.7 7.4 8.3 11.2 12.5 14.2 15.3 17.2
Gross profit 3.5 2.4 2.6 2.8 3.1 3.4 3.6 3.9 4.4 4.4 4.7 5.3 6.1 7.4 8.4 9.8 10.8 12.2
EBITDA 1.7 1.1 1.2 1.3 1.5 0.2 2.1 3.5 2.8 3.0 3.4 3.8 4.4 6.0 5.2 6.8 7.7 9.0
Operating income 1.3 1.0 1.1 1.2 1.4 0.1 1.9 3.3 2.6 2.8 3.2 3.6 4.2 4.9 4.0 5.6 6.5 7.8
Net income 0.7 0.8 0.9 0.4 1.4 −0.1 1.2 2.1 1.5 2.0 2.1 2.3 3.0 3.2 2.6 3.9 4.5 5.0
Diluted EPS $2.33 $2.65 $3.00 $1.53 $4.91 −$0.42 $4.21 $7.94 $5.78 $7.73 $8.60 $9.66 $12.51 $10.20 $8.23 $12.35 $14.66 $16.80
Growth (year on year)
Revenue −7.6% −38.0% +8.7% +8.0% +10.1% +7.4% +5.2% +6.5% +7.1% +3.2% +7.0% +11.1% +11.5% +34.8% +11.8% +13.7% +7.9% +18.2%
EBITDA −7.8% −33.6% +6.1% +9.0% +14.0% −83.5% +739.7% +69.8% −21.6% +8.4% +14.5% +11.5% +15.1% +35.4% −13.3% +30.8% +13.4% +25.1%
Operating income −8.4% −18.5% +5.0% +8.6% +16.1% −91.7% +>999% +74.3% −22.7% +8.0% +15.6% +12.1% +16.7% +17.1% −18.7% +38.8% +16.1% +29.7%
Net income −8.6% +13.3% +10.0% −52.0% +214.9% −108.4% — +82.2% −29.0% +30.9% +8.4% +10.2% +29.3% +7.4% −19.2% +46.7% +16.1% +18.2%
Diluted EPS −7.2% +13.7% +13.2% −49.0% +220.9% −108.6% — +88.6% −27.2% +33.7% +11.3% +12.3% +29.5% −18.5% −19.3% +50.1% +18.7% +22.2%
Margins
Gross margin 60.2% 66.9% 64.9% 66.4% 66.7% 67.3% 67.7% 68.7% 72.1% 70.6% 70.5% 71.9% 73.7% 66.4% 66.9% 69.3% 70.2% 70.9%
EBITDA margin 29.1% 31.2% 30.4% 30.7% 31.8% 4.9% 39.0% 62.2% 45.6% 47.9% 51.2% 51.4% 53.0% 53.3% 41.3% 47.5% 49.9% 52.1%
Operating margin 21.4% 28.2% 27.2% 27.4% 28.9% 2.2% 36.1% 59.0% 42.6% 44.6% 48.2% 48.6% 50.9% 44.2% 32.2% 39.3% 42.2% 45.1%
Net margin 12.5% 22.8% 23.0% 10.2% 29.3% −2.3% 21.8% 37.2% 24.7% 31.3% 31.7% 31.4% 36.4% 29.0% 21.0% 27.1% 29.2% 29.0%
Free-cash-flow margin 21.5% 17.0% 21.0% 14.8% 14.1% 22.1% 4.1% 25.5% 31.2% 31.2% 39.7% 46.9% 42.9% 22.5% 28.5% 39.2% 35.6% 30.5%
Cash flow
Cash from operations 1.3 0.7 0.9 0.7 0.8 1.2 0.4 1.6 2.0 2.1 2.8 3.6 3.6 2.6 3.7 5.7 5.7 5.4
Capital spending 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.1 0.1 0.1 0.2 0.2
Free cash flow 1.3 0.6 0.8 0.6 0.7 1.1 0.2 1.4 1.9 2.0 2.7 3.5 3.6 2.5 3.6 5.6 5.5 5.3
Stock-based pay 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Free cash flow after stock pay 1.2 0.6 0.8 0.5 0.6 1.0 0.1 1.4 1.8 1.9 2.6 3.4 3.4 2.3 3.4 5.3 5.2 5.1
Balance sheet
Cash 1.1 1.4 0.8 0.8 1.5 2.5 1.5 2.4 2.8 1.9 2.9 4.1 6.5 1.3 1.3 1.7 1.7 2.4
Total debt 1.2 1.2 1.6 1.7 0.8 0.8 3.6 3.6 3.6 3.7 3.9 4.1 4.1 11.0 11.5 11.4 13.1 13.1
Net debt (negative = net cash) 0.1 −0.2 0.8 1.0 −0.7 −1.7 2.1 1.2 0.8 1.7 1.1 0.0 −2.4 9.7 10.2 9.7 11.4 10.6
Diluted shares 313m 312m 304m 285m 280m 272m 275m 265m 259m 253m 247m 242m 242m 319m 319m 312m 305m 297m
Returned to shareholders
Dividends 0.3 0.3 0.3 1.0 0.3 0.3 0.4 0.4 0.4 0.5 0.6 0.6 0.7 1.0 1.1 1.1 1.2 1.1
Buybacks 0.0 0.3 1.5 0.3 1.0 0.4 1.0 1.1 1.0 1.7 1.2 1.2 0.0 12.0 3.3 3.3 5.0 6.6
Total returned 0.3 0.5 1.8 1.3 1.3 0.7 1.3 1.5 1.4 2.2 1.8 1.8 0.7 13.0 4.4 4.4 6.2 7.7

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · September 30, 2026
What it owns · $48.0bn
Short-term assets $6.4bnLonger-term assets $41.6bn
What it owes, and who funded it · $42.6bn
Short-term liabilities $8.7bnLonger-term liabilities $14.1bnShareholders' equity $19.7bn
  • Short-term assets cover short-term liabilities $6.4bn of assets due within a year against $8.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $6.4bn short-term assets against $14.1bn of longer-dated liabilities.
  • More cash than debt $2.4bn of cash against $13.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 66% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 29% to 66% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.4bn of operating cash flow against $13.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $7.8bn against $324m of interest.

From S&P Global's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$6.6B
Dividends (TTM)
$1.1B
Returned to shareholders
147%
of free cash flow
Buybacks, last 3 fiscal years
$11.6B
Diluted share count
−3.3%
year over year
Total shareholder yield
5.6%
dividends 0.8% + buybacks 4.8% of market value
Dividend payout ratio
23%
of net income paid out
Sales & admin spending
21.6%
of revenue
Days sales outstanding
66 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in financial exchanges & data
Last 12 months unless stated SPGI ICE NDAQ MCO CME COIN Median
Revenue, last 12 months $17.2bn $14.0bn $9.1bn $8.2bn $7.0bn $5.6bn $5.5bn
Revenue growth, last 12 months 18.2% 12.1% 11.5% 9.0% 9.0% −26.6% 10.5%
Revenue growth, 3-year average 11.9% 13.5% 15.1% 12.6% 9.2% 26.5% 12.2%
Revenue growth, latest quarter 6.8% 20.7% 20.9% 0.8% 13.0% −35.0% 10.6%
Gross margin 70.9% — 63.2% 74.6% — — 63.2%
Operating margin 45.1% 40.6% 29.8% 44.6% 65.7% 3.6% 40.5%
Operating margin, 3-year average 41.3% 38.4% 26.7% 42.4% 64.8% 19.6% 39.7%
Net margin 29.0% 29.6% 22.8% 35.3% 63.5% −12.5% 29.3%
Cash from operations / revenue 31.4% 41.0% 27.8% 40.7% 63.5% 25.0% 37.0%
Free-cash-flow margin 30.5% 37.6% 24.7% 36.4% 62.1% 25.0% 33.5%
Free-cash-flow margin, 3-year average 35.2% 35.5% 23.7% 34.0% 62.0% 31.2% 34.6%
Stock pay / revenue 1.0% 2.0% 1.9% 2.9% 1.4% 16.9% 2.7%
Change in share count −3.3% −1.3% −1.7% −2.5% 0.2% −0.9% −2.1%

Median of all 12 companies we cover in financial exchanges & data. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Subscription $7.9B 51.3% ▲ 7.1%
Non Subscription Transaction $3.1B 20.5% ▲ 5.3%
Non Transaction $2.1B 13.4% ▲ 10.5%
Asset Linked Fees $1.2B 7.9% ▲ 15.3%
Recurring Variable Revenue $623M 4.1% ▲ 7.6%
Sales Usage Based Royalties $444M 2.9% ▲ 13.0%
Geography
Region Revenue Share YoY
United States $9.3B 60.8% ▲ 7.9%
Europe $3.5B 23.0% ▲ 8.4%
Asia $1.6B 10.7% ▲ 10.0%
Rest of World $843M 5.5% ▲ 2.7%

From S&P Global's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$105B
Institutions reporting
1,989
Shares held vs prior quarter
▲ 1.2%
Positions opened / closed
146 / 244

Top buyers and sellers, Q2 2026: 834 institutions bought and 1,124 sold ; the biggest buyer was Eagle Capital Management LLC (+2.6M shares) and the biggest seller Bank Of America Corp (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $9.8B 24.0M 9.3% ▼ 0.4%
Vanguard Capital Management LLC $7.9B 19.3M 7.5% ▼ 0.4%
State Street Corp $5.9B 14.5M 5.6% ▲ 2.2%
TCI Fund Management Ltd $5.7B 14.1M 5.5% ▲ 0.3%
Morgan Stanley $3B 7.3M 2.8% ▼ 7.6%
Geode Capital Management, LLC $2.8B 6.9M 2.7% ▼ 0.2%
Vanguard Portfolio Management LLC $2.6B 6.3M 2.4% ▼ 7.3%
Wellington Management Group LLP $2.2B 5.3M 2.1% ▼ 12.1%
Eagle Capital Management LLC $1.7B 4.1M 1.6% ▲ 185.4%
Norges Bank $1.6B 3.9M 1.5% —
Capital International Investors $1.5B 3.6M 1.4% ▲ 3.2%
Northern Trust Corp $1.2B 3.0M 1.1% ▼ 2.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not S&P Global's complete shareholder register. Values are as reported by the filers ; 19 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3.6M 6 trades by 5 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $3.6M net buying
Insider Date Trade Shares Price Value
Clay Catherine R CEO, S&P Dow Jones Indices May 1, 2026 Buy 2,500 $431.39 $1.1M
Moritz Robert Edward Jr. Director April 30, 2026 Buy 1,152 $434.03 $500,001
Cheung Martina CEO & President April 29, 2026 Buy 2,322 $429.93 $998,297
Joly Hubert Director February 11, 2026 Buy 199 $399.49 $79,499
Joly Hubert Director February 11, 2026 Buy 2,301 $398.94 $917,961
Eager William W President, S&P Global Mobility December 10, 2025 Buy 12 $493.40 $5,964

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 59 trades and filings

In the last 12 months, 4 members of Congress disclosed 1 purchase and 7 sales of S&P Global shares.

  • Rick Larsen(D-WA 2):Sale (full), $1,001 - $15,000, traded July 8, 2026, filed July 12, 2026
  • Thomas H. Kean, Jr.(R-NJ 7):Sale (partial), $1,001 - $15,000, traded June 29, 2026, filed July 15, 2026
  • Jared Moskowitz(D-FL 23):Sale (full), $1,001 - $15,000, traded June 17, 2026, filed July 26, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 9, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • February 10, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on S&P Global was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

S&P Global in brief

What does S&P Global do?
S&P Global is a US-listed company in the financial exchanges & data industry. Its financial year ends in December.
What is S&P Global's stock ticker?
S&P Global trades under the ticker SPGI on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is S&P Global's revenue, and how fast is it growing?
Over its most recent trailing twelve months, S&P Global reported revenue of $17.2B, 18.2% higher than a year earlier, according to its SEC filings.
What is S&P Global's free cash flow?
S&P Global's free-cash-flow margin is 30.5% of revenue over the trailing twelve months.
Who are S&P Global's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is S&P Global buying back stock, and does it pay a dividend?
S&P Global spent $6.6B on share repurchases over the trailing twelve months, and its diluted share count fell 3.3% over the year.
What is S&P Global's market cap?
On November 2, 2026, S&P Global's market capitalisation was about $141B, with a price-to-earnings ratio of 28.3 and net debt of $10.6B. Market figures come from third-party market data and may be delayed.
Does S&P Global pay a dividend?
Yes: S&P Global paid $1.1B in dividends over the trailing twelve months, a dividend yield of 0.83% and a payout ratio of 23.0%.
How much debt does S&P Global have?
S&P Global's debt-to-equity ratio is 66.3%, from its latest balance sheet (28.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are S&P Global's competitors?
In our Financial Exchanges & Data peer group, the companies closest to S&P Global are Intercontinental Exchange, Nasdaq, Inc., Moody's Corporation, CME Group and Coinbase. The side-by-side comparison below sets their revenue, margins and growth against S&P Global's.
Are insiders buying or selling S&P Global stock?
Over the last 12 months, S&P Global's directors and officers reported 6 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is S&P Global's next earnings date?
Around February 9, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — S&P Global announces its own schedule.