S&P Global Inc.
SPGIFinancial Snapshot
ticker: SPGI step: 04 generated: 2026-05-12 source: quick-research
S&P Global Inc. (SPGI) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|---|---|---|---|---|
| Revenue | $12.5B | $14.2B | $15.3B | +7.9% |
| Adjusted Operating Margin | 47.0% | 49.0% | 50.4% | +140 bps |
| Adjusted Diluted EPS | $12.66 | $15.59 | $17.83 | +14% |
| GAAP Net Income | $3.94B | $3.99B | ~$4.5B | +13% |
Segment Detail (FY2025 — Revenue)
| Segment | FY25 Revenue | YoY |
|---|---|---|
| Ratings | $4.72B | +8.1% |
| Market Intelligence | $4.92B | +5.8% |
| Indices | $1.85B | +13.6% |
| Mobility | $1.75B | +8.6% |
| Commodity Insights | ~$2.0B | +5–6% |
Cash Flow & Capital Allocation (FY2025)
| Metric | Value |
|---|---|
| Adjusted Free Cash Flow | ~$5B+ |
| Shareholder Return | 113% of adjusted FCF |
| Share Repurchases | >$5B |
| Dividend (Quarterly) | $0.96 (53rd consecutive year of increases) |
| Dividend Yield | ~0.7% |
| Operating Cash Flow | ~$5.5B |
| Cash & Marketable Securities | ~$3B |
| Total Debt | ~$11B |
FY2026 Guidance
| Metric | 2026 Guide |
|---|---|
| Organic Constant Currency Revenue Growth | +6–8% |
| Adjusted Operating Margin Expansion (organic, ex-OSTTRA) | +50–75 bps |
| Adjusted Operating Margin Expansion (reported, incl. OSTTRA) | +10–35 bps |
| Adjusted Diluted EPS | $19.40–19.65 (+9–10%) |
| Q1 Buyback Pace | ~$1B (up from $650M in Q1 2025) |
Key Ratios (approximate)
- P/E: ~28x (FY26 adjusted EPS midpoint) | EV/EBITDA: ~22x | FCF Yield: ~3.0%
- Revenue Growth (FY25): +7.9% | FCF Margin: ~33%
- Adjusted Operating Margin: 50.4% (best-in-class for financial-data peers)
- Dividend Yield: ~0.7% | Capital Return: ~113% of FCF (>4% yield combined)
- Net Debt / EBITDA: ~1.4x
Growth Profile
FY25 was a strong year — revenue +7.9% (above guide), adjusted operating margin expanded 140 bps to 50.4% (industry-leading), adjusted EPS +14%, FCF return 113% of FCF to shareholders. Indices was the standout (+13.6% on $30T+ AUM growth + ETF flows); Ratings grew +8% on global debt issuance recovery; Market Intelligence grew +5.8%; Mobility +8.6% (pre-spin-off).
FY26 guide of +6–8% organic revenue growth + +50–75 bps margin expansion (organic) + 9–10% adjusted EPS growth represents a continued double-digit EPS compounder backed by ratings-cycle tailwinds + indices-AUM compounding + Market Intelligence AI productivity. Q4 2025 EPS technically missed consensus (triggering a stock decline) but the year-over-year growth setup remains strong.
OSTTRA: SPGI acquired OSTTRA (post-trade processing JV with CME) for additional capital markets infrastructure — completes spring 2026, near-term margin dilutive but accretive medium-term.
Forward Estimates
FY2026 Guide:
- Revenue: ~$16.3–16.5B (+6–8% organic CC)
- Adjusted EPS: $19.40–19.65 (+9–10%)
- Buyback pace ~$4–5B annually
- Mobility spin-off expected H1 2026
Bull case: Global debt issuance accelerates further (refinancing wave from 2020–21 LBO/private credit pipeline); Indices reaches $40T AUM tracking; ChatIQ + AI agentic offerings drive Market Intelligence acceleration to +8%; EPS reaches $22+ in FY27. Bear case: Debt issuance plateaus; AI commoditizes Market Intelligence pricing; Mobility spin-off destroys some synergy revenue; Q4 2025 EPS miss signals structural deceleration. Consensus targets $530–580 vs. trading ~$490–520 (~5–15% implied upside).
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $SPGI.