# S&P Global Inc. (SPGI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SPGI/thesis · /stocks/SPGI/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SPGI/fundamental

## Navigation

- Overview: /stocks/SPGI
- Financials (this page): /stocks/SPGI/financials
- Thesis: /stocks/SPGI/thesis
- Investment Memo: /stocks/SPGI/memo
- Coverage universe: /stocks