S&p Global — Income Statement, Cash Flows & Balance Sheet
Is S&P Global profitable?
S&P Global's revenue growth has been exceptional, and the business is becoming meaningfully more profitable over time.
| Metric | 2023 | 2024 | 2025 | Change (2024–2025) |
|---|---|---|---|---|
| Revenue ($M) | $12,497 | $14,208 | $15,336 | +8.0% |
| Operating profit ($M) | $4,020 | $5,580 | $6,478 | +16.1% |
| Net income attributable to SPGI ($M) | $2,626 | $3,852 | $4,471 | +16.1% |
| Operating margin | 32.2% | 39.3% | 42.2% | +2.9 pts |
Revenue has grown by more than a fifth over two years, and operating margins have expanded sharply — meaning S&P Global is not just growing, it is growing more efficiently. The trend from 2023 to 2025 shows a business firing on all cylinders.
A one-time asset sale boosted 2025 results, but the underlying profit improvement is real.
| Item | 2023 | 2024 | 2025 |
|---|---|---|---|
| (Gain) loss on dispositions, net ($M) | $(70) loss | $(59) gain | $(273) gain |
S&P Global sold its OSTTRA joint venture in late 2025 for a pre-tax gain of $270 million. Stripping that out, operating profit still grew meaningfully year-over-year, so the improvement is not purely a bookkeeping benefit.
Where does S&P Global's revenue come from?
Ratings had a standout year, nearly doubling its operating profit over two years as debt issuance markets rebounded.
| Segment | 2023 Revenue ($M) | 2024 Revenue ($M) | 2025 Revenue ($M) | 2025 Op. Profit ($M) |
|---|---|---|---|---|
| Market Intelligence | $4,365 | $4,633 | $4,902 | $991 |
| Ratings | $3,177 | $4,207 | $4,549 | $3,013 |
| Energy | $1,946 | $2,142 | $2,299 | $943 |
| Mobility | $1,484 | $1,609 | $1,747 | $378 |
| Indices | $1,392 | $1,617 | $1,839 | $1,271 |
Ratings is by far the most profitable segment on an absolute basis, and its recovery from a sluggish 2023 (when rising interest rates suppressed new debt issuance) has been the single biggest driver of company-wide profit growth. Indices is the second-most-profitable segment despite being smaller in revenue — a sign of its extremely high-margin, asset-linked fee model.
Does S&P Global generate cash?
S&P Global is a cash generation machine, consistently converting profit into real cash flow.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash from operations ($M) | $3,710 | $5,689 | $5,651 |
| Capital expenditures ($M) | $(143) | $(124) | $(195) |
| Free cash flow (GAAP-derived) ($M) | $3,567 | $5,565 | $5,456 |
The business requires relatively little capital investment to maintain itself, so nearly all operating cash flows convert to free cash flow (operating cash minus capex). The consistency here — over $5 billion in free cash flow in both 2024 and 2025 — reflects the strength of a subscription- and fee-heavy model.
The company returns an enormous amount of cash to shareholders, well above what it keeps.
| Use of Cash | 2023 | 2024 | 2025 |
|---|---|---|---|
| Share buybacks ($M) | $(3,301) | $(3,301) | $(5,001) |
| Dividends paid ($M) | $(1,147) | $(1,134) | $(1,170) |
| Total returned to shareholders ($M) | $(4,448) | $(4,435) | $(6,171) |
S&P Global returned more cash to shareholders than it generated from operations in 2025, funding the gap partly through new debt issuance and the OSTTRA sale proceeds. The share count has been falling steadily, which mechanically lifts earnings per share even without profit growth.
How strong is S&P Global's balance sheet?
S&P Global carries meaningful debt, but its cash generation makes it very manageable.
| Metric | 2024 | 2025 |
|---|---|---|
| Total debt ($M) | $11,398 | $13,088 |
| Cash and equivalents ($M) | $1,666 | $1,745 |
| Net debt ($M) | $9,732 | $11,343 |
| Free cash flow ($M) | $5,565 | $5,456 |
| Net debt / free cash flow (approx.) | ~1.7x | ~2.1x |
Debt rose in 2025, driven by a new $1 billion senior notes issuance and $715 million of commercial paper used partly to fund acquisitions and buybacks. At roughly two times free cash flow, the leverage is elevated but not alarming for a business this predictable — and the company's own credit facility covenant allows up to a 4-to-1 ratio, which they have never approached.
The balance sheet is dominated by intangible assets, which is typical for a data and analytics business but worth understanding.
| Asset | 2024 ($M) | 2025 ($M) |
|---|---|---|
| Goodwill | $34,917 | $36,475 |
| Other intangible assets, net | $16,556 | $16,271 |
| Total assets | $60,221 | $61,200 |
Nearly all of S&P Global's asset base is intangible — brands, databases, customer relationships, and index intellectual property acquired over decades. These assets do not depreciate in the traditional sense, but they do require continued investment in data quality and technology to retain their value.