S&P Global Inc.SPGI
S&P Global Inc. Financial Overview 2021–2025
S&P Global returned a massive $15.1 billion to shareholders in FY2025 alone, underscoring a business model that efficiently converts data dominance into liquid cash. This capital discipline is supported by a dramatic expansion in scale, with revenue growing from $8.3 billion in FY2021 to $15.3 billion in FY2025 following the strategic integration of IHS Markit. The company is now optimizing this portfolio for further efficiency, actively preparing to spin off its Mobility segment into a separate public company by mid-2026.
Operational execution remains razor-sharp, with operating profit surging 39% in FY2024 and another 16% to $6.5 billion in FY2025. This leverage drove diluted earnings per share up 19% to $14.66 in the most recent fiscal year, supported by robust free cash flow which hit $5.3 billion in FY2024. The market has consistently rewarded this high-margin reliability with a premium valuation; shares closed FY2025 at $522.59, trading at 35.6x earnings with a market capitalization of $156.1 billion.
Recent Developments (Q3 and Q4 2025)
S&P Global maintained momentum through the second half of 2025, highlighted by a 9% revenue increase in Q3 to $3.9 billion and a 21% surge in quarterly net income to $1.176 billion. Management is aggressively reshaping the portfolio, advancing the $1.8 billion acquisition of With Intelligence to bolster private market data while finalizing the Mobility segment spinoff by mid-2026. To fund strategic initiatives and general operations, the company successfully completed a $1 billion senior notes offering in Q4 2025, while also appointing new leadership to its Board of Directors effective early 2026.
Bulls highlight the 17% jump in Q3 operating profit, suggesting the core ratings and data businesses retain significant pricing power. Conversely, bears may scrutinize execution risks surrounding the complex separation of the Mobility unit and potential regulatory headwinds. Shares traded at 26.7x earnings as of the February 10, 2026 update, representing a notable contraction from year-end valuation multiples despite the company's growth trajectory.
What to watch: Finalization of the Mobility segment spinoff timeline; closing and integration of the $1.8 billion With Intelligence acquisition.
Rev
$15.34B
FY2025
NI
$4.47B
FY2025
EPS
$14.67
FY2025
OCF
$5.65B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
Recent SEC Filings
S&P Global Inc. 8-K Report, Financial Results (Feb 10, 2026)
S&P Global Inc. (SPGI) has filed a Form 8-K on February 10, 2026, to disclose its earnings for the fourth quarter and full fiscal year ended December 31, 2025, along with financial guidance for the upcoming 2026 fiscal year. The earnings release, furnished as Exhibit 99, provides investors with crucial insights into the company's recent performance and its outlook for the future. Investors should review this release for detailed financial metrics, operational updates, and management's expectations regarding revenue growth, profitability, and other key performance indicators for 2026. This filing primarily serves to make the company's earnings announcement publicly available. While the information is furnished and not formally "filed" under Section 18 of the Securities Exchange Act, it represents the official communication from S&P Global regarding its financial standing. Investors and analysts will be scrutinizing this data to assess the company's strategic execution, competitive positioning, and overall ability to deliver shareholder value in the coming year.
S&P Global Inc. 8-K/A Report, Executive Changes (Jan 14, 2026)
This 8-K/A filing from S&P Global Inc. (SPGI) serves as an amendment to a previous filing, specifically updating the effective date for the appointment of Robert Moritz to the company's Board of Directors. Initially announced for March 1, 2026, the effective date has been moved forward to February 1, 2026. This filing also provides clarity on Mr. Moritz's committee assignments, which will also commence on the new effective date. For investors, this amendment indicates a minor administrative update rather than a significant strategic shift. The accelerated timeline for Mr. Moritz's board service may suggest a desire for his expertise to be integrated more quickly into the Board's oversight. Investors should note that this filing does not contain information on new financial results or material business developments, but rather pertains to corporate governance adjustments.
S&P Global Inc. 8-K Report, Executive Changes (Dec 16, 2025)
S&P Global Inc. (SPGI) has announced a significant change to its Board of Directors, appointing Hubert Joly as a new director effective January 2, 2026. This appointment will increase the size of the Board from ten to eleven members. Mr. Joly's appointment signifies the company's commitment to strengthening its leadership with experienced individuals, as he will serve on key committees including Compensation and Leadership Development and Audit. This move is investor-focused as it signals potential enhancements in governance and strategic oversight. The inclusion of Mr. Joly, who has no disclosed arrangements or related transactions with the company, is expected to bring fresh perspectives and expertise to the Board's decision-making processes. Investors should note that Mr. Joly will receive the standard compensation for non-employee directors and is eligible for existing deferred stock and compensation plans.
S&P Global Inc. 8-K Report, Material Agreement (Dec 4, 2025)
S&P Global Inc. (SPGI) has announced the successful completion of a private offering of $1 billion in aggregate principal amount of senior notes. This issuance consists of $600 million of 4.250% Senior Notes due 2031 and $400 million of 4.800% Senior Notes due 2035. The notes are fully and unconditionally guaranteed by Standard & Poor’s Financial Services LLC. The company intends to use the net proceeds for general corporate purposes, including potential acquisitions, debt repayment, capital expenditures, working capital, and share repurchases. These new senior notes are governed by an indenture that includes covenants restricting the company's ability to incur additional secured indebtedness without equally and ratably securing these notes. The indenture also outlines conditions for consolidation or merger and provisions for a change of control triggering event, which would allow noteholders to require repurchase at 101% of the principal amount plus accrued interest. A registration rights agreement has also been entered into with the initial purchasers, obligating SPGI to use commercially reasonable efforts to register the notes for resale, with provisions for additional interest payments if such registration is not completed within specified timelines.
S&P Global Inc. 8-K Report, Corporate Update (Dec 1, 2025)
S&P Global Inc. (SPGI) announced on December 1, 2025, the successful pricing of a significant private offering of senior notes. The company will issue $600 million in 4.250% Senior Notes due 2031 and $400 million in 4.800% Senior Notes due 2035, totaling $1 billion in aggregate principal. These notes are fully and unconditionally guaranteed by Standard & Poor's Financial Services LLC. The offering targets qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S, indicating a debt issuance primarily to sophisticated investors. The transaction is expected to close on December 4, 2025. This capital raise suggests the company is securing funding, potentially for general corporate purposes, debt refinancing, or strategic initiatives, which investors should monitor for further deployment details.
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