S&P Global Inc. (NYSE: SPGI) provides credit ratings, financial and energy data, analytics, workflow software and licensed indices. Following the July 1, 2026 Mobility spin-off, its retained businesses are Ratings, Market Intelligence, Energy and Indices.
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A snapshot of what S&P Global Inc. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000064040-24-000071 | Feb 9, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000064040-25-000052 | Feb 11, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250000064040-26-000013 | Feb 11, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
S&P Global combines subscription-based information services with profitable but market-sensitive ratings and index businesses. Its 2025 revenue and earnings increased, yet operating cash flow slipped as collections, compensation payments and the prior-year swap receipt weakened cash comparisons. Growth continued in the first half of 2026, particularly in Ratings and Indices, although disposal gains and fewer shares amplified earnings headlines. The completed July 1 Mobility spin-off fundamentally changes comparisons: historical results include Mobility, while subsequent pro forma presentations remove it but retain certain overhead and introduce temporary service offsets. Capital returns and acquisitions have also drawn on financing and disposal proceeds. The retained business remains exposed to issuance cycles, investment-market activity, data access, technology execution and contingent obligations; the supplied October update is not an actual post-spin operating report.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-06-30 · EX-99 · 2026-10-23
S&P Global sells information and decision tools rather than lending the money it rates or owning the investment assets linked to its indices. Market Intelligence supplies financial data and workflow software; Ratings earns issuance, surveillance and relationship fees; Energy supplies benchmarks, research and related products; and Indices licenses benchmarks to investment products and trading venues. Subscriptions represented 51% of 2025 revenue, but other recurring fees vary with assets, transactions or usage. This provides diversified revenue streams, not immunity from financial-market cycles or customer budget cuts.
Sources: 10-K · 2025-12-31
For the year ended December 31, 2025, reported revenue increased 8% to $15.336 billion and GAAP operating profit increased 16% to $6.478 billion. Management attributed growth to all five then-consolidated businesses. Parent-attributable net income was $4.471 billion, distinct from $4.820 billion before minority interests. Disposition gains of $273 million, versus $59 million in 2024, supported the profit comparison, while severance, transaction and legal costs offset part of the benefit. Diluted EPS increased 19% to $14.66, partly because weighted-average diluted shares declined. These annual results still include Mobility.
Sources: 10-K · 2025-12-31
Operating cash flow declined to $5.651 billion in 2025 despite higher earnings. Management cited lower collections, higher compensation payments and the absence of the $155 million swap-termination receipt included in 2024. Company-defined free cash flow was $5.135 billion after capital expenditures and distributions to noncontrolling holders; it is neither profit nor cash remaining after acquisitions and shareholder returns. Repurchases of $5.001 billion and dividends of $1.170 billion exceeded this measure, while acquisitions consumed another $2.023 billion. Disposal proceeds and financing therefore mattered alongside operations. Year-end cash was $1.745 billion and debt carrying value was $13.088 billion.
Sources: 10-K · 2025-12-31
The February 11, 2026 annual filing described Mobility as a proposed separation. It subsequently completed on July 1: shareholders received one Mobility Global share for each S&P Global share held on June 15, and S&P Global retained no ownership. The July 28 quarterly filing still includes Mobility through June 30. The October 23 Article 11 update instead illustrates the retained company, including 2025 revenue of $13.589 billion and parent continuing income of $4.192 billion. These are not replacement historical results: the income figure includes a temporary transition-services adjustment, and some former Mobility overhead remains.
First-half 2026 historical revenue increased 10% to $8.318 billion and parent income increased 21% to $2.613 billion. Ratings benefited from issuance activity and improved contract terms; Indices benefited from linked assets and trading. Energy faced weaker royalties, adverse bi-annual event timing and event cancellations in the second quarter; first-half royalties increased 9%, and increased CERAWeek attendance and higher first-quarter trading volumes supported first-half growth. Energy's Upstream Data & Insights business faced an unfavorable prior-year one-time-benefit comparison in both periods. Disposal gains of $186 million supported earnings, while operating cash flow increased only 3% to $2.476 billion. Excluding Mobility on the illustrative Article 11 basis, first-half revenue was $7.397 billion and parent continuing income was $2.539 billion. The two presentations must not be added together.
Sources: 10-K · 2025-12-31 · 8-K · 2026-06-30 · 10-Q · 2026-06-30 · EX-99 · 2026-10-23
Ratings depends on financing activity; Indices depends on investment assets, product mix and trading; subscriptions depend on budgets, retention and proprietary data access. AI may improve products while enabling cheaper substitutes and intellectual-property disputes. AWS dependence, critical external datasets and operational resilience are material dependencies. The Indices minority put is a separate potential funding obligation, not ordinary debt. Mobility's separation also leaves tax, indemnity and transitional-service exposure. Completion does not establish tax-free treatment, complete cost removal or elimination of every Mobility-related liability.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-06-30
On July 28, management forecast 2026 continuing-operations revenue growth of 5.9%–7.9%, GAAP diluted EPS of $16.35–$16.60 and adjusted diluted EPS of $17.50–$17.75. This was the first supplied broader continuing-operations GAAP outlook including EPS, not the first supplied 2026 GAAP guidance of any kind: the April 28 release had already provided GAAP reported revenue-growth guidance of 6.3%–8.3% and GAAP capital-expenditure guidance of $215–$225 million. Earlier adjusted guidance assumed a full year of Mobility, so the lower EPS range is not a like-for-like downgrade. Management also expected more than $7 billion of 2026 repurchases, versus $1.5 billion actually spent in the first half. These remain dated forecasts. The October filing updates separation pro formas, not third-quarter results or achieved buybacks.
Sources: EX-99.1 · 2026-07-28 · 8-K · 2026-10-23 · EX-99 · 2026-10-23 · EX-99 · 2026-04-28
USD 12.497 bn
FY2023 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2023 | USD 12.497 bn | — |
Revenue after intersegment eliminations; includes Engineering Solutions through its May 2, 2023 disposal.
Sources: 10-K · 2025-12-31
USD 15.336 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 15.336 bn | 7.9% |
| 2024 | USD 14.208 bn | — |
Revenue after intersegment eliminations.
Sources: 10-K · 2025-12-31
USD 4.471 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 4.471 bn | 16.1% |
| 2024 | USD 3.852 bn | 46.7% |
| 2023 | USD 2.626 bn | — |
Net income after deduction of income attributable to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 5.651 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.651 bn | — |
| 2023 | USD 3.71 bn | — |
Consolidated net cash provided by operating activities.
Sources: 10-K · 2025-12-31
USD 5.689 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 5.689 bn | — |
Consolidated net cash provided by operating activities; includes interest-rate swap termination proceeds.
Sources: 10-K · 2025-12-31
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