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NYSE · Financials

S&P Global Inc. (SPGI)

As-reported financials and SEC filings for S&P Global Inc. The latest annual period is FY2025. The latest reported quarter is Q1 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About S&P Global Inc.

S&P Global Inc. provides benchmarks, data, analytics, and workflow solutions across capital, energy and commodity, and automotive markets. Its main businesses include Market Intelligence, which offers financial data and analytics; Ratings, which provides credit ratings and research; Energy, delivering price data and insights for energy and commodities; Mobility, serving the automotive value chain with data and analytics; and Indices, offering valuation and index benchmarks for investors. The company serves a wide range of clients including financial institutions, corporations, governments, automotive manufacturers, and investors worldwide.

Snapshot

Revenue
$15.34B
Revenue growth (YoY)
7.9%
Net income
$4.47B
Diluted EPS
$14.66
Gross margin
70.2%
Operating margin
42.2%
Net margin
29.2%
FCF margin
35.6%
ROE
—
net income / fiscal-year-end equity
P/E
27.4×
trailing when available, otherwise FY EPS
Market cap
$132.85B
Long-term debt / equity
—
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at S&P Global

  • Revenue grew 7.9% to $15.3B in FY2025, slower than the 13.7% the year before.
  • Operating margin is 42.2% in FY2025, -8.6 pp against 50.9% in FY2021.
  • Most recent quarter Q1 FY2026: revenue $4.2B, up 10.4% from Q1 FY2025.
  • Free cash flow was $5.5B in FY2025, 35.6% of revenue.
  • Net income rose 16.1% to $4.5B in FY2025.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where S&P Global’s fundamentals sit among the 425 Financials companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin70.2%
72nd percentile of 48
Operating margin42.2%
90th percentile of 141
Net margin29.2%
81st percentile of 372
FCF margin35.6%
78th percentile of 266
Revenue growth (YoY)+7.9%
43rd percentile of 419
P/E27.4×
86th percentile of 308
Short interest3.39d
45th percentile of 418

S&P Global’s operating margin of 42.2% ranks in the 90th percentile of the 141 Financials companies reporting it. S&P Global’s P/E of 27.4 ranks in the 86th percentile of the 308 peers with a meaningful P/E.

No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 8 of the superinvestors we track (plus 7 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
8
+7 quant / multi-strat
Initiated / added
10
3 new, 7 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$3.07B
reported long value
InvestorAs ofPosition valueSharesChange
Pershing Square Capital ManagementQ2 2026$1.06B2.6MNew
AQR Capital ManagementquantQ2 2026$568.5M1.4MAdded
Citadel AdvisorsquantQ2 2026$454.5M1.1MAdded
Millennium ManagementquantQ2 2026$286.1M702.6KReduced
D. E. ShawquantQ2 2026$241.1M592.1KAdded
Two Sigma InvestmentsquantQ2 2026$198.9M488.5KAdded
Renaissance TechnologiesquantQ2 2026$87.7M215.5KNew
Markel GroupQ2 2026$47.9M117.7KHeld
Soros Fund ManagementQ2 2026$41.1M100.8KAdded
Bridgewater AssociatesQ2 2026$38.7M95.0KAdded
Point72 Asset ManagementquantQ2 2026$17.7M43.5KNew
Gotham Asset ManagementQ2 2026$16.5M40.6KAdded
Wedgewood PartnersQ2 2026$12.8M31.3KReduced
Dodge & CoxQ2 2026$2.1M5.2KReduced
Ruane Cunniff (Sequoia)Q2 2026$216,255531Held

No longer held by: Himalaya Capital Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
—
code P value
Sells (90d)
0
—
Reported activity
Quiet
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-05-01
filed 2026-05-04
Catherine R. ClayCEO, S&P Dow Jones IndicesBuy2.5K$431.39$1.1M
2026-04-30
filed 2026-05-04
Robert Edward Moritz Jr.DirectorBuy1.2K$434.03$500K
2026-04-29
filed 2026-05-01
Martina CheungCEO & PresidentBuy2.3K$429.93$998K

Reported non-derivative purchases and sales (codes P/S), which may be open-market or private. Excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
6.5M
settled 2026-09-30
Change vs prior
-1.8%
vs previous settlement
Days to cover
3.39
at avg daily volume
Avg daily volume
1.9M
FINRA reported
SettlementShares shortChangeDays to cover
2026-09-306.5M-1.8%3.39
2026-09-156.6M-6.1%3.27
2026-08-317.0M-8.1%4.08
2026-08-147.6M-13.6%4.05
2026-07-318.8M+74.2%4.03
2026-07-155.1M+47.3%2.24
2026-06-303.4M-29.7%1.18
2026-06-154.9M+7.5%2.51

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$15.34B$14.21B$12.50B$11.18B$8.30B
Gross profit
Operating income$6.48B$5.58B$4.02B$4.94B$4.22B
Pre-tax income$6.23B$5.31B$3.67B$4.70B$4.16B
Net income$4.47B$3.85B$2.63B$3.25B$3.02B
Diluted EPS$14.66$12.35$8.23$10.20$12.51

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$5.65B$5.69B$3.71B$2.60B$3.60B
Capital expenditure$195.0M$124.0M$143.0M$89.0M$35.0M
Free cash flow

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures (free cash flow is operating cash flow minus capital expenditures, which can differ from a company’s own definition); “adj” means restated for a stock split (tap or hover a figure to see how it was calculated or what was filed). Diluted EPS includes discontinued operations where a company reports them. Cash & Equivalents excludes short-term investments and may include restricted cash where that is the figure the company tags. Full details: where the numbers come from.

Quarterly trend

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q1 FY2026$4.17B10.4%$1.40B$4.69
Q4 FY20259.0%
Q3 FY2025$3.89B8.8%$1.18B$3.86
Q2 FY2025$3.75B5.8%$1.07B$3.50
Q1 FY2025$3.78B8.2%$1.09B$3.54
Q4 FY202414.0%
Q3 FY2024$3.58B15.9%$971.0M$3.11
Q2 FY2024$3.55B14.4%$1.01B$3.23

Latest 8 quarters, from company XBRL filings on SEC EDGAR. A dotted underline marks a fourth-quarter figure we calculated from the full year and the first nine months. Revenue YoY is our calculation too: each quarter against the same quarter a year earlier.

Company facts

ExchangeNYSE
SectorFinancials
SIC industryServices-Consumer Credit Reporting, Collection Agencies
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ1 FY2026 (ended March 31, 2026)
Oldest indexed filing2018
SEC CIK64040

Selected SEC filings

10-K2026-02-11
View on EDGAR →
10-K2025-02-11
View on EDGAR →
10-Q2026-07-28
View on EDGAR →
10-Q2026-04-28
View on EDGAR →
10-Q2025-10-30
View on EDGAR →
10-Q2025-08-01
View on EDGAR →
8-K2026-10-23
View on EDGAR →
8-K2026-07-28
View on EDGAR →

Largest Financials peers

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.