S&P Global Inc. (SPGI) Balance Sheet
SPGI balance sheet, 2025
December 31, 2025 · U.S. dollars$61.20B assets = $25.05B liabilities + $36.15B equity
Both columns are drawn to the same scale: what SPGI owns equals what it owes plus shareholders’ equity. Hover a block for its value.
SPGI financial health
Current ratio0.82
Tight · current assets cover current liabilities 0.82×
Debt / equity0.45
Low leverage · $0.45 of debt for each $1 of equity
Equity / assets51.0%
Equity-funded · of assets funded by shareholders
Cash / debt12.7%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles86.2%
Mostly intangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
SPGI balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $8.67B2016 | $61.20B2025 | +24.3%/yr | |
| Total liabilities | $6.89B2016 | $25.05B2025 | +15.4%/yr | |
| Shareholders’ equity | $1.78B2016 | $31.23B2025 | +37.5%/yr | |
| Cash & short-term investments | $2.39B2016 | $1.80B2025 | −3.1%/yr | |
| Total debt | $3.75B2016 | $14.20B2025 | +16.0%/yr | |
| Net cash (debt) | −$1.35B2016 | −$12.40B2025 | −$11.0B | |
| Working capital | $1.06B2016 | −$1.34B2025 | −$2.4B | |
| Book value per share | $6.722016 | $102.382025 | +35.3%/yr | |
| Current ratio | 1.412016 | 0.822025 | −0.58 | |
| Debt / equity | 2.102016 | 0.452025 | −1.65 | |
| Shares outstanding | 265.2M2016 | 305.1M2025 | +1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
SPGI assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
SPGI liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
SPGI debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
SPGI balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.80B | $1.69B | $1.32B | $1.30B | $6.51B | $4.12B | $2.89B | $1.96B | $2.79B | $2.39B |
| Cash & equivalents | $1.75B | $1.67B | $1.29B | $1.29B | $6.50B | $4.11B | $2.87B | $1.96B | $2.78B | $2.39B |
| Short-term investments | $56.0M | $20.0M | $26.0M | $14.0M | $11.0M | $9.0M | $28.0M | $18.0M | $12.0M | $8.0M |
| Receivables | $3.44B | $2.87B | $2.83B | $2.49B | $1.65B | $1.59B | $1.58B | $1.45B | $1.32B | $1.12B |
| Inventory | $0 | $0 | −$922.0M | −$1.20B | −$1.65B | −$1.59B | −$1.58B | −$1.45B | −$1.32B | −$1.11B |
| Other current assets | $1.05B | $906.0M | $1.92B | $3.07B | $2.30B | $1.87B | $1.82B | $1.65B | $1.53B | $1.27B |
| Total current assets | $6.30B | $5.46B | $5.14B | $5.67B | $8.81B | $5.99B | $4.71B | $3.60B | $4.32B | $3.67B |
| Property, plant & equipment (net) | $691.0M | $678.0M | $637.0M | $720.0M | $667.0M | $778.0M | $996.0M | $270.0M | $275.0M | $271.0M |
| Goodwill & intangible assets | $52.75B | $51.47B | $52.25B | $52.85B | $4.79B | $5.09B | $5.00B | $5.06B | $4.38B | $4.46B |
| Long-term investments | $603.0M | $1.77B | $1.79B | $1.75B | $165.0M | $0 | $0 | $0 | $54.0M | $0 |
| Other non-current assets | $864.0M | $837.0M | $774.0M | $794.0M | $593.0M | $684.0M | $641.0M | $525.0M | $395.0M | $272.0M |
| Total assets | $61.20B | $60.22B | $60.59B | $61.78B | $15.03B | $12.54B | $11.35B | $9.46B | $9.43B | $8.67B |
| Liabilities | ||||||||||
| Accounts payable | $610.0M | $553.0M | $557.0M | $450.0M | $205.0M | $233.0M | $190.0M | $211.0M | $195.0M | $183.0M |
| Short-term debt | $842.0M | $4.0M | $47.0M | $344.0M | $96.0M | $100.0M | $112.0M | $211.0M | $399.0M | $183.0M |
| Deferred revenue | $4.09B | $3.69B | $3.46B | $3.13B | $2.22B | $2.17B | $1.93B | $1.64B | $1.61B | $1.51B |
| Total current liabilities | $7.64B | $6.39B | $6.12B | $6.00B | $3.81B | $3.59B | $3.09B | $2.63B | $3.21B | $2.61B |
| Long-term debt | $12.37B | $11.39B | $11.41B | $10.73B | $4.11B | $4.11B | $3.95B | $3.66B | $3.17B | $3.56B |
| Lease obligations | $494.0M | $535.0M | $541.0M | $577.0M | $492.0M | $644.0M | $732.0M | — | — | — |
| Other long-term liabilities | $5.04B | $4.93B | $4.95B | $5.31B | $1.56B | $1.49B | $1.50B | $863.0M | $923.0M | $713.0M |
| Total liabilities | $25.05B | $22.71B | $22.49B | $22.04B | $9.49B | $9.19B | $8.54B | $7.15B | $7.31B | $6.89B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $415.0M | $415.0M | $415.0M | $415.0M | $294.0M | $294.0M | $294.0M | $294.0M | $937.0M | $914.0M |
| Retained earnings (deficit) | $23.67B | $20.98B | $18.73B | $17.78B | $15.02B | $13.37B | $12.21B | $11.28B | $10.03B | $9.21B |
| Treasury stock | — | — | — | — | −$13.47B | −$13.46B | −$12.30B | −$11.04B | −$9.60B | −$8.70B |
| Accumulated other comprehensive income | −$697.0M | −$883.0M | −$763.0M | −$886.0M | −$841.0M | −$637.0M | −$624.0M | −$742.0M | −$649.0M | −$773.0M |
| Minority interest | $5.03B | $4.35B | $3.90B | $89.0M | $75.0M | $62.0M | $57.0M | $56.0M | $57.0M | $51.0M |
| Total shareholders' equity | $31.23B | $33.16B | $34.20B | $36.48B | $2.03B | $509.0M | $479.0M | $2.30B | $768.0M | $1.78B |
| Key figures | ||||||||||
| Total debt | $14.20B | $11.93B | $12.00B | $11.65B | $4.70B | $4.75B | $4.68B | $3.87B | $3.57B | $3.75B |
| Net cash (debt) | −$12.40B | −$10.25B | −$10.68B | −$10.35B | $1.81B | −$637.0M | −$1.79B | −$1.92B | −$780.0M | −$1.35B |
| Working capital | −$1.34B | −$933.0M | −$982.0M | −$332.0M | $5.00B | $2.40B | $1.62B | $975.0M | $1.11B | $1.06B |
| Tangible book value | −$21.51B | −$18.31B | −$18.05B | −$16.37B | −$2.76B | −$4.58B | −$4.52B | −$2.75B | −$3.61B | −$2.67B |
| Book value per share | $102.38 | $106.31 | $107.24 | $114.53 | $8.40 | $2.10 | $1.94 | $9.10 | $2.97 | $6.72 |
| Shares outstanding | 305.1M | 311.9M | 318.9M | 318.5M | 241.8M | 242.1M | 246.9M | 253.2M | 258.9M | 265.2M |
| Current ratio | 0.82 | 0.85 | 0.84 | 0.94 | 2.31 | 1.67 | 1.52 | 1.37 | 1.35 | 1.41 |
| Quick ratio | 0.69 | 0.71 | 0.68 | 0.63 | 2.14 | 1.59 | 1.45 | 1.30 | 1.28 | 1.35 |
| Debt / equity | 0.45 | 0.36 | 0.35 | 0.32 | 2.31 | 9.34 | 9.77 | 1.68 | 4.65 | 2.10 |
| Equity / assets | 51.0% | 55.1% | 56.4% | 59.0% | 13.5% | 4.1% | 4.2% | 24.4% | 8.1% | 20.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $4.14B | $1.81B | $1.80B | $1.67B | $1.85B | $1.47B | $1.69B | $1.70B | $2.04B | $1.54B | $1.32B | $1.65B |
| Cash & equivalents | $4.14B | $1.81B | $1.75B | $1.67B | $1.85B | $1.47B | $1.67B | $1.70B | $2.04B | $1.54B | $1.29B | $1.65B |
| Short-term investments | — | — | $56.0M | — | — | — | $20.0M | — | — | — | $26.0M | — |
| Receivables | $3.44B | $3.49B | $3.44B | $2.86B | $2.98B | $3.08B | $2.87B | $2.63B | $2.71B | $2.98B | $2.83B | $2.55B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$2.63B | −$2.71B | $61.0M | $1.0M | −$2.55B |
| Other current assets | $1.13B | $1.02B | $1.05B | $1.13B | $1.05B | $790.0M | $906.0M | $3.51B | $3.60B | $845.0M | $1.00B | $3.16B |
| Total current assets | $8.71B | $6.32B | $6.30B | $5.65B | $5.88B | $5.34B | $5.46B | $5.20B | $5.64B | $5.43B | $5.14B | $4.80B |
| Property, plant & equipment (net) | $646.0M | $649.0M | $691.0M | $654.0M | $680.0M | $678.0M | $678.0M | $642.0M | $620.0M | $618.0M | $637.0M | $646.0M |
| Goodwill & intangible assets | $52.04B | $52.33B | $52.75B | $50.73B | $51.15B | $51.27B | $51.47B | $51.84B | $52.07B | $51.87B | $52.25B | $52.42B |
| Long-term investments | $613.0M | $605.0M | $603.0M | $1.87B | $1.85B | $1.78B | $1.77B | $1.80B | $1.79B | $1.77B | $1.79B | $1.79B |
| Other non-current assets | $895.0M | $884.0M | $864.0M | $837.0M | $842.0M | $819.0M | $837.0M | $885.0M | $825.0M | $788.0M | $774.0M | $900.0M |
| Total assets | $62.91B | $60.79B | $61.20B | $59.75B | $60.40B | $59.89B | $60.22B | $60.37B | $60.96B | $60.48B | $60.59B | $60.56B |
| Liabilities | ||||||||||||
| Accounts payable | $611.0M | $510.0M | $610.0M | $418.0M | $532.0M | $525.0M | $553.0M | $475.0M | $477.0M | $458.0M | $557.0M | $458.0M |
| Short-term debt | $2.70B | $2.82B | $842.0M | $3.0M | $3.0M | $3.0M | $4.0M | $4.0M | $4.0M | $301.0M | $47.0M | $47.0M |
| Deferred revenue | $3.93B | $3.98B | $4.09B | $3.63B | $3.87B | $3.89B | $3.69B | $3.29B | $3.41B | $3.54B | $3.46B | $3.02B |
| Total current liabilities | $9.12B | $9.34B | $7.64B | $5.80B | $5.98B | $5.92B | $6.39B | $5.50B | $5.50B | $5.88B | $6.12B | $5.22B |
| Long-term debt | $12.60B | $10.62B | $12.37B | $11.38B | $11.38B | $11.39B | $11.39B | $11.40B | $11.40B | $11.40B | $11.41B | $11.41B |
| Lease obligations | $452.0M | $458.0M | $494.0M | $481.0M | $512.0M | $522.0M | $535.0M | $527.0M | $515.0M | $524.0M | $541.0M | $543.0M |
| Other long-term liabilities | $4.54B | $4.63B | $5.04B | $4.68B | $5.07B | $4.86B | $4.93B | $5.07B | $5.07B | $4.95B | $4.95B | $4.90B |
| Total liabilities | $26.27B | $24.59B | $25.05B | $22.05B | $22.43B | $22.16B | $22.71B | $21.98B | $21.97B | $22.23B | $22.49B | $21.54B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $415.0M | $415.0M | $415.0M | $415.0M | $415.0M | $415.0M | $415.0M | $415.0M | $415.0M | $415.0M | $415.0M | $415.0M |
| Retained earnings (deficit) | $25.62B | $24.80B | $23.67B | $23.29B | $22.40B | $21.80B | $20.98B | $20.36B | $19.96B | $19.43B | $18.73B | $18.73B |
| Accumulated other comprehensive income | −$772.0M | −$736.0M | −$697.0M | −$798.0M | −$795.0M | −$826.0M | −$883.0M | −$714.0M | −$839.0M | −$825.0M | −$763.0M | −$846.0M |
| Minority interest | $5.14B | $5.03B | $5.03B | $4.57B | $4.57B | — | — | — | — | — | — | — |
| Total shareholders' equity | $31.62B | $31.17B | $31.23B | $33.24B | $33.50B | $33.37B | $33.16B | $33.99B | $34.88B | $34.33B | $34.20B | $35.51B |
| Key figures | ||||||||||||
| Total debt | $15.75B | $13.90B | $14.20B | $11.87B | $11.90B | $11.91B | $11.93B | $11.93B | $11.92B | $12.23B | $12.00B | $12.01B |
| Net cash (debt) | −$11.61B | −$12.09B | −$12.40B | −$10.19B | −$10.05B | −$10.44B | −$10.25B | −$10.23B | −$9.88B | −$10.69B | −$10.68B | −$10.36B |
| Working capital | −$416.0M | −$3.02B | −$1.34B | −$149.0M | −$105.0M | −$580.0M | −$933.0M | −$303.0M | $142.0M | −$449.0M | −$982.0M | −$414.0M |
| Tangible book value | −$20.43B | −$21.16B | −$21.51B | −$17.49B | −$17.65B | −$17.90B | −$18.31B | −$17.85B | −$17.19B | −$17.54B | −$18.05B | −$16.91B |
| Book value per share | $106.99 | $104.75 | $103.39 | $109.16 | $109.43 | $108.45 | $106.31 | $109.12 | $111.37 | $109.32 | $108.26 | $111.68 |
| Shares outstanding | 295.5M | 297.6M | 302.1M | 304.5M | 306.1M | 307.7M | 311.9M | 311.5M | 313.2M | 314.0M | 315.9M | 318.0M |
| Current ratio | 0.95 | 0.68 | 0.82 | 0.97 | 0.98 | 0.90 | 0.85 | 0.94 | 1.03 | 0.92 | 0.84 | 0.92 |
| Quick ratio | 0.83 | 0.57 | 0.69 | 0.78 | 0.81 | 0.77 | 0.71 | 0.79 | 0.86 | 0.77 | 0.68 | 0.80 |
| Debt / equity | 0.50 | 0.45 | 0.45 | 0.36 | 0.36 | 0.36 | 0.36 | 0.35 | 0.34 | 0.36 | 0.35 | 0.34 |
| Equity / assets | 50.3% | 51.3% | 51.0% | 55.6% | 55.5% | 55.7% | 55.1% | 56.3% | 57.2% | 56.8% | 56.4% | 58.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 11, 2026); data from EODHD.
SPGI financial position
At the end of fiscal 2025 (December 31, 2025), S&P Global had total assets of $61.2 billion (up 1.6% from a year earlier), total liabilities of $25.0 billion and shareholders' equity of $31.2 billion. It held $1.8 billion in cash and short-term investments against $14.2 billion of debt, net debt of $12.4 billion. Its current ratio was 0.82. In the latest quarter (ended June 30, 2026) total assets were $62.9 billion and equity $31.6 billion.
Related: SPGI income statement, SPGI cash flow statement, SPGI key metrics. See the SPGI stock overview for the latest quote and news.
SPGI balance sheet FAQ
What are S&P Global's total assets?
S&P Global reported total assets of $61.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $60.2 billion a year earlier.
How much debt does S&P Global have?
S&P Global had $14.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.45.
How much cash does S&P Global have?
S&P Global held $1.8 billion in cash and short-term investments at the end of fiscal 2025; with $14.2 billion of debt that is net debt of $12.4 billion.
What is S&P Global's book value?
S&P Global's shareholders' equity (book value) was $31.2 billion at the end of fiscal 2025, or $102.38 per share.
What is S&P Global's current ratio?
S&P Global had current assets of $6.3 billion and current liabilities of $7.6 billion, a current ratio of 0.82 (current liabilities exceed current assets).
How much goodwill does S&P Global have?
S&P Global carried $52.7 billion of goodwill and intangible assets, 86.2% of total assets, at the end of fiscal 2025.