S&P Global Inc. (SPGI) Income Statement
SPGI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsSPGI revenue and net income
Where SPGI's revenue goes
2025Each bar shows an amount and its share of revenue. SPGI kept 29.2% of revenue as net income.
SPGI profit margins
SPGI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +7.9% | +11.1% | +15.6% | +11.2% |
| Gross profit | +9.7% | +13.2% | +15.0% | +11.6% |
| Operating income | +16.1% | +9.4% | +12.4% | +12.9% |
| Net income | +16.1% | +11.2% | +13.8% | +14.5% |
| EPS (diluted) | +13.5% | +16.9% | +8.8% | +14.7% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
SPGI quarterly EPS vs estimates
S&P Global beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $4.42).
SPGI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.34B | $14.21B | $12.50B | $11.18B | $8.30B | $7.44B | $6.70B | $6.26B | $6.06B | $5.66B |
| Cost of revenue | $4.56B | $4.39B | $4.13B | $3.75B | $2.18B | $2.09B | $1.98B | $1.84B | $1.69B | $1.77B |
| Gross profit | $10.77B | $9.82B | $12.50B | $7.43B | $6.12B | $5.35B | $4.72B | $4.42B | $4.37B | $3.89B |
| Research & development | — | — | — | — | $13.0M | — | — | $0 | $0 | $24.0M |
| Sales, general & admin | $3.42B | $3.17B | $3.15B | $3.38B | $1.71B | $1.54B | $1.52B | $1.56B | $1.56B | $1.44B |
| Total operating expenses | $4.29B | $4.24B | $4.14B | $2.48B | $1.90B | $1.73B | $1.50B | $1.63B | $1.79B | $547.0M |
| Operating income | $6.48B | $5.58B | $4.02B | $4.94B | $4.22B | $3.62B | $3.23B | $2.79B | $2.58B | $3.34B |
| Interest income | — | — | — | — | — | — | $217.0M | $139.0M | $149.0M | $181.0M |
| Interest expense | $287.0M | $297.0M | $334.0M | $304.0M | $119.0M | $141.0M | $141.0M | $134.0M | $149.0M | $181.0M |
| Income before taxes | $6.23B | $5.31B | $3.67B | $4.70B | $4.16B | $3.23B | $2.93B | $2.68B | $2.46B | $3.19B |
| Income taxes | $1.41B | $1.14B | $778.0M | $1.18B | $901.0M | $694.0M | $627.0M | $560.0M | $823.0M | $960.0M |
| Net income | $4.47B | $3.85B | $2.63B | $3.25B | $3.02B | $2.34B | $2.12B | $1.96B | $1.50B | $2.11B |
| EBITDA | $7.69B | $6.78B | $4.02B | $6.02B | $4.46B | $3.58B | $3.27B | $3.02B | $2.79B | $3.55B |
| EPS (diluted) | $17.83 | $15.71 | $12.61 | $11.17 | $13.70 | $11.69 | $9.53 | $8.50 | $6.90 | $5.35 |
| Gross margin | 70.2% | 69.1% | 100.0% | 66.4% | 73.7% | 71.9% | 70.5% | 70.6% | 72.1% | 68.7% |
| Operating margin | 42.2% | 39.3% | 32.2% | 44.2% | 50.9% | 48.6% | 48.2% | 44.6% | 42.6% | 59.0% |
| Net margin | 29.2% | 27.1% | 21.0% | 29.0% | 36.4% | 31.4% | 31.7% | 31.3% | 24.7% | 37.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.15B | $4.17B | $3.92B | $3.89B | $3.75B | $3.78B | $3.59B | $3.58B | $3.55B | $3.49B | $3.15B | $3.08B |
| Cost of revenue | $1.17B | $1.24B | $1.17B | $1.12B | $1.12B | $1.15B | $1.11B | $1.07B | $1.08B | $1.11B | $1.03B | $995.0M |
| Gross profit | $2.98B | $2.94B | $2.75B | $2.77B | $2.64B | $2.62B | $2.48B | $2.50B | $2.46B | $2.38B | $2.12B | $2.09B |
| Sales, general & admin | $873.0M | $802.0M | $1.04B | $805.0M | $803.0M | $764.0M | $919.0M | $808.0M | $734.0M | $705.0M | $942.0M | $741.0M |
| Total operating expenses | $873.0M | $934.0M | $1.07B | $1.09B | $1.08B | $1.05B | $1.17B | $1.07B | $1.01B | $995.0M | $1.23B | $1.01B |
| Operating income | $2.11B | $2.00B | $1.67B | $1.68B | $1.55B | $1.58B | $1.31B | $1.43B | $1.45B | $1.39B | $890.0M | $1.07B |
| Interest expense | $87.0M | $96.0M | $54.0M | $79.0M | $77.0M | $78.0M | $70.0M | $72.0M | $77.0M | $78.0M | $76.0M | $84.0M |
| Income before taxes | $1.73B | $1.91B | $1.63B | $1.60B | $1.50B | $1.50B | $1.25B | $1.36B | $1.38B | $1.32B | $794.0M | $995.0M |
| Income taxes | $406.0M | $404.0M | $407.0M | $333.0M | $342.0M | $325.0M | $287.0M | $313.0M | $293.0M | $248.0M | $150.0M | $181.0M |
| Net income | $1.22B | $1.40B | $1.13B | $1.18B | $1.07B | $1.09B | $880.0M | $971.0M | $1.01B | $991.0M | $579.0M | $742.0M |
| EBITDA | $2.12B | $2.15B | $1.98B | $1.97B | $1.87B | $1.87B | $1.62B | $1.73B | $1.75B | $1.68B | $1.16B | $1.36B |
| EPS (diluted) | $4.83 | $4.97 | $4.30 | $4.73 | $4.43 | $4.37 | $3.77 | $3.89 | $4.04 | $4.01 | $3.13 | $3.21 |
| Gross margin | 71.9% | 70.4% | 70.1% | 71.2% | 70.2% | 69.5% | 69.0% | 70.0% | 69.4% | 68.2% | 67.3% | 67.7% |
| Operating margin | 50.8% | 48.0% | 42.7% | 43.1% | 41.3% | 41.8% | 36.4% | 40.1% | 40.9% | 39.7% | 28.2% | 34.8% |
| Net margin | 29.4% | 33.4% | 29.0% | 30.2% | 28.5% | 28.9% | 24.5% | 27.2% | 28.5% | 28.4% | 18.4% | 24.1% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in SPGI's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
SPGI financial results
In fiscal year 2025 (ended December 31, 2025), S&P Global reported revenue of $15.3 billion, up 7.9% from the year before. It had net income of $4.5 billion (up 16.1%), a net profit margin of 29.2%. Diluted earnings per share came to $17.83. Over five years revenue grew at an average rate of 15.6% a year.
See the SPGI stock overview for the latest quote and news, or the SPGI chart for price history and technical indicators.
SPGI income statement FAQ
What is S&P Global's annual revenue?
S&P Global reported total revenue of $15.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 7.9% from $14.2 billion the previous year.
Is S&P Global profitable?
Yes. S&P Global reported net income of $4.5 billion in fiscal 2025, a net profit margin of 29.2%; its operating margin was 42.2%.
What is S&P Global's gross margin?
S&P Global's gross margin was 70.2% in fiscal 2025: for every $100 of revenue, S&P Global kept $70 after the direct cost of its products and services.
How fast is S&P Global growing?
Revenue grew 15.6% a year on average over the last five fiscal years, from $7.4 billion to $15.3 billion.
What are S&P Global's earnings per share?
S&P Global earned $17.83 per diluted share in fiscal 2025, compared with $15.71 a year earlier.
When will S&P Global report its next earnings?
S&P Global is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does S&P Global's fiscal year end?
S&P Global's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.