SPGI (S&P Global Inc.) Stock Financials & Earnings | Market Cap Arena

SPGI (S&P Global Inc.) Stock Financials & Earnings | Market Cap Arena

SPGIS&P Global Inc.

Mkt Cap$132B

Financial Services·Financial - Data & Stock Exchanges·🇺🇸 United States·NYSE

Revenue (TTM)$15.3B

Net Income (TTM)$4.5B

EPS (TTM)$14.65

Free Cash Flow (TTM)$5.5B

Gross Margin70.2%

Op. Margin42.2%

Net Margin29.2%

FCF Margin35.6%

P/S Ratio (TTM)8.6x

P/E Ratio (TTM)29.5x

YoY Rev Growth+7.9%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$3.2B	$2.1B	$1.1B
Q2 23	$3.1B	$2.1B	$911M
Q3 23	$3.1B	$2.1B	$1.1B
Q4 23	$3.2B	$2.1B	$890M
Q1 24	$3.5B	$2.4B	$1.4B
Q2 24	$3.5B	$2.5B	$1.5B
Q3 24	$3.6B	$2.5B	$1.4B
Q4 24	$3.6B	$2.5B	$1.3B
Q1 25	$3.8B	$2.6B	$1.6B
Q2 25	$3.8B	$2.6B	$1.6B
Q3 25	$3.9B	$2.8B	$1.7B
Q4 25	$3.9B	$2.7B	$1.7B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	11.1x	47.1x
Q2 23	11.0x	56.3x
Q3 23	10.8x	53.3x
Q4 23	10.6x	50.3x
Q1 24	10.3x	46.8x
Q2 24	10.0x	39.8x
Q3 24	9.6x	37.2x
Q4 24	9.3x	34.3x
Q1 25	9.1x	33.4x
Q2 25	9.0x	32.9x
Q3 25	8.8x	31.3x
Q4 25	8.6x	29.5x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$594M	$566M
Q2 23	$769M	$738M
Q3 23	$1.0B	$977M
Q4 23	$1.3B	$1.3B
Q1 24	$948M	$924M
Q2 24	$1.6B	$1.5B
Q3 24	$1.4B	$1.4B
Q4 24	$1.7B	$1.7B
Q1 25	$953M	$910M
Q2 25	$1.4B	$1.4B
Q3 25	$1.5B	$1.5B
Q4 25	$1.7B	$1.7B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$28M
Q2 23	$31M
Q3 23	$36M
Q4 23	$48M
Q1 24	$24M
Q2 24	$32M
Q3 24	$35M
Q4 24	$33M
Q1 25	$43M
Q2 25	$61M
Q3 25	$45M
Q4 25	$46M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+32.3%	+305.6%
Q2 23	+3.6%	+44.9%
Q3 23	+7.8%	+0.1%
Q4 23	+7.3%	+1.8%
Q1 24	+10.5%	+4.5%
Q2 24	+14.4%	-4.2%
Q3 24	+15.9%	+6.5%
Q4 24	+14.0%	+0.9%
Q1 25	+8.2%	+4.4%
Q2 25	+5.8%	+5.1%
Q3 25	+8.8%	+3.4%
Q4 25	+9.0%	-1.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$46M	1.5%
Q2 23	$51M	1.6%
Q3 23	$46M	1.5%
Q4 23	$28M	0.9%
Q1 24	$33M	0.9%
Q2 24	$49M	1.4%
Q3 24	$95M	2.7%
Q4 24	$70M	1.9%
Q1 25	$47M	1.2%
Q2 25	$45M	1.2%
Q3 25	$75M	1.9%
Q4 25	$69M	1.8%

OpEx Breakdown

Quarter	SG&A
Q1 23	$705M
Q2 23	$771M
Q3 23	$741M
Q4 23	$942M
Q1 24	$714M
Q2 24	$734M
Q3 24	$808M
Q4 24	$919M
Q1 25	$764M
Q2 25	$803M
Q3 25	$805M
Q4 25	$1.0B

Revenue Segments

Quarter	Commodity Insights	Engineering Solutions Segment	Indices Segment	Market Intelligence Segment	Mobility	Ratings Segment
Q1 23	$508M	$100M	$341M	$1.1B	$358M	$824M
Q2 23	$462M	$33M	$348M	$1.1B	$369M	$851M
Q3 23	$479M	—	$354M	$1.1B	$379M	$819M
Q4 23	$497M	—	$360M	$1.1B	$378M	$838M
Q1 24	$559M	—	$387M	$1.1B	$386M	$1.1B
Q2 24	$516M	—	$389M	$1.2B	$400M	$1.1B
Q3 24	$522M	—	$416M	$1.2B	$412M	$1.1B
Q4 24	$545M	—	$436M	$1.2B	$411M	$1.1B
Q1 25	$612M	—	$445M	$1.2B	$420M	$1.1B
Q3 25	$556M	—	$462M	$1.2B	$445M	$1.2B

Revenue by Geography

Quarter	Asia	Europe	Rest Of World	United States
Q1 23	$337M	$711M	$186M	$1.9B
Q2 23	$342M	$703M	$191M	$1.9B
Q3 23	$344M	$693M	$194M	$1.9B
Q4 23	$352M	$715M	$187M	$1.9B
Q1 24	$356M	$776M	$209M	$2.1B
Q2 24	$368M	$830M	$200M	$2.2B
Q3 24	$388M	$802M	$209M	$2.2B
Q4 24	$379M	$848M	$203M	$2.2B
Q1 25	$382M	$849M	$204M	$2.3B
Q2 25	$408M	$863M	$215M	$2.3B
Q3 25	$430M	$885M	$211M	$2.4B
Q4 25	$420M	$934M	$213M	$2.3B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.4B	$0	$1.4B
Q2 23	$1.6B	$0	$1.6B
Q3 23	$1.6B	$0	$1.6B
Q4 23	$1.3B	$26M	$1.3B
Q1 24	$1.5B	$0	$1.5B
Q2 24	$2.0B	$0	$2.0B
Q3 24	$1.7B	$0	$1.7B
Q4 24	$1.7B	$20M	$1.7B
Q1 25	$1.5B	$0	$1.5B
Q2 25	$1.8B	$0	$1.8B
Q3 25	$1.7B	$0	$1.7B
Q4 25	$1.7B	$56M	$1.8B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	322M	-1.0%
Q2 23	320M	-0.7%
Q3 23	318M	-0.6%
Q4 23	316M	-0.7%
Q1 24	314M	-0.6%
Q2 24	313M	-0.3%
Q3 24	312M	-0.5%
Q4 24	312M	+0.1%
Q1 25	308M	-1.3%
Q2 25	306M	-0.5%
Q3 25	305M	-0.5%
Q4 25	302M	-0.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$297K	17K
FY 15	$260K	20K
FY 16	$283K	20K
FY 17	$297K	20K
FY 18	$295K	21K
FY 19	$298K	23K
FY 20	$324K	23K
FY 21	$363K	23K
FY 22	$280K	40K
FY 23	$309K	40K
FY 24	$335K	42K
FY 25	$345K	45K