S&P Global (SPGI) financials

NYSE · Financial Services · Financial - Data & Stock Exchanges · 44,500 employees · CEO Martina L. Cheung

Price: $466.55 +1.28%
Market cap: $135B
Enterprise value: $146B
Last report: Q3 '26 filed 2026-10-28
Next report: 2027-02-09 EPS est. $4.04

Revenue (TTM)$15.9B+6.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)48.6%+7.9 pp vs a year agoOperating income $7.74B

Net income (TTM)$4.99B+18.2% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$5.64B+3.3% vs a year agoCapex $139M

Diluted EPS (TTM)$16.81+22.3% vs a year agoSum of the last 4 quarters

Net cash-$11.1B-9.3% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $135B
Revenue: $15.9B
Revenue growth: -3%
Profit margin: 31.3%
P/E: 27.7×
P/S: 8.5×
EV / EBITDA: 17.3×
Free cash flow: $5.64B
Net income: $4.99B
Revenue estimate: $14.9B
Earnings: 2027-02-09
Dividend: $3.87

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-27): revenue beat by 1.0%, EPS beat by 3.4%Revenue $3.68B vs $3.64B expected (+1.0%); EPS $4.58 vs $4.43 (+3.4%).
Revenue growth slowing: -5.4% year on yearQ3 '26 revenue $3.68B, against an average of 9.7% over the four quarters before.
Operating margin 48.6% (TTM), +7.9 pp on a year agoOperating income grew 26.6% while revenue grew 6.0%.
Capex 0.9% of revenue (a year ago 1.2%)$139M invested in the last 4 quarters (-23.6% on a year earlier). Free cash flow $5.64B = 113.1% of net income.
Returned $10.2B to shareholders = 181.7% of free cash flowBuybacks $9.1B (a year earlier $1.36B), dividends $1.15B, stock-based pay $108M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count down 4.2% in a year292M diluted shares in Q3 '26, 305M a year earlier.
Net debt $11.1BCash + short-term investments $2.44B, debt incl. leases $13.6B; a year ago net debt $10.2B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$3.68B	$3.89B	-5.4%
Gross margin	71.9%	71.2%	+0.7 pp
Operating income	$1.96B	$1.68B	+16.8%
Operating margin	53.2%	43.1%	+10.1 pp
Net income	$1.24B	$1.18B	+5.4%
Diluted EPS	$4.25	$3.86	+10.1%
Operating cash flow	$1.56B	$1.51B	+3.4%
Capex	$28M	$45M	-37.8%
Free cash flow	$1.53B	$1.46B	+4.7%
R&D	$0	$0	–
Stock-based compensation	$0	$75M	-100.0%

Reported vs consensus

2026-10-27

	Actual	Consensus	vs consensus
Revenue	$3.68B	$3.64B	+1.0%
EPS (as estimated)	$4.58	$4.43	+3.4%

From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
Market Intelligence Segment	$1.26B	+2.2%	40.9%	–	–
Ratings	–	–	–	–	–
Market Intelligence	–	–	–	–	–
Ratings Segment	$1.27B	+2.5%	41.2%	–	–
Mobility	–	–	–	–	–
Energy	–	–	–	–	–
Indices Segment	$554M	+19.9%	17.9%	–	–
Indices	–	–	–	–	–
Intersegment Elimination	–	–	–	–	–

Revenue by region

share of total

Segment	Q3 '26	y/y	Share	TTM	TTM y/y
United States	$2.18B	-7.9%	59.2%	$9.68B	+6.0%
Europe	$873M	-1.4%	23.7%	$3.65B	+6.1%
Asia	$445M	+3.5%	12.1%	$1.74B	+8.5%
Rest Of World	$184M	-12.8%	5.0%	$842M	+1.1%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q3 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
Market Intelligence Segment	–	–	$301M	+19.4%	–	–	$1.29B
Ratings Segment	–	–	$834M	+2.0%	–	–	$3.35B
Commodity Insights	–	–	–	–	–	–	–
Mobility	–	–	–	–	–	–	–
Indices Segment	–	–	$388M	+24.0%	–	–	$1.47B
Engineering Solutions Segment	–	–	–	–	–	–	–
Corporate (unallocated)	–	–	$36M	-56.6%	–	–	$128M
Energy Segment	–	–	$469M	+88.4%	–	–	$1.2B
Mobility Segment	–	–	–	–	–	–	–

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $5.78B
Capex: -$139M
Buybacks: -$9.1B
Dividends: -$1.15B
Acquisitions: -$2B
Net debt issued: $3.66B
Stock-based compensation: $108M
Free cash flow: $5.64B
Returned to shareholders / FCF: 181.7%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	27.7×	39.9×	32.7× – 53.4×
EV / EBITDA	17.3×	24.1×	19.4× – 29.3×
EV / Sales	9.2×	11.8×	10.4× – 13.5×
Price / FCF	24.0×	34.1×	27.9× – 42.2×
Price / Book	6.9×	14.5×	2.9× – 55.9×
FCF yield	4.2%	3.0%	2.4% – 3.6%
Return on invested capital	14.1%	11.8%	5.8% – 29.3%
Return on equity	17.5%	38.3%	7.7% – 148.8%

Analysts

Consensus target $512.14 (+9.8%)
range $490.00 – $531.00 · rating Buy

Strong buy0

Buy24

Hold4

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$14.9B	-2.9%	$17.93	+22.3%	26.0×	12
FY2027	$15.7B	+5.4%	$20.20	+12.7%	23.1×	14
FY2028	$16.8B	+7.1%	$22.77	+12.7%	20.5×	7
FY2029	$17.9B	+6.2%	$25.08	+10.1%	18.6×	2
FY2030	$18.9B	+5.7%	$26.96	+7.5%	17.3×	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 299 figures S&P Global Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$507M	$418M	+21.3%	$610M	$553M	+10.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$3.1B	$2.86B	+8.5%	$3.44B	$2.87B	+20.0%
Accounts Receivable, Allowance for Credit Loss, Current	$54M	$45M	+20.0%	$50M	$44M	+13.6%
Accounts Receivable, Credit Loss Expense (Reversal)	$9M	$8M	+12.5%	$39M	$43M	-9.3%
Accrued Income Taxes, Current	$247M	$197M	+25.4%	$180M	$199M	-9.5%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$775M	$843M	-8.1%	$861M	$823M	+4.6%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$802M	-$798M	-0.5%	-$697M	-$883M	+21.1%
Additional Paid in Capital, Common Stock	$44B	$44.4B	-0.7%	$44.1B	$44.3B	-0.5%
Advertising Expense	–	–	–	$252M	$229M	+10.0%
Amortization of Intangible Assets	$199M	$190M	+4.7%	$1.07B	$1.08B	-0.7%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	-$4M	$71M	-105.6%	$141M	$161M	-12.4%
Assets	$48B	$59.7B	-19.6%	$61.2B	$60.2B	+1.6%
Assets for Plan Benefits, Defined Benefit Plan	$254M2025-12-31	$246M	+3.3%	$254M	$246M	+3.3%
Assets Held-for-sale, Not Part of Disposal Group, Current	$0	–	–	$02023-12-31	$1.3B	-100.0%
Assets, Current	$6.42B	$5.65B	+13.5%	$6.3B	$5.46B	+15.3%
Capitalized Computer Software, Accumulated Amortization	$237M2025-12-31	$204M	+16.2%	$237M	$204M	+16.2%
Capitalized Computer Software, Gross	$419M2025-12-31	$338M	+24.0%	$419M	$338M	+24.0%
Capitalized Contract Cost, Net	$334M	$314M	+6.4%	$349M	$291M	+19.9%
Cash and Cash Equivalents, at Carrying Value	$2.44B	$1.67B	+46.0%	$1.75B	$1.67B	+4.7%
Cash Provided by (Used in) Financing Activities, Discontinued Operations	–	–	–	$02015-12-31	$0	–
Cash Provided by (Used in) Investing Activities, Discontinued Operations	–	–	–	$02016-12-31	$0	–
Cash Provided by (Used in) Operating Activities, Discontinued Operations	–	–	–	$02017-12-31	$0	–
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.44B	$1.63B	+49.5%	$1.75B	$1.67B	+4.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$1.66B	-$187M	-788.8%	$79M	$375M	-78.9%
Commercial Paper, at Carrying Value	$715M2025-12-31	$0	–	$715M	$0	–
Common Stock, Dividends, Per Share, Declared	$0.97	$0.96	+1.0%	$3.84	$3.64	+5.5%
Common Stock, Par or Stated Value Per Share	$1.00	$1.00	0.0%	$1.00	$1.00	0.0%
Common Stock, Shares Authorized	600M	600M	0.0%	600M	600M	0.0%
Common Stock, Shares, Issued	415M	415M	0.0%	415M	415M	0.0%
Common Stock, Shares, Outstanding	290M	303M	-4.4%	299M	308M	-2.9%
Common Stock, Value, Issued	$415M	$415M	0.0%	$415M	$415M	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.21B	$1.17B	+3.2%	$4.66B	$3.73B	+24.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.32B	$1.26B	+4.4%	$5.01B	$4.05B	+23.7%
Contract with Customer, Asset, before Allowance for Credit Loss	$90M	$81M	+11.1%	$89M	$69M	+29.0%
Contract with Customer, Liability, Current	$3.77B	$3.63B	+3.9%	$4.09B	$3.69B	+10.7%
Contract with Customer, Liability, Revenue Recognized	$700M2025-09-30	$600M	+16.7%	$2.8B2023-12-31	$1.5B	+86.7%
Cost of Revenue	$1.03B	$986M	+4.9%	$4.56B	$4.36B	+4.6%
Costs and Expenses	$1.92B	$1.89B	+1.5%	$9.16B	$8.73B	+4.9%
Current Federal Tax Expense (Benefit)	–	–	–	$909M	$740M	+22.8%
Current Foreign Tax Expense (Benefit)	–	–	–	$448M	$472M	-5.1%
Current State and Local Tax Expense (Benefit)	–	–	–	$292M	$252M	+15.9%
Debt, Current	$2.45B	$3M	+81,500.0%	$718M	$4M	+17,850.0%
Decrease in Unrecognized Tax Benefits is Reasonably Possible	$12M2025-09-30	$12M	0.0%	$12M2023-12-31	$20M	-40.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$110M	-$131M	+16.0%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$52M	-$161M	+67.7%
Deferred Income Tax Expense (Benefit)	$0	-$74M	+100.0%	-$242M	-$323M	+25.1%
Deferred Income Tax Liabilities, Net	$2.18B	$3.03B	-28.1%	$3.26B	$3.4B	-4.0%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	-$80M	-$31M	-158.1%
Deferred Tax Assets, Gross	$1.62B2025-12-31	$1.58B	+2.3%	$1.62B	$1.58B	+2.3%
Deferred Tax Assets, in Process Research and Development	$420M2025-12-31	$350M	+20.0%	$420M	$350M	+20.0%
Deferred Tax Assets, Net of Valuation Allowance	$71M2025-12-31	$73M	-2.7%	$71M	$73M	-2.7%
Deferred Tax Assets, Operating Loss Carryforwards	$636M2025-12-31	$695M	-8.5%	$636M	$695M	-8.5%
Deferred Tax Assets, Other	$434M2025-12-31	$423M	+2.6%	$434M	$423M	+2.6%
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities	$128M2025-12-31	$114M	+12.3%	$128M	$114M	+12.3%
Deferred Tax Assets, Valuation Allowance	$302M2025-12-31	$313M	-3.5%	$302M	$313M	-3.5%
Deferred Tax Liabilities, Goodwill and Intangible Assets	$4.32B2025-12-31	$4.35B	-0.6%	$4.32B	$4.35B	-0.6%
Deferred Tax Liabilities, Gross	$4.51B2025-12-31	$4.59B	-1.9%	$4.51B	$4.59B	-1.9%
Deferred Tax Liabilities, Net	$3.19B2025-12-31	$3.32B	-4.0%	$3.19B	$3.32B	-4.0%
Deferred Tax Liabilities, Other	$186M2025-12-31	$245M	-24.1%	$186M	$245M	-24.1%
Defined Benefit Plan, Amortization of Gain (Loss)	-$2M	-$1M	-100.0%	–	–	–

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30

Data as of 2026-11-01