AI Takeaway
S&P Global (SPGI) delivered strong FY2025 results with revenue growing 7.9% to $15.3B and operating income surging 16.1% to $6.5B, driving operating margin expansion to a record 42.2% and EPS growth of 18.7% to $14.67.
Revenue
$15.34B
++7.94% YoY
EPS (Basic)
$14.67
++18.69% YoY
Operating Income
$6.48B
++16.09% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-K filing
SPGI grew total revenue by 7.9% YoY to $15.34B in FY2025, up from $14.21B in FY2024, reflecting continued demand for its ratings, data, and analytics services in a resilient financial information market.
Source: Source: 10-K Income Statement
Operating income rose 16.1% to $6.48B, with operating margin expanding approximately 300 basis points to 42.2% from 39.3% in the prior year, demonstrating strong cost discipline as revenue growth outpaced cost of revenue growth (4.6%) and SG&A growth (6.9%).
Source: Source: 10-K Income Statement & Key Ratios
Net income increased 16.1% to $4.47B, while diluted EPS grew 18.7% to $14.66 (from $12.35), with the EPS growth rate exceeding net income growth due to share count reduction from aggressive buybacks.
Source: Source: 10-K Income Statement
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Upgrade to unlockSPGI's current ratio stands at 0.82, meaning current liabilities of $7.64B exceed current assets of $6.30B. While common for large investment-grade companies with strong cash generation, this could create short-term liquidity stress if operating cash flows were to deteriorate unexpectedly.
Source: Source: 10-K Balance Sheet & Key Ratios
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Upgrade to unlockReported EPS of $4.30 versus the $4.42 analyst consensus — a -2.6% miss for FY2025.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $15.34B | $14.21B | +7.94% |
Cost of Revenue | $4.56B | $4.36B | +4.63% |
Operating Income | $6.48B | $5.58B | +16.09% |
Net Income | $4.47B | $3.85B | +16.07% |
EPS (Basic) | $14.67 | $12.36 | +18.69% |
EPS (Diluted) | $14.66 | $12.35 | +18.70% |
SG&A Expense | $3.42B | $3.2B | +6.91% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $61.2B | $60.22B | +1.63% |
Current Assets | $6.3B | $5.46B | +15.33% |
Total Liabilities | $25.05B | $22.71B | +10.28% |
Current Liabilities | $7.64B | $6.39B | +19.48% |
Stockholders' Equity | $31.13B | $33.16B | -6.13% |
Cash & Equivalents | $1.75B | $1.67B | +4.74% |
Long-Term Debt | $13.09B | $11.4B | +14.83% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $5.65B | $5.69B | -0.67% |
Investing Cash Flow | $-704M | $-255M | -176.08% |
Financing Cash Flow | $-4.93B | $-5B | +1.36% |
Share Buybacks | $5B | $3.3B | +51.50% |
D&A | $1.18B | $1.17B | +0.51% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 42.2% | 39.3% | +2.97% |
Net Margin | 29.2% | — | — |
ROE | 14.4% | — | — |
ROA | 7.3% | — | — |
Current Ratio | $0.824 | — | — |
Debt to Equity | $0.805 | — | — |
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S&P Global delivered strong FY2025 results with revenue of $15.34B (+7.9% YoY) and net income of $4.47B (+16.1% YoY). Diluted EPS grew 18.7% to $14.66, driven by both earnings growth and a $5.0B share buyback program.
SPGI's operating margin expanded approximately 300 basis points to a record 42.2% in FY2025, up from 39.3% in FY2024. This was driven by strong operating leverage — revenue grew 7.9% while cost of revenue grew only 4.6% and SG&A grew 6.9%, meaning costs rose significantly slower than revenues.
SPGI repurchased $5.0B worth of shares in FY2025, a 51.5% increase from $3.3B in FY2024. This aggressive buyback activity helped boost diluted EPS growth to 18.7%, outpacing net income growth of 16.1%, and contributed to a 6.1% decline in stockholders' equity.
Key risks include SPGI's heavy dependence on capital markets activity and debt issuance volumes for its Ratings segment, rising long-term debt (up 14.8% to $13.09B), and a current ratio below 1.0 (0.82), indicating current liabilities exceed current assets. While the company's strong cash generation mitigates near-term liquidity concerns, increasing leverage warrants monitoring.
SPGI's financial health is strong overall, with $5.65B in operating cash flow, a 42.2% operating margin, and net income of $4.47B. However, long-term debt rose to $13.09B (+14.8%) and the current ratio of 0.82 is below 1.0, reflecting the impact of $5.0B in share buybacks funded partly by debt issuance.