Ctrl K
Operating cash flow of $1.4B in 2026Q2 (OCF/NI of 1.18) demonstrates strong cash conversion, supporting $787M in capital returns via dividends and buybacks.
S&P Global Inc. (SPGI) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 5.73B | 5.65B | 5.69B | 3.71B | 2.6B | 3.6B | 3.57B | 2.78B | 2.06B | 2.02B | 1.46B | 227M | 1.21B | 782M | 747M | 1.34B | 1.46B | 1.32B | 1.17B | 1.72B | 1.51B | 1.56B | 1.06B | 1.38B | 1.14B | 1.07B | 705.56M | 708.1M | 755.1M | 373.1M | 460.2M |
| Operating CF Growth % | 13.01% | -0.67% | 53.34% | 42.53% | -27.65% | 0.87% | 28.49% | 34.5% | 2.38% | 37.7% | 544.93% | -81.22% | 54.6% | 4.69% | -44.42% | -7.83% | 10.4% | 13.01% | -31.93% | 13.76% | -3.24% | 46.68% | -23.07% | 21% | 6.69% | 51.76% | -0.36% | -6.22% | 102.39% | -18.93% | 6.23% |
| Net Income | 4.92B | 4.82B | 3.85B | 2.89B | 3.52B | 3.26B | 2.53B | 2.3B | 2.12B | 1.64B | 2.23B | 1.27B | -191M | 903M | 726M | 934M | 851.87M | 749.76M | 799.49M | 1.01B | 882.23M | 844.31M | 755.82M | 687.65M | 576.76M | 377.03M | 471.92M | 425.8M | 341.9M | 290.7M | 495.7M |
| Depreciation & Amortization | 1.21B | 1.18B | 1.17B | 1.14B | 1.01B | 178M | 206M | 204M | 206M | 180M | 181M | 157M | 134M | 137M | 141M | 187M | 417.4M | 435.95M | 448.79M | 401.17M | 389.99M | 385.26M | 392.71M | 403.18M | 408.77M | 420.6M | 362.32M | 308.4M | 299.2M | 293.5M | 238.6M |
| Deferred Taxes | -218M | -242M | -323M | -381M | -353M | 13M | -31M | 46M | 81M | 79M | 79M | 280M | -245M | 43M | 53M | 10M | 74.41M | 5.69M | -17K | -46.62M | -86.61M | 0 | 0 | -50.02M | 64.49M | 7.36M | 34.68M | -8.3M | 0 | 0 | 0 |
| Other Non-Cash Items | -66M | 90M | 505M | 344M | -1.72B | 92M | 521M | 146M | 74M | 88M | -1.01B | 205M | 1.68B | 100M | 48M | 156M | 43.37M | 37.32M | 30.94M | 139.68M | 158.65M | 24.68M | 17.13M | -12.47M | -9.62M | 198.94M | 21.83M | -100K | 85.6M | 93.1M | -322.6M |
| Working Capital Changes | -585M | -432M | 235M | -460M | -74M | -70M | 247M | -1M | -512M | -68M | -92M | -1.76B | -267M | -500M | -314M | -40M | 4.65M | 69.79M | -108.52M | 217.95M | 165.04M | 305.65M | -102.2M | 362.95M | 54.43M | 66.81M | -185.19M | -48.1M | 28.4M | -304.2M | 48.5M |
| Cash from Investing | -321M | -704M | -255M | 562M | 3.63B | -120M | -240M | -131M | -513M | -209M | 1.21B | -2.52B | 273M | 1.74B | 78M | -246M | -597.55M | -278.69M | -433.26M | -569.69M | -427.48M | -724.99M | -646.71M | 137.81M | -366.52M | -726.79M | -909.03M | -400.5M | -332.1M | -224.8M | -240.2M |
| Purchase of Investments | -35M | -35M | 0 | 0 | -2M | -2M | -19M | -10M | 0 | 0 | -1M | -4M | 0 | 0 | 0 | -158M | 0 | -24.6M | 0 | -298.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale/Maturity of Investments | 0 | 0 | 0 | 0 | 2M | 2M | 19M | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Investment Activity | -35M | -35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -4M | 0 | 0 | 0 | -158M | 0 | -24.6M | 0 | -298.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | -2.04B | -2.02B | -137M | 718M | 3.72B | -83M | -183M | -6M | -401M | -83M | 1.32B | -2.38B | 12M | 4M | -177M | -200M | -364.4M | 0 | -48.26M | -86.71M | -13.48M | -461.84M | -306.23M | -3.68M | -19.31M | -333.23M | -703.72M | 0 | 0 | 0 | 0 |
| Other Investing | 1.91B | 1.55B | 6M | -13M | -2M | -2M | 19M | -10M | 1M | -3M | -1M | -4M | 353M | 1.86B | 352M | 231M | 33.13M | 15.2M | 440K | 62.26M | 12.38M | -142.92M | -201.48M | 256.47M | -277.19M | -276.66M | -107.59M | -179.1M | -128.5M | -102.3M | -176.9M |
| Cash from Financing | -3.06B | -4.93B | -5B | -4.28B | -11.33B | -1.01B | -2.17B | -1.75B | -2.29B | -1.51B | -1.6B | 1.51B | -462M | -1.74B | -905M | -1.67B | -533.41M | -326.05M | -612.29M | -1.12B | -1.48B | -743.79M | -441.75M | -896.86M | -781.74M | -291.37M | 203.24M | -309.8M | -415.6M | -145.5M | -226.4M |
| Dividends Paid | -1.16B | -1.17B | -1.13B | -1.15B | -1.02B | -743M | -645M | -560M | -503M | -421M | -380M | -363M | -326M | -308M | -984M | -296M | -292.26M | -281.55M | -280.45M | -277.75M | -260.32M | -246.05M | -228.17M | -206.54M | -197.02M | -189.83M | -182.46M | -169M | -154.4M | -142.7M | -131.4M |
| Share Repurchases | -5.2B | -5B | -3.3B | -3.3B | -12B | 0 | -1.16B | -1.31B | -1.66B | -1B | -1.12B | -974M | -362M | -978M | -295M | -1.5B | -256M | 0 | -447.23M | -2.21B | -1.54B | -677.66M | -409.35M | -216.36M | -183.11M | -176.47M | -167.61M | -173.8M | -105.6M | -79.9M | -63.3M |
| Stock Issued | 0 | 0 | 0 | 0 | 0 | 13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49.89M | 25.17M | 41.42M | 146.87M | 262.86M | 192.76M | 218.79M | 79.16M | 77.47M | 63.92M | 45.32M | 22.8M | 22.3M | 20.4M | 19.9M |
| Net Stock Activity | -5.2B | -5B | -3.3B | -3.3B | -12B | 13M | -1.16B | -1.31B | -1.66B | -1B | -1.12B | -974M | -362M | -978M | -295M | -1.5B | -206.11M | 25.17M | -405.81M | -2.07B | -1.28B | -484.89M | -190.56M | -137.19M | -105.65M | -112.55M | -122.29M | -151M | -83.3M | -59.5M | -43.4M |
| Debt Issuance (Net) | 3M | 1000K | -1000K | 1000K | 1000K | 0 | -1000K | 0 | 1000K | 0 | -1000K | 1000K | 0 | 0 | 1000K | 0 | 0 | -1000K | 1000K | 1000K | -605K | -1000K | -1000K | -1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K |
| Other Financing | -505M | -463M | -516M | -388M | 37M | -283M | -255M | 9M | -220M | -85M | -26M | -201M | 226M | -258M | 18M | 131M | 14.85M | 329K | 45.4M | 35.85M | 58.25M | -169K | -302K | -408K | -575K | -376K | -3.24M | -1.7M | -21.2M | -5.6M | -4.9M |
| Net Change in Cash | 2.29B | 79M | 375M | 4M | -5.22B | 2.38B | 1.24B | 928M | -821M | 387M | 911M | -1.02B | 955M | 782M | -75M | -582M | 315.67M | 738.26M | 75.58M | 42.6M | -395.29M | 68.16M | -14.97M | 637.4M | 4.65M | 50.36M | -3.32M | -4M | 5.7M | 1.3M | -6.7M |
| Exchange Rate Effect | -54M | 62M | -61M | 12M | -123M | -82M | 75M | 34M | -84M | 87M | -158M | -67M | -65M | -1M | 5M | -15M | -11.55M | 22.22M | -47.63M | 16.57M | 2.83M | -22.95M | 10.02M | 14.12M | 10.52M | -2.22M | -3.09M | -1.7M | -1.7M | -1.5M | -300K |
| Cash at Beginning | 1.81B | 1.67B | 1.29B | 1.29B | 6.5B | 4.12B | 2.89B | 1.96B | 2.78B | 2.39B | 1.48B | 2.5B | 1.54B | 760M | 835M | 1.53B | 1.21B | 471.67M | 396.1M | 353.5M | 748.79M | 680.62M | 695.59M | 58.19M | 53.53M | 3.17M | 6.49M | 10.5M | 4.8M | 3.4M | 10.3M |
| Cash at End | 4.14B | 1.75B | 1.67B | 1.29B | 1.29B | 6.5B | 4.12B | 2.89B | 1.96B | 2.78B | 2.39B | 1.48B | 2.5B | 1.54B | 760M | 944M | 1.53B | 1.21B | 471.67M | 396.1M | 353.5M | 748.79M | 680.62M | 695.59M | 58.19M | 53.53M | 3.17M | 6.5M | 10.5M | 4.7M | 3.6M |
| Interest Paid | 0 | 0 | 391M | 369M | 240M | 130M | 159M | 0 | 151M | 139M | 150M | 65M | 50M | 50M | 77M | 71M | 71M | 71.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Income Taxes Paid | 0 | 0 | 1.16B | 1.28B | 1.55B | 883M | 683M | 0 | 558M | 709M | 683M | 260M | 419M | 787M | 243M | 452M | 410M | 415.64M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 5.57B | 5.46B | 5.57B | 3.57B | 2.51B | 3.56B | 3.49B | 2.66B | 1.95B | 1.89B | 1.35B | 56M | 1.12B | 699M | 650M | 1.23B | 1.19B | 1.05B | 783.32M | 1.47B | 1.08B | 1.44B | 924.47M | 1.27B | 1.07B | 953.85M | 607.84M | 486.7M | 551.5M | 250.6M | 396.9M |
| FCF Growth % | 2.99% | -1.96% | 56.01% | 41.89% | -29.44% | 2.06% | 31.19% | 36.39% | 3.06% | 40.33% | 2308.93% | -94.99% | 59.8% | 7.54% | -46.94% | 2.78% | 13.35% | 34.24% | -46.74% | 35.81% | -24.78% | 55.73% | -27.06% | 18.18% | 12.43% | 56.92% | 24.89% | -11.75% | 120.07% | -36.86% | 6.01% |
Quick answers to the most common questions about buying SPGI stock.
S&P Global Inc. (SPGI) generated $5.65B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
S&P Global Inc. (SPGI) generated $5.46B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
S&P Global Inc. (SPGI) spent $195.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, S&P Global Inc. (SPGI) returned $1.17B to shareholders via cash dividends and spent $5.00B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Ratings cyclicality and regulatory scrutiny
Metrics are mathematically derived from official filings.
Strong Cash Conversion Supports Capital
S&P Global's operating cash flow averaged $1.3B per quarter over the last year, with OCF/NI consistently above 1.0 in most quarters, indicating robust earnings quality and internal capital generation.
The company's ability to convert earnings into cash is evident, with OCF/NI reaching 1.18 in 2026Q2, despite a dip to 0.74 in 2026Q1. This suggests that non-cash charges, such as amortization from the IHS Markit merger, are inflating reported earnings relative to cash generation. The strong cash flow provides ample capacity to fund organic growth initiatives and strategic acquisitions without over-leveraging.
Securities Portfolio Activity Minimal
Investment securities purchases and sales were negligible, with only $15M in purchases and $345M in sales in 2026Q2, indicating a passive approach to securities portfolio management.
The minimal activity in investment securities suggests that S&P Global does not rely on securities gains or losses to drive earnings. This aligns with its fee-based business model, where the balance sheet is not a primary profit center. The slight net selling in 2026Q2 may reflect portfolio rebalancing or liquidity management, but it is immaterial to overall cash flows.
No Loan Book, Fee-Based Model
S&P Global does not operate a loan book, as evidenced by the absence of loan-related cash flows in its statement of cash flows, reinforcing its non-depository, fee-driven business model.
The lack of loan origination or repayment activity is consistent with the company's role as a data and analytics provider, not a traditional lender. This eliminates credit risk from the balance sheet, though the company does record provisions for credit losses on trade receivables, which have been stable at around $1.0-1.1B per quarter. This stability suggests minimal credit deterioration in its client base.
Buybacks and Dividends Absorb Cash
S&P Global returned $787M to shareholders in 2026Q2 through dividends and buybacks, with buybacks of $500M and dividends of $287M, reflecting a balanced capital return policy.
The company's capital return program is substantial, with buybacks varying significantly quarter-to-quarter, from $5.0B in 2025Q4 to $1.3B in 2025Q3 (positive, indicating issuance). This variability suggests management is opportunistic in repurchasing shares, likely based on valuation. Dividends have been steadily increasing, from $280M in 2024Q4 to $287M in 2026Q2, indicating a commitment to returning cash to shareholders. The payout ratio, based on net income, is around 24%, leaving ample room for reinvestment.
No Deposits, Subscription-Based Flows
S&P Global does not accept deposits, so deposit flows are not applicable; instead, cash flows are driven by subscription and transaction-based revenues, which provide recurring and predictable cash inflows.
The absence of deposit flows is a key differentiator from traditional banks. The company's cash flow stability is derived from its subscription-based businesses, such as Market Intelligence and Indices, which generate recurring revenue. This model reduces sensitivity to interest rate changes and deposit competition, allowing for more predictable cash flow generation.
Cash Flow Hides Amortization Impact
The cash flow statement does not directly reveal the significant non-cash amortization of intangibles from the IHS Markit merger, which depresses GAAP earnings but not cash flow, potentially overstating cash generation relative to economic earnings.
While operating cash flow is robust, investors should adjust for the substantial amortization charges that reduce reported net income. This non-cash expense inflates OCF/NI ratios, making cash flow appear stronger than underlying economic profitability. Additionally, the spin-off of Mobility Global may have created one-time cash inflows or outflows that are not separately disclosed, warranting careful analysis of the cash flow statement for unusual items.