Revenue growth remains consistent, climbing to $4.2 billion in 2026Q1, while operating margins expanded significantly to 48.0% due to inherent operating leverage.
| 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 |
|---|
| Sales/Revenue | 15.73B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 11.09B | 10.77B | 9.82B | 8.36B | 7.43B | 6.12B | 5.35B | 4.72B | 4.42B | 4.37B | 3.89B | 3.6B | 3.4B | 3.14B | 2.84B | 2.57B | 2.43B | 3.57B | 3.84B | 4.24B | 3.87B | 3.69B | 3.2B | 2.87B | 2.69B | 2.47B | 2.45B | 2.25B | 2.06B | 1.89B | 1.63B |
| Gross Margin % | 70.47% | 70.25% | 69.09% | 66.86% | 66.43% | 73.73% | 71.86% | 70.5% | 70.63% | 72.06% | 68.68% | 67.66% | 67.31% | 64.37% | 63.75% | 41.1% | 39.44% | 59.91% | 60.46% | 62.68% | 61.84% | 61.42% | 61.02% | 59.49% | 56.24% | 53.07% | 57.29% | 56.45% | 55.33% | 53.61% | 53% |
| Gross Profit Growth % | - | 9.74% | 17.48% | 12.49% | 21.43% | 14.38% | 13.23% | 6.86% | 1.17% | 12.37% | 8.15% | 5.74% | 8.35% | 10.61% | 10.52% | 5.51% | -31.77% | -7.19% | -9.49% | 9.74% | 4.9% | 15.09% | 11.56% | 6.65% | 9.23% | 0.51% | 8.83% | 9.22% | 8.9% | 16.26% | 2.18% |
| Operating Expenses | 4.18B | 4.29B | 4.24B | 4.34B | 2.48B | 1.9B | 1.73B | 1.5B | 1.63B | 1.79B | 547M | 1.68B | 3.29B | 1.78B | 1.67B | 1.49B | 1.41B | 2.31B | 2.49B | 2.58B | 2.45B | 2.32B | 2.03B | 1.73B | 1.77B | 1.79B | 1.63B | 1.58B | 1.52B | 1.41B | 1.21B |
| OpEx % of Revenue | - | 28.01% | 29.82% | 34.7% | 22.22% | 22.85% | 23.26% | 22.35% | 26.05% | 29.46% | 9.66% | 31.58% | 65.08% | 36.51% | 37.46% | 23.86% | 22.81% | 38.81% | 39.14% | 38.12% | 39.16% | 38.68% | 38.65% | 35.93% | 37.03% | 38.62% | 38.13% | 39.53% | 40.65% | 39.89% | 39.25% |
| Selling, General & Admin | 2.65B | 3.42B | 3.17B | 3.16B | 3.4B | 1.73B | 1.54B | 1.34B | 1.42B | 1.61B | 1.47B | 1.53B | 3.14B | 1.63B | 1.58B | 1.38B | 1.32B | 2.14B | 2.31B | 2.44B | 2.29B | 2.17B | 1.9B | 1.77B | 1.65B | 1.63B | 1.53B | 1.27B | 1.22B | 1.12B | 968.1M |
| SG&A % of Revenue | - | 22.28% | 22.28% | 25.28% | 30.37% | 20.84% | 20.71% | 20.03% | 22.75% | 26.49% | 25.91% | 28.83% | 62.25% | 33.46% | 35.46% | 22.05% | 21.37% | 35.98% | 36.33% | 36% | 36.58% | 36.18% | 36.27% | 36.59% | 34.44% | 35.18% | 35.82% | 31.8% | 32.63% | 31.58% | 31.49% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 6.9B | 6.48B | 5.58B | 4.02B | 4.94B | 4.22B | 3.62B | 3.23B | 2.79B | 2.58B | 3.34B | 1.92B | 113M | 1.36B | 1.17B | 1.08B | 1.03B | 1.26B | 1.35B | 1.66B | 1.42B | 1.37B | 1.17B | 1.14B | 919.91M | 671.19M | 820.18M | 675.7M | 547.4M | 485M | 423M |
| Operating Margin % | 43.88% | 42.24% | 39.27% | 32.17% | 44.22% | 50.87% | 48.6% | 48.16% | 44.58% | 42.6% | 59.02% | 36.08% | 2.24% | 27.86% | 26.29% | 17.24% | 16.63% | 21.1% | 21.32% | 24.56% | 22.68% | 22.74% | 22.37% | 23.56% | 19.21% | 14.45% | 19.16% | 16.93% | 14.68% | 13.72% | 13.76% |
| Operating Income Growth % | - | 16.09% | 38.81% | -18.69% | 17.13% | 16.7% | 12.12% | 15.63% | 8.01% | -22.69% | 74.28% | 1596.46% | -91.68% | 16.07% | 8.64% | 4.97% | -18.29% | -7.31% | -18.54% | 17.25% | 3.9% | 16.21% | 3.28% | 23.64% | 37.06% | -18.17% | 21.38% | 23.44% | 12.87% | 14.66% | 5.04% |
| EBITDA | 7.79B | 7.66B | 6.75B | 5.16B | 5.96B | 4.4B | 3.82B | 3.43B | 3B | 2.76B | 3.52B | 2.07B | 247M | 1.5B | 1.31B | 1.2B | 1.13B | 1.72B | 1.8B | 2.06B | 1.81B | 1.75B | 1.57B | 1.54B | 1.33B | 1.09B | 1.18B | 984.1M | 846.6M | 778.5M | 661.6M |
| EBITDA Margin % | 49.52% | 49.93% | 47.53% | 41.31% | 53.28% | 53.02% | 51.37% | 51.2% | 47.87% | 45.57% | 62.22% | 39.04% | 4.89% | 30.67% | 29.46% | 19.26% | 18.38% | 28.84% | 28.38% | 30.48% | 28.91% | 29.16% | 29.85% | 31.91% | 27.75% | 23.5% | 27.62% | 24.65% | 22.7% | 22.03% | 21.52% |
| EBITDA Growth % | 12.04% | 13.39% | 30.8% | -13.33% | 35.42% | 15.07% | 11.46% | 14.49% | 8.43% | -21.55% | 69.82% | 739.68% | -83.48% | 14.04% | 8.98% | 6.08% | -33.93% | -4.84% | -12.63% | 14.15% | 3.31% | 11.68% | 1.74% | 15.95% | 21.7% | -7.67% | 20.16% | 16.24% | 8.75% | 17.67% | 4.34% |
| D&A (Non-Cash Add-back) | 887M | 1.18B | 1.17B | 1.14B | 1.01B | 178M | 206M | 204M | 206M | 180M | 181M | 157M | 134M | 137M | 141M | 126M | 108M | 460.53M | 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 |
| EBIT | 6.94B | 6.51B | 5.61B | 4B | 5.01B | 4.28B | 3.37B | 3.07B | 2.81B | 2.61B | 3.37B | 1.92B | 113M | 1.36B | 1.17B | 1.08B | 1.03B | 1.26B | 1.35B | 1.66B | 1.42B | 1.37B | 1.17B | 1.14B | 919.91M | 671.19M | 820.18M | 675.7M | 547.4M | 485M | 423M |
| Net Interest Income | -306M | -287M | -297M | -334M | -304M | -119M | -141M | -141M | -134M | -149M | -181M | -102M | -59M | -59M | -81M | -77M | -83M | -76.87M | -75.62M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 306M | 287M | 297M | 334M | 304M | 119M | 141M | 141M | 134M | 149M | 181M | 102M | 59M | 59M | 81M | 75M | 81.64M | 76.87M | 75.62M | 23.28M | 13.63M | 3.97M | 6.37M | 0 | 3.12M | 8.83M | 11.92M | 0 | 0 | 0 | 0 |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 6.64B | 6.23B | 5.31B | 3.67B | 4.7B | 4.16B | 3.23B | 2.93B | 2.68B | 2.46B | 3.19B | 1.81B | 54M | 1.35B | 1.13B | 1.35B | 1.34B | 1.18B | 1.28B | 1.62B | 1.4B | 1.36B | 1.17B | 1.13B | 905.07M | 615.06M | 767.34M | 698M | 560.5M | 471.3M | 814.8M |
| Pretax Margin % | 42.21% | 40.6% | 37.36% | 29.38% | 42.05% | 50.19% | 43.38% | 43.74% | 42.84% | 40.59% | 56.32% | 34.16% | 1.07% | 27.61% | 25.39% | 21.57% | 21.71% | 19.81% | 20.13% | 23.96% | 22.46% | 22.65% | 22.26% | 23.41% | 18.9% | 13.24% | 17.92% | 17.48% | 15.03% | 13.34% | 26.5% |
| Income Tax | 1.49B | 1.41B | 1.14B | 778M | 1.18B | 901M | 694M | 627M | 560M | 823M | 960M | 547M | 245M | 425M | 388M | 374M | 344M | 429.11M | 479.69M | 608.97M | 522.59M | 515.66M | 412.5M | 442.47M | 325.43M | 238.44M | 295.43M | 272.1M | 216.9M | 180.6M | 319.1M |
| Effective Tax Rate % | 22.38% | 22.6% | 21.5% | 21.19% | 25.1% | 21.64% | 21.5% | 21.4% | 20.89% | 33.44% | 30.11% | 30.14% | 453.7% | 31.58% | 34.34% | 27.77% | 25.68% | 36.4% | 37.5% | 37.53% | 37.2% | 37.92% | 35.29% | 39.15% | 35.96% | 38.77% | 38.5% | 38.98% | 38.7% | 38.32% | 39.16% |
| Net Income | 4.78B | 4.47B | 3.85B | 2.63B | 3.25B | 3.02B | 2.34B | 2.12B | 1.96B | 1.5B | 2.11B | 1.16B | -115M | 1.38B | 437M | 911M | 828.06M | 730.5M | 799.49M | 1.01B | 882.23M | 844.31M | 755.82M | 687.65M | 576.76M | 377.03M | 403.79M | 425.8M | 333.2M | 290.7M | 495.7M |
| Net Margin % | 30.37% | 29.15% | 27.11% | 21.01% | 29.05% | 36.45% | 31.43% | 31.69% | 31.29% | 24.67% | 37.2% | 21.76% | -2.28% | 28.23% | 9.82% | 14.59% | 13.42% | 12.27% | 12.58% | 14.97% | 14.1% | 14.06% | 14.4% | 14.24% | 12.05% | 8.12% | 9.43% | 10.67% | 8.94% | 8.23% | 16.12% |
| Net Income Growth % | 20.88% | 16.07% | 46.69% | -19.15% | 7.41% | 29.29% | 10.17% | 8.43% | 30.88% | -28.96% | 82.18% | 1105.22% | -108.36% | 214.87% | -52.03% | 10.02% | 13.36% | -8.63% | -21.12% | 14.89% | 4.49% | 11.71% | 9.91% | 19.23% | 52.97% | -6.63% | -5.17% | 27.79% | 14.62% | -41.36% | 118.27% |
| Net Income (Continuing) | 5.15B | 4.82B | 4.17B | 2.89B | 3.52B | 3.26B | 2.53B | 2.3B | 2.12B | 1.64B | 2.23B | 1.27B | -191M | 874M | 726M | 626M | 851.87M | 749.76M | 799.49M | 1.01B | 882.23M | 844.31M | 756.41M | 687.81M | 571.97M | 377.69M | 471.92M | 425.6M | 339.3M | 290.7M | 495.7M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 178M | 593M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 4.92B | 4.92B | 4.35B | 3.9B | 3.27B | 3.5B | 2.84B | 2.33B | 1.68B | 1.35B | 1.08B | 920M | 810M | 810M | 810M | 76M | 81.09M | 81.89M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 16.05 | 14.66 | 12.35 | 8.23 | 10.20 | 12.51 | 9.66 | 8.60 | 7.73 | 5.78 | 7.94 | 4.21 | -0.42 | 4.91 | 1.53 | 3.00 | 2.65 | 2.33 | 2.51 | 2.94 | 2.40 | 2.21 | 1.96 | 1.79 | 1.48 | 0.96 | 1.03 | 1.07 | 0.83 | 0.73 | 1.24 |
| EPS Growth % | 24.02% | 18.7% | 50.06% | -19.31% | -18.47% | 29.5% | 12.33% | 11.25% | 33.74% | -27.2% | 88.6% | 1102.38% | -108.55% | 220.92% | -49% | 13.21% | 13.73% | -7.17% | -14.63% | 22.5% | 8.6% | 12.76% | 9.5% | 20.95% | 54.17% | -6.8% | -3.74% | 28.92% | 13.7% | -41.13% | 117.54% |
| EPS (Basic) | - | 14.67 | 12.36 | 8.25 | 10.25 | 12.56 | 9.71 | 8.65 | 7.80 | 5.84 | 8.02 | 4.26 | -0.42 | 5.01 | 1.57 | 3.05 | 2.68 | 2.34 | 2.53 | 3.01 | 2.47 | 2.25 | 1.99 | 1.81 | 1.50 | 0.98 | 1.04 | 1.09 | 0.84 | 0.74 | 1.24 |
| Diluted Shares Outstanding | 297.6M | 305.1M | 311.9M | 318.9M | 318.5M | 241.8M | 242.1M | 246.9M | 253.2M | 258.9M | 265.2M | 274.6M | 271.5M | 279.8M | 284.6M | 303.6M | 312.2M | 313.3M | 318.69M | 344.79M | 366.88M | 382.04M | 385.62M | 384.16M | 389.7M | 392.74M | 392.03M | 397.11M | 398.31M | 398.22M | 399.99M |
| Basic Shares Outstanding | 297.3M | 304.8M | 311.6M | 318.4M | 316.9M | 240.8M | 241M | 245.4M | 250.9M | 256.3M | 262.8M | 271.6M | 271.3M | 274.5M | 278.6M | 298.1M | 309.4M | 312.22M | 315.56M | 336.21M | 356.47M | 375.25M | 379.81M | 379.92M | 385.79M | 386.7M | 388.26M | 392.62M | 393.57M | 395.51M | 399.99M |
| Dividend Payout Ratio | - | 26.17% | 29.44% | 43.68% | 31.53% | 24.57% | 27.58% | 26.38% | 25.69% | 28.14% | 18.04% | 31.4% | - | 22.38% | 225.17% | 32.49% | 35.29% | 38.54% | 35.08% | 27.4% | 29.51% | 29.14% | 30.19% | 30.04% | 34.16% | 50.35% | 45.19% | 39.69% | 46.34% | 49.09% | 26.51% |
Regulatory and cyclical sensitivity
As reported in recent financial statements, SPGI has demonstrated a consistent upward trajectory in quarterly revenue, climbing from $3.2 billion in 2023Q4 to $4.2 billion by 2026Q1, reflecting the successful integration of recurring data streams and sustained demand across its diversified financial services portfolio.
The steady revenue growth suggests that the company is successfully transitioning toward a more resilient, subscription-based model that mitigates the inherent volatility of debt issuance cycles. Investors should monitor whether this expansion remains durable as the firm laps the initial integration benefits of the IHS Markit merger.
Based on the provided income statement data, SPGI has achieved significant margin improvement, with operating margins expanding from 28.2% in 2023Q4 to 48.0% in 2026Q1, indicating strong operating leverage inherent in its high-margin data and index licensing business model.
This margin expansion appears to be driven by the company's ability to scale its intellectual property delivery without a commensurate increase in variable costs. The current 70.4% gross margin suggests that the firm maintains substantial pricing power, likely supported by the institutional necessity of its ratings and index products.
According to the latest quarterly figures, SPGI's operating income has scaled significantly faster than gross profit, reaching $2.0 billion in 2026Q1, which highlights the firm's ability to maintain disciplined overhead management while simultaneously growing its top-line revenue base across multiple segments.
The efficiency in managing SG&A expenses relative to revenue growth suggests that the company is successfully realizing synergies from its recent strategic acquisitions. This trend warrants further investigation into whether such operational discipline can be sustained as the company continues to invest in new data-driven product offerings.
As indicated by the quarterly income statements, SPGI's net income has shown robust growth, reaching $1.4 billion in 2026Q1, though investors should note that stock-based compensation remains a recurring line item that fluctuates between $28 million and $95 million per quarter.
The variability in stock-based compensation suggests that management continues to utilize equity-based incentives to align employee interests, which may impact the quality of reported EPS over time. Analysts should carefully adjust for these non-cash charges when evaluating the underlying cash-generating capacity of the core business.
While the current financial performance appears strong, a critical counter-narrative focuses on the potential for margin compression if regulatory scrutiny of ESG methodologies or a structural decline in global debt issuance volumes forces a pivot toward more costly, lower-margin data acquisition strategies.
Short-term observers might argue that the current profitability levels are cyclically elevated and may not account for the long-term costs of maintaining a competitive moat against emerging AI-driven data providers. The reliance on high-margin index licensing could also be vulnerable to shifts in passive investment flows.
Quick answers to the most common questions about buying SPGI stock.
S&P Global Inc. (SPGI) is profitable, generating $4.47B in net income for the fiscal year ending 2025 with a net profit margin of 29.2%.
S&P Global Inc. (SPGI) reported an operating income of $6.48B, resulting in an operating profit margin of 42.2%. This margin reflects the operational efficiency of the business before interest and taxes.
S&P Global Inc. (SPGI) generated $10.77B in gross profit for the year, representing a gross profit margin of 70.2%. This demonstrates the company's core pricing power and production efficiency.