Revenue growth accelerated to 7.9% YoY in 2026Q2, with operating margin expanding to 51.2% from 42.9% in 2024Q2, reflecting strong operating leverage in a 100% fee-based model.
S&P Global Inc. (SPGI) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Net Interest Income | -316M | -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 |
| NII Growth % | -22.93% | 3.37% | 11.08% | -9.87% | -155.46% | 15.6% | 0% | -5.22% | 10.07% | 17.68% | -77.45% | -72.88% | 0% | 27.16% | -5.19% | 7.23% | -7.98% | -1.64% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Interest Margin % | -0.5% | -0.47% | -0.49% | -0.55% | -0.49% | -0.79% | -1.12% | -1.24% | -1.42% | -1.58% | -2.09% | -1.25% | -0.87% | -0.97% | -1.15% | -1.2% | -1.18% | -1.19% | -1.24% | 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 | 316M | 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 |
| Loan Loss Provision | 4.38B | 4.28B | 4.09B | 3.81B | 3.45B | 2.06B | 1.95B | 1.83B | 1.7B | 1.54B | 1.59B | 1.62B | 1.59B | 1.5B | 1.35B | 1.31B | 1.12B | 2.31B | 2.44B | 2.5B | 2.37B | 2.31B | 2.04B | 2.02B | 2.01B | 2B | 1.82B | 1.74B | 1.66B | 1.64B | 1.45B |
| Non-Interest Income | 16.12B | 15.34B | 14.21B | 12.5B | 11.18B | 8.3B | 7.44B | 6.7B | 6.26B | 6.06B | 5.66B | 5.31B | 5.05B | 4.88B | 4.45B | 6.25B | 6.17B | 5.95B | 6.36B | 6.77B | 6.26B | 6B | 5.25B | 4.83B | 4.79B | 4.65B | 4.28B | 3.99B | 3.73B | 3.53B | 3.07B |
| Non-Interest Income % | 102% | 101.91% | 102.14% | 102.75% | 102.79% | 101.46% | 101.93% | 102.15% | 102.19% | 102.52% | 103.3% | 101.96% | 101.18% | 101.23% | 101.85% | 101.25% | 101.36% | 101.31% | 101.2% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Total Net Revenue | 15.8B | 15.05B | 13.91B | 12.16B | 10.88B | 8.18B | 7.3B | 6.56B | 6.12B | 5.91B | 5.48B | 5.21B | 4.99B | 4.82B | 4.37B | 6.17B | 6.09B | 5.87B | 6.28B | 6.77B | 6.26B | 6B | 5.25B | 4.83B | 4.79B | 4.65B | 4.28B | 3.99B | 3.73B | 3.53B | 3.07B |
| Revenue Growth % | 9.74% | 8.18% | 14.37% | 11.82% | 33% | 12.01% | 11.33% | 7.09% | 3.55% | 7.92% | 5.16% | 4.39% | 3.65% | 10.23% | -29.18% | 1.37% | 3.58% | -6.44% | -7.28% | 8.27% | 4.19% | 14.34% | 8.76% | 0.84% | 3.06% | 8.52% | 7.24% | 7.05% | 5.52% | 14.94% | 4.75% |
| Non-Interest Expense | 3.97B | 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 |
| Efficiency Ratio | 25.12% | 28.54% | 30.46% | 35.65% | 22.84% | 23.18% | 23.71% | 22.83% | 26.62% | 30.2% | 9.98% | 32.2% | 65.85% | 36.96% | 38.16% | 24.15% | 23.12% | 39.32% | 39.61% | 38.12% | 39.16% | 38.68% | 38.65% | 35.93% | 37.03% | 38.62% | 38.13% | 39.53% | 40.65% | 39.89% | 39.25% |
| Operating Income | 7.46B | 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 % | 47.19% | 43.05% | 40.11% | 33.05% | 45.45% | 51.61% | 49.54% | 49.19% | 45.56% | 43.68% | 60.97% | 36.79% | 2.26% | 28.2% | 26.78% | 17.46% | 16.86% | 21.37% | 21.58% | 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% |
| Pretax Income | 6.87B | 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 % | 43.44% | 41.38% | 38.16% | 30.18% | 43.23% | 50.92% | 44.21% | 44.68% | 43.78% | 41.61% | 58.18% | 34.83% | 1.08% | 27.95% | 25.86% | 21.83% | 22.01% | 20.07% | 20.37% | 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 | 1.55B | 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 % | 22.58% | 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 | 4.92B | 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 % | 31.14% | 29.71% | 27.69% | 21.59% | 29.86% | 36.98% | 32.04% | 32.37% | 31.97% | 25.3% | 38.43% | 22.18% | -2.3% | 28.57% | 10% | 14.77% | 13.61% | 12.43% | 12.73% | 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 % | 22.65% | 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) | 5.32B | 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 |
| EPS (Diluted) | 16.66 | 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 % | 26.21% | 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 | 295.5M | 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 |
Quick answers to the most common questions about buying SPGI stock.
For fiscal year 2025, S&P Global Inc. (SPGI) reported total revenue of $15.05B. This represents a 389.4% increase compared to $3.07B in 1996.
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.
Key Metrics
Top Statement Risk
Ratings cyclicality and regulatory scrutiny
Metrics are mathematically derived from official filings.
Fee-Driven Model, No NII
S&P Global's revenue is entirely fee-based, with net interest income negligible and negative, reflecting a non-deposit business model. According to recent financial statements, total revenue grew 7.9% year-over-year in 2026Q2, driven by non-interest income.
The negative NII is a structural artifact of the company's capital-light model, where interest expense on debt exceeds interest income on cash. This is not a driver of performance; rather, the focus is on fee generation. The 7.9% revenue growth in 2026Q2, as reported, underscores the strength of the core businesses, particularly Ratings and Indices, which are not reliant on interest rate spreads.
Margin Expansion via Operating Leverage
Operating margin improved to 51.2% in 2026Q2 from 42.9% in 2024Q2, as reported in financial statements, reflecting strong revenue growth and disciplined cost control. This suggests the company is capturing economies of scale.
The efficiency ratio improved from 32.5% in 2024Q4 to 21.1% in 2026Q2, indicating that operating expenses are growing slower than revenue. This is a testament to the scalability of the data and analytics platforms. The margin expansion is particularly notable given the integration of IHS Markit, which appears to be yielding synergies. However, investors should monitor whether this pace of improvement is sustainable as the company invests in AI and other growth initiatives.
Provision Reflects Non-Lending Model
Provision expenses of $1.1B in 2026Q2 are not loan-loss provisions but likely relate to credit losses on trade receivables or other financial assets. As reported, these are stable, suggesting minimal credit risk in the business model.
Unlike traditional banks, S&P Global's provision is not a core driver of earnings. The stability of this line item indicates that the company's receivables are of high quality, given the creditworthiness of its clients. The provision is a small fraction of revenue, and its consistency suggests that credit costs are not a source of volatility. This is a positive attribute, as it allows investors to focus on the operational performance of the segments.
Recurring Fees Drive Stability
Non-interest income constitutes 100% of revenue, with a mix of transaction-based and subscription-based fees. Based on reported figures, the Indices segment benefits from AUM-linked fees, while Market Intelligence provides recurring subscriptions, enhancing revenue visibility.
The fee composition is a key strength, as it provides a diversified revenue stream that is less sensitive to interest rate cycles. The Ratings segment, while transactional, benefits from the refinancing wall, which is expected to support issuance volumes. The Indices segment's AUM-linked fees introduce equity market beta, but the long-term trend toward passive investing provides a structural tailwind. The subscription-based segments offer a stable base, reducing earnings volatility.
Post-Spin-Off Focus Sharpens
The spin-off of Mobility Global on July 1, 2026, marks a strategic inflection, allowing S&P Global to focus on core divisions. According to recent filings, this divestiture is expected to improve operational efficiency and margin potential.
The spin-off simplifies the portfolio, concentrating resources on Ratings, Indices, Market Intelligence, and Energy. This strategic move appears to be well-timed, as the company reported record quarterly results in Ratings and Indices, with EPS of $4.83 beating estimates by $0.40. The loss of Mobility revenue is a consideration, but the enhanced focus may drive higher growth in the remaining segments. Investors should monitor the first full quarter post-spin-off to assess the impact on organic growth.
Earnings Quality Under Scrutiny
Earnings quality is supported by strong cash generation, but amortization of intangibles from the IHS Markit merger depresses GAAP earnings. As reported, this non-cash charge is significant, and investors should adjust for it to assess true profitability.
The amortization of intangibles is a recurring non-cash expense that reduces reported net income but does not affect cash flows. This suggests that the company's economic earnings are higher than reported. However, the high acquisition price for IHS Markit raises questions about whether the realized synergies are meeting projections. Additionally, the potential for increased regulatory scrutiny of ESG ratings could introduce compliance costs or limit growth in that segment. These factors warrant careful monitoring, but the underlying business fundamentals appear robust.