S&P Global (SPGI) 10-K Summary — Year Ended Dec 31, 2025
S&P Global Inc. provides benchmarks, data, analytics, and workflow solutions across capital, energy, commodity, and automotive markets. The company reported revenue growth over recent periods with strong operating income, net income, and operating cash flow.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
S&P Global Inc. provides benchmarks, data, analytics, and workflow solutions across capital, energy, commodity, and automotive markets. The company reported revenue growth over recent periods with strong operating income, net income, and operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$15.3B
Revenue reported for the fiscal year.
Operating income
$6.5B
Income from operations reported for the year.
Net income
$4.5B
Net income reported for the year.
Operating cash flow
$5.7B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $11.2B | +34.8% |
| Dec 31, 2023 | $12.5B | +11.8% |
| Dec 31, 2024 | $14.2B | +13.7% |
| Dec 31, 2025 | $15.3B | +7.9% |
Business overview
S&P Global operates five businesses: Market Intelligence, Ratings, Energy, Mobility, and S&P Dow Jones Indices. It serves asset managers, investment banks, commercial banks, insurance companies, exchanges, trading firms, issuers, and participants in energy, commodity, and automotive markets. The company sold its Engineering Solutions business in 2023.
Financial performance
The company's revenue has grown over recent periods, and it reported strong operating income, net income, and operating cash flow. The financial metrics indicate a positive overall performance for the reporting period.
Material risks
The provided filing sections did not contain specific risk factor descriptions. No material risks are detailed in the supplied context.
Liquidity and capital
The filing does not provide substantive discussion of liquidity or capital allocation themes. The supplied context lacks detailed descriptions of the company's capital resources or allocation strategies.
What to watch
Monitor the next filing for whether the company's revenue continues its upward trend.