S&P Global Inc. stock research
FY2025 Q2
S&P Global (SPGI) Gross Margin — Quarter Ended Jun 30, 2025
Revenue was stable compared to the prior quarter and higher than the year-ago quarter, while gross profit matched the prior quarter and exceeded the year-ago level. Cost of revenue declined from the prior quarter and was unchanged from a year ago, resulting in a higher gross margin for both comparisons. The filing indicates that the interim financial statements were reviewed and no material modifications were required.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue was stable compared to the prior quarter and higher than the year-ago quarter, while gross profit matched the prior quarter and exceeded the year-ago level. Cost of revenue declined from the prior quarter and was unchanged from a year ago, resulting in a higher gross margin for both comparisons. The filing indicates that the interim financial statements were reviewed and no material modifications were required.
- The gross margin improvement was primarily associated with a lower cost of revenue relative to revenue in the current quarter compared to the preceding quarter, as revenue held steady. Versus the year-ago quarter, higher revenue combined with unchanged cost of revenue led to a higher gross profit and a slightly improved margin.
- Compared to the immediately preceding quarter, gross margin was higher, driven by a lower cost of revenue while revenue was flat. Compared to the same quarter one year earlier, gross margin was also higher, with revenue higher and cost of revenue unchanged.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
70.2%
Gross profit
$2.6B
Revenue
$3.8B
Cost of revenue
$1.1B
Quarter-over-quarter change
+0.7 pts
Year-over-year change
+0.6 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2024 | $3.6B | $2.5B | $1.1B | 70.2% |
| Dec 31, 2024 | $3.6B | $2.5B | $1.1B | 69.2% |
| Mar 31, 2025 | $3.8B | $2.6B | $1.2B | 69.5% |
| Jun 30, 2025 | $3.8B | $2.6B | $1.1B | 70.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+0.7 pts
Year-over-year change
Jun 30, 2024
+0.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improvement was primarily associated with a lower cost of revenue relative to revenue in the current quarter compared to the preceding quarter, as revenue held steady. Versus the year-ago quarter, higher revenue combined with unchanged cost of revenue led to a higher gross profit and a slightly improved margin.
Compared to the immediately preceding quarter, gross margin was higher, driven by a lower cost of revenue while revenue was flat. Compared to the same quarter one year earlier, gross margin was also higher, with revenue higher and cost of revenue unchanged.
Monitor the trend in cost of revenue relative to revenue, as it has been a key factor in the margin changes observed.