S&P Global Inc. stock research
FY2025 Q4
S&P Global (SPGI) Gross Margin — Quarter Ended Dec 31, 2025
Revenue was unchanged from the preceding quarter, while cost of revenue was higher, leading to a lower gross profit and a slightly weakened gross margin. Compared with the same quarter one year earlier, revenue and gross profit were both higher, cost of revenue was slightly higher, and gross margin improved.
Gross margin takeaway
Quarter ended Dec 31, 2025 · FY2025 Q4
Revenue was unchanged from the preceding quarter, while cost of revenue was higher, leading to a lower gross profit and a slightly weakened gross margin. Compared with the same quarter one year earlier, revenue and gross profit were both higher, cost of revenue was slightly higher, and gross margin improved.
- The gross margin compared with the year-ago quarter improved as revenue growth outpaced the increase in cost of revenue. Sequentially, the margin weakened because revenue held steady while cost of revenue rose.
- Versus the immediately preceding quarter, gross margin was slightly lower, reflecting a stable revenue base with a higher cost of revenue. Versus the same quarter one year earlier, gross margin was higher, supported by a proportionally larger revenue gain relative to the increase in cost of revenue.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
70.1%
Gross profit
$2.7B
Revenue
$3.9B
Cost of revenue
$1.2B
Quarter-over-quarter change
-1.0 pts
Year-over-year change
+0.9 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 |
|---|---|---|---|---|
| Mar 31, 2025 | $3.8B | $2.6B | $1.2B | 69.5% |
| Jun 30, 2025 | $3.8B | $2.6B | $1.1B | 70.2% |
| Sep 30, 2025 | $3.9B | $2.8B | $1.1B | 71.2% |
| Dec 31, 2025 | $3.9B | $2.7B | $1.2B | 70.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Sep 30, 2025
-1.0 pts
Year-over-year change
Dec 31, 2024
+0.9 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin compared with the year-ago quarter improved as revenue growth outpaced the increase in cost of revenue. Sequentially, the margin weakened because revenue held steady while cost of revenue rose.
Versus the immediately preceding quarter, gross margin was slightly lower, reflecting a stable revenue base with a higher cost of revenue. Versus the same quarter one year earlier, gross margin was higher, supported by a proportionally larger revenue gain relative to the increase in cost of revenue.
Monitor the trajectory of cost of revenue relative to revenue, as a stable revenue environment with rising costs can pressure gross margin.