Short answer
S&P Global (SPGI) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $15.3B (+7.9% year over year) and net income of $4.5B.
- Top risk flagged: Regulatory risk: evolving, complex AI laws and regulations globally increasing compliance costs and exposure to fines or sanctions
FY2025 key financial metrics · XBRL
- Revenue
- $15.3B
- +7.9% YoY
- Net income
- $4.5B
- +16.1% YoY
- Operating margin
- 42.2%
- +3.0 pp YoY
- EPS (diluted)
- $14.66
- +18.7% YoY
- ROE
- 14.4%
- +2.7 pp YoY
- Operating cash flow
- $5.7B
- −0.7% YoY
Source: XBRL data from the S&P Global (SPGI) FY2025 10-K on SEC EDGAR. USD.
S&P Global FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: provider of benchmarks, data, analytics, and workflow solutions across global capital, energy/commodity, and automotive markets
- Strategic shift: announced full separation and spin-off of Mobility segment, expected mid-2026, creating a new publicly traded company
- Notable quantitative metric: approximately 44,500 employees worldwide as of December 31, 2025, with 26,200 in Asia, 11,050 in U.S./Canada and 6,200 in EMEA
- New emphasis: expanded data and insight offerings related to energy transition, sustainability, and supply chain analytics under Market Intelligence
- Unusual fact: completed sale of S&P Global Engineering Solutions segment as of May 2, 2023, fully exited engineering standards business
Management Discussion & Analysis
- Revenue $15.34B in 2025, up 8% YoY from $14.21B in 2024, driven by growth across all segments
- Operating margin 42% in 2025 vs 39% in 2024; operating profit $6.48B, up 16% YoY
- Best performing segment: Ratings with notable growth in non-transaction and transaction revenue; worst impact from sale of Fincentric in Market Intelligence
- Shareholder returns $15.1B over 3 years, including $11.6B buybacks and $3.5B dividends; 2026 Q1 dividend set at $0.97/share
- 2026 outlook focused on advancing market leadership, expanding high-growth adjacencies, and amplifying AI-driven enterprise capabilities; key risks include credit market challenges and regulatory changes
Risk Factors
- Regulatory risk: evolving, complex AI laws and regulations globally increasing compliance costs and exposure to fines or sanctions
- Geopolitical risk: exposure to state-sponsored cyber attacks targeting our information systems and third-party service providers worldwide
- Operational risk: transition to cloud infrastructure raises risk of data loss, operational disruption, and costly remediation efforts
- Competitive risk: AI deployment by competitors potentially reducing demand for our products and enabling development of competing services
- Financial risk: intense competition for AI talent risks hampering our ability to retain key personnel critical for AI development and innovation
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