S&P Global (SPGI) FY2025 10-K Annual Report
Filed: Feb 11, 2026
Information Technology
Services-Consumer Credit Reporting, Collection AgenciesSEC EDGAR S&P Global (SPGI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 11, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
S&P Global FY2025 10-K Analysis
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
S&P Global FY2025 Key Financial MetricsXBRL
Revenue
$15.3B
▲ +7.9% YoY
Net Income
$4.5B
▲ +16.1% YoY
Operating Margin
42.2%
▲ +297bp YoY
Net Margin
29.2%
▲ +204bp YoY
ROE
14.4%
▲ +275bp YoY
Total Assets
$61.2B
▲ +1.6% YoY
EPS (Diluted)
$14.66
▲ +18.7% YoY
Operating Cash Flow
$5.7B
▼ -0.7% YoY
Source: XBRL data from S&P Global FY2025 10-K filing on SEC EDGAR. All figures in USD.
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