Company file · SPGI
S&P Global
Indices was S&P Global's fastest-growing segment in FY2025, up 13.7%
Revenue rose 7.9% to $15.3B in FY2025, from $14.2B in FY2024. Net income rose 16.1% to $4.5B. Market Intelligence was the largest segment, at 32% of revenue.
Key facts
In fiscal 2025, which ended Dec 31, 2025, S&P Global (NYSE: SPGI) took in $15.3B of revenue (up 7.9% on fiscal 2024); net income was $4.5B (up 16.1%). The most recent quarter, ended Sep 30, 2026, brought revenue of $3.7B, up 6.8% year over year, with net income of $1.2B. Market Intelligence was the biggest single line by segment: 32% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 28, 2026).
Source: 10-K FY2025, filed Feb 11, 2026
Source: 10-Q filed Apr 28, 2026 · 10-Q filed Jul 28, 2026 · 10-Q filed Oct 28, 2026
How it makes money
By segment in FY2025: Market Intelligence (32%), Ratings (30%), Energy (15%) and Indices (12%), as shares of total revenue. Total revenue was $15.3B.
Source: 10-K FY2025
By product or service, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
Learn more: Revenue vs. net income · Gross, operating and net margin
What changed last quarter
Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q3 2026Q3 2025
Company
Source: S&P Global 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
By segment
Source: S&P Global 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026
The bull case and the bear case
The bull case
- Revenue rose 7.9% in FY2025 to $15.3B, from $14.2B a year earlier. 10-K, FY2025
- Net income rose 16.1% in FY2025 to $4.5B, from $3.9B. 10-K, FY2025
- Diluted shares fell 2.2% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
- Revenue in the quarter ended Sep 30, 2026 was $3.7B, up 6.8% on a year earlier. 10-Q, quarter ended Sep 30, 2026
The bear case
- The company's own risk factors are in Item 1A of its 10-K. Risks common in this industry include markets and rates; credit and claims; regulation. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
S&P Global is in the financial exchanges & data industry, part of the financials sector. The SEC files it under Services-Consumer Credit Reporting, Collection Agencies.
S&P Global reports 5 segments: Market Intelligence, Ratings, Energy, Indices and Mobility.
Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.
Source: 10-K, Item 1 Business
Risks common in this industry
These are general risks for companies in the financial exchanges & data industry. They are not a summary of S&P Global’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.
- Markets and ratesInterest rates, credit conditions and market levels move its revenue and results.
- Credit and claimsLosses on loans, claims or investments can reduce earnings.
- RegulationCapital, liquidity and conduct rules affect what it can do and what it costs.
- CompetitionBanks, insurers, asset managers and technology firms compete for the same customers.
- Cyber and operationsSecurity incidents and operational failures can cause losses and harm trust.
Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
- Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
- Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator
Explainers for this page
- Segment reporting
- Risk factors (Item 1A)
- The cash flow statement
- Revenue recognition (ASC 606)
- Market cap and enterprise value
- Effective tax rate
- Subsequent events
Plain-English guides to terms this file uses, with real numbers from filings.
About these numbers
- S&P Global's revenue is the total revenue figure in its filings. For financial companies it can combine interest, fees, premiums and other income, so it isn't directly comparable with revenue at companies that sell products.
What we left out
- Operating cash flow, total debt and cash are left out: for this kind of financial company they mostly reflect lending, trading or investing flows and say little about the business, and they aren't comparable with other companies'.
Recent filings
| Form | Filed | Period |
|---|---|---|
| 10-Q | Oct 28, 2026 | Sep 30, 2026 |
| 10-Q | Jul 28, 2026 | Jun 30, 2026 |
| 10-Q | Apr 28, 2026 | Mar 31, 2026 |
| DEF 14A | Mar 31, 2026 | May 20, 2026 |
| 10-K | Feb 11, 2026 | Dec 31, 2025 |
Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters
Common questions about S&P Global
How does S&P Global make money?
In fiscal 2025, revenue totaled $15.3B. By segment in FY2025: Market Intelligence (32%), Ratings (30%), Energy (15%) and Indices (12%), as shares of total revenue. Total revenue was $15.3B. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What was S&P Global's revenue in fiscal 2025?
Revenue came to $15.3B in the year ended Dec 31, 2025. Going back two years, it was $12.5B in fiscal 2023 and $14.2B in fiscal 2024, so the latest year was up 7.9%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
Is S&P Global profitable?
Yes, by US accounting rules (GAAP): net income was $4.5B in fiscal 2025, up 16.1% from $3.9B a year earlier. For the quarter ended Sep 30, 2026, net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.
What did S&P Global report in its latest quarterly filing?
The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $3.7B, against $3.4B in the same quarter a year before (up 6.8%), and net income of $1.2B, against $1.2B (up 5.4%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026.
What are the main risks S&P Global faces?
S&P Global's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 11, 2026. Risks that are common among companies in the financial exchanges & data industry include Markets and rates; credit and claims; regulation; competition; cyber and operations. The first: Interest rates, credit conditions and market levels move its revenue and results. Source: 10-K, Item 1A Risk Factors.
Where do these S&P Global numbers come from?
Two filings S&P Global made with the SEC: its fiscal 2025 10-K, filed Feb 11, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Oct 28, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.
Tracked funds that report owning S&P Global
- TCI Fund Management: 14,081,957 shares, reported value $5.74B at Jun 30, 2026 (+0.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Pershing Square: 2,593,155 shares, reported value $1.06B at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Citadel Advisors: 1,116,010 shares, reported value $454.5M at Jun 30, 2026 (+201.5% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
- Egerton Capital: 790,364 shares, reported value $311.8M at Sep 30, 2026 (+124.6% in shares since the filing for Jun 30, 2026). Form 13F filed Oct 20, 2026.
- Millennium Management: 702,590 shares, reported value $286.1M at Jun 30, 2026 (−28.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Two Sigma Investments: 488,468 shares, reported value $198.9M at Jun 30, 2026 (+275.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Renaissance Technologies: 215,462 shares, reported value $87.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 13, 2026.
- Markel Group: 117,690 shares, reported value $46.4M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
- Soros Fund Management: 100,834 shares, reported value $41.1M at Jun 30, 2026 (+509.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Bridgewater Associates: 95,012 shares, reported value $38.7M at Jun 30, 2026 (+190.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
- Point72 Asset Management: 43,508 shares, reported value $17.7M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Lindsell Train: 7,400 shares, reported value $2.9M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Nov 2, 2026.
- Baillie Gifford: 6,616 shares, reported value $2.6M at Sep 30, 2026 (−69.1% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 9, 2026.
- Brave Warrior Advisors: 1,401 shares, reported value $0.6M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
- Ruane Cunniff & Goldfarb: 531 shares, reported value $0.2M at Jun 30, 2026 (same number of shares as in the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.
Disclosures
- Editor holdings in SPGI
- The editor holds no position in S&P Global (SPGI). As of Nov 11, 2026.
- Trading rule
- The editor does not buy or sell SPGI from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 28, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold SPGI, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| S&P GlobalSPGI | FY2025 | $15.3B | +7.9% | $4.5B |
| CME GroupCME | FY2025 | $6.5B | +6.4% | $4.1B |
| Intercontinental ExchangeICE | FY2025 | $12.6B | +7.5% | $3.3B |
| Moody'sMCO | FY2025 | $7.7B | +8.9% | $2.5B |
| NasdaqNDAQ | FY2025 | $8.3B | +11.6% | $1.8B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
More company files
- MS Morgan Stanley
- GS Goldman Sachs
- BLK BlackRock
- SCHW Charles Schwab
- BNY
- IBKR Interactive Brokers
- BX Blackstone
- KKR
- APO Apollo Global Management
- MSCI
- AMP Ameriprise Financial
- COIN Coinbase
- ARES Ares Management
- HOOD Robinhood Markets
- STT State Street
- CBOE Cboe Global Markets
- NTRS Northern Trust
- RJF Raymond James Financial
- TROW T. Rowe Price
- IVZ Invesco
- AAPL Apple
- MSFT Microsoft
- NVDA Nvidia
- AMZN Amazon
- GOOGL Alphabet
- META
- BRK.B Berkshire Hathaway
- AVGO Broadcom
- JPM JPMorgan Chase
- LLY Eli Lilly
New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.