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Screener / SEC EDGAR /CIK 0000064040 /10-K filed Feb 11, 2026, compared with Feb 11, 2025 /Numbers from the XBRL of the 10-Ks
Financials peers:
SPGIBXEGPFGAJGAFL
NYSE Financials · Credit Bureaus

S&P Global SPGI

SPGI quote by TradingView
Employees
44,500
Headquarters
New York, NY
CEO
Martina Cheung
Next results
around Feb 9, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $15.3B through the costs to a net profit of $4.5B · income statement of the 10-K

42% operating margin
Revenue to Gross profit: $10.8BRevenue to Cost of revenue: $4.6BGross profit to Operating profit: $6.5BGross profit to Operating expenses: $4.3BOperating profit to Net profit: $4.5BOperating profit to Tax & other: $2.0B Revenue: $15.3B REVENUE $15.3B +8% Y/Y Gross profit: $10.8B · 70% margin GROSS PROFIT $10.8B 70% margin Cost of revenue: $4.6B · 30% of revenue COST OF REVENUE $4.6B 30% of revenue Operating profit: $6.5B · 42% margin OPERATING PROFIT $6.5B 42% margin · +16% Y/Y Operating expenses: $4.3B · 28% of revenue OPERATING EXPENSES $4.3B 28% of revenue Net profit: $4.5B · 29% margin NET PROFIT $4.5B 29% margin · +16% Y/Y Tax & other: $2.0B · 13% of revenue TAX & OTHER $2.0B 13% of revenue
Gross profit $10.8B 70% margin
Operating profit $6.5B 42% margin · +16% Y/Y
Net profit $4.5B 29% margin · +16% Y/Y
The full income statement, year by year

SPGI among Financials peers

Six ratios from the latest 10-K. Each corner is the share of 75 peers the company is above, not a score.

Compare
Revenue growth: 7.9%, above 60% of 75 peers (their median 7.2%) REVENUE GROWTH 7.9% · above 60% Gross margin: 71.0%, above 88% of 8 peers (their median 52.2%) GROSS MARGIN 71.0% · above 88% Operating margin: 46.8%, above 85% of 27 peers (their median 25.3%) OPERATING MARGIN 46.8% · above 85% Net margin: 30.6%, above 88% of 75 peers (their median 20.1%) NET MARGIN 30.6% · above 88% FCF margin: 35.8%, above 77% of 48 peers (their median 21.4%) FCF MARGIN 35.8% · above 77% Return on capital: 14.2%, above 72% of 25 peers (their median 9.8%) RETURN ON CAPITAL 14.2% · above 72%
SPGI Peer median Below the median

What changed

21 new risk paragraphs and 1 accounting fact worth reading about. 10-K filed Feb 11, 2026 against Feb 11, 2025.

Risk factors
21 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Receivables growing faster than revenue
Receivables +20.0% vs revenue +7.9% (+12.1 pts)
10-K · XBRL
Accounting checks
9 other checks clear, 1 worth a look
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
4 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

10 checks on the latest 10-K. Checks, not verdicts.

How it works

1fact worth reading about the other 9 checks found nothing to note

  • Receivables growing faster than revenue
    Receivables +20.0% vs revenue +7.9% (+12.1 pts)
  • Cash from operations $5.7B vs net income $4.5B (FY ending Dec 31, 2025)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: ERNST & YOUNG LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Table of Contents; Valuation of redeemable noncontrolling interest in S&P Dow Jones Indices LLC
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

21 paragraphs in Risk Factors that were not in the 10-K filed Feb 11, 2025. Quoted as filed.

All 21 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    AI is a rapidly evolving technology that is fundamentally changing the way data is gathered, produced, protected, licensed, processed, and consumed. Given the importance of data to our products and services, AI continues to be an increasingly important part of our business and industry. While we have established a Company-wide AI…
  2. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    We have been, and may in the future be, subject to intellectual property disputes, which are costly to defend and could harm our business and operating results. Our success depends, in part, on our ability to operate our business without infringing, misappropriating or otherwise violating third-party intellectual property rights. We…
  3. Item 1A · new paragraph · not in the 10-K filed Feb 11, 2025 10-K, ITEM 1A
    The planned separation of our Mobility business into an independent, publicly traded company is contingent upon the satisfaction of a number of conditions, may not be completed on the currently contemplated timeline, or at all, and may not achieve the intended benefits. On April 29, 2025, we announced our intent to pursue a separation…

New risk paragraphs, against peers

Latest 10-K of each, Financials companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

From the same starting line, FY2016 to FY2025

Revenue, net income and free cash flow, each set to 100 in FY2016. What happened, from the 10-Ks. Not a forecast.

FY2016 = 100
100 200 300 400 Revenue: $5.7B in FY2016, $15.3B in FY2025 REVENUE $15.3B · 2.7x Net income: $2.1B in FY2016, $4.5B in FY2025 NET INCOME $4.5B · 2.1x Free cash flow: $1.4B in FY2016, $5.5B in FY2025 FREE CASH FLOW $5.5B · 3.8x FY2016 = 100FY2021FY2025
Revenue 2.7x $5.7B to $15.3B
Net income 2.1x $2.1B to $4.5B
Free cash flow 3.8x $1.4B to $5.5B

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$11.2B$12.5B$14.2B$15.3B
Net income$3.2B$2.6B$3.9B$4.5B
Operating cash flow$2.6B$3.7B$5.7B$5.7B
Free cash flow$2.5B$3.6B$5.6B$5.5B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$15.3B ▲ 7.9% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

4 filings in the last 30 days · SEC EDGAR

All filings

About the company

S&P Global, New York, NY · from the 10-K filed Feb 11, 2026

S&P Global Inc. (together with its consolidated subsidiaries, “S&P Global,” the “Company,” the “Registrant,” “we,” “us” or “our”) is a global, diversified, and highly differentiated provider of benchmarks, data, analytics and workflow solutions in the global capital, energy and commodity, and automotive markets.

Headquarters
New York, NY
Country
United States
Reports in
USD
Listed on
NYSE
Fiscal year ends
December 31
Last results
Oct 27, 2026
Incorporated in
NY

Employees, at the top of the page: "As of December 31, 2025, we had approximately 44,500 permanent employees located worldwide, including around 26,200 in Asia, 11,050 in the U" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 11, 2026 (open at SEC), compared with the 10-K filed Feb 11, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

Work with it: Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/SPGI/export.csv") into a cell.