SPGIS&P Global
- Employees
- 44,500
- Headquarters
- New York, NY
- CEO
- Martina Cheung
- Next results
- around Feb 9, 2027
The biggest changes in the 10-K filed 2026-02-11, this fiscal year against the last, and the sentences in the MD&A (Item 7) where management explains them, quoted word for word. Tickdelta picks sentences that name the line, a direction and a cause. It does not write explanations of its own.
Operating margin
39.3% → 42.2% (+3.0 pts) Big change FY to 2025-12-31 vs 2024-12-31“Excluding the impact of higher legal costs in 2025 of 1 percentage point, operating profit increased 12% primarily due to revenue growth and decreased incentive costs, partially offset by higher compensation costs driven by annual merit increases and additional headcount, and an increase in strategic investments.”
Read it in the 10-K ↗
Net income
+16.1% Big change FY to 2025-12-31 vs 2024-12-31“The increase in other income, net in 2025 compared to 2024 was primarily due to gains on our mark-to-market investments in 2025.”
Read it in the 10-K ↗
Revenue
+7.9% FY to 2025-12-31 vs 2024-12-31“Revenue increased 8% driven by increases at all of our reportable segments.”
Read it in the 10-K ↗
“Revenue increased in 2025 driven by growth in both non-transaction and transaction revenue.”
Read it in the 10-K ↗
Cash from operations
-0.7% FY to 2025-12-31 vs 2024-12-31The MD&A has no sentence that names a cause for this change. That can be worth a question: ask about the filing.
Changes are computed from the XBRL figures in the same 10-K. Hover a number to see the line item. Open the 10-K ↗
Work on SPGI in a spreadsheet:
Excel workbook (a sheet per section, ten years by column, charts, links to the filings) ·
CSV.
For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SPGI/export.csv") into a cell.