At a glance
S&P Global Inc is worth $137.75B, about 32 times its fiscal 2025 earnings. Revenue grew 7.9% to $15.34B in fiscal 2025, with 29.2% kept as profit; over 5 years it has grown 15.6% a year. It pays a 0.81% dividend yield, raised every year for at least 9 years, and returned $28.82B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +3.6% over the past year with dividends reinvested and +2.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 38.1% in the 2020 crash (S&P 500: 33.7%) and 36.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months and 16 months after the lows.
The business in plain English
S&P Global sells information that financial, commodity and auto markets rely on: credit ratings, financial data and software, benchmark commodity prices and stock market indexes. Customers include asset managers, banks, insurers, exchanges, trading firms, governments and companies that borrow, energy and commodity traders, and carmakers and dealers. The company, formerly McGraw-Hill, was incorporated in New York in 1925.
Revenue was $15.3 billion in the year ended December 31, 2025, from five segments. Market Intelligence (32%) sells data, research and software, including the Capital IQ platforms. Ratings (29.7%) earns fees for rating new corporate, government and structured finance debt and bank loans, plus ongoing fees for monitoring existing ratings. Energy (15%) publishes price assessments and data for oil, gas, metals, agriculture and other commodities. S&P Dow Jones Indices (12%) earns fees tied to assets in ETFs and mutual funds that track its benchmarks, plus royalties on index derivatives. Mobility (11.4%) sells vehicle history reports, forecasts and marketing tools to carmakers, dealers, lenders and insurers.
Subscriptions, which tend to recur, made up 51.3% of revenue. The United States supplied 60.8%, Europe 23% and Asia 10.7%. In April 2025 the board announced a plan to spin off Mobility, giving shareholders stock in a new public company. The 10-K, filed in February 2026, expected the spin-off to be completed in mid-2026.
Price history
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SPGI +3.6% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Subscription | $7.87B | 51.3% |
| Non-subscription / Transaction | $3.14B | 20.5% |
| Non-transaction | $2.05B | 13.4% |
| Asset-linked fees | $1.21B | 7.9% |
| Recurring variable | $623.0M | 4.1% |
| Sales usage-based royalties | $444.0M | 2.9% |
By business segment
| Market Intelligence | $4.90B | 32% |
| Ratings | $4.55B | 29.7% |
| Energy | $2.30B | 15% |
| Indices | $1.84B | 12% |
| Mobility | $1.75B | 11.4% |
By geography
| UNITED STATES | $9.32B | 60.8% |
| Europe | $3.53B | 23% |
| Asia | $1.64B | 10.7% |
| Rest Of World | $843.0M | 5.5% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $3.68B, up 6.8% from a year earlier, and net income was $1.24B (+5.4%).
- For fiscal 2025, revenue was $15.34B (+7.9% year over year; +15.6% a year from FY2020 to FY2025) with a 29.2% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +15.6% good |
|---|---|
| Operating margin | 42.2% good |
| Free cash flow margin | 35.6% good |
| Return on equity (FY2025) | 14.4% watch |
| Return on assets (FY2025) | 7.3% watch |
| Net cash (cash minus debt) | $-10.62B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.44B | $2.34B | $3.49B |
| FY2021 | $8.30B | $3.02B | $3.56B |
| FY2022 | $11.18B | $3.25B | $2.51B |
| FY2023 | $12.50B | $2.63B | $3.57B |
| FY2024 | $14.21B | $3.85B | $5.57B |
| FY2025 | $15.34B | $4.47B | $5.46B |
Valuation snapshot
| Market value | $137.75B |
|---|---|
| P/E ratio | 32.4 |
| Dividend yield | 0.81% |
Rank among 1514 US companies
Market value at each year end
S&P Global’s market value went from $27.86B at the end of 2016 to $137.75B on Nov 2, 2026, about 4.9 times as much; since the end of 2025 it is down 13%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $137.75B | -12.9% |
| 2025 | $158.24B | +2.4% |
| 2024 | $154.54B | +10.7% |
| 2023 | $139.56B | +27.9% |
| 2022 | $109.12B | -4.1% |
| 2021 | $113.74B | +43.8% |
| 2020 | $79.09B | +18.5% |
| 2019 | $66.73B | +56.5% |
| 2018 | $42.64B | -1.3% |
| 2017 | $43.20B | +55.0% |
| 2016 | $27.86B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SPGI price data to Nov 2, 2026 | -3.6% | +3.6% | +10.9% | +2.5% | +16.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -3.6% |
| 2025 | +5.7% |
| 2024 | +13.9% |
| 2023 | +32.8% |
| 2022 | -28.4% |
| 2021 | +44.7% |
| 2020 | +21.4% |
| 2019 | +62.3% |
| 2018 | +1.4% |
| 2017 | +59.3% |
| 2016 | +10.6% |
| 2015 | +12.3% |
| 2014 | +15.4% |
| 2013 | +45.9% |
| 2012 | +30.0% |
| 2011 | +26.6% |
| 2010 | +12.0% |
| 2009 | +49.1% |
| 2008 | -45.7% |
| 2007 | -34.7% |
| 2006 | +33.4% |
| 2005 | +14.3% |
| 2004 | +32.9% |
| 2003 | +17.7% |
| 2002 | +0.6% |
| 2001 | +5.6% |
| 2000 | -3.3% |
| 1999 | +22.8% |
| 1998 | +40.2% |
| 1997 | +64.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 66.5% over that stretch · deepest drop along the way 66.5%, back to its old high 36.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 38.1% over that stretch · deepest drop along the way 38.1%, back to its old high 1.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 36.4% over that stretch · deepest drop along the way 36.4%, back to its old high 15.6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 3 open-market purchases ($2.6M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 1, 2026 | Catherine R Clay CEO, S&P Dow Jones Indices | buy | $1.1M |
| Apr 29, 2026 | Martina Cheung CEO & President, Director | buy | $998K |
| Apr 30, 2026 | Robert Edward Jr. Moritz Director | buy | $500K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.38% | Mar 31, 2026 |
ETFs with the most weight in SPGI
| IAI iShares U.S. Broker-Dealers & Securities Exchanges ETF | 13.08% |
| LOPP Gabelli Love Our Planet & People ETF | 4.21% |
| BLCR iShares Large Cap Core Active ETF | 3.73% |
| KONG Formidable Fortress ETF | 3.3% |
| TOLL Tema Monopolies and Oligopolies ETF | 3.03% |
| FMCX FM Focus Equity ETF | 2.86% |
| LRGG Macquarie Focused Large Growth ETF | 2.85% |
| IYF iShares U.S. Financials ETF | 2.7% |
What could go wrong
- Heavy regulation and legal exposure. Its Ratings business faces increasing regulation in the U.S., Europe and elsewhere, which raises costs. Indices and Energy face growing rules too, and lawsuits or government investigations could prove costly.
- Revenue rises and falls with markets. Less debt issuance, lower fund assets and flows, high or shifting interest rates, and swings in financial or commodity markets can shrink ratings fees, index fees and other revenue.
- Trust is the core product. Ratings, indexes and price benchmarks are only valuable if markets trust them. The company warns that damage to its reputation, or liability tied to its offerings, could hurt results.
- A prime target for cyberattacks. It holds market-moving confidential information, such as pending ratings and index changes. It says its prominence attracts attacks, including from state-sponsored hackers. A breach could drive customers away.
- Mobility spin-off may not deliver. The 10-K filed in February 2026 warned that the planned separation of Mobility depended on several conditions, might not finish on schedule or at all, and might not deliver the intended benefits.
- Cheaper data and AI could cut demand. Free or low-cost information sources could reduce demand for its products. The company also says artificial intelligence brings new and evolving risks, and its own AI approach may not succeed.
Recent events
- Quarterly results released; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Major agreement signed; Acquisition or sale of assets completed; Other company announcement
- Executive or board change; Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
S&P Global pays a dividend, but the yield was 0.83% as of October 30, 2026, too low to provide much income on its own. Dividends per share rose from $2.68 in fiscal 2020 to $3.84 in fiscal 2025, about 7.5% a year. Payments have risen for at least nine straight years, and the streak may be longer. The fiscal 2025 dividend used 26.2% of earnings and 21.4% of free cash flow (cash from operations left after capital spending). Buybacks were bigger: $23.6 billion over fiscal 2021–2025, against $5.2 billion of dividends. Even so, the share count rose 20.2% between February 2022 and October 2026.
In downturns the stock fell hard. It lost 66.5% from October 2007 to March 2009 and took about 37 months after the low to recover. It fell 38.1% in the 2020 COVID crash and recovered in under two months. It fell 36.4% in the 2022 bear market and recovered by January 2024. A single stock carries more risk than a diversified fund.
Questions investors ask
How does S&P Global make money?
By selling information that financial, commodity and auto markets use. In fiscal 2025, revenue of $15.3 billion came from Market Intelligence data and software (32%), credit Ratings (29.7%), Energy price benchmarks and data (15%), S&P Dow Jones Indices (12%) and Mobility automotive data (11.4%). Subscriptions supplied 51.3%. Ratings charges fees to rate new debt and to monitor existing ratings, while Indices earns fees tied to assets in ETFs and mutual funds that track its benchmarks.
Does S&P Global raise its dividend every year?
Yes, so far. Dividends per share rose in every fiscal year in SEC records from 2016 through 2025, which is at least nine straight increases, and the streak may be longer. The dividend reached $3.84 per share in fiscal 2025, up from $2.68 in fiscal 2020, about 7.5% a year. It used 26.2% of fiscal 2025 earnings. The yield was 0.83% as of October 30, 2026, so the payout is small compared with the share price.
How has S&P Global stock performed?
Strongly over 10 years, but only modestly over five. As of October 30, 2026, share price returns averaged about 16% a year over 10 years, 1.6% a year over five years and 13.4% a year over three years. The one-year return was 0.8%. The shares were down 5.3% for the year to that date and had dropped as much as 29.1% during the prior 12 months. Calendar years ranged from a 28.4% loss in 2022 to a 32.8% gain in 2023.
Is S&P Global stock expensive?
It is priced at a high multiple of its profits. As of October 30, 2026, the price-to-earnings (P/E) ratio, which compares the share price with a year's earnings per share, was 31.8 based on fiscal 2025 earnings. The business is highly profitable. Its operating margin (operating profit as a share of revenue) was 42.2% in fiscal 2025, and revenue grew 15.6% a year from fiscal 2020 to 2025. A high P/E can mean sharper price drops if growth slows.
Does S&P Global have a lot of debt?
It carries significant debt, backed by strong cash flow. As of September 30, 2026, total debt was $13.1 billion against $2.4 billion of cash and investments, leaving net debt of about $10.6 billion. Shareholders' equity was $19.7 billion. In fiscal 2025 the company generated $5.5 billion of free cash flow. Its 10-K lists its debt, and the chance that its own credit ratings are downgraded, among the risks that could hurt results.