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S&P Global cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.4B in Q2 2026

Operating cash flow$1.4B
Capital spending−$38.0M
Free cash flow+$1.4B
Cash conversion cycle32 days

Analysis

In Q2 2026, S&P Global generated $1.4B of operating cash flow and spent $38.0M on capital projects, leaving free cash flow of $1.4B. That is $17.0M more than in Q2 2025 ($1.4B).

Operating cash flow was $1.4B against net income of $1.3B — 1.1× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$307M, income taxes payable −$306M, payables +$243M.

Its cash conversion cycle was 32 days (receivables 76 + inventory 0 − payables 44).

Free cash flow

S&P Global: free cash flow by quarterS&P Global: free cash flow by quarter$1.7BQ4 2024$910MQ1 2025$1.4BQ2 2025$1.5BQ3 2025$1.7BQ4 2025$1.0BQ1 2026$1.4BQ2 2026
Operating cash flow less capital spending.
S&P Global: operating cash flow against capital spendingS&P Global: operating cash flow against capital spendingOperating cash flowCapital spending$1.7B$33.0MQ4 2024$953M$43.0MQ1 2025$1.4B$61.0MQ2 2025$1.5B$29.0MQ3 2025$1.7B$62.0MQ4 2025$1.0B$27.0MQ1 2026$1.4B$38.0MQ2 2026
Latest (Q2 2026): Operating cash flow $1.4B, Capital spending $38.0M.

Capital allocation, year by year

S&P Global: where the cash came from (up) and went (down), by fiscal yearS&P Global: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.6BFY2021: Shares issued $13.0MFY2021: Asset sales $16.0MFY2021: Capital spending −$35.0MFY2021: Acquisitions −$99.0MFY2021: Dividends −$743M$3.6BFY2021FY2022: Operating cash flow $2.6BFY2022: Net borrowing $1.7BFY2022: Shares issued $7.0MFY2022: Asset sales $7.0BFY2022: Capital spending −$89.0MFY2022: Acquisitions $210MFY2022: Buybacks −$12.0BFY2022: Dividends −$1.0B$11.5BFY2022FY2023: Operating cash flow $3.7BFY2023: Net borrowing $368MFY2023: Shares issued $13.0MFY2023: Asset sales $2.0BFY2023: Capital spending −$143MFY2023: Acquisitions −$296MFY2023: Buybacks −$3.3BFY2023: Dividends −$1.1B$6.1BFY2023FY2024: Operating cash flow $5.7BFY2024: Net borrowing −$47.0MFY2024: Shares issued $4.0MFY2024: Asset sales $168MFY2024: Capital spending −$124MFY2024: Acquisitions −$305MFY2024: Buybacks −$3.3BFY2024: Dividends −$1.1B$5.9BFY2024FY2025: Operating cash flow $5.7BFY2025: Net borrowing $1.7BFY2025: Asset sales $1.5BFY2025: Capital spending −$195MFY2025: Acquisitions −$2.0BFY2025: Buybacks −$5.0BFY2025: Dividends −$1.2B$8.9BFY2025
Over these 5 years operating cash flow totalled $21.3B; the largest uses were buybacks ($23.6B) and dividends ($5.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$2.5B
Debt$13.1B
Net debt$10.6B
Due within a year$3.0M

S&P Global funds itself: free cash flow was — over the last twelve months, and $2.5B of cash and investments stands against $13.1B of debt ($3.0M due within a year, 832.3× covered by cash).

S&P Global: debt maturities by year (FY2025)S&P Global: debt maturities by year (FY2025)$3.0MYear 1$1.7BYear 2$784MYear 3$2.7BYear 4$596MYear 5$6.5BAfter year 5
Principal due in each year as disclosed in the annual report, against $2.5B of cash and investments now.

Where the cash came from and went

S&P Global: sources (+) and uses (−) of cash, Q2 2026S&P Global: sources (+) and uses (−) of cash, Q2 2026Cash drawn (+) / kept (−)−$2.3BOther financing$1.9BOperating cash flow$1.4BBuybacks−$500MDividends−$287MNet borrowing (+) / repaid (−)−$126MPartners−$71.0MCapital spending−$38.0MAsset & business sales$16.0MAcquisitions−$14.0MExchange rates−$14.0MOther investing−$3.0M

From profit to cash

S&P Global: net income to operating cash flow, Q2 2026S&P Global: net income to operating cash flow, Q2 2026Net income$1.3BDepreciation & amortization$307MStock-based pay$56.0MDeferred taxes−$64.0MGains on investments−$1.0MOther non-cash$71.0MReceivables$39.0MPayables$243MDeferred revenue−$43.0MPrepaid and other assets−$56.0MOther liabilities−$94.0MIncome taxes payable−$306MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202682—5032
Q2 202676—4432
Q1 202673—3934
Q4 202554—2925
Q3 202578—4434
Q2 202573—4330
Q1 202571—4229
Q4 202470—4328

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 2026$1.4B−$38.0M−$14.0M−$500M−$287M−$126M−$2.3B$1.4B
Q1 2026$1.0B−$27.0M−$12.0M−$1.0B−$288M$233M−$65.0M$1.0B
Q4 2025$1.7B−$62.0M−$2.0B−$2.5B−$290M—−$85.0M$1.7B
Q3 2025$1.5B−$29.0M−$22.0M−$1.2B−$291M—$187M$1.5B
Q2 2025$1.4B−$61.0M−$12.0M−$651M−$294M—−$378M$1.4B
Q1 2025$953M−$43.0M−$13.0M−$650M−$295M−$4.0M$197M$910M
Q4 2024$1.7B−$33.0M−$41.0M−$1.3B−$280M—$31.0M$1.7B

S&P Global: income statement and cash flow

S&P Global, Q3 2026: revenue $3.7B (+7% year over year), operating margin 53.2%. The chart follows the revenue to costs, profit and cash.

S&P Global: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.