Filing Flows › S&P Global (SPGI) › Q1 2025
S&P Global (SPGI) Q1 2025 earnings results (first quarter 2025)
10-Q filed Apr 29, 2025
S&P Global (SPGI) reported revenue of $3.8B for the first quarter 2025 (Q1 2025), +8% from a year earlier and +5% from the quarter before. Operating margin was 41.8%, net earnings $1.1B (28.9% of revenue).
S&P Global, Q1 2025: revenue $3.8B (+8% year over year), operating margin 41.8%, net earnings $1.1B, operating cash flow $953M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.8B | +5% | +8% |
| Operating profit | $1.6B | +21% | +14% |
| Net earnings | $1.1B | +24% | +10% |
| Operating cash flow | $953M | -45% | +0.5% |
| Free cash flow | $816M | — | -4% |
What changed
Revenue was $3.8B in Q1 2025, up 8% year over year and up 5% from the previous quarter. Subscription was the largest line at 50% of revenue. Subscription added $0.12B year over year (up 7%), 42% of the total change.
Operating profit was $1.6B, a 41.8% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 67% reached operating profit, above the 40% margin then. Total costs grew 4% against revenue growth of 8%. Net earnings were $1.1B, up 10% year over year. The effective tax rate was 21.7%.
Operating cash flow was $1.0B (up 1% year over year), 81% of net income including minority interests. Non-cash charges added back $0.29B of depreciation and amortization and $0.05B of share-based compensation. Working capital and other items used $0.56B. After distributions to noncontrolling interest holders ($0.09B) and capital expenditures ($0.04B), free cash flow as the company reports it was $0.82B.
Questions
What was S&P Global's revenue in the first quarter 2025?
S&P Global (SPGI) reported revenue of $3.8B for the first quarter 2025 (Q1 2025), +8% from a year earlier and +5% from the quarter before.
Was S&P Global profitable in the first quarter 2025?
Operating profit was $1.6B (41.8% of revenue) and net earnings $1.1B.
Source: S&P Global 10-Q on SEC EDGAR.