Filing Flows › S&P Global (SPGI) › Q2 2025
S&P Global (SPGI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 1, 2025
S&P Global (SPGI) reported revenue of $3.8B for the second quarter 2025 (Q2 2025), +6% from a year earlier and -0.6% from the quarter before. Operating margin was 41.3%, net earnings $1.1B (28.5% of revenue).
S&P Global, Q2 2025: revenue $3.8B (+6% year over year), operating margin 41.3%, net earnings $1.1B, operating cash flow $1.4B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.8B | -0.6% | +6% |
| Operating profit | $1.6B | -2% | +7% |
| Net earnings | $1.1B | -2% | +6% |
| Operating cash flow | $1.4B | +52% | -7% |
| Free cash flow | $1.3B | — | -11% |
What changed
Revenue was $3.8B in Q2 2025, up 6% year over year and down 1% from the previous quarter. Subscription was the largest line at 52% of revenue. Subscription added $0.13B year over year (up 7%), 65% of the total change. Non-subscription / Transaction declined 4%.
Operating profit was $1.6B, a 41.3% margin (up 0.4 points year over year). Of the extra revenue versus a year earlier, 48% reached operating profit, above the 41% margin then. Total costs grew 5% against revenue growth of 6%. Net earnings were $1.1B, up 6% year over year. The effective tax rate was 22.8%.
Operating cash flow was $1.4B (down 7% year over year), 125% of net income including minority interests. Non-cash charges added back $0.30B of depreciation and amortization and $0.04B of share-based compensation. After distributions to noncontrolling interest holders ($0.07B) and capital expenditures ($0.06B), free cash flow as the company reports it was $1.3B.
Questions
What was S&P Global's revenue in the second quarter 2025?
S&P Global (SPGI) reported revenue of $3.8B for the second quarter 2025 (Q2 2025), +6% from a year earlier and -0.6% from the quarter before.
Was S&P Global profitable in the second quarter 2025?
Operating profit was $1.6B (41.3% of revenue) and net earnings $1.1B.
Source: S&P Global 10-Q on SEC EDGAR.