Filing Flows › S&P Global (SPGI) › Q4 2025
S&P Global (SPGI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
S&P Global (SPGI) reported revenue of $3.9B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +0.7% from the quarter before. Operating margin was 42.7%, net earnings $1.1B (29.0% of revenue).
S&P Global, Q4 2025: revenue $3.9B (+9% year over year), operating margin 42.7%, net earnings $1.1B, operating cash flow $1.7B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $3.9B | +0.7% | +9% |
| Operating profit | $1.7B | -0.1% | +28% |
| Net earnings | $1.1B | -4% | +29% |
| Operating cash flow | $1.7B | +16% | +0.5% |
| Free cash flow | $1.6B | — | -1% |
What changed
Revenue was $3.9B in Q4 2025, up 9% year over year and up 1% from the previous quarter. Subscription was the largest line at 52% of revenue.
Operating profit was $1.7B, a 42.7% margin (up 6.3 points year over year). Of the extra revenue versus a year earlier, 113% reached operating profit, above the 36% margin then. Total costs fell 2% while revenue rose 9%. The fastest-growing cost line was SG&A (+13%). Net earnings were $1.1B, up 29% year over year. The effective tax rate was 25.0%.
Operating cash flow was $1.7B (roughly flat year over year), 143% of net income including minority interests. Non-cash charges added back $0.30B of depreciation and amortization and $0.07B of share-based compensation. Working capital and other items added $0.16B. After distributions to noncontrolling interest holders ($0.09B) and capital expenditures ($0.05B), free cash flow as the company reports it was $1.6B.
Questions
What was S&P Global's revenue in the fourth quarter 2025?
S&P Global (SPGI) reported revenue of $3.9B for the fourth quarter 2025 (Q4 2025), +9% from a year earlier and +0.7% from the quarter before.
Was S&P Global profitable in the fourth quarter 2025?
Operating profit was $1.7B (42.7% of revenue) and net earnings $1.1B.
Source: S&P Global 10-K on SEC EDGAR.