S&P Global Inc. (SPGI) FY2025 Annual Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-01-01 to 2025-12-31

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S&P Global Inc. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Orange marks positive customer-advance and deferred-revenue changes that add to operating cash in the reconciliation. These are net changes, not gross customer receipts. Negative changes are neutral reconciliation adjustments; they do not by themselves identify cash payments. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $4,820,000,000.00Amortization of intangibles → Operating adjustments reconciliation: $1,069,000,000.00Unearned revenue → Operating adjustments reconciliation: $327,000,000.00Restructuring, lease impairment charges and other → Operating adjustments reconciliation: $324,000,000.00Stock-based compensation → Operating adjustments reconciliation: $236,000,000.00Depreciation → Operating adjustments reconciliation: $110,000,000.00Net change in prepaid/accrued income taxes → Operating adjustments reconciliation: $100,000,000.00Provision for losses on accounts receivable → Operating adjustments reconciliation: $39,000,000.00Prepaid and other current assets → Operating adjustments reconciliation: $32,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $831,000,000.00Operating adjustments reconciliation → Accounts receivable: $600,000,000.00Operating adjustments reconciliation → (Gain) loss on dispositions, net: $273,000,000.00Operating adjustments reconciliation → Deferred income taxes: $242,000,000.00Operating adjustments reconciliation → Net change in other assets and liabilities: $155,000,000.00Operating adjustments reconciliation → Other current liabilities: $81,000,000.00Operating adjustments reconciliation → Accounts payable and accrued expenses: $55,000,000.00Proceeds from dispositions → investing reconciliation: $1,549,000,000.00investing reconciliation → Acquisitions, net of cash acquired: $2,023,000,000.00investing reconciliation → Capital expenditures: $195,000,000.00investing reconciliation → Changes in short-term investments: $35,000,000.00Net cash used in financing activities → financing reconciliation: $4,930,000,000.00Proceeds from issuance of senior notes, net → financing reconciliation: $993,000,000.00Additions to / (payments on) short-term debt, net → financing reconciliation: $715,000,000.00financing reconciliation → Repurchase of treasury shares: $5,001,000,000.00financing reconciliation → Dividends paid to shareholders: $1,170,000,000.00financing reconciliation → Distributions to noncontrolling interest holders: $321,000,000.00financing reconciliation → Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other: $132,000,000.00financing reconciliation → Contingent consideration payments: $10,000,000.00financing reconciliation → Payments on senior notes: $4,000,000.00Net cash used in investing activities → investing reconciliation: $704,000,000.00Exchange-rate effect → Cash sources and uses: $62,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $1,666,000,000.00Net cash from operating activities → Cash sources and uses: $5,651,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,745,000,000.00Cash sources and uses → Net cash used in investing activities: $704,000,000.00Cash sources and uses → Net cash used in financing activities: $4,930,000,000.00Net income: $4,820,000,000.00Net income+$4.82 BDepreciation: $110,000,000.00Depreciation expense+$110.00 MAmortization of intangibles: $1,069,000,000.00Intangible amortization+$1.07 BProvision for losses on accounts receivable: $39,000,000.00Credit loss provision+$39.00 MDeferred income taxes: -$242,000,000.00Deferred income taxes−$242.00 MStock-based compensation: $236,000,000.00Stock-based compensation+$236.00 M(Gain) loss on dispositions, net: -$273,000,000.00Business sale gain & loss−$273.00 MRestructuring, lease impairment charges and other: $324,000,000.00Restructuring, lease impairment charges and other+$324.00 MAccounts receivable: -$600,000,000.00Accounts receivable−$600.00 MPrepaid and other current assets: $32,000,000.00Other current assets+$32.00 MAccounts payable and accrued expenses: -$55,000,000.00Payables & accrued liabilities−$55.00 MUnearned revenue: $327,000,000.00Deferred revenue+$327.00 MOther current liabilities: -$81,000,000.00Other current liabilities−$81.00 MNet change in prepaid/accrued income taxes: $100,000,000.00Income taxes payable+$100.00 MNet change in other assets and liabilities: -$155,000,000.00Other noncurrent items−$155.00 MNet cash from operating activities: $5,651,000,000.00Operating cash+$5.65 BOperating adjustments reconciliation: $2,237,000,000.00Additions to / (payments on) short-term debt, net: $715,000,000.00Short-term debt, net+$715.00 MProceeds from issuance of senior notes, net: $993,000,000.00Senior debt issued+$993.00 MPayments on senior notes: -$4,000,000.00Senior debt repaid−$4.00 MDividends paid to shareholders: -$1,170,000,000.00Common dividends paid−$1.17 BDistributions to noncontrolling interest holders: -$321,000,000.00Noncontrolling dividends−$321.00 MRepurchase of treasury shares: -$5,001,000,000.00Common stock repurchases−$5.00 BContingent consideration payments: -$10,000,000.00Contingent consideration paid−$10.00 MEmployee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other: -$132,000,000.00Employee withholding tax on share-based payments,excise tax payments on share repurchases,contingent consideration payments and other−$132.00 MNet cash used in financing activities: -$4,930,000,000.00. Cash required to fund net payments.Financing cash−$4.93 Bfinancing reconciliation: $6,638,000,000.00Capital expenditures: -$195,000,000.00Capital expenditures−$195.00 MAcquisitions, net of cash acquired: -$2,023,000,000.00Acquisitions, net of cash−$2.02 BProceeds from dispositions: $1,549,000,000.00Business sales, net of cash+$1.55 BChanges in short-term investments: -$35,000,000.00Short-term investments, net−$35.00 MNet cash used in investing activities: -$704,000,000.00. Cash required to fund net payments.Investing cash−$704.00 Minvesting reconciliation: $2,253,000,000.00Cash sources and uses: $7,379,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $1,666,000,000.00Beginning cash$1.67 BEnding cash: Cash, cash equivalents, and restricted cash: $1,745,000,000.00Ending cash$1.75 BExchange-rate effect: $62,000,000.00FX effect+$62.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$5.46 BOperating cash − cash spent on productive assetsCash flow / Net income1.17×Operating cash flow ÷ net incomeNet cash change+$79.00 MEnding cash − beginning cash
Chart details

S&P Global Inc. cash flow reconciliation, Jan 1, 2025 through Dec 31, 2025

Cash flows for Jan 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2024. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2024
1,666,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
5,651,000,000 US dollars. Net cash provided.
Net income
4,820,000,000 US dollars
Depreciation
110,000,000 US dollars
Amortization of intangibles
1,069,000,000 US dollars
Provision for losses on accounts receivable
39,000,000 US dollars
Deferred income taxes
negative 242,000,000 US dollars
Stock-based compensation
236,000,000 US dollars
(Gain) loss on dispositions, net
negative 273,000,000 US dollars
Restructuring, lease impairment charges and other
324,000,000 US dollars
Accounts receivable
negative 600,000,000 US dollars
Prepaid and other current assets
32,000,000 US dollars
Accounts payable and accrued expenses
negative 55,000,000 US dollars
Unearned revenue
327,000,000 US dollars
Other current liabilities
negative 81,000,000 US dollars
Net change in prepaid/accrued income taxes
100,000,000 US dollars
Net change in other assets and liabilities
negative 155,000,000 US dollars
Investing activities
negative 704,000,000 US dollars. Net cash used.
Capital expenditures
negative 195,000,000 US dollars
Acquisitions, net of cash acquired
negative 2,023,000,000 US dollars
Proceeds from dispositions
1,549,000,000 US dollars
Changes in short-term investments
negative 35,000,000 US dollars
Financing activities
negative 4,930,000,000 US dollars. Net cash used.
Additions to / (payments on) short-term debt, net
715,000,000 US dollars
Proceeds from issuance of senior notes, net
993,000,000 US dollars
Payments on senior notes
negative 4,000,000 US dollars
Dividends paid to shareholders
negative 1,170,000,000 US dollars
Distributions to noncontrolling interest holders
negative 321,000,000 US dollars
Repurchase of treasury shares
negative 5,001,000,000 US dollars
Contingent consideration payments
negative 10,000,000 US dollars
Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other
negative 132,000,000 US dollars
Operating adjustment reconciliation
2,237,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
6,638,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
2,253,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
62,000,000 US dollars
Ending cash on Dec 31, 2025
1,745,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
7,379,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
79,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.17×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
5,651,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
195,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
5,456,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $831.00M after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: 5,651,000,000 US dollars minus 195,000,000 US dollars equals 5,456,000,000 US dollars.
S&P Global Inc. (SPGI) FY2025 Annual Statement of Cash Flows Sankey chart
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