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

- Company: S&P Global Inc. (SPGI)
- Period: 2025-01-01 to 2025-12-31
- Filing: FY2025 10-K, filed 2026-02-11, accession number 0000064040-26-000013
- Page: https://plicit.ai/financials/spgi/fy2025-annual-cash-flow
- Chart image: https://plicit.ai/charts/spgi-fy2025-annual-cash-flow-sankey.png

## Chart details

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.