S&P Global Inc. (SPGI) FY2026 Q1 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2026-01-01 to 2026-03-31

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S&P Global Inc. cash flow reconciliation, Jan 1, 2026 through Mar 31, 2026One 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: $1,037,000,000.00Net income → Operating adjustments reconciliation: $467,000,000.00Net change in prepaid/accrued income taxes → Operating adjustments reconciliation: $314,000,000.00Amortization of intangibles → Operating adjustments reconciliation: $276,000,000.00Stock-based compensation → Operating adjustments reconciliation: $39,000,000.00Depreciation → Operating adjustments reconciliation: $31,000,000.00Provision for losses on accounts receivable → Operating adjustments reconciliation: $15,000,000.00Other → Operating adjustments reconciliation: $6,000,000.00Prepaid and other current assets → Operating adjustments reconciliation: $1,000,000.00Operating adjustments reconciliation → Accounts payable and accrued expenses: $646,000,000.00Operating adjustments reconciliation → Gain on dispositions: $175,000,000.00Operating adjustments reconciliation → Accounts receivable: $131,000,000.00Operating adjustments reconciliation → Unearned revenue: $76,000,000.00Operating adjustments reconciliation → Deferred income taxes: $50,000,000.00Operating adjustments reconciliation → Net change in other assets and liabilities: $42,000,000.00Operating adjustments reconciliation → Other current liabilities: $29,000,000.00Proceeds from dispositions, net → investing reconciliation: $345,000,000.00investing reconciliation → Net cash from investing activities: $291,000,000.00investing reconciliation → Capital expenditures: $27,000,000.00investing reconciliation → Changes in short-term investments: $15,000,000.00investing reconciliation → Acquisitions, net of cash acquired: $12,000,000.00Net cash used in financing activities → financing reconciliation: $1,237,000,000.00Additions to short-term debt, net → financing reconciliation: $236,000,000.00financing reconciliation → Repurchase of treasury shares: $1,000,000,000.00financing reconciliation → Dividends paid to shareholders: $288,000,000.00financing reconciliation → Distributions to noncontrolling interest holders: $91,000,000.00financing reconciliation → Employee withholding tax on share-based payments, contingent consideration payments and other: $91,000,000.00financing reconciliation → Payments on senior notes: $3,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $1,745,000,000.00Net cash from operating activities → Cash sources and uses: $1,037,000,000.00Net cash from investing activities → Cash sources and uses: $291,000,000.00Cash sources and uses → Exchange-rate effect: $26,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $1,810,000,000.00Cash sources and uses → Net cash used in financing activities: $1,237,000,000.00Unearned revenue: -$76,000,000.00Deferred revenue−$76.00 MNet change in other assets and liabilities: -$42,000,000.00Other noncurrent items−$42.00 MAccounts receivable: -$131,000,000.00Accounts receivable−$131.00 MProvision for losses on accounts receivable: $15,000,000.00Credit loss provision+$15.00 MOther current liabilities: -$29,000,000.00Other current liabilities−$29.00 MAmortization of intangibles: $276,000,000.00Intangible amortization+$276.00 MDepreciation: $31,000,000.00Depreciation expense+$31.00 MNet change in prepaid/accrued income taxes: $314,000,000.00Income taxes payable+$314.00 MAccounts payable and accrued expenses: -$646,000,000.00Payables & accrued liabilities−$646.00 MOther: $6,000,000.00Other non-cash items+$6.00 MNet income: $1,504,000,000.00Net income+$1.50 BDeferred income taxes: -$50,000,000.00Deferred income taxes−$50.00 MStock-based compensation: $39,000,000.00Stock-based compensation+$39.00 MPrepaid and other current assets: $1,000,000.00Other current assets+$1.00 MGain on dispositions: -$175,000,000.00Business sale gain & loss−$175.00 MNet cash from operating activities: $1,037,000,000.00Operating cash+$1.04 BOperating adjustments reconciliation: $1,149,000,000.00Additions to short-term debt, net: $236,000,000.00Short-term debt issued+$236.00 MPayments on senior notes: -$3,000,000.00Senior debt repaid−$3.00 MDividends paid to shareholders: -$288,000,000.00Common dividends paid−$288.00 MDistributions to noncontrolling interest holders: -$91,000,000.00Noncontrolling dividends−$91.00 MRepurchase of treasury shares: -$1,000,000,000.00Common stock repurchases−$1.00 BEmployee withholding tax on share-based payments, contingent consideration payments and other: -$91,000,000.00Tax withholding, excise & other−$91.00 MNet cash used in financing activities: -$1,237,000,000.00. Cash required to fund net payments.Financing cash−$1.24 Bfinancing reconciliation: $1,473,000,000.00Acquisitions, net of cash acquired: -$12,000,000.00Acquisitions, net of cash−$12.00 MChanges in short-term investments: -$15,000,000.00Short-term investments, net−$15.00 MCapital expenditures: -$27,000,000.00Capital expenditures−$27.00 MProceeds from dispositions, net: $345,000,000.00Business sales, net of cash+$345.00 MNet cash from investing activities: $291,000,000.00Investing cash+$291.00 Minvesting reconciliation: $345,000,000.00Cash sources and uses: $3,073,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $1,745,000,000.00Beginning cash$1.75 BEnding cash: Cash, cash equivalents, and restricted cash: $1,810,000,000.00Ending cash$1.81 BExchange-rate effect: -$26,000,000.00FX effect−$26.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$1.01 BOperating cash − cash spent on productive assetsCash flow / Net income0.69×Operating cash flow ÷ net incomeNet cash change+$65.00 MEnding cash − beginning cash
Chart details

S&P Global Inc. cash flow reconciliation, Jan 1, 2026 through Mar 31, 2026

Cash flows for Jan 1, 2026 through Mar 31, 2026. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Dec 31, 2025. Ending cash: Mar 31, 2026. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Dec 31, 2025
1,745,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
1,037,000,000 US dollars. Net cash provided.
Unearned revenue
negative 76,000,000 US dollars
Net change in other assets and liabilities
negative 42,000,000 US dollars
Accounts receivable
negative 131,000,000 US dollars
Provision for losses on accounts receivable
15,000,000 US dollars
Other current liabilities
negative 29,000,000 US dollars
Amortization of intangibles
276,000,000 US dollars
Depreciation
31,000,000 US dollars
Net change in prepaid/accrued income taxes
314,000,000 US dollars
Accounts payable and accrued expenses
negative 646,000,000 US dollars
Other
6,000,000 US dollars
Net income
1,504,000,000 US dollars
Deferred income taxes
negative 50,000,000 US dollars
Stock-based compensation
39,000,000 US dollars
Prepaid and other current assets
1,000,000 US dollars
Gain on dispositions
negative 175,000,000 US dollars
Investing activities
291,000,000 US dollars. Net cash provided.
Acquisitions, net of cash acquired
negative 12,000,000 US dollars
Changes in short-term investments
negative 15,000,000 US dollars
Capital expenditures
negative 27,000,000 US dollars
Proceeds from dispositions, net
345,000,000 US dollars
Financing activities
negative 1,237,000,000 US dollars. Net cash used.
Additions to short-term debt, net
236,000,000 US dollars
Payments on senior notes
negative 3,000,000 US dollars
Dividends paid to shareholders
negative 288,000,000 US dollars
Distributions to noncontrolling interest holders
negative 91,000,000 US dollars
Repurchase of treasury shares
negative 1,000,000,000 US dollars
Employee withholding tax on share-based payments, contingent consideration payments and other
negative 91,000,000 US dollars
Operating adjustment reconciliation
1,149,000,000 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
1,473,000,000 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
345,000,000 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
negative 26,000,000 US dollars
Ending cash on Mar 31, 2026
1,810,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
3,073,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
65,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
0.69×. 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
1,037,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
27,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
1,010,000,000 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 exceeds operating cash. The diagram allocates $1.04B of net income directly to operating cash and $467.00M to the adjustment junction, where it combines with other additions to reconcile deductions. This is an accounting presentation, not a tracing of 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: 1,037,000,000 US dollars minus 27,000,000 US dollars equals 1,010,000,000 US dollars.
S&P Global Inc. (SPGI) FY2026 Q1 Statement of Cash Flows Sankey chart
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