Financials S&P Global, Inc.

Equities

SPGI

US78409V1044

Professional Information Services

Market Closed - Nyse Other stock markets 04:00:02 2025-12-09 pm EST			5-day change	1st Jan Change
490.73 ^USD	-0.28%		-0.10%	-1.47%

07:23pm	PROS Holdings, Inc.(NYSE:PRO) dropped from S&P TMI Index	CI
Dec. 09	S&P Global Inc. Presents at Goldman Sachs 2025 U.S. Financial Services Conference, Dec-09-2025 12:20 PM

Projected Income Statement: S&P Global, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	7,442	8,297	11,842	12,497	14,208	15,297	16,397	17,589
Change	-	11.49%	42.73%	5.53%	13.69%	7.67%	7.19%	7.27%
EBITDA ¹	4,050	4,663	5,427	5,833	7,054	7,806	8,362	9,051
Change	-	15.14%	16.38%	7.48%	20.93%	10.66%	7.12%	8.24%
EBIT ¹	3,967	4,581	5,319	5,732	6,958	7,744	8,334	9,040
Change	-	15.48%	16.11%	7.76%	21.39%	11.3%	7.62%	8.48%
Interest Paid ¹	-141	-119	-339	-361	-323	-335.9	-337	-333.4
Earnings before Tax (EBT) ¹	3,228	4,164	5,017	3,671	5,308	6,127	6,771	7,403
Change	-	29%	20.49%	-26.83%	44.59%	15.43%	10.52%	9.33%
Net income ¹	2,339	3,024	3,543	2,626	3,852	4,542	4,989	5,476
Change	-	29.29%	17.16%	-25.88%	46.69%	17.92%	9.84%	9.75%
Announcement Date	2/9/21	2/8/22	2/9/23	2/8/24	2/11/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,867	2,016	2,106	2,087	2,088	3,072	2,970	2,862	2,937	3,160	3,101	3,084	3,152	3,491	3,549	3,575	3,592	3,777	3,755	3,888	3,878	4,055	4,056	4,137	4,157	4,352	4,338	4,430
Change	-	7.98%	4.46%	-0.9%	0.05%	47.13%	-3.32%	-3.64%	2.62%	7.59%	-1.87%	-0.55%	2.2%	10.76%	1.66%	0.73%	0.48%	5.15%	-0.58%	3.54%	-0.27%	4.57%	0.02%	1.99%	0.5%	4.69%	-0.32%	2.11%
EBITDA ¹	926	1,181	1,251	1,176	1,055	1,012	1,438	1,349	1,226	1,485	1,456	1,472	1,420	1,761	1,825	1,766	1,703	1,945	1,957	2,054	1,856	2,093	2,121	2,171	2,010	2,235	2,253	2,294
Change	-	27.54%	5.93%	-6%	-10.29%	-4.08%	42.09%	-6.19%	-9.12%	21.13%	-1.95%	1.1%	-3.53%	24.01%	3.63%	-3.23%	-3.57%	14.21%	0.62%	4.96%	-9.63%	12.74%	1.33%	2.36%	-7.39%	11.18%	0.81%	1.84%
EBIT ¹	903	1,162	1,228	1,155	1,036	1,388	1,402	1,318	1,211	1,460	1,432	1,450	1,390	1,738	1,800	1,744	1,677	1,920	1,931	2,026	1,856	2,072	2,088	2,149	2,025	2,265	2,263	2,320
Change	-	28.68%	5.68%	-5.94%	-10.3%	33.98%	1.01%	-5.99%	-8.12%	20.56%	-1.92%	1.26%	-4.14%	25.04%	3.57%	-3.11%	-3.84%	14.49%	0.57%	4.92%	-8.4%	11.63%	0.81%	2.92%	-5.8%	11.85%	-0.08%	2.54%
Charge d'intérêts ¹	-32	-32	-32	-31	-25	-91	-90	-71	-86	-92	-95	-91	-83	-85	-84	-78	-75	-84	-83	-85	-83.82	-82.67	-82.17	-81.67	-81.17	-85	-85	-85
Earnings before Tax (EBT) ¹	640	1,056	1,144	1,074	890	2,182	1,391	823	621	1,048	834	995	795	1,316	1,378	1,360	1,254	1,496	1,502	1,598	1,504	1,684	1,678	1,776	1,616	1,833	1,842	1,922
Change	-	65%	8.33%	-6.12%	-17.13%	145.17%	-36.25%	-40.83%	-24.54%	68.76%	-20.42%	19.3%	-20.1%	65.53%	4.71%	-1.31%	-7.79%	19.3%	0.4%	6.39%	-5.88%	11.94%	-0.34%	5.87%	-9.02%	13.44%	0.49%	4.34%
Net income ¹	454	755	798	797	675	1,530	972	608	433	795	511	742	579	991	1,011	971	880	1,090	1,072	1,176	1,127	1,248	1,248	1,317	1,189	1,365	1,371	1,432
Change	-	66.3%	5.7%	-0.13%	-15.31%	126.67%	-36.47%	-37.45%	-28.78%	83.6%	-35.72%	45.21%	-21.97%	71.16%	2.02%	-3.96%	-9.37%	23.86%	-1.65%	9.7%	-4.18%	10.78%	-0.06%	5.52%	-9.7%	14.86%	0.38%	4.45%
Announcement Date	2/9/21	4/29/21	7/29/21	10/26/21	2/8/22	5/3/22	8/2/22	10/27/22	2/9/23	4/27/23	7/27/23	11/2/23	2/8/24	4/25/24	7/30/24	10/24/24	2/11/25	4/29/25	7/31/25	10/30/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: S&P Global, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-12	-2,391	9,669	10,168	9,732	9,472	9,341	8,530
Change	-	-19,825%	504.39%	5.16%	-4.29%	-2.67%	-1.38%	-8.68%
Announcement Date	2/9/21	2/8/22	2/9/23	2/8/24	2/11/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: S&P Global, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	76	35	-	143	124	188.2	196.3	201.8
Change	-	-53.95%	-	-	-13.29%	51.78%	4.29%	2.82%
Free Cash Flow (FCF) ¹	3,297	3,336	3,955	4,057	5,704	5,832	6,256	6,884
Change	-	1.18%	18.56%	2.58%	40.6%	2.24%	7.27%	10.03%
Announcement Date	2/9/21	2/8/22	2/9/23	2/8/24	2/11/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: S&P Global, Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	54.42%	56.2%	45.83%	46.68%	49.65%	51.03%	51%	51.46%
EBIT Margin (%)	53.31%	55.21%	44.92%	45.87%	48.97%	50.62%	50.82%	51.39%
EBT Margin (%)	43.38%	50.19%	42.37%	29.38%	37.36%	40.05%	41.3%	42.09%
Net margin (%)	31.43%	36.45%	29.92%	21.01%	27.11%	29.69%	30.43%	31.13%
FCF margin (%)	44.3%	40.21%	33.4%	32.46%	40.15%	38.12%	38.15%	39.13%
FCF / Net Income (%)	140.96%	110.32%	111.63%	154.49%	148.08%	128.39%	125.39%	125.71%
Profitability
ROA	21.81%	24.02%	9.8%	6.57%	8.11%	8.97%	9.63%	10.45%
ROE	422.58%	247.27%	19.52%	11.36%	14.5%	15.83%	17.2%	18.68%
Financial Health
Leverage (Debt/EBITDA)	-	-	1.78x	1.74x	1.38x	1.21x	1.12x	0.94x
Debt / Free cash flow	-	-	2.44x	2.51x	1.71x	1.62x	1.49x	1.24x
Capital Intensity
CAPEX / Current Assets (%)	1.02%	0.42%	-	1.14%	0.87%	1.23%	1.2%	1.15%
CAPEX / EBITDA (%)	1.88%	0.75%	-	2.45%	1.76%	2.41%	2.35%	2.23%
CAPEX / FCF (%)	2.31%	1.05%	-	3.52%	2.17%	3.23%	3.14%	2.93%
Items per share
Cash flow per share ¹	13.71	15.17	-	13.08	17.49	18.85	21.45	23.66
Change	-	10.62%	-	-	33.73%	7.77%	13.8%	10.3%
Dividend per Share ¹	2.68	3.08	3.32	3.6	3.64	3.826	4.059	4.343
Change	-	14.93%	7.79%	8.43%	1.11%	5.12%	6.06%	7.01%
Book Value Per Share ¹	2.373	8.743	114.5	107.6	106.6	110.7	112.4	117.1
Change	-	268.39%	1,209.98%	-6.09%	-0.87%	3.8%	1.56%	4.14%
EPS ¹	9.66	12.51	10.53	8.23	12.35	14.67	16.76	18.88
Change	-	29.5%	-15.83%	-21.84%	50.06%	18.78%	14.26%	12.62%
Nbr of stocks (in thousands)	240,599	240,875	325,800	316,800	309,966	302,800	302,800	302,800
Announcement Date	2/9/21	2/8/22	2/9/23	2/8/24	2/11/25	-	-	-