Financials S&P Global, Inc.

Equities

SPGI

US78409V1044

Professional Information Services

Market Closed - Nyse Other stock markets 01:30:02 14/05/2026 am IST			5-day change	1st Jan Change
406.55 ^USD	-4.15%		-4.02%	-22.20%

14/05	F&G Annuities & Life to Join the S&P SmallCap 600, Replacing Mister Car Wash	MT
12/05	S&P Global Inc. - Analyst/Investor Day

Projected Income Statement: S&P Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	8,297	11,842	12,497	14,208	15,336	16,515	17,703	18,995
Change	-	42.73%	5.53%	13.69%	7.94%	7.69%	7.19%	7.3%
EBITDA ¹	4,663	5,427	5,833	7,054	7,840	8,510	9,197	9,963
Change	-	16.38%	7.48%	20.93%	11.14%	8.55%	8.07%	8.33%
EBIT ¹	4,581	5,319	5,732	6,958	7,730	8,376	9,095	9,945
Change	-	16.11%	7.76%	21.39%	11.1%	8.35%	8.58%	9.35%
Interest Paid ¹	-119	-339	-361	-323	-313	-407.7	-402.6	-395.8
Earnings before Tax (EBT) ¹	4,164	5,017	3,671	5,308	6,227	6,898	7,407	8,188
Change	-	20.49%	-26.83%	44.59%	17.31%	10.77%	7.38%	10.54%
Net income ¹	3,024	3,543	2,626	3,852	4,471	4,961	5,409	6,064
Change	-	17.16%	-25.88%	46.69%	16.07%	10.96%	9.04%	12.11%
Announcement Date	08/02/22	09/02/23	08/02/24	11/02/25	10/02/26	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	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	2027 Q4	2028 Q1
Net sales ¹	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	3,916	4,171	4,080	4,137	4,128	4,456	4,375	4,434	4,444	4,766
Change	-	-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%	0.72%	6.51%	-2.18%	1.39%	-0.21%	7.94%	-1.83%	1.36%	0.21%	7.26%
EBITDA ¹	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	1,883	2,190	2,139	2,178	2,007	2,357	2,301	2,349	2,180	2,516
Change	-	-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%	-8.33%	16.3%	-2.33%	1.85%	-7.87%	17.42%	-2.36%	2.1%	-7.22%	15.43%
EBIT ¹	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	1,852	2,159	2,110	2,139	1,971	2,324	2,289	2,330	2,143	2,549
Change	-	-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%	-8.59%	16.58%	-2.26%	1.38%	-7.86%	17.92%	-1.51%	1.75%	-8.01%	18.96%
Charge d'intérêts ¹	-32	-31	-25	-91	-90	-71	-86	-92	-95	-91	-83	-85	-84	-78	-75	-84	-83	-85	-61	-103	-102	-102	-102	-98.5	-98.5	-98.5	-98.5	-101.5
Earnings before Tax (EBT) ¹	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	1,631	1,908	1,690	1,726	1,564	1,922	1,862	1,907	1,740	2,105
Change	-	-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%	2.07%	16.98%	-11.45%	2.13%	-9.38%	22.89%	-3.11%	2.41%	-8.74%	20.95%
Net income ¹	798	797	675	1,530	972	608	433	795	511	742	579	991	1,011	971	880	1,090	1,072	1,176	1,134	1,395	1,217	1,247	1,114	1,386	1,349	1,388	1,262	-
Change	-	-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%	-3.57%	23.02%	-12.76%	2.43%	-10.59%	24.35%	-2.67%	2.89%	-9.1%	-
Announcement Date	29/07/21	26/10/21	08/02/22	03/05/22	02/08/22	27/10/22	09/02/23	27/04/23	27/07/23	02/11/23	08/02/24	25/04/24	30/07/24	24/10/24	11/02/25	29/04/25	31/07/25	30/10/25	10/02/26	28/04/26	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: S&P Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-2,391	9,669	10,168	9,732	11,343	11,922	11,290	10,167
Change	-	504.39%	5.16%	-4.29%	16.55%	5.1%	-5.3%	-9.95%
Announcement Date	08/02/22	09/02/23	08/02/24	11/02/25	10/02/26	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: S&P Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	35	89	143	124	195	210.7	220.2	233.2
Change	-	154.29%	60.67%	-13.29%	57.26%	8.03%	4.51%	5.93%
Free Cash Flow (FCF) ¹	3,336	3,955	4,057	5,704	5,481	5,871	6,645	-
Change	-	18.56%	2.58%	40.6%	-3.91%	7.12%	13.18%	-100%
Announcement Date	08/02/22	09/02/23	08/02/24	11/02/25	10/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: S&P Global, Inc.

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	56.2%	45.83%	46.68%	49.65%	51.12%	51.53%	51.95%	52.45%
EBIT Margin (%)	55.21%	44.92%	45.87%	48.97%	50.4%	50.72%	51.37%	52.36%
EBT Margin (%)	50.19%	42.37%	29.38%	37.36%	40.6%	41.77%	41.84%	43.1%
Net margin (%)	36.45%	29.92%	21.01%	27.11%	29.15%	30.04%	30.56%	31.93%
FCF margin (%)	40.21%	33.4%	32.46%	40.15%	35.74%	35.55%	37.53%	-
FCF / Net Income (%)	110.32%	111.63%	154.49%	148.08%	122.59%	118.34%	122.84%	-
Profitability
ROA	24.02%	9.8%	6.57%	8.11%	8.96%	9.45%	10.21%	-
ROE	247.27%	19.52%	11.36%	14.5%	16.87%	18.11%	19.65%	22.68%
Financial Health
Leverage (Debt/EBITDA)	-	1.78x	1.74x	1.38x	1.45x	1.4x	1.23x	1.02x
Debt / Free cash flow	-	2.44x	2.51x	1.71x	2.07x	2.03x	1.7x	-
Capital Intensity
CAPEX / Current Assets (%)	0.42%	0.75%	1.14%	0.87%	1.27%	1.28%	1.24%	1.23%
CAPEX / EBITDA (%)	0.75%	1.64%	2.45%	1.76%	2.49%	2.48%	2.39%	2.34%
CAPEX / FCF (%)	1.05%	2.25%	3.52%	2.17%	3.56%	3.59%	3.31%	-
Items per share
Cash flow per share ¹	15.17	8.405	13.08	17.49	18.52	20.11	22.29	25.82
Change	-	-44.59%	55.58%	33.73%	5.92%	8.58%	10.84%	15.84%
Dividend per Share ¹	3.08	3.32	3.6	3.64	3.84	3.918	4.093	4.669
Change	-	7.79%	8.43%	1.11%	5.49%	2.04%	4.46%	14.06%
Book Value Per Share ¹	8.743	114.5	107.6	106.6	102.4	105.1	106.9	111.4
Change	-	1,209.98%	-6.09%	-0.87%	-3.98%	2.65%	1.71%	4.22%
EPS ¹	12.51	10.53	8.23	12.35	14.66	16.89	19	21.86
Change	-	-15.83%	-21.84%	50.06%	18.7%	15.24%	12.48%	15.07%
Nbr of stocks (in thousands)	2,40,875	3,25,800	3,16,800	3,09,966	3,02,800	2,95,980	2,95,980	2,95,980
Announcement Date	08/02/22	09/02/23	08/02/24	11/02/25	10/02/26	-	-	-