S&P Global Inc. (SPGI) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 1.04B | 1.75B | 1.5B | 1.45B | 953M | 1.74B | 1.45B | 1.56B | 948M | 1.33B | 1.01B | 769M | 594M | 1.11B | 814M | 454M | 222M | 940M | 967M | 923M |
| Operating CF Margin % | 24.86% | 44.64% | 38.71% | 38.48% | 25.23% | 48.44% | 40.42% | 43.84% | 27.16% | 42.32% | 32.85% | 24.8% | 18.8% | 37.9% | 28.45% | 15.17% | 9.29% | 45.02% | 46.33% | 43.83% |
| Operating CF Growth % | 8.81% | 0.46% | 4.15% | -7.13% | 0.53% | 30.43% | 42.65% | 102.34% | 59.6% | 19.86% | 24.45% | 69.38% | 167.57% | 18.4% | -15.82% | -50.81% | -71.09% | -17.62% | 19.53% | -1.49% |
| Net Income | 1.5B | 1.4B | 1.09B | 1.16B | 1.17B | 967M | 1.05B | 1.01B | 991M | 644M | 814M | 575M | 860M | 494M | 678M | 1.05B | 1.3B | 736M | 861M | 858M |
| Depreciation & Amortization | 307M | 297M | 294M | 295M | 293M | 302M | 293M | 291M | 287M | 290M | 282M | 284M | 287M | 275M | 297M | 304M | 137M | 41M | 42M | 45M |
| Stock-Based Compensation | 39M | 69M | 75M | 45M | 47M | 70M | 95M | 49M | 33M | 28M | 46M | 51M | 46M | 54M | 17M | 49M | 94M | 32M | 40M | 31M |
| Deferred Taxes | -50M | 45M | -149M | -75M | -63M | -52M | -109M | -95M | -67M | 49M | -46M | -217M | -167M | -198M | -64M | -38M | -53M | 12M | 48M | -44M |
| Other Non-Cash Items | -128M | -98M | -76M | 195M | 69M | 188M | -133M | 114M | 173M | 105M | 114M | 157M | -32M | -104M | 159M | -464M | -1.31B | 49M | 10M | 6M |
| Working Capital Changes | -635M | 33M | 274M | -175M | -564M | 265M | 253M | 186M | -469M | 218M | -197M | -81M | -400M | 592M | -273M | -448M | 55M | 70M | -34M | 27M |
| Change in Receivables | -131M | -28M | 129M | 121M | -222M | -267M | 82M | 291M | -185M | -227M | -20M | -67M | 23M | -255M | -96M | 200M | 187M | -266M | -31M | 88M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -448M | -33M | -250M | 0 | 0 | 97M | -33M | 318M | 207M | 0 | 0 |
| Change in Payables | -646M | 493M | 31M | 154M | -678M | 376M | 197M | 274M | -602M | 448M | -27M | 250M | -343M | 43M | -97M | 33M | -318M | 123M | 114M | 0 |
| Cash from Investing | 291M | -472M | -101M | -52M | -79M | 7M | 57M | -299M | -20M | -45M | -49M | 909M | -253M | -61M | -56M | 844M | 2.9B | -78M | -9M | -9M |
| Capital Expenditures | -27M | -46M | -45M | -61M | -43M | -33M | -35M | -32M | -24M | -48M | -36M | -31M | -28M | -28M | -21M | -24M | -16M | -2M | -8M | -7M |
| CapEx % of Revenue | 0.65% | 1.17% | 1.16% | 1.62% | 1.14% | 0.92% | 0.98% | 0.9% | 0.69% | 1.52% | 1.17% | 1% | 0.89% | 0.95% | 0.73% | 0.8% | 0.67% | 0.1% | 0.38% | 0.33% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 605M | 659M | 1.87B | 1.85B | 1.78B | 1.79B | 1.8B | 1.93B | 1.77B | 1.81B | 1.79B | 1.79B | 1.75B | 1.77B | 1.89B | 1.86B | 1.62B | 176M | 0 | 0 |
| Other Investing | 0 | 1.58B | -16M | 6M | -23M | 7M | -1M | -7M | 5M | -4M | -8M | 2M | -3M | -1M | -2M | 888M | 4M | 4M | 8M | -1M |
| Cash from Financing | -1.24B | -1.2B | -1.57B | -1.06B | -1.1B | -1.72B | -1.88B | -748M | -657M | -1.68B | -855M | -1.52B | -230M | -1.2B | -2.86B | -2.06B | -5.21B | -241M | -246M | -233M |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -1B | -5B | 1.3B | -651M | -650M | -1.36B | -1.5B | 3M | -499M | -1.3B | -500M | -1B | -575M | -1.03B | -2.5B | -1.5B | -7.07B | 3M | 3M | 4M |
| Dividends Paid | -288M | -290M | -291M | -294M | -295M | -280M | -282M | -286M | -286M | -283M | -286M | -288M | -290M | -275M | -277M | -286M | -186M | -186M | -186M | -185M |
| Share Repurchases | -1B | -5B | 1.3B | -651M | -650M | -1.36B | -1.5B | 0 | -500M | -1.3B | -500M | -1B | -500M | -1B | -2.5B | -1.5B | -7B | 0 | 0 | 0 |
| Other Financing | -182M | 2.38B | -2.58B | -114M | -154M | -121M | -92M | -168M | -122M | -96M | -73M | -66M | -75M | -70M | -82M | 331M | -52M | -58M | -63M | -52M |
| Net Change in Cash | 65M | 73M | -175M | 378M | -197M | -31M | -342M | 495M | 253M | -355M | 84M | 157M | 118M | -102M | -2.18B | -834M | -2.1B | 598M | 686M | 703M |
| Free Cash Flow | 1.01B | 1.7B | 1.46B | 1.38B | 910M | 1.71B | 1.41B | 1.52B | 924M | 1.29B | 977M | 738M | 566M | 1.08B | 793M | 430M | 206M | 938M | 959M | 916M |
| FCF Margin % | 24.21% | 43.46% | 37.55% | 36.86% | 24.09% | 47.52% | 39.44% | 42.94% | 26.47% | 40.8% | 31.68% | 23.8% | 17.91% | 36.94% | 27.72% | 14.37% | 8.62% | 44.92% | 45.95% | 43.49% |
| FCF Growth % | 10.99% | -0.29% | 3.55% | -9.19% | -1.52% | 32.74% | 44.32% | 106.5% | 63.25% | 18.53% | 23.2% | 71.63% | 174.76% | 15.67% | -17.31% | -53.06% | -72.53% | -15.34% | 22.32% | -1.51% |
| FCF per Share | 3.39 | 5.63 | 4.79 | 4.52 | 2.96 | 5.47 | 4.53 | 4.87 | 2.94 | 4.07 | 3.07 | 2.31 | 1.76 | 3.34 | 2.40 | 1.27 | 0.75 | 3.87 | 3.97 | 3.79 |
| FCF Conversion (FCF/Net Income) | 0.74x | 1.54x | 1.28x | 1.35x | 0.87x | 1.98x | 1.49x | 1.54x | 0.96x | 2.30x | 1.37x | 1.50x | 0.75x | 2.57x | 1.34x | 0.47x | 0.18x | 1.39x | 1.21x | 1.16x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |