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S&P Global SPGI Energy — Reclassifications

Other segment segments

Market Intelligence
-$141M
Ratings
-$115M
Indices
$0
Mobility
$0

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Other financials

Income statement

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Revenue$4.1B+10.4%
Gross profit$3.0B+13.1%
Operating income$1.8B+16.8%
Net income$1.2B+13.5%
EPS (diluted)$4.12+17.7%

Balance sheet

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Cash & equivalents$4.1B+124%
Total debt$15.7B+31.1%
Total equity$31.5B-5.7%
Total assets$62.9B+4.2%

Cash flow

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Operating cash flow$1.4B-0.4%
CapEx$38.0M-37.7%
Free cash flow$1.4B+1.2%

Valuation

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Market cap$121.44B-29.4%
Enterprise value$133.05B-26.9%
P/E24.7×-18.2×
P/S7.5×-4.2×

Profitability

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Gross margin70.9%+1.2pp
Operating margin44.4%+4.5pp
Net margin30.5%+3.2pp
FCF margin34.6%-2.2pp

Returns & leverage

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Return on equity15.2%+3.4pp
Debt / equity0.5×+0.1×
Current ratio0.0×

Where this comes from

Reported directly by S&P Global in its filing.

Tagged under the XBRL concept us-gaap:GoodwillTransfers.

The source filing: S&P Global’s 10-K, filed February 11, 2026.

Filed
Feb 10, 2026, 7:00 PM EST
Fiscal year
FY2025
Accession
0000064040-26-000013
(in millions)Market IntelligenceRatingsEnergyMobilityIndicesCorporateTotal
Acquisitions22916245
Dispositions(80)(80)
Other 1(26)(15)(4)(5)(48)(98)
Balance as of December 31, 202418,3062595,5508,8581,36957534,917
Acquisitions1,487243651,552
Reclassifications 2(141)(115)115(141)
Other 110(4)1310028147
Balance as of December 31, 2025$19,662$164$5,563$8,858$1,505$723$36,475

Item 8. Consolidated Financial Statements and Supplementary Data

FAQ

What is S&P Global's energy — reclassifications?
S&P Global (SPGI) reported energy — reclassifications of $0 in Q4 2025.
What does energy — reclassifications mean?
Represents the movement of assets, liabilities, or operational results between the Energy segment and other business segments. This ensures financial reporting reflects the current organizational structure.

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