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S&P Global SPGI Market Intelligence — Reclassifications

Other segment segments

Ratings
-$115M
Energy
$0
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 market intelligence — reclassifications?
S&P Global (SPGI) reported market intelligence — reclassifications of -$35.25M in Q4 2025.
What is the long-term trend for S&P Global's market intelligence — reclassifications?
Over 2 years (2021 to 2025), S&P Global's market intelligence — reclassifications has grown at a -25.6% compound annual growth rate (CAGR), from -$255M to -$141M.
What does market intelligence — reclassifications mean?
This metric represents adjustments made to historical financial data within the Market Intelligence segment to ensure comparability following changes in accounting standards, organizational structure, or reporting methodology. It reflects the impact of reallocating revenues or expenses between reporting periods or segments to provide a consistent view of performance. Investors use this to understand how structural shifts affect the underlying growth trajectory of the segment.

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