S&P Global Inc.
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
SPGI$473.38+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the
Consolidated Statements of Cash Flows
| (in millions) | Nine Months Ended | |
|---|---|---|
| September 30, | ||
| 2025 | 2024 | |
| Operating Activities: | ||
| Net income | $3,596 | $3,200 |
| Adjustments to reconcile net income to cash provided by operating activities: | ||
| Depreciation | 79 | 70 |
| Amortization of intangibles | 803 | 803 |
| Provision for losses on accounts receivable | 28 | 36 |
| Deferred income taxes | (287) | (271) |
| Stock-based compensation | 167 | 177 |
| Gain on dispositions | (3) | (21) |
| Other | 204 | (15) |
| Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: | ||
| Accounts receivable | (31) | 188 |
| Prepaid and other current assets | 72 | (14) |
| Accounts payable and accrued expenses | (493) | (131) |
| Unearned revenue | (68) | (209) |
| Other current liabilities | (176) | (399) |
| Net change in prepaid/accrued income taxes | 86 | 314 |
| Net change in other assets and liabilities | (74) | 221 |
| Cash provided by operating activities | 3,903 | 3,949 |
| Investing Activities: | ||
| Capital expenditures | (149) | (91) |
| Acquisitions, net of cash acquired | (50) | (264) |
| Proceeds from dispositions, net | 19 | 94 |
| Changes in short-term investments | (52) | (1) |
| Cash used for investing activities | (232) | (262) |
| Financing Activities: | ||
| Payments on senior notes | (4) | (47) |
| Dividends paid to shareholders | (880) | (854) |
| Distributions to noncontrolling interest holders | (234) | (213) |
| Contingent consideration payments | (8) | (107) |
| Repurchase of treasury shares | (2,501) | (2,001) |
| Employee withholding tax on share-based payments, excise tax payments on share repurchases and other | (101) | (58) |
| Cash used for financing activities | (3,728) | (3,280) |
| Effect of exchange rate changes on cash | 63 | (1) |
| Net change in cash, cash equivalents, and restricted cash | 6 | 406 |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,666 | 1,291 |
| Cash, cash equivalents, and restricted cash at end of period | $1,672 | $1,697 |
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