S&P Global Inc.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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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Item 8. Consolidated Statements of Cash Flows
| (in millions) | Year Ended December 31, | ||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating Activities: | |||
| Net income | $4,820 | $4,167 | $2,893 |
| Adjustments to reconcile net income to cash provided by operating activities: | |||
| Depreciation | 110 | 96 | 101 |
| Amortization of intangibles | 1,069 | 1,077 | 1,042 |
| Provision for losses on accounts receivable | 39 | 43 | 28 |
| Deferred income taxes | (242) | (323) | (381) |
| Stock-based compensation | 236 | 247 | 171 |
| (Gain) loss on dispositions, net | (273) | (59) | 70 |
| Restructuring, lease impairment charges and other | 324 | 206 | 246 |
| Changes in operating assets and liabilities, net of effect of acquisitions and dispositions: | |||
| Accounts receivable | (600) | (79) | (291) |
| Prepaid and other current assets | 32 | (79) | (310) |
| Accounts payable and accrued expenses | (55) | 245 | 328 |
| Unearned revenue | 327 | 222 | 352 |
| Other current liabilities | (81) | (418) | (277) |
| Net change in prepaid/accrued income taxes | 100 | 192 | (175) |
| Net change in other assets and liabilities | (155) | 152 | (87) |
| Cash provided by operating activities | 5,651 | 5,689 | 3,710 |
| Investing Activities: | |||
| Capital expenditures | (195) | (124) | (143) |
| Acquisitions, net of cash acquired | (2,023) | (305) | (296) |
| Proceeds from dispositions | 1,549 | 168 | 1,014 |
| Changes in short-term investments | (35) | 6 | (13) |
| Cash (used for) provided by investing activities | (704) | (255) | 562 |
| Financing Activities: | |||
| Additions to / (payments on) short-term debt, net | 715 | — | (188) |
| Proceeds from issuance of senior notes, net | 993 | — | 744 |
| Payments on senior notes | (4) | (47) | — |
| Dividends paid to shareholders | (1,170) | (1,134) | (1,147) |
| Distributions to noncontrolling interest holders | (321) | (287) | (280) |
| Repurchase of treasury shares | (5,001) | (3,301) | (3,301) |
| Contingent consideration payments | (10) | (107) | (9) |
| Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other | (132) | (122) | (99) |
| Cash used for financing activities | (4,930) | (4,998) | (4,280) |
| Effect of exchange rate changes on cash | 62 | (61) | 12 |
| Net change in cash, cash equivalents, and restricted cash | 79 | 375 | 4 |
| Cash, cash equivalents, and restricted cash at beginning of year | 1,666 | 1,291 | 1,287 |
| Cash, cash equivalents, and restricted cash at end of year | $1,745 | $1,666 | $1,291 |
| Cash paid during the year for: | |||
| Interest | $390 | $391 | $369 |
| Income taxes | $1,502 | $1,159 | $1,279 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.