S&P Global Inc. FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $15.3B |
| Gross margin | 70.2% |
| Operating income | $6.5B |
| Net income | $4.5B |
| Diluted EPS | $14.66 |
| Cash & equivalents | $1.7B |
| Total assets | $61.2B |
| Long-term debt | $13.1B |
Key takeaway
S&P Global reported $15.3 billion in revenue and $4.47 billion in net income for fiscal 2025, with a 22.6% effective tax rate.
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Beneath the surface
Goodwill ($36.475B) and net intangibles ($16.271B) together equal about 86% of total assets ($61.2B), indicating heavy reliance on acquired value rather than tangible operating assets, with zero impairment recorded (GoodwillImpairmentLoss: 0), which flatters reported equity.
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