S&P Global Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	4,217	3,852	2,626	3,248	3,024	2,339
Depreciation & Amortization	1,182	1,173	1,143	1,013	178	206
Loss (Gain) From Sale of Assets	-41	-59	70	-1,898	-11	-16
Asset Writedown & Restructuring Costs	206	206	246	319	89	120
Stock-Based Compensation	237	247	171	214	122	90
Provision & Write-off of Bad Debts	35	43	28	24	14	17
Other Operating Activities	226	-8	-114	-79	252	564
Change in Accounts Receivable	-298	-79	-291	36	-144	18
Change in Accounts Payable	-117	245	328	43	38	132
Change in Unearned Revenue	363	222	352	37	198	220
Change in Income Taxes	-36	192	-175	-135	-36	-2
Change in Other Net Operating Assets	-331	-345	-674	-219	-126	-121
Operating Cash Flow	5,643	5,689	3,710	2,603	3,598	3,567
Operating Cash Flow Growth	6.81%	53.34%	42.53%	-27.65%	0.87%	28.49%
Capital Expenditures	-182	-124	-143	-89	-35	-76
Cash Acquisitions	-91	-305	-296	210	-99	-201
Divestitures	93	168	1,014	3,509	16	18
Investment in Securities	-45	6	-13	-2	-2	19
Investing Cash Flow	-225	-255	562	3,628	-120	-240
Long-Term Debt Issued	-	-	744	5,395	-	1,276
Total Debt Issued	-	-	744	5,395	-	1,276
Short-Term Debt Repaid	-	-	-188	-32	-	-
Long-Term Debt Repaid	-	-47	-	-3,698	-	-1,394
Total Debt Repaid	-4	-47	-188	-3,730	-	-1,394
Net Debt Issued (Repaid)	-4	-47	556	1,665	-	-118
Issuance of Common Stock	-	-	-	-	13	16
Repurchase of Common Stock	-3,966	-3,423	-3,400	-12,107	-56	-1,225
Common Dividends Paid	-1,160	-1,134	-1,147	-1,024	-743	-645
Other Financing Activities	-316	-394	-289	140	-227	-194
Financing Cash Flow	-5,446	-4,998	-4,280	-11,326	-1,013	-2,166
Foreign Exchange Rate Adjustments	3	-61	12	-123	-82	75
Net Cash Flow	-25	375	4	-5,218	2,383	1,236
Free Cash Flow	5,461	5,565	3,567	2,514	3,563	3,491
Free Cash Flow Growth	6.16%	56.01%	41.88%	-29.44%	2.06%	31.19%
Free Cash Flow Margin	36.38%	39.17%	28.54%	22.48%	42.94%	46.91%
Free Cash Flow Per Share	17.80	17.84	11.19	7.89	14.73	14.42
Cash Interest Paid	391	391	369	240	130	159
Cash Income Tax Paid	1,159	1,159	1,279	1,555	883	683
Levered Free Cash Flow	4,848	5,094	4,681	3,287	2,827	3,004
Unlevered Free Cash Flow	5,034	5,277	4,887	3,475	2,899	3,092
Change in Working Capital	-419	235	-460	-238	-70	247

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.