S&P Global Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	4,471	3,852	2,626	3,248	3,024
Depreciation & Amortization	1,179	1,173	1,143	1,013	178
Loss (Gain) From Sale of Assets	-3	-59	70	-1,898	-11
Asset Writedown & Restructuring Costs	324	206	246	319	89
Loss (Gain) From Sale of Investments	-270	-	-	-	-
Stock-Based Compensation	236	247	171	214	122
Provision & Write-off of Bad Debts	39	43	28	24	14
Other Operating Activities	107	-8	-114	-79	252
Change in Accounts Receivable	-600	-79	-291	36	-144
Change in Accounts Payable	-55	245	328	43	38
Change in Unearned Revenue	327	222	352	37	198
Change in Income Taxes	100	192	-175	-135	-36
Change in Other Net Operating Assets	-204	-345	-674	-219	-126
Operating Cash Flow	5,651	5,689	3,710	2,603	3,598
Operating Cash Flow Growth	-0.67%	53.34%	42.53%	-27.65%	0.87%
Capital Expenditures	-195	-124	-143	-89	-35
Cash Acquisitions	-2,023	-305	-296	210	-99
Divestitures	49	168	1,014	3,509	16
Investment in Securities	1,465	6	-13	-2	-2
Investing Cash Flow	-704	-255	562	3,628	-120
Short-Term Debt Issued	715	-	-	-	-
Long-Term Debt Issued	993	-	744	5,395	-
Total Debt Issued	1,708	-	744	5,395	-
Short-Term Debt Repaid	-	-	-188	-32	-
Long-Term Debt Repaid	-4	-47	-	-3,698	-
Total Debt Repaid	-4	-47	-188	-3,730	-
Net Debt Issued (Repaid)	1,704	-47	556	1,665	-
Issuance of Common Stock	-	-	-	-	13
Repurchase of Common Stock	-5,133	-3,423	-3,400	-12,107	-56
Common Dividends Paid	-1,170	-1,134	-1,147	-1,024	-743
Other Financing Activities	-331	-394	-289	140	-227
Financing Cash Flow	-4,930	-4,998	-4,280	-11,326	-1,013
Foreign Exchange Rate Adjustments	62	-61	12	-123	-82
Net Cash Flow	79	375	4	-5,218	2,383
Free Cash Flow	5,456	5,565	3,567	2,514	3,563
Free Cash Flow Growth	-1.96%	56.01%	41.88%	-29.44%	2.06%
Free Cash Flow Margin	35.58%	39.17%	28.54%	22.48%	42.94%
Free Cash Flow Per Share	17.88	17.84	11.19	7.89	14.73
Cash Interest Paid	390	391	369	240	130
Cash Income Tax Paid	1,502	1,159	1,279	1,555	883
Levered Free Cash Flow	4,878	5,093	4,681	3,285	2,827
Unlevered Free Cash Flow	5,055	5,276	4,887	3,472	2,899
Change in Working Capital	-432	235	-460	-238	-70

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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