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S&P Global
🇺🇸 NYSE:SPGI
•
Dec 31, 2024

S&P Global Q4 2024 Earnings Report

Key Takeaways

S&P Global reported strong Q4 2024 results with a 14% revenue increase to $3.592 billion, driven by growth in all segments. GAAP net income surged 52% to $880 million, while adjusted net income rose 18% to $1.163 billion. GAAP EPS increased 56% to $2.85, and adjusted EPS grew 20% to $3.77.

Total Revenue
$3.59B
Previous year: $3.15B
+14.0%
EPS
$3.77
Previous year: $3.13
+20.4%
Operating Margin
36.5%
Previous year: 28.5%
+28.1%
Adjusted Operating Margin
46.7%
Previous year: 44.1%
+5.9%
Subscription Revenue Growth
6%
Gross Profit
$2.48B
Previous year: $2.12B
+16.9%
Cash and Equivalents
$1.69B
Previous year: $1.29B
+30.6%
Free Cash Flow
$1.71B
Previous year: $1.29B
+32.7%
Total Assets
$60.2B
Previous year: $60.6B
-0.6%

S&P Global Revenue

S&P Global EPS

S&P Global Revenue by Segment

Forward Guidance

S&P Global expects 2025 revenue growth of 5.0%-7.0%, with GAAP EPS between $14.20-$14.45 and adjusted EPS between $17.00-$17.25.

Positive Outlook

  • Projected revenue growth of 5.0%-7.0%.
  • GAAP EPS forecasted between $14.20-$14.45.
  • Adjusted EPS forecasted between $17.00-$17.25.
  • 85% or more of adjusted free cash flow to be returned to shareholders.
  • Strong demand for Ratings and Indices segments expected.

Challenges Ahead

  • Higher interest expense projected at $295-$305 million.
  • Operating profit margin expected to decline slightly from Q4 2024.
  • Increased deal-related amortization of ~$1.13 billion.
  • Corporate unallocated expenses forecasted at $230-$240 million.
  • Potential macroeconomic headwinds affecting growth.

Revenue & Expenses

Visualization of income flow from segment revenue to net income