S&P Global Inc. (SPGI) closed fiscal year 2025 with a gross margin of 70.2 % and a net margin of 29.2 %.
S&P Global Inc. (SPGI) closed fiscal year 2025 with a gross margin of 70.2 % and a net margin of 29.2 %. The same year shows an EBITDA margin of 49.9 % and an EBIT margin of 42.2 %. The free cash flow margin was 35.6 %. Against the previous year the gross margin moved +0.9 pp and the net margin +2.0 pp. Across the period the gross margin ranges between 60.2 % in 2009 and 73.7 % in 2021. The series covers 19 fiscal years, from 2007 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 62.68 % | 60.37 % | 60.15 % | 66.86 % | 64.92 % | 66.44 % | 66.74 % | 67.31 % | 67.66 % | 68.68 % | 72.06 % | 70.63 % | 70.50 % | 71.86 % | 73.73 % | 66.43 % | 66.86 % | 69.31 % | 70.25 % |
| EBITDA margin (%) | 27.14 % | 29.16 % | 29.11 % | 31.16 % | 30.42 % | 30.70 % | 31.79 % | 4.89 % | 39.04 % | 62.22 % | 45.57 % | 47.87 % | 51.20 % | 51.37 % | 53.02 % | 53.28 % | 41.31 % | 47.53 % | 49.93 % |
| EBIT margin (%) | 24.76 % | 21.63 % | 21.45 % | 28.19 % | 27.24 % | 27.40 % | 28.88 % | 2.24 % | 36.08 % | 59.02 % | 42.60 % | 44.58 % | 48.16 % | 48.60 % | 50.87 % | 44.22 % | 32.17 % | 39.27 % | 42.24 % |
| Net margin (%) | 14.97 % | 12.58 % | 12.45 % | 22.75 % | 23.04 % | 10.23 % | 29.26 % | -2.28 % | 21.76 % | 37.20 % | 24.67 % | 31.29 % | 31.69 % | 31.43 % | 36.45 % | 29.05 % | 21.01 % | 27.11 % | 29.15 % |
| FCF margin (%) | 21.96 % | 16.87 % | 21.49 % | 37.68 % | 31.66 % | 27.42 % | 9.23 % | 22.47 % | 1.66 % | 25.53 % | 31.22 % | 31.18 % | 39.72 % | 46.91 % | 42.94 % | 22.48 % | 28.54 % | 39.17 % | 35.58 % |
