S&P Global

Financials Financial Exchanges & Data New York City, New York Last filing Feb 11, 2026 · FY2025

                    Revenue
                    FY2025
                
$15.3B
                    3y CAGR +11.1%
                    
                    P43
                    
                    +7.9%
                    
                    Net income
                    FY2025
                
$4.5B
                    Net margin +29.2%
                    
                    P69
                    
                    +16.1%
                    
                    Total assets
                    FY2025
                
$61.2B
                    ROA +7.3%
                    
                    P85
                    
                    +1.6%
                    
                    Operating cash flow
                    FY2025
                
$5.7B
                    FCF margin +35.6%
                    
                    P59
                    
                    -0.7%

19 yrs · FY2007–FY2025 8 filed · 0 derived · 1 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

18 accounts · 5 years

Total assets $61.2B

Total liabilities $25.0B

Shareholders equity $31.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	11.1%	12.0%	10.4%	11.6%	78.3%
Brokerage Receivables	22.4%	20.2%	22.6%	22.3%	19.9%
Other Assets	365.2%	391.9%	451.9%	518.8%	82.9%
Total Assets	399.1%	423.9%	484.8%	552.6%	181.1%
Liabilities
Brokerage Payables	4.0%	3.9%	4.5%	4.0%	2.5%
Short Term Borrowings	4.7%	0.0%	0.4%	2.0%	0.0%
Long Term Debt	80.7%	80.2%	91.3%	96.0%	49.6%
Other Liabilities	74.0%	75.7%	83.8%	95.1%	62.3%
Total Liabilities	163.3%	159.9%	180.0%	197.1%	114.4%
Equity
Total Stockholders Equity	203.0%	233.4%	273.7%	325.4%	24.5%
Common Stock	2.7%	2.9%	3.3%	3.7%	3.5%
Additional Paid In Capital	287.7%	311.9%	353.9%	397.3%	12.4%
Retained Earnings	154.3%	147.6%	149.9%	159.1%	181.0%
Treasury Stock	237.2%	222.9%	227.3%	226.7%	162.3%
Accumulated Other Comprehensive Income	-4.5%	-6.2%	-6.1%	-7.9%	-10.1%
Noncontrolling Interest	0.7%	0.7%	0.8%	0.8%	0.9%
Temporary Equity and Other	32.1%	29.9%	30.4%	29.2%	41.3%
Total Liabilitiesand Equity	399.1%	423.9%	484.8%	552.6%	181.1%

Income Statement

Revenue, expense, and profitability

9 accounts · 5 years

Revenue $15.3B

Operating income Not reported

Net income $4.5B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Operating Expenses	59.4%	62.6%	70.6%	57.9%	49.8%
Other Income Expense Income Before Tax	40.6%	37.4%	29.4%	42.1%	50.2%
Income Tax Income Tax Expense	9.2%	8.0%	6.2%	10.6%	10.9%
net Income Other Items Below Tax	-2.3%	-2.2%	-2.1%	-2.5%	-2.9%
net Income net Income	29.2%	27.1%	21.0%	29.0%	36.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	2.0%	2.2%	2.6%	2.8%	2.9%

Cash Flow Statement

Operating, investing, and financing flows

14 accounts · 5 years

Operating cash flow $5.7B

Investing cash flow $-704.0M

Financing cash flow $-4.9B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	36.8%	40.0%	29.7%	23.3%	43.4%
Operating Activities net Income	31.4%	29.3%	23.1%	31.5%	39.3%
Operating Activities Depreciation and Amortization	7.7%	8.3%	9.1%	9.1%	2.1%
Operating Activities Stock Based Compensation	1.5%	1.7%	1.4%	1.9%	1.5%
Operating Activities Other Non Cash Items	-3.8%	0.7%	-4.0%	-19.2%	0.4%
Investing Activities net Cash From Investing Activities	-4.6%	-1.8%	4.5%	32.4%	-1.4%
Investing Activities Capital Expenditures	-1.3%	-0.9%	-1.1%	-0.8%	-0.2%
Investing Activities Other Investing Activities	-3.3%	-0.9%	5.6%	33.2%	-1.2%
Financing Activities net Cash From Financing Activities	-32.1%	-35.2%	-34.2%	-101.3%	-12.2%
Financing Activities Dividends Paid	-9.7%	-10.0%	-11.4%	-11.6%	-11.7%
Financing Activities Repurchase of Common Stock	-32.6%	-23.2%	-26.4%	-107.4%	0.0%
Financing Activities Other Financing Activities	10.2%	-1.9%	3.6%	17.6%	-0.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.4%	0.1%	-1.1%	-1.0%
Cash Reconciliation net Change In Cash	0.5%	2.6%	0.0%	-46.7%	28.7%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	—	—	—	—	—
Net margin	+29.2%	+27.1%	+21.0%	+29.0%	+36.4%
FCF margin	+35.6%	+39.2%	+28.5%	+22.5%	+43.1%
Growth
Revenue CAGR (3y)	+11.1%	+19.6%	+18.9%	+18.6%	+9.9%
Returns
ROE	+14.4%	+11.6%	+7.7%	+8.9%	+148.8%
ROA	+7.3%	+6.4%	+4.3%	+5.3%	+20.1%
ROIC	—	—	—	—	—
Liquidity
Current ratio	—	—	—	—	—
Quick ratio	—	—	—	—	—
Leverage
D/E	0.80x	0.68x	0.66x	0.61x	4.67x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.25x	0.24x	0.21x	0.18x	0.55x
Cash conversion cycle	—	—	—	—	—

Valuation

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FY2025 fundamentals · no price

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S&P Global

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