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Arphra AIPlain-English read on S&P Global Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $8.3B | $11.18B | $12.5B | $14.21B | $15.34B | $16.51B | $17.69B | $18.99B | $20.03B |
| Cost of revenue | $2.18B | $3.75B | $4.14B | $4.39B | $4.56B | $5.15B | $5.41B | $5.98B | $6.2B |
| Gross profit | $6.12B | $7.43B | $8.36B | $9.82B | $10.77B | $11.43B | $11.81B | $13.26B | $14.11B |
| Gross margin | +73.73% | +66.43% | +66.86% | +69.09% | +70.25% | +69.25% | +66.75% | +69.79% | +70.43% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.73B | $3.4B | $3.16B | $3.17B | $3.42B | $3.79B | $4.23B | $4.52B | $4.66B |
| Total operating expenses | $1.9B | $2.48B | $4.34B | $4.24B | $4.3B | $5.18B | $5.45B | $5.8B | $6.05B |
| Operating income | $4.22B | $4.94B | $4.02B | $5.58B | $6.48B | $6.26B | $6.6B | $7.26B | $7.7B |
| Operating margin | +50.87% | +44.22% | +32.17% | +39.27% | +42.24% | +37.89% | +37.31% | +38.21% | +38.46% |
| EBITDA | $4.46B | $6.02B | $5.15B | $6.78B | $7.69B | $7.8B | $8.04B | $8.63B | $9.48B |
| EBIT | $4.28B | $5.01B | $4.01B | $5.61B | $6.51B | $6.23B | $6.75B | $7.32B | $7.7B |
| Below the line | |||||||||
| Interest expense | $119M | $304M | $334M | $297M | $287M | $371.98M | $397.44M | $423.19M | $452.08M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | -$57M | -$242M | -$349M | -$272M | -$251M | — | — | — | — |
| Pre-tax income | $4.16B | $4.7B | $3.67B | $5.31B | $6.23B | $5.97B | $6.34B | $6.87B | $7.16B |
| Income tax expense | $901M | $1.18B | $778M | $1.14B | $1.41B | $1.3B | $1.42B | $1.47B | $1.53B |
| Earnings | |||||||||
| Net income | $3.02B | $3.25B | $2.63B | $3.85B | $4.47B | $4.28B | $4.53B | $4.83B | $5.29B |
| Net income · continuing ops | $3.26B | $3.52B | $2.89B | $4.17B | $4.82B | $4.62B | $5.04B | $5.24B | $5.54B |
| Net margin | +36.45% | +29.05% | +21.01% | +27.11% | +29.15% | +25.92% | +25.57% | +25.44% | +26.43% |
| EPS · basic | $12.56 | $10.25 | $8.25 | $12.36 | $14.67 | $19.41 | $22.30 | $25.33 | $27.45 |
| EPS · diluted | $12.51 | $10.20 | $8.23 | $12.35 | $14.66 | $19.62 | $22.23 | $25.36 | $27.57 |
| EPS · low estimate | — | — | — | — | — | $19.48 | $21.73 | $24.50 | $27.22 |
| EPS · high estimate | — | — | — | — | — | $19.82 | $22.64 | $26.01 | $27.86 |
| Shares · basic | 240.8M | 316.9M | 318.4M | 311.6M | 304.8M | 306.07M | 302.31M | 305.32M | 301.92M |
| Shares · diluted | 241.8M | 318.5M | 318.9M | 311.9M | 305.1M | 302.31M | 306M | 302.24M | 306.28M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 17 | 17 | 13 | 12 |
| Analysts (EPS) | — | — | — | — | — | 15 | 15 | 5 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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