$SPGI

MCGRAW-HILL COMPANIES INC

CIK:0000064040|SEC Filings

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 4,146	$ 3,755	$ 8,318	$ 7,532
Expenses:
Operating-related expenses	1,165	1,119	2,400	2,272
Selling and general expenses	873	803	1,675	1,568
Depreciation	32	26	64	51
Amortization of intangibles	275	270	551	537
Total expenses	2,345	2,218	4,690	4,428
Gain on dispositions	(11)	(3)	(186)	(3)
Equity in income on unconsolidated subsidiaries	0	(11)	0	(22)
Operating profit	1,812	1,551	3,814	3,129
Other income, net	(4)	(28)	(6)	(23)
Interest expense, net	87	77	182	154
Income before taxes on income	1,729	1,502	3,638	2,998
Provision for taxes on income	406	342	810	667
Net income	1,323	1,160	2,828	2,331
Less: net income attributable to noncontrolling interests	(106)	(88)	(215)	(170)
Net income attributable to S&P Global Inc.	$ 1,217	$ 1,072	$ 2,613	$ 2,161
Net income:
Basic (USD per share)	$ 4.12	$ 3.50	$ 8.82	$ 7.05
Diluted (USD per share)	$ 4.12	$ 3.50	$ 8.81	$ 7.04
Weighted-average number of common shares outstanding:
Basic (shares)	295.4	305.9	296.4	306.6
Diluted (shares)	295.5	306.1	296.6	306.9
Actual shares outstanding at period end (shares)	294.8	305.3	294.8	305.3

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 2,828	$ 2,331
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	64	51
Amortization of intangibles	551	537
Provision for losses on accounts receivable	27	17
Deferred income taxes	(114)	(138)
Stock-based compensation	95	92
Gain on dispositions	(186)	(3)
Other	77	250
Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:
Accounts receivable	(92)	(101)
Prepaid and other current assets	(55)	(20)
Accounts payable and accrued expenses	(403)	(524)
Unearned revenue	(119)	137
Other current liabilities	(123)	(140)
Net change in prepaid/accrued income taxes	8	2
Net change in other assets and liabilities	(82)	(93)
Cash provided by operating activities	2,476	2,398
Investing Activities:
Capital expenditures	(65)	(104)
Acquisitions, net of cash acquired	(26)	(25)
Proceeds from dispositions, net	361	15
Changes in short-term investments	(18)	(17)
Cash provided by (used for) investing activities	252	(131)
Financing Activities:
Additions to short-term debt, net	110	0
Proceeds from issuance of senior notes, net	1,986	0
Payments on senior notes	(3)	(4)
Dividends paid to shareholders	(575)	(589)
Distributions to noncontrolling interest holders	(162)	(168)
Repurchase of treasury shares	(1,500)	(1,301)
Employee withholding tax on share-based payments, excise tax payments on share repurchases, contingent consideration payments and other	(148)	(100)
Cash used for financing activities	(292)	(2,162)
Effect of exchange rate changes on cash	(40)	76
Net change in cash, cash equivalents, and restricted cash	2,396	181
Cash, cash equivalents, and restricted cash at beginning of period	1,745	1,666
Cash, cash equivalents, and restricted cash at end of period	$ 4,141	$ 1,847

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 4,134	$ 1,745
Restricted cash	7	0
Accounts receivable, net of allowance for doubtful accounts: 2026 - $55; 2025 - $50	3,438	3,441
Prepaid and other current assets	1,010	914
Assets held for sale	120	196
Total current assets	8,709	6,296
Property and equipment, net of accumulated depreciation: 2026 - $852; 2025 - $861	254	278
Right of use assets	392	413
Goodwill	36,348	36,475
Other intangible assets, net	15,695	16,271
Equity investments in unconsolidated subsidiaries	613	603
Other non-current assets	895	864
Total assets	62,906	61,200
Current liabilities:
Accounts payable	611	610
Accrued compensation and contributions to retirement plans	581	988
Short-term debt	2,572	718
Income taxes currently payable	238	180
Unearned revenue	3,929	4,088
Other current liabilities	1,166	1,010
Liabilities held for sale	28	43
Total current liabilities	9,125	7,637
Long-term debt	12,598	12,370
Lease liabilities — non-current	452	494
Pension and other postretirement benefits	177	178
Deferred tax liability — non-current	3,150	3,262
Other non-current liabilities	764	1,107
Total liabilities	26,266	25,048
Redeemable noncontrolling interests (Note 8)	5,024	4,917
Commitments and contingencies (Note 12)
Equity:
Common stock, $1 par value: authorized - 600 million shares; issued - 2026 and 2025 415 million shares	415	415
Additional paid-in capital	44,547	44,117
Retained income	25,618	23,666
Accumulated other comprehensive loss	(772)	(697)
Less: common stock in treasury	(38,307)	(36,374)
Total equity — controlling interests	31,501	31,127
Total equity — noncontrolling interests	115	108
Total equity	31,616	31,235
Total liabilities and equity	$ 62,906	$ 61,200