SPGI · 10-Q · 2026Q1 · Full report

Liquidity and Cash Position

S&P Global Inc. · 2026-04-28 · Importance 42 · Surprise 14

Cash, cash equivalents and restricted cash were $1,810 million as of March 31, 2026, an increase of $65 million from December 31, 2025. Cash provided by operating activities was $1,037 million for the three months ended March 31, 2026, up $84 million (9%) year-over-year, driven by higher operating results, stronger cash collections and lower tax payments. Free cash flow increased $103 million to $919 million in Q1 2026, with capital expenditures of $27 million and distributions to noncontrolling interest holders of $91 million. The Company had $951 million of outstanding commercial paper as of March 31, 2026 and a $2.0 billion credit facility which supports the commercial paper program; the only financial covenant is an indebtedness to cash flow ratio not greater than 4 to 1, which has never been exceeded.

Key facts

• The company has the ability to borrow a total of $2.0 billion through its commercial paper program supported by a $2.0 billion five-year credit agreement that will terminate on December 17, 2029.
• Cash, cash equivalents, and restricted cash were $1,810 million as of March 31, 2026, an increase of $65 million from December 31, 2025.
• Total current liabilities at March 31, 2026: $9,335 million; at December 31, 2025: $7,637 million.
• Cash and cash equivalents at March 31, 2026: $1,810 million; at December 31, 2025: $1,745 million.
• Total current assets at March 31, 2026: $6,320 million; at December 31, 2025: $6,296 million.
• Total assets as of March 31, 2026: $60,792 million; total assets as of December 31, 2025: $61,200 million.
• Total equity — controlling interests as of March 31, 2026: $31,173 million; total equity as of March 31, 2026: $31,288 million.

Impact estimates