S&P Global dividend: pay, coverage and yield
S&P Global's current annualized dividend is $3.88 per share, and the base case raises it to $4.08, $4.28, and $4.49. S&P Global's 2025 free cash flow was $5,456 million, but shareholder distributions again exceeded free cash flow as acquisitions consumed cash and debt issuance helped support the competing uses.
How much does S&P Global pay per share?
Dividends add a steadier return component. The current annualized rate is $3.88 per share. The base case assumes 5% annual increases, producing $4.08, $4.28, and $4.49. That is supported by the long record of annual increases and $5,456 million of 2025 free cash flow.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 5,810 (5,130 / 6,080) | 6,360 (5,230 / 6,800) | 6,960 (5,350 / 7,640) |
| Shares (millions) | 274 (278 / 272) | 263 (277 / 258) | 254 (284 / 246) |
| Dividends per share | 4.08 (3.88 / 4.16) | 4.28 (3.88 / 4.45) | 4.49 (3.88 / 4.76) |
| Price to earnings | 22.00 (19.00 / 25.00) | 22.00 (18.00 / 26.00) | 21.00 (17.00 / 27.00) |
What this means. The numbers in parentheses show the lower and higher possible cases, not extra years.
Does S&P Global's cash cover its dividend?
The policy later became less extreme but not consistently self-funding. In 2025, shareholder distributions again exceeded free cash flow, acquisitions consumed cash and debt issuance helped support the competing uses. Year-end net debt reached $11,287 million, compared with net cash of $2,394 million in 2021.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow | 5,456 | 5,565 | 3,567 | 2,514 | 3,563 |
| − Dividends paid | 1,170 | 1,134 | 1,147 | 1,024 | 743 |
| − Share buybacks | 5,001 | 3,301 | 3,301 | 12,004 | 0 |
| = Free cash flow not paid out | 843 | 2,593 | |||
| = Paid out more than the free cash flow | 1,036 | 1,161 | 10,784 |
What this means. In 2025, 2023, and 2022, the company paid shareholders more cash than its business generated, so it used savings or borrowed money to cover the difference.
What could change S&P Global's dividend?
The bear case freezes the dividend at $3.88 in every period to preserve cash. The bull case assumes 7% increases, producing $4.16, $4.45, and $4.76. That outcome is possible, but it exceeds recent dividend growth while buybacks and debt reduction compete for cash.
What is S&P Global's dividend yield today?
The tables show revenue reaching $15,336 million in 2025 while operating margin was 42.2%; the margin story is not smooth. The turn is cash conversion: S&P Global’s own free cash flow was 34.0% of revenue in 2025, down from the prior year. At $408.57, shares offer a 4.5% free-cash-flow yield.
| Today (Oct 15, 2026) | |
|---|---|
| Share price | 408.57 |
| Free cash flow yield (calculated) | 4.5% |
| Dividend yield (calculated) | 0.9% |
What this means. The enterprise value and price-to-book figure still include the Mobility business from before it separated, so they may not match what the company looks like today.