标普全球 2025年度报告

FORM 10-K ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF1934 For the transition period fromto Commission File Number 1-1023 55 Water Street,New York, New York10041(Address of principal executive offices)(Zip Code) Registrant’s telephone number, including area code:212-438-1000 Securities registered pursuant to Section12(b) of the Act Title of each classTrading SymbolName of exchange on which registeredCommon Stock — $1 par valueSPGINew York Stock Exchange Securities registered pursuant to Section12(g) of the Act: None Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.Yes☑No☐ Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act.Yes☐No☑ Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15 (d)of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.Yes☑No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Date File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theRegistrant was required to submit such files).Yes☑No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreportingcompany,”and“emerginggrowthcompany”inRule12b-2oftheExchangeAct.(Checkone):☑Large accelerated filer☐Acceleratedfiler☐Non-accelerated filer☐Smallerreportingcompany☐Emerging growthcompany Table of Contents If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment ofthe effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☑ The aggregate market value of voting stock held by non-affiliates of the Registrant as of the last business day of the second fiscalquarter ended June30, 2025, was $161.0 billion, based on the closing price of the common stock as reported on the New York StockExchange of $527.29 per common share. For purposes of this calculation, it is assumed that directors, executive officers and beneficialowners of more than 10% of the registrant outstanding stock are affiliates. The number of shares of common stock of the Registrantoutstanding as of January30, 2026 was 298.8 million shares, excluding 7.2million outstanding common shares held by the MarkitGroup Holdings Limited Employee Benefit Trust. Part III incorporates information by reference from the definitive proxy statement for the 2026 annual meeting of shareholders. TABLE OF CONTENTS PART II 5Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities336[Reserved]357Management’s Discussion and Analysis of Financial Condition and Results of Operations367A.Quantitative and Qualitative Disclosures about Market Risk738.Consolidated Financial Statements and Supplementary Data749.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure1259A.Controls and Procedures1259B.Other Information1259C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections125 PART III 10Directors, Executive Officers and Corporate Governance12711Executive Compensation12712Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters12713Certain Relationships and Related Transactions, and Director Independence12714Principal Acco