Financial Review: 71EBITDA | Net (Cash) Debt to EBITDA*
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA)
(dollars in millions)
2021 Reported | 2022 Reported | 2023 Reported | 2024 Reported | |
| Operating profit | ||||
| Market Intelligence | $676 | $2,448 | $714 | $875 |
| Ratings | 2,629 | 1,672 | 1,864 | 2,707 |
| Commodity Insights | 544 | 591 | 704 | 845 |
| Mobility | – | 213 | 260 | 312 |
| Indices | 798 | 927 | 925 | 1,103 |
| Engineering Solutions | – | 15 | 19 | – |
| Total division operating profit | $4,647 | $5,906 | $4,486 | $5,842 |
| Less: Corporate Unallocated | (426) | (989) | (502) | (305) |
| Equity in income on unconsolidated subsidiaries | – | 27 | 36 | 43 |
| Earnings before interest and taxes (EBIT) | $4,221 | $4,944 | $4,020 | $5,580 |
| Depreciation | 82 | 108 | 101 | 96 |
| Amortization of intangibles | 96 | 905 | 1,042 | 1,077 |
| EBITDA | $4,399 | $5,957 | $5,163 | $6,753 |
Net Debt (Cash) to EBITDA
Years ended December 31
(dollars in millions)
2021 | 2022 | 2023 | 2024 | |
| Cash, cash equivalents and restricted cash & short-term investments | $6,516 | $1,301 | $1,317 | $1,686 |
| Total debt | 4,114 | 10,956 | 11,459 | 11,398 |
| Net (cash) debt | $(2,402) | $9,655 | $10,142 | $9,712 |
| EBITDA | $4,399 | $5,957 | $5,163 | $6,753 |
| Net debt (cash) to EBITDA | (0.5)x | 1.6x | 2.0x | 1.4x |
Notes:
SPGI: Refer to the SPGI footnotes on page 2 for further details on the Company’s divisions