FirmAtlas
Company handbook · SPGI · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
SPGI · CIK 64040 · LATEST FILING: 10-Q JUN '26 · FILED JUL 28, 2026
S&P Global Inc.
$429.74
+4.93 (+1.16%)
Last trade 3:59 PM ET, Oct 16, 2026 · 52-week $382–552
S&P Global rates bonds and other debt (S&P Global Ratings) and sells financial data and tools (Market Intelligence, including Capital IQ), energy and commodity prices and data (Commodity Insights, Platts), and stock indexes such as the S&P 500 (S&P Dow Jones Indices). It spun off its Mobility business in July 2026.
- SegmentsMarket Intelligence 32% · Ratings 30% · Commodity Insights 15% · Indices 12% · Mobility 11% (FY25)
- ProductsSubscription 51% · Non Subscription Transaction 21% · Non Transaction 13% · Asset Linked Fees 8% · Recurring Variable Revenue 4% · Sales Usage Based Royalties 3% (FY25)
- RegionsUS 61% · Europe 23% · Asia 11% · Other 5% (FY25)
- CustomersDebt issuers pay for ratings; banks, investors, companies and energy traders subscribe to data; fund managers pay to use its indexes; sold by its own sales force
- Cash useFY16–FY25: buybacks $29.8B · dividends $7.7B · acquisitions $3.1B · capex $1.1B
Reinvested 13% of operating cash flow · returned 117% of free cash flow
Last fiscal year
S&P Global Inc. reported revenue of $15.3B for the year ended Dec 31, 2025 (FY25), up 7.9% from FY24. Net income was $4.5B, operating cash flow $5.7B and free cash flow $5.5B. Source: 10-K filed Feb 11, 2026.
S&P Global spun off its Mobility division as Mobility Global (NYSE: MBGL) on July 1, 2026.
8-K · Jul 2026S&P Global received a net cash distribution of $1.974 billion from Mobility Global in the separation.
8-K/A · Jul 2026It bought With Intelligence and the AIS data services business of ORBCOMM in November 2025, and sold the Enterprise Data Management and thinkFolio businesses on January 12, 2026 for a pre-tax gain of $172 million.
10-Q Jun '26Market Intelligence was reorganized into two verticals, Kensho Data & Platforms and Enterprise Solutions, after its president Saugata Saha left.
8-K · Jul 2026
As of 2026-10-16 · Opinion only, not investment advice or a forecast.
Market cap
$128.4B
P/E
26.9
EV/EBITDA
18.2x
P/B
4.1
Div yield
0.90%
ROIC
11.8%
Revenue 10Y
11.2%/yr
EPS 10Y
13.3%/yr
Shares 10Y
+13%
Share count up 13% in 10 years.
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMartina Cheung
HQNew York, NY
AuditorErnst & Young LLP
Year endsDecember
Revenue by segment · FY25
Market Intelligence32%
Ratings30%
Commodity Insights15%
Indices12%
Mobility11%
Compounded growth & averages
10Y
5Y
3Y
TTM
Revenue
11.2%
15.6%
11.1%
8.5%
Net income
14.5%
13.8%
11.2%
20.9%
EPS
13.3%
8.7%
12.9%
24.4%
Share price
13.3%
−0.6%
5.3%
−9.0%
Avg ROIC
90.9%
9.2%
9.6%
11.8%
Dividend / share
11.1%
7.9%
7.2%
—
The 10Y window starts at FY15, the lowest net income in the record ($1.2B).
The windows end at FY25, the highest net income in the record.
Dividend per share raised every year for 10 years.
Growth rows are yearly compound rates; ROIC is an average.
TTM = last four quarters vs the four before (1Y for price, latest year for averages).
Where the cash went · FY16–FY25
$41.7B deployed
Capex
$1.1B
2.7%
Acquisitions
$3.1B
7.3%
Dividends
$7.7B
18.5%
Buybacks
$29.8B
71.4%
Operating cash flow over the period: $33.2B. Total debt changed by +$9.6B.
Paid out more than free cash flow in FY22–23, FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
After-tax operating profit growth, split into its two engines · A = FY22, B = FY25 · A = FY20, B = FY25 · A = FY15, B = FY25
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+10.6%
After-tax operating profit, CAGR A to B
FCF per share growth
+32.7%
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+12.0%
After-tax operating profit, CAGR A to B
FCF per share growth
+4.7%
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+14.1%
After-tax operating profit, CAGR A to B
FCF per share growth
+36.4%
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Financials
10-year record · USD millions · each year opens its 10-K · change vs previous year
Last 8 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
5,661+6.5%
6,063+7.1%
6,258+3.2%
6,699+7.0%
7,442+11.1%
8,297+11.5%
11,181+34.8%
12,497+11.8%
14,208+13.7%
15,336+7.9%
15,730
YoY
+6.5%
+7.1%
+3.2%
+7.0%
+11.1%
+11.5%
+34.8%
+11.8%
+13.7%
+7.9%
Gross profit
3,888+8.2%
4,369+12.4%
4,420+1.2%
4,723+6.9%
5,348+13.2%
6,117+14.4%
7,428+21.4%
8,356+12.5%
9,847+17.8%
10,773+9.4%
11,085
Gross margin
68.7%+1.0 pp
72.1%+3.4 pp
70.6%−1.4 pp
70.5%−0.1 pp
71.9%+1.4 pp
73.7%+1.9 pp
66.4%−7.3 pp
66.9%+0.4 pp
69.3%+2.4 pp
70.2%+0.9 pp
—
Operating income
3,341+74.3%
2,583−22.7%
2,790+8.0%
3,226+15.6%
3,617+12.1%
4,221+16.7%
4,944+17.1%
4,020−18.7%
5,580+38.8%
6,478+16.1%
6,902
Operating margin
59.0%+22.9 pp
42.6%−16.4 pp
44.6%+2.0 pp
48.2%+3.6 pp
48.6%+0.4 pp
50.9%+2.3 pp
44.2%−6.7 pp
32.2%−12.1 pp
39.3%+7.1 pp
42.2%+3.0 pp
—
EBITDA
3,522+69.8%
2,763−21.6%
2,996+8.4%
3,430+14.5%
3,823+11.5%
4,399+15.1%
5,957+35.4%
5,163−13.3%
6,753+30.8%
7,657+13.4%
—
EBITDA margin
62.2%+23.2 pp
45.6%−16.6 pp
47.9%+2.3 pp
51.2%+3.3 pp
51.4%+0.2 pp
53.0%+1.6 pp
53.3%+0.3 pp
41.3%−12.0 pp
47.5%+6.2 pp
49.9%+2.4 pp
—
Interest expense
181+77.5%
149−17.7%
134−10.1%
141+5.2%
141+0.0%
119−15.6%
304+155.5%
334+9.9%
297−11.1%
287−3.4%
—
Interest coverage
19.46x−0.87x
18.54x−0.91x
22.36x+3.81x
24.33x+1.97x
27.11x+2.79x
36.97x+9.85x
19.60x−17.37x
15.46x−4.14x
22.74x+7.28x
26.68x+3.94x
—
Net income
2,106+82.2%
1,496−29.0%
1,958+30.9%
2,123+8.4%
2,339+10.2%
3,024+29.3%
3,248+7.4%
2,626−19.2%
3,852+46.7%
4,471+16.1%
4,776
YoY
+82.2%
−29.0%
+30.9%
+8.4%
+10.2%
+29.3%
+7.4%
−19.2%
+46.7%
+16.1%
Net margin
37.2%+15.4 pp
24.7%−12.5 pp
31.3%+6.6 pp
31.7%+0.4 pp
31.4%−0.3 pp
36.4%+5.0 pp
29.0%−7.4 pp
21.0%−8.0 pp
27.1%+6.1 pp
29.2%+2.0 pp
—
EPS (diluted, $)
7.94+88.6%
5.78−27.2%
7.73+33.7%
8.60+11.3%
9.66+12.3%
12.51+29.5%
10.20−18.5%
8.23−19.3%
12.35+50.1%
14.66+18.7%
15.84
YoY
+88.6%
−27.2%
+33.7%
+11.3%
+12.3%
+29.5%
−18.5%
−19.3%
+50.1%
+18.7%
Balance sheet
Total assets
8,669+5.9%
9,425+8.7%
9,441+0.2%
11,348+20.2%
12,537+10.5%
15,026+19.9%
61,784+311.2%
60,589−1.9%
60,221−0.6%
61,200+1.6%
60,792
Cash & short-term investments
2,400+61.4%
2,791+16.3%
1,976−29.2%
2,914+47.5%
4,131+41.8%
6,516+57.7%
1,301−80.0%
1,317+1.2%
1,686+28.0%
1,801+6.8%
—
Accounts receivable
1,122+13.2%
1,319+17.6%
1,449+9.9%
1,577+8.8%
1,593+1.0%
1,650+3.6%
2,494+51.2%
2,826+13.3%
2,867+1.5%
3,441+20.0%
—
Net PP&E
271+0.4%
275+1.5%
270−1.8%
320+18.5%
284−11.3%
241−15.1%
297+23.2%
258−13.1%
265+2.7%
278+4.9%
—
Other assets
4,876−10.3%
5,040+3.4%
5,746+14.0%
6,537+13.8%
6,529−0.1%
6,619+1.4%
57,692+771.6%
56,188−2.6%
55,403−1.4%
55,680+0.5%
—
Total liabilities
8,019+0.4%
8,716+8.7%
8,813+1.1%
10,869+23.3%
12,028+10.7%
12,994+8.0%
25,396+95.4%
26,389+3.9%
27,062+2.6%
30,073+11.1%
29,619
Accounts payable
183−11.2%
195+6.6%
211+8.2%
190−10.0%
233+22.6%
205−12.0%
450+119.5%
557+23.8%
553−0.7%
610+10.3%
—
Total debt
3,564+2.8%
3,170−11.1%
3,662+15.5%
3,948+7.8%
4,110+4.1%
4,114+0.1%
10,956+166.3%
11,459+4.6%
11,398−0.5%
13,088+14.8%
13,318
Other liabilities
4,272−1.0%
5,351+25.3%
4,940−7.7%
6,731+36.3%
7,685+14.2%
8,675+12.9%
13,990+61.3%
14,373+2.7%
15,111+5.1%
16,375+8.4%
—
Shareholders’ equity
650+235.1%
709+9.1%
628−11.4%
479−23.7%
509+6.3%
2,032+299.2%
36,388+1690.7%
34,200−6.0%
33,159−3.0%
31,127−6.1%
31,173
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,560+338.2%
2,016+29.2%
2,064+2.4%
2,776+34.5%
3,567+28.5%
3,598+0.9%
2,603−27.7%
3,710+42.5%
5,689+53.3%
5,651−0.7%
5,735
Net income
2,228+75.7%
1,638−26.5%
2,121+29.5%
2,303+8.6%
2,534+10.0%
3,263+28.8%
3,522+7.9%
2,893−17.9%
4,167+44.0%
4,820+15.7%
—
Depreciation & amortization
181+15.3%
180−0.6%
206+14.4%
204−1.0%
206+1.0%
178−13.6%
1,013+469.1%
1,143+12.8%
1,173+2.6%
1,179+0.5%
—
Stock-based compensation
76−2.6%
99+30.3%
94−5.1%
78−17.0%
90+15.4%
122+35.6%
214+75.4%
171−20.1%
247+44.4%
236−4.5%
—
Working capital & other
(925)n/m
99n/m
(357)−460.6%
191n/m
737+285.9%
35−95.3%
(2,146)−6231.4%
(497)n/m
102n/m
(584)−672.5%
—
Cash from investing
1,171n/m
(209)−117.8%
(513)n/m
(131)n/m
(240)n/m
(120)n/m
3,628n/m
562−84.5%
(255)−145.4%
(704)n/m
—
Capex
(115)n/m
(123)n/m
(113)n/m
(115)n/m
(76)n/m
(35)n/m
(89)n/m
(143)n/m
(124)n/m
(195)n/m
—
PP&E sold
1,498+10600.0%
2−99.9%
6+200.0%
85+1316.7%
18−78.8%
16−11.1%
3,509+21831.2%
1,014−71.1%
—
—
—
Acquisitions
(177)n/m
(83)n/m
—
(91)
(201)n/m
(99)n/m
210n/m
(296)−241.0%
(305)n/m
(2,023)n/m
—
Other investing
(35)n/m
(5)n/m
(406)n/m
(10)n/m
19n/m
(2)−110.5%
(2)n/m
(13)n/m
174n/m
1,514+770.1%
—
Cash from financing
(1,662)−223.2%
(1,507)n/m
(2,288)n/m
(1,751)n/m
(2,166)n/m
(1,013)n/m
(11,326)n/m
(4,280)n/m
(4,998)n/m
(4,930)n/m
—
Debt raised
493−81.6%
0−100.0%
489n/m
1,086+122.1%
1,276+17.5%
0−100.0%
5,395n/m
744−86.2%
0−100.0%
993n/m
—
Debt repaid
(421)n/m
0n/m
(403)n/m
(868)n/m
(1,394)n/m
0n/m
(142)n/m
0n/m
(47)n/m
(4)n/m
—
Dividends
(380)n/m
(421)n/m
(503)n/m
(560)n/m
(645)n/m
(743)n/m
(1,024)n/m
(1,147)n/m
(1,134)n/m
(1,170)n/m
—
Buybacks
(1,123)n/m
(1,001)n/m
(1,660)n/m
(1,240)n/m
(1,164)n/m
0n/m
(12,004)n/m
(3,301)n/m
(3,301)n/m
(5,001)n/m
—
Shares issued
88+2.3%
75−14.8%
34−54.7%
40+17.6%
16−60.0%
13−18.8%
7−46.2%
13+85.7%
4−69.2%
0−100.0%
—
Other financing
(319)n/m
(160)n/m
(245)n/m
(209)n/m
(255)n/m
(283)n/m
(3,558)n/m
(589)n/m
(520)n/m
252n/m
—
Net change in cash
911n/m
387−57.5%
(821)−312.1%
928n/m
1,236+33.2%
2,383+92.8%
(5,218)−319.0%
4n/m
375+9275.0%
79−78.9%
—
Free cash flow (OCF − capex)
1,445+565.9%
1,893+31.0%
1,951+3.1%
2,661+36.4%
3,491+31.2%
3,563+2.1%
2,514−29.4%
3,567+41.9%
5,565+56.0%
5,456−2.0%
5,556
Where the cash went
Operating cash flow
1,560+338.2%
2,016+29.2%
2,064+2.4%
2,776+34.5%
3,567+28.5%
3,598+0.9%
2,603−27.7%
3,710+42.5%
5,689+53.3%
5,651−0.7%
5,735
Reinvested in the business
292−88.5%
206−29.5%
113−45.1%
206+82.3%
277+34.5%
134−51.6%
(121)−190.3%
439n/m
429−2.3%
2,218+417.0%
—
% of operating cash flow
18.7%
10.2%
5.5%
7.4%
7.8%
3.7%
-4.6%
11.8%
7.5%
39.2%
Capex
115−17.3%
123+7.0%
113−8.1%
115+1.8%
76−33.9%
35−53.9%
89+154.3%
143+60.7%
124−13.3%
195+57.3%
179
Acquisitions
177−92.6%
83−53.1%
—
91
201+120.9%
99−50.7%
(210)−312.1%
296n/m
305+3.0%
2,023+563.3%
—
Free cash flow
1,445+565.9%
1,893+31.0%
1,951+3.1%
2,661+36.4%
3,491+31.2%
3,563+2.1%
2,514−29.4%
3,567+41.9%
5,565+56.0%
5,456−2.0%
5,556
YoY
+565.9%
+31.0%
+3.1%
+36.4%
+31.2%
+2.1%
−29.4%
+41.9%
+56.0%
−2.0%
Returned to shareholders
1,503+12.4%
1,422−5.4%
2,163+52.1%
1,800−16.8%
1,809+0.5%
743−58.9%
13,028+1653.4%
4,448−65.9%
4,435−0.3%
6,171+39.1%
—
% of free cash flow
104.0%
75.1%
110.9%
67.6%
51.8%
20.9%
518.2%
124.7%
79.7%
113.1%
Dividends
380+4.7%
421+10.8%
503+19.5%
560+11.3%
645+15.2%
743+15.2%
1,024+37.8%
1,147+12.0%
1,134−1.1%
1,170+3.2%
—
Buybacks
1,123+15.3%
1,001−10.9%
1,660+65.8%
1,240−25.3%
1,164−6.1%
0−100.0%
12,004n/m
3,301−72.5%
3,301+0.0%
5,001+51.5%
—
Change in total debt
96
(394)−510.4%
492n/m
286−41.9%
162−43.4%
4−97.5%
6,842+170950.0%
503−92.6%
(61)−112.1%
1,690n/m
—
Cash left over
(139)
(6)n/m
280n/m
1,056+277.1%
1,643+55.6%
2,725+65.9%
(3,462)−227.0%
(674)n/m
764n/m
(1,048)−237.2%
—
FCF conversion (FCF ÷ net income)
68.6%+49.8 pp
126.5%+57.9 pp
99.6%−26.9 pp
125.3%+25.7 pp
149.3%+23.9 pp
117.8%−31.4 pp
77.4%−40.4 pp
135.8%+58.4 pp
144.5%+8.6 pp
122.0%−22.4 pp
—
Owner earnings
2,018
1,368−32.2%
1,937+41.6%
2,063+6.5%
2,496+21.0%
3,082+23.5%
3,573+15.9%
3,401−4.8%
4,856+42.8%
4,938+1.7%
—
Owner earnings margin
35.6%
22.6%−13.1 pp
31.0%+8.4 pp
30.8%−0.2 pp
33.5%+2.7 pp
37.1%+3.6 pp
32.0%−5.2 pp
27.2%−4.7 pp
34.2%+7.0 pp
32.2%−2.0 pp
—
Buyback yield
4.0%+0.3 pp
2.3%−1.7 pp
3.9%+1.6 pp
1.9%−2.1 pp
1.5%−0.4 pp
—
11.1%
2.4%−8.7 pp
2.2%−0.2 pp
3.2%+1.0 pp
—
Returns & ratios
ROIC (all capital)
117.1%+55.5 pp
118.5%+1.4 pp
129.8%+11.3 pp
132.5%+2.8 pp
283.8%+151.3 pp
—
8.0%
7.0%−1.0 pp
10.0%+3.0 pp
11.8%+1.7 pp
—
ROIC (operating)
206.2%+79.2 pp
131.8%−74.4 pp
151.9%+20.1 pp
157.7%+5.9 pp
169.5%+11.7 pp
198.7%+29.2 pp
183.9%−14.7 pp
130.2%−53.8 pp
171.6%+41.4 pp
176.3%+4.7 pp
—
Net debt / EBITDA
0.33x−0.62x
0.14x−0.19x
0.56x+0.43x
0.30x−0.26x
−0.01x−0.31x
−0.55x−0.54x
1.62x+2.17x
1.96x+0.34x
1.44x−0.53x
1.47x+0.04x
—
Debt / equity
5.48x−12.39x
4.47x−1.01x
5.83x+1.36x
8.24x+2.41x
8.07x−0.17x
2.02x−6.05x
0.30x−1.72x
0.34x+0.03x
0.34x+0.01x
0.42x+0.08x
—
ROE
324.0%−271.9 pp
211.0%−113.0 pp
311.8%+100.8 pp
443.2%+131.4 pp
459.5%+16.3 pp
148.8%−310.7 pp
8.9%−139.9 pp
7.7%−1.2 pp
11.6%+3.9 pp
14.4%+2.7 pp
—
ROA
24.3%+10.2 pp
15.9%−8.4 pp
20.7%+4.9 pp
18.7%−2.0 pp
18.7%−0.1 pp
20.1%+1.5 pp
5.3%−14.9 pp
4.3%−0.9 pp
6.4%+2.1 pp
7.3%+0.9 pp
—
ROCE
55.2%+18.8 pp
41.6%−13.6 pp
41.0%−0.6 pp
39.1%−1.9 pp
40.4%+1.3 pp
37.7%−2.8 pp
8.9%−28.8 pp
7.4%−1.5 pp
10.4%+3.0 pp
12.1%+1.7 pp
—
NOPAT
2,335+74.3%
1,719−26.4%
2,207+28.4%
2,536+14.9%
2,839+12.0%
3,308+16.5%
3,703+12.0%
3,168−14.5%
4,381+38.3%
5,014+14.5%
—
Invested capital (operating)
1,210+14.7%
1,399+15.6%
1,508+7.8%
1,707+13.2%
1,644−3.7%
1,686+2.6%
2,341+38.8%
2,527+7.9%
2,579+2.1%
3,109+20.6%
—
Invested capital (all)
1,814−16.6%
1,088−40.0%
2,314+112.7%
1,513−34.6%
488−67.7%
(370)−175.8%
46,043n/m
44,342−3.7%
42,871−3.3%
42,414−1.1%
—
Reinvestment rate
6.6%
11.0%+4.4 pp
4.9%−6.1 pp
7.8%+2.9 pp
−2.2%−10.1 pp
1.3%+3.5 pp
17.7%+16.4 pp
5.9%−11.8 pp
1.2%−4.7 pp
10.6%+9.4 pp
—
Income
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
3,549
3,575
3,593
3,777
3,755+5.8%
3,888+8.8%
3,916+9.0%
4,171+10.4%
vs year-ago quarter
+5.8%
+8.8%
+9.0%
+10.4%
Gross profit
2,471
2,510
2,486
2,624
2,636+6.7%
2,767+10.2%
2,746+10.5%
2,936+11.9%
Gross margin
69.6%
70.2%
69.2%
69.5%
70.2%+0.6 pp
71.2%+1.0 pp
70.1%+0.9 pp
70.4%+0.9 pp
Operating income
1,452
1,434
1,309
1,578
1,551+6.8%
1,675+16.8%
1,674+27.9%
2,002+26.9%
Net income
1,011
971
879
1,090
1,072+6.0%
1,176+21.1%
1,133+28.9%
1,395+28.0%
vs year-ago quarter
+6.0%
+21.1%
+28.9%
+28.0%
Net margin
28.5%
27.2%
24.5%
28.9%
28.5%+0.1 pp
30.2%+3.1 pp
28.9%+4.5 pp
33.4%+4.6 pp
EPS (diluted, $)
3.23
3.11
2.86
3.54
3.50+8.4%
3.86+24.1%
3.79+32.8%
4.69+32.5%
vs year-ago quarter
+8.4%
+24.1%
+32.8%
+32.5%
Balance sheet
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
60,956
60,368
60,221
59,889
60,395−0.9%
59,749−1.0%
61,200+1.6%
60,792+1.5%
Cash & equivalents
2,039
1,697
1,686
1,469
1,847−9.4%
1,672−1.5%
1,801+6.8%
1,810+23.2%
Total debt
11,405
11,402
11,398
11,391
11,388−0.1%
11,385−0.1%
13,088+14.8%
13,318+16.9%
Shareholders’ equity
34,881
33,992
33,159
33,371
33,390−4.3%
33,133−2.5%
31,127−6.1%
31,173−6.6%
Cash flow
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
1,556
1,445
1,740
953
1,445−7.1%
1,505+4.2%
1,748+0.5%
1,037+8.8%
Capex
32
35
33
43
61+90.6%
45+28.6%
46+39.4%
27−37.2%
Free cash flow
1,524
1,410
1,707
910
1,384−9.2%
1,460+3.5%
1,702−0.3%
1,010+11.0%
vs year-ago quarter
−9.2%
+3.5%
−0.3%
+11.0%