S&P Global

Balance sheet and cash flow are excellent. As of June 30, 2025, long-term debt was about 11.4 billion, total debt 11.4 billion, and cash and equivalents about 1.85 billion.

TTM free cash flow is roughly 5.1 billion, capex guidance is only 180 to 190 million for 2025, and interest expense guidance is about 305 to 315 million, implying strong coverage and rapid deleveraging capacity if desired.

The company also maintains a 2.0 billion CP program backed by a 2.0 billion revolving credit facility that matures in 2029. These metrics provide ample resilience across macro scenarios.