S&P Global recasts results after Mobility spin-off
Mobility Global is now listed on the New York Stock Exchange as MBGL, and the filing shows 2025 pro forma revenue of $13.6 billion.
Key takeaways
- S&P Global Inc. (SPGI) completed the spin-off of its Mobility segment into Mobility Global Inc. on July 1, 2026. Shareholders of record on June 15, 2026 received one Mobility Global share for each S&P Global share. A filing on Oct. 23 presented pro forma results without Mobility.
S&P Global Inc. (SPGI) completed the separation of its S&P Global Mobility segment on July 1, 2026, the company said in a regulatory filing on Friday.
The segment is now an independent public company, Mobility Global Inc., which trades on the New York Stock Exchange under the symbol MBGL.
The transaction was structured as a spin-off. S&P Global distributed 100% of the outstanding Mobility Global common stock to its shareholders on a pro rata basis.
Holders of record at the close of business on June 15, 2026 received one Mobility Global share for every one S&P Global share they held.
After the distribution, S&P Global no longer consolidates Mobility Global into its financial results.
The filing provides unaudited pro forma condensed consolidated financial statements that give effect to the separation. They are filed as Exhibit 99 and incorporated by reference.
The income statements cover the six months ended June 30, 2026, and the years 2025, 2024 and 2023. The balance sheet is as of June 30, 2026.
The statements reclassify Mobility as discontinued operations for all periods presented, as if the separation had occurred on January 1, 2023.
Pro forma revenue for the six months ended June 30, 2026 was $7,397 million, compared with $8,318 million on a historical basis. Pro forma diluted earnings per share from continuing operations were $8.56, against $8.81 historically.
| Period | Revenue, historical | Revenue, pro forma | Diluted EPS, historical | Diluted EPS, pro forma |
|---|---|---|---|---|
| Six months ended June 30, 2026 | $8,318 million | $7,397 million | $8.81 | $8.56 |
| Year 2025 | $15,336 million | $13,589 million | $14.66 | $13.74 |
| Year 2024 | $14,208 million | $12,599 million | $12.35 | $11.44 |
| Year 2023 | $12,497 million | $11,013 million | $8.23 | $7.43 |
For the year 2025, pro forma revenue was $13,589 million, against $15,336 million historically, and pro forma diluted earnings per share were $13.74, against $14.66.
The company said the pro forma figures are provided for illustrative purposes and are not necessarily indicative of its future results or financial condition.
Pro forma total assets were $49,881 million at June 30, 2026, compared with $62,906 million historically. Pro forma long-term debt was $10,618 million, against $12,598 million on a historical basis.
The filing shows $53 million of additional non-recurring costs to complete the separation, mainly investment banker, legal and third-party consulting fees. Those costs are classified within discontinued operations, so the pro forma income statements carry no adjustment for them, and the pro forma balance sheet reduces retained income by $53 million.
Under a transition services agreement, S&P Global will provide certain post-separation services to Mobility Global on a transitional basis. The agreement reduces pro forma selling and general expenses by $13 million for the six months and $35 million for 2025.
The filing does not restate the reasons for the separation, and it does not include Mobility Global's own financial statements.