Mobility Global separation became effective July 1, 2026 (immediately after quarter-end): S&P Global distributed 100% of Mobility Global common stock to shareholders on a 1-for-1 basis (record date June 15, 2026), making Mobility Global an independent NYSE-listed company under ticker MBGL. Mobility's results are included in S&P Global's financials through June 30, 2026 and will be presented as discontinued operations beginning Q3 2026. In connection with the separation, Mobility Global issued $2.0 billion of senior notes ($650M 5.05% due 2029, $650M 5.45% due 2031, $700M 6.05% due 2036) and entered into a $500M undrawn revolving credit facility.
Effective July 1, 2026, S&P Global reorganized into four reportable segments (Ratings, Indices, Energy, Market Intelligence) with product transfers: 451 Research and Maritime & Trade moved from Market Intelligence to Energy, and Credit Analytics products moved from Market Intelligence to Ratings. Market Intelligence will be operated under two business lines (Kensho Data & Platforms and Enterprise Solutions), and Energy under two lines (Platts and CERA). The company also initiated a 2026 restructuring plan of approximately 450 company-wide positions, recording a $42M pre-tax severance charge in H1 2026; the prior 2025 plan (~1,300 positions) saw its reserve reduced by $52M during the period.
M&A activity: Completed the acquisition of Enertel AI Corporation (March 18, 2026), adding AI/ML-driven short-term nodal power price forecasting for North American electricity markets to the Energy segment. Announced three pending transactions (all expected to close H2 2026): a majority-stake acquisition of Agusto & Co., a Pan-African rating agency with operations in Nigeria, Kenya, Rwanda, and Ghana (Ratings segment); the acquisition of datacenterHawk, a data center and fiber optic intelligence provider (Energy segment, complementing 451 Research); and the sale of Energy's geoscience and petroleum engineering software portfolio (including Kingdom Software, Petra, Harmony Enterprise, and other tools used by U.S. onshore and unconventional operators) to SLB. The sold software portfolio was classified as held for sale on the June 30, 2026 balance sheet.
Q2 operational metrics: Total billed issuance volumes in Ratings rose 25% to $1,268B, with investment-grade issuance up 25% to $539B (driven by AI-related issuance and M&A transactions) and high-yield up 15% to $169B. Indices ending ETF assets under management increased 34% to $6.350 trillion (average ETF AUM up 38% for the quarter), driving a 20% increase in Indices revenue. Consolidated Q2 revenue grew 10% to $4,146M with growth at all five reported segments; Q2 segment operating profit rose 18% to $1,916M. The Enterprise Data Management and thinkFolio businesses were sold to Symphony Technology Group on January 12, 2026, generating a $172M pre-tax gain in H1 2026.
Capital allocation during Q2: S&P Global received 1.2 million shares under a May 7, 2026 accelerated share repurchase agreement (uncapped, $500M, completed June 10, 2026 at an average price of $414.76/share), leaving 28.4 million shares remaining under the 2025 Repurchase Program. The Board had previously raised the quarterly dividend to $0.97 per share in January 2026. The 2022 Repurchase Program was fully completed.
(Filed on April 28, 2026)
+10.4%
70.4%
$1.8B
Completed the sale of the Enterprise Data Management and thinkFolio businesses (Market Intelligence segment) to private equity firm Symphony Technology Group on January 12, 2026, recording a pre-tax gain of $172 million; separately, on April 24, 2026 (subsequent to quarter-end), entered into a definitive agreement to sell Energy's geoscience and petroleum engineering software portfolio (including Kingdom Software, Petra, Harmony Enterprise, and The Element Platform) to SLB, with closing expected in H2 2026 or early 2027 and no material consolidated financial impact anticipated.
Completed the acquisition of Enertel AI Corporation on March 18, 2026, adding AI and machine learning-driven short-term power price forecasting for North American electricity markets to the Energy segment; the acquisition was not material to consolidated financial statements.
The planned full separation of the Mobility segment into a new publicly traded company, Mobility Global Inc., via a spin-off of shares to S&P Global shareholders remains targeted for mid-2026 completion, subject to customary legal and regulatory requirements and approvals, and is expected to qualify for tax-free treatment for U.S. federal income tax purposes.
Ratings billed issuance totaled $1,230 billion in Q1 2026, up 14% year-over-year, with investment-grade issuance rising 41% to $621 billion driven by AI-related issuance and M&A transactions, while bank loan issuance fell 7% to $491 billion on AI-disruption concerns affecting software and tech-adjacent leveraged loans; Indices ending AUM for ETFs grew 25% year-over-year to $5.385 trillion but declined 2% sequentially from Q4 2025 due to market depreciation.
The 2025 restructuring plan (company-wide workforce reduction of approximately 1,300 positions) recorded no new charges in Q1 2026; the remaining reserve was reduced by $36 million to $49 million primarily through cash severance payments, and the 2024 restructuring plan reserve was further reduced to $4 million from $15 million.
(Filed on February 11, 2026)
+9.0%
70.1%
$1.7B
On October 10, 2025, S&P Global and CME Group completed the sale of their 50/50 joint venture OSTTRA (combining MarkitSERV and CME's optimization businesses for OTC trade processing) to Kohlberg Kravis Roberts & Co. at a total enterprise value of $3.1 billion; S&P Global received $1.5 billion in cash ($1.4 billion after-tax) and recorded a pre-tax gain of $270 million ($187 million after-tax). This was the largest disposition of the fiscal year and eliminated the equity-method investment that had generated $28 million in equity income in 2025.
Q4 2025 saw five completed acquisitions, none individually or in aggregate material to consolidated results: With Intelligence from Motive Partners for $1.8 billion (November 25) to strengthen private markets and alternatives data in Market Intelligence; ARC Research (October 1) to expand Indices into private wealth benchmarking; Crisil's acquisition of McKinsey PriceMetrix (November 7) to extend Ratings' wealth-management benchmarking; ORBCOMM's Automatic Identification System satellite data business (November 10) for maritime tracking in Market Intelligence; and TeraHelix (June 6, 2025) for enterprise data-modeling frameworks. Separately, the Enterprise Data Management and thinkFolio businesses were classified as held for sale at year-end ($196 million in assets, $43 million in liabilities) with the sale to Symphony Technology Group completed January 12, 2026.
The Board approved a new 30-million-share repurchase program on November 13, 2025 (approximately 10% of outstanding shares), adding to the 2.7 million shares remaining under the 2022 program. During Q4, the company received 4.6 million shares under the 2022 program, including 4.0 million from a $2.5 billion uncapped ASR initiated December 4, 2025 (completed February 3, 2026 for a total of 4.8 million shares at an average $519.39) and 0.6 million from the August 2025 ASR settlement. The company also issued $1 billion in senior notes on December 1, 2025 ($600 million 4.25% due 2031, $400 million 4.80% due 2035) and had $715 million of commercial paper outstanding at year-end. Full-year 2025 share repurchases totaled approximately $5.0 billion (9.3 million shares).
Full-year 2025 (annual context, not Q4-only): revenue grew 8% to $15.3 billion and operating profit rose 16% to $6.5 billion (42% operating margin) with all five reportable segments increasing revenue; Ratings transaction revenue benefited from higher corporate bond ratings and increased CLO issuance, with total billed issuance up 11% to $4.33 trillion (AI-related issuance noted as a driver for investment-grade growth); Indices ETF AUM grew 25% to $5.48 trillion at year-end; Mobility revenue grew 9% driven by Dealer and Financial businesses, though Manufacturing discretionary budgets tightened due to tariff uncertainty and EV adoption questions. A company-wide 2025 restructuring plan of approximately 1,300 positions generated $157 million in severance charges.
On April 29, 2025, the Board announced the planned spin-off of the Mobility segment into a standalone public company, expected to be tax-free for U.S. federal purposes and completed by mid-2026 subject to customary conditions. As of the 10-K filing date (February 10, 2026), the separation remains pending. Q4 2025 leadership changes included Catherine Clay (from Cboe) becoming CEO of S&P Dow Jones Indices in November 2025 and David Ernsberger becoming sole President of S&P Global Energy in November 2025, succeeding a co-presidential structure in place since November 2024. The company employed approximately 44,500 permanent staff at year-end.
The filing discloses a class action in Australia (filed August 2020) alleging investment losses in pre-2007 collateralized debt obligations rated by Ratings, with no assurance the company will not be obligated to pay significant amounts. The company also notes de minimis 2025 revenue and net profit from limited Energy information-product sales to Iran-related subscribers and Market Intelligence sourcing of certain trade data from Iran, both generally exempt from U.S. economic sanctions. The EU ESG Ratings Regulation is expected to begin applying mid-2026, and the UK FCA framework for ESG ratings supervision is expected from June 2028, which could impose new regulatory requirements on Ratings and Energy ancillary services.
(Filed on October 30, 2025)
+8.8%
71.2%
$1.7B
S&P Global's Board announced on April 29, 2025 a plan to spin off its Mobility segment into a new publicly traded company, expected to be tax-free for U.S. federal income tax purposes and to be completed within 12 to 18 months of announcement, subject to regulatory approvals. Mobility generated $445 million in Q3 revenue (+8% YoY), driven by Dealer and Financial business growth, while the Manufacturing business was unfavorably impacted by tariff-driven budget tightening and EV adoption uncertainty.
On October 10, 2025 (subsequent to quarter-end), S&P Global and CME Group completed the sale of their 50/50 OSTTRA post-trade services joint venture (incorporating S&P Global's MarkitSERV business) to KKR for a total enterprise value of $3.1 billion. S&P Global received $1.5 billion in cash (approximately $1.4 billion after-tax) and expects a pre-tax gain of approximately $270 million ($180 million after-tax). Separately, $200 million in assets held for sale as of September 30, 2025 relate to the anticipated divestitures of the Enterprise Data Management and Thinkfolio businesses within Market Intelligence and a facility in Centennial, Colorado.
On October 15, 2025, S&P Global agreed to acquire With Intelligence from Motive Partners for $1.8 billion, to be integrated into the Market Intelligence segment to expand private markets and alternatives data offerings; the transaction is expected to close in late 2025 or early 2026, subject to regulatory approvals. During the quarter, the company also completed the non-material acquisition of ARC Research (Indices segment, October 1, 2025) and TeraHelix (Market Intelligence segment, June 6, 2025), and entered into a pending agreement to acquire ORBCOMM's AIS maritime satellite data business (Market Intelligence) with a strategic alliance and equity investment in ORBCOMM.
Q3 2025 revenue was $3.89 billion (+9% YoY) and operating profit was $1.68 billion (+17% YoY), with all five segments growing: Ratings +12% (transaction revenue driven by corporate bond and structured finance issuance; Q3 billed issuance up 13% to $1.14 trillion, with high-yield issuance +44%), Market Intelligence +6%, Indices +11% (ending ETF AUM up 24% to $5.17 trillion), Commodity Insights +6%, and Mobility +8%. The company recorded a $105 million pre-tax restructuring charge for the nine months ended September 30 under its 2025 plan (approximately 820 positions), and entered an agreement in Q3 to settle the Basis Capital class action lawsuit in Australia related to pre-2008 CDO ratings, with the settlement amount accrued.
The Board raised the quarterly dividend to $0.96 per share (from $0.91 in the prior-year quarter) effective January 2025, and the company repurchased 1.9 million shares in Q3 2025 at an average price of $518.81, bringing nine-month repurchases to 4.3 million shares for $2.5 billion. Seven point four million shares remained available under the 2022 Repurchase Program as of September 30, 2025.
