SPGI 8-K — Smart Summary

On May 12, 2026, Mobility Global Inc. — S&P Global's Mobility division being spun off as an independent public company — hosted an Investor Day presenting its strategic vision, financial framework, and growth targets. The company reported FY2025 total revenue of $1.75B with 40.6% Adjusted EBITDA margin, and guided for 7.5-9% organic revenue growth in 2026. The presentation outlined a mid-2026 target for the public company launch, with an anticipated capital structure including ~$2B in senior unsecured notes and a one-time cash payment of up to ~$1.95B to S&P Global.

• Mobility Global reported FY2025 total revenue of $1,750M (vs. $1,613M in FY2024 and $1,485M in FY2023), reflecting an 8.6% CAGR over 2023-2025; 2026E organic constant currency growth guidance is 7.5-9%.
• Revenue is 81% subscription-based; segmented as 65% CARFAX ($1,142M FY2025 revenue, ~11% CAGR 2023-2025) and 35% B2B Solutions ($608M FY2025 revenue, 4.5% CAGR 2023-2025); geographically 83% U.S. and 17% International.
• FY2025 Adjusted EBITDA was $711M (40.6% margin), up from $658M (40.8%) in FY2024 and $598M (40.3%) in FY2023; Q1 2026 Adjusted EBITDA was $184M (40.4% margin) on revenue of $455M.
• FY2025 Free Cash Flow was $461M (26.3% margin, 65% conversion), up from $412M in FY2024 and $375M in FY2023; FY2025 net income was $220M.
• Medium-term financial targets: 7.5-10% annual organic revenue growth, 8-11% Adjusted EBITDA growth, +50bps annual margin expansion after standalone reset, dividends of 20-25% of GAAP net income, and 75%+ of FCF returned annually.
• Anticipated starting capital structure includes ~$2B senior unsecured notes, $500M revolving credit facility, ~$150M cash on balance sheet, target gross leverage ratio of <2.5x, and a one-time cash payment of up to ~$1.95B to S&P Global; LTM 03/31/2026 Adjusted EBITDA was $724M with gross leverage ratio of 2.8x.
• Standalone company incremental run-rate costs expected to be ~$20-25M above historic SPGI allocations, to hit run-rate in 12-18 months; one-time stand-up/transition costs of ~$75-100M over 12-18 months; medium-term effective tax rate of 25-27%; ~$1B deferred tax liability related to IHS merger to be paid down over remaining 12-year period.
• Total addressable market estimated at $78B (2025), comprising $14B core TAM (13% current share), $40B core + extended TAM, and $38B adjacent TAM; CARFAX TAM estimated at $60B ($8B core, $26B core + extended, $34B adjacent); B2B Solutions TAM estimated at $18B ($6B core at 10% share, $14B core + extended).
• Key operational metrics: ~832M unique vehicles tracked, 60B vehicle records, 38B+ vehicle history records, 177K+ data sources, 215M behavior prediction scores calculated daily, 53M+ Car Care users, 40K+ dealer customers, 100% of top 40 global OEMs served, 94% of top 100 suppliers served, 23M+ monthly unique visitors to CARFAX US website and app, 96% total in-market awareness for CARFAX.
• Company has ~3,500 employees, is targeting mid-2026 public company launch, plans share repurchases beginning in 2027, and intends to maintain an investment grade rating; the separation timeline includes an initial Form 10 filing in October, revolving credit facility in January, Form 10 public flip and board announcement in April, and Investor Day on May 12, 2026.