SPGI 8-K/A: Smart Summary

On July 6, 2026, S&P Global (NYSE: SPGI) issued a press release providing pro forma and recast financial results for full year 2025, the four quarters of 2025, and Q1 2026, reflecting the completion of the spin-off of Mobility into an independent public company, Mobility Global (NYSE: MBGL), which was announced on July 1, 2026. The recast reflects S&P Global's updated four-segment structure (Ratings, Indices, Energy, and Market Intelligence), new business line disclosures for Energy and Market Intelligence, and changes to expense allocation methodologies. Updated 2026 GAAP and adjusted guidance reflecting the Mobility exclusion will be provided with Q2 2026 earnings on July 28, 2026.

• S&P Global completed the spin-off of its Mobility division into Mobility Global (NYSE: MBGL) on July 1, 2026; beginning with Q3 2026, Mobility results will be excluded from both GAAP and adjusted financial reporting.
• The Company now operates with four reportable segments; full-year 2025 recast segment revenue as a % of pro forma revenue (excluding inter-segment elimination): S&P Global Ratings 34%, S&P Dow Jones Indices 13%, S&P Global Energy 18%, S&P Global Market Intelligence 34%.
• Full-year 2025 pro forma non-GAAP adjusted segment operating profit and margin (as recast): Ratings 43% of adjusted operating profit (65% margin), Indices 18% (70% margin), Energy 16% (46% margin), Market Intelligence 22% (33% margin).
• S&P Global Energy is recast into two business lines: Platts (49% of 2025 recast division revenue) and CERA (51%); CERA includes 451 Research and Maritime & Trade products transferred from Market Intelligence, as well as Energy & Resources Data & Insights, Upstream Data & Insights, CERAWeek conferences, and the new AI-native upstream data solution CERA Titan.
• S&P Global Market Intelligence is recast into two business lines: Kensho Data & Platforms (60% of 2025 recast division revenue) and Enterprise Solutions (40%); products including 451 Research and Maritime & Trade were transferred to Energy, while Financial Risk Analytics and pricing and reference data moved into Enterprise Solutions.
• Full-year 2025 recast revenue (twelve months ended December 31, 2025): Ratings $4,724M, Indices $1,850M, Energy $2,525M (previously reported $2,299M, with $226M transferred from Market Intelligence), Market Intelligence $4,690M (previously reported $4,916M); total pro forma revenue $13,589M.
• Full-year 2025 pro forma non-GAAP adjusted operating profit (as recast): Ratings $3,076M, Indices $1,301M, Energy $1,159M, Market Intelligence $1,549M; pro forma non-GAAP adjusted operating profit total $6,974M; pro forma non-GAAP adjusted net income from continuing operations attributable to S&P Global Inc. $4,832M; pro forma non-GAAP adjusted diluted EPS $15.85.
• Q1 2026 pro forma results: revenue $3,717M, operating profit $1,927M, pro forma non-GAAP adjusted operating profit $1,967M, net income from continuing operations attributable to S&P Global Inc. $1,334M, diluted EPS $4.48, pro forma non-GAAP adjusted diluted EPS $4.44.
• Expense recast drivers include: (1) product transfers between Market Intelligence and Energy (and a small Credit Analytics transfer to Ratings); (2) improved allocation methodology for shared enterprise expenses based on consumption rather than percent of revenue or headcount; (3) stranded Mobility costs allocated at division level, with offsetting Transition Services Agreement (TSA) income recognized as contra-expense at corporate level; TSA pro forma adjustment reduced selling and general expenses by $6M for Q1 2026 and $9M for each quarter of 2025 ($35M for full-year 2025).
• Q2 2026 earnings will be reported on July 28, 2026 at approximately 7:15 a.m. Eastern Daylight Time; a conference call hosted by President and CEO Martina Cheung, CFO Eric Aboaf, and SVP IR Mark Grant will begin at 8:30 a.m. Eastern Daylight Time; Q2 2026 GAAP results will include Mobility for the full second quarter; 2026 GAAP guidance and updated 2026 adjusted guidance (excluding Mobility) will be introduced at that time.