S&P Global Without Mobility: 2025 Revenue Drops To $13.59 Billion In Pro Forma Recast
Recast filings put 2025 diluted earnings per share at $13.74 versus $14.66 as reported, with Mobility treated as discontinued.
S&P Global's business without Mobility is smaller: $13,589 million of 2025 revenue, against $15,336 million as originally reported, according to unaudited pro forma statements the company filed with an 8-K on Friday. The statements show results as if the Mobility Global spin-off, completed July 1, 2026, had happened on January 1, 2023.
Earnings per share take a haircut
S&P Global, which provides benchmarks, data, analytics and software to capital, energy and commodity, and automotive markets, now reports Mobility as discontinued operations in every period. Diluted earnings per share from continuing operations for 2025 come to $13.74 pro forma, against $14.66 historical.
For the six months ended June 30, 2026, pro forma revenue was $7,397 million versus $8,318 million historical, and diluted earnings per share were $8.56 versus $8.81.
Earlier years get the same treatment. Pro forma revenue was $12,599 million in 2024 (historical $14,208 million) and $11,013 million in 2023 (historical $12,497 million). Diluted earnings per share were $11.44 in 2024 versus $12.35, and $7.43 in 2023 versus $8.23.
Mobility, which sells data and forecasts to carmakers, suppliers, dealers and lenders, contributed $1,747 million of 2025 revenue and $305 million of net income, per the exhibit.
A balance sheet $13 billion lighter
On the June 30, 2026 pro forma balance sheet, total assets are $49,881 million, compared with $62,906 million historical. Mobility accounts for $13,025 million of the difference.
Goodwill attributed to Mobility is $8,859 million, leaving $27,489 million in continuing operations. Long-term debt is $10,618 million after $1,980 million moved to Mobility. Cash and equivalents are $3,949 million after $185 million went with the spun-off business.
The statements include $53 million of additional one-time separation costs, mostly banker, legal and consulting fees, which are booked in discontinued operations and so do not hit pro forma income. A transition services agreement, under which S&P Global will provide services to Mobility Global for a period, trims selling and general expenses by $35 million for 2025 and $13 million for the six months.
How the spin-off worked
Shareholders received one Mobility Global share for each S&P Global share held on the June 15, 2026 record date, a distribution of 100% of the new company's stock. Mobility Global trades on the New York Stock Exchange as MBGL.
The company stressed that the statements are illustrative and may differ significantly from actual results. S&P Global shares closed at $453.10 on Thursday, up about 2% on the session, before the filing posted Friday morning.
The recast sets the base for comparing S&P Global's results going forward: $4,192 million of pro forma 2025 net income attributable to shareholders, versus $4,471 million historical.
